TUESDAY, 11 APRIL 2023

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

NEW DELHI
~12.00
VOLUME XXIX NUMBER 267

THE MARKETS ON MONDAY chg#

Sensex 59,846.5 p 13.5

Nifty 17,624.1 p 24.9
Nifty Futures* 17,681.5 p 57.4 WORLD P8 BACK PAGE P16
Dollar
Euro
Brent crude ($/bbl)
~82.0
~89.4
85.4##
~81.9 **
~89.3 **
85.4 **
AT 40%, FALL IN MAC SHIPMENT TN GUV GIVES ASSENT TO BILL
Gold (10 gm)### ~60,115.0 q
*(April) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~265.0
STEEPEST AMONG MAJOR FIRMS BANNING ONLINE GAMBLING
### 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 O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E

THE CMIE TRACKER

Consumer Sentiments Index
(Base: September - December 2015 = 100)
FMCG sales: Rural India Inc may report
highly profitable Q4
India pulls ahead Nifty50 firms may show 15.6% earnings growth, REVENUE GROWTH:
say brokerages; revenue growth to disappoint LOSING STEAM? (YoY chg in %)
Q4 kirana stockpile across products powers FY23 sales growth
KRISHNA KANT to sluggish aggregate demand Nifty50 firms' net sales growth
SHARLEEN D'SOUZA Mumbai, 10 April and a decline in commodity
Unemployment rate (%) Mumbai, 10 April prices, which adversely affects
Brokerages expect India Inc to price realisations of firms in the

S
ales of fast-moving consumer goods report an upturn in earnings for mining & metals and oil & gas
(FMCG) in rural areas rose sharply in the March quarter of 2022-23, space.
the fourth quarter of 2022-23, while after a relatively muted showing These Nifty50 companies may
urban sales grew at a slower clip. As a in the previous two quarters. This report 12.5 per cent YoY growth
result, sales for the whole year as well grew faster growth is expected to be in net sales (net interest
in rural areas than urban, according to the data led by banking, finan- income in case of
from Bizom, a retail intelligence platform. cial services and insur- lenders) in Q4FY23 to
The rural push is being attributed to stock- ance (BFSI) companies, ~13.69 trillion in Q4FY23,
ON SENTIMENTS: CONSUMER
SENTIMENTS FALL SHORT
ing up at kirana stores across product cate-
gories, as well as a push to build stocks for
FMCG firms, and auto-
mobile makers.
against ~12.17 trillion a
year ago.
EARNINGS GROWTH:
Mahesh Vyas writes P15
P7 summer products driven by forecasts of The combined net
RESULTS
Earnings estimates GREAT HOPES
unusually high temperatures. profit of the Nifty50 suggest that brokerages Nifty50 firms' net profit (~ trn)
Rural consumer goods sales rose 16.8 per companies (excluding PREVIEW are betting on the margin
HOSPITALS HOLD COVID cent in January-March this year (Q4), showing
8.9 per cent growth for the full financial year TRACKING Category-wise sales Adani Enterprises) is
expected to have grown
expansion for manufac-
turers in the fourth
MOCK DRILLS AMID NO (FY23). Urban sales grew 7.9 per cent in Q4,
ending the full year with 5.5 per cent. Overall, THE BASKET (% chg)
Q4FY23 FY23 vs
vs Q4FY22 FY22
15.6 per cent to ~1.77 trillion in
Q4FY23, from ~1.53 trillion a year
quarter of FY23 -- amid a decline
in commodity and energy prices -
LET-UP IN FRESH SPURT FMCG sales, urban and rural combined, grew FMCG sales (% chg) Beverages 3.4 23.7 ago. The index companies’ com- - to more than offset the slowdown
Government and private hospitals carried out 14.1 per cent in the fourth quarter and 7.8 per bined net profit was up 9.3 per in revenue growth. The Street
Commodity 13.6 8.0
mock drills across India on Monday, a first such cent in the entire financial year. cent year-on-year (YoY) in expects banking and non-banking
exercise this year and coming just over three This growth comes despite inflation eating Packaged 16.9 1.9 Q3FY23 and 1.4 per cent YoY in lenders to continue to deliver
months after the previous routine, to reassess into demand. However, industry experts do
14.1 7.8 foods Q2FY23. strong growth in top line and net
the country’s healthcare preparedness to not see it as a strong indication of a well- Home care 24.3 3.9 Brokerages, however, expect profit in the fourth quarter, just BFSI: Banking, financial services & insurance
tackle a potential Covid wave. The number of rounded recovery because discretionary Q4FY23 FY23 companies to report a further like they did in the first nine Source: Capitaline, Bloomberg, Compiled by
daily cases increased to 5,880 on Monday. spends — such as on beauty, personal care and VS VS Personal care -0.4 0.1 slowdown in revenue growth due months of FY23. Turn to Page 6 > BS Research Bureau
Several states, including Delhi, warned its confectionery — have yet to pick up. Of late, Q4FY22 FY22 Confectionery 12.1 3.5
citizens to be on alert citing that cases are there have been fears of a K-shaped recovery
expected to rise in the coming days. In in consumer goods, in which certain segments, Sales trend (% chg) MANIPAL
Mumbai, where 328 cases were reported on
Monday, the civic body also made masks
usually those already doing well, recover much
faster than some others. Q4FY23 vs Q4FY22 FY23 vs FY22 ‘Will hold 30% in Manipal Health’ HEALTH PLANS
TO GO ON
mandatory in all hospitals run by it. 16> “Fears of a K-shaped recovery remain Urban: 7.9 Urban: 5.5 After selling a significant stake to Temasek, Dr RANJAN PAI,
chairman, Manipal Group, says he would not want to EXPANSION
because the discretionary category has wit- SPREE, EYES
Rural: 16.8 Rural: 8.9 dilute his stake further below 30 per cent. Speaking to Sohini Das and
nessed pick up only in certain categories,” 12,000 BEDS
ECONOMY & PUBLIC AFFAIRS P4 Akshay D'Souza, chief of growth and insights Total: 14.1 Total: 7.8 Dev Chatterjee, Pai confirms that going forward Manipal Health
will look for a listing. P2 IN 3 YEARS P2>
Delay in TDS remit shall at Bizom, told Business Standard.Turn to Page 6 > Source: Bizom

not attract penalty: SC

The Supreme Court (SC) on Monday held that
the delay in remitting tax deducted at
source (TDS) by assessees is not liable for
penalty. It stated the revenue department
should adopt a literal interpretation of the
El Niño likely to keep
penal provision. The apex court even
observed that the appeal concerned is not
the case of “non-deduction” of TDS.
monsoon rains below
POLITICS & PUBLIC AFFAIRS P7 normal: Skymet
Adani lists out counter to SANJEEB MUKHERJEE
Rahul Gandhi’s debt claim New Delhi, 10 April
Gautam Adani's group on Monday listed out
details of the $2.87 billion stake sales in group Private weather forecasting agency
firms since 2019 and how $2.55 billion of this Skymet on Monday said the country
was ploughed back into business, as it is expected to see "below normal"
looked to counter Rahul Gandhi's claim of monsoon rainfall this year, posing a
~20,000 crore coming in to the conglomerate potential risk for the crop output in
through 'shell companies'. the country.
It expects monsoon rains to be 94
ADANI ELECTRICITY PIPS P4 per cent of the long period average
GUJARAT DISCOMS TO BE NO.1 (LPA) because of the impact of El
Niño, which has reared its head after
four consecutive years of normal to
ECONOMY & PUBLIC AFFAIRS P6 above normal rains.
Interest rate cuts The LPA of rainfall is the precipi-
tation recorded over a particular
may start this year DARK CLOUD region for a given interval (like month
‘Higher for longer’ may be the narrative in Monsoon forecast versus actual rains or season), averaged over a long
the developed markets, but interest rates period (30 years, 50 years, etc).
by Skymet (as % of LPA)
might not stay high for very long in India, In terms of quantum, the agency
with a section of the market expecting rate Year Forecast Revised Actual said that rains in the June-September
cuts to begin this year. 2018 100 92 91 period which provides more than
70 per cent of the country’s annual
2019 93 NA 110 precipitation is expected to be 816.5
THE SMART INVESTOR P10 2020 NA NA 109 millimetres (mm) against the usual
NSE’s governance code 2021 103 94 99 868.8 mm.
The forecast is with an error mar-
for firms fails to lift off 2022 98 NA 106
gin of +/- 5 per cent. Despite possible
The country’s largest bourse — the National 2023 94 risks to the economy, the perform-
Stock Exchange (NSE) — has put the NSE Note: The forecasts are with a model error of 4-5 per ance of the agriculture sector also
cent. The LPA of the four-month southwest monsoon
Prime initiative in cold storage, following season (June to September) is around 86.8 depends on timeliness, spread, and
lukewarm response from India Inc, said centimeters; Skymet did not come with a forecast in distribution of the monsoon rains.
people aware of the development. 2020 due to Covid Source: Skymet Turn to Page 6 >

Amid tension with China, India looks

to Taiwan for high-tech imports
CHANGING EQUATIONS ASIT RANJAN MISHRA
New Delhi, 10 April
% share in India's total imports in product group
As relations between the two neighbours remain strained,
> TELECOM INSTRUMENTS > ELECTRONICS INSTRUMENTS India seems to be working to reduce its dependence on
n Apr-Feb, FY22 n Apr-Feb, FY22 China for telecom instruments and electronic
45.81 42.95 47.40 components by increasing its imports from Taiwan.
n Apr-Feb, FY23 n Apr-Feb, FY23
32.8 During April-February 2022-23, Taiwan’s share in
8.98 5.91 India’s import of telecom instruments jumped to 9 per
2.34 2.99 cent from 2.3 per cent in the same period a year earlier.
Taiwan China Taiwan China Though China continued to be India’s major source of
high-tech imports, its share declined from 45.8 per cent to
Value of imports in product group (in $ mn) 43 per cent during this period.
Taiwan China All countries India’s telecom instrument imports from China
increased by just 0.8 per cent, while that from Taiwan
Apr-Feb, (YoY chg Apr-Feb, (YoY chg Apr-Feb, ( YoY chg jumped 57 per cent. Taiwan’s growing share was
FY23 in %) FY23 in % ) FY23 in % ) significant also because India’s overall telecom
Telecom instrument imports rose by 7.5 per cent during the period.
1,329.2 57.1 6,360.6 0.8 14,810.3 7.5
instruments Similarly, Taiwan’s share in India’s import of electronic
Electronics components during April-January doubled to 6 per cent
1,325.4 102.2 7,361.5 -29.2 22,432.8 2.3
components year-on-year, while China’s reduced by almost 14
Source: Commerce Dept
percentage points to 32.8 per cent. Turn to Page 6 >
2 COMPANIES NEW DELHI | TUESDAY, 11 APRIL 2023
> Cipla > Larsen & Toubro >Ramkrishna Forgings > Thomas Cook India > Godrej Properties
STOCKS Inks licensing Wins significant Renews contract with Signs long-term FY23 booking value
IN THE NEWS agreement with order for its Overseas Tier 1 Customer MoU with Mandai grows 56 per cent
Novartis Pharma AG hydrocarbon business in North America Wildlife Group YoY to ~12,232 crore
~901.9 CLOSE ~2,309.2 CLOSE ~307.5 CLOSE ~62.5 CLOSE ~1,227.3CLOSE
p1.0% UP* p1.5% UP* p0.7 UP* p4.1% UP* p9.1% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Sterlite Copper gets SC nod to Manipal Health eyes ‘We will continue
maintain Thoothukudi plant
to hold 30% in
A three-member Supreme Court bench, headed by Chief Justice
of India Justice D Y Chandrachud, has allowed Sterlite Copper to
carry out maintenance works at its Thoothukudi plant in Tamil
Nadu. This includes operations such as removal of remaining
gypsum and leachate handling operations, among others.
12,000 beds in 3 years Manipal Health’
While granting permission to the Anil Agarwal-led Vedanta No slowing down in sight, says chain after mega Temasek deal
company, the court relied on the high-powered expert After selling a significant stake to Singapore-based
committee report and the recommendation of the Tamil Nadu SOHINI DAS Temasek, Dr RANJAN PAI, chairman, Manipal Group, says
government. BS REPORTER Mumbai, 10 April he would not want to dilute his stake further below 30
per cent. Speaking to Sohini Das and Dev Chatterjee, Pai

