FRIDAY, 25 NOVEMBER 2022

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

NEW DELHI
~12.00
VOLUME XXIX NUMBER 159

THE MARKETS ON THURSDAY chg#

Sensex 62,272.7 p 762.1

Nifty 18,484.1 p 216.8
Nifty Futures* 18,626.2 p 142.1 WORLD P8 COMPANIES P2
Dollar
Euro
Brent crude ($/bbl)
~81.6
~85.0
83.7##
~81.9 **
~84.5 **
83.6 **
IMRAN KHAN-BAITER ASIM MUNIR GOVT FIXES ~7K CR INDICATIVE
Gold (10 gm)### ~52,502.0 p
*(November) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~294.0
IS PAKISTAN’S NEW ARMY CHIEF VALUE FOR THE ASHOK HOTEL
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

URBAN JOBLESS RATE

DROPS FOR 5TH QTR Nifty, Sensex scale Post-Covid recovery
TO 7.2%: SURVEY in air travel stalls
India’s urban unemployment rate
dropped for a fifth consecutive quarter in
the July-September period of 2022-23
(FY23) to 7.2 per cent, according to the latest
Periodic Labour Force
fresh record highs
US Fed minutes indicate slower pace of rate hikes, investors cheer
KRISHNA KANT
Mumbai, 24 November

Survey (PLFS) released The post-Covid recovery in air travel in India

by the National
Statistical Office (NSO)
SUNDAR SETHURAMAN
Mumbai, 24 November
REGAINS LOST GROUND MONTHLY ECONOMIC
has stalled, putting a question mark over the
stretched finances of airlines.
on Thursday. The Nifty 50 According to government data, the
REVIEW
T
unemployment rate he benchmark indices number of passengers handled by Indian air-
in current weekly status
terms for all ages in the
rallied more than 1 per cent
to hit fresh lifetime highs
Retail inflation ports in September 2022 was still nearly 22
per cent lower than that in December 2019.
September quarter is the lowest in four
years. 4>
after the minutes of the US
Federal Reserve’s November
may ease soon, Also, the monthly passenger movement at
airports has moved in a narrow band since
meeting showed that policy-
makers were considering smaller
says FinMin March this year, showing little sign of growth.
Airports in India handled around 24.94 CLIPPED WINGS
POLITICS & PUBLIC AFFAIRS P4 rate increases going ahead. As a ARUP ROYCHOUDHURY million passengers in September this year,
Passengers handled Monthly trend
Cash-strapped states result, most global markets rallied
amid a retreat in the US dollar.
New Delhi, 24 November against the pre-pandemic high of 31.85 mil-
lion passengers in December 2019 and 24.43 by all airports in in foreign tourist
pulled out of PMFBY: Govt The Nifty surpassed the record Consumer price index (CPI)-based million in March this year. The passenger India since Sep 2018 arrivals
The Centre on Thursday said some states high it hit on October 18, 2021. inflation could ease in the numbers in September 2022 were also nearly Passengers at airports Foreign tourist arrivals
have pulled out of the flagship Pradhan The Sensex, which surpassed last REPORT CARD coming months, thanks to the 7 per cent lower than the recent high of 26.85
(in mn) (in ’000)
Mantri Fasal Bima Yojana (PMFBY) for year’s highs on November 11, Price in ~ Oct 18, Nov 24, % arrival of kharif crops, lower million in May this year.
failure to pay their share of premium scaled a fresh high. 2021 2022 Chg commodity prices, and a pass- Between April and September this year
subsidy owing to financial constraints. The Sensex rose 762 points, or GAINERS through of lower input costs to (when there were no Covid curbs), airports
It said it was willing to make additional 1.2 per cent, to close the session Adani consumers, the finance ministry in India handled 25.01 million passengers a
pro-farmer changes to the scheme in at 62,272, also hitting an intraday 1,615.5 3,921.1 142.7 said in its Monthly Economic month on average, still down nearly 14 per
Enterprises
response to the climate crisis. high. The Nifty rose 217 points, or Review (MER) for cent from 29.1 million passengers a month
M&M 911.0 1,254.1 37.7
1.2 per cent, to close at 18,484, top- October, which on average in the 2019 calendar year.
ping its previous closing ITC 262.6 340.8 29.8 was released The biggest decline has been in foreign
BELGIUM CANADA LOSERS
high of 18,477 logged over 13 on Thursday. tourist arrivals. Turn to Page 6 >
1-0 months ago. Wipro 709.8 398.3 -43.9 The MER,
The minutes from the US Fed Divi’s Lab 5,343.1 3,305.4 -38.1 however,
SWITZERLAND CAMEROON
meeting, which were released on warned that
INDIGO ON A FLIGHT PATH TO PROFIT P19 > Sources: CMIE, Brokerage reports
BPCL 462.5 321.0 -30.6
1-0 Thursday, indicated that several Sources: Bloomberg/exchanges the global
URUGUAY KOREA REPUBLIC officials supported easing the Compiled by BS Research Bureau macroecon-
0-0
pace of interest rate hikes,
though some batted for higher
omic situation was precarious
and a recession in advanced eco- BISLERI DEAL MAY BE BIGGEST IN FMCG SPACE
TODAY’S MATCHES TIME rates. Turn to Page 6 > nomies would impact exports. In what could be India’s largest fast- Bisleri brand name would open up
Wales vs Iran 3:30 pm “Easing international commodity moving consumer goods (FMCG) deal new avenues for TCPL in the beverage
prices and new kharif arrival are yet, Tata Consumer Products (TCPL) is space. TCPL is talking to various
Qatar vs Senegal 6:30 pm set to dampen inflationary pres- in discussions to buy a majority stake parties, including Bisleri
Netherlands vs Equador 9:30 pm
HEAVYWEIGHTS DO
THE LIFTING IN sures in the coming months,” the in packaged water major Bisleri International, for growth and
NIFTY’S RECORD RUN P10 > MER stated. Turn to Page 6 > International for ~6,000-7,000 crore. expansion opportunities, TCPL’s
RELATED REPORTS P20 If the deal is sealed, the ubiquitous spokesperson said. P2 >
 2 COMPANIES NEW DELHI | FRIDAY, 25 NOVEMBER 2022

> Larsen & Toubro > KPI Green Energy > IOL Chemicals and Pharma > Glenmark Pharmaceuticals > ICICI Bank
STOCKS Wins a new project in Board to consider Centre grants USFDA issues Inks investment pact
IN THE NEWS MP for its heavy civil proposal for issue of patent for Sartan warning letter to the in the IOCL-CPCL JV
infrastructure business bonus equity shares drugs formula firm’s Goa facility

~2,054.2 CLOSE ~900.0 CLOSE ~350.5 CLOSE ~419.8 CLOSE ~938.6 CLOSE
p1.5% UP* p5.9% UP* p6.0% UP* 1.3% DOWN* p1.3% UP*
>

China’s tensions with Govt fixes indicative value Amazon to phase

West good chance for
India: Stellantis CEO
The tensions between China
and the West are going to be
a “very good opportunity” for
India economically, said
Carlos Tavares, the global
chief executive officer (CEO)
of Stellantis, the world’s fifth
largest automaker. The com-
pany plans to export Citroen
C3, the electric version of its
compact car, from India to
Europe and South East Asia.
“What is going on in China
is a very good opportunity for
India. We see the fragmenta-
tion of the world going on. We
see growing tensions between
China and the Western world.
That is going to have a con-
sequence. The power that is
best placed to leverage this
opportunity is obviously
India,” Tavares said.
IN BRIEF
“From the parts sourcing
perspective, and from a tech-
nology perspective, India is
certainly the super power
that can leverage this oppor-
tunity. We feel great to be in
India. We feel a lot of com-
mon values, about frugality,
sense of hard work and team
spirit,” he said.
The company said in a
statement that the electric
version of the Citroen—
planned for the market by
January 2023—will be rolled
out from its facility at
Thiruvallur in Tamil Nadu.
The petrol version was
launched in India in July this
year, and the EV model is
expected to be targeting the
middle class.
SHINE JACOB
of ~7,409 cr for The Ashok out edtech platform
The Ashok is among the eight assets
of India Tourism Development
Corporation listed under the
National Monetisation Pipeline
The government has fixed an indi-
cative value for Delhi's iconic The
Ashok hotel at ~7,409 crore under
the National Monetisation Pipeline
programme, according to sources.
The Ashok, and the adjacent
hotel Samrat, are among the eight
India Tourism Development
Corporation assets listed under the
National Monetisation Pipeline
(NMP) announced by Finance
Minister Nirmala Sitharaman last
year. The sources said investor con-
sultation has already been under-
taken and a Cabinet Committee on
Economic Affairs note for the sale
of the sprawling 25-acre property in
the heart of the national capital is
under consideration.
"The Ashok hotel's monetisation
will take place through public-pri-
vate partnership (PPP) mode and an
indicative value of the hotel has
been fixed at ~7,409 crore," the
sources said. In August 2021,
Sitharaman announced the ~6 lakh
crore NMP over four years to unlock
value in infrastructure assets across PEERZADA ABRAR panies, such as Byju’s, Unacademy,
sectors. Niti Aayog, in consultation Bengaluru, 24 November and Vedantu, and traditional educa-
with infrastructure line ministries, tion institutes, and tap the country's
had prepared the report on the Amazon would shut down its edtech $180-billion education sector which
NMP. platform in India in a phased went largely online to adapt to the
The finance minister, in a meet- manner, starting from August next new reality amid the Covid pan-
ing with Niti Aayog CEO year, and refund the fees to those demic.
Parameswaran Iyer on November who enrolled in the current academ- But an Amazon spokesperson
14, reviewed the progress of NMP ic batch, the company announced said, “Following an assessment, we
implementation. on Thursday. Around 25 people, who have made the decision to discon-
The government has monetised currently work with tinue Amazon
assets worth ~33,422 crore under the Amazon Academy, The e-commerce Academy… We are
NMP in 2022-23 so far with the Coal would also be giant launched winding down this
Ministry leading the list by raising absorbed by the par- Amazon Academy programme in a
~17,000 crore, and the Ports and ent entity, according in January 2021 to phased manner to take
Shipping Ministry surpassing its to sources. cater to students care of current cus-
overall fiscal target. The e-commerce preparing for JEE tomers.”
In 2021-22, the government sur- giant launched The Amazon
passed the programme's first-year Amazon Academy in spokesperson further
target of ~88,000 crore by complet- January 2021 to cater to students said: “At Amazon, we think big,
ing transactions worth ~1 lakh crore. preparing for the Joint Entrance experiment, and invest in new ideas
The sources said that according Examination (JEE) to engineering to delight customers… We also con-
to the government’s latest esti- colleges. The platform is offering its tinually evaluate the progress and
mates, there is likely to be a shortfall courses to around 150 students, potential of our products and serv-
of ~38,243 crore in realising the according to sources. ices to deliver customer value, and
overall asset monetisation target of With Amazon Academy, Amazon we regularly make adjustments
~1,62,422 crore in 2022-23. PTI tried to take on top edtech com- based on those assessments.”

Adani open offer: 16.54% of

NDTV shares tendered by Day 3
Nearly 2.8 million shares were tendered by shareholders of
Tata’s Bisleri buyout may be Piramal, Zurich
NDTV under the Adani group's open offer at the end of the
likely to go solo
third day on Thursday. Adani group's open offer to acquire an
additional 26 per cent stake in the media firm New Delhi
Television (NDTV) started on Tuesday. According to the data
from BSE, a total of 27,72,159 NDTV shares amounting to 16.54
per cent of the offer size were tendered by the shareholders
biggest in India FMCG space for RGIC bid
by Thursday. Adani's offer price is ~294 per share, while NDTV
shares settled at ~368.40 on Thursday, which is 25.3 per cent
Majority stake for ~6-7K crore will allow TCPL’s expansion in beverage space DEV CHATTERJEE
higher compared to the offer price. PTI SHARLEEN D'SOUZA
Mumbai, 24 November
DEALS IN INDIAN FMCG SPACE Mumbai, 24 November

~3,045 cr: ~2,150 cr: ~1,999.8 cr: Firmenich Piramal Group (Piramal) and

I
n what could be India’s largest fast- Amount for ITC acquired acquired majority stake in VKL Zurich Insurance Group
Hotel biz to rise 23% in FY22 moving consumer goods (FMCG)
deal yet, Tata Consumer Products
which HUL
acquired
spice brand
Sunrise
seasoning in 2018 (Zurich) are likely to make sep-
arate bids for Reliance General
over pre-Covid period: CRISIL (TCPL) is in discussions to buy a
majority stake in packaged water major
Horlicks in Foods in 2020 ~1,710.8 cr: Lactalis acquired
Tirumala Milk in 2014
Insurance Company (RGIC)
ahead of next week’s deadline
April 2020
The Indian hotel industry is likely to witness 23 per cent growth Bisleri International for ~6,000 crore- after talks for a joint bid fell
in revenue this fiscal over the pre-pandemic level, driven by a ~7,000 crore. If the deal is sealed, the
from GSK ~4,595 cr: Zydus Wellness acquired Heinz through.
strong recovery in business travel and continued traction in ubiquitous Bisleri brand name would India’s consumer wellness business in 2019 Both Piramal and Zurich
leisure travel, according to a report. Higher average room rates open up new avenues for Tata Consumer had submitted separate STORY SO FAR
(ARRs) and occupancy will help the hotel industry log a strong
improvement in profitability to around 34 per cent this fiscal
in the beverages space.
TCPL is talking to various parties,
BISLERI INTERNATIONAL (figures in ~cr) expressions of interest (EoIs)
for the general insurance busi-
Nov 2021 The RBI sends
the company for debt
compared to 24 per cent in the pre-pandemic period (fiscal including Bisleri International, for Year Networth Total debt Net sales PBIDT PAT ness of the bankrupt Reliance resolution under IBC
2020), CRISIL Ratings said in a report. PTI growth and expansion opportunities, FY16 95.2 36.1 738.3 108.8 31.8 Capital (RCap).
Mar 2022 54 companies,
TCPL’s spokesperson said in a statement Both Piramal and Zurich,
on Thursday. FY17 121.6 40.9 862.8 110.9 32.0 which had submitted separate
including the Tatas,
“TCPL evaluates various strategic non-binding bids for the gen- Adanis, and TPG, send EoIs
FY18 192.7 64.0 1,050.6 187.2 71.0
to acquire firm’s assets
PVR plans to come up opportunities for growth and expansion
of the business of the company, on an
ongoing basis. TCPL remains in discus-
FY19
FY20
237.2
339.2
62.1
81.1
1,250.5
1,472.9
168.8 50.1
239.4 102.0
eral insurance business of
RCap in August, had earlier
planned hold 50 per cent each
Aug 2022 14 companies
make non-binding offers
with 5 new superplexes sions with various parties, including
Bisleri International Private Limited,” a
company statement said.
Source: Capitaline; deals data by Tracxn and Business Standard

Currently, it has over 130 operational

Compiled by BS Research Bureau

petition from regional players,” he said.

Multiplexes altered the
cinema business in India, pro-
viding multiple screens under
one roof for theatre-goers.
Multiplex operators, such as
PVR, are now taking the
multi-screen experience to
the next level with super-
plexes or properties that have
at least 10 screens under one
roof.
A regular multiplex typi-
cally has 4-5 screens per prop-
erty. Larger ones may go up to
7-8 screens at a single location.
PVR, on Thursday,
unveiled its first 12-screen
superplex in
Thiruvananthapuram and the
fourth in the country. The
three existing superplexes are
located at Delhi, Noida, and
Bengaluru.
"Five more superplexes
will come up in Haryana,
Delhi, Karnataka, Kerala and
Uttar Pradesh by next year,"
Pramod Arora, chief growth
and strategy officer, PVR, said
in a conversation with
Business Standard. The com-
pany is also looking at more
markets, such as Gujarat in
the west and Telangana in the
south, to set up superplexes.
Inox, which is in the process
of merging with PVR, also has
three giant multiplexes or
megaplexes of its own. The
one in Mumbai has 11 screens,
while the two others, located
in Lucknow, have 10 screens
each, company executives
said. “With megaplexes or
superplexes, the cinema
chain can position the prop-
erty as a leisure destination
with multiple formats under
one roof. This takes the the-
atre-going experience to
another level,” said Rajender
Singh Jyala, chief program-
ming officer at Inox Leisure.
VIVEAT SUSAN PINTO
The consumer arm of the Tata group
also said that it would make appropriate
announcements/ disclosures “as and
when any such requirement arises”.
“At this point in time, there is no
further information to be provided with
respect to the said media report,” it said.
Ramesh Chauhan, the promoter and
chairman of Bisleri International, told
Business Standard that he is in discus-
sion with TCPL to sell a majority stake in
the company for ~6,000 crore-~7,000
crore, and also said that he expects the
deal to be completed in 7-8 months.
“I am 82 and now someone has to take
over (business),” said Chauhan, who in
the early 1990s sold carbonated drinks
brands Thums Up, Gold Spot, and Limca
to Coca-Cola.
Bisleri was originally an Italian com-
pany created by Felice Bisleri and it
entered Mumbai in 1965 with the pack-
aged drinking water brand. Four years
later, Ramesh Chauhan, his brother
Prakash Chauhan and his cousin brother
Vijay Chauhan acquired the company for
~4 lakh, according to market rumours.
in the proposed special pur-
pose vehicle.
Piramal had valued RCap’s
for various assets; most
bidders drop out
plants and 4,500 distributors across India Sachin Bobade, vice-president, general insurance business at Oct 2022 Aditya Birla
and neighbouring countries. Dolat Capital, said the acquisition ~3,600 crore, while Zurich had Capital joins race to buy
According to analysts, a decision to would add ~1,400 crore-~1,500 crore quoted ~3,700 crore for the the life insurance firm
buy a majority stake in Bisleri would help (according to FY20 net sales numbers) same. The two companies lat-
strengthen Tata’s foothold in the bever- to TCPL’s top-line. er decided to form a joint ven- Advent has submitted the
age segment if it uses the Bisleri name to “This will also help the company ture (JV) to make a bid, but highest non-binding bid of
expand its drinks portfolio. enter the institutional sales business as due to differences on share- ~7,000 crore for the general
“Bisleri is a very strong brand name Bisleri has a strong presence in that seg- holder agreement and val- insurance firm. This is nearly
and Tata Consumer can use this brand ment,” he said. uation, their talks collapsed, double the amount offered by
name to enter other categories within the In FY22, TCPL’s revenue from opera- said banking sources. Piramal and Zurich Insurance.
beverage space and give stiff competition tions stood at ~12,425 crore. Banking sources said RCap Advent is unlikely to submit a
to other players in the segment,” said According to media reports, Bisleri assets are unlikely to fetch a binding bid for RGIC. “Advent
Vishal Gutka, vice-president of research is estimated to clock sales worth ~2,500 good price for lenders, consid- changed its mind after the
(consumer and retail sector), Phillip crore and net profit of over ~200 crore ering all the bidders are seek- submission of non-binding
Capital India. in FY23. ing additional time to make a bids as it realised it had over-
According to him, the proposed If this deal goes through, it would final bid. bid for RGIC. Since the fund
acquisition would help Tata Consumer become the largest deal in the Indian With lenders in no mood has a life and is in line with its
push its entire portfolio of products into fast-moving consumer goods space. to extend the deadline again, policy, it is not allowed to
the retail channel with much ease if it The biggest deal, so far, in this space the response from bidders make investments where there
uses the brand name to expand the pro- happened in 2019 when Zydus Wellness will be half-hearted, they said. is a condition of a lock-in
duct portfolio as this would also help the acquired Heinz India’s consumer well- Moreover, once the top offer period,” said a banker.
company push its own cooling systems ness business for ~4,595 crore; this is is made, the other bidders will Guidelines by the
into retail stores. followed by Hindustan Unilever acquir- be given the option to make a Insurance Regulatory and
“Notably, the trade margins in pack- ing Horlicks from GSK for ~3,045 crore better offer under the Swiss Development Authority of
aged water are very high -- it is around in April 2020. ITC acquired Sunrise challenge method to get India (Irdai) stipulate a five-
30-35 per cent between the distributor Foods which sells spices for ~2,150 crore better offers. year lock-in for PE investors in
and the retailer. But there is a lot of com- in July 2020. Private equity (PE) major Indian insurance.

Orchid Pharma marks change of fortune as it commercialises molecule

SOHINI DAS The market size was estimated to be conducting necessary trials on the
$38.08 billion, according to Fortune Indian population,” he said.
Mumbai, 24 November

Orchid Pharma, which was taken over

by Dhanuka Laboratories under insol-
vency resolution in March 2020, is mak-
ing a turnaround in revenue and profit
as it commercialises a molecule devel-
oped in-house, said its senior executive.
Manish Dhanuka, managing direc-
tor of Chennai-based Orchid Pharma,
told Business Standard the new chemi-
cal entity (NCE) is known as
Enmetazobactam. The molecule is a
BLI (Beta-lactamase Inhibitor) used in
combination with beta-lactam antibio-
tic cefepime. “The drug product, which
has completed global clinical trials, is a
combination of Enmetazobactam with
Cefepime. This is an injectable product,
which is highly effective in treating
complicated Urinary Tract Infections
(cUTI),” Dhanuka said in an interview.
The global antibiotics market is pro-
jected to grow to $60.99 billion by 2030.
Business Insights. The market is roughly
clocking a 2.5-3.5 per cent compound
annual growth rate.
India’s market for anti-infectives—
medicines to prevent or treat infec-
tions—is roughly worth ~22,011 crore as
of October 2022, according to AWACS
data. The market is largely constituted
by antibiotics, with anti-virals and anti-
fungals forming a part.
“It took us seven years to develop
this molecule in an R&D (facility) that
was set up with an investment of ~100
crore. Enmetazobactam is one of the
first invented-in-India anti-infective
molecules to have completed phase-3
trials and is in the New Drug
Application phase,” Dhanuka said.
The company was debt ridden for
some years before Gurgaon-based
Dhauka Group stepped in.
“Developing a molecule from the
Pre-Clinical Stage to completing Phase-
3 Trials and then launching the drug
commercially worldwide is a lengthy
process and requires huge investment.
The molecule was out-licensed in 2013
to a European company Allecra
Therapeutics, which has been able to
IN A NUTSHELL n It is an injectable product for urinary
tract infections (UTI) Enmetazobactam, in combination with
cefepime, addresses the need to tackle
n Orchid Pharma n Used in n Orchid Pharma out-licensed the bacteria developing resistance against
has developed a combination molecule to Allecra Therapeutics in 2013 antibiotics. According to
new chemical with n Orchid Pharma is entitled to a 6-8 % a recent study published in The Lancet,
entity (NCE) beta-lactam antibiotic-resistant bacteria killed
royalty on worldwide sales of this
known as antibiotic nearly 1.3 million people
product worldwide in 2019.
Enmetazobactam cefepime
n Allecra already out-licensed it to According to a 2022 special report by
n Orchid owns India rights; plans Advanz Pharma in Europe and Shanghai US’s Centers for Disease Control and
to bring molecule to India Haini in China Prevention, resistant hospital-onset
infections and deaths both increased at
n Enmetazobactam in combination with cefepime addresses the unmet need least 15 per cent overall during the first
in tackling AMR (Antimicrobial Resistance) as a lot of bacteria are developing year of the pandemic.
resistance against existing antibiotics Orchid Pharma’s revenues have
increased since its takeover by
Dhanuka Group. In 2021-22, it achieved
complete the development with Ph-3 sing this product worldwide. “They a turnover and operating income of
Clinical Trials in 2020,” Dhauka said. As have already out-licensed it to Advanz ~559.56 crore on a consolidated basis,
per the out-licensing agreement, Orchid Pharma in Europe and Shanghai Haini marking a 24 per cent year-on-year
Pharma is entitled to a 6 to 8 per cent in China. Orchid, which retains the jump. Comprehensive loss for FY22
royalty on worldwide sales of the pro- rights for the Indian market, will com- stood at ~0.53 crore, compared to a loss
duct. Allecra is now further out-licen- mercialise the product in India, after of ~115.87 crore in the previous year.