A
fter Temasek picked up a con- Dr RANJAN PAI confirms that going forward Manipal Health will look for a
RCap second auction deferred trolling stake in Bengaluru-
headquartered Manipal
Chairman, Manipal Group listing. Edited excerpts:

again; new date to be decided Health Enterprises (MHE), it is plan-

Lenders of debt-ridden Reliance Capital (RCap) have postponed
again the second auction proposed to be held on Tuesday,
sources said. However, no new date has been decided yet,
sources said, adding, it may be finalised in a week or two. Last
week, lenders postponed the second auction to April 11.
According to sources, the bidders who have confirmed their
participation in the second round of auction are IndusInd
International Holdings Ltd (IIHL) of Hinduja Group, Torrent
Investment and Singapore-based Oaktree. PTI
Triumph transfers India sales,
marketing ops to Bajaj Auto
Bajaj Auto and British bike maker Triumph Motorcycles on
Monday said they have completed transfer of the latter's India
sales and marketing operations to the Indian firm. The two
companies said they are planning to launch new mid-sized
Triumph motorcycles, which have been jointly developed and
will be produced at Bajaj Auto's Chakan plant in Maharashtra.
"This new range of mid-sized Triumph motorcycles will create a
new entry point into the Triumph brand around the world...,"
the statement said. PTI
I-T dept challenges NCLT order on
Suraksha bid for Jaypee Infra
The Income Tax Department has filed an appeal against the
National Company Law Tribunal approving Suraksha Group's bid
to buy Jaypee Infratech under the insolvency resolution process.
Sources said the Income Tax Department has filed the petition
before the National Company Law Appellate Tribunal (NCLAT)
against the NCLT order regarding certain claims. The department
did not make any plea when the case was being heard by the
NCLT’s Delhi bench and the latest move is surprising, the sources
added. PTI
2-W EV sales rise over 2.5x to
8,46,976 units in FY23: SMEV
Electric two-wheeler sales in India rose over two-and-half fold
to 8,46,976 units in 2022-23 over the previous fiscal, Society of
Manufacturers of Electric Vehicles said on Monday. Total sales of
e-two-wheelers (E2W) were at 3,27,900 units in 2021-22. Citing
data sourced from manufacturers, Society of Manufacturers of
Electric Vehicles (SMEV) said FY23 saw sales of 1.2 lakh low-speed
(LS) e-scooters with top speed less than 25 km/hr. “In the electric
two-wheeler segment, the industry sold 7,26,976 high-speed
E2W (top speed more than 25km/hr) in FY 2023,” it added.
ning to go on an expansion spree.
The Singapore-based company is
eyeing another 3,600 beds over the
next 18-36 months through green-
field expansion and acquisitions, and
these would take its total bed count
close to 12,000, a senior executive
said.
Temasek, an existing investor in
MHE, raised its stake by another 41
per cent valuing the latter at ~40,000
crore. Senior executives at MHE said
that nothing changes as far as
strategy and growth outlook goes.
Speaking to Business Standard,
Dilip Jose, managing director (MD)
and chief executive officer (CEO) of
Manipal Hospitals said, “No new
investor is coming in; only the pro-
portions of shareholding are chang-
ing. Temasek, leading global alter-
native asset management firm TPG
and Ranjan Pai continue to remain
investors, who have been actively
involved in planning and strategy
making.” Pai is the chairman of
Manipal Group.
Jose added that Temasek has
been an investor for the last six years,
while TPG is an investor for the last
eight years. The growth plan for the
next five years has been put in place
and also been approved by the Board,
he said.
Jose said that they are building
three greenfield hospitals in
Bengaluru and one in Raipur.
Together that would add another
1,100 beds in the next 18-36 months.
This comes at an investment of
~1.5 crore per bed or about ~1,650-
crore capex.
On top of this, MHE is expecting
to add another 2,500 beds over the
next three years through the inor-
ganic route.
On Monday, MHE said Temasek
has signed definitive agreements to
acquire an additional 41 per cent in
MHE.
Following closing of the transac-
tion, the Manipal Group will hold
about 30 per cent in MHE. Sheares
Healthcare Group, a wholly-owned
PTI subsidiary and independently-man-
THE HIGHLIGHTS
n Temasek picks up additional 41%, taking
total stake to 59%
n PG to re-invest in11% stake through its
new fund, TPG Asia VIII
n The deal will be completed post receipt
of customary regulatory approvals
n MHE plans to add 1,100 beds through
greenfield route; 2,500 beds through
acquisitions
n Manipal ARPOB is ~2 crore at network
level
n MHE FY23 revenues at ~ 4,600 crore
aged portfolio company of Temasek,
will retain its existing 18 per cent
stake.
TPG, which first invested in MHE
through TPG Asia VI in 2015, will ful-
ly exit. However, it will hold an inter-
est of 11 per cent in MHE, through its
new Asia fund — TPG Asia VIII.
National Investment & ful to NIIF, which partnered with us
Infrastructure Fund (NIIF) will exit
its holding from MHE.
As TPG will hold 11 per cent in
MHE through its new Asia fund, it
gives the fund a longer horizon to
stay invested in Manipal.
Meanwhile, market sources said
that Temasek is known to remain
invested for the long term in assets
where it sees potential. “For instance,
Temasek holds 18 per cent in
Medanta and has not exited during
the IPO (initial public offering),” the
source added.
Pai said, “We are glad for
Temasek’s acquisition of a significant
stake in MHE and its support to the
management team in building out
SHAREHOLDING
OF MHE
In %
11 TPG
30
MANIPAL 59
GROUP TEMASEK
the platform to its full potential.
Investing in healthcare requires a
long-term outlook as well as sensi-
tivity to social responsibility. I am
glad that we have partners like
Temasek and TPG, who resonate
with these values and will be a part
of the journey ahead. I am also grate-
at a critical juncture — at the peak of
Covid — and supported us.”
Puneet Bhatia, co-managing part-
ner of TPG Capital Asia, said, “Since
our investment in 2015, we have wit-
nessed Manipal’s transformational
journey of becoming one of the
largest, best-managed and patient-
centric healthcare networks in India.
By re-investing through our new Asia
fund – TPG Asia VIII, we look forw-
ard to supporting Manipal’s mission
of bridging the quality healthcare
infrastructure gap in the country.”
MHE has closed FY23 at revenues
of around ~4,600 crore at a
consolidated level, and an Ebidta of
~1,200 crore.
Why did you choose Temasek over others?
In healthcare we have always wanted to have a long term partner. Most private
equities have a four to five year window. Temasek was looking at a long term
investment in India, and this is what excited us. This is not like a traditional
investment from private equity. We were also looking for an exit for TPG, and
that’s how the conversation started. We had some debt in the holding company
which we wanted to pare down. We thought that this could be one way to look
at it – we take care of our debt, we have a long term partner. They have been
with us for the last six years; they know the company and they like the
management. For an existing investor to up their stake after five years speaks
about the strengths of the company. The holding company will become debt-
free after this transaction. TPG is exiting partially, and coming back through
another fund. When they heard about the long term investment from Temasek
and since the two share a nice relationship, TPG also decided to partner us for
another round. It was good to welcome them back.
What is the next leg of growth for Manipal Health?
We want to make sure that the company continues to grow, have good
corporate governance, and also provide quality healthcare. We want to
institutionalize it, and all three shareholders are aligned on this. These are not
new people who got together, we have known each other; like-minded
investors who are not in a hurry to exit. IPO will be an event in the long journey.
We don’t want to buy back shares to own a majority. We would like to hold a
significant minority, and if down the line the company needs more funds, we
will be open to investing. We will at least hold on
to our 30 percent, and if needed invest more. We
would want to see Manipal listed.
Are you looking at investing in other
ventures with the money you just made?
We are looking to invest in our existing
businesses – education and insurance, and
also earmark some for our hospital business.
No new ventures planned at this time.
Is the AMRI deal closed and are you open
for more acquisitions?
We don’t have any specific geography in mind for
expansion; if it’s a high-quality acquisition we will
consider it. We are in advanced talks with some
players, and cannot disclose it at the moment.
The AMRI deal is closed, and we are
waiting for some approvals to come in.
We believe Indian healthcare needs
more hospital beds. There could be
more acquisitions by Manipal going
forward.
Will there be any major changes
to the Board of Manipal Health?
Temasek will take Board control
and induct more members to
have a majority share.
However, Sudarshan Ballal
will continue to remain the
chairman.

Train crew how to tackle LOAD FACTOR OF CARRIERS IN MARCH: 87.24%

unruly fliers, says DGCA
DEEPAK PATEL
New Delhi, 10 April
After months of restricted
access to travel, Indians are
again swarming through air-
ports, packing a raft of behav-
iour that can make flight
experience terrible. As the
number of incidents involving
unruly passengers have risen
during the last several weeks,
the Directorate General of Civil
Aviation (DGCA) has asked the
airlines to get their act together.
In an advisory on Monday,
the DGCA said airlines must
sensitise and train their pilots,
cabin crew and executives on
how to handle incidents
involving unruly passengers
on flights to ensure aircraft
safety. It reiterated the existing
provisions in place to deal with
unruly passengers.
The watchdog said in the
recent past, it has noticed a few
incidents of smoking in air-
craft, drunk passengers brea-
ching flying etiquette, alterca-
tions between passengers, and
sexual harassment by pas-
sengers onboard “wherein post
holders (airline executives),
pilots, and cabin crew failed to
take appropriate action”.
The advisory has come
against the backdrop of rising
incidents involving disorderly
passengers aboard flights. In
fact, on Monday itself, a 25-
year-old male passenger was
offloaded by Air India from a
Delhi-London flight for caus-
ing ‘physical harm’ to two
cabin crew members.
Last Saturday, a drunk man
attempted to open the emer-
WHO GOT ’EM MOST
Flier on AI London flight
harms cabin crew, booked
Air India on Monday
morning deboarded an
unruly male passenger who
caused physical harm to
two cabin crew members
onboard a Delhi-London
flight, which returned to
the national capital
shortly after
departure, the
airline said.
He was
handed over to
security personnel
at the Delhi airport and
an FIR has also been lodged
gency hatch mid-air on
IndiGo’s Delhi-Bengaluru
flight. On March 20, an inebri-
ated Swedish passenger
molested a cabin crew member
onboard IndiGo’s Bangkok-
Mumbai flight.
“Such incidents have the
potential to compromise the
safety of aircraft operations,” it
added. “Head of operations of
all airlines are hereby advised
to sensitise their pilots, cabin
crew, and post holders on the
handling of unruly passengers
through appropriate means,
including but not limited to
training programmes,” the
advisory noted.
This sensitisation aims at
“ensuring effective monitor-
ing, maintenance of good
order, and discipline onboard
the aircraft so that the safety of
aircraft operations is not jeop-
with police, the airline said.
"Not heeding to verbal
and written warnings, the
passenger continued with
unruly behaviour,
including causing physical
harm to two of the cabin
crew members," the
airline said in a
statement.
The aircraft
which took off for
London Heathrow
returned to the
national capital shortly
after departure . PTI
ardised in any manner”.
Offences have been graded
into three levels.
Level 1: Unruly physical
gestures, verbal harassment
and unruly inebriation: Ban up
to three months.
Level 2: Physically abusive
behaviour (pushing, kicking,
hitting, inappropriate touch-
ing): Ban up to six months.
Level 3: Life-threatening
behaviour — assaults, damage
to aircraft systems, physical
violence like choking and mur-
derous assault: Ban is mini-
mum of two years and can
stretch indefinitely.
In line with the regulations,
the decision to put an uncon-
trollable passenger on the no-
fly list is based on recommen-
dation of internal committees
constituted by the airlines to
investigate such incidents.
New airline Akasa Air in March had the worst load
factor — number of seats filled in planes — among
all seven major Indian carriers, at 75.38 per cent,
in the OTP chart, the data showed. None of the
airlines, except Vistara, responded to Business
Standard’s queries on their load factors. Vistara Load factor (in %)
data from the Ministry of Civil Aviation said. stated that the airline focuses not only on load SpiceJet 92.83
Cash-strapped SpiceJet had the best load factor
(see chart). These two carriers' load factors are in
factors but looks at overall performance. “We
witnessed encouraging demand... even in the Air India 90.27
direct contrast to their on-time performance
(OTP) in March. Akasa Air was at the top and
January-March quarter, which has traditionally
been a weak period for travel,” Vistara added. Go First 90.25
SpiceJet was at the bottom COMPILED BY DEEPAK PATEL
Vistara
89.27
AirAsia India 88.61
IndiGo 84.10
Akasa Air 75.38
Source: Ministry of Civil Aviation
‘Revise pay’: Alliance Air pilots call in sick
ANEESH PHADNIS Sood. operator on 29 routes and disruption
Mumbai, 10 April Alliance Air, until last January, of flights is a source of concern for the
was a subsidiary of Air India, which management.
Pilots of government-owned Alliance was sold by the government to the In a statement, Alliance Air said as
Air went on a flash strike on Monday Tata group. During the Covid-19 no notice was served by the agitating
seeking a revision of their salary. This pandemic, Alliance Air effected pay pilots, the management has taken a
resulted in the cancellation of nearly cuts for its pilots like other airlines. serious view on the development.
half of its flights. The pilots want their salaries to be The airline said it had to cancel
Its operations were affected on restored to pre-Covid levels. flights on 24 routes due to the flash
Monday as over half of its 200 pilots In fact, restoration of the strike. Apart from the strike, it
reported sick. By evening, the airline minimum guaranteed payment of 70 blamed supply chain disruption and
operated around 60 per cent of hours was also one of the four Alliance Air, until last January, delay in availability of spares for its
scheduled flights. demands put forth by Air India’s was a subsidiary of Air India. inability to operate flights on these
Alliance Air has a fleet of 21 pilots to their management last During the Covid-19 pandemic, routes.
aircraft, which includes 20 ATR month. Alliance Air effected pay cuts for “The said action on the part of the
turboprop planes and one “We are persuading the pilots to its pilots like other airlines. The cockpit crew has caused
Hindustan Aeronautics come and negotiate and we are pilots want their salaries to be inconvenience to the travelling
manufactured Dornier-228 plane. It hopeful they will,” Sood said. restored to pre-Covid levels public, brought disrespect to the
operates 120-130 flights daily, many A civil aviation ministry official airline and also resulted in a revenue
of them to destinations where it is said the pilots’ demands will need to loss. Passengers were kept informed
the sole operator. be examined. “The company has to address the issue,” he said. of these cancellations and have been
“It is a flash strike. There was no been making losses. We need to see Alliance Air is one of the key facilitated either with full refund or
notice or advance intimation about whether it’s genuine or not and the operators of the government’s rural have been accommodated on
the mass sick leave,” said Alliance impact it will have on the airline. connectivity scheme linking alternate flights,” the airline said
Air’s Chief Executive Officer Vineet Mass sick leave is not the correct way unserved towns. In fact, it is the sole in a release.

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.
NEW DELHI | TUESDAY, 11 APRIL 2023 COMPANIES 3 <

1200 MHz spectrum in 6GHz band RIL, Adani among

49 players to show
needed for communication: COAI
Industry body argues 6 GHz last remaining mid-band spectrum range available for 5G deployment
interest in FRL
PRESS TRUST OF INDIA
SUBHAYAN CHAKRABORTY works. “6 GHz is the only mid-band New Delhi, 10 April
New Delhi, 10 April
WITHOUT ENOUGH 6 GHz... spectrum range where a contiguous
bandwidth to the order of 300-400 MHz As many as 49 players including

T
he Cellular Operators’ Association
of India (COAI) has written to the
telecommunications (telecom) sec-
retary, reiterating its position that telecom
operators be considered for the larger
share of mid-band spectrum in 6 giga-
hertz (GHz), arguing that at least 1200
megahertz (MHz) of spectrum needs to be
allocated for mobile communications in
India in the 6GHz band.
Currently, only 720 MHz is available in
the mid-band in India, it said.
COAI, which represents the three pri-
vate telecom service providers (TSPs) —
Reliance Jio, Bharti Airtel, and Vodafone
Idea — on Monday said that 5G download
speeds would be reduced to 50 per cent
of their optimal levels if the government
allocates less spectrum than what is
needed in the 6 GHz band. Telecom com-
panies (telcos) would face 60 per cent
higher annual costs without it, it said.
The government is currently in the
process of deciding which sector to
reserve the spectrum for. A committee
formed under the Wireless Planning and
60% higher 2x higher per TSP is possible to make it available Reliance Retail, Jindal Power, and Adani
annual costs power for the evolving demands towards Group have submitted Expressions of
nationwide to consumption 2030,” said COAI. Interest (EoI) for acquiring the assets of
achieve optimal in cities DoT has now reserved the 6 GHz spec- debt-ridden Future Retail (FRL) that’s
5G performance trum range and it was not available in the currently going through an insolvency
4x higher last round of 5G auctions. resolution process.
50% reduction network Reliance Retail Ventures, which is
in download costs for Focus on 6 GHz the holding company for retail opera-
speeds if less telcos due For higher advanced technology like 5G tions of RIL, and April Moon Retail
than necessary
spectrum dealt
to tower
densification
and 6G, spectrum requirements shift to
higher bands like millimetre waves which
Private, a joint venture between Adani
Airport holdings and Flemingo group
FRL SHARES RISE 5%
have greater capacities to carry data, but have again submitted their EOI, after Shares of Future Retail (FRL) climbed
lack coverage reach since they can be effec- the lenders of FRL decided to invite nearly 5 per cent following the news. The
Coordination wing of the Department of cient deployments of 5G. tively transmitted over a smaller range. fresh bids after dividing FRL's assets stock advanced 4.88 per cent to settle at
Telecommunications (DoT) is considering “We understand that the government In essence, TSPs would need to erect into clusters. According to an update ~2.58 on the BSE. On the NSE, it jumped
the issue. is considering vacating the spectrum from more towers and radios in urban areas from FRL’s Resolution Professional, the 4.16 per cent to finish at ~2.5 each share,
In its submissions to the committee, broadcasters or satellite users in the C without access to enough 6 GHz 49 players would be permitted to submit in upper circuit limit. As many as 49
COAI has said mid-bands like 6 GHz are band i.e., 3670-4000 MHz for 5G/6G use. bands. Any shortage of 6 GHz spectrum “resolution plan(s) for any/all such players have submitted EoIs for acquiring
ideal for commercial success and deploy- However, even this spectrum from the C would compel TSPs to densify networks Clusters under Option II”. the assets of FRL. Reliance Retail Ventures
and April Moon Retail Private have again
ment of 5G new radio, the global standard band will not be enough to reach the to meet the IMT-2020 performance Some of the other players who have
submitted their EoI, after the lenders of
for a unified 5G wireless air interface and required 2GHz spectrum for international requirement for 5G. submitted expressions of interest (EoI)
FRL decided to invite fresh bids after
5.5G, the next level in the current 5G net- mobile telecommunications (IMT) in mid- IMT-2020 (IMT-2020 Standard) are the include Century Copper Corp, dividing its assets into clusters. PTI
work, along with 6G in future. band,” COAI said in the letter. mandated requirements issued by the Greentech Worldwide, Harsha
This is because mid-bands provide a 6 GHz is also the last remaining mid- International Telecommunication Vardhan Reddy, J C Flowers Asset
balance of wide coverage and capacity band spectrum range where city-wide Union (ITU) in 2015 for 5G networks, Reconstruction, Pinnacle Air, or individual cluster or a combination
which is critical to the rapid and cost-effi- coverage can be provided with mobile net- devices, and services. Universal Associates, and WHSmith of clusters of its assets”, as it failed to
Travel among others. attract a resolution plan in over four
On March 23, 2023 creditors of FRL months. The committee of creditors had

Telecom revenue growth may slow in Q4

invited new expressions of interest provided two options in the EoI, for
where prospective buyers can bid for which the last date for submission was
the debt-ridden firm “as a going concern April 7, 2023.

Ebitda margin expansion likely to be ILLUSTRATION: AJAY MOHANTY

limited on rise in network opex
SUBHAYAN CHAKRABORTY
New Delhi, 10 April
Telecom companies are likely to
report moderate revenue growth
in the January-March quarter due
to a clutch of factors, including
muted subscriber growth and lack
of significant tariff hikes.
Earnings before interest, tax,
depreciation, and amortisation
(Ebitda) margin expansion is also
likely to be limited, or decline, due
to rise in network operating expen-
diture (opex) owing to 5G deploy-
ment, analysts said.
Pointing out that revenue
growth for telecom companies will
be moderate with a 0-4 per cent
rise quarter-on-quarter (QoQ) in
the fourth quarter (Q4) of 2022-23,
JM Financial expect said growth
will mostly come from an increase
in data usage and mobile broad-
band upgrades led growth in aver-
age revenue per user metrics.
Prabhudas Lilladher expects
revenue of Reliance Jio and Bharti
Airtel to increase by 3.1 per cent
quarter-on-quarter given a gradual
increase in average revenue per
user (ARPU) growth pegged at a
1-1.8 per cent rise.
Meanwhile, Morgan Stanley
predicts that even with a slower
Ebitda growth of 3.2 per cent,
Airtel will end FY23 with a Ebitda
growth of 25 per cent year-on-year,
making it the third consecutive
year of 25 per cent growth.
Most analysts pointed to the
lower number of days in Q4 versus
third quarter higher network costs
in the form of intensifying spend-
ing on 5G by Jio and Airtel, and
the lack of major tariff hike bene-
REASONS
n Slower customer addition due
to SIM consolidation and churn
n Higher network costs in
the form of intensifying
spending on 5G
n Lack of significant tariff hikes
to moderate ARPU growth
fits as the main reasons behind the
slower growth in revenues.
“The quarter will likely bear
the impact of SIM consolidation
and churn induced by Airtel’s
select rise in tariffs. Airtel may
report subscriber rise of 2 million
(0.6 per cent QoQ rise) while
Vodafone Idea’s (Vi’s) subscriber
base may fall by 4 million (1.7 per
cent fall). Jio’s net subscriber
additions (adds) will likely be 6
million (1.4 per cent rise),” said a
report by ICICI Securities.
JM Financial pointed out the
industry continues to see out-
sized churn in the lower ARPU
segments, given the sharp hike in
entry-level prepaid tariff in the
past 18-24 months.
“Hence, subscriber adds is
likely to remain muted. However,
upgrades to high ARPU (3G/4G)
plans are expected to remain
healthy for the industry, aided by
customers upgrading to smart-
phones,” it pointed out.
Jio had the highest user base
in the country, at 426.1 million as
of January 31, followed by
Airtel at 368.8 million, and Vi at
239.9 million.
JSW One raises ~205 cr from
Mitsui at ~2,750-cr valuation
JSW One Platforms, the business-to-
business (B2B) e-commerce venture of
the JSW Group, has raised ~205 crore
from Japan’s Mitsui & Co. The Series A
funding round valued JSW One at more
than ~2,750 crore.
Gaurav Sachdeva, chief executive
officer of JSW One Platforms, said the
company would use the money for
expansion as it seeks $1 billion gross
merchandise value at the end of
2023-24, marking a fourfold growth.
The group has committed to invest
~4,000 crore in JSW One till 2026-27.
Mitsui’s funding is additional capital,
said Sachdeva. “Our investment and
partnership with JSW One Platforms
not only signals our belief in the firm’s
robust business model, but also our con-
viction in the long-term growth pro-
spects of the B2B e-commerce space,
which was catalysed by the pandemic,”
said Masaharu Okubo, Mitsui’s manag-
ing officer, country chairperson in
India. Parth Jindal, director of JSW One
Platforms, said Mitsui’s investment val-
idates “our long-term strategic vision to
capitalise on tech to take a strong lead-
ership position in the B2B e-commerce
sector.” ISHITA AYAN DUTT

APPOINTMENTS
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 11 APRIL 2023 1

UKRAINE CALLS FOR TIGHTER

TIES WITH INDIA, VISIT BY MODI Discom losses fall but debt, TDS remit
delay to not
liquidity woes worsen attract fine,
Latest PFC report shows progress on AT&C and payment disbursements
SHREYA JAI
rules SC
New Delhi, 10 April SHRIMI CHOUDHARY
STATE OF AFFAIRS Debt New Delhi, 10 April

T
he power distribution com- 5.86 6.20
2021 2022 (in ~ cr) (in ~ trn)
panies (discoms) continue The Supreme Court (SC) on Monday held that
to face high debt levels the delay in remitting tax deducted at source

59,000
despite a reduction in their booked (TDS) by assessees is not liable for penalty. It

50,281
losses. Of the discoms, the finan- stated the revenue department should adopt a

48,000
Ukraine’s Deputy Foreign Minister Emine Dzhaparova (left)
with Ministry of External Affairs Secretary (West) Sanjay
cially beleaguered state-owned
companies are facing a liquidity
AT&C 21.50 16.50
literal interpretation of the penal provision.
While allowing the assessee to appeal
Verma. Dzhaparova said Kyiv wanted New Delhi to be more crunch and reduced capital expen- loss (%) against the Kerala High Court (HC) judgment

involved in helping resolve its conflict with Russia and had diture by their state departments,
sought a visit by Prime Minister Narendra Modi and other top revealed the latest Annual
officials. She told CNBC TV18 that Kyiv also expected India to Integrated Ranking and Rating
invite Ukrainian officials to participate in G20 events PHOTO: PTI report by Power Finance
Corporation (PFC).
The reduction in capex and
working capital comes at a time
IN BRIEF when the discoms are looking at
record high power demand this
summer, plus the stringent targets
SBI to consider raising set under the new reforms scheme
— Revamped Distribution Sector
$2 bn via offshore bonds Scheme (RDSS). For the reported
28,700
on the interpretation of Section 271C of the
Income-Tax (I-T) Act, a Bench of Justices M
ACS-ARR gap**(paisa/unit) R Shah and C T Ravikumar held that on “mere
belated remitting the TDS after deducting
79 the same by the assesse shall not attract
Loss before Capex penalty under the said Section”. The apex
tax addition 40 court even observed that the appeal con-
cerned is not the case of “non-deduction” of
TDS. Thus, the particular
Note: AT&C: Aggregate technical and commercial, or operational losses; ACS-ARR: Average cost of supply - average realisable revenue; Section will not apply.
** Loss on sale of per unit of electricity Source: PFC Annual Integrated Report on Discoms Ranking and Rating
It said the provi-
sion concerned ref-
debt stood at ~6.20 trillion during erences ‘fails to

State Bank of India, the country’s largest lender, on Monday said it

year 2021-22, current liabilities of
the discoms exceeded their overall
would consider raising $2 billion via offshore bonds. The board will
meet on April 18 to consider the fundraising, through a public offer
or private placement of senior unsecured notes in US dollar or any
current assets and amounted to
nearly twice the value of their liq-
uid assets. The sector’s total liquid-
other convertible foreign currency during the financial year 2023-
24, the bank said in an exchange filing. REUTERS
ity gap stood at ~3.03 trillion, said
the report, adding that the com-
bined liquid assets of discoms were
adequate to cover only their gen-
eration, transmission, and opera-
tional liabilities.
AAP now national party; “Including their non-liquid
assets, their lender obligations can
NCP, CPI, TMC lose status be covered, too. However, they have
even more liabilities, which cannot
The Aam Aadmi Party was recognised as a national party while be covered without liquidating
the Trinamool Congress, NCP, and the CPI were stripped of the non-current assets or marshalling
coveted status by the Election Commission on Monday. external support,” the report said.
In separate orders, the Commission also revoked the state party The aggregate technical and
status granted to RLD in Uttar Pradesh, BRS in Andhra Pradesh, commercial (AT&C) or operational
PDA (Manipur), PMK (Puducherry), RSP (West Bengal) and MPC losses have improved to 16.5 per
(Mizoram). The country now has six national parties – BJP, cent in FY22 from 21.5 per cent in
Congress, BSP, CPI(M), NPP and AAP. PTI FY21. The net loss of the discoms
reduced slightly to ~28,700 crore in
FY22 from ~36,000 crore in FY20,
said the report.
BoB’s loans grew faster than As the power demand increases
every year, the discoms face addi-
overall banking system in FY23 tional pressure to improve their
operations. This has led to a 24 per
Public sector lender Bank of Baroda’s (BoB) advances rose 19 per cent increase in the sectoral debt.
cent year-on-year (YoY) in FY23, higher than the overall banking The report said the total sectoral
system’s growth of around 15 per cent for the financial year. In
absolute terms, advances rose from ~8.18 trillion at the end of
March 2022 to ~9.73 trillion by March 2023-end, according to a filing
with the BSE. BoB's deposits expanded by 15.1 per cent YoY to 12.04
trillion at the end of March 2023. ABHIJIT LELE
FY23 PSU capex crosses ~6.46-trn revised target
SC panel to oversee THE SCORECARD FIGURES FOR APRIL-MARCH
FY20-FY22. According to the
report, the debt service coverage
ratio (DSCR) turned positive in
FY22, improving to 0.43 from -0.07
in 2020. However, at the same time,
the capital expenditure (capex)
addition by the state government
has also reduced, indicating a high
dependence on debt for the dis-
coms working capital needs. The
report stated that capex addition
has witnessed a downward trend,
declining to ~48,000 crore in FY22
from to ~59,000 crore in FY21.
The report noted it to be a “con-
cerning trend” as the sector needs
to actively focus on upgrading its
billing infrastructure for long term
gains. The biggest impact in capital
requirement was driven by working
capital requirement. Additional
working capital requirement,
reduced significantly ~19,000 crore
in FY22 from ~55,000 crore in FY21,
it said. Under the RDSS, the fund
disbursement for all centrally spon-
sored schemes would be linked
with the operational and financial
performance of the discoms.
The sector’s regulatory assets
were stagnant over FY20-FY22 at
~1.6 trillion, said the report.
ADANI ELECTRICITY DETHRONES
GUJARAT DISCOMS TO BE NO.1
THE LEADERBOARD
Discom
1 Adani Electricity Mumbai
2 Uttar Gujarat Vij Company
3 Madhya Gujarat Vij Company
4
5
DNH Power Distribution Corporation
Paschim Gujarat Vij Company
The Adani Electricity Mumbai
(AEML) has topped the list of
power distribution companies
(discoms) in the latest ranking
released by the power ministry,
ending the decade-old
domination of discoms of
Gujarat. In the 11th ‘Annual
Integrated Rating & Ranking’ of
power discoms, the AEML
secured top rank with Grade A+
and the highest integrated score
of 99.6 of 100.
The report, published by
Power Finance Corporation
NIKESH SINGH
New Delhi, 10 April
Operates in
Mumbai (privately owned)
Gujarat
Gujarat
Dadra & Nagar Haveli
Gujarat
under the power ministry’s
aegis, has been prepared by
McKinsey & Company. The
assessment covers three
financial years from 2019-2020 to
2021-2022.
In the bottom 10 are the
discoms of Uttar Pradesh, Bihar,
Telangana, Tamil Nadu, and
Jharkhand. These same discoms
have remained in the last C
minus category for years now.
The discoms are rated on metrics
related to their financial and
operational health. SHREYA JAI
CPSEs that have not yet updated their
data for March,” the official said.
The NHAI invested 122 per cent of
deduct’ the whole or
any part of the tax,
not failure to remit
the deducted tax.
Section 271C of the I-
T Act deals with penalties for failure
to deduct/remit TDS or remit. It provides for a
minimum penalty, which is 100 per cent of the
amount of tax evaded plus the amount of tax
payable, while the maximum penalty goes up
to 300 per cent.
The dispute dates back to 2003. An assessee
engaged in a software development business
in Thiruvananthapuram’s Technopark deduct-
ed TDS of ~1.1 crore for Assessment Year 2003-
04. However, at the time of submission, the
assessee remitted part of the TDS to the gov-
ernment; the balance was remitted later.
In a tax survey, revenue officials noted that
TDS was not deposited within the prescribed
timeline under I-T rules. The department issued
a show cause notice, proposing to levy a penalty
under Section 271C of the amount equal to TDS.
The matter was later confirmed by Kerala HC.
The apex court in the order analyses two
aspects of the matter. One, whether the assessee
is liable for penalty in case of delayed payment
of TDS after deducting it. Two, what is the scope
of ‘fails to deduct’ in the said provision.
The words used in Section 271C(1)(a) are
very clear and the relevant words used are ‘fails
to deduct’.
business. ONGC, the largest crude oil
and natural gas producer, has been
able to achieve around 100 per cent

verification of over REVISED TARGET (IN ~ TRN)