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NEW DELHI | FRIDAY, 25 NOVEMBER 2022
Clashes in China may boost
India’s iPhone exports
India could account for up to 20% of Apple’s global production capacity by FY26
SURAJEET DAS GUPTA
New Delhi, 24 November
V
iolent clashes between workers
and police at Foxconn’s iPhone
manufacturing plant in
Zhengzhou in China might prompt Apple
to react to the social unrest by pushing
up its export drive from India.
India is Apple’s second-largest produc-
tion base in the world for the iPhone.
Sources in the know say that, amid the
growing unrest in China and tight Covid-
19 restrictions, Apple is talking to its
global vendors about possibly moving
production more aggressively to other
countries.
A decision on this strategy is expected
in the coming weeks. An Apple spokes-
person did not respond to queries on this
issue.
India already offers substantial flex-
ibility to Apple to expand its production
under the Production Linked Incentive
(PLI) scheme. It gives the company an
incentive on the freight on board or FOB
value of production to the tune of 4-6 per
cent. This makes India competitive vis-
a-vis China and Vietnam.
In India, Apple has started manufac-
turing the iPhone 14 less than a month
after its launch across the globe.
Under the PLI, Apple’s three vendors
here — Foxconn, Wistron and Pegatron -
have committed to produce iPhones with
a minimum FOB value of $26 billion in
five years, ending FY26.
But they can go up to a maximum of
$52 billion and continue receiving the
incentives, provided other eligible players
of the scheme are unable to meet their
commitments – this is what happened in
the first year of the PLI scheme.
Apple has told the government it will
export 70 per cent of the production
value. By way of example, in the final year
of the PLI scheme, the three Apple ven-
dors collectively have committed to man-
ufacture $9.1 billion (Rs 75,000 crore) of
the FOB value for the year FY26 which
could double to $18.2 billion (~150,000
crore).
The flexibility to increase production
as well as get the incentives is already
built into the scheme and, according to
estimates, India could account for 10 per
cent to as high as 20 per cent of Apple
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PREPPING UP
> PLI provides flexibility for Apple vendors
to double their FOB value of production
in India if others don’t meet
commitments
> This increases India’s share of total
production of iPhones
> Minimum commitments given by Apple
vendors is to treble the FOB value of
production in FY23 over FY22 to ~24,000
crore; to hit ~45,000 crore in FY24 and
around ~60,000 crore in FY25
> The focus will be on exports. Even as
India market is growing, domestic sales
are a small percentage of global sales
> Competition from Vietnam and others
that have a large ecosystem of Apple
vendors and component makers
> China is still key for Apple because it is
also a big market and a prominent
assembler of its products
Inc’s global production capacity in FY26.
This is based on the assumption that
Apple's FOB value for iPhones globally
remains as in September FY22, namely,
around $90 billion, say analysts, at Rs 82
to a dollar.
An analysis of the commitments
(again, based on pegging them to iPhones’
global FOB value remaining constant at
$90 billion) means that India’s share of
the global production based on minimum
commitments under PLI will go up from
3.2 per cent in FY23 to 6.08 per cent in
FY24 and 8.1 per cent in FY25. And the
scheme’s flexibility allows this to double,
depending on how others perform.
The fact is, though, that India will face
competition from Vietnam, Thailand and
even Brazil. Vietnam, for instance,
already has a growing Apple ecosystem
in place: Chinese company BYD is making
iPads in Vietnam, having shifted produc-
tion from China. And 10 per cent of
Apple’s top 200 vendors are already based
Vietnam, the bulk of them from China.
In India, Apple has only 4-5 Chinese sup-
pliers.
Here, the border tensions with China
have prompted the government to change
the FDI policy which had literally
slammed shut the doors for Chinese
iPhone component makers, who are the
dominant suppliers, and stopped them
setting up plants in India. But this might
be changing, witness companies like
Dixon and Lava having discussions to set
up JVs with Chinese partners in India to
make critical components.
Vietnam also has an advantage over
India in duties. The duty on inputs that
go towards making mobiles is 40 per cent
lower in Vietnam than in India. Vietnam
has over 56 free trade agreements which
anyone can leverage to enter countries
and they include a recent deal with the
EU. Its ecosystem for exports also runs
smoothly. After all, Samsung exported
$65 billion worth of phones in 2021 from
Vietnam, far more than Apple will from
India even by FY26.
The only issue with Vietnam is a
skilled labour shortage and the fact that
its wages are higher than in India.
Despite the current unrest, China will
remain important for Apple, both as a
market for its products as well as a man-
ufacturing hub. The domestic market of
Greater China accounted for 19 per cent
of Apple’s total revenues in the year end-
ing September, in contrast to India which
accounted for just 1 per cent.
China’s plants churn out huge vol-
umes of iPhones for the world, backed by
a stable, time-tested supply chain.
Foxconn’s plant in Zhengzhou employs
over 200,000 workers and accounts for
80 per cent of the production of the new
iPhone 14 base phone and 85 per cent of
the hot seller iPhone Pro models.
In India, all three Apple vendors
jointly employ around 30,000 workers.
They have made a commitment to
increase this to 120,000 by FY26.
Towards this end, they are in talks with
the government to have more flexible
labour laws for larger plants.
COMPANIES 3 <
Kia profit down 25%in FY22
as tax outgo slams the brakes
DEEPAK PATEL & SHALLY SETH MOHILE SPOKE IN THE WHEEL
New Delhi/Mumbai, 24 November
Kia India’s performance since its launch in India
Kia India, the local arm of the South
Korean carmaker, saw its net profit drop
(~ cr) FY20* FY21 FY22
by a fourth in 2021-22 (FY22) over the year-
ago period, notwithstanding an opera-
tionally strong year. An increase in the Total income 10,847.3 20,353 25,403.9
total tax outgo during the year dented the Total expenditure 11,176.8 19,312.9 24,123.5
company’s earnings.
Kia is one of the few unlisted global car- Net profit -329.5 1,111.8 825.4
makers in India that saw a contraction in Domestic unit sales 84,900 155,678 186,787
profits. It was a year of record net profit *Company launched its first car in India in August 2019
for the India arms of Toyota Motor Source: Company
Corporation, Honda Motor Company,
Renault SA, Bayerische Motoren Werke AG the same, but for the higher tax outgo. In contrast to a 25.6 per cent fall in net
(BMW), and Mercedes-Benz, to name a Driven by a sharp jump in deferred profit (profit after tax), the company’s
few. taxes — ~243.6 crore in FY22, from ~232.5 profit before tax rose by 23.1 per cent to
This was led by a combination of fac- crore in 2020-21 — the company’s total tax ~1,280 crore in FY22.
tors, including strong demand, sharp expenses increased to ~454.9 crore in FY22, Kia India did not respond to queries
increase in car prices on the back of high from ~71.6 crore in the year-ago period. sent by Business Standard on its fall in net
input costs, and an improved model mix, This crimped net profit for the maker of profit in FY22. The South Korean automo-
leading to an increase in profits. Stringent the Carnival and the Seltos models by 25.6 tive major, which rolled out its first Seltos
cost curtailment and rationalisation meas- per cent to ~825.4 crore in FY22, according in the country in August 2019, sold 186,787
ures, too, helped. to the financial statements reviewed by units domestically, up 20 per cent year-
The narrative at Kia would have been Business Standard. on-year (YoY), in FY22.
Trident Realty
to invest ~3K cr
over 7-8 years
in Haryana
Trident Realty will invest
about ~3,000 crore to build
a 200-acre luxury housing
township at Panchkula in
Haryana as part of expan-
sion plan, its Chairman S K
Narvar said.
It has acquired this land
parcel through insolvency
process and invested around
~400 crore to settle the loans
of financial institutions. It
has also provided plots to
around 450 stuck home-
buyers in this project.
"We will be investing
about ~3,000 crore to
develop this township proj-
ect,” Narvar said.
The firm is now making
a foray into Chandigarh
tri-city through this
new project. PTI
 4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1

SBI may raise Cash-strapped states pulled out of PMFBY: Govt

~10,000 cr via
The statement comes at a time alised, and small farmers has risen by
AN OVERVIEW... (PMFBY In kharif seasons) SANJEEB MUKHERJEE
New Delhi, 24 November when the number of states settling on almost 282 per cent since the initiation
nFarmers* nArea insured** PMFBY has seen a considerable decline of the scheme in 2016, the secretary
The Centre on Thursday said some over the years. added.
21.6

infra bonds
State Bank of India, the coun-
try’s largest lender, is plan-
ning to raise ~10,000 crore
worth of infrastructure
bonds during the cur-
rent financial year.
“We inform that a
meeting of the
Executive
Committee of the
Central Board of State
Bank of India is
scheduled to be held
on Tuesday, 29th November,
2022 to consider inter alia…
to seek approval for raising
of Infrastructure Bonds up to
an amount of ~10,000 crore
FY23,” the bank informed
exchanges on Thursday.
The planned issuance
worth ~10,000 crore includes
a greenshoe option of
~5,000 crore, the
bank said.
The infrastruc-
ture bonds are
likely to be of 10-
year tenure,
sources told
Business Standard.
“SBI is planning to raise
10-year infrastructure rated
AAA from Icra and India
Ratings for a quantum of
~5,000 crore, plus ~5,000
20.0 16.87 states pulled out of the flagship According to the kharif data of this Under PMFBY, the premium is
15.09 15.38
Pradhan Mantri Fasal Bima Yojana year, around 19 states have opted for determined through bidding. However,
27.7 29.9 27.1 23.9 22.8 (PMFBY) for failure to pay their share PMFBY, as opposed to 22 states in farmers have to pay a maximum of 2
2018 2019 2020 2021 2022 of premium subsidy owing to financial Kharif 2018. per cent of sum insured for kharif crops,
constraints. It said it was willing to The number of farmers covered has 1.5 per cent for rabi food and oilseed
22 20 19 19 19
make additional pro-farmer changes to also gone down, from 21.6 million in crops, and 5 per cent for commercial or
States
the scheme in response to the climate Kharif 2018 to 15.38 million this year. horticultural crops.
475 463 391 404 382 crisis. In rabi so far, the number of states The balance of the actuarial/bid pre-
Districts “After resolution of their issues, preferring the scheme has further mium shared by the Centre and states
38 37 36 26 30 Andhra Pradesh rejoined the scheme dropped to 14, according to the data ref- is 50:50; 90:10 for Northeast states.
Agri crops in July. Other states are also consider- erenced on the PMFBY website. The premium rate of crops depends
NOTE: The number of states enrolled *in millions ing joining the scheme to provide a Under PMFBY, the Centre and states upon the associated risks. The total lia-
so far in rabi 2022 has further **in million hectares comprehensive cover to their farmers,” share the premium subsidy equitably. bility of the state depends on the actu-
dropped to 14 Source: PMFBY Union Agriculture Secretary Manoj Commensurate with the official state- arial/bid premium, crop sum insured,
website
Ahuja said in a statement on Thursday. ment of the past six years, farmers have area insured, and the number of crops
He said states have opted for a com- paid just around ~25,186 crore as pre- notified by states, the government had
pensation model instead. Unlike PMF- mium, while they received claims said in a reply to Parliament earlier.
BY, it does not provide the same com- amounting to ~1.25 trillion.
prehensive risk cover to farmers. The share of non-loanee, margin- More on business-standard.com

Urban jobless rate drops Recession not

through a public issue or pri- crore, totalling ~10,000 crore,”
vate placement, during a source said. BS REPORTER

IN BRIEF likely in APAC

PNB gets Centre’s approval to
divest entire stake in UTI AMC
for 5th qtr to 7.2%: NSO in ’23: Moody’s
The Punjab National Bank (PNB) on Thursday said it received the Unemployment rate for men and women 6.6% and 9.4%, respectively
government’s approval to divest its entire stake in UTI Asset
Management Company as part of its non-core asset sale plan to SHIVA RAJORA
India headed for slower growth
shore up its capital base. “The Exchange is hereby informed that New Delhi, 24 November PRESS TRUST OF INDIA
the Bank has received approval of DIPAM, Ministry of Finance, New Delhi, 24 November

Government of India for divestment of Bank's entire/part stake in
UTI Asset Management Company Limited in single or multiple
tranches subject to compliance of SEBI Regulations/other
applicable regulatory guidelines,” PNB said in a stock exchange
filing. BS REPORTER
Vaishnaw counters criticism
around proposed DPDP Bill
IT Minister Ashwini Vaishnaw on Thursday allayed concerns over
the extent of independence of the government-appointed
oversight body proposed in the draft data protection Bill, saying
just like RBI and SEBI the architecture of the new body will ensure
its autonomy on issues. Vaishnaw, who was speaking at Times
Now Summit 2022 also countered criticism around the draft Digital
Personal Data Protection (DPDP) Bill and questions around
surveillance. PTI
ICICI to buy 10% in 9 mtpa
refinery JV of IOCL and CPCL
ICICI Bank has entered into an agreement on November 23 in
relation to an initial investment of ~50,000 in the seed equity
capital of the proposed joint venture of Indian Oil Corporation
(IOCL) and Chennai Petroleum Corporation (CPCL), the bank inform-
ed stock exchanges on Thursday. The entity will be implementing
a 9-mtpa refinery at Nagapattinam in Tamil Nadu in which IOCL
and CPCL shall together hold 50 per cent equity stake (25 per cent
each) and balance will be held by other JV partners. BS REPORTER
Isro conducts 200th consecutive
launch of RH200 sounding rocket
RH200, the versatile sounding rocket of Isro, has registered its
200th consecutive successful launch from the shores of Thumba,
Thiruvananthapuram. The Indian Space Research Organisation
(ISRO) on Wednesday termed it a “historic moment". It was
witnessed by former President Ram Nath Kovind and ISRO
chairman S Somanath, among others. PTI
I
ndia’s urban unemployment rate
dropped for the fifth consecutive
quarter in the July-September period
of 2022-23 (FY23) to 7.2 per cent, according
to the latest Periodic Labour Force Survey
(PLFS) released by the National Statistical
Office (NSO) on Thursday.
The unemployment rate in current
weekly status terms for all ages in the
September quarter (second quarter or Q2)
of FY23 is the lowest unemployment rate
recorded in more than four years, from
the time the NSO launched India’s first
computer-based survey in April 2017.
The unemployment rate among men
and women has been estimated at 6.6 and
9.4 per cent, respectively. It has been
showing continuous decline since the
April-June quarter (first quarter, or Q1) of
2020-21, when it was estimated at 12.6 per
cent.
Earlier, the monthly data released by
the Centre for Monitoring Indian
Economy (CMIE), which conducts its
own survey, had also shown that except
August, India did well on the employ-
ment front in Q2, as the jobless rate
remained below 7 per cent, although
there was a divergence in the rural and
urban labour markets.
The CMIE data had shown that the
labour markets made a strong rebound
in September, with the unemployment
rate dropping to 6.4 per cent, from 8.3 per
cent in August, which was the highest
level in 12 months.
The labour market conditions
improved across rural and urban regions.
It was primarily rural India that made the
bigger contribution to the turnaround in
labour conditions.
“Rural labour participation rate (LPR)
improved by 0.29 percentage points in
September. It rose from 40.39 per cent in
August to 40.68 per cent. In June this
STEADY FALL
Unemployment rate (%)
Survey period
Source: NSO
year, the rural LPR had fallen below 40
per cent for the first time since the pan-
demic-stricken month of April 2020,”
CMIE noted in a statement.
The latest quarterly survey also
showed that the labour force participa-
tion rate (LFPR), which shows the per-
centage of persons either working or seek-
ing work in the population, saw a mar-
ginal increase in Q2 to 47.9 per cent, from
47.5 per cent in Q1.
The LFPR for females registered a
marginal increase of 0.8 percentage
points and stood at 21.7 per cent, from
20.9 per cent in Q1, although LFPR for
males decreased marginally from 73.5 per
cent in Q1 to 73.4 per cent in Q2.
Also, the worker-to-population ratio
(WPR), which is the percentage of
employed persons in the population, also
saw a marginal increase of 0.6 percentage
points sequentially to 44.5 per cent in Q2.
The female WPR stood at 19.7 per cent,
against the 68.6 per cent for males in Q2.
Considering the importance of avail-
ability of the labour force data at more
frequent time intervals, the NSO in April
2017 launched India’s first computer-
based survey to measure the dynamics
in labour force participation in the short
interval of three months for urban areas.
Prior to the PLFS, the National
Sample Survey Organisation (now
known as NSO) under the Ministry of
Statistics and Programme
Implementation used to bring the data
related to employment and unemploy-
ment based on household socioeconom-
ic surveys once in five years.
A recession is unlikely in the APAC region in the coming year,
although the area will face headwinds from higher interest
rates and slower global trade growth, Moody’s Analytics said
on Thursday.
In its analysis titled ‘APAC Outlook: A Coming Downshift’,
Moody’s said India was headed for slower growth next year
more in line with its long-term potential.
On the upside, inward investment and productivity gains
in technology as well as in agriculture could accelerate growth.
But, if high inflation persists, the Reserve Bank of India would
likely take its repo rate well above 6 per cent, causing GDP
growth to falter.
In August, Moody's projected
India's growth to slow to 8 per cent in IF HIGH
2022, and further to 5 per cent in 2023,
from 8.5 per cent in 2021.
INFLATION
PERSISTS, THE
It said the economy of the Asia- RBI IS LIKELY TO
Pacific (APAC) region was slowing and TAKE ITS REPO
this trade-dependent region is feeling RATE WELL
the effects of slower global trade. ABOVE 6%,
Global industrial production has
remained "fairly level" since it peaked
CAUSING GROWTH
TO FALTER
in February just prior to Russia's inva-
sion of Ukraine.
“China is not the only weak link in the global economy.
The other giant of Asia, India, also suffered a year-to-year
decline in the value exports in October. At least India relies
less on exports as an engine of growth than does China,”
Moody's Analytics Chief APAC Economist Steve Cochrane
said.
On the regional outlook, Moody's said even though India,
as well as other major economies of APAC region are expand-
ing due to their own delayed reopening from pandemic-relat-
ed shutdowns, the expected slowdowns in Europe and North
America, along with China's sluggish economy, will cause
2023 to be a slower year than 2022 for economic growth.
"That said, a recession is not expected in the APAC region
in the coming year, although the area will face headwinds
from higher interest rates and slower global trade growth,"
Cochrane added.
In its World Economic Outlook released last month, the
International Monetary Fund (IMF) had forecast global
growth to slow from 6 per cent in 2021 to 3.2 per cent in 2022
and 2.7 per cent in 2023.

Exporters urge Centre for fiscal India-GCC grouping expects

incentives, lower Customs duty to revive talks on free trade
SHREYA NANDI
New Delhi, 24 November
A little over two months before the 2023-
24 Union Budget, exporters on Thursday
urged the government to provide fiscal
incentives, reduce customs duty on cer-
tain products, and sought support to
boost export competitiveness.
In a virtual pre-Budget meeting with
the Finance Minister Nirmala
Sitharaman, along with top officials
from the finance ministry, exporters
sought certain tax benefits such as 200
per cent tax deduction on the expendi-
ture made by exporters for overseas
marketing, and extension of tax incen-
tives for the private sector to set up a
global Indian ship-
ping line to tap the
RUN-UP market.
TO THE “We will urge the
government to pro-
vide fiscal support to
units who provide
additional employ-
ment in the export
BUDGET sector. Such a exported by small businesses can be rolled
2023-24 scheme will also
help the workers to
move from informal employment to for-
mal employment, which is a priority of
the government. Incentives may be pro-
vided based on twin criteria of growth
in exports and growth in workers so that
while on the one hand exports are
increased, on the other, the employ-
ment-intensive units also get a boost,”
Federation of Indian Export
Organisations (FIEO) said.
The meeting took place at a time when
external demand is waning as exporters
are facing global headwinds of high infla-
tion, currency depreciation and geopolit-
ical tensions. India’s merchandise exports
contracted for the first time in two years
in October to $29.78 billion, down 16.65
per cent.
During October, 24 of 30 key export
items showed contraction, while only six
— electronic goods, rice, tea, oil seeds, oil
meals, and tobacco — witnessed growth,
the data showed. Contraction in key com-
modity groups such as engineering goods,
gems and jewellery, chemicals, and ready-
made garments dragged down the
overall exports.
In an official
statement,
FIEO sought ~200-
crore support under Market
Development Assistance
(MDA) scheme. “Therefore,
for aggressive marketing,
there is a need for the cre-
ation of an Export
Development Fund with a
corpus of minimum 0.5
per cent of preceding
year’s exports,” it said,
adding that a special
scheme for goods
out.
It also sought restoration of the inter-
est equalisation (subsidy) benefit of 5 per
cent to manufacturer MSMEs and 3 per
cent to all 410 tariff lines (broad sectors)
as existed prior to October 2021,
as cost of credit has crossed the pre-
Covid level.
Exporters also suggested reducing cus-
toms duties on raw silk, silk yarn, raw cot-
ton, and copper ores.
Bipul Chatterjee, executive director of
global public policy research and advoca-
cy group, CUTS International, said there
was a need to adopt a targeted approach
to expand and diversify services exports.
There is also a need to identify new mar-
KEY DEMANDS Launch date of negotiation not divulged; trade deal to be comprehensive
n 200% tax deduction on expenditure SHREYA NANDI
by exporters for overseas marketing New Delhi, 24 November
n Fiscal support to units that India and the Gulf Cooperation
provide additional employment in the Council (GCC) countries on Thursday
export sector announced their intention to relaunch
the free trade agreement (FTA) negoti-
n Incentives may be based on twin ations with the group of nations.
criteria of growth in exports and The date of the launch of the nego-
workers tiation, however, was not disclosed.
n FIEO sought ~200-crore Minister of Commerce & Industry
Piyush Goyal said that the trade deal
support under Market
will be comprehensive, with substan-
Development Assistance tial coverage of goods and services,
n Reducing Customs including technology, food security,
duties on raw silk, silk climate change, energy security,
among others. uefied natural gas and liquefied petro-
yarn, raw cotton, and
GCC is a regional, intergovernmen- THE GULF REMAINS (In $ bn) leum gas imports in FY22 were about
copper ores
tal political economic union compris- India’s trade with GCC nations $21 billion.
ing six countries — Bahrain, Kuwait, Export Import The UAE
Oman, Qatar, Saudi Arabia, and the and Saudi India and GCC
kets wherein services exports United Arab Emirates (UAE). 79.71 72.21 Arabia make up had signed a
could be promoted, build capacity and India and GCC had signed a frame- for most of the framework
closely coordinate with Indian missions work agreement on economic coopera- trade with the agreement on
in such markets, to leverage the potential tion to explore the possibility of an GCC. economic
in a time-bound manner. FTA between them — more than 17 41.62 Investments cooperation to
“With the proposed Development of years ago. Thereafter, two rounds of from the GCC explore the
25.98
Enterprise and Services Hub (DESH) negotiations happened in 2006 and in in India are possibility of an
Initiative, adequate consideration needs 2008. However, after the two rounds, currently val- FTA between
to be given to promoting the ‘servicifica- the economic union deferred its nego- *(Apr-Sep) Source: Department of Commerce ued at over $18 them — more
tion’ of manufacturing and creating an tiations with all countries and eco- this, non-oil imports were worth $37.2 billion. than 17 years
effective framework to support it,” nomic groups. billion. Petroleum ago. Thereafter,
Chatterjee said. Separately, India signed a trade deal Bilateral trade in services between products, pre- two rounds of
The meeting was attended by trade with the UAE earlier this year in India and the GCC was valued at cious and semi- negotiations
and industry bodies, including Wipro, February. around $14 billion in FY22, with precious happened in
Gem and Jewellery Export Promotion GCC is currently India’s largest exports at $5.5 billion and imports at stones, and 2006 and in
Council, FIEO President A Sakthivel, trading partner bloc with bilateral $8.3 billion. plastics are the 2008
chambers of commerce from Tamil trade in 2021-22 (FY22) valued at over GCC countries contribute to nearly top imported
Nadu and Calcutta, North Assam, $154 billion, with exports at $44 bil- 35 per cent of India’s oil imports and 70 items from the GCC.
National Restaurant Association and lion. per cent of gas imports. India’s overall Cereals, electrical equipment,
Apollo Hospitals Group also attended Imports are largely dominated by crude oil imports from the GCC in apparel, and machinery are the top
the meeting. crude oil and valued at $110 billion. Of FY22 were about $48 billion, while liq- exported items in the region.

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 .
NEW DELHI | FRIDAY, 25 NOVEMBER 2022 5 <

BHARAT FORGE LIMITED

CIN : L25209PN1961PLC012046
Regd. Office : Mundhwa, Pune Cantonment, Pune - 411 036, Maharashtra, India
Tel. No. : 91-20-6704-2850 Fax No.: 91-20-2682-2163
Email : secretarial@bharatforge.com Website : www.bharatforge.com

NOTICE
(For attention of the Equity Shareholders of the Company)
Sub: Transfer of Equity Shares of the Company to Investor Education and Protection Fund (IEPF).
This Notice is hereby given, that Bharat Forge Limited would be transferring shares to Investor Education and Protection Fund
(IEPF), pursuant to the applicable provisions of the Companies Act, 2013 read with the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended (“Rules”). The Rules, inter alia, contain
provisions for transfer of share(s) in respect of which dividend(s) have not been claimed by the shareholder(s) for seven (7)
consecutive years or more, to Investor Education and Protection Fund (IEPF) established by the Central Government.
In compliance with the requirements set out in the IEPF rules, the Company has already sent individual notices to all the
concerned members whose shares are liable to get transferred to IEPF under the said Rules at their latest available address in
the Company’s records.
Shareholders are requested to note that in case the dividend(s) are not claimed by March 09, 2023, those equity
share(s) in respect of which the dividend remains unclaimed, including all the benefits accruing on such shares, shall
be transferred to IEPF as per the timelines and procedure prescribed in the Rules, without giving any further notice to
the shareholders and no liability shall lie against the Company in respect of equity shares so transferred.
The Company has also made available the complete details of the concerned shareholders whose shares are liable for
transfer to IEPF on its website at: www.bharatforge.com.
Shareholders are requested to refer to link: https://www.bharatforge.com/investors/shareholders-information/iepf to verify the
details of unclaimed dividend(s) and the share(s) liable to be transferred to IEPF.
Shareholders may note that both the unclaimed dividend(s) and equity share(s) transferred to the IEPF can be claimed by
making an application in Form IEPF-5 which is available at IEPF website at www.iepf.gov.in by following the procedure
prescribed under the IEPF Rules.
For further information/clarification/assistance, concerned shareholders are requested to contact the Registrar & Transfer
Agent at below mentioned address:
Link Intime India Private Limited
Unit : Bharat Forge Limited
C 101, First Floor, 247 Park
LBS Marg, Vikhroli West,
Mumbai 400083
Tel No.: +91 22 49186270
E mail : rnt.helpdesk@linkintime.co.in For Bharat Forge Limited
Place : Pune Tejaswini Chaudhari
Date : November 24, 2022 Company Secretary and Compliance Officer

— TENDER CARE — — Advertorial

EIL CONFERRED WITH SWACHHTA HPCL BAGS SWACHHTA
AWARD BY MOP&NG PAKHWADA AWARD 2022

Engineers India Limited (EIL) HPCL bagged presti-

has been bestowed with First gious “Swachhta
Prize in Swachhta Pakhwada PakhwadaAward 2022”
Awards by Ministry of Petrole- instituted by Ministry of
um & Natural Gas (MoP&NG), Petroleum & Natural
Govt. of India for exemplary ini- Gas (MoP&NG).
tiatives undertaken during Shri Hardeep Singh
Swachhta Pakhwada 2022 to- Puri, Hon’ble Minister of Petroleum & Natural Gas and Housing
wards making Swachhta a “Jan & UrbanAffairs, handed over the award to Shri Pushp Kumar Joshi,
Andolan”. Hon'ble Union Minis- Chairman & Managing Director, in the august presence of Shri
ter of Petroleum & Natural Gas and Housing & Urban Affairs, Rameswar Teli, Hon’ble Minister of State of Petroleum & Natural
Shri Hardeep Singh Puri presented the award to Smt. Vartika Gas and Labour & Employment, along with other Senior Officials
Shukla, C&MD, EIL on 21st November, 2022 at an event held from MoP&NG and Oil & Gas Industry, at New Delhi on 21st
in Shastri Bhawan, New Delhi. Shri Rameswar Teli, Hon’ble November, 2022.
Union Minister of State for Petroleum & Natural Gas and Labour HPCL administered Swachhta Shapath to various participants
& Employment also graced the occasion. numbering over 20 lakh across the Country. Various initiatives for
During the Swachhta Pakhwada, EIL undertook lot of innova- Mass sensitization & spreading awareness on health, hygiene &
tive activities such as Prabhat Pheri, Distribution &Awareness preservation of environment through various competitions, clean-
Drives in Slums & Schools, Tree Plantations & Maintenance, liness campaigns, tree plantation drives & creation of sanitation
Clean Neighbourhood Contest, Competitions in Schools, Swach- assets for students and citizens of the Nation were undertaken.
hta Rallies around offices, etc. This showcases the commitment
and enthusiasm of EILto reach wide spectrum of people across SECOND CLASS DESTROYER OF P15B CLASS
India in creating awareness and inspiration about Swachhta ‘MORMUGAO’ DELIVERED TO INDIAN NAVY
Movement. Mazagon Dock Shipbuilders
Limited (MDL) has delivered
ONGC WINNING SWACHHTA PAKHWADA Second Ship of Project 15B
AWARD 2022 IN THE ‘ABOVE RS 1000 Class Guided Missile Destroy-
CRORE’ CATEGORY FOR THE FY 2022-23 er i.e. Yard 12705 (Mormugao)
Energy Maharatna to the Indian Navy. TheAccept-
ONGC won the ance Document was signed by
Union Ministry of VAdm Narayan Prasad, AVSM, NM, IN (Retd) Chairman & Manag-
Petroleum and Nat- ing Director, MDLand RAdm C Raghuram, VSM, CSO (Tech) at MDL
ural Gas 'Swachhta in the presence of Commanding Officer (Designate) Capt Kapit
Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat
Pakhwada Award Bhatia, MDL Directors and Navy personnel yesterday.
Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811 2022' in the ‘Above The ship is constructed using Indigenous Steel DMR 249A and is
Rs 1000 crore’cate- amongst the largest Destroyers constructed in India, with an overall
Notice for attention of the Members of Aditya Birla Sun Life AMC Limited gory for the financial length of 164 meters and a displacement of over 7500 tons. The ship
year 2022-23 for is a potent platform capable of undertaking a variety of tasks and
In order to enable sending of notices (including postal ballot notice) and other statutory furthering Hon’ble Prime Minister Narendra Modi’s vision of Swachh missions, spanning the full spectrum of maritime warfare. It is armed
Bharat Abhiyan on 21 November 2022. The ‘Swachhta Pakhwada with supersonic Surface-to-Surface ‘Brahmos’ missiles and
communications to the Members in electronic form, we request the Members of Aditya Birla Sun Life Awards’ have been instituted for exemplary performance on a ‘Barak-8’ Long Range Surface to Air Missiles.
AMC Limited (“Company”), who have not yet registered their email address to register the same in fortnightly basis (1-15 July 2022) where hygiene kits, masks, and
the manner as mentioned as hereunder: eco-friendly bags were distributed at various places. JNPA INAUGURATES CONTINUOUS MARINE
WATER QUALITY MONITORING STATION
a) Members holding shares in physical mode and who have not registered/updated their email ID with CENT BANK HOME FINANCE LTD Jawaharlal Nehru Port Au-
the Company are requested to register/update their email ID and other KYC details, if applicable, BRANCH INAUGURATED AT JODHPUR thority (JNPA), in associa-
by sending request at einward.ris@kfintech.com, along with Form ISR-1 and other relevant forms On 21st November tion with the Department of
2022, Branch of Civil Engineering, IIT
and documents. The format of Form ISR-1 is available on the website of KFinTech at
Cent Bank Home Madras, developed a Con-
https://ris.kfintech.com/clientservices/isc/default.aspx#isc_download_hrd and also on the Finance Ltd (Sub- tinuous Marine Water Qual-
website of the Company at https://mutualfund.adityabirlacapital.com/-/media/bsl/files/resourc sidiary of Central ity Monitoring Station (CMWQMS) & launched an Electric Environ-
es/forms-for-physical-shareholders/form-isr1.pdf Bank of India) was mental Monitoring Vehicle (EV) on November 21, 2022, Monday, at
inaugurated at the Port. The monitoring station and vehicle were inaugurated at the
b) Members holding shares in dematerialised mode are requested to register/update their email ID Jodhpur by hands of Shri Sanjay Sethi, IAS, Chairman, JNPA, in the presence of
Regional Manager- Shri Unmesh Sharad Wagh, IRS, Dy. Chairman, JNPA, along with all
with the relevant Depository Participants with whom they maintain their demat account(s). Jodhpur Mr. Sharad Agrawal. the HoDs of JNPA. Speaking at the occasion, Shri Sanjay Sethi, IAS,
Cent Bank Home Finance Ltd is Subsidiary of Central Bank of JNPA, stated, “JNPA is committed to achieving leadership in sus-
For Aditya Birla Sun Life AMC Limited India which offers Housing Loans, Mortgage Loans and Fixed tainability and creating value for the trade – depicted across the eco-
Sd/- Deposits at decent ROI within minimum time. On this occasion nomic, social, and environmental parameters. JNPAalways thrives
Place : Mumbai Hemanti Wadhwa Regional Manager of Cent Bank Home Finance Ltd Mr. Rohit on being an environmentally responsible port. The Continuous Ma-
Date : November 25, 2022 Company Secretary Asrani, Branch Manager Mr. Arvind Pal Verma and other rine Water Quality Monitoring Station and launch of E- Vehicles is yet
channel partners were also present. another step towards commitment to sustainable development.”