6.46
TOP PERFORMING CPSEs
Revised Capex
The capital expenditure (capex) by
large central public sector
enterprises (CPSEs) with a target of
its annual capital expenditure target
of ~1.42 trillion, while Indian Oil
Corporation (IOCL) achieved 231 per
against its budgeted annual capex tar-
get of ~29,950 crore. Fuel retailers and
refinery companies, such as IOCL,

2.5 million lawyers 5.75 ONGC

The Supreme Court on
Monday ordered setting up of
a high-powered committee
headed by former apex court
judge Justice Deepak Gupta
to monitor the process of ver-
ification of certificate of law
practice and other education-
al degrees of over 2.5 million
lawyers in the country, saying
it was of “utmost impor-
tance” to preserve the admin-
istration of justice.
The move comes amid
allegations of lawyers with
fake degrees practising in
courts across the country.
Asking lawyers to partici-
pate in the exercise, the
bench said non-verification
of advocates, intended to
weed out the fake ones, will
bring the administration of
justice under serious cloud.
“The verification of
lawyers’ degree and certifi-
cate to practice is of utmost
importance to preserve the
administration of justice,” a
Bench comprising Chief
Justice D Y Chadrachud and
Justices P S Narasimha and J
B Pardiwala said.
Besides Justice Gupta,
the committee will comprise
former Delhi High Court
Chief Justice Rajendra
Menon and retired
Allahabad High Court judge
Arun Tandon, it said. PTI
NTPC
target (in ~ cr) achieved (in %)
29,950 100
22,454 118
~100 crore or more has achieved the
annual revised target of ~6.46 trillion
in FY23, which is 9.3 per cent above
the FY22 actual capex, according to
IndianOil 17,130 231
sources. The capex target covers 54
FY22 FY23 Coal India 16,500 107 CPSEs and five departmental arms.
GAIL (India) 7,918 132 During FY22, the CPSEs were able
103 100 HPCL 7,163 295 to achieve 103 per cent of their full-
year revised target of ~5.75 trillion.
BPCL 6,000 177 A government official said the low-
CAPEX ACHIEVED (IN %) Oil India 4,389 115 ered capex target and increased pace
of spending in the fourth quarter of
FY23 enabled CPSEs to achieve the
revised target of ~6.46 trillion.
“The railways, National Highways
Authority of India (NHAI), and petro-
leum CPSEs have helped achieve the
aggregate capex target, whereas other
big CPSEs, such as Numaligarh refin-
ery, Bharat Sanchar Nigam, Airports
Authority of India, and SAIL, have
managed to achieve around 80 per
cent of their target. There are certain
cent of its annual target of ~17,130 crore
on the back of the resumption of work
on its pipeline projects after the pan-
demic and enhancing its refining
capacity. Hindustan Petroleum
Company (HPCL), too, has been able
to achieve 295 per cent of its revised
estimate of ~17,163 crore.
However, the Railways, excluding
the dedicated freight corridor corpo-
ration of India and Kolkata Metro Rail
Corporation, has been able to achieve
82 per cent of the capex target of ~2.28
trillion. The higher than estimated
capex by IOCL and HPCL is because
their targets were reduced by an aver-
age of 45 per cent in the revised esti-
mate compared to the Budget
Estimate of FY23. GAIL (India) has
spent 132 per cent of its annual capex
target of ~7,918 crore on the back of its
investments in pipelines for the nat-
ural gas transmission and distribution
Bharat Petroleum Corporation, and
HPCL, saw their FY24 Budgeted capex
target raised 67 per cent from ~30,293
crore collectively to ~50,605 crore.
The increase in petroleum capex
is meant to enable the retrofitting of
refineries to meet emission standards
and partly augment strategic reserves.
NTPC with the highest budgeted
capex in the power ministry has man-
aged to achieve 118 per cent of its tar-
get of ~22,454 crore.
The capex report of these CPSEs
after the end of every month is sent
for review to the Prime Minister’s
Office (PMO). During April-February
period of FY23, the Centre has been
able to spend only 81.1 per cent of its
full-year revised capex target of ~7.3
trillion, against 80.6 per cent in the
corresponding period last year,
according to latest data available from
the Controller General of Accounts.

Liquidated damages Adopt PM Gati Shakti, identify key

in certain cases to infra gaps, Centre nudges states
draw 18% GST: AAR SHREYA NANDI
New Delhi, 10 April
adoption of PM GatiShati
NMP. Special emphasis has been
given to maintaining data quali-
with investors and regional busi-
ness associations to understand
the interventions needed for
INDIVJAL DHASMANA The order came despite a and Adani Krishnapatnam After the adoption of the Prime ty and ensuring multimodal both infrastructure and logistics.
New Delhi, 10 April circular issued by the govern- ports for coordination and Minister’s GatiShakti National connectivity to economic clus- States have been asked to
ment in 2022 that says liqui- supervision of coal loading, Master Plan (NMP) by all key ters. The focus is also on ensur- focus on developing logistics
Liquidated damages received dated damages are a mere flow arranging rakes, transporta- central infrastructure ministries ing access to schools, primary parks, integrated with warehous-
by a service receiver from a of money from a party that tion of raw coal, and crushing and departments, the industry health centres, besides creating es, check posts, land custom sta-
service provider for not meet- caused a breach of contract to of boulders. department is now nudging an efficient logistics ecosystem tions and temperature-con-
ing terms of contract would a party that suffered loss due In the event of failure in state governments to weave it in the country,” Dawra told trolled facilities in their
attract 18 per cent goods and to such breach. Such payments performance of job assigned to into their infrastructure projects. Business Standard. respective policy frameworks.
services tax (GST) in certain do not constitute considera- the service provider, the receiv- This was stated on Monday The GatiShakti NMP States have also been asked to
cases, the authority tion for supply and er (APPDCL) will collect ‘liqui- by Sumita Dawra, special was announced by Prime give ‘industry status’ to logistics,
for advance rulings are not taxable, the dated damages’ for increase in secretary, Department for Minister Narendra Modi one- which will enable access to
(AAR) in Andhra The order came circular had said. moisture of raw coal over the Promotion of Industry and and-a-half years ago. The mas- finance on easier terms.
Pradesh has ruled. despite a However, AAR loading end, for increase in ash Internal Trade (DPIIT). terplan is an integrated digital Citing a case regarding the
Liquidated govt circular said the circular was percentage, penalties for late Apart from planning infra- plan depicting the economic use of NMP by states, Dawra said
damages are the that such not universal and transportation of coal, and structure projects, states have zones and the multimodal con- that under Chhattisgarh govern-
sum that one party payments did absolute but only also penalty for short been asked to identify ‘critical nectivity infrastructure. ment’s ‘Narva Garwa Ghurwa
receives when not constitute meant to clarify the supply of coal, according to the infrastructure gaps’. It aims to integrate the inter- Bari Yojana’, 300 rural industrial
the other party fails consideration position of law and contract signed between the The DPIIT has also been con- ventions of various ministries parks will be developed.
to meet provisions for supply and shall be applied rea- two parties. ducting workshops to promote and the central and state govern- Similarly, use of the master
of a contract weren’t taxable sonably having Amit Maheshwari, tax part- wide adoption of PM GatiShakti. ment departments. It addresses plan expedited 5G rollout in
between them. regard to the facts of ner at AKM Global, said the rul- As of now, four regional work- the missing connectivity gaps in Chandigarh. Apart from that dis-
The ruling was the case. ing of the AAR does not seem shops have been conducted with such zones. aster management plans were
given in an application by APPDCL entered into an to be well reasoned. “The rul- 30 states and Union Territories While all states and UTs also developed in Goa. For Sumita Dawra, special secretary at Department
Andhra Pradesh Development agreement with Chettinad ing focuses more on the mean- (UTs). The fifth workshop will be have uploaded data on the instance, a tool was developed for Promotion of Industry and Internal Trade,
Company (APPDCL), a special- Logistics Pvt. Ltd. (CLPL) for ing of ‘consideration’ rather held in Varanasi from April 11 to NMP, the Centre has now urged to identify high and low-level said regional workshops were being held, and
purpose vehicle set up to supply of services, which than ‘supply’ since considera- April 12. them to conduct inter-depart- flood line areas in Goa and an the focus was on ensuring access to schools,
implement mega power proj- included liasoning with MCL, tion would be subservient to “The focus in workshops has ment meetings. evacuation plan was also devel- and primary health centres, besides creating
ects in the state. East Coast Railways, Paradip supply,” he said. been on demonstrating the This will help in interacting oped, Dawra said. an efficient logistics ecosystem in the country
.
NEW DELHI | TUESDAY, 11 APRIL 2023 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 11 APRIL 2023 1

Pause now, lower later: Repo

rate cuts may start by yr-end
Analysts say RBI’s
projection on GDP REAL RATE
growth optimistic REPO RATE (%) CPI COMBINED YoY (%)
9 9
MANOJIT SAHA 8.00 6.44
8.6
Mumbai, 10 April 6.50 6
6

H
igher for longer’ may be the
narrative in the developed
markets, but interest rates
might not stay high for very long in
India, with a section of the market
expecting rate cuts to begin this year.
The six-member Monetary Policy
Committee of Reserve Bank of India
(RBI) decided to keep interest rates
unchanged at 6.5 per cent in the April
review – after hiking the policy repo rate
in six previous meetings.
RBI Governor Shaktikanta Das
emphasised that the pause was only for
the April policy and that the central
bank was ready to act if the situation
demanded. “The RBI decision to pause
has effectively punctured the debate of
MAHINDRA MANULIFE INVESTMENT MANAGEMENT ‘higher for longer’ so that we eventually
PRIVATE LIMITED lead to ‘lower for later/longer’,” said
Corporate Identity Number: U65900MH2013PTC244758 Soumya Kanti Ghosh, group chief eco-
Registered Office : “A” Wing, 4th Floor, Mahindra Towers, nomic advisor of State Bank of India.
Dr. G.M Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai 400 018 “As of now, we expect a data depend-
Corporate Office: 1st Floor, Sadhana House, 570, P.B Marg, ent policy hereon. However, as headline
Worli, Mumbai – 400 018 inflation is expected to stay below 6 per
Tel: 1800 4196244; website: www.mahindramanulife.com; cent for almost most of FY24, an
email id: mfinvestors@mahindra.com extended pause could be a pragmatic
outcome. But we must also remember
NOTICE NO. 14/2023 that any overhang of global slowdown
could have a domestic feedback loop,
Disclosure of Half-Yearly Portfolio of the Schemes of
Mahindra Manulife Mutual Fund
Notice is hereby given to the Unitholder(s) of the scheme(s) of Mahindra Manulife
Mutual Fund (“the Fund”) that in accordance with Regulation 59(A) of SEBI (Mutual
Funds) Regulations, 1996 read with SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2018/92
dated June 5, 2018, the half yearly statement of portfolio of the scheme(s) of the
RBI’s IT service-outsourcing norms from Oct
Fund for the period ended March 31, 2023, has been hosted on the Fund’s website viz., MANOJIT SAHA
www.mahindramanulife.com and on the website of AMFI viz., www.amfiindia.com.
Further, Unitholder(s) may also request for a physical or electronic copy of the statement
Mumbai, 10 April
Application process for core
of scheme(s) portfolio, by writing to us at mfinvestors@mahindra.com from their registered The Reserve Bank of India
(RBI) on Monday released
investment firms gets simpler
email ids or calling on our toll free number 1800 419 6244 or by submitting a written
request at any of the nearest investor service centers (ISCs) of the Fund (please refer our the final norms for
Cno.01505
3 0
Jan 28,’14 Feb 8,’23
Source: Bloomberg
and that could spark counter-cyclical
rate action,” Ghosh said.
It is the global slowdown that
prompted some analysts not to agree
with the RBI’s growth projection. The
RBI seems to be more sanguine on
growth, and has projected gross domes-
tic product (GDP) growth of 6.5 per cent
for FY24, revised upward from 6.4 per
cent projected in February, on the
assumption of lower oil price of $85 per
barrel, as compared to $95 per barrel
earlier. “We believe the RBI’s GDP
growth projection of 6.5 per cent YoY in
FY24 is too optimistic, and we expect
more than 1 percentage point down-
side,” Nomura said in a note. “In our
view, the 0.1 percentage point GDP
growth upgrade owing to the lower oil
price assumption has not taken into
account the weakness in global growth
that is behind these lower oil price fore-
casts,” the note said.
The Reserve Bank of India (RBI) has
3
Jan 31,’14 Feb 28,’23
Compiled by BS Research Bureau
Nomura expects a significant disap-
pointment on growth and said it expects
cumulative rate cuts of 75 basis points,
starting from October.
Economists at Citi Bank said their
baseline view was that the RBI would
take a long pause to evaluate the effect
of the previous rate hikes. “Barring
financial stability issues, the risk view
is asymmetric, any rate hike will emerge
if inflation diverges from the forecast,
while the rate cut option can be trig-
gered by a sharper-than-expected
slowdown in growth.”
Jayanth Varma, the external
member of MPC, which voted for a rate
hike in the February policy, had said
that growth was still fragile.
Goldman Sachs sees two repo rate
cuts in the first and second quarter
of 2024. “We expect headline CPI infla-
tion to come in below 6 per cent (the
upper end of the target band) for the
before October 1), the entities
must comply with the new
norms ‘preferably’ from the
agreement date but not later
than 12 months from the date
of issuances of the norms.
rest of the year, and now expect the RBI
to remain on hold till end-2023… For
2024, we now forecast two repo rate cuts
of 25 bps each in Q1 and Q2 of CY24,”
economists at Goldman Sachs said.
In the April policy, the RBI revised
the inflation projection downward to 5.2
per cent for FY24 from 5.3 per cent pro-
jected in February. Importantly, the
inflation projection for the fourth
quarter of FY24 was reduced by 40 bps,
from 5.6 per cent to 5.2 per cent.
As a result, the real policy rate – the dif-
ference between repo rate and year-
ahead inflation – is 130 bps, which is
seen as high for an emerging economy
like India.
Broking firm Motilal Oswal, which
also feels the central bank’s growth pro-
jection is optimistic, said muted exter-
nal demand, geopolitical tensions and
rising volatility in global financial mar-
kets pose downside risks to growth.
in India through branch mode,
reference to the board or board
of directors in these directions
should be read as reference to
the head office or controlling
office which has the oversight

website www.mahindramanulife.com for the updated list of ISCs). outsourcing of information
technology- (IT-) related serv-
Investor(s)/ Unit holder(s) are requested to take a note of the same.
ices by financial sector entities,
which will come into effect
For Mahindra Manulife Investment Management Private Limited from October 1.
The regulator has given 12
months to comply with the
Place: Mumbai Sd/- norms for existing contracts,
Date: April 10, 2023 Authorised Signatory which will come up for renewal
before October 1. For agree-
Mutual Fund investments are subject to market risks, read all scheme related documents carefully. ments that are due for renewal
on or after October 1, the RBI-
regulated financial institutions
reviewed the system of processing
applications for registration as core
investment companies (CICs), making it
smoother and hassle free. It has
amended the application form
companies must fill out to register as
CICs, making it more structured and
aligned with the rules that govern such entities. SUBRATA PANDA
have been asked to comply With respect to new out-
with the norms within 36 sourcing arrangements (agree-
months of the renewal dates. ments that come into force
“The agreements that come
into force on or after October 1
shall comply with the provi-
sions of these directions from
the date of agreement itself,”
RBI said.
The new norms are appli-
cable for Indian banks, NBFCs,
primary cooperative banks,
credit information companies,
and all other entities that are
regulated by the RBI. “In the
case of foreign banks operating
over the branch operations
in India,”
“Further, such foreign
banks shall be subject to a
‘comply or explain’ approach
wherein such foreign banks,
may deviate from any specific
part of these Directions
subject to examination and
acceptance by the RBI of a
reasonably justifiable
explanation for the same,” the
norms said.

the combined net profit of the imports and import substitu- panies despite the challenges,” update, said domestic con-
FROM PAGE 1 rest of index companies might tions. India’s growing reliance D’Souza said. sumer demand trends
have grown 9.1 per cent to on Taiwan for high-tech Dabur India, in its quarterly remained steady through the

El Niño... around ~1.2 trillion in the

State-run weather forecasting
agency India Meteorological
Department (IMD) will release
its first forecast for the 2023
monsoon season later this
month. Turn to Page 6 >
“The weak spot in the over-
all economy story has been
agriculture, and any shock in
terms of poor monsoon will
definitely impact kharif pro-
duction. It would be a major
risk going forward, something
which could keep inflation on
the higher side even though the
Reserve Bank of India (RBI)
expects inflation to moderate
in this fiscal year,” said Madan
Sabnavis, chief economist at
Bank of Baroda.
Skymet in its forecast also
said it expects northern and
central parts of the country to
be at risk of rain deficiency. It
further said Gujarat, Madhya
Pradesh, and Maharashtra will
receive deficient rains during
the main monsoon months of
July and August.
Punjab, Haryana, Rajasthan
and Uttar Pradesh may also
receive below normal rains in
the second half of the season.
“Courtesy the triple-dip-La
Niña, the southwest monsoon
recorded normal/above-nor-
mal rainfall for the past four
consecutive seasons. Now, La
Niña has ended. Major oceanic
and atmospheric neutrals are
in line with ENSO (El Niño-
Southern Oscillation). El Niño
is more likely to become a
major feature during the mon-
soon. The return of El Niño
may predict a weak monsoon,”
said Jatin Singh, managing
director, Skymet.
India Inc...
The combined net profit of 11
BFSI firms that are part of the
Nifty50 is expected to have
grown 32.3 per cent to ~56,824
crore in Q4FY23, from ~42,939
crore a year ago; their net inter-
est income, brokerages expect,
to have grown 29.4 per cent YoY
to ~1.82 trillion in Q4FY23, from
~1.4 trillion in Q4FY22.
In all, BFSI companies are
likely to account for 58 per cent
of incremental growth in cor-
porate earnings in Q4FY23.
Excluding BFSI companies,
January-March 2023 period
from ~1.1 trillion a year ago,
according to brokerages.
In contrast, the combined
net profit of non-BFSI com-
panies had declined year-on-
year in Q2 and Q3. FMCG firms
and automakers are likely to be
the biggest earnings drivers in
the non-BFSI space, followed by
IT services exporters, such as
Tata Consultancy Services,
Infosys, and HCL Technologies.
The analysis is based on Q4
earnings estimates from mul-
tiple brokerages, including
Motilal Oswal Financial Serv-
ices, Kotak Institutional Equity,
Elara Securities, and Bloo-
mberg Consensus Estimates.
Estimates are for 49 of the
Nifty50 companies, excluding
Adani Enterprises, which is not
widely tracked by brokerages.
These brokerages, however,
don’t see a secular and broad-
base growth in corporate earn-
ings. “Earnings performances
for both MOFSL Universe and
Nifty in Q4 are likely to be lop-
sided and led by a few heavy-
weights. Five companies within
the MOFSL Universe (SBI, IOC,
BPCL, IndiGo, and Tata
Motors) are expected to con-
tribute 72 per cent of the incre-
mental YoY accretion in earn-
ings. Similarly, within the Nifty,
five companies (SBI, ICICI
Bank, ONGC, Tata Motors, and
BPCL) are likely to contribute
82 per cent of the incremental
YoY accretion in earnings,”
write analysts at Motilal Oswal
Financial Services.
Imports...
In value terms, India’s import
of electronic components from
China during the period con-
tracted 29 per cent to $7.4 bil-
lion, while that from Taiwan
rose to $1.3 billion. India’s over-
all imports from Taiwan during
April-February rose by 34 per
cent to $7.5 billion. Even as
India’s total imports from
China grew 6.2 per cent, its
share in India’s overall imports
declined to 13.8 per cent from
15.5 per cent during the same
period a year earlier.
Amid pressure on India’s
merchandise exports due to
global headwinds, the central
government has been focusing
on curbing non-essential
imports may have been fuelled
by border tensions with China
update ahead of its results, said
the demand trajectory in both
quarter. “The performance of
our India business has
and frequent supply disrup- urban and rural areas showed exceeded expectations, espe-
tions. Significantly, the two key a slight improvement sequen- cially on the volume front,” the
import items from Taiwan dur- tially — in comparison to the maker of Cinthol soaps said
ing April-February were mobile previous quarter — and added about its fourth quarter per-
display screens ($949 mn) and that it fell short of a full recov- formance.
monolithic integrated circuits ery. “Demand has seen an Marico, another FMCG com-
or chips ($853 mn). improvement for the past four pany strong in hair oil, sees sim-
However, India has main- to five months and it has ilar demand trends. In its
tained its ‘One China’ policy remained strong. Rural quarterly business update, it
despite provocations from demand is pushing up the said: “During the quarter, the
China, and it has been number due to farmers getting sector continued to witness a
restrained in its statements on a good price for their rabi pro- gradual recovery with year-on-
Taiwan. The Ministry of duce,” said Mayank Shah, sen- year volume trends improving
External Affairs told ior category head at Parle in each quarter. While urban
Parliament in February: “The Products. Dabur sees its food and premium categories were
Government of India’s policy and beverage business showing stable, an easing of broader
on Taiwan is clear and consis- healthy double-digit growth. commodity inflation bodes well
tent. The government facili- Adani Wilmar, the edible oil for overall consumption trends,
tates and promotes interac- company, said in its business especially in the rural markets.”
tions in areas of trade, update that prices had cooled Marico expects a more visible
investment, tourism, culture, off from historically high levels and sustained recovery in
education and other such and were stable, stimulating FMCG demand in the coming
people-to-people exchanges.” higher consumer demand, par- quarter based on improving
The government has also ticularly among the rural pop- macroeconomic indicators.
denied India’s engagement ulation. Godrej Consumer
with Taiwan for any help in Products, in its business More on business-standard.com
areas related to the roll-out of
5G services.
> BS SUDOKU #3944
FMCG sales...
Personal care saw a decline in
Q4 and only a 0.1 per cent
increase in FY23.
Confectionery witnessed a
pickup of 12.1 per cent in Q4,
but only of 3.5 per cent in FY23.
“In FY23, rural areas did
show signs of lower spends
driven by inflationary fears
after the festival season.
However, in Q4 we see a strong
reversal in rural stocking, driv-
ing double-digit growth and
this has led to a moderate
growth in the financial year,”
said D’Souza.
Beverage sales grew the
most in FY23 on the back of a
hot summer last year and
stocking up for a hotter one
being predicted this year.
Commodity products sales SOLUTION TO #3943
have been steady, as prices Very hard:
declined after December, help-
ing FMCG post high single-
«««««
digit growth for the year. The Solution
first quarter witnessed strong tomorrow
growth because of the weak
base in the comparable quarter HOW TO PLAY
of the previous year due to Fill in the grid so that
Covid-induced disruptions. every row, every col-
“We have seen a strong umn and every 3x3
increase in direct distribution box contains
in rural... This is really the key
the digits 1 to 9
for most large FMCG com-
>
NEW DELHI | TUESDAY, 11 APRIL 2023 POLITICS & PUBLIC AFFAIRS 7
Regional Office-Delhi North, Second Floor, Faiz Road-1, New Delhi-110005,
COUNTER TO RAHUL'S ~20,000-CR CLAIM Phone No. 011-28754615, 28754642
Email Id: law.rodelhinorth@unionbankofindia.bank

$2.6-bn stake sale money SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable/Moveable Assets under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rule, 2002
Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor (s) that the below described immovable property mortgaged/ charged to the Secured
Creditor, the constructive/ physical possession of which has been taken by the Authorized Officer of Union Bank of India (secured creditor), will be sold on “As is where is”, “As is what is”

went to group firms: Adani and “Whatever there is” on the date mentioned below, for recovery of dues as mentioned hereunder to Union Bank of India from the below mentioned Borrower(s) & Guarantor(s).
The Reserve Price and the Earnest Money Deposit are also mentioned hereunder:
S.No. Branch name and address BRANCH- Holumbi, PHONE- 9997478934
1. Name of the Borrower & Sh. Ashwani Kumar Sharma s/o Tirath Ram Sharma,
Guarantor/s Flat No 464, 2nd Floor, Pocket 11,Sector A6, Narela Delhi-110040
Amount due- Rs. 5,71,241.50 (Rupees Five Lakh Seventy One
Thousand Two Hundred Forty One & Fifty Paise Only) as on
31.01.2020 together with up-to-date interest, cost and charges etc.
AGENCIES
New Delhi, 10 April
GOING GREEN (All Adani group shares ended higher on Apr 10) Property: DDAJanta Flat No 464, 2nd Floor, Pocket 11,Sector A6, Delhi-110040, Bounded by East:- Below Open, West:- Passage, North:- Entry, South:- Flat No. 465
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension Reserve price Rs.6,00,000/- (Rupees Six Lakhs Only)
Price (in ~) One -day change (%) Earnest money to be deposited – Rs. 60,000/- (Rupees Sixty Thousand Only) @ 10 % Bid Increment Value-10,000/- (Rs. Ten Thousand Only).