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 6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1

N SBI BANKING & ECONOMIC CONCLAVE N REMOVAL OF CAP

Insurers to
CAD pegged at 3-3.2% Monetary policy staring get flexibility
to allocate
of GDP in FY23: CEA at info constraints: Patra commissions
BHASKAR DUTTA cy faces — data coverage, frequent SUBRATA PANDA
Mumbai, 24 November revisions, lags, etc, so the driver can Mumbai, 24 November
never determine the speed of the
‘India’s annual import cover The conduct of monetary policy in car,” he said.
India faces hurdles stemming from Patra, who is Deputy Governor
The insurance regulator’s
decision to remove commis-
comfortable; IMF does not information constraints and the in charge of monetary policy, said sion caps and subsume
manner in which data is covered in a policymaker must decide on the them within the expense of
consider external sector to the country, Reserve Bank of India basis of “vintage” data where rele- management (EoM) limits
be in a zone of vulnerability’ (RBI) Deputy Governor
Michael Patra said on
vant goal variables of the
committee would be in
is likely to give flexibility to
insurers to allocate commis-
ABHIJIT LELE Thursday. The senior the future. The policy- sions more freely across
Mumbai, 24 November “A vast literature central banker maker has to then “shoot products and distributors,
exists that seeks to flagged the risk blind” at an angle that and plan their overall

W
ith rising domestic economic activity and explain the end- of inflation data ensures that the target is expenses between commis-
an uptick in oil import bills, India’s product... that is the being prone to met, Patra said. sions and other costs.
current account deficit (CAD) was monetary policy deci- unforeseen The senior central The regulator in its
expected to be 3-3.2 per cent of gross domestic sion. I’m going to take a shocks banker flagged the risk of energy prices rising, etc. So, the revised draft earlier this
product (GDP) for FY23, said Chief Economic step back and explore the inflation data being moment it leaves the Statistics week mandated an overar-
Advisor (CEA) V Anantha Nageswaran. But he manner in which com- prone to unforeseen Office, it’s prone to shocks and to ching condition that com-
stressed the country’s external sector remained mittee members think and deliber- shocks, which could sometimes change,” he said. missions paid to agents and
robust. India’s current account balance recorded a ate in order to come to that judge- influence the data as soon as its “Furthermore, these goal vari- intermediaries should not
deficit of 1.2 per cent of GDP in 2021-22, against a ment,” Patra said at the State Bank release. ables are not actually static. They exceed the EoM limits spec-
surplus of 0.9 per cent in 2020-21. of India Banking and Economic “The moment inflation is are moving over time and that path ified for insurers in different
The Reserve Bank of India expects CAD to have Conclave. released by the National Statistics is unknown because they can be segments (general insur-
widened modestly in the first half (April-September “There are severe information Office (NSO), it gets hit by unantic- thrown off course by those shocks,” ance, standalone health
2022) but shrink in the second half (October 2022- constraints that the monetary poli- ipated shocks — Ukraine, food, he said. insurance, and life insur-
March 2023). Overall, CAD is expected to be under 3 ance), contrary to its stance
per cent of GDP for FY23. in the August draft guide-
Speaking at State Bank of India’s economic
conclave, Nageswaran said India’s annual import
cover remains quite comfortable and the
We should see core inflation lines that it had released.
In the earlier guidelines,
the regulator specified that

dipping, says Ashima Goyal

International Monetary Fund (IMF) does not the maximum commission
consider India’s external sector to be in a zone of payable under general
vulnerability. insurance products, includ-
According to the RBI’s assessment (in the state of ing health insurance prod-
economy report), India’s foreign exchange reserves at BHASKAR DUTTA ucts offered by general
$ 530.0 billion, as on November 4, covered 8.6 months insurers, cannot exceed 20
of imports projected for 2022-23. The foreign
Mumbai, 24 November
WE LOOKED AT SOME OF THE per cent of the gross premi-
exchange reserves’ cover of imports (on a balance of
IF YOU LOOK AT THE NON-FINANCIAL While core consumer price index- UNDERLYING COMPONENTS OF um written in that financial

payments basis) declined to 10.4 months at end of
June 2022, from 11.8 months at the end of March 2022.
On drivers of economic growth, he said there has
been a threefold increase in capital expenditure of
the public sector in the past 10 years. The Union
government has the ability to spend ~7.5 trillion for
2022-23. Capex by the private sector also has been
improving and it touched ~3 trillion in the first half
of this year. And if the pace is maintained, it should
be ~6 trillion in FY23, which would be a substantial
improvement over any of the past six-seven years,
Nageswaran said.
If you look at the non-financial corporate sector,
there has been a reduction in the leverage ratio,
which means balance sheets are capable of
expanding again based on corporate profitability,
he said. Capacity utilisation is also reaching the
levels that in the past have triggered capex,
the CEA said.
He said the challenges for future growth may
rather turn out to be catalysts. One is the financing
for energy transmission and also technology for
battery storage, and aligned to that would be a
continuous and affordable energy supply for India’s
manufacturing.
‘‘
CORPORATE SECTOR, THERE HAS‘‘ (CPI-) based inflation has remained
BEEN A REDUCTION IN THE LEVERAGE stubbornly elevated, a study of some
of the underlying components of the
RATIO, WHICH MEANS BALANCE price gauge suggest that it should
SHEETS ARE CAPABLE OF EXPANDING AGAIN ease going ahead, Ashima Goyal,
BASED ON CORPORATE PROFITABILITY member of the Monetary Policy
Committee, said. “We looked at some
V ANANTHA NAGESWARAN of the underlying components of
Chief economic advisor core (inflation). We find that things
like transport, telecommunications
were the largest components and
On economic growth for FY23, Nageswaran said those are coming down,” Goyal told
estimates by the RBI and international participants reporters at the State Bank of India
are in the ballpark of 6.5-7.0 per cent. This appears to Banking and Economic Conclave.
be reasonable at this point. The growth numbers for “Those are linked to oil prices. If
the second quarter of FY23 would be available in a that comes down, their share com-
few days and give clarity on estimates, and whether ing down, then we should see core
they need to be revised. By and large, the projections also coming down,” she said. Goyal
for FY24 coming from international agencies are said her views were personal. Core
converging around 6.0-6.2 per cent, he said. inflation is calculated by largely
As for revenues of the Union government, he stripping away the volatile compo-
said the buoyancy is holding up. It is not coming as a nents of food and fuel. Goyal was
one-off phenomenon and has been in the making referring to certain products that
due to many factors. It is not something that is going have linkages with oil prices.
to wane in the second half of FY23. Latest data showed that the head-
CORE (INFLATION). WE FIND
THAT THINGS LIKE TRANSPORT,
TELECOMMUNICATIONS WERE
THE LARGEST COMPONENTS
AND THOSE ARE COMING DOWN
ASHIMA GOYAL
Member, Monetary Policy
Committee
line CPI-based inflation was at 6.77 secutive months. “We have dealt with
per cent in October, down from 7.41 extremes — pandemic and war.
per cent a month ago. According to There is some resilience in the econ-
analysts, core inflation was at 6 per omy. I think this comes from our
cent, largely unchanged from the monetary and fiscal policy and struc-
previous month. The National ture reforms sensitive to Indian con-
Statistics Office does not release data ditions. Here we have the food grain
on core inflation. stocks, food security and at the same
The MPC’s target for headline CPI time, government spending towards
inflation is 4 per cent, while the tol- infrastructure and other logistics. So,
erance band is 2-6 per cent. Inflation very good monetary-fiscal coordina-
has been above 4 per cent for 37 con- tion,” she said.
year. The same limit was
proposed for health prod-
ucts sold by standalone
health insurers.
And for life insurers,
they said if the actual EoM
of companies in the previ-
ous financial year is not
exceeding 70 per cent of the
allowable EoM limits then
life insurers can adopt com-
mission limits as approved
by its board. But, if the EoM
exceeds 70 per cent of the
allowable limits, then the
insurer must adhere to caps
on commission proposed by
the regulator.
According to Irdai, the
revised draft regulations on
commissions emphasise on
the board’s oversight
through a board-approved
policy on the payment of
commission.

> FROM PAGE 1 Post-Covid than that of Q1FY23 levels.

International tourism can also
help drive earnings,” write
the country. It said the periodic
labour force survey (PLFS)
N ALL IN A DAY N
showed that the urban unem-

Nifty, Sensex recovery in air Swarnendu Bhushan of Motilal

hit fresh
record highs
The minutes gave investors
hope that the US central bank
will put an end to its 75 basis
point hikes.
Analysts said the minutes
indicated that rate hikes were
peaking. This cheered the US
markets and the S&P 500 hit a
two-month high. The rupee
appreciated 0.3 per cent and
ended the session at 81.62.
UR Bhat, co-founder, of
Alphaniti Fintech, said there
was some indication that the
rate hike cycle might be near-
ing its end, though he said
there was nothing surprising
in what policymakers had
> BS SUDOKU
said. “Domestic investors are
bullish on India and they are
lapping up any positive news
flow. Oil prices are falling and
with China’s Covid woes con-
tinuing India stands to benefit
to an extent,” he added.
Foreign portfolio investors
(FPIs) bought shares worth
~1,232 crore on Thursday. So
# 3828
far this month, they have
already bought shares worth
about ~30,000 crore—the sec-
ond highest monthly tally this
year.
Business activity data in
the US, which was released on
Wednesday, showed that it
shrank amidst falling
demand. The composite pur-
chasing managers’ index fell
to 46.3, the second lowest level
since the outbreak of the pan-
demic. A reading below 50
indicates contraction.
travel stalls
According to government data,
around 500,000 foreign
tourists arrived in India in
August this year — 59 per cent
lower than 1.22 million arrivals
in December 2019 and 38 per
cent lower than 800,000
arrivals in August 2019. Visits
by foreign tourists are highly
seasonal, with arrivals peaking
in December and January; they
hit a seasonal low during May-
June every year.
This is putting pressure on
airline finances. “A slower-
than-expected recovery in air
travel after the pandemic
slump in 2020 and 2021 is a
double whammy for airlines as
the operating and interest costs
are up significantly compared
to what they faced in 2019. This
has translated into losses
despite a rise in ticket prices,”
says Dhananjay Sinha, director
and head of strategy & equity,
Oswal Financial Services in his
recent report on InterGlobe
Aviation. The brokerage
expects the airline to report a
net profit of ~753 crore in FY23
which means a record-high half
yearly net profit of ~3,404 crore
in H2FY23. The brokerage
expects IndiGo’s revenue to rise
by 13.8 per cent sequentially to
~29,437 crore in H2FY23, from
~25,871 crore in H1FY23.
Others are also betting on a
decline in fuel price to drive
earnings improvement in air-
lines. “Crude oil prices are
down nearly 30 per cent from
their 52-week high. This will
translate into lower operating
costs for airlines in H2FY23,
allowing them to report profits
or, at worst, a sharp decline in
losses,” says G Chokkaligam,
founder & MD Equinomics
Research & Advisory Services
Retail inflation
ployment rate had declined for
four consecutive quarters till
June — the latest PLFS data
released on Thursday showed
a further dip in the urban
unemployment rate.
It stated that net payroll
additions in the Employees’
Provident Fund Organisation
had grown in double digits in
September, reflecting the
increased pace of formalisation
of the economy, while most pri-
vate sector indicators showed
that key industries had seen an
increase in hiring activity in
October and in the September
quarter.
However, it added, larger
macroeconomic risks
remained.
“The global economy con-
tinues to navigate an increas-
ingly turbulent and uncertain
environment. Despite the cur-
rent slowdown in global
growth, inflation has risen to a
multi-decade high in many
economies, amid elevated food
and energy prices.”
Amazon’s Black Friday:
Unions to join protests
Several Indian traders,
hawkers, as well as
transport and gig workers’
unions will join a global
campaign by Make
Amazon Pay coalition
happening across close to
40 countries on Black
Friday to protest alleged
exploitative practices by
the tech giant. Employees
in the US, the UK, India,
Japan, Australia, South
Africa and across Europe are demanding better wages and
working conditions as the cost-of-living crisis deepens, as
part of the campaign. Trade unions, including Bharatiya
Udyog Vyapar Mandal, Hawkers’ Joint Action Committee, Gig
Workers’ Association, and All India People Science Network,
will join the campaign. The main demands include minimum
wages of at least ~25,000, reducing minimum working hours,
fixed-term contracts, and better working conditions, sources
said. Parminder Jeet Singh, executive director at IT for Change,
which will take part in the protest in New Delhi, said protests
will take place in 23 cities. SOURABH LELE

Though oil prices rose mar-
ginally on Thursday, they fell
during the week amidst signs
of a global slowdown.
All major Asian markets
rose, except the Shanghai
Composite index, as investors
assessed the impact of the rise
in Covid cases even as the
Chinese central bank indicat-
ed that it will loosen monetary
policy to stimulate growth.
However, despite strong
global cues, the domestic mar-
kets traded only marginally
higher for most of the day,
before seeing a sharp surge
just before closing amid expiry
of derivatives contracts.
“It’s a rollover day and such
activity during the last hour of
SOLUTION TO #3827 trade is not surprising,” said
Andrew Holland, chief execu-
Easy: tive officer of Avendus Capital
«« Alternate Strategies.
Solution tomorrow The market breadth was
mixed with 1,871 stocks
Systematix Institutional Equity.
He expects air travel to
remain in the slow lane, given
recessionary conditions in the
world’s major economies,
recent decline in global trade,
and its spill-over effects on the
Indian economy.
For the market leader
InterGlobe Aviation that runs
IndiGo, net loss rose to ~2,647
crore in April-September 2022
period (H1FY23), against a net
loss of ~1,552 crore in the second
half of FY22. Similarly, it report-
ed a higher loss in Q2FY23 (of
~1,583.33 crore) compared to a
net loss of ~1,064.3 crore in
Q1FY23. The company's net
sales were also down 2.8 per
cent on a quarter-on-quarter
basis in Q2FY23.
SpiceJet reported a net loss
of ~1,626.7 crore in the first half
of FY23, up sharply from a net
loss of ~434.7 crore in H2FY22.
Many brokerages, however,
may ease soon,
says FinMin
“Going forward, the current
retail inflationary pressures are
expected to ease with pass-
through of lower input costs to
consumers, also affirmed by
the Reserve Bank of India’s
inflation projections for the
next two quarters,” the report
said.
It pointed out that the
wedge between CPI and whole-
sale inflation (which is influ-
enced more by global prices)
had declined from a peak of -
10 per cent in November 2021
to -1.6 per cent in October 2022.
India’s headline retail infla-
tion softened to a three-month
low of 6.77 per cent in October
from 7.41 per cent in September
as food prices declined sub-
stantially. This might make the
Monetary Policy Committee
It said that alongside tighter
financial conditions and a steep
fall in consumer confidence,
indicators of global economic
activity had deteriorated. The
global composite PMI output
index shrank for the second
consecutive month
September, led by weakness in
advanced economies
increasing uncertainty and
high energy prices dented con-
fidence. “A rapid deterioration
in global growth prospects,
high inflation, and worsening
financial conditions have
increased fears of an impend-
ing global recession. The
spillover of the global slow-
down may dampen India’s
exports businesses’ outlook,”
the MER stated.
The report stated that
India’s food supplies had also
been impacted by the conflict
in Europe and the vagaries of
nature. The domestic prices of
Bhavesh Zaveri to take charge
as HDFC Bank exec director
HDFC Bank, the largest private-sector lender in the country, has
in decided to elevate Kaizad Bharucha as deputy managing
director and appoint Bhavesh Zaveri to the board as whole-time
as executive director. The appointments await approval by the
Reserve Bank of India (RBI). The move comes ahead of the
merger of HDFC and HDFC Bank, which is likely by April next year.
Bharucha is executive director (and a whole-time board
member) of the bank and looks after corporate loans while
Zaveri is group head (operations and ATM products). The last
deputy managing director was Paresh Sukthankar, who
resigned in August 2018. Earlier in April 2020, the RBI had asked
the bank to hold the proposal to induct Sashidhar Jagdishan and
Zaveri as additional director and executive director (whole-time
director), respectively, till a new chief executive officer (CEO) was
appointed. Then managing director Aditya Puri’s term was
ending in October 2020. Jagdishan became managing director
and CEO after Puri’s retirement. Zaveri will be the third from the
senior management team of HDFC Bank to be on the board. The
other two are Jagdishan and Bharucha. ABHIJIT LELE

HOW TO PLAY
Fill in the grid so that
every row, every
column and every 3x3
box contains
the digits 1 to 9
advancing and 1,642 declining
on the BSE. Infosys rose 2.9
per cent and was the best-per-
forming Sensex stock, con-
tributing the most to the
index’s gains. It was followed
by HDFC, which rose 1.9 per
cent, and HDFC Bank, which
rose 1.6 per cent.
are betting on a rise in passen-
ger traffic to fuel an improve-
ment in airlines finances in the
second half of FY23.
“The festival season and
recovery in corporate travel
would be the key revenue driv-
ers in the coming quarters with
yields expected to be higher
(MPC) of the RBI less hawkish
when it meets next month,
even though it is unlikely that
there would be a pause in the
ongoing rate hike cycle.
The MER stated that the
recovery in economic activity
across sectors had improved
the employment situation in
some food items had risen
amid a rise in international
prices and grain availability was
impacted by heat waves and
deficient southwest monsoon
in the current year. However,
export restrictions had ensured
that the country’s needs were
fully met.
Social safety net product Bima Vistaar
being developed for Bima Sugam
A social safety net product called ‘Bima Vistaar’ targeting the
untapped geographies is in the works and is soon going to be
launched on the insurance regulator's pet project ‘Bima Sugam’,
said Thomas Devasia, Member Non-Life, Insurance Regulatory
and Development Authority of India (Irdai). BS REPORTER

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 >
NEW DELHI | FRIDAY, 25 NOVEMBER 2022 POLITICS & PUBLIC AFFAIRS 7

EC APPOINTMENT CASE

SC flags govt’s ‘tearing

hurry’ on Arun Goel
PRESS TRUST OF INDIA Prashant Bhushan attempted
New Delhi, 24 November to make submissions before
the Bench when the attorney

T
he Supreme Court on
Thursday questioned
the “haste” and
“tearing hurry” in appointing
Arun Goel Election
Commissioner (EC).
The Centre vehemently
resisted the observations,
with Attorney General R
Venkataramani saying the
whole issue pertaining to the
appointment of Goel should
be looked at in its entirety.
At the outset, a five-judge
Constitution Bench headed
by Justice K M Joseph
perused the Centre's original
file pertaining to Goel’s
appointment as EC, and said,
“What kind of evaluation is
this? We are not questioning
the merits of Arun Goel's cre-
dentials but the process.” As
the Bench questioned the
“lightning speed” with which
Goel was appointed as an EC
and also that his file did not
even move within depart-
ments for 24 hours, the Centre
through Venkataramani
vehemently urged the Bench
not to make observations
without looking into the
entire issue pertaining to the
appointment process.
During the hearing, lawyer
general was arguing.
"Please hold your mouth
for a while,” the top-most law
officer told Bhushan.
The top court reserved its
verdict on a batch of pleas
seeking a collegium-like sys-
tem for the appointment of
ECs and the Chief Election
Commissioner and asked the
parties to file written submis-
sion in five days.
Justice Ajay Rastogi, who
is also part of the Bench, told
Venkataramani, "You have to Arun Goel was secretary in the Ministry of Heavy Industries
listen to the court carefully until recently, and his voluntary retirement came into effect
and answer the questions. We on November 18 this year. Goel has also served in the Union
are not on individual candi- culture ministry FILE PHOTO
dates but on the process." The
attorney general said he was none of the four names in the and Transaction of Business)
bound to answer the ques- panel was "carefully hand- Act, 1991, an EC can have a
tions of the court. picked" by the law minister tenure of six years or up to the
The top court said the such that they could complete age of 65, whichever is earlier.
1985-batch IAS officer got vol- a six-year tenure. Referring to Goel's
untary retirement from serv- Venkataramani responded appointment, the Attorney
ice in a single day, his file was that there were a mechanism General said his profile was
cleared by the law ministry in and criteria for selection and important and not the volun-
a single day, a panel of four there could not be a scenario tary retirement which was
names was put up before the where the government had to being made an issue.
prime minister and Goel's look back at every officer’s The Bench said the 1991
name got the nod from the track record and ensure that Act said the EC's tenure
President within 24 hours. he would complete the six- would be of six years and the
The Bench, which year tenure. government had to ensure
also comprised Justices Under the Election Comm- the person who held the post
Aniruddha Bose, Hrishikesh ission (Conditions of Service completed the stipulated
Roy and CT Ravikumar, said of Election Commissioners period.

Pilot a traitor, can’t be CM: Gehlot

Rajasthan Chief Minister
Ashok Gehlot called Sachin
Pilot a "gaddar" (traitor) on
Thursday and said he could
not replace him as he had
revolted against the Congress
in 2020 and tried to topple his
own government.
The remarks have further
widened the fissures in the
Congress party in Rajasthan,
where Assembly polls are slat-
ed next year. The Bharat Jodo
Yatra, led by Congress leader
Rahul Gandhi, is also set to
enter the desert state.
Pilot, who walked along-
side Rahul Gandhi and
Priyanka Gandhi Vadra in the
Bharat Jodo Yatra in Madhya
Pradesh on Thursday, did not
react to Gehlot's remarks.
Gehlot also alleged that
Union Home Minister and
senior Bharatiya Janata Party
(BJP) leader Amit Shah was
involved in Pilot's rebellion,
when some Congress MLAs
loyal to him were holed up in
a Gurugram resort for more
than a month and Union min-
ister Dharmendra Pradhan
visited them often, claiming
that he has proof that an
amount of ~10 crore was paid
to each of those legislators,
including Pilot. The veteran
leader also said the Congress
can replace him with any of its
102 MLAs in Rajasthan except
Pilot if the top leadership feels
that the prospects of the party
would improve in next year's
Assembly polls. PTI

ACCENT REGION
RAJASTHAN MADHYA PRADESH

Govt gives a boost to State renews

thrust given
businesses of Dalits to start-ups
Provisions for subsidies cent on loans of up to ~25 lakh and a 7
per cent interest subsidy on loans of up SANDEEP KUMAR
for eligible people to ~5 crore along with up to 25 per cent Bhopal, 24 November
margin money on the project cost of up
ANIL SHARMA to ~25 lakh. To generate jobs, the Madhya Pradesh
Jaipur, 24 November Parakh said the department was government is focusing on investment
complying with the Budget announce- and developing industrial infrastruc-
To ensure participation by the ment of the state government. ture. The Department of Micro, Small
Scheduled Castes (SCs) and Scheduled He said there were provisions for and Medium Enterprises (MSMEs) has
Tribes (STs) in industrial subsidies and other facil- decided to offer MSMEs and start-ups
development in the state, the The scheme ities for eligible people training in marketing, and
Rajasthan government’s includes interest including first-genera- financial support.
Department of Industry and subsidy of 9% on tion entrepreneurs. The state government is supporting
Commerce has launched the loans of up to There will be pro- start-ups through backward and for-
Dr Bhimrao Ambedkar ~25 lakh and a 7% grammes on entrepre- ward linkages. According to govern-
Rajasthan Dalit, Adivasi interest subsidy neurship and skill devel- ment officials, the state government is
Udyam Protsahan Yojana— on loans of up to opment and training planning to create 100 clusters in 42 dis-
2022. ~5 crore along through incubation cen- tricts in four-five months.
Mahendra Kumar Parakh, with up to 25% tres, apart from providing So far, loans have been provided to
commissioner (industries, margin money on land at concessional rates about 1.5 million beneficiaries under
commerce and corporate the project cost of and other incentives. self-employment schemes in the state.
social responsibility), recently up to ~25 lakh Rajasthan is seventh Assistance will be provided for
asked general managers of dis- in regard to the country’s capacity building in academic institu-
trict industries and commerce centres GDP. The state’s GDP has increased to tions and incubation centres, and also
and lead district managers of banks to around ~12 trillion. training and guidance on application for
achieve the targets set for them. In the last three years, the state GDP funding in various government schemes
He said in this scheme there was a increased by ~3 trillion, indicating the accompanied with setting up innovation
provision of interest subsidy of 9 per state’s development. labs/hubs.

UTTAR PRADESH
Centre raises fertiliser quota to 1.7 mt
VIRENDRA SINGH RAWAT
Lucknow, 24 November
In a big boost to the farm
sector in Uttar Pradesh, the
Centre has hiked the state's
share of potash, a major
fertiliser, to 1.7 million tonnes
(mt) for the current rabi
sowing season.
According to UP
agriculture minister Surya
Pratap Shahi, the central
government had raised the
quota of Nitrogen Phosphorus
Potassium (NPK) by nearly
5.5. per cent from 1.62 mt to
over 1.7 mt. As such, the state
farmers would be supplied an
additional 88,000 tonnes of
DAP in the current rabi
season. “Farmers will get
ready and adequate supply of
diammonium phosphate
(DAP) and NPK according to
their needs and demands,”
Shahi underlined.
At present, UP has an
inventory of more than
209,000 tonnes of DAP,
73,000 tonnes of NPK, and
183,000 tonnes of single super
phosphate (SSP).
He said 24 railway rakes
carrying DAP and NPK had
already left different seaports
for the state and are expected
to arrive within a week. Shahi
advised farmers to use NPK
and SSP in addition to DAP
during the sowing of rabi
crops for better yield. SSP is
one of the most popular
phosphatic fertilisers after
DAP and consists of three
plant nutrients—
phosphorus, sulphur and
calcium— apart from traces of
other soil micro-nutrients.
With the 2024 Lok Sabha
elections less than a year-and-
a-half away, the ruling
dispensation is pulling out all
the stops in keeping farmers doubling rural incomes.
happy in order to reap rich Interestingly, India is among
electoral dividends. the largest importers of
Adequate provision of potash to feed the domestic
farm nutrients is among the sector, and depends on largely
measures being taken to on inbound shipments to
ensure a seamless sowing meet its annual consumption
season. It also fosters the Yogi of nearly 5 mt of potash. The
Adityanath government’s third of this is shipped from
overarching theme of Belarus and Russia.

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Imran Khan-baiter Asim Munir is Pak’s new army chief

Pak President Arif Alvi MOVING as chief of two most powerful intelligence earlier quoted Imran Khan as saying that

endorses Lt Gen Munir Khan’s failing agencies - the Inter-Services Intelligence “when the summary comes, I and the
UP THE gambit? A history
(ISI) and the Military Intelligence (MI) -
but his stint as the spy chief at the ISI was
President of Pakistan will act according
to the constitution and laws.”
AGENCIES
Islamabad, 24 November
RANKS of bad blood
the shortest ever as he was replaced by Lt
Gen Faiz Hamid within eight months on
The appointment coincides with a dis-
pute between the military and Imran
n Chief of Pakistan's
the insistence of then-Prime Minister Khan, who blames the army for playing a
two most influential

P
akistan’s former spy master and sen-
ior-most Lt General Asim Munir was
named the new Army chief by Prime
Minister Shehbaz Sharif on Thursday, end-
ing speculation over the most powerful
position in the coup-prone nation. The
move could further deepen the nation’s
political crisis and exacerbate former pre-
mier Imran Khan’s high-stakes clash with
the powerful military.
The appointment has been sent for
approval to President Arif Alvi, who
belongs to Imran Khan’s party, Defense
Minister Khawaja Asif told reporters.
He called on citizens to refrain from
viewing it through a “political lens,” Dawn
newspaper reported.
“This will also help our country and the
economy to get on track. Currently, every-
thing is at a standstill.” There has been
extraordinary interest in the appointment
of Bajwa's successor as many believe
ousted prime minister Khan’s long march
is linked to the change of command in the
Army. He has asked his supporters to
gather in Rawalpindi on November 26, two
days before Gen Bajwa hands over the
intelligence agencies,
the Inter-Services
Intelligence (ISI) and the
Military Intelligence
n Prematurely removed as
chief of the ISI on the
request of then prime
minister Imran Khan
n Currently serving as the
army’s quartermaster
general
n Senior-most general
after outgoing army chief
General Qamar Javed
Bajwa
baton to the new Army chief.
Hours after receiving Lieutenant
General Asim Munir’s name for appoint-
ment as the new Chief of Army Staff
(COAS), Pakistan’s President Arif Alvi, on
Thursday, landed in Lahore to meet
n He will be Pakistan's 17th army chief since its
independence in 1947. That compares with about
30 prime ministers during the same period
Pakistan Tehreek-e-Insaf chief Imran
Khan, Dawn reported.
If everything is according to the con-
stitution, then the President should
approve the appointment, the PTI has no
objection, Imran told Alvi, the sources
Former Pakistan PM Imran Khan played all
his cards to thwart Sharif appointing the
successor to Gen Bajwa as his political
fortune hinges on the same. Khan has been
pressing for snap elections since his outser in
April and his plans to put-off the next army
chief selection until fresh elections went
down the drain. Khan cut short
Munir’s stint as DG-ISI in
2019 in a mere of 8 months
after his appointment.
Khan was said to be
furious with Munir after he
reportedly brought to the
PM’s notice that the family
of Khan’s wife, Bushra Bibi,
was involved in corrupt
practices.
AGENCIES
said. Following this, President Alvi cleared
the appointment.
Lt Gen Asim Munir is currently serving
at the army headquarters as quarter-
master general, overseeing supplies for all
military units. He has previously served
Imran Khan in 2019.
He is set to replace Gen Qamar Javed
Bajwa, who retires on November 29 after
two consecutive three-year terms.
Information Minister Marriyum
Aurangzeb announced on Twitter that
Prime Minister Sharif has named Lt Gen
Munir as the new army chief.
Lt Gen Sahir Shamshad Mirza had
been picked as the Chairman of the Joint
Chiefs of Staff Committee (CJCSC).
“The summary about (appointments)
has been sent to the President,” Marriyum
Aurangzeb tweeted.
The CJCSC is the highest authority in
the hierarchy of the armed forces but the
key powers including mobilisation of
troops, appointments and transfers lie
with the COAS which makes the person
holding the post the most powerful in the
military.
The powerful Army, which has ruled
Pakistan for more than half of its 75-plus
years of existence, has hitherto wielded
considerable power in matters of security
and foreign policy.
The Pakistan Tehreek-e-Insaf party
role in his ouster in April this year
through a no-confidence vote.
Khan’s close aide and former infor-
mation minister Fawad Chaudhry said
on Wednesday that “until we see the con-
duct of the new army chief, we cannot
say anything about it, but the role of the
army in politics in the last six months is
controversial, this role will need to be
changed.”
The high drama around the key
appointment has not gone unnoticed
around the world as the army chief of a
nuclear army, which is also one of the
biggest, of the sixth biggest strategically
placed country, when it is also facing
political turmoil and economic melt-
down, is by no means an ordinary affair.
Khan’s attempts to control military
promotions have been at the root of
Pakistan’s recent political tensions, sow-
ing the seeds for Khan’s ouster roughly
six months later.. The new military leader
will also have to deal with a revived
debate on the role of the institution in
nation with a history of civilian rulers
being overthrown by the army.

Singapore’s gig Ending decades-long wait, China daily

workers to get Anwar becomes Malaysia PM Covid cases
pension benefit
Asia; gaming and brewery stocks jump as Islamist bloc loses bid hit all-time
Stocks gain most in 2 yrs; ringgit up 1.9% vs $, best performer in
Singapore will extend work injury insurance and pension
coverage to food delivery and ride-hailing workers under

high of 31K
proposed legislative changes that it aims to implement as
early as late 2024, the Manpower Ministry said.
The new rules will affect about 73,000 workers who
deliver food or drive passengers for companies such as Grab
, Gojek, Deliveroo and Delivery Hero's Foodpanda.
Workers would gain coverage under the national pension REUTERS
system, which collects contributions from both workers and Beijing, 24 November
companies, and receive work injury insurance covering med-
ical expenses, income loss, and lump sum compensation China’s daily Covid cases have hit a record high since the begin-
for permanent disability or death. ning of the pandemic, official data showed Thursday, as the
Gig workers would not, however, be considered full-time country works to curb the spread with snap lockdowns, mass
employees entitled to paid leave and other benefits. testing and travel restrictions.
The changes, based on recommendations from an advi- China recorded 31,454 domestic cases — 27,517 without
sory committee set up to create standards for gig worker symptoms — on Wednesday, the National Health Bureau said.
protections, were approved by the government on The recent surge comes at a critical moment for leaders,
Wednesday. REUTERS who have to decide whether to tolerate some spread of the virus
or revert to strict Covid Zero curbs to halt the outbreak at the
expense of the economy.
But under Beijing’s strict zero-Covid policy, even tiny out-

Apple ‘interested breaks can shut down entire cities and place contacts of infected
patients into strict quarantine.
The unrelenting policy has caused fatigue and resentment

in buying ManU’
among swathes of the population as the pandemic nears its
third year, sparking sporadic protests and hitting productivity
in the world's second-largest economy.
Wednesday’s figures exceed the 29,390 infections recorded
Manchester United are being Star, bosses at Apple have in mid-April when megacity Shanghai was under lockdown,
eyed up by technology giants expressed an interest in dis- with residents struggling to buy food and access medical care.
Apple in a mouth-watering cussing a potential deal to buy
£5.8billion ($6.04 billion) deal. United. Many Red Devils fans
It has been confirmed that have wanted the Glazers to sell
the Glazers have decided to
put the Red Devils up for sale,
17 years after the American
up after a decade of struggles
since Sir Alex Ferguson’s
departure and they may get
Deutsche, JPMorgan
family brought the club. The
Red Devils announced in a
statement that the Glazers
their wish, with Apple
amongst those wanting to
take hold of the club.
Malaysia’s King Sultan Abdullah Sultan Ahmad Shah (right) and Malaysia’s newly appointed Prime Minister Anwar Ibrahim
(left) during the swearing-in ceremony at the National Palace in Kuala Lumpur on Thursday PHOTO: REUTERS facilitated Epstein’s
were exploring “strategic
alternatives” and it is under-
stood they will sell to the
Apple CEO Tim Cook will
line up talks with the banks
appointed to oversee the sale,
REUTERS
Kuala Lumpur, 24 November
Malaysia,” he told reporters at a late-even-
ing address, hours after he was sworn in.
His appointment ends five days of
over two years as the new leader was
appointed. The ringgit currency posted its
best day in two weeks and equities rose 3
sex op, say accusers
highest bidder. which include The Raine Malaysia’s Anwar Ibrahim was sworn in as unprecedented post-election crisis, but per cent. The benchmark FTSE Bursa JPMorgan Chase and Deutsche Bank AG were accused of
According to the Daily Group. AGENCIES prime minister on Thursday, capping a could usher in a new instability with his Malaysia KLCI Index rallied 4 per cent at enabling the sexual abuse of Jeffrey Epstein in a New York class
three-decade political journey from a pro- rival, former prime minister Muhyiddin the close. Gaming and brewery companies action lawsuit.
tege of veteran leader Mahathir Mohamad Yassin, challenging him to prove his major- including Genting Malaysia, Sports Toto, The two lawsuits, filed separately in a New York court, said
to protest leader, a prisoner convicted of ity in parliament. Both men failed to win Magnum, and Carlsberg Brewery Malaysia the banks had “knowingly benefited and received things of
IN BRIEF sodomy and opposition leader. His
Alliance of Hope led Saturday's election
a majority in a Saturday election, but the
constitutional monarch, King Al-Sultan
rose as the pro-Malay, Islamist alliance
Perikatan Nasional lost out on its bid to
value for assisting, supporting, facilitating, and otherwise pro-
viding the most critical service for the Jeffrey Epstein sex traf-
with 82 seats, short of the 112 needed for a Abdullah, appointed Anwar after speaking form the government. ficking organization.”
75% of Kyiv loses power; majority.
Anwar vowed to fight corruption and
to several lawmakers.
Anwar takes over at a challenging time: Confidence vote on December 19
JPMorgan were accused in the suit of “financially benefiting
from participating” in the alleged sex trafficking through pro-
Ukraine seeks UN help focus on the economy, as well as promising
to uphold Islam as the official religion of
the economy is slowing and the country
is divided after a tight election that pitted
Prime Minister Anwar Ibrahim said he
plans to test lawmakers’ support for his
viding financial support from 1998 to August 2013, the suit said.
Deutsche was accused of knowing that they would “earn million
More than two third of Kyiv was still without power on the multi-ethnic country and also special Anwar’s progressive coalition against leadership with a confidence vote on of dollars” from its relationship with Epstein. The suit is seeking
Thursday morning one day after Russian strikes battered rights of ethnic Malays. Muhyiddin's mostly conservative ethnic- December 19, as he seeks to prove to a unspecified damages and asks for the suit to be certified as a
Ukrainian cities. Electricity was partially restored in the “Thank God, because we have seen a Malay, Muslim alliance. defiant rival that he commands a class action. Representatives for both banks in London didn’t
western city of Lviv and Ukraine’s second-largest city, Kharkiv. change that has awaited the people of Malaysian stocks surged the most in parliamentary majority. immediately respond to emails seeking comment. BLOOMBERG
President Volodymyr Zelenskiy addressed the United Nations
Security Council after Russia launched its latest massive missile
assault, calling it “a clear crime against humanity.”
The EU is also working “full speed” on a ninth sanctions
package against Russia BLOOMBERG
Foxconn apologises, offers new hires $1,400 to quit
Sunak, wife debut on Asian REUTERS
Taipei/Shanghai, 24 November
Foxconn’s main plant in
Zhengzhou hail from else-
to delay bonus payments.
Some workers also com-
when China is logging record
numbers of Covid-19 infec-
Foxconn’s Zhengzhou plant,
the factory makes Apple
Rich List 2022 in UK Foxconn said on Thursday a
where in the province or coun-
try. A company representative WE APOLOGISE FOR AN
plained they were forced to
share dormitories with col-
tions and grappling with more
and more lockdowns that have
devices and accounts for 70
per cent of iPhone shipments
British Prime Minister Rishi Sunak and his wife Akshata Murty pay-related “technical error” confirmed the initiative. leagues who had tested posi- fuelled frustration among cit- globally.
have made their debut on the UK's 'Asian Rich List 2022' occurred when hiring new The incentive, which in INPUT ERROR IN THE tive. izens across the country. But Apple said it had staff at
topped by the Hinduja family. Sunak and his wife are ranked recruits at a Covid-hit iPhone general exceeds a month’s COMPUTER SYSTEM AND “Our team has been look- it has also exposed communi- the factory and was “working
17th on the list, with an estimated wealth of 790 million factory in China and apolo- wages for Foxconn’s blue-col- ing into the matter and dis- cation problems and a mis- closely with Foxconn to
pounds. The combined wealth of this year's list sits at gised to workers after the com- lar staff, is likely to appease GUARANTEE THAT THE covered a technical error trust of Foxconn management ensure their employees’ con-
113.2 billion pounds, an increase of 13.5 billion pounds over pany was rocked by fresh employees who on Wednesday ACTUAL PAY IS THE SAME occurred during the onboard- among some staff. cerns are addressed.
that of last year PTI labour unrest. staged a rare violent protest ing process,” Foxconn said in The largest protests had Several shareholder activ-
The group has begun offer- that trained a spotlight on the AS AGREED AND IN THE a statement, referring to the died down and the company ists told Reuters the protests
ing a 10,000 yuan ($1,400) economic and social toll of Xi OFFICIAL RECRUITMENT hiring of new workers. was communicating with showed the risks Apple faces
Buffett donates $758 mn in incentive to staff in China who
choose to leave, an unusual
Jinping’s Covid Zero strategy.
Men smashed surveillance POSTERS “We apologize for an input
error in the computer system
employees engaged in smaller
protests, a Foxconn source
through its reliance on man-
ufacturing in China.
Berkshire shares to charity decision announced after vio-
lent protests rocked the world’s
cameras and clashed with
security personnel as hun-
FOXCONN GROUP
Statement
and guarantee that the actual
pay is the same as agreed and
familiar with the matter told
Reuters on Thursday.
“The extreme depend-
ence of Apple on China, both
Warren Buffett donated Berkshire Hathaway stock valued at largest iPhone factory. dreds of workers protested at in the official recruitment The person said the com- as a (consumer) market and
more than $758 million to charities, including one named Apple’s main global produc- the world’s biggest iPhone posters.” It did not elaborate pany had reached “initial agree- as its place of primary man-
after his late wife. Buffett donated 1.5 million Class B shares to tion partner said in an online plant in Zhengzhou city, in on the error. ments” with employees to ufacturing, we see that a very
the Susan Thompson Buffett Foundation and 300,000 shares notice the sum, to be paid out rare scenes of open dissent in The apology was an about- resolve the dispute and produc- risky situation,” said
each to the Sherwood Foundation, the Howard G Buffett in two installments, will help China sparked by claims of Workers said on videos cir- face from a day earlier when tion at the plant was continuing. Christina O’Connell, a senior
Foundation and the NoVo Foundation on Wednesday, smooth the journey home for overdue pay and frustration culated on social media that Foxconn said it had fulfilled manager for SumOfUs, a
according to a filing. BLOOMBERG employees. Many of the over severe Covid-19 restric- they had been informed that its payment contracts. Apple risks nonprofit corporate account-
200,000-plus workers at tions. the Apple supplier intended The unrest comes at a time Home to over 200,000 workers, ability group.

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ILLUSTRATION: BINAY SINHA

Volume XXIX Number 159
NEW DELHI | FRIDAY, 25 NOVEMBER 2022

Selective decisions
Parliament the best arbiter of EC appointment But when a political stand appears to go against

T
he five-judge Constitution Bench of the Supreme Court hearing the the establishment line, politicians get agitated.
case on the process of appointing Election Commissioners has made Throughout the 1960s, when the world’s revulsion
headlines for acerbic commentary and a suggestion that the Chief with apartheid grew, the US and the UK were unwilling
Justice of India (CJI) be part of the appointment panel that selects to support sporting boycotts. The South Africans con-
tinued to impose racial segregation in sport. In 1968,
the Chief Election Commissioner (CEC). This suggestion is not new; over the
when England wanted to include Basil D’Oliveira, a
past decade, several politicians and former CECs have raised similar calls for a cricketer of mixed race in the squad to tour South
bipartisan collegium, including the law minister, the CJI, the Comptroller and Africa, the South Africans objected and D’Oliveira
Auditor General of India, and the leaders of the Lok Sabha and Rajya Sabha. was not included in the squad. After an uproar ensued,
This suggests that there has been some level of discomfiture within the political England included him as a replacement for a player
system with the existing process which involves appointment by the President who had been injured. South Africa then refused to
on the recommendation of the Prime Minister. Until recently, the largely free accept the team and the tour was cancelled.
and fair elections that the Election Commission (EC) has overseen in indepen- Even then, the British cricket and Conservative
dent India rarely made the issue of appointments a burning question. The political establishments took the line that politics and
sport did not mix though for South Africa, they clearly
batch of petitions before the apex court was prompted by suspicions that the
did: Otherwise, why impose apartheid on cricket?
EC’s independence has been increasingly compromised in recent years — The establishment stand was similar to that of
notably during the Covid-19 pandemic, when restrictions on campaigning were Avery Brundage, the long-time president of the

imposed after the Prime Minister’s campaigns had concluded.
But the Supreme Court’s suggestion is problematic for several reasons beyond
the standard, if valid, argument of judicial overreach. For one, the CJI’s presence
has not proved a durable guarantee of institutional independence. The CJI sits on
the appointment committee for the Director of the Central Bureau of Investigation,
an institution that remains so notorious for its subservience to the executive that
the Supreme Court evocatively described it as a “caged parrot”. Indeed, when CJIs
themselves have accepted political appointments after retirement, the institution
itself cannot be considered immune to political pressure. For another, the obser-
vation that several CECs have had short tenures does bear scrutiny in the light of
They do blend
International Olympics Committee from 1952 to 1972.
In 1936, when he ran America’s Olympics associations,
Brundage resisted calls for a boycott of the 1936 Berlin
Olympics. Many people believed that it would be
wrong to hold the games in a country that was openly
persecuting the Jews but Brundage disagreed, saying
The mixture of sport and politics has always worked to the predictably that sport and politics did not mix. The
advantage of humanity 1936 Olympics became a spectacle for Hitler to pro-
mote Nazism and Brundage had no objection to the
Nazi salutes that were regularly on display.

O
f all the lies that politicians and officials feed
the record of the terms of recent CJIs. The reference to the robust personality of T us, few are more pernicious than that old
N Seshan, the headline-grabbing CEC of 1990-96, as a desirable quality in a CEC chestnut: Politics and sport do not mix. They
misses the point: The issue at hand is the institutional robustness of the EC that must be kept separate.
must transcend personalities. Anyone who watched the World Cup match
What the apex court appears to have overlooked so far is that the principal between Iran and England could not have failed to
problem stems from the fact that Article 324 of the Constitution, which vests the see that this is nonsense: Sport can always help make
for better politics. The Iranian team pointedly refused
superintendence, direction, and control of elections with the EC, does not specify
to sing the national anthem as a ges-
how the CEC or the members will be appointed. Clause 2 says the appointment ture of protest against the repression
of Election Commissioners and CEC will be made by the President “subject to being unleashed in their country. A
the provision of any law made in that behalf by Parliament”. Yet no law has been large Iranian crowd inside the stadi-
enacted so far. This could be an opportune moment for Parliament to exercise um booed while the anthem was
its fiduciary duties in respect of the functioning of democracy and initiate the played. Some spectators held up plac-
process. Fears that the majority of the current Parliament may result in an ards reading: “Woman, life and free-
exercise that simply endorses or enhances the powers of the executive can be dom”. In an interview before the
allayed if the ruling regime exercises due restraint and launches a multi-partisan match, the captain of the Iranian team
declared that he was standing by the
exercise to frame legislation that ensures functional independence. A restriction
Iranian people and offered condo-
on CECs and Election Commissioners holding post-tenure political appointments lences to the grieving families back
would be one compelling recommendation. But overall, the principle of in his country. DOUBLE TAKE
Parliament as the arbiter of the appointment process remains unexceptionable. The English players took the VIR SANGHVI
knee before the match began. They
game itself (which England won easily) and drew
attention to the situation inside Iran, further increas-
ing the regime’s global isolation. Far from not mix-
ing, politics and sport were closely intermingled to
the benefit of humanity. It was sport that made the
political statement that needed to be made to help
the weak and the helpless.
The people who say that politics and sport don’t
mix are usually neither weak nor help-
less. For instance, when American
footballers began taking the knee in
support of the Black Lives Matter
movement and to protest the killing
of black people by the police in 2017,
the then US President Donald Trump
lashed out at them. “Wouldn’t you
love to see one of these NFL (the NFL
is the US football league) owners,
when somebody disrespects our flag
say ‘Get that son of a bitch off the field
right now. Out. He’s fired! He’s fired,’”
Mr Trump told a rally.
In the UK, when English foot-
In 1968, however, when two American athletes,
Tommie Smith and John Carlos, raised black power
salutes at the Mexico Olympics, Brundage had them
expelled from the Olympics. So, yes, to Sieg Heil.
No to Black Power.
From Brundage to Donald Trump, the pattern
has always been same: People who have no power
other than their sporting prowess use sport to make
political statements on behalf of the helpless, the
dispossessed, the persecuted and the voiceless while
people with wealth and power try and stamp out
their protests by using the same bogus rhetoric about
keeping sport and politics separate.
In fact, the mixture of sport and politics has
always worked to the advantage of humanity.
Apartheid would never have ended if sport had not
been used to isolate South Africa. Black Lives Matters
would never have taken off as a global movement
had it not been for the support of powerful sporting
figures. Pakistan’s role as a sponsor of terror came
to global attention only after India boycotted the
country’s sporting teams.
And now, the extraordinary bravery of the Iranian

Pricing power
had originally planned for their cap-
tain to wear a One Love armband as a gesture of
protest but disappointingly abandoned their gesture
After doing course correction, Trai needs to free tariffs after FIFA, the body that runs the tournament, said
it would get the referees to yellow card England cap-
ballers protested racism by also tak-
ing the knee, the then home secretary Priti Patel
criticised them, saying, “I just don’t support people
participating in that type of gesture politics.”
The problem with the disapproval of sportsper-
football team has shown the world how much the
people of Iran are disgusted with the atrocities being
committed by the regime.
Always be suspicious of people who try and
keep sport and politics separate. Invariably, they