B
illionaire Gautam Adani’s group on
Monday listed out details of the
$2.87-billion stake sales in group
firms since 2019 and how $2.55 billion of
this was ploughed back into business, as
it looked to counter Congress leader
Rahul Gandhi’s claim of ~20,000 crore
coming in to the conglomerate through
‘shell companies’.
While investors such as Abu Dhabi-
based global strategic investment firm
International Holding Company PJSC
(IHC) invested $2.593 billion in group
firms such as Adani Enterprise and Adani
Green Energy (AGEL), promoters sold
stake in Adani Total Gas and AGEL to raise
$2.783 billion. “These funds were reinvest-
ed by promoter entities to support the
growth of new business and in portfolio
companies such as Adani Enterprises,
Adani Ports and SEZ, Adani Transmission
and Adani Power,” the group said.
The statement was issued rebutting
reports in an international publication,
which apparently was the basis of
Gandhi’s statement late last month ques-
tioning how “~20,000 crore suddenly
arrived in Adani’s shell companies.” “We
understand the competitive race to tear
down Adani can be alluring. But we are
fully compliant with securities laws and
Adani Green Energy
Adani Transmission
Adani Total Gas
Adani Enterprises
ACC
Adani Ports & SEZ
Adani Power
New Delhi Television
Ambuja Cements
Adani Wilmar
Source: Bloomberg, exchange
are not obscuring promoter ownership
and financing,” it said. Adani said pro-
moters in January 2021 raised $2 billion
through the sale of 20 per cent stake in
renewable energy firm, AGEL to French
giant TotalEnergies. Prior to that, they had
sold a 37.4 per cent stake in city gas arm,
Adani Total Gas to the same French firm
for $783 million.
It said the funds came from sale of
stake in Adani Total Gas. Also, they
weren’t obscure entities as they are pro-
moter held. TotalEnergies bought over-
seas investment vehicles of the promoters
to make some of those investments.
And the funds so received overseas
897.8 5.0
1,004.0 5.0
907.6 5.0
1,797.3 2.5
1,740.6 1.6
651.9 1.6
194.0 1.0
194.9 0.2
384.1 0.2
409.7 0.0
Compiled by BS Research Bureau
were ploughed back into group entities,
which is now being termed by some as
investment by ‘shell companies’.
Firm asks FT to take down report
The Adani Group has termed the March
22 Financial Times report on the conglom-
erate's offshore funding as “inaccurate”,
“mendacious” and “making insinuations
that are false and damaging”. In a strongly
worded letter to the FT editor on April 10,
shared with the exchanges, the group said
the article has created a misleading nar-
rative, misunderstanding in the markets,
created reputational impact on the Adani
firms and has become a political issue.
S.No. Branch name and address BRANCH- Holumbi, PHONE- 9997478934
2. Name of the Borrower & BORROWER: Sh. Devender Singh & Smt Ranjan Devi Amount due- Rs 6,33,409.27 as on 31.12.2021 together with
Guarantor/s Both R/O House No 122, Village Bhorgarh, Jatav Choupal, Narela, Delhi-110040 up-to-date interest, cost and charges etc.
Also At:- Flat no 235, Block A, Pocket 11, Sector A6, Nasrela Delhi-110040
Property: All that piece and parcel of the property consisting of Flat No 235, 3rd Floor (Under Janta Category) Pocket No 11, Sector A6, Narela, Delhi-110040.
Bounded by East:- Below Open, West:- Flat No. 236, North:- Entry/Passage, South:- Below Open
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 4,65,000/- (Rs. Four Lacs Sixty Five Thousand
Only) Earnest money to be deposited - RS. 46,500/- (Rs. Forty Six Thousand Five Hundred Only) Bid Increment value:- 10,000 (Rs. Ten Thousand Only)
S.No. Branch name and address BRANCH- Holumbi, PHONE- 9997478934
3. Name of the Borrower & Smt Kuldeep Kaur w/o Sh. Inderjeet Singh (Applicant) Amount due- Rs 6,80,578.43 together with
Guarantor/s Sh. Inderjeet Singh Dhanjal s/o Sh. Raghubnir Singh (Guarantor) up-to-date interest, cost and charges etc.
(Both ) r/o C-16, Plot No 52, First Floor, Block C, Mukh Ram Garden, Tilak Nagar, Delhi-110018
Also Both at:- Flat No 466, 2nd Floor, DDAJanta Flat, Pocket No 11, Sector A6, Narela, Delhi-110040
Property: All that piece and parcel of the property consisting of Flat No 466, 2nd Floor (Under Janta Category) Pocket No 11, Sector A6, Narela, Delhi-110040 in the Name of
Mrs Kuldeep Kaur w/o Inderjeet Singh
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 6,00,000/- (Rs. Six lacs Only)
Earnest money to be deposited - RS. 60,000/- (Rs. Sixty Thousand Only), Bid Increment Rs. 10,000/- (Rs. Ten Thousand Only)
S.No. Branch name and address BRANCH- Holumbi, PHONE- 9997478934
4. Name of the Borrower & BORROWER: Sh. Manindra Kumar, Amount due- RS. 16,07,373.49 together
Guarantor/s Flat No 176, Pocket No 4, Sector A-10, Narela, Delhi-110040 with up-to-date interest, cost and charges etc
from 31.05.2019
Property: All that piece and parcel of the property consisting of Flat No 176,3rd Floor Pocket No 4, Sector A-10, Narela, Delhi-110040 in the Name of Mr. Manindra Kumar.
Boundaries by: East: Open Below, West: Open Below, North: Entry & Opp Flat No. 172, South:- Open Below
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 16,50,000/- (Rs. Sixteen Lacs Fifty Thousand
Only) Earnest money to be deposited - RS. 1,65,000/- (Rs. One Lac Sixty Five Thousand Only), Bid Increment Rs. 10,000/- (Rs. Ten Thousand Only)
S.No. Branch name and address BRANCH- Shalimar Bagh BRANCH, PHONE-9988038300
5. Name of the Borrower & 1. M/s S G Agro International (Borrower) 241, 242, G T Karnal Road, Amount due- Rs. 2,79,95,302.98 (Rupees Two Crore Seventy
Guarantor/s Bakoli, Delhi. (Rented) Nine Lakh Ninety five Thousand Three Hundred two and Paise
2. Mr Sushil Kumar Garg (Proprietor / Guarantor) BW 95 B, Shalimar Ninety Eight Only) as on 28.07.2021 together with up-to-date
Bagh, New Delhi - 110088 interest, cost and charges etc. with effect from 29.07.2021.
Property: Residential flat at first floor, at BW-95B, Shalimar Bagh, Delhi owned by Mr. Sushil Kumar Garg s/o Sh. Mangoo Ram. Area 1345 Sq Ft.
On the North: Entry / Staircase / Flat No 96B, On the South: Gali/Park, On the East: Flat No 94 B, On the West: Side Gali/Park
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension Reserve price Rs. 2,40,00,000/- (Rupees Two Crores Forty Lakhs
Only) Earnest money to be deposited – Rs. 24,00,000/- (Rupees Twenty Four Lakhs only) @ 10 % Bid Increment Value- Rs.25,000/- (Rs. Twenty Five Thousand Only).
S.No. Branch name and address Branch – SSI Finance Branch, Noida sec-15, Phone No. 9910115715
6. Name of the Borrower & 1. M/s APM International, Through its Proprietor C 65 Second Floor Kirti Nagar , New Delhi-110015 Amount due- Rs. 81,56,940.66

None can take our land: Shah in Guarantor/s Address:- C-43 Sector 6 Gautam Budh Nagar UP-201301
2. Mr Pawan Bansal (Propreitor/Guarantor) R/o C 65 2nd Floor Kirti Nagar New Delhi 110015
3. Ms Guneet Mudgal (Guarantor) R/o B-1/32 3rd Floor Malviya Nagar, New Delhi 110017
4. Mr Jitendra Kamboj (Guarantor) R/o Flat No 905 Tower 18, Lotus Boulevard Sec 100 Noida 201304
(Rupees Eighty One Lakhs Fifty Six
Thousand Nine Hundred Forty and Sixty Six
Paise only)

Arunachal amid China objection

PRESS TRUST OF INDIA
Kibithoo (Arunachal Pradesh), 10 April
The era when anyone could
encroach India’s borderlands
has passed and no one can dare
cast an evil eye on its territorial
integrity, Union home minister
Amit Shah (pictured) said
on Monday.
Shah’s comment comes
amid China’s objection to the
home minister’s visit to
Arunachal Pradesh, stating that
it violated Chinese sovereignty
over the area, a claim outrightly
dismissed by India. “Zangnan,
(the Chinese name for
Arunachal Pradesh) is China’s
territory,” Chinese Foreign
Ministry spokesman Wang
Wenbin told a media briefing
while answering a question on
Shah's visit to the area.
Launching the ‘Vibrant
Village’ programme in the bor-
der village of Kibithoo in
Arunachal Pradesh, one of
India’s easternmost places,
Shah said the valour of the
Army and ITBP personnel
ensures that no one can
encroach even an inch of
India’s land.
He said border areas are the
top priority of the Modi govern-
ment, pointing to the infra-
structure and other develop-
ment works carried out by his
government in the Northeast.
“The era is gone when any-
one could encroach on our
lands. Now, not even land
equal to sui ki noke (inch of
land) can be encroached...,” the
minister said. He said no one
can cast an evil eye on India
because of the security forces
who protect the country’s fron-
tiers. “In 1962, whoever came
to encroach this land had to
return because of the patriotic
people living here,” he said.
5. Mr Pawan Mudgal (Guarantor) R/o B-1/32 3rd Floor Malviya Nagar, Delhi 11017
6. Mr Parsotam Lal Sharma (Guarantor/Mortgagor) R/o B 82 Rishi Nagar Rani Bagh Delhi 110034.
7. Mr Madhur Bain Singh (Guarantor/Mortgagor) R/o CZB/64C Janakpuri New Delhi 110058
8. Mrs Preet Kanwal Kaur (Guarantor/Mortgagor) R/o CZB/64C Janakpuri New Delhi 110058
Also At:- C-1A/71C 2nd Floor Janakpuri New Delhi 110058
Property No. 1:- Residential Free Hold Immovable Property i.e Flat No 64 C 2nd Floor Block-C-2B Janakpuri New Delhi ad measuring 1080 Sq Ft owned by Sh Madhur Bain Singh &
Mrs Preet Kanwal. Bounded By North: Road, East: Entrance/Flat No 65C, West: Flat No 63C, South: Road.
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 98,82,000/- (Rs. Ninety Eight lacs Eighty Two
Thousand Only) Earnest money to be deposited - Rs.9,88,200/- (Rs. Nine Lacs Eighty Eight Thousand Two Hundred Only) @ 10 % Bid Increment Value-10,000/-
(Rs. Ten Thousand Only).
Property No. 2:- Residential Freehold Immovable Property Built up Northern Side Portion of Property bearing No B 82(New No A 111) area measuring 65 Sq Yards built on Plot No 5 &
6, Quiest of Khasra No 561/221 & 220 min. situated in the area of Village Salempur Mazra Madipur Delhi New Colony Known as Rishi Nagar Shakur Basti Delhi 110034 owned by
Sh Parsotam Lal Sharma. Bounded By North: Property No B 81, South:- Part of Property, East: Road, West: Other Property
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 78,77,000/- (Rs. Seventy Eight Lacs Seventy
Seven Thousand Only) Earnest money to be deposited - Rs.7,87,800/- (Rs. Seven Lacs Eighty Seven Thousand Eight Hundred Only) @ 10 % Bid Increment Value-10,000/-
(Rs. Ten Thousand Only).
S.No. Branch name and address Vivek Vihar Branch, PHONE-7751958595
7. Name of the Borrower & BORROWER: . Mr. Ashwini Kumar Sharma and Mrs. Mamta Sharma and Mr. Ravindra Kumar Amount due-RS. 5,71,205/- (Five Lakh
Guarantor/s Athotra, Flat No. A-1, Ground Floor, Plot No. C-129, Shalimar Garden Extension –II, Village- Pasonda, Seventy one Thousand Two Hundred and
Pargana- Loni, Dist – Ghaziabad U.P.- 201009 Five Only) PLUS INTEREST & OTHER
CHARGES THEREON
Property:All that piece and parcel of RESIDENTIAL PROPERTY bearing Flat No. A-1, Ground Floor, Plot No. C-129, Shalimar Garden Extension –II, Village- Pasonda, Pargana- Loni,
Dist – Ghaziabad U.P. 201009 admeasuring 450 Sq.ft (Super Built up/ carpet area) situated in Ghaziabad held in the name of Mr. Ashwani Kumar Sharma and Mrs. Mamta Sharma
bounded by. North-Service Lane 12 ft wide, South -Road 30 ft wide, East - Plot No. C-130, West- Plot No. C-128.
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price Rs. 12,60,000/- (Twelve Lakh Sixty Thousand Only)
Earnest money to be deposited - Rs. 1,26,000/- (Rs. One Lacs Twenty Six Thousand Only) @ 10 % Bid Increment Value-10,000/- (Ten Thousand Only).

ACCENT REGION S.No. Branch name and address Branch- Mukhmelpur Branch – 8700303912
8. Name of the Borrower & 1. BORROWER:- 1. Raj Kishor Raj R/o Flat number 192, Ground Floor, Prakrity Enclave, Pocket 11, Amount due:- Rs. 7,01,855.71/- (Rupees
Guarantor/s Block A, Sector A-6, Narela Delhi 110040. Seven lakh one thousand eight hundred fifty
2. NEHA KUMARI R/o Add- FLAT NO 450 1 FLOOR SEC. A6 PKT 11, NARELA DELHI 110036 five and seventy one paisa only) Plus future
RAJASTHAN Property: Flat number 192 , ground floor , Prakrity Enclave , pocket 11 , Block A,Sector A-6 , Narela Delhi 110040.
interest and charges thereon.