T
he move by the telecom and broadcasting sector regulator, the Telecom
Regulatory Authority of India (Trai), to amend the new tariff order
(NTO) 2.0 earlier in the week to restore the price cap for a television
channel, which is part of a bouquet, to ~19 from ~12 earlier is a step in
the right direction. In future, Trai must stay away from regulating channel
prices or broadcasting platform tariffs in keeping with competitive market
tain Harry Kane if he wore an armband. Given that
the Iranians were probably risking their lives by
humiliating their country’s rulers in front of the
world, it seemed a little sad that the English players
ran scared when threatened with a yellow card.
The drama that preceded the match eclipsed the
sons who take political stands is that politicians are
keen to encourage exactly the same kinds of political
gestures when it suits their interests. In 1980, the
US boycotted the Moscow Olympics over the inva-
sion of Afghanistan and the UK supported the move.
At that stage, sport and politics clearly did mix.
turn out to be on the side of the racists, the bigots,
and the Nazis. Listen to the sportsmen themselves.
It is their skills we come to see. And it is their views
we must respect.
The writer is a journalist and TV presenter

dynamics. In telecom, tariffs are under forbearance. Even when telcos have
been bleeding in an ultra-low-tariff scenario following Reliance Jio’s entry dis-
rupting the market, Trai rightly didn’t intervene.
In 2020, when the regulator had set a price cap of ~12 per channel in a bou-
quet under NTO 2.0, broadcasters and direct-to-home (DTH) broadcasters were
up in arms against the decision, terming it prohibitive, resulting in the regime
New Delhi’s counter-terrorism outreach
T
being put on hold several times. Such a structure was supposed to enhance here was a time when terrorism was the most
affordability for consumers, but at the risk of restricting pricing flexibility for important item on the global agenda. After
broadcasters. Typically, broadcasters get more than 90 per cent of their sub- September 11, 2001, the world woke up to the
menace and the US proclaimed the doctrine of “if
scription revenues from bouquets. In fact, bouquets are a business model for
you’re not with us, you are against us”. Nations far
broadcasters to package some less popular channels with TRP (television rating and wide acted with alacrity and were drawn into
point) churners. That should not be meddled with. what was rather grandiosely termed the “global war
At a time when traditional TV broadcasters are facing stiff competition on terror.” For a fleeting moment, it seemed that
from over-the-top (OTT) platforms such as Netflix and Amazon Prime, the Trai even major powers could come together in this cam-
decision to loosen its grip on tariffs is expected to help keep a balance between paign that was seemingly global in scope. Terrorism
advertising and subscription revenue. Over-regulation in tariffs could have was termed a transnational problem that could only
thrown the already distressed broadcasting sector in further disarray, forcing be dealt with collectively, and so many hoped its
firms to disproportionately depend on advertising revenues. overt politicisation would come to an end.
It was too good to last for very
It’s hard to understand why the regulator must get into finer commercial
long. As fatigue set in from a never-
details such as what and how a-la-carte or standalone channels and bouquets must
ending war in the West, new align-
be designed and priced even if the objective is to be consumer-friendly. Three ments emerged. The Taliban
years ago, Trai had explained that the order was being imposed “to promote orderly became the new stakeholders that
growth of the sector and to balance the interests of service providers and to safeguard had to be engaged with so that
the interest of consumers’’. And after the latest order, Trai again said the amendments Western forces could go back to
were being notified to protect consumer interests. While it’s Trai’s responsibility to doing what armies were traditionally
protect those, it must not lose sight of its stated policy of light-touch regulation. trained to do. Great power politics
The regulator has now announced that channel bundle discounts would came back with a vengeance with
be capped at 45 per cent and that forbearance on the maximum retail price of China under Xi Jinping asserting
itself in the Indo-Pacific and Russia HARSH V PANT
TV channels in the a-la-carte format will continue when NTO 2.0 becomes
under Vladimir Putin gnawing at the
effective in February 2023. Broadcasters had earlier argued that limiting the peripheries of Europe. Terrorism, once again, has
discounts on bundles would force them to hike prices of smaller channels. In been relegated to a second-tier priority for most of
effect, that would have meant consumers’ TV bill going up anyway. Since the the major powers as they grapple with structural
cap on discount remains, Trai has not achieved the task of making the new shifts in the global order at a time of institutional
tariff structure truly consumer-friendly. infirmities and normative void.
It’s true that broadcasting platforms and TV channels have often hoodwinked For a nation such as India, which is among the
customers with an eye on their own revenues. To check any unfair practice, the countries most affected by terrorism, this is a time
regulator must act and also direct broadcasters to be transparent about their to take the lead in continuing to keep the spotlight
on the menace of terrorism. This seems to be the
offers and tariffs. But it’s not for the regulator to thwart industry dynamics. Like
guiding principle behind India convening three
other businesses, platform owners and broadcasters have the right to do mutually important meetings in recent weeks — the 90th
negotiated agreements. The room for negotiations must not shrink. INTERPOL (International Criminal Police
Organization) General Assembly and the United
Nations (UN) Security Council’s special meeting of
the Counter-Terrorism Committee in October, as
well as the Third Ministerial “No Money for Terror”
conference earlier last week. New Delhi’s critical
role in shaping the global discourse on terrorism is
quite evident, as is its growing ability to bring togeth-
er like-minded nations in tackling this challenge.
For a long time, New Delhi has been lackadaisical
in leveraging global platforms to serve its interests.
Often, India’s tone was one of a petulant complainant
that things weren’t going as it expected and, there-
fore, there was an inability to try to shape the global
agenda. Today, India is much more confident in its
ability to shape global outcomes.
This was reflected in the assertions
of Indian policymakers, where they
not only identified the problem but
also tried to chart out a proactive
operational agenda for the future.
At the third “No Money for
Terror” conference, Prime Minister
Narendra Modi underscored the
need for a “uniform, unified and
zero-tolerance approach” in tackling
terrorism and for the imposition of
costs upon countries that support
terrorism. Home Minister Amit Shah targeted nations
that use terrorism as an instrument of state policy
and urged all nations to “rise above their geo-political
interests.” More significant, however, was his pro-
posal to set up a permanent international secretariat
in India to focus on countering terror financing.
Mr Shah’s articulation of the six pillars in the Indian
strategy of tackling terror financing — strengthening
the legislative and technological framework; creating
a comprehensive monitoring framework; actionable
intelligence sharing mechanism and strengthening
of the investigation and police operations; provision
for confiscation of property; preventing misuse of
legal entities and new technologies; and establishing
international cooperation and coordination – reflected
New Delhi’s desire to share its best practices with the
wider international community in forging a new
policy consensus.
The defensiveness of the past is slowly, but surely,
giving way to a newfound willingness in India to
shape the global discourse on and policy response
to terrorism. At a time when major global powers
are either unwilling or unable to lead from the front
on this issue, New Delhi seems more than willing to
share the burden of leadership regarding this critical
global challenge. In the past, India had dealt with
terrorism on its own without any significant help
from other powers. In fact, there was a pushback
from others, especially the West, and India was often
held responsible for its own terrorism problem. But
today, India is better placed than many other nations
when it comes to terrorism and has an institutional
architecture that has been quite effective in respond-
ing to the challenge.
Surrounded by nations that either continue to
see terrorism of great value as instruments of state
policy or continue to tacitly support such approach-
es, New Delhi cannot afford to let its guard down.
For the last few years, India’s campaign to keep ter-
rorism on the global agenda has had its effect, and
now it is offering some concrete operational out-
comes as a “solution provider.” New Delhi knows it
too well that without transnational cooperation and
understanding, the terrorism challenge cannot be
tackled. But as its recent global outreach suggests,
it also recognises that at this time of multiple dis-
ruptions, its leadership will be key to any effective
international response.
The writer is vice-president – studies, Observer Research
Foundation, New Delhi, and professor at
King’s College London

McKinsey: A profile in amorality decarbonisation projects or community

other manufacturing industries in the US
because of global, structural market
changes; the Enron bankruptcy caused
by greedy, poorly managed bets on
energy derivatives or the misuse of
analytics in American baseball. As
BOOK REVIEW unconvincing is attributing fatalities and
accidents due to poor maintenance at
SANJEEV S AHLUWALIA
Disneyland — America’s cultural icon—
as a direct consequence of cost-cutting
500 companies have paid McKinsey for
advice”, as have over 100 governments.
McKinsey employees, called
partners, have exceptional business
smarts but also a sense of values – albeit
fuzzily defined. Rarely do values trump
profitability. For example, profitable
engagements were not foregone in
Saudi Arabia following the murder of
Jamal Khashoggi or with China, despite
benefits programmes.
Alternatively, McKinsey could be
termed amoral — targeting inefficiency
and enhancing profits for businesses
being its core mission since it was
founded. When McKinsey is held to
account, the blame is invariably taken
by the partners engaged in that
transaction. In South Africa, close
association with the electricity utility
ESKOM led to
fraudulent
collaboration. The
global professional teams. There is no
designated head office. The office of the
Managing Partner acts as such. Leaders
are elected to their positions by partners
for fixed but renewable terms. Statis is
anathema. If a partner is not on the “up”
elevator, then walking “out” is the only
option, reportedly, for a high proportion
of partners. But these ex-partners also
transition into the McKinsey alumni
network, a useful global calling card. All
this is elegant,
When McKinsey
Comes to Town efficient, and
admirable.
Author: Walt
standards of social rectitude higher
than even for governments?
It is unlikely that the authors’ efforts
will serve to knock McKinsey off its lofty
pedestal, convince young recruits to
shun it at compensation levels a quarter
higher than elsewhere or employee to
exit its Omerta -bound alumni network
or make it less trusted as an advisor for
big business and governments. Scale,
pervasiveness, flexibility, unrelenting
achievement orientation and matching
performance are good calling cards.
The jury is out on whether McKinsey

M
cKinsey, the storied global
management firm, will be cel-
ebrating its centenary in 2026.
The authors of this book, journalists
with the New York Times, use their con-
siderable investigative skills, to craft an
evidenced, albeit selectively curated,
assault to expose the rot behind
McKinsey’s public image. It makes for
a riveting read but fails to shake the
reader’s faith in either the market for
consulting or in McKinsey.
The book gets quickly off the mark
with a hint of the knife attacks on
McKinsey to follow by egregiously
conflating unconnected events with
McKinsey’s failures — the decline of US
Steel — a long-term client - along with
This PDF was originally uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) Subscribe now to get this edition before anyone else!! Backup channel:@LBSNEWSPAPER
suggestions by McKinsey, particularly
since no one sued McKinsey, nor were
they legally indicted.
Admittedly, the absence of hard
evidence between McKinsey’s advice
and the adverse client or public service
outcomes could also be thanks to the
consultancy’s strategy of shying away
from direct implementation, aligned
with their value to “follow the top
management approach” relying instead
on its research, publications, and
informal networks for outreach. This
strategy helps avoid or limit liability
claims. Other values that ensure long-
term client engagement are —“preserve
client confidences” and “put client
interest before the firms”. “Most Fortune
its qualified approach to human rights
with “Chinese characteristics”. Yet
neither aligns with liberal McKinsey
values of “equity, diversity or inclusion”.
McKinsey enjoys long and profitable
business associations with tobacco
companies, oil and gas majors and
pharma companies, producing opioids.
The authors call out McKinsey for being
Janus-faced, simultaneously earning
profits by improving the efficiency of
companies producing harmful products
like tobacco, carbon-spewing fossil fuel
or enhancing the productivity of
pharma to pump harmful, addictive,
poorly regulated opioids, whilst also
making profits by advising governments
to improve health services, implement
partner concerned was
fired. No questions
were raised about the
failure of the internal
oversight mechanism
to identify and nip in
the bud unholy
merging of interest in
dodgy deals between
the client and McKinsey. The sources of
an ever-increasing inflow of revenue are
rarely scrutinised to red-flag potentially
unsavoury engagements, detrimental
to society and the McKinsey image.
The firm’s highly decentralised
operations provide a cover. Regional
and local heads operate autonomously,
supported by a matrix of specialised
Bogdanich and Nevertheless, a could change positively. Equity or
Michael Forsythe lightly regulated fairness are subservient to enhancing
Publisher: The matrix organisation shareholder value in any efficient,
Bodley with highly enduring business, along with a
Head/Penguin specialised global commitment to working within the rules,
RandomHouse partners, working and paying taxes, none of which is new for
Pages: 368 across regions, could McKinsey. It is governments that make
Price: ~1119 also be a convenient the rules and define the prevailing
dodge to avoid blame business and socio-economic
ever sticking to the firm. Instead, environment. Sadly, there is little in the
deviant partners — a disproportionate prevailing trends of exclusionary trade
number cited are of South Asian origin - practices, combustible geopolitical
take the rap for infringements of the contestations, flexible moral standards,
firm’s woozy moral code or legal or the growing returns on proprietary
indictments with docility. None of this technology, to suggest that a kinder era of
is exceptional. McKinsey is not the only decency, fairness, or equity is around the
business that puts profits first. Why corner. Nevertheless, critiquing those at
hold a business to account based on the top and being heard is always healthy.
 QUICK TAKE: STREET CAUTIOUS ON ALKEM “If 2022 confronted investors with

The Smart 1 stiff headwinds, 2023 is likely to

Investor
The stock of Alkem Laboratories is down 6.5 per be challenging as well.
cent from its highs earlier this month. While Julius Conditions will remain tight
Baer Research is positive about Alkem’s longer and the fundamental reset of
NEW DELHI | term prospects, it has downgraded the stock to macroeconomics and geopolitics
FRIDAY, 25 NOVEMBER 2022 is continuing”
‘hold’ as it remains watchful of the margin
trajectory amid the US pricing pressure and higher MICHAEL STROBAEK
marketing spends Global CIO, Credit Suisse
<

1.3 mn fewer active investors since June HEAVYWEIGHTS DO ALL THE

LIFTING IN NIFTY’S RECORD RUN
Market volatility and lacklustre one-year returns weigh on activity even as indices hit fresh highs The benchmark Nifty has seen
a 10 per cent upward
SUNDAR SETHURAMAN & SAMIE MODAK ness officer, Mirae Asset Capital. movement in the past two
Mumbai, 24 November In June, the Nifty plunged to a months. However, just a fifth
13-month low of 15,294 amid rising of the 50-pack index

T
he active investor count has
seen a sustained decline
since June, even as the
benchmark indices have jumped
more than 20 per cent to log fresh
lifetime highs. The uncertain eco-
nomic environment, lacklustre one-
year returns, and diminishing retail
euphoria have weighed on market
participation, according to
industry players.
In June, the active client count
at the NSE — the country’s largest
stock exchange — stood at 38 mil-
lion. At the end of October, the fig-
ure declined by 1.3 million to 36.7
million, data provided by
CLSA showed.
Typically, in an upward-trending
market, activity picks up. Last
October, when the Sensex and the
Nifty hit lifetime highs, the active
client count had been doubling
year-on-year. At the end of
November 2021, the active client
count was 29.9 million.
This time, though activity is still
higher than last year, YoY growth
has slowed to 30 per cent.
An active client is one who has
initiated trade in the past
12 months.
“Last October and November
peaked in terms of market activity.
The entire market was doing well
when the indices were near all-time
highs. Now, only a few stocks have
moved the market up. The outlook
depends on how the markets do. If
the market remains flat, activity will
remain low,” said Nithin Kamath,
Founder & CEO, Zerodha, the coun-
try’s largest brokerage.
While the markets are up sharply
from this year’s lows, returns on a
one-year basis are still poor. Also,
last year, the markets were largely
bond yields, triggered by the US components have done most
Federal Reserve’s aggressive mone- of the heavy-lifting.
tary stance. For many investors, Since September 29, the
who started their stock market jour- index has added 1,666
ney in March 2020, a close 20 per points, of which 1,320 points
cent fall in the benchmark indices — nearly 80 per cent — have
from their 2021 highs, was a been contributed by 10
reality check. stocks. Furthermore, 60 per cent of the gains have come
“The markets were volatile dur- from five stocks —HDFC Bank, Infosys, Reliance Industries
ing the initial seven months of this
and HDFC and ICICI Bank. As these stocks have the highest
year. And retail investors don't trade
much when there is heightened
weighing in the Nifty, they always have an outsized
volatility,” said Prakash Gagdani, influence on the index.
CEO, 5Paisa. However, in percentage terms, two-thirds of the Nifty
India’s demat account tally components have underperformed the index. The
topped 100 million for the first time worst-performing stocks on the 50-share index over the
ILLUSTRATION: BINAY SINHA in August. Between March 2020 and past two months are Divi's Laboratories, Asian Paints,
Eicher Motors and Hindustan Unilever — each declining
VANISHING INVESTORS THE DISAPPEARING ACT
August 2022, the broking industry
added an unprecedented 41 million over 5 per cent. From the June lows, the participation has
From this year's peak, number of active investors is down by 1.3 million new demat accounts. To be sure, as been slightly broader, with top 10 stocks contributing just
n In June, the active client count one investor can open multiple 63 per cent of the gains. However, nearly half of Nifty
Active clients* (mn) YoY growth (%) at NSE stood at 38 million demat accounts, the 100-million components have failed to top the 21 per cent gain
40 120 n Last October, when the indices tally is not for unique investors. delivered by the index itself from June lows. SAMIE MODAK
96 had hit lifetime highs, the Industry players peg the unique
active client count had been
doubling YoY
investor tally to be around 50 mil-
lion and the active account tally less
MAJORITY REPORT
30 90 than 37 million. Also, many inves- Ten stocks have contributed 80% of the gains seen
n Between March 2020 and tors take the mutual fund route, in the past two months
August 2022, the broking instead of direct investing. Contribution Change
industry added 41 million According to Amfi data, unique (points) (%)
20 60
demat accounts investors for the mutual fund indus-
30 HCL Tech 52.11 22.38
n The drop in active clients is not try stood at 36.2 million at the end
restricted to the domestic of October 2022, up from 27.6 mil- Axis Bank 96.76 22.19
10 30 markets — for many global lion a year ago. HDFC 182.29 20.18
markets, it has been higher During the market euphoria,
many investors opened multiple HDFC Bank 234.16 17.56
29.9 31.6 33.4 34.8 36.0 37.2 37.7 38.0 37.7 37.5 37.4 36.7 n The unique investor count for demat accounts just to gather sops SBI 73.23 16.79
0 0 MF industry stood at doled out by brokerages. Many of
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Infosys 208.10 16.53
36.2 million in October, up these accounts have now
2021 2022 from 27.6 million a year ago turned inactive. L&T 59.12 13.04
Note: *For NSE Source: CLSA
“Typically, brokers offer freebies TCS 81.34 12.77
for opening accounts and that does- ICICI Bank 140.57 11.25
upward trending. By comparison, participation. has hit a lifetime high. There are n’t mean that customers were really
this calendar year has witnessed “The broking industry is cur- various reasons for this decline -- interested in the stock markets. Reliance Industries 192.20 10.91
sharp ups and downs. According to rently at a peculiar junction with a the biggest of which is the uncertain Those customers might have traded Nifty 1,666 9.90
broking industry officials, volatility decline in the number of active market environment,” said Arun initially but did not trade after that,” Note: *Since September 29
discourages small investor trading clients while the Nifty 50 Chaudhary, director and chief busi- added Gagdani. Data source: Bloomberg; Compiled by BS Research Bureau

NSEBI AT WORKN

Fresh guidelines for ‘Strengthening debt market on Sebi agenda’

green bonds issued
The Securities and Exchange
board of India (Sebi), on
Thursday, said issuers of
municipal debt securities
can issue green bonds in
compliance with rules gov-
erning issue and listing of
non-convertible securities.
A green bond is like any
other bond where a
debt instrument is
issued by an
entity for raising
funds from
investors. The
proceeds of a
green bond
offering are 'ear-
marked' for use
towards financing
green projects.
Sebi (Issue and Listing of
Municipal Debt Securities) or
ILMDS rules provide the
framework for issuance and
listing of municipal debt
securities. It also specified the
continuous disclosure and
compliance requirements to
be complied with by issuers
of Municipal Debt Securities.
The ILMDS rules do not
define 'green debt security'.
However, Sebi's (Issue and
Listing of Non-Convertible
Securities) or NCS norms
defines green debt security.
Further the regulator, in
2021, came out with opera-
tional guidelines pro-
viding the initial
and continuous
disclosure
requirements
for entities
issuing or pro-
posing to
issue green debt
securities.
The markets reg-
ulator said it has received
representations from market
participants on the compli-
ances an issuer under the
ILMDS Regulations would
have to undertake in case it
is desirous of issuing a green
debt security, in the absence
of similar provisions in the
ILMDS norms. PTI
New products, tax
proposals on the
regulator’s anvil,
says Narayan
KHUSHBOO TIWARI
Mumbai, 24 November
The Securities and Exchange Board
of India (Sebi) is working on
strengthening the debt market in
India through the introduction of
new products, mitigating segment
risks, and pursuing certain tax pro-
posals, said whole-time member
Ananth Narayan, in his first public
address after joining the capital
markets regulator.
Speaking at the 9th SBI Banking &
Economics Conclave, the former
banker said the debt segment growth
in India has been slow and mired in
accidents, and it is trust that the regu-
lator is trying to develop for investors.
“We have seen many accidents
between 2017 and 2019, particularly
in the debt market. It is nice to say
that capital formation is easy at this
point in time, but if we have two to
WE HAVE HAD SOME
ANNOUNCEMENTS ON BIDDING
PLATFORMS, WE’RE TRYING TO REDUCE
THE SIZE OF INDIVIDUAL BONDS WHICH
RETAIL INVESTORS CAN SUBSCRIBE TO,
AND THERE ARE SOME TAX PROPOSALS
WHICH WE HOPE THE GOVT WILL LOOK
AT FAVOURABLY
ANANTH NARAYAN,
Whole-time member, Sebi
three large shocks, the confidence
can dissipate,” said Narayan.
He added that there is only ~4 tril-
lion investment from foreign port-
folio investors in the debt market,
against ~48-trillion investment in
the equity market.
The market capitalisation of the
equity market is almost ~290 trillion,
but the corporate outstanding is at
~40 trillion, indicating more traction
is needed on the debt side.
This year, Sebi has brought in var-
ious regulations to increase acces-
sibility and transparency on bond
dealings and trades.
A stockbroker licence (debt seg-
ment) has been mandated for online
bond platforms. Moreover, brokers
registered with the exchanges for the
debt segment will be allowed to
place bids on the request for quote
platform on behalf of their clients,
effective January 1, 2023.
“We have had some announce-
ments on the bidding platforms. We
are trying to reduce the size of indi-
vidual bonds which retail investors
can subscribe to, and there are some
tax proposals we hope the govern-
ment will look at favourably,”
added Narayan.
Narayan also said that Sebi will
soon come out with some new con-
sultation papers on environmental,
social, and governance (ESG) norms
and ratings. The rising investment
base for ESG and the inclination to
green debt securities has brought a
need for clearer disclosures.
In the midst of rising risk of
‘greenwashing’, Sebi has taken the
view that investors are looking for
credible disclosures for the ESG seg-
ment. It even took action in one of
the cases of misrepresentation.
Earlier a consultation paper
floated by Sebi had proposed
ESG rating products such as
ESG Corporate Risk Ratings, ESG
Financial Risk Ratings, and ESG
Impact Ratings.
Under the proposed norms,
credit rating agencies and research
analysts with a minimum of ~10
crore networth and with standard
infrastructure and manpower will be
eligible to be accredited by Sebi.
Report from CDSL
on malware
glitch sought
The Securities and Exchange
Board of India (Sebi) has sought
a report from Central Depository
Services (CDSL) to identify the
root cause of the recent
malware attack and has asked
the depository to furnish the
report within 21 days of the
incident.
Speaking at an event in
Mumbai, the regulator’s whole-
time member Ananth Narayan
cautioned against IT and cyber
security risks for financial
institutions while highlighting
the need for technologically
savvy people to run the entities.
Narayan’s caution comes after
last Friday’s (November 18) cyber
security issue at CDSL due to
which settlements happened
with a delay of two days over
the weekend.
KHUSHBOO TIWARI

THE COMPASS IPO WRAP

Margin scale-up key trigger for Cummins India
Easing commodity prices and exports to drive profitability for genset manufacturer, say analysts
RAM PRASAD SAHU
The stock of Cummins India is
up about 12 per cent over the past
month on better-than-expected
September earnings and expec-
tations of margin gains as the
company looks at hiking prices.
Healthy demand outlook and
implementation of new pollution
norms are the other triggers for
the genset maker.
Led by exports, the company
posted a 13 per cent Year-on-Year
(y-o-y) growth in revenues in the
September quarter. Exports,
which account for about 28 per
cent of the company’s sales,
grew 21 per cent over the year-
ago quarter.
The growth was powered by
demand from Latin America,
Asia Pacific and West Asia, espe-
cially for low horsepower pro-
ducts.Growth in the domestic
market was led by the distribu-
Keystone Realtors shares
climb over 3% on Day 1
Shares of Keystone KEYSTONE REALTORS to ~568.25. Shares of the
Realtors, which sells Price in ~ firm ended at ~ 557.80
tion tation of Bharat Stage- that Cummins may alter its While the brokerage maintained properties under brand
565 apiece, higher by 3.10
(sales/sup- IV emission norms defensive stance on pricing after OPM scale up would be in the ‘Rustomjee’, ended over 560 per cent. At the NSE
port) seg- from July 1, 2023. The witnessing the gross margin next two years, it said that 3 per cent higher in its 555 also, it made its debut
ment, which new products are improvement and positive out- upcoming emission norms could debut trade on 557.8 550 at ~555.I
posted a 22 expected to be priced look on margin by its key peer, pose a challenge to OPMs due to Thursday against the 545 It later ended at
per cent higher. Besides Kirloskar Oil Engines. costs and competition. It has a issue price of ~541. 541.0 540 ~556.80, a gain of 2.92
growth. demand, the key They factor in quick pricing reduce rating with target The stock listed at Issue price Nov 24’22 per cent. The company
Distribution trigger for the stock moves and a 60 basis points price of ~980. ~555, reflecting a gain of commanded a market
was followed would be the margin higher operating profit margin There are other triggers in the 2.58 per cent from the issue price on valuation of ~6,352.08 crore on
by industrial trajectory. Gross mar- (OPM) in revised fair value for the long term in addition to margins, the BSE. It further rallied 5 per cent the BSE. PTI
and power gins were down 123 Cummins stock at ~1,560 as said analysts at Prabhudas
generation basis points y-o-y to against the previous ~1,510 per Lilladher Research.
segments,
which had
growth in
32.1 per cent due to
increased commodity
costs and supply chain
share. The stock finished at
~1377 a share after the close of
trade on Thurday.
The company, according the
brokerage, should benefit from a
healthy demand outlook, con-
Uniparts India’s IPO on Nov 30
the 6-10 per issues. Given the soft- Rahul Jain and Prem tinued momentum in exports, The initial share-sale of engineering systems and solutions provider Uniparts
cent range. ening raw material Khurana, who work with Anand new pollution norms and tech- India will open for public subscription on November 30.
Demand has costs and price hikes Rathi Research, believe new nology driven new product The three-dayIPO will conclude on December 2.The bidding for anchor
remained resilient with in select segments and more to launches, cost controls and launches. It has revised its earn- investors will open on November 29, according to the red herring prospectus.
increased orders from data cen- follow, the company is eyeing the better sourcing would help mar- ings per share estimates by The IPO is entirely an Offer for Sale of 14,481,942 equity shares by pro-
tres, pharmaceuticals, defence, 34-35 per cent gross margin gins for Cummins in the about 10 per cent each for FY23 moter group entities and existing investors. Those offering shares in the
mining and other sectors. levels over the next coming years. The brokerage has and FY24. OFS are promoter group entities The Karan Soni 2018 CG-NG Nevada Trust,
The company expects to 18-24 months. a hold rating with a target price Investors should await the The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni, and investors
benefit from pre-buying for exist- Aditya Mongia and Teena of ~1,410. scale up in margins going Ashoka Investment Holdings and Ambadevi Mauritius Holding.Since the
ing range of products in the first Virmani, analysts with Kotak Nuvama Research, however, ahead before considering the IPO would be entirely an OFS, the company will not receive any proceeds
half of CY23 given the implemen- Institutional Equities, believe is cautious on the margin front. stock on dips. from the public issue. This would be the company's third attempt
to go public. PTI

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Near-term woes to keep
staffing firms muted
But valuations have turned attractive after sharp corrections since January
RAM PRASAD SAHU
Mumbai, 24 November
S
tocks of staffing solution
companies have under-
performed the broader
markets in November. While
two of the leading companies
in the space — Quess Corp and
TeamLease Services —are
down 14-22 per cent, SIS is
down 7 per cent during the
period. A mixed set of
September quarter results for
the 2022-23 financial year
(Q2FY23) and muted near-term
outlook led to the decline.
While TeamLease’s per-
formance was in line with esti-
mates, operating performance
of Quess and SIS disappointed
the Street. TeamLease posted
a 28 per cent growth, led by a
20 per cent year-on-year (YoY)
rise in headcount and wage
inflation, while growth for
Quess stood at 32 per cent. SIS
posted a 14 per cent YoY
growth.
Though Quess’ revenue
growth was robust, Vidit Shah
of IIFL Securities says that the
company’s financial perform-
ance surprised negatively as
margins of its biggest contrib-
uting segment — workforce
management — was weighed
down on account of invest-
ments made in US staffing and
a slowdown in IT hiring.
TeamLease’s margins, at 1.6 per
cent, too missed Street esti-
mates due to flattish pricing
per associate per month
(PAPM) and one-off impact
(reclassification of skills busi-
ness) of ~4 crore.
SIS’ topline was in line with
Street estimates though its
operating margins lagged given
pressures in its international
business which saw a decline
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NEW DELHI | FRIDAY, 25 NOVEMBER 2022
MARGIN
PRESSURES ~4,273 cr
Q2FY23
REVENUE
Quess Corp
% change YoY
% change QoQ
Operating profit (~ cr)
% change YoY
% margin
Change in basis points YoY
Net profit (~ cr)
% change YoY
Source: IIFL Research
of 170 basis points on a sequen-
tial basis, given the wage hike
in Australia. The domestic
security business reported its
highest quarterly revenue with
growth at 22 per cent. This was
driven by a headcount growth
of 13 per cent and revenue per
headcount growth of 6 per
cent. A key worry for the sector
is the muted near-term outlook
and cautious stance of man-
agements given the headwinds
for the technology sector.
TeamLease has indicated a
soft quarter going ahead and
this is expected to impact hir-
ing — both in the general and
specialised staffing.
Garima Mishra and
parts and a disappointing
Q2FY23, IIFL Securities has cut
Quess Corp’s FY23-25 earnings
estimates by 10-21 per cent.
The brokerage expects the
company to report a fall in net
profit in FY23 but sees a strong
rebound in FY24/FY25.
While Q2 numbers for SIS
are on expected lines, B&K
Securities points out that the
increasing competitive inten-
sity in the space which is visible
~2,767 cr
in the operating cash flow gen-
eration. The company has to
~1,955 cr choose between growth and
cash flow generation timeli-
ness. Even as it pursues
SIS TeamLease growth, investors would
32 14 28 increasingly worry over work-
ing capital investments, should
7 3 4 the same continue to balloon,
134 109 31 says the brokerage.
20 -11 -7 However, what works in
favour of the staffing com-
3.2 4 1.6 panies is the sharp correction
-32 -110 -62 in the stock prices and thus
attractive valuations on the
42 67 31
back of near-term growth
-32 -1 25 worries.
Commenting on
TeamLease, Alok P Deshpande
Shubhangi Nigam of Kotak and Aadil Khan of Nuvama
Institutional Equities highlight Research say that the stock has
that TeamLease has not been derated(down 40 per cent year-
able to increase PAPM, despite
a rise in proportion of self-
to-date), especially after
Q2FY23 results as the head-
sourced employees. It needs to count growth built in by Street
make an entry into the man- took a hit. The stock is now
ufacturing sector to benefit trading at an attractive 25 times
from employment growth in its FY24 estimated earnings. If
that sector, but has so far found general staffing growth holds
the same challenging. up even moderately, it leaves
The specialised staffing seg- room for an upward re-rating,
ment may see tepid volume says the brokerage.
growth due to slower IT sector Quess Corp, which is down
hiring. The brokerage has 50 per cent this year is also
revised down its FY23-25 earn- trading at a reasonable val-
ings estimates by 2-9 per cent uation of 17 times its FY24 earn-
on lower margin forecasts. ings estimates while SIS, which
Given the uncertain envi- has shed 14 per cent during this
ronment, multiple moving period is available at 16 times.
Older house can offer price
and location advantage
Ensure repair expenses don’t erode initial gain; also carry out title check
BINDISHA SARANG
Housing prices have risen nearly 5 per
cent across the country’s top eight cities
between January and September,
according to a report by PropTiger,
owing to an increase in the cost of raw
materials like cement and steel, and
growing demand for housing. If you
wish to save money on house purchase,
consider buying an older property.
Price advantage
An older property is usually available at a
lower price than a new construction as
property value depreciates with age.
Experts vary in their estimates of the
price advantage you can gain by going
for an older property. Santhosh Kumar,
vice chairman, ANAROCK Group says
the price difference can vary from 3-5 per
cent in some cases and go up to 15-20 per
cent in others.
Vikas Wadhawan, group chief
financial officer (CFO), Housing.com,
PropTiger.com & Makaan.com estimates
that newer homes are around
25-50 per cent costlier than
older ones. The exact price
difference would be case
specific. Says Kumar: “If the
resale property is situated in a
highly aspirational
neighbourhood, there may be
no difference at all.”
The price difference also YOUR
depends on the new property’s
stage of development. “As the
MONEY
project nears completion, it
tends to narrow,” says Kumar. In case of a
new property, the builder’s brand and
quality of construction, and for m an
older one, its age and state of
maintenance, impact pricing.
Access to prime localities
Land is often not available in prime
localities for new projects to come up. If
you wish to live there, you will have to
buy an older property and pay a
premium for the prime address. “Older,
established parts of the city command a
higher price than newer suburbs,” says
THE SMART INVESTOR 11
PROS AND CONS OF A NEW CONSTRUCTION
PROS
n Likely to be equipped with the latest
amenities and adequate parking
n Financing is easier
n An under-construction property
purchased at a well-chosen location
offers good potential for price
appreciation as new infrastructure is
developed and the area gets occupied
n Energy-efficient architecture and
equipment can reduce cost of energy
Pankaj Bansal, chief business officer
(CBO), BankBazaar.com. Older houses,
built on larger plots, tend to be spacious.
“Since they are usually built on large
parcels of land, they have bigger rooms
and could even have a big yard,” says
Kanika Gupta Shori, founder and chief
operating officer, SquareYards.
A buyer can sometimes hit
the jackpot by buying an older
property. “When a very old
property eventually comes up
for redevelopment, the
owner’s stake can double or
triple in value,” says Kumar.
With an older property,
what you see is what you get,
which is not the case with an
under-construction property.
Buyers pay a pre-EMI (only
interest on the loan) when
their property is under construction.
They can avail of tax deduction on this
amount in five instalments once
construction is completed. Abhinay
Sharma, managing partner, ASL
Partners says, “If a buyer moves into an
old house, he can begin to avail of tax
benefit immediately from the first EMI
on the home loan.” The buyer can also
save on the pre-EMI.
But repair can cost a packet
If the older property is in a state of
disrepair, you may have to spend a
<
CONS
n Project delays — due to litigation or
due to late permissions — are possible
in under-construction properties
n Newer developments usually come up
in the suburbs due to paucity of land
in prime areas
n The buyer may be liable for goods
and service tax (GST) if the purchase
was made before the occupation
certificate was obtained
considerable amount on making it
liveable. This expenditure could erode
the initial price advantage.
Also, be prepared to spend more on
maintenance. “These properties are
more likely to require repairs from time
to time. They are also likely to be less
energy efficient,” says Gupta Shori.
Banks are sometimes reluctant to
lend money for the purchase of very old
properties. “Banks look into the
structural stability of older
constructions. If the building is older
than 40 years, or the municipal
corporation has classified it as
dilapidated, the loan may not be
approved,” says Bansal. Shorter loan
tenures are offered on buildings nearing
the end of their lifespan, unless they are
exceptionally well maintained. Older
buildings often lack modern amenities.
Says Kumar: “Adequate parking space
may not be available in a building
constructed a few decades earlier when
car ownership wasn’t common.”
Run these checks
Get a structural engineer to test the
strength and viability of the
construction and a lawyer to ensure that
the title is clear. Says Srinivas BR,
partner, DSK Legal: “The purchaser will
have to carry out legal diligence on the
title of not just the developer/original
owner but also the re-seller.”
 12 STOCKS
>
NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1

> OFSTOCK
IN THE > Coffee Day Enterprises > Hindustan Aeronautics > Bikaji Foods International

NEWS Top gainer

among A group
Hits new all-time
high at ~2,762
Hits upper circuit
for 2 days THE DAY
stocks on BSE in a row Vesuvius India
~46.6 PREVIOUS CLOSE ~2,719.2 PREVIOUS CLOSE ~345.1 PREVIOUS CLOSE Hits new all-time high
~52.4 CLOSE ~2,728.0 CLOSE ~379.6 CLOSE at ~1,745; Up 68 per cent
p 12.5% UP p 0.3% UP p 10.0% UP this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
24 Nov ’22 Chg (%) Con Std 24 Nov ’22 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3921.1 0.5 1.5 365.5 405.5 Infosys 1629.8 2.9 7.1 30.0 30.9 price price (%) price price (%)
Adani Ports 876.7 0.3 0.8 36.1 - ITC 340.8 0.3 5.0 27.7 24.9 Guj Petronet 261.7 260.7 9.6 262.0 332.5 GNFC 600.6 603.7 -3.3 549.8 394.2
MOST BULLISH MOST BEARISH
Apollo Hosp 4815.1 4.6 0.6 65.6 73.5 JSW Steel 726.0 0.7 1.1 23.1 25.3 Birlasoft 294.0 292.3 5.0 341.8 585.9 PAYTM 439.6 441.1 -2.5 439.6 439.6
Asian Paints 3115.3 0.5 1.7 81.5 80.7 SBI 611.4 609.4 0.3 Guj Petronet 257.2 260.5 -1.2 HDFC Std Life 573.4 572.5 4.5 606.0 709.9 Adani Trans 2768.0 2790.4 -2.2 2768.0 1652.0
Kotak Mah Bank 1944.9 -0.4 3.4 28.3 40.4
Axis Bank 878.6 0.4 2.9 19.1 15.7 ICICI Prud Life 463.5 462.0 0.3 Cadila Healt 391.0 393.0 -0.5 Apollo Hosp 4829.0 4812.4 4.5 4829.0 5930.7 Sun TV Net 480.5 482.1 -2.2 472.3 402.6
L&T 2052.2 1.3 3.4 30.0 38.0
Cipla 1098.8 1095.4 0.3 1Mothersons S 71.3 71.7 -0.5 L & T Infotech 4968.8 4940.6 4.2 5360.7 7595.3 Biocon 274.0 274.0 -2.2 258.3 258.3
Bajaj Auto 3620.2 0.3 0.6 17.9 19.4 Mah & Mah 1254.1 1.5 1.5 23.7 25.3 Federal Bank 133.8 133.4 0.3 HDFC AMC 2116.7 2124.6 -0.4 Persistent S 3899.9 3885.1 4.1 3904.4 4986.9 Dr Lal PathLabs 2380.4 2393.7 -1.9 2256.3 1805.1
Bajaj Fin 6771.4 -0.1 2.1 58.3 45.4 Maruti Suzuki 8967.1 0.4 1.4 69.8 45.7 HDFC Bank 1629.7 1625.2 0.3 Ashok Leyland 145.6 146.1 -0.3 Honeywell A 42460.1 42303.7 4.1 43905.0 46650.0 Ramco Cements 651.1 658.9 -1.8 634.7 575.1
Bajaj Finsrv 1634.0 -0.1 1.2 47.6 288.1 Nestle India 19735.5 0.9 0.8 - 87.9
Bharti Airtel 848.4 0.6 2.5 71.6 - Balram Chini 370.2 369.2 4.1 385.9 525.7 Gujarat Gas 492.0 494.6 -1.7 446.0 403.8
NTPC 169.5 0.9 1.0 9.9 9.8
BPCL 321.0 3.5 0.4 6.0 - BSE NSE Sona BLW Precis 456.0 445.8 3.8 548.3 839.2 Tata Elxsi 6603.0 6619.7 -1.7 6603.0 5264.8
Britannia 4191.2 0.9 0.6 63.8 63.7
ONGC 139.5 2.2 0.9 3.9 3.8 Index Stock Index Stock PUT-CALL RATIO Angel One 1503.5 1495.7 3.7 1673.0 2022.0 Shriram TrFn 1305.2 1313.3 -1.5 1147.1 1002.5
Power Grid 220.8 2.6 0.9 9.2 10.2 REC 103.7 103.4 3.7 109.6 109.6 Jai Corp 161.5 162.5 -1.4 122.7 95.8
Cipla 1095.4 -1.1 0.7 34.5 30.9 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2579.1 0.9 10.5 26.3 40.3 IEX 147.9 147.1 3.6 165.5 304.1 Laurus Labs 447.3 449.4 -1.4 443.0 433.2
Coal India 228.5 -0.9 0.6 5.4 11.5 Contracts - - 540579 2251354
SBI 609.4 0.3 2.8 13.2 14.7 Market 1791.7 2669.9 0.7 BPCL 321.7 320.9 3.5 345.5 407.0 Glenmark 407.0 419.8 -1.3 361.7 348.9
Divis Lab 3305.4 0.2 0.5 29.6 29.6 Open Int.(000) - - 20215 5623320
SBI Life Ins 1240.7 1.2 0.7 - 74.1 ICICI Lombard 1178.0 1171.5 3.3 1292.0 1508.0 Granules 356.2 357.9 -1.3 300.1 227.0
Dr Reddys 4413.9 0.2 0.6 23.6 30.9 Shares(In Mn) - - 22.4 4330.6 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1035.1 1.7 1.3 60.5 170.8 HPCL 221.8 221.4 3.2 254.9 332.4 Adani Wilmar 631.1 632.3 -1.3 616.0 221.0
Eicher Motor 3377.4 -0.1 0.6 39.6 42.6 Value(~ crore) - - 52768 153353
Tata Consumer P 792.8 2.9 0.6 69.1 86.0 Canara Bank 1.5 Atul 0.3
Grasim Ind 1723.5 1.2 0.8 15.0 33.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 423.4 -0.2 0.9 - 1216.7 Balkrishna I 1.2 Page Inds 0.3
HCL Techno 1129.6 2.4 1.4 22.2 27.7 Contracts - - 256142920 2921160
Tata Steel 105.5 0.0 1.0 4.5 5.3 HDFC Std Life 1.1 Piramal Entp 0.3
HDFC 2689.1 2.0 5.8 21.7 32.4
HDFC Bank 1625.2 1.6 8.5 23.8 22.5 TCS 3380.2 2.2 4.1 31.2 32.2
Open Int.(000)
Shares(In Mn)
-
-
-
-
445044
8892.5
4016598
3827.4
Bank of Baroda 1.1 Mah & Mah 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1069.3 2.4 0.8 19.7 23.6 NMDC 1.1 SBI Life Ins 0.3
HDFC Std Life 572.6 4.5 0.7 92.7 93.0 Value(~ crore) - - 25917754 211822 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2673.1 0.5 0.4 23.1 20.1 Titan Company 2610.2 0.3 1.3 106.6 74.1 BSE+NSE BSE+NSE
UltraTech 6860.2 0.5 0.9 29.7 31.2 1 Reliance Ind 1747190.6 BS200 Jay Ushin 43.9
Hindalco 438.4 1.2 0.8 7.2 19.8 (~ crore) (Mn shrs)
HUL 2549.2 1.7 2.7 67.5 63.2 UPL 774.2 0.7 0.5 14.5 36.9 ACTIVE CALLS ACTIVE PUTS HDFC Bank 1429.2 8.9
2
3
TCS
HDFC Bank
1236226.9
906374.2
UP 7 DAYS Ovobel Foods 40.6
ICICI Bank 938.9 1.2 7.8 26.1 23.7 Wipro 398.3 2.4 0.7 19.4 17.6 PNB 15.6 Sbec Systems 40.5
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Policy Bazar 1161.0 27.6 4 Infosys 685813.3 Grovy India 40.4
IndusInd Bank 1175.6 0.1 0.9 - 15.4 Nifty 50 18484.1 á1.2 100.0 24.4 27.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind 1137.0 4.4 5 ICICI Bank 654532.7 ICICI Bank 2.9
Welterman I. 40.2
Index Index 6 HUL 598548.9 DOWN
INDEX PE SHRS TRDS 1 YR Adani Enter 1128.7 2.9 Munoth Fin 40.2
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty Bank
24/11/22
24/11/22
18400
43000
722.3
534.1
6.7
2.2
-42.7
-38.5
Nifty
Nifty
24/11/22
24/11/22
18350
18400
455.1
424.6
5.9
7.8
529.4
238.0
ICICI Bank 1055.0 11.3
7
8
SBI
HDFC
543820.5
489387.0
Adani Power
Aurob Pharma
-8.8
-7.2
DOWN 7 DAYS
SENSEX 25.8/28.2 7.7 187 26 4 6.7 Infosys 942.5 5.8 Confidence Futu -30.1
Asian Paints 3114.9 0.4 1.9 81.5 80.7 Mah & Mah 1254.1 1.5 1.7 23.7 25.3 Nifty 24/11/22 18450 396.3 3.2 -34.9 Nifty Bank 24/11/22 42900 415.0 4.0 786.9 9 Bharti Airtel 471901.8 Lupin -4.6
NIFTY 50 24.4/27.2 204.0 3675 43 7 6.1 ST Corporations -30.1
Axis Bank 879.0 0.5 3.4 19.1 15.7 Maruti Suzuki 8952.0 0.2 1.6 69.7 45.6 Nifty Bank 24/11/22 42900 367.0 1.3 -24.5 Nifty 24/11/22 18300 414.3 6.8 -6.5 Apollo Hosp 901.0 1.9 10 Adani Enter 447108.0 UP 3 DAYS
C = CONSOLIDATED; S = STANDALONE Sarda Proteins -30.1
Bajaj Fin 6772.6 -0.1 2.5 58.3 45.4 Nestle India 19783.3 1.2 1.0 - 88.1 Nifty 24/11/22 18350 327.4 1.4 -76.6 Nifty Bank 24/11/22 43000 340.0 4.5 539.2 IRFC 813.2 263.7 11 ITC 422074.3 Mazagon Dock 13.9
Kakatiya Tex -30.1
Bajaj Finsrv 1634.2 -0.1 1.4 47.6 288.1 NTPC 169.4 0.8 1.1 9.8 9.8 CASH DERIVATIVES Stock Stock PAYTM 771.8 17.1 12 Adani Total Gas 410153.9 Apollo Hosp 9.0
TURNOVER BSE NSE BSE NSE
Sreechem Res -30.1
Bharti Airtel 848.3 0.7 2.9 71.6 - Power Grid 220.7 2.6 1.0 9.1 10.2 Vodafone Idea 29/12/22 9 51.1 62.8 27.2 Vodafone Idea 24/11/22 8 33.6 20.7 -47.7 Rail Vikas Niga 655.8 96.9 13 Bajaj Fin 410044.0 HDFC Std Life 7.6 Shree Pacet -30.1
Dr Reddys 4415.1 0.2 0.7 23.6 30.9 Reliance Ind 2582.6 1.0 12.2 26.3 40.4 VALUE(IN ~ CRORE) 3683 51144 -26335697 Vodafone Idea 29/12/22 8 35.4 19.2 132.2 Vodafone Idea 29/12/22 8 23.9 37.3 37.7 14 LIC India 394964.6 Varun Bever 6.6
HDFC Std Life 608.9 10.8 AMD Ind -30.0
HCL Techno 1130.9 2.6 1.7 22.2 27.7 SHARES(IN MN) 498.5 2834.9 - 17072.9 GMR Infra 29/12/22 40 30.0 24.3 15.9 Vodafone Idea 29/12/22 7 23.3 16.5 59.9 15 Kotak Mah Bank 386609.4 Persistent S 6.4
SBI 609.4 0.3 3.2 13.2 14.7 HDFC 607.7 2.3 UP 3 DAYS
HDFC 2689.9 2.0 6.7 21.7 32.4 TRADES(000) 2470 17131 - 93628 IOC 29/12/22 75 27.1 6.7 37.4 Vodafone Idea 24/11/22 9 21.2 14.0 -55.4 16 Adani Green En 323332.2 InterGlobe Avia 5.7
Sun Pharma 1033.9 1.6 1.6 60.4 170.6 Zomato 595.4 94.2 Emmessar Bio 44.1
HDFC Bank 1625.9 1.7 9.9 23.8 22.5 ONGC 24/11/22 138 20.9 11.1 -10.4 Vodafone Idea 29/12/22 9 13.6 32.3 55.6 17 Adani Trans 311260.8 Bank of Baroda 5.3
Tata Steel 105.5 -0.1 1.2 4.5 5.3 Fino Payments 39.9
HUL 2547.5 1.7 3.1 67.4 63.2 MARKET-CAP (~ CR) TRADED TOTAL PNB 572.1 112.8 18 HCL Techno 306886.7 DOWN
TCS 3378.5 2.1 4.7 31.2 32.2 HBEL 33.0
ICICI Bank 938.6 1.3 9.0 26.1 23.7 SBI 570.4 9.4 19 Asian Paints 298776.4 PAYTM -17.7
Tech Mahindra 1069.2 2.4 0.9 19.7 23.6 BSE 28,406,497 28,621,572 CITADEL 32.8
IndusInd Bank 1174.2 0.1 1.1 - 15.4
Infosys 1629.8 2.9 8.2 30.0 30.9 Titan Company 2610.8 0.3 1.5 106.7 74.1 NSE 28,124,833 28,249,812 SPURT IN VOLUMES Bajaj Fin
Tata Consumer P
523.3
509.8
0.8
6.5
20
21
L&T
Maruti Suzuki
288687.0
270420.5
Adani Trans
Biocon
-7.6
-3.9
Billwin Inds
IRIS Bus Serv
32.7
29.1
UltraTech 6864.9 0.6 1.1 29.7 31.2 DERIVATIVES 20,182,758 20,239,403
ITC 340.1 0.1 5.8 27.7 24.9 Company Days 2-week Avg Change Close *Price 22 Axis Bank 270195.8 Tata Elxsi -3.4
TCS 485.4 1.4 Decc Gold M 27.5
Kotak Mah Bank 1946.9 -0.3 3.9 28.3 40.5 Wipro 398.1 2.4 0.8 19.4 17.5 Volume Volume % price %chg 23 Bajaj Finsrv 260287.4 Aditya Bir Fa -1.9 DOWN 3 DAYS
L&T 2054.2 1.5 4.0 30.1 38.0 BSE SENSEX 62272.7 á1.2 100.0 25.8 28.2 TRADING ACTIVITY Bharat Road Net 3070663.0 55182.9 5464.5 40.3 19.8
Adani Ports
Bank of Baroda
456.2
446.5
5.2
26.2
24 Avenue Supermar 257281.3 IndiaMART Int -1.8 Niesspk -27.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 248051.6 Ipca Labs -1.7
Nagreeka Exp 546725.0 21455.6 2448.2 40.2 18.6 Axis Bank 445.7 5.1 Cospower Engg -26.5
Equity Debt Equity Debt 26 Titan Company 231786.8
Net Net Net Net Precision Metal 334000.0 17818.2 1774.5 39.8 10.4 Others Jayant Infrat -14.3
Mazagon Dock 444.3 5.0 27 Wipro 218372.2
WORLD INDICES On 23 Nov -1803 33 - - Banka Bioloo 309027.0 17089.9 1708.2 84.8 10.9 RCF 427.6 35.5 28 UltraTech 198174.5
UP 7 DAYS
Evans Electric 61.7
Baroda Rayon
Guj Toolroom
-14.2
-14.2
On 22 Nov -237 164 - - Fino Payments 12731246.0 729290.7 1645.7 261.8 13.5 IndusInd Bank 424.2 3.6 29á Nestle India 190750.6
Indices Close % Chg* Indices Close % Chg*
On 21 Nov -1221 -2941 - - Cera Sanitar 433845.0 27958.6 1451.7 5494.2 3.2 30â Adani Ports 189272.3 (T+2) cycleStocks which rose/fell continuously
Bikaji Foods 423.2 11.3
Americas (Nov 23,22) Asia/Pacific (Nov 24,22) On 18 Nov 272 393 - - Sanco Industrie 116357.0 8028.5 1349.3 9.0 4.7
Nasdaq Composite 11285.3 1.0 Kuala Lumpur Comp 1501.9 4.0 On 17 Nov 1583 524 - - Indbank Merc 4550581.0 323807.7 1305.3 30.0 19.3
Nov till date 20480 -747 1350 -1852 Felix Inds 248000.0 17818.2 1291.8 69.7 5.0
S&P/ TSX Composite
Dow Jones
20282.3
34194.1
0.3
0.3
Taiwan Taiex
Kospi
14784.0
2441.3
1.2
1.0 2022 till date -141646 -16704 170585 -33586 Ponni Sugar 678839.0 53070.3 1179.1 323.5 9.4
BOARD MEETINGS INTRA-DAY
Europe/Africa (Nov 23,22) Jakarta Composite 7080.5 0.4 Group ance of Equity mission of the Board of Direc- NOVEMBER 29
DAX 14550.9 0.9 Stock Exchange of Thai 1625.0 0.0 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company shares by way chair. tors of the Com- Comm Syn
Purpose of a preferential Unistar Mult: pany Bags: To con-
CAC 40 6725.8 0.7 Straits Times 3252.9 -0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock allotment in ac- Consider Busi- NOVEMBER 28 sider and ap-
IBEX 35 8366.9 0.4 Shanghai Se Comp 3089.3 -0.3 NET Net Fut OI Opt OI OI NOVEMBER 25 cordance with ness Expansion Aptus Value prove a) To
HIGH *BANK BEES . . . . . . . . 436.3 LOW *eastcoast steel . . . . . . . 47.6
FTSE 100 7483.5 0.2 Volatility (Nov 23,22) BS 200 *Kotakbketf . . . . . . . . 436.0 BS 200 Jayatma Ent . . . . . . . . . 42.1 7NR Retail: Ap- the provisions and Acquisition Hou: To con- consider and
On 23 Nov 13365 1050 0.2 2.3 2.2
Asia/Pacific (Nov 24,22) CBOE S&P 500 20.3 -0.1 *HAL . . . . . . . . . . . . 2762.4 *Setfnifbk . . . . . . . . . 432.3 *Aurob Pharma . . . . . . 455.1 *Uma Exports . . . . . . . . 40.0 prove scheme of the SEBI of ongoing Busi- sider and ap- approve allot-
On 22 Nov -1065 768 0.2 2.1 2.3
Nikkei 225 28383.1 1.0 CBOE Dow Jones 19.4 -1.6 *Canara Bank . . . . . . . 329.5 Likhitha Infra . . . . . . . . 417.0 *PAYTM . . . . . . . . . . . . 439.6 ICDS . . . . . . . . . . . . . . . . 32.1 of arrangement IEX: Meeting of ness;Discuss prove the ment of
On 21 Nov -1829 599 0.2 2.0 2.3
Kir’skar Bro . . . . . . . . . 416.0 *Shuubham Poly . . . . . . 31.5 with creditor of the Board of Di- fund raising op- proposal of pay- 26634800 new
Hang Seng 17660.9 0.8 * Change over previous close On 18 Nov 6130 303 0.2 1.9 2.3 *Bank of Baroda . . . . . 172.0 Others
*Kotak PSU Bank . . . . . 405.0 *Candour Techtex . . . . . 29.3 the Company rectors of the tions for future ment of Interim equity shares of
On 17 Nov 6454 724 0.2 1.4 2.3 Power Fin . . . . . . . . . . . 130.0 *Indigo Paints . . . . . . 1313.6
*Shanthi Gear . . . . . . . 399.0 Angel Fibers . . . . . . . . . . 20.3 and to issue Company to business activ- Dividend for the Rs.10/- each to
*Easy Trip Plann . . . . . . 73.5 *Mapmyindia . . . . . . 1127.6
MAJOR INDICES Nov till date
2022 till date
66674
559986
-580
19469
-
-
-
-
-
- *PNB . . . . . . . . . . . . . . . . 51.3 *Rossell India . . . . . . . . 379.7 *Rossari Biotech . . . . . 786.0 *AJIL . . . . . . . . . . . . . . . . 18.7 equity share of consider the ities; Review financial year existing share-
*Tiger Logistic . . . . . . . 344.8 *Suumaya Corp . . . . . . . 17.2 the Company to Buyback. Borrowing 2022-23 and to holders in the
Previous Close Open High Low Close Change % chng OI in number of contracts(million) Others Nureca . . . . . . . . . . . . . 580.1
Ponni Sugar . . . . . . . . . 342.8 Stratmont . . . . . . . . . . . 13.8 creditors R System Intl: Limits of the fix Record date proportion of
Cera Sanitar . . . . . . . . 6068.0 Quess Corp . . . . . . . . . . 421.0
against their Voluntary De- Company and if for the purpose 2:1 i.e. 2(Two)
S&P BSE Sensex 61,510.6 61,656.0 62,412.3 61,600.4 62,272.7 762.1 1.2 VST Ind . . . . . . . . . . . . 3851.2 Aegis Log . . . . . . . . . . . 335.0 Security & Inte . . . . . . . 387.0 Raghunth Int . . . . . . . . . 12.5
outstanding. listing of Shares thought fit to of payment of new equity
Dynamatic T . . . . . . . . 2700.0 *Kirl Ferro . . . . . . . . . . . 328.8 *Avanti Feeds . . . . . . . . 364.0 Fundviser Capit . . . . . . . 12.2
S&P BSE Sensex 50 19,217.8 19,259.9 19,487.0 19,248.1 19,446.5 228.7 1.2 S&P BSE SECTORAL INDICES Ion Exchange . . . . . . . 2597.0 Medico Remedies . . . . 320.0 *Shilpa Medi . . . . . . . . 272.1 Frankin Inds . . . . . . . . . . 10.5
Adcon Ca: To
consider and
Raj Tube Mfg:
To consider and
alter the
same;Discuss
Interim Div-
idend.
bonus share of
Rs. 10/- each Preference formed BSE that quirements) ration of Interim Company will be
S&P BSE-100 18,594.1 18,631.9 18,831.5 18,626.7 18,797.3 203.2 1.1 *Honda Power . . . . . . 2568.0 *Sanghvi Mov . . . . . . . 304.5 P G Foils . . . . . . . . . . . . 218.1 Skyline Mill . . . . . . . . . . . . 8.8
Prev cls Close % Chng approve the approve change the scope of ex- Fusion Micro: for every 1 Shares for the the meeting of Regulations 2015 Dividend on the closed for all the
*Vesuvius . . . . . . . . . . 1745.4 *CG Power . . . . . . . . . . 280.9 *Nath Bio-Genes . . . . . 142.3 JBF Ind . . . . . . . . . . . . . . . . 8.1
S&P BSE-200 7,906.5 7,922.4 7,998.0 7,921.7 7,985.2 78.7 1.0 issue price and in directorate isting Object Quarterly Re- (One) existing purpose of re- the Board of Di- as amended and Equity Shares of Designated Per-
Auto 29,334.4 29,484.0 0.5 *Ebbetf0430 . . . . . . . 1233.0 *Indian Bank . . . . . . . . 280.6 India Grid Trus . . . . . . . 135.0 *Futurist Sec . . . . . . . . . . 7.2
issue size for Shri Bholanath: clause of Mem- sults fully paid equity demption of rectors of the other applicable the Company for sons and their
S&P BSE-500 24,760.1 24,807.6 25,026.8 24,807.6 24,991.0 230.8 0.9 Bankex 48,827.3 49,178.7 0.7 *Ebbetf0423 . . . . . . . 1203.0 *Apollo Micro Sy . . . . . 252.8 *Makers Labs . . . . . . . . 121.6 GTL . . . . . . . . . . . . . . . . . . 6.8
the proposed To consider and orandum of As- Wanbury: To share(s) of Rs. existing Prefer- Company is provisions of law the Financial immediate rel-
Cons. Durables 41,003.9 40,994.2 0.0 *RPEL . . . . . . . . . . . 1060.0 *Adhbhut Infra . . . . . . . 237.1 Bafna Pharma . . . . . . . . 95.0 *Future Lifesty . . . . . . . . 5.9
Right Issue. 2. approve 1. the sociation and to consider and 10/- each. b) To ence Shares (un- scheduled on notice is hereby year 2022-23. atives with ef-
S&P BSE IPO 8,701.5 8,727.5 8,792.5 8,723.7 8,774.4 72.9 0.8 Cap. Goods 33,412.2 33,741.2 1.0 *Rane Hold . . . . . . . . . . 971.0 Evans Electric . . . . . . . 230.6 *Chordia Food . . . . . . . . 70.0 Arcee Ind . . . . . . . . . . . . . 5.2
To consider and unaudited fi- review the approve the Un- consider and listed) 2. To 29/11/2022 inter given that the We further fect from
FMCG 15,954.1 16,089.8 0.9 *Bharat Agri Fer . . . . . 847.0 *BSL . . . . . . . . . . . . . . . 209.6 AYM Syntex . . . . . . . . . . 69.6 Sheetal Diam . . . . . . . . . . 4.3 approve the Ex- nancial results same and if audited Finan- approve any
S&P Dollex-30 6,173.2 - - - 6,261.6 88.3 1.4 approve postal alia to consider Meeting of would like to in- November 21
Healthcare 23,472.6 23,591.6 0.5 *Jay Ushin . . . . . . . . . . . 825.0 ITL Ind . . . . . . . . . . . . . . 209.0 GTC . . . . . . . . . . . . . . . . . 69.1 *WinPro Indu . . . . . . . . 4.0 change Ratio / for the quarter thought fit to cial Results other matter in- ballot notice and and approve Board of Direc- form you that in 2022 to De-
Nifty 50 18,267.3 18,326.1 18,529.7 18,294.3 18,484.1 216.8 1.2 Infra 297.2 300.2 1.0 *Hi-Tech Pipes . . . . . . . 789.0 *HBEL . . . . . . . . . . . . . . 208.8 *Electrotherm . . . . . . . . 69.0 Tilak Vent . . . . . . . . . . . 3.7 Rights entitle- ended alter the same. (Standalone & cidental thereto. to approve cal- Pursuant to Reg- tors of the Com- terms of the cember 2 2022
IT 29,576.4 30,257.2 2.3 *SBISensex . . . . . . . . . 666.0 *NIFTYBEES . . . . . . . . . 202.2 *Asian Energy . . . . . . . . 66.0 *SCC . . . . . . . . . . . . . . . . . 3.5 ment ratio for 30.09.2022 to- Any other agen- Consolidated) Landmark Lsu:
Nifty next50 42,554.4 42,680.4 42,748.0 42,616.4 42,717.6 163.2 0.4 ling of postal ulation 29 of the pany is Companys In- for the purpose
Metal 19,918.1 19,929.9 0.1 *Lerthai Financ . . . . . . 590.9 *ICICI Nifty-ETF . . . . . 201.2 *Jet Airways . . . . . . . . . . 62.7 Eastern Silk . . . . . . . . . . . 3.5 the proposed gether with au- das with per- for the second Inter alia to ballot Securities and scheduled to be sider Trading of Interim Div-
Nifty 500 15,538.2 15,588.5 15,706.5 15,567.8 15,680.8 142.6 0.9 Oil & Gas 19,756.7 20,002.9 1.2 *West Leisure . . . . . . . 542.7 *Kotak Nifty ETF . . . . . 197.2 Ishan Dyes . . . . . . . . . . . 60.0 Kridhan Infra . . . . . . . . . . 3.1 Right Issue. ditor report mission of chair. quarter and six transact the fol- RCF: RASHTRIYA Exchange Board held on Tuesday Code the Trad- idend for the Fi-
Power 4,589.6 4,607.7 0.4 *IIFL Finance . . . . . . . . 480.0 Setfnif50 . . . . . . . . . . . 191.9 Maral Over . . . . . . . . . . . 54.6 Amit Int’l . . . . . . . . . . . . . . 3.1 F Mec Intl: To thereon. 2.any NOVEMBER 26 months ended lowing busi-
India VIX 14.0 14.0 14.0 13.0 13.5 -0.6 -4.0 CHEMICALS & of India (Listing November 29 ing Window for nancial year
PSU 9,806.2 9,913.1 1.1 *Elecon Engin . . . . . . . 464.0 Samrat Forgings . . . . . 180.6 Shree Hari C . . . . . . . . . . 52.4 *Marsons . . . . . . . . . . . . . 3.0 consider a pro- other agenda Supra Pacific: 30th Sep- ness: 1. Issue of FERTILIZERS Obligations and 2022 inter-alia to dealing in the se- 2022-23 if de-
Nifty CPSE 2,811.3 2,815.2 2,848.4 2,809.8 2,844.3 33.1 1.2 Realty 3,495.3 3,503.9 0.2 m m w w posal for issu- with the per- Meeting of the tember, 2022. Redeemable LTD.has in- Disclosure Re- consider Decla- curities of the clared