North – Open, South – Entry & open, East – Flat No 191, West – Flat No 193
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price Rs. 6,87,000/- (Rs. Six Lacs Eighty Seven Thousand

Irrigation gets ~463-cr boost
ANIL SHARMA
Jaipur, 10 April
The Rajasthan government has approved
~463 crore to strengthen the micro
irrigation system in the state.
The revised Rajasthan Micro Irrigation
Scheme will help 50,000 farmers construct
farm ponds in the next two years. The gov-
ernment proposes to spend over ~260
crore on this, a senior official said.
He said non-small-marginal farmers of
scheduled caste-tribe would get an addi-
tional subsidy of 10 per cent like small
and marginal farmers. To provide them
support, the limit of subsidy for the con-
struction of plastic lining farm ponds has
been increased to ~1.20 lakh from ~90,000.
In the next two years, 40,000 farmers
UTTAR PRADESH
Limit of subsidy for the construction of
plastic lining farm ponds has been
increased to ~1.20 lakh from ~90,000
will be given subsidies for the 16,000-irri-
gation pipeline, on which ~43.20 crore will
be spent in 2023-24. At the same time, ~158
crore will be spent on constructing 5,000
small ponds in 2023-24.
Meanwhile, Chief Minister Ashok
CHHATTISGARH
Gehlot has approved the proposal of
extending the payment of short-term crop
loans of Kharif-2022. Now, the farmers will
have to repay their loans by June 30, or 12
months after taking the loans, whichever
is earlier. This decision will provide addi-
tional time for the farmers to repay their
loans. Similarly, a financial proposal of
~736 crore, including ~560 crore under the
interest-free crop loan subsidy scheme and
~176 crore under the compensatory inter-
est subsidy scheme, has been approved.
Besides, the farmers will be given a 5
per cent interest subsidy on repaying long-
term agriculture cooperative loans on
time. The state has also decided to give a 5
per cent interest subsidy from 2023-24 to
the farmers taking housing loans to build
houses in their fields.
Only) Earnest money to be deposited - Rs. 68700/- (Rs. Sixty Eight Thousand Seven Hundred Only) @ 10 % Bid Increment Value- Rs.10,000/- (Rs. Ten Thousand Only).
S.No. Branch name and address Branch – Holumbi, Phone- 9997478934
9. Name of the Borrower & 1. Mr. Naveen Mutreja (Borrower) R/o Block- D-1/5, Ground Floor, Sector-16, Rohini, Delhi- 110085
Guarantor/s Also at : Mr. Naveen Mutreja R/o Property No.194, 1st Floor, Block G, Pocket-1, Sector-16, Rohini,
Amount due- Rs. 19,88,303.03
(Rs. Nineteen Lacs Eighty Eight Three
Delhi-110089 Hundred Three and Three Paise Only) Plus
2. Mr. Manoj Jain (Guarantor) R/o H No .29 Ekjot Apartment, Pitampura, Delhi-110034 Interest and charges thereon
Property: All that piece and parcel of Property No.194, 1st Floor, Block G, Pocket-1, Sector-16 Rohini, Delhi-110089
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price Rs. 20,50,000/- (Rs. Twenty Lacs Fifty Thousand
Only) EMD – Rs.2,05,000/- (Rs. Two Lacs Five Thousand Only) @ 10 % Bid Increment Value-10,000/- (Rs. Ten Thousand Only).
S.No. Branch name and address Branch- Ashok Vihar, PHONE-9896441906
10. Name of the Borrower & M/S R.P.C Foods (partnership Firm) situated at M 212 LADO SARAI, NEW DELHI 110030. Amount due- Rs. 1,43,40,298.06 (Rupees
Guarantor/s Rep by its partners: 1. MR. CHETAN ASRANI R/o , H No. 501, WEMBLEY ESTATE, ROSE WOOD One crore forty three lakhs forty thousand
CITY, GURGAON HARYANA124001. two hundred ninety eight and six paise only)
2. MR. PRASHANT ASRANI R/o H NO 61/9 PRIMEROSE, VATIKA CITY, SECTOR 49, GURGAON, and interest thereon.
HARYANA122001.
Partner & Mortgagor: 3. MR. RAMESH THADANI R/o B 2003 IREO UPTOWN SECTOR 66, GOLF
COURSE EXTNSION ROAD GURGAON HARYANA122002.
Property: All that piece and parcel of Ground floor DDALIG Flat no 190/1, Block-Ain a Three storied residential building is free hold having covered area 66.88 Sq. Mt. Or 719.90 Sq. Ft.
Situated at Ashok Vihar, Phase–1, Delhi 110052. Ground Floor Flat No 190/1 consists of 2 Bedroom, 2 Toilet, Kitchen, Drawing & Passage. The Society is located near “ Hansraj Kulachi
Public School” Boundaries of the property:- Towards – North:- Entry/ Road, Towards – South:- Service Lane, Towards – East:- Flat No. A-189/1, Towards – West:- FIat No. A-191/l
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 91,00,000/- (Rs. Ninety One Lakh Only)
EMD - Rs. 9,10,000/- (Rs. Nine Lakh Ten Thousand Only) @ 10 % Bid Increment Value- Rs.10,000/- (Rs. Ten Thousand Only).
S.No. Branch name and address BRANCH- Dilshad Garden, PHONE- 9285106002
11. Name of the Borrower & Borrower :- M/S GRIP CONSTRUCTIONS PVT LTD; CS 1A Ist floor Uttranchal plaza Sector 2 B, Amount due- Rs. 1,70,82,606.53/- as on
Guarantor/s Vasundhra Ghaziabad UP 201012 31.07.2021 with further interest, cost and
Directors & Guarantors: 1. Mr. Praveen Kumar Arora R/o Paradise apartment flat no b plot no c 77, expenses
Shalimar garden extension Ghaziabad, UP
2. Mr. Sant Gopal Arora R/o Paradise Apartment Flat No B plot no C 77, Shalimar Garden Extension
Ghaziabad, UP 3. Ms. Kavita Arora R/o Paradise apartment flat no B plot no C 77, Shalimar Garden
Extension Ghaziabad, UP
Property: Commercial space on (first floor) F2, F3and F4, Uttaranchal Plaza plot 2B/CS -1A, Sector 2B Vasundhara, Ghaziabad, UP.

Focus shifts to oilseeds producers with

20 per cent of the global Rabi crop sowing East-road, West- Entrance/Road, North-Road, South-Other property
Date & Time of E-Auction: 26.04.2023 between 11.00 AM to 4.00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 1,61,00,000/- (Rs. One Crores Sixty One lacs

millets, oilseeds
oilseeds acreage under
cultivation, yet high
domestic demand neces-
target met; eye on Only) Earnest money to be deposited - RS. 1,61,000/- (Rs. One Lacs Sixty One Thousand Only), Bid Increment Rs. 10,000/- (Rs. Ten Thousand Only)
S.No. Branch name and address Branch- Deepali Chowk, PHONE-7063208696
12. Name of the Borrower & 1. BORROWER:- M/s Shen Impex, Prop: Mr. Jatin Batra, E-128, Sector-5, Bawana Industrial area, Amount due- Rs. 27,77,114.64 together with

VIRENDRA SINGH RAWAT the food processing,

sitates net imports. India
produces groundnut,
rubber plantation Guarantor/s North West Delhi Delhi-110039
2. Mr. Jatin batra S/o Rakesh Batra, H No: 93, Pocket-12, Sector-24, Rohini, Delhi-110085
3. Shri. Rakesh Batra, H no: 93, Pocket-12, Sector-24, Rohini, Delhi-110085
interest at the rate of 11.05% P.a

Lucknow, 10 April packaging, and export soybean, sunflower, R KRISHNA DAS

The Uttar Pradesh gov-
ernment is looking to
boost the production of
millets and oilseeds by
increasing the area under
cultivation.
The state is planning
to replace more than 15
per cent of the paddy
acreage with millet and
oilseed crops in the com-
ing years. Since Uttar
Pradesh is the second
largest paddy producer in
India, the reorientation of
the sowing pattern would
alter the agricultural
landscape and provide
farmers with a lucrative
farm value chain.
Recently, Chief
Minister Yogi Adityanath
stressed that the farmers’
earnings would not
increase merely by sow-
ing wheat and paddy, but
the agricultural sector
needs to integrate with
value chains to exponen-
tially augment rural
income.
In UP, the paddy
acreage stands at about 6
million hectares (mh)
with annual production
of 15 million tonnes (MT)
of the cash crop. The pad-
dy acreage could come
down to 5 MH when the
millet and oilseed
roadmap is implemented
in entirety.
While India is among
the leading oilseeds
importers, higher
oilseeds production will
provide ready domestic
and global markets for
the state’s farmers and
traders. In 2021, India
imported oilseeds worth
$2.39 billion, followed by
China and Turkey at
$1.34 billion and $1.27 bil-
lion respectively.
Interestingly, India is
also among the top five
mustard, safflower, etc.
The country also exports
oilseeds.
In UP, the oilseeds
area is estimated at 1.3
mh with annual produc-
tion pegged at 1.15 MT.
The major oilseeds grown
in UP include groundnut,
mustard, sesame, linseed
etc. Moreover, the
emphasis on millets,
which Prime Minister
Narendra Modi has
renamed as Sri Anna
(divine food grain), and
the growing popularity of
millet-based processed
and cooked food, offers a
large potential for millets.
UP millet area is
pegged at 1.1 mh with the
production of almost 5
mt, which roughly corre-
sponds to 20 per cent of
India’s annual output.
Major millet crops
include jowar, bajra, kodo,
ragi, kottu, and sanwa.
Raipur, 10 April
Chhattisgarh has surpassed the target it had
set itself for sowing rabi crops.
Officials in the agriculture department
said rabi crops had been sown in 1.936 mil-
lion hectares, more than the target of 1.925
million hectares. In the previous year, rabi
crops were sown in 1.83 million hectares,
officials said, adding that with a 5 per cent
increase, a sowing target of 1.925 million
hectares was set for the current season.
The state government discourages paddy
sowing during the rabi season.
“Due to the arrangement for purchasing
pulses on support prices and campaigning
for those, the trend of pulses cultivation
among farmers has increased rapidly,” an
official added.
As part of crop diversification, which is
reportedly yielding good results, the
Chhattisgarh government is considering
rubber plantation. The Rubber Research
Institute, Kottayam, will conduct experi-
mental farming of rubber in a hectare in the
Bastar region. The Indira Gandhi
Krishi Vishwavidyalaya, Raipur, and the
Kottayam institute have signed an agree-
ment on this.
Property: Entire third floor only(with roof/terrace rights) part of four storied built up free hold property bearing no: 93, pocket-12, Area measuring 60.00 Sq mtrs, in sector-24, situated in
the layout plan of Rohini residential scheme, delhi-110085 in the name of Mr. Jatin Batra S/o Shri Rakesh Batra.
Boundaries:- East: Entry West: Plot no: 86,North: Plot no: 94 ,South: Plot no: 92
Date & Time of E-Auction: 26.04.2023 between 11.00 PM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 46,00,000/- (Rs. Forty Six Lacs Only)
Earnest money to be deposited - Rs. 4,60,000/- (Rs. Four Lacs Sixty Thousand Only) @ 10 % Bid Increment Value-10,000/- (Rs. Ten Thousand Only).
TERMS & CONDITIONS:
1. The e-Auction is being held on “AS IS WHERE IS” and “AS IS WHAT IS BASIS”.
2. The successful bidder shall at the end of the auction pay 25% of the bid amount which shall be inclusive of the bid amount immediately on the sale being
knocked down in his favor and the balance within 15 days from the date of sale confirmation. Payment is to be made by RTGS/NEFT to the account of–
Authorized officer, on or before 26.04.2023, on default in such payment the property shall be resold and the defaulting purchaser shall not have any claim
whatsoever and the amount already paid shall be forfeited.
3. Any statutory and other dues payable either accrued or arisen already shall be borne by the purchaser of the property.
4. To the best of knowledge and information of the Authorized Officer, there is no encumbrance on the property. However, the intending bidders should make
their own independent inquiries regarding the encumbrances, title of property/ies & to inspect & satisfy themselves. Property can be inspected from 10:30
AM to 5:00 PM after consultation with Authorized Officer.
5. “In the event of failure of the successful bidder to tender 25% of the sale price then and there, the EMD deposited by him shall be forfeited to secured creditor
and the bid accepted shall stand cancelled automatically”
6. The intended bidders who have deposited the EMD and require assistance in creating Login ID & Password, uploading data, submitting bid, training on
e-bidding process etc., may contact www.mstcecommerce.com. The intending bidders / purchasers required to register through
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp by using their mobile number and valid email-id. They are further required to upload KYC
documents and Bank Details.
7. For Registration related queries e-mail to ibapiop@mstcecommerce.com
8. For EMD payment/refund related queries e-mail to ibapifin@mstcecommerce.com
9. For Registration and Login and Bidding Rules visit https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp and Click “Buyer Guide for Login and
Registration”
10. For any property related query may contact the Branch Head.
11. As per the Income Tax Rule, TDS @ rate of 1% of Auction Price is payable by the successful auction purchaser.
(FOR DETAILED TERM AND CONDITIONS PLEASE REFER TO https://www.ibapi.in, www.unionbankofindia.co.in)
STATUTORY 15 DAYS SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT 2002
The borrower / guarantor are hereby notified to pay the sum as mentioned above along with up to date interest and ancillary expenses before the date of
e-auction failing which the property will be auctioned / sold and balance dues if any will be recovered with interest and cost.
DATE: 10.04.2023, PLACE: DELHI AUTHORISED OFFICER, UNION BANK OF INDIA
8 WORLD
>
NEW DELHI | TUESDAY, 11 APRIL 2023

IN BRIEF At 40%, fall in Mac shipment

Saudi maintains crude
supply to Asian refiners
State oil giant Saudi Aramco
will supply full crude
contract volumes loading in
May to several North Asian
buyers despite its pledge to
cut output by 500,000
barrels per day, several
sources with
knowledge of the
matter said on
Monday.
This comes
steepest among major firms
allocation was being keenly
watched by investors as an Global sales down 29% on feeble demand, weakening macroeconomic climate
indicator of whether
planned output cuts could REUTERS
tighten supplies in Asia, the 10 April
world's biggest crude TEPID DEMAND
G
import market. lobal shipments of per- Fall in shipment (% YoY)
People are sonal computers (PCs) fell
wondering whether by 29 per cent in Apple Dell Lenovo Asus HP Overall
the additional the first quarter of 2023 Customers in a Beijing restaurant viewing news broadcast of
voluntary cut will due to weak demand, the Chinese drills PHOTO: REUTERS
actually affect excess inventory and a

China ends
after the supply, or deteriorating macroeco-
Organization of the whether it is nomic climate, with
Petroleum Exporting designed just to Apple taking the largest
Countries (Opec) and shore up oil prices, said a hit, market research -24.2