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (662.2) (662.0) (3098.3) (3099.3)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 662.2 665.0 3106.0 3114.0
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 665.2 665.2 3170.0 3170.0
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 655.1 655.3 3102.0 3101.1
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 657.0 657.5 3123.7 3125.0
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 41085 445K 6973 550K
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 18.8 18.8 73.6 73.6
company name is followed by shares traded, and also the 52 Wk H/L 1119/642 1118/642 3446/1945 3446/1945
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 23816 23833 66191 66218
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani Green En Adani PortsH Adani Power W m « m H m « m mH H < « « « «
(19978.5) (20037.2) (2458.9) (2458.9) (3903.6) (3903.3) (2036.8) (2036.5) (872.7) (873.6) (326.0) (326.0)
O 20100.0 20050.0 2485.0 2456.0 3912.2 3910.0 2054.9 2048.8 871.0 873.9 326.3 328.0 O O
20250.0 20350.0 2485.0 2473.0 3935.0 3935.0 2069.0 2069.0 882.1 882.5 329.6 329.9
w 20016.7 20014.6 2449.5 2447.7 3822.0 3821.0 2029.0 2026.5 868.5 868.3 323.0 323.0 w w
20189.5 20194.3 2460.9 2461.4 3922.0 3921.1 2041.2 2043.1 876.2 876.7 325.0 325.0
295 15366 5585 311K 109K 2797K 35446 374K 93975 5111K 185K 897K K K K K K K K K K K K K K K K
48.7 48.7 56.6 56.6 365.6 365.5 - - 36.1 36.1 12.1 12.1
W 20895/15525 20901/15514 2785/1901 2785/1900 4098/1530 4096/1529 3048/1243 3050/1235 988/652 988/652 433/94 433/94 W W
M 42903 42913 46213 46222 447108 447005 323332 323625 189272 189370 125351 125331 M M

Au Small Fin Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH
(623.7) (623.9) (459.7) (459.6) (874.8) (874.7) (3607.8) (3607.9) (6779.6) (6780.0) (1635.9) (1636.2) (1946.3) (1946.6) (354.6) (354.6) (215.3) (215.3) (168.8) (168.9) (1696.7) (1696.8) (613.7) (614.0) (106.8) (106.9) (843.2) (844.0) (842.6) (843.3) (75.0) (74.9) (280.1) (280.1) (278.5) (278.4)
O 631.0 625.0 459.1 461.6 877.3 878.0 3608.1 3617.2 6800.0 6814.0 1636.0 1639.0 O 1946.4 1956.4 356.5 357.0 215.4 216.0 169.3 169.2 1721.0 1705.3 615.5 618.1 O 107.0 107.0 838.5 843.0 851.9 846.0 75.3 75.3 283.1 281.7 280.0 279.7
638.1 638.6 463.8 463.8 881.0 880.8 3627.3 3629.7 6840.4 6839.9 1645.0 1647.5 1983.6 1983.0 370.2 370.5 216.7 216.7 172.0 171.9 1721.0 1705.9 622.0 621.9 107.3 107.4 846.9 847.2 851.9 851.0 75.9 76.0 283.1 284.1 294.0 294.0
w 621.8 622.0 455.1 455.1 873.2 873.1 3598.6 3598.5 6739.8 6737.3 1619.3 1620.0 w 1946.4 1948.8 356.5 357.0 211.9 212.0 168.9 169.0 1684.8 1684.0 613.8 613.4 w 106.0 106.1 838.5 839.8 837.8 837.8 74.4 74.4 274.0 274.1 278.8 279.0
636.3 636.4 456.3 456.3 879.0 878.6 3620.2 3620.2 6772.6 6771.4 1634.2 1634.0 1976.7 1975.4 369.2 369.3 212.5 212.5 170.4 170.4 1688.5 1689.5 615.2 614.9 107.0 107.0 XD844.2 843.9 848.3 848.4 74.8 74.8 274.0 274.5 292.3 292.3
25174 1090K 83682 1229K 150K 4929K 3991 398K 16754 755K 58310 1660K 3508 193K 262K 4842K 514K 11368K 905K 25280K 5438 245K 23870 711K 316K 12820K 9769 798K 86979 3455K 1265K 13578K 1424K 2396K 424K 5324K
33.7 33.7 12.7 12.7 15.7 15.7 17.9 17.9 45.4 45.4 47.6 47.6 26.8 26.8 22.1 22.1 8.9 8.9 9.3 9.3 71.0 71.0 70.5 70.4 28.3 28.3 35.4 35.4 71.6 71.6 35.1 35.1 53.3 53.4 16.5 16.5
W 733/468 733/463 742/455 742/455 920/618 920/618 4130/3028 4132/3027 8044/5236 8045/5220 1862/1078 1862/1073 W 2537/1682 2537/1691 526/300 526/299 350/209 350/210 172/77 172/77 2121/1608 2122/1607 799/544 799/544 W 228/96 228/96 896/596 897/595 860/629 861/629 77/41 77/41 411/258 411/258 586/262 586/261
M 42395 42401 26732 26735 270196 270057 104758 104756 410044 409971 260287 260264 M 38209 38184 7532 7534 34230 34230 88120 88120 21701 21713 59754 59720 M 78215 78215 39304 39290 471902 471957 26046 26046 32896 32950 7980 7980

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NEW DELHI | FRIDAY, 25 NOVEMBER 2022 13
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NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1

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NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1

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NEW DELHI | FRIDAY, 25 NOVEMBER 2022 17 <

FULLERTON INDIA HOME FINANCE COMPANY LIMITED

Corporate Off. : Flr. 5 & 6, B-Wing, Supreme IT Park, Supreme City, Powai, Mumbai - 400 076
Regd. Off. : Megh Towers, Flr. 3, Old No. 307, New No. 165, Poonamallee High Road, Maduravoyal, Chennai - 600 095
DEMAND NOTICE
UNDER THE PROVISIONS OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF
SECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the Rules”)
The undersigned being the Authorized Officer of Fullerton India Home Finance Company Limited (FIHFC) under the Act and
in exercise of the powers conferred under Section 13 (12) of the Act read with Rule 3 issued Demand Notice(s) under Section 13(2)
of the Act, calling upon the following borrower(s) to repay the amount mentioned in respective notice(s) within 60 days from the
date of receipt of the said notice. The undersigned reasonably believes that borrower(s) is/are avoiding the service of the Demand
Notice(s), therefore the service of notice is being effected by affixation and publication as per Rules. The contents of Demand Notice(s)
are extracted herein below :

Sl. Loan Amount No., Name of the Borrower/ Date of Demand Notice
No. Co-Borrowers Property Holders as the case may be U/s-13(2) and Total Outstanding
LAN : 609107510442673 Date : 09.11.2022
(1) MAMTA AGGARWAL W/o KUL BHUSHAN AGGARWAL (BORROWER), RS. 15,24,788.31/- (RUPEES FIFTEEN
(2) KUL BHUSHAN AGGARWAL (CO-BORROWER), (3) M/s MAMTA CREATIONS LAKH TWENTY FOUR THOUSAND
1
Through Prop. MAMTA AGGARWAL (CO-BORROWER) SEVEN HUNDRED EIGHTY EIGHT
Add. 1 : R/0 A-38, 3RD FLOOR ANAND VIHAR DELHI 110092 Add. 2 : GROUND FLOOR AND THIRTY PAISA ONLY)
SHOP N0. 3 DDA MARKET JAGRITI ENGALVE DELHI-110092. NPA Date : 30.09.2022
Description of Secured Assets/Mortgage Property : ALL THAT PICE AND PARCEL OF THE PROPERTY BEARING SHOP NO.
3 GROUND FLOOR UP EXTENT OF CELLING MEASURING 14.35 SQ.MTRS. SITUATED IN LAY OUT PLAN OF JAGRITINAGAR CO-
OPERATIVE HOUSING BUILDING SOCIETY LTD. CSC ZONE 10-11 JAGRITI ENCLAVE DELHI - 110092.
The borrower(s) are hereby advised to comply with the Demand Notice(s) and to pay the demand amount mentioned therein and
hereinabove within 60 days from the date of this publication together with applicable interest, additional interest, bounce charges,
cost and expenses till the date of realization of payment The borrower(s) may note that FIHFC is a secured creditor and the loan facility
availed by the Borrower(s) is a secured debt against the immovable property/properties being the secured asset(s) mortgaged by the
borrower(s). In the event borrower(s) are failed to discharge their liabilities in full within the stipulated time, FIHFC shall be entitled to
exercise all the rights under section 13(4) of the Act to take possession of the secured assets(s) including but not limited to transfer the
same by way of sale or by invoking any other remedy available under the Act and the Rules thereunder and realize payment. FIHFC is
also empowered to ATTACH AND/OR SEAL the secured assets(s) before enforcing the right to sale or transfer. Subsequent to the Sale
of the secured assets(s), FIHFC also has a right to initiate separate legal proceedings to recover the balance dues, in case the value of
the mortgaged properties is insufficient to cover the dues payable to the FIHFC. This remedy is in addition and independent of all the
other remedies available to FIHFC under any other law.
The attention of the borrower(s) is invited to Section 13(8) of the Act, in respect of time available, to redeem the secured assets and
further to Section 13(13) of the Act, whereby the borrower(s) are restrained/prohibited from disposing of or dealing with the secured
asset(s) or transferring by way of sale, lease or otherwise (other than in the ordinary course of business) any of the secured asset(s),
without prior written consent of FIHFC and non-compliance with the above is an offence punishable under Section 29 of the said Act.
The copy of the Demand Notice is available with the undersigned and the borrower(s) may, if they so desire, can collect the same from
the undersigned on any working day during normal office hours.
Sd/-
Place : Delhi Authorized Officer
Date : 25.11.2022 FULLERTON INDIA HOME FINANCE COMPANY LIMITED

APPENDIX IV
APPENDIX IV
[See rule 8 (1)]
[See rule 8 (1)]
POSSESSION NOTICE
POSSESSION NOTICE
(for immovable property)
(for immovable property)
Whereas,
Whereas,
The undersigned being the Authorized Officer of the INDIABULLS HOUSING
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitization
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
and Reconstruction of Financial Assets and Enforcement of Security Interest
Reconstruction of Financial Assets and Enforcement of Security Interest Act,
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
dated 28.02.2022 calling upon the Borrowers DUHAN SECURITY AND
28.01.2022 calling upon the Borrower(s) SATYAVEER SHARMA AND CHHAYA
HOUSEKEEPING SERVICES (APROPRIETORSHIP FIRM OF DEEPAK), DEEPAK,
SHARMA to repay the amount mentioned in the Notice being Rs. 40,69,951.22/-
ANJALI AND MAHINDER SINGH to repay the amount mentioned in the Notice
(Rupees Forty Lakh Sixty Nine Thousand Nine Hundred Fifty One and Paisa
being Rs. 27,62,976.96/- (Rupees Twenty Seven Lakh Sixty Two Thousand
Twenty Two Only) against Loan Account No HHLNOI00325012 as on 31.01.2022
Nine Hundred Seventy Six and Paisa Ninety Six Only) against Loan Account No.
and interest thereon within 60 days from the date of receipt of the said Notice.
HHLKUN00378910 as on 16.02.2022 and interest thereon 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
The Borrower having failed to repay the amount, Notice is hereby
symbolic possession of the property described herein below in exercise of
given to the Borrower and the public in general that the undersigned has taken
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
symbolic possession of the property described herein below in exercise of
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 22.11.2022.
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 22.11.2022. The Borrower(s) in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the charge
The Borrower in particular and the public in general is hereby cautioned not to
of INDIABULLS HOUSING FINANCE LIMITED for an amount of Rs. 40,69,951.22/-
deal with the property and any dealings with the property will be subject to the
(Rupees Forty Lakh Sixty Nine Thousand Nine Hundred Fifty One and Paisa
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Twenty Two Only) as on 31.01.2022 and interest thereon.
Rs. 27,62,976.96/- (Rupees Twenty Seven Lakh Sixty Two Thousand Nine
Hundred Seventy Six and Paisa Ninety Six Only) as on 16.02.2022 and interest The Borrower’s attention is invited to provisions of Sub-Section (8) of
thereon. Section 13 of the Act in respect of time available, to redeem the secured
assets.
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 DESCRIPTION OF THE IMMOVABLE PROPERTY
assets. ALL THAT PIECE AND PARCLE OF PLOT NO. CP-18 ADMEASURING 68.06 SQ
DESCRIPTION OF THE IMMOVABLE PROPERTY YARDS, BLOCK-C, GOVINDPURAM, GHAZIABAD, UTTAR PRADESH-201001
BOUNDARIES:
ALL THAT PIECE AND PARCEL HOUSE AT KILLA NO.15//17,18,16, GALI
NO-14, WAKA RAKBA GADI BRAHMANAN ANDER MAYUR VIHAR GOHANA EAST: PLOT NO. CP-19 WEST: PLOT NO. CP-17
ROAD, WITHIN MC LIMIT SONEPAT, HARYANA-131001. NORTH: ROAD SOUTH: ROAD
Sd/- Sd/-
Date : 22.11.2022 Authorized Officer Date : 22.11.2022 Authorized Officer
Place : SONIPAT INDIABULLS HOUSING FINANCE LIMITED . INDIABULLS HOUSING FINANCE LIMITED
Place : GHAZIABAD

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NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1

ANGEL ONE LIMITED

Regd. Off: G-1, Akruti Trade Centre, MIDC, Road No. 7, Andheri (E), Mumbai-93.
SEBI Registration No (Stock Broker): INZ000161534
PUBLIC NOTICE
Trade Name AP Name BSE Reg No. NSE Reg NSE Reg NSE Reg MCX Reg NCDEX MCX-SX BSE Address
No. CM No. FO No. CD No. Reg No. Reg No. Rem
ADITYA ADITYA AP-0106120 AP0397 AP0397 Not MCX/AP/ 125667 Not Not 817, 817/37 37, Near Market Sector
AGARWAL AGARWAL 1112651 260311 260311 Applied 153073 Applied Applied 37, Amamagar 37, Near Market
Faridabad-121003, Haryana
SHARMILA SHARMILA Not Applied AP0397 AP0397 Not MCX/AP/ Not Not Not H No 191 Rampura (132) Rewari .
275811 275811 Applied 138623 Applied Applied Applied Rewari-123401, Haryana
This is to inform/confirm that we have discontinued our Business Relations with the above mentioned Authorized Persons. Clients and General Public
are warned against Dealing in with them in his/their capacity as our Authorized Persons and we hereby confirm that we will not be liable in any manner
for any consequence of such dealings/deals.
Clients are requested to contact our centralized desk 022-3355 1111/4218/5454 or email us to support@angelbroking.com.
For ANGEL ONE LTD
Date : 25.11.2022 Sd/-
Place : Haryana Authorised Signatory

UNITY SMALL FINANCE BANK LIMITED

CIN: U65990DL2021PLC385568
Corporate Office: Centrum House, CST Road, Vidyanagari Marg, Kalina,
Santacruz (East), Mumbai-400098.
Registered Office: 40, Basant Lok, Vasant Vihar, New Delhi- 110057
Tel: 91 22 42159000 / 9237 website: www.theunitybank.com
PUBLIC NOTICE- SUPPLEMENTARY CLAIM - I
Punjab and Maharashtra Co-operative Bank Limited (“PMC Bank”) has been amalgamated
with Unity Small Finance Bank Limited (“USFB”) with effect from January 25, 2022 in
accordance with the scheme sanctioned and notified by Central Government (“Scheme”)
As per Paragraph 6(1)(c) of the Scheme, USFB shall be paying all the eligible insured
depositors of PMC Bank. In this regard, USFB had received the funds assistance from Deposit
Insurance and Credit Guarantee Corporation (“DICGC”) (first claim) on March 31, 2022 and
Supplementary Claim-I on July 5, 2022, which was credited into the accounts of the eligible
depositors. The eligibility is decided as per the extant rules and regulations of DICGC.
We wish to bring to your notice that, USFB has now received the incremental funds assistance
from DICGC (Supplementary Claim - II) on November 23, 2022, for the eligible insured
depositors who had not received in the first claim and Supplementary Claim-I. The eligible
amount has been credited into the accounts of such depositors, opened with USFB, and could
be accessed.
In case of any query/ clarifications, the depositors are advised to contact the nearest branch or
email on care@unitybank.co.in or call on the helpline number 18002091122.
Unity Small Finance Bank Limited
Sd/-
Date: November 25, 2022 Inderjit Camotra
Place: Mumbai Managing Director & Chief Executive Officer

LALPUR BRANCH
Village Tatarpur, P.O. Babugarh, Hapur
Relationship beyond Banking Distt-Hapur-245101 Phone No.: 0122-2983967 HAPUR BRANCH
APPENDIX-IV [See rule-8(1)] Relationship beyond Banking

POSSESSION NOTICE (for Immovable property)
Whereas The undersigned being the authorized officer of the BANK OF INDIA under the
Securitisation and Reconstruction of 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 (Enforcement) Rules, 2002 issued a demand notice dated 29.08.2022 calling upon the
borrowers and Guarantor 1) Mr. AFTAB QURESHI S/O HAJI REYAJ (Borrower), 2) Mrs ISRAT
JANHA W/O RIYAJUDDIN (Co-Borrower), 3) Mr. RIYAJ AHMAD S/O BABU (Guarantor) to
repay the amount mentioned in the notice being Rs. 46,59,522.72 (Forty Six lac fifty Nine
thousand five hundred twenty two rupees and Seventy Two paise) plus interest thereon 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 21st day of November of the
year 2022.
The borrower in particular and the public in general is hereby cautioned not to deal with the
property and any dealing with the property will be subject to the charge of the BANK OF INDIA for
an amount Rs. 46,59,522.72 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 the part and parcel of the property consisting of Plot no: 12 & 13, Part of Khasra No. 1137.
Mohalla-Kotla Mewatiyan, Bulandshahar Road, Hapur Distt Hapur UP 245101 admeasuring 233.62
Sq. Mtrs. within the registration District Hapur and sub District Hapur. Bounded.On the North by-
Plot No. 14, On the South by- Road, On the East by- Others Property, On the West by- Plot No. 15
Date: 21-11-2022 Place: Hapur Authorised Officer, Bank of India
APPENDIX-IV [See rule-8(1)] POSSESSION NOTICE (for Immovable property)
Whereas The undersigned being the Authorized Officer of the Bank of India HAPUR Branch
under the Securitization and Reconstruction of Financial Assels 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 (Enforcement) Rules, 2002 issued a demand notice dated 02-07-2019 calling upon the
Borrowers Mr Lokesh Kumar S/o Shri Ramu Singh and Smt Shushma Rani W/o Shri Lokesh
Kumar to repay the amount mentioned in the notice being Rs. 7,67,902.00 (Rupees Seven Lakh
Sixty Seven Thousand Nine Hundred Two) 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 24th day of November of the year 2022.
The borrower in particular and the public in general are hereby cautioned not to deal with the
property and any dealings with the said property/ies will be subject to the charge of the BANK OF PUBLIC NOTICE
INDIA HAPUR BRANCH for the amount of Rs. 7,67,902.00 Plus Interest from 02-07-2019 thereon. Notice is hereby given that Share Certificate
The borrower's attention is invited to provisions of the sub-section (8) of the section 13 of the Act, No. 3548 for 100 Equity Shares of Rs.10/-
in respect of the time available, to redeem the secured assets. (Rupees ten only) each, bearing Distinctive
Description of the Immovable Property CAD - 3842 Nos. 352901 to 35300 of Eicher Motors
All that part and parcel of Residential Property Plot No. 60, Friction of Khasra No. 209 KH, Limited, having its registered office at 3rd
Admeasuring 239.03 Sq Yard (199.92 Smt), Lajjapuri, Mohalla Kailson Nagar, Meerut Road, Hapur Floor, Select Citywalk, A-3 District City Centre,
245101 in name of Mr Lokesh Kumar S/o Shri Ramu Singh. The property is bounded as under: On Saket New Delhi 110017 registered in the
the North Land belongs to Vendor, On the South House Belongs to Bishna, On the East: Rasta 15 Ft names of Asha Gupta and Sushil Gupta has
wide, On the West House belongs to Professor Tyagi been mislaid or lost. The said Sushil Gupta
Date: 24-11-2022 Place: Hapur Authorised Officer, Bank of India died in 2019 and the said Asha Gupta has
applied to the Company for issue of duplicate
certificate. Any person who has any claim in
respect of the said shares certificate should
lodge such claim with the Company within in
15 days of the publication of this notice.

OIPR no - 04011/11/0130/2223

PUBLIC NOTICE
Notice is hereby given to the Public
that M/s Capital League located at
GL 502, 5th Floor, DLF Cross Point,
Gurgaon is going to surrender its
Registered Investment Advisor (RIA)-
SEBI registration No. INA100015610
and BASL membership Certificate no.
1146 and that if anyone has any
grievances, they can lodge the
grievances at scores.gov.in.
Date:24/11/2022 Place: Gurgaon

PUBLIC NOTICE

Effective 31-01-2023
Care Health Insurance's
correspondence office address as
specified below will be closing:
Care Health Insurance Limited,
Unit no 604, 605, 606 and 607,
6th Floor, Tower C, Unitech Cyber Park,
Sector 39, Gurgaon – 122001
(Haryana)
Further, we would also like to inform that
effective 31st January 2023, the
company's correspondence office
address will be as follows:
Care Health Insurance Limited,
rd
Vipul Tech Square, Tower C, 3 Floor,
Sector – 43, Golf Course Road,
Gurgaon – 122009 (Haryana)

For any further details

please contact:
Mr. Pankaj Khanna
Contact No. 0124-6875100

Care Health Insurance Limited

Regd. Office: 5th Floor,
19 Chawla House, Nehru Place,
New Delhi-110019
CIN - U66000DL2007PLC161503
Insurance is a subject matter of
solicitation.
(IRDA Regd. No.148)

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 .
NEW DELHI | FRIDAY, 25 NOVEMBER 2022 TAKE TWO 19 <

IndiGo on a flight path to profit Experts flag

operate each seat per kilometre
of air travel.
“Another positive change on
the ATF front that is being

Cooling fuel prices, rupee depreciation,

effected is fuel pricing in line
with MOPAG (Mean of Platts
Arab Gulf). Over a period, with
methodology
and rising demand could help reverse
successive quarters of losses
A BUMPY
more transparency in this
space with ATF being linked to
MOPAG, will help in bringing concern for CCI
RIDE

14,435
parity in fuel prices as per glob-

14,083
DEEPAK PATEL SpiceJet is in the process of al developments, especially
The commission replaces NAA for

13,018

12,852
New Delhi, 24 November taking more loans under the during low price cycles,”
Centre’s modified Emergency IndiGo said. anti-profiteering measures under
A
fter suffering losses for Credit Line Guarantee Scheme IndiGo’s financial performance over last six quarters (~ cr) MOPAG is a type of global
three quarters, IndiGo is to help clear its dues, pay n Total income ATF price benchmark. Airlines GST from next month
expected to return to lessors on time, and induct n Total expenditure believe that linking Indian ATF

9,884
profitability in Q3 of FY23 on the new Boeing 737 Max planes. prices with MOPAG will bring ity of NAA have been clubbed

9,480
n Net profit/loss INDIVJAL DHASMANA

9,346
back of cooling fuel prices and SpiceJet is currently oper- down prices by about 15 per cent. and are being heard in Delhi

8,207
New Delhi, 24 November

7,234
rupee depreciation, rising ating about 1,781 flights per Though airfares are signifi- High Court. The biggest issue

6,344
3,170

5,798
demand, relatively weak com- week, which is 27 per cent few- cantly higher than last year, Starting next month, the is the lack of methodology to
petition and airfare discipline er compared to November 2021 demand remains strong. Competition Commission of calculate profiteering.

-1,064

-1,583
-1,681
-1,435
-3,174
being maintained. figures, according to aviation IndiGo said, “We have seen 100 India (CCI) will look into anti- Abhishek Rastogi, founder

“While fuel, forex, and
inflation continue to pose
headwinds, we are reasonably
confident that we will return
to operational profitability in
the third quarter,” IndiGo told
Business Standard.
The airline has been mak-
ing losses for the last three
quarters amid high fuel prices
and weak rupee. However, its
yield — which is average rev-
enue earned from each passen-
ger per kilometre of air travel
— has been growing steadily,
indicating that the carrier is
maintaining discipline while
setting the airfares (see chart).
Ameya Joshi, aviation ana-
lyst and founder of aviation
blog “Network Thoughts”, said,
“The airline seems to be hold-
ing on to higher fare even if it
comes at a lower load factors
than others, indicating that the
focus is on higher yields and
not higher passenger numbers
since it has no threat to its mar-
ket share at any point of time.”
The airline faces less threat
as other low-cost carriers have
their own set of troubles.
Financially beleaguered
analytics company Cirium.
About half of Go First’s 57-
odd planes are currently grou-
nded due to delay in supply of
engines by US-based Pratt &
Whitney. So, Go First is current-
ly operating 1,429 flights per
week as compared to 2,070
flights per week in November
2021, Cirium’s data showed.
“Competition remains
weak (particularly Spicejet:
able to use only a portion of
capacity, and Go: IPO did not
progress) and there may be
supply constraints from global
recovery and a below-target
production run rate (of planes
and engines),” Credit Suisse
said in its report on IndiGo
after Q2 results.
Engine supply issues have
affected IndiGo, too, but not as
badly as Go First. About 10 per
cent of IndiGo’s 282 aircraft are
grounded due to engine supply
issues. Still, IndiGo is currently
operating 8.9 per cent more
services at 11,288 flights per
week compared to November
last year, the data showed.
Asked about the impact of
grounded planes in Q3FY23,
Q1FY22
3.48
* Average revenue earned from each passenger for per km of air travel
IndiGo said air travel was going
through a strong period of
recovery and demand would
continue to rise in the upcom-
ing winter season.
“To address planned capac-
ity and expansion for growth,
we are looking at all levers to
offset the headwind posed by
the global supply chain disrup-
tion. Some of the measures
being evaluated include slow-
ing down of redeliveries
through lease extensions,
exploring reinduction of air-
craft into the fleet and evaluat-
ing the wet lease options within
the regulatory guidelines,” it
added. In “wet lease”, the lessor
provides flight crew along with
the plane to the lessee.
Arun Agarwal, deputy vice-
129
Q2FY22 Q3FY22 Q4FY22
4.19 4.41 4.40
Yield (in ~/km)*
president — fundamental
research, Kotak Securities, said
IndiGo’s festival season expe-
rience suggests healthy trends
for yields for Q3.
“If yields remain firm, and
if ATF (aviation turbine fuel)
prices see a correction, it would
have a positive effect on
IndiGo as well as the Indian
aviation industry going
ahead,” Agarwal added.
About 40 per cent of an
Indian carrier’s expenditure is
for purchasing ATF.
After touching the peak of
about ~141 per litre in July due
to the Russia-Ukraine war, ATF
prices have gradually cooled in
India. Currently, ATF is avail-
able in Delhi at about ~115 per
litre, which is still significantly
Q1FY23 Q2FY23
5.24 5.07
Source: IndiGo
higher as compared to ~77 per
litre on December 1 last year.
Added to this is the fact that
the rupee has slightly strength-
ened from its position of last
quarter, so there is a real
chance of a break-even for
IndiGo in Q3, Joshi said.
“A lot depends on how oil
prices swing and the rupee
dollar parity. Whether the air-
line will be compensated for
the engine issues or not will
also dictate the profit and loss,”
he added.
During Q2, IndiGo’s CASK
(cost of available seat kilome-
tre) increased by 1.3 per cent to
~5.15 compared to Q1 primarily
due to an increase in fuel costs,
the airline stated. CASK is the
money spent by a company to
per cent recovery in corporate
or business travel in April and
May. Passengers are even
exploring offbeat markets like
Pantnagar, Agra and Bareilly,
apart from the popular desti-
nations like Srinagar, Leh,
Dehradun, Bagdogra and Goa.”
In terms of passenger num-
bers, IndiGo’s Q3 performance
may turn out to be its best
ever. “The airline carried 17.51
million passengers in Q2,
whereas going by its market
share in current months it
seems to have crossed 61 per
cent of that (about 10.68 mil-
lion) already. With another 40
days to go, which includes the
holiday season, it looks all set
to beat its previous best of 18.31
million,” Joshi said.
IndiGo’s yield in Q2
“remained strong”, Credit
Suisse said, adding that it
expects “strong profitability”
in the second half (2H) of FY23
on lower fuel and seasonality.
“IndiGo may post a profit
of ~2,800 crore in 2H, thus wip-
ing out 1H losses,” it added.
The airline’s management
hopes so, too.
profiteering measures under
the Goods and Services Tax
(GST), replacing the National
Anti-profiteering Authority
(NAA). Experts say the CCI will
have to address the challenge
of finding the appropriate
methodology to gauge profi-
teering and quantum of penal-
ty over which NAA is embroiled
in litigation.
The Central Board of
Indirect Taxes and Customs
(CBIC) issued a notification to
this effect on Wednesday.
Besides omitting and
adding rules, the notification
says, “The central government,
on the recommendation of the
Goods and Services Tax
Council, hereby empowers the
Competition Commission of
India ... to examine whether
input tax credit availed by the
registered person or the reduc-
tion of the tax rate have actually
resulted in a commensurate
reduction in the price of the
goods or services or both sup-
plied by him.”
The decision comes at a
time when 50-odd cases
against the constitutional valid-
of Rastogi Chambers, said
while this is an expected move
based on the recommendation
of various states, it will be inter-
esting to see whether CCI pro-
vides for a methodology for
diverse sectors before progress-
ing into quantum profiteering.
He said the extension of the
anti-profiteering provisions
beyond five years will have to
test the waters of constitution-
ality as the intent was to pro-
vide the anti-profiteering relief
only for the transitional phase.
Saurabh Agarwal, tax
partner at EY, said it has to be
seen how CCI addresses
the methodology for calcula-
tion, which was absent in
NAA proceedings.
Karan Sachdev, partner,
Lakshmikumaran and
Sridharan Attorneys, said CCI
has a working knowledge of
various business dynamics im-
pacting price and it is well equ-
ipped to handle such cases.
Even in Australia, anti-prof-
iteering violations were exam-
ined by the Australian
Competition and Consumer
Commission.

Can Koo be the

answer to Twitter?
SHIVANI SHINDE
Mumbai, 24 November

On Monday, November 21, Koo

announced its launch in Brazil,
and within 48 hours, the mul-
tilingual microblogging plat-
form recorded over 1 million
app downloads. Koo has occu-
pied the #1 spot on both the
Android Play Store and Apple
App Store for the last few days.
The company, in a state-
ment, said that Koo looks to fur-
ther cement its position globally
by making the app available to itself as a multilingual platform. tinue building. That’s what
more countries and launching “Within 2.5 years of its we’re offering with Koo, but sig-
in multiple global languages. launch, Koo is the second- nificantly better, of course.”
The question, however, is: largest microblog available to That said, what differenti-
Can Koo emerge as an alter- the world today. Koo prides ates Twitter is the conversation
native to Twitter, which itself on its proprietary feature it manages to have and the size-
remains one of the most used called Multi-Language Kooing, able presence of heavyweights:
and popular microblogging which allows users to post politicians, celebrities, entre-
platforms? More so now, given simultaneously in more than 10 preneurs, influencers….
the chaos at the Elon Musk- different languages, with nearly Koo, currently, has over
owned company. 90 more coming soon,” 7,500 recognisable personali-
Let’s begin by looking at the Radhakrishna said. “The most ties, including celebs such as
numbers. Twitter’s global user immediate addition is Anupam Kher, Karan Johar,
base is 396.5 million. Of this, the Portuguese amid an influx of Tiger Shroff and Shraddha
platform had 237.8 million aver- millions of new users in Brazil Kapoor. Also on the platform
age monetisable daily active who moved to Koo within two are some political leaders and
usage (mDAU) — a growth of days of its launch.” ministries, including Ashwini
16.6 per cent at the end of the He added that the Koo app Vaishnaw, Piyush Goyal, Yogi
second quarter (till June 30, was built to an international Adityanath, Arjun Munda,
2022). The company defines standard, “and has plans to Kamal Nath, Mansukh
mDAU as people, organisations, expand globally. Brazil’s over- Mandaviya, ministries of home
or other accounts that whelming support is a affairs and tribal affairs, among
logged in or were oth- While it still has testimony that we are others. Some, like Kher and
erwise authenticated only 10 million solving a problem for Johar, now have 450K+ follow-
and who accessed monthly users, native language speak- ers on the site.
Twitter on any given the Brazil ing users not only in In Brazil, influencers such
day through twit- launch has India but also across as Claudia Leitte, actor Babu
ter.com, Twitter appli- shown the the world”. Santana, author Rosana
cations that are able to multilingual Asked what gave Hermann and YouTuber Felipe
show ads, or paid platform him the confidence Neto are among those who have
Twitter products, incl- has potential that they could be taken to Koo.
uding subscriptions. an alternative to When Business Standard
Koo, meanwhile, hit 50 mil- Twitter, Radhakrishna said, asked him if he saw Koo as a
lion downloads recently. “Koo competes with global potential alternative if Twitter
However, it still has only 10 mil- micro-blogging platforms failed, Manish Maheshwari, for-
lion monthly users. In Brazil, such as Twitter, GETTR, mer India head of Twitter, had
which Koo claims saw huge Mastodon and Parler and replied with “yes”. “Frankly,
and instant adoption, Twitter’s stands second (after Twitter) from the functionality part,
base is 19.05 million, according in terms of user downloads.” most of the apps in the space
to Statista. According to an article on are similar; even Koo can be the
When it comes to revenue, Statista (“Twitter and the next Twitter,” he had said. “But
too, all competition trails beh- Alternatives”), only 3.6 million what differentiates (them from
ind Twitter, which, despite a 27 people actively participate in one another) is the people asso-
per cent decrease year-on-year, Mastodon (founded in 2016), ciated with the platform and
saw advertising revenue grow 2 though media reports suggest- the people using it.”
per cent to $1.08 billion while ed there were 70,000 new He has a point. No one, for
subscription and other revenue account registrations for it on instance, expected platforms
totalled $101 million in the sec- the day after Musk’s takeover like Orkut and Myspace to fall
ond quarter ended June 30. announcement. There’s also out of favour with users. Or for
So far, Koo has not tapped Tumblr, which has 135 million that matter, that users would
into advertisements and also active accounts. flock to TikTok (banned in
does not charge users. The com- Radhakrishna is of the view India since June 2020) more
pany has said it is working on a that Koo is poised to have new than to Facebook.
monetisation plan for India, users flocking the platform “Koo has all the right kinds
which will be a first for it. since “there are no gimmicks, of people on its platform. If there
Of course, Koo was no confusing code to navigate, is no clarity on Twitter and there
launched only in 2020 — and no hidden fees of any kind”. is no help and support, and peo-
Twitter was born in 2006 — and “Let’s be honest. People ple do not see engagement, they
until recently, it has been purely don’t come to Twitter looking will start moving away,”
India-focused. In an interaction for far-leaning beliefs forced on Maheshwari said.
with Business Standard recent- them or to Mastodon looking So, will Koo’s canary-yellow
ly, Koo Co-founder and Chief for a completely different expe- bird knock the familiar blue one
Executive Officer Aprameya rience than they’re used to,” he off its perch? Or will the blue
Radhakrishna said that so far, said. “They use these platforms one survive Musk’s erraticism?
Koo’s growth has been entirely to engage with the community Will the world tweet, toot or
organic and it has positioned they’ve built and want to con- koo? The answer, my friend…

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 20
>
JioCinema eyes Disney-Hotstar
moment with Fifa World Cup
VIVEAT SUSAN PINTO
Mumbai, 24 November
T
he one thing that has
been trending on Twit-
ter this week since the
Fifa World Cup began in Qatar
is JioCinema. The mobile app
from the Reliance-backed Via-
com18 network struggled with
technical glitches on the first
day of the tournament Sunday.
As the dust settles on the
issue, attention is shifting to
what JioCinema will achieve
by live-streaming the tourna-
ment free of cost. Anil Jayaraj,
chief executive officer of Viac-
om18 Sports, had indicated that
free streaming would ensure
“easy access” for viewers.
In the run-up to the Indian
Premier League (IPL) next year,
for which Viacom18 has the
streaming rights from 2023 to
2027, this strategy of easy access
is critical, say experts. Prior to
the Fifa World Cup, JioCine-
ma’s lifetime downloads were
400 million, according to sour-
ces. The company has indicat-
ed that it is targeting India’s
700-million-strong internet-
enabled mobile devices to
improve downloads by free
streaming the World Cup.
“The World Cup will give
crucial visibility to the Jio-
Cinema app as Viacom18 pre-
pares to digitally broadcast the
IPL next year,” said Sajal Gupta,
chief executive officer of Guru-
gram-based Kiaos Marketing.
“In a sense, the World Cup is
almost like a take-off point for
JioCinema because this is the
first big tournament that it is
live-streaming for free,” he said.
While downloads give a
sense of how many mobile
devices carry the app, it is
monthly active users that indi-
cate whether users are engag-
ing with the application.
According to sources,
JioCinema’s monthly active
users may touch 105-110 mil-
lion over the month-long foot-
ball tournament from 85-90
million now. Disney+ Hotstar,
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NEW DELHI | FRIDAY, 25 NOVEMBER 2022 1
HAL told to conduct
Aero India ’23 in Feb REUTERS
shifts to Viacom18 next year,”
says Karan Taurani, senior vice-
president, research at Mumbai-
based brokerage Elara Capital.
“Disney has the challenge
of replenishing this content
with new cricket rights as well
as more entertainment con-
tent,” he says. The company
took the step in that direction
recently by retaining the TV
and digital rights to telecast
International Cricket Council
tournaments till 2027. It subse-
quently sub-licensed the TV
rights to Zee Entertainment,
though it retains digital rights.
The question is: Will the loss
of the IPL rights become the HAL organised the biennial Aero India shows in 2019 and 2021
‘Disney+ Hotstar’ moment for
Cristiano Ronaldo in action in Portugal’s opening match against Ghana on Thursday REUTERS
JioCinema? It could well beco- AJAI SHUKLA ence exhibitions and air shows. Combat Autonomous Teaming
me so, if Viacom18 manages to New Delhi, 24 November From 1996 to 2017, it organised System, the Dhruv advanced
England wary of SET PIECE crack the digital code, accord-
ing to experts. Sources said that
11 Aero India shows in Ben-
Hindustan Aeronautics Ltd galuru. However, in 2018, the
light helicopter, the Prachanda
light combat helicopter and the
the company is still deliberat- (HAL), which would customar- DEO’s perceived incompetence light utility helicopter.
upset against US Dutch not expected
to emulate Germany
ing whether IPL content should
be free or put behind a paywall.
ily be the country’s premier caused the DDP to shift the
exhibitor at Aero India 2023 in responsibility for conducting
“HAL is no longer a subor-
dinate facility of the MoD. A
The hurdle here is the huge cost February, has instead been DefExpo 2018 to HAL, which share of the company is now in
ASSOCIATED PRESS The Netherlands is not expected to of acquisition involved with ordered by the defence ministry went on to also organise the the hands of the public and the
Doha, 24 November emulate Germany by making a cricket versus football rights. to focus on organising and con- biennial Aero India shows in MoD cannot prevent HAL from
gesture to protest host nation While the digital and tele- ducting the air show instead. 2019 and 2021. using Aero India 2023 as a busi-
England scored six goals in its opening World Cup Qatar’s human rights record vision rights for the Fifa World A letter sent on Wednesday Bharat Electronics Ltd ness opportunity,” said a senior
game against Iran, but it was the two it conceded before Friday’s game against Cup were acquired for nearly by the Ministry of Defence’s (BEL), which would also nor- HAL official.
that concern coach Gareth Southgate and provide Ecuador. Germany’s players ~450 crore by Viacom18 last (MoD) Department of Defence mally use the Aero India show DEO officials say that organ-
hope for the United States. covered their mouths for the team year, the IPL digital rights for Production (DDP) to to display its capa- ising an Aero India or Defence
“By the end we looked sloppy,” said Southgate photo ahead of their match the 2023-27 media cycle cost the Bengaluru-head- HAL officials bilities and to link Expo show usually takes up
of the 6-2 win over Iran on Monday. He also warned against Japan on Wednesday to the company ~23,758 crore. This quartered aerospace are expressing up and form part- about ~100 crore. While this
the US would be coming “full-throttle” in Friday’s protest Fifa’s clampdown on the is slightly more than the IPL tel- design and manu- frustration at nerships with other amount is reimbursed by the
Group B match. “One Love” armbands. Seven evision rights picked up by Star facturing company being pulled firms, has also been MoD to HAL, managing the
The tournament has already produced some European teams, including the for ~23,575 crore. It also points said: “It has been away from a asked to pitch in expenditure and keeping track
shocking results, including Saudi Arabia’s win Netherlands and Germany, had to the potential of digital sports decided that HAL range of with the conduct of accounts takes up a large
against Argentina and Japan’s upset over planned to wear the item in a broadcasting as smartphone will be the nodal org- delicately poised and organisation share of attention of HAL’s and
Germany. A win for the US over England would not move seen as a rebuke to Qatar. penetration and affordable data anisation on behalf aerospace instead. BEL’s accounts departments.
be on the scale of Saudi Arabia’s win — but Gregg Qatar has been criticised for its tariffs continue to grow in the of the MoD/DDP for development “BEL, being a There is frustration among
Berhalter’s team is undoubtedly the underdog laws against homosexuality and country, say experts. the conduct of the projects Bengaluru-based HAL officials, who complain
against one of the tournament favourites. its treatment of migrant workers, Digital sports revenue will 14th edition of Aero DPSU (defence pub- that the company appears to
The two goals conceded against Iran gave who helped build stadiums, grow at the rate of 22 per cent India 2023 (sic).” The letter has lic sector undertaking), will also have been made responsible for
Southgate something to focus on in an otherwise metro lines, roads and hotels. over the next four years to been reviewed by Business be assigned roles and respon- organising a defence exhibition
encouraging performance. touch ~4,360 crore in FY26, Standard. sibilities towards the conduct every year. “Whilst the broad de-
according to a report released “Hon’ble Raksha Mantri of this mega exposition,” said tails of responsibilities for both
last week by CII, KPMG and the (Defence Minister) has app- the DDP’s letter. DPSUs are enclosed, experience
Indian Broadcasting and Digi- roved that the DDP will conduct HAL officials and technical gained from previous shows is
on the other hand, has monthly Disney+ Hotstar has a user base The interesting part is that tal Foundation. While the TV the 14th edition of Aero India persons are expressing frustra- to be gainfully utilised to ensure
active users of around 300 mil- of 61.3 million in the July- Disney+ Hotstar may stand to sports segment will still be larg- 2023 at Air Force Station, tion at being pulled away from the success of Aero India 2023,”
lion, according to persons in September period, a 42 per cent lose some of its paid subscr- er in size at ~9,830 crore in Yelahanka, Bengaluru, from a range of delicately poised ae- said the MoD letter.
the know, thanks to the mix of jump over the year-ago period, ibers, say experts, as Viacom18 terms of revenue by FY26 (from 13th-17th February 2023,” the rospace development projects When contacted for com-
cricket, led by the IPL, and according to its September qua- begins streaming the IPL on its ~7,050 now), its pace of growth letter said. that include design and devel- ments on why a production
entertainment content avail- rter results. Paid subscribers for digital platform. “Hotstar could will slow to levels of about 7 per A subordinate MoD depart- opment of the Tejas Mark 1A, agency like HAL was being used
able on the app. the JioCinema app were not lose at least 30-40 per cent of cent per annum over the next ment called the Defence Exhi- Tejas Mark 2, the fifth-genera- to organise a defence exhibi-
In terms of paid subscribers, immediately available. its paid subscribers as the IPL four years, the report says. bition Organisation (DEO) is tion Advanced Medium Comb- tion, neither the MoD nor HAL
responsible for conducting def- at Aircraft, the sixth-generation responded.