Taiwan drills
allies, known as Opec+, source at an Asian refiner firm IDC said. -29.0
surprised markets last week who declined to be named. In the report -31.0 -30.3 -30.3
by announcing an extra The announcement published Sunday, -40.5 Source: IDC
output cut of 1.16 million caused Brent and US West the International Data

after ‘sealing
barrels per day (bpd) from Texas Intermediate crude Corporation (IDC) said global PC ship-
May for the rest of the year. futures to jump 6 per cent ments numbered 56.9 million in the first
Saudi Aramco's monthly last week. REUTERS quarter of this year, down from 80.2 mil-
lion in the same period last year.
TSMC SALES LOW FOR 2ND STRAIGHT QUARTER
off’ island
The shipments extended a similar Taiwan Semiconductor Manufacturing NT$525.5 billion. A sharp slowdown in
Twitter: BBC objects to year-on-year decline of 28.1 per cent in
the last quarter of 2022.
missed sales estimates for the second
consecutive quarter in a sign of
March contributed to that miss: sales
were down 15 per cent last month
‘govt-funded media’ label Of the top five PC companies analy-
sed in the report, Apple’s Q1 shipments
continued weakness in global
electronics demand.
relative to the prior year, at
NT$145.4 billion, TSMC said. REUTERS
Elon Musk-owned Twitter has labelled the BBC as a saw the largest drop of 40.5 per cent from First-quarter revenue at the The company’s US-listed Taipei, 10 April
‘government funded media’ on the microblogging site, the same period in 2022, with Dell world’s biggest contract shares fell about 1.1 per cent in
leading to a sharp reaction from British public broadcaster Technologies Inc coming in second with manufacturer of chips was premarket trading in New York. China's military declared Monday it is “ready to fight” after
which on Monday objected to the move. The taxpayer- a drop of 31 per cent. NT$508.6 billion ($16.7 billion), The shortfall suggests that the completing three days of large-scale combat exercises around
funded licence fee supported corporation said it has Lenovo Group Ltd, Asustek according to Bloomberg calculations, slump in the chip industry has yet to Taiwan that simulated sealing off the island in response to
contacted the social media giant over the designation on its Computer and HP also faced declines in falling shy of average analyst forecasts of bottom out. BLOOMBERG the Taiwanese president’s
@BBC account to resolve the issue. “The BBC is, and always shipments, the IDC said. trip to the US last week.
has been, independent. We are funded by the British public In February, Apple reported that sales The “combat readiness
through the licence fee,” the BBC statement said. AP/PTI of its Mac computers, which had
boomed during the wave of working
59.2 million units shipped in Q1 2019 and
60.6 million in Q1 2018,” IDC said.
tight monetary policy would hamper
growth and financial investments.
patrols” named Joint Sword
were meant as a warning to
Drills similar
from home during the pandemic, “The pause in growth and demand is If the economy is trending upwards self-governing Taiwan, to Pelosi
Egypt’s headline inflation declined 29 per cent YoY to $7.7 billion
in their most recent quarter.
also giving the supply chain some room
to make changes as many factories
by 2024, “we expect significant market
upside as consumers look to refresh,
which China claims as its
own, China's military said response,
increased to 32.7% in March “The preliminary results also repre-
sented a coda to the era of Covid-driven
begin to explore production options out-
side China.” Concerns over slowdowns
schools seek to replace worn-down
Chromebooks, and businesses move to
earlier.
“The theatre's troops are says Taiwan
Egypt’s annual urban consumer inflation rate in March demand and at least a temporary return in major economies remain, with recent Windows 11,” said Linn Huang, ready to fight at all times
climbed to 32.7 per cent year-on-year, just shy of an all-time to pre-Covid patterns. Shipment volume tumult in the banking sector exacerbat- research vice president, Devices and and can fight at any time to China’s military drills in
record, from 31.9 per cent in February, data from the country’s in Q1 2023 was noticeably lower than the ing worries that runaway inflation and Displays at IDC. resolutely smash any form response are on a par with
statistics agency CAPMAS showed. Month-on-month, urban of 'Taiwan independence' the reaction last year after
inflation slowed to 2.7 per cent in March from 6.5 per cent in and foreign interference his predecessor visited the
February and 4.7 per cent in January. The surging inflation attempts,” it said Monday. island, Taiwan’s foreign
rate follows a series of currency devaluations starting in attention once they were discovered and The exercises were simi- minister said Monday.
March 2022, a prolonged shortage of foreign currency, and posted more broadly to far-right lar to ones conducted by ”This time around, if
continuing delays in getting imports. REUTERS noticeboard 4Chan and pro-Russian China last August, when it you look at the intensity of
messaging groups on the Telegram app. launched missile strikes on their air threat or naval
targets in the seas around threat against Taiwan, I
New BoJ chief vows to What do we know about their origins?
Most of the documents appear to be
Taiwan in retaliation for
then-Speaker Nancy
think it’s similar to what
we saw at the time,”
stick to ultra-loose policy photographs of classified Pentagon
briefing reports that look as though they
Pelosi's visit to Taiwan, but
have been smaller and less
Taiwan Foreign Minister
Joseph Wu said in an
Japan’s new central bank governor Kazuo Ueda said it was had previously been folded up before the disruptive. interview. BLOOMBERG
appropriate to maintain the bank’s ultra-loose monetary images were taken, according to the Military experts say the
policy for now as inflation has yet to hit 2 per cent as a trend, Times. That suggests someone removed exercises serve both as
suggesting he will be in no rush to dial back its massive them, possibly in a pocket or briefcase, intimidation and as an opportunity for Chinese troops to
stimulus. But Ueda said the Bank of Japan (BoJ) must also from their original home. practice sealing off Taiwan by blocking sea and air traffic, an
avoid being too late in normalising monetary policy, a sign If they’re real, the key question is who important strategic option the Chinese military might pursue
he will be more open to the idea of tweaking its controversial leaked them — and no one has the in the event it uses military force to take Taiwan.
bond yield control policy than his dovish predecessor answer.
Haruhiko Kuroda. REUTERS
Have they been deleted from the

At least 5 dead after Classified US docs: What do they

internet?
With the documents now widely shared
on the internet, it’s highly unlikely that
World Bank raises
shooting in Louisville contain and who leaked them? they can now be removed or hidden.
Twitter, seems to have little appetite for 2023 global growth
Police say five people have been killed in a shooting at a One of the largest leaks of alleged classified US military documents in a forcibly erasing the documents. The
bank building in downtown Louisville and the suspected
shooter is also dead. Police say six others were brought to the
hospital after the Monday morning shooting. The Louisville
decade has sparked an official investigation by the Department of
Defense and could complicate American support for Ukraine shortly
before a major offensive by Kyiv. Multiple tranches of documents have
White House said efforts were being
made to remove the material. outlook a tad to 2%
Metro Police Department said Monday on Twitter there was How have countries responded? World Bank Group President with growth now pegged at
an ongoing situation and asked people to avoid the area. appeared on social media sites over recent weeks, some of them reportedly Ukraine has dismissed the documents David Malpass said on 5.1 per cent this year com-
“There are multiple casualties,” police said in the tweet. intended only for those with the highest levels of US security clearance publicly as Russian disinformation, with Monday that the lender has pared to 4.3 per cent in the
Police described it as an “active aggressor.” Numerous police an adviser to President Volodymyr revised its 2023 global growth bank’s January Global
vehicles were seen on television footage. AP/PTI What is in the documents? US gathering intelligence on its Zelenskyy telling the New York Times outlook slightly upward to Economic Prospects report.
According to the media, the initial diplomatic allies, including South Korea, that they were “fictional.” At the same 2 per cent from a January Advanced economies are
document leaks focused on US Israel and Ukraine. time, Russian state media Sputnik forecast of 1.7 per cent but also doing a bit better than
Indian-origin mathematician assessments of the war in Ukraine
originally written in February and Where did the documents appear?
claimed the leak exposed divisions
in the US over President Joe Biden’s
the slowdown from stronger
2022 growth will increase
the World Bank anticipated
in January, Malpass said.
awarded International Prize March, including estimated casualties
on both sides and what equipment and
The leaked information has turned up
across multiple social media platforms
Ukraine policy.
US allies have so far reacted with
debt distress for developing
countries.
But the departing World
Bank chief warned that tur-
Calyampudi Radhakrishna Rao, an ammunition would be required by Kyiv and apps in recent weeks, including concern to the news of the leaks, but have Malpass told a media moil in the banking sector
Indian-American mathematician and in the future. Twitter and YouTube. emphasized their faith in American briefing that the upward revi- and higher oil prices could
statistician, will receive the 2023 There have also been reports on the The documents drew greater authorities to investigate. BLOOMBERG sion was due to an improved again put downward pressure
International Prize in Statistics, the outlook for China’s recovery on growth prospects in the
equivalent to the Nobel Prize in the from Covid-19 lockdowns, second half of 2023. REUTERS
field, for his work 75 years ago that
revolutionised statistical thinking. Rao,
now 102, will receive the prize this July
at the biennial in Canada. AP/PTI
Wall Street bank earnings under pressure after crisis
Biden to run for REUTERS
New York, 10 April
EPS TREND
nQ1 CY22
Figures in $ DEPOSITS DROP Figures in $ trillion
US banking system shed deposits last year as customers
3.42

re-election in ’24 Most Wall Street banks are likely to nQ1 CY23E hunted for high returns in a rising interest rate scenario
2.63

10.76
8.6

report lower quarterly earnings and nJP Morgan nBank of America nCitigroup nWells Fargo nAll banks
2.02

2.02

face a dour outlook for the rest of the

1.75
1.7

BLOOMBERG year, with last month's regional bank- Q1 CY22 2.6 2.1 1.3 1.5 19.9
0.88

0.84
1.13

0.8

10 April ing crisis and a slowing economy

President Joe Biden said he plans to run for reelection in 2024,
but is not yet ready to launch his campaign.
“I’m planning on running,” Biden said in a brief interview
with NBC’s Today show during the White House Easter egg roll.
“But we’re not prepared to announce it yet.”
Biden, 80, has long said he intends to be the Democratic
presidential nominee. His top aides for months have privately
discussed building a campaign and the president has road tested
his message in battleground states. But he has not made a final
decision.
The wait has generated speculation
about Biden’s plans but it’s not
unusual for incumbent presidents to
formally announce their reelection in
the spring of their third year in office.
I’m planning on running,
but we are not prepared to
announce it yet
JOE BIDEN, US President
expected to hurt profitability.
Earnings per share (EPS) for the
six biggest US banks are expected to
be down about 10 per cent from a
year earlier, analyst estimates from
Refinitiv I/B/E/S show. Banks start
reporting results on April 14.
Access to cheap deposits, which
swelled for bigger banks as savers
fled smaller lenders in the wake of
Silicon Valley Bank’s collapse last
month, likely boosted net interest
income for the largest banks, ana-
lysts said.
JPMorgan Chase (JPM.N), the
largest US bank, is likely to come out
ahead of the pack as its net interest
margin — interest earned on loans
versus interest paid to depositors —
was higher than some of its peers,
analysts said.
The bank is expected to report a
30 per cent rise in EPS, buoyed by an
almost 36 per cent increase in net
JPMorgan Wells Fargo Citigroup
Goldman Sachs
E: Estimates
interest income, according the interest income.
Refinitiv I/B/E/S estimates and Profits are also likely to be hit by
Reuters calculations. another dry spell for deals and cap-
However, tighter financial con- ital markets activity, and some ana-
ditions and a slowing economy mean lysts are predicting a slowdown in
banks face the prospect of tepid loan trading revenue as well. These trends
growth and souring credit, forcing would especially hit investment
them to add to provisions against banking powerhouses like Goldman
potential losses. Sachs Group Inc (GS.N) and Morgan
“We expect a challenging earn- Stanley (MS.N).
ings season for the banks,” said David Trading income, a silver lining in
Chiaverini, banking analyst at the previous quarters, could suffer
Wedbush Securities, in a note. from lower equities trading in the
He said bank managements will first quarter versus a year earlier, par-
become more defensive, implement- tially offset by strength in fixed-
ing liquidity measures that could income, currencies and commodities
lead to downward revisions for net (FICC), analysts said.
Q2 CY22 2.5 2.0 1.3 1.4 19.6
Q3 CY22 2.4 1.9 1.3 1.4 19.4
Morgan
Bank of America Stanley Q4 CY22 2.3 1.9 1.4 1.4 19.2
Source: Refinitiv I/B/E/S Sources: Company statements, FDIC
Goldman’s earnings per share biggest US banks are expected to be
could fall by a fifth, hurt by invest- up about 30 per cent from a year ear-
ment banking woes, after a bigger- lier, according to analyst estimates
than-expected 69 per cent drop in from Refinitiv I/B/E/S.
fourth-quarter profit, hurt by wealth However, gains from interest pay-
management revenue and consumer ments may be offset by bad loans.
business losses. “There will still be incremental
The six banks declined to increases in provisions coming in
comment on upcoming results and this year,” particularly for commer-
forecasts. cial real estate and potentially con-
The S&P 500 bank index (.SPXBK) sumer credit cards, said Ana Arsov,
is down 14 per cent year-to-date. head of the North American banking
As interest rates rise, banks make team at rating agency Moody’s
more money on borrowers' interest Investors Service.
payments than they pay out to She expects a lending slowdown
depositors. in areas such as commercial and
Net interest income for the six industrials, autos and mortgages.

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OPINION 9
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Volume XXIX Number 267 ILLUSTRATION: BINAY SINHA

NEW DELHI | TUESDAY, 11 APRIL 2023

Holistic management
Govt needed an ambitious fiscal road map

T
he Monetary Policy Committee (MPC) of the Reserve Bank of India struction, which determine home-building’s contri-
(RBI) surprised most analysts last week by unanimously leaving bution to GDP, are now correcting from a record high,
the policy rate unchanged. The committee noted it had raised the and are likely to fall substantially. With sales volumes
policy rate by 250 basis points so far since May 2022, and that is now the lowest in nearly a decade, home listings with
still working through the system. The MPC also committed itself to remaining price drops are at a 10-year high and rising.
vigilant and not hesitating in taking further action if required in future meet- In Germany, new building permits are now below
the post-2008 trend-line, and the value of real estate
ings. The decision was surprising because the retail inflation rate was above construction orders in January 2023 was 28 per cent
the upper end of the tolerance band for the last two months. In fact, it was below the peak seen about a year before. Germany’s
above 6 per cent in 12 of the last 14 months. Although the MPC foresees the population has barely changed in the last two
inflation rate to average 5.2 per cent this fiscal year, it was reasonable to decades, with immigration only offsetting the nat-
expect the central bank to be a little more conservative in its approach, given ural decline in population. Real house prices in
that it failed to attain the target last year as defined by the law. Germany (that is, house prices adjusted for inflation),
moved in a relatively narrow range between 1970
The MPC, however, took the view that it had done enough for now and it
and 2015. The sharp increase since then and the
made sense to wait and see how the policy rate action so far worked through the recent decline in nominal prices (the strongest in
system. The given projections nonetheless suggest that inflation outcomes would many decades), thus, could expose untested vul-

remain significantly above the target of 4 per cent in the current year, and it
remains to be seen when the rate will come closer to the target on a durable
basis. While the central bank had been underestimating inflationary pressure
for quite some time, the state of government finances made its job more compli-
cated. A sustained higher fiscal deficit not only affects demand but also influences
the central bank’s choices as the government’s debt manager. It is worth noting
that the RBI had reduced the reverse repo rate disproportionately in the initial
phase of the pandemic and flooded the system with liquidity.
Although these steps were arguably taken to support businesses, the
A potent channel
nerabilities in the system.
In Canada, despite falling 23 per cent from the
peak, new building permits are still at the trend-
line, and are likely to fall below it, in our view, to
help digest the excess construction seen in the last
two years. Affordability (price-to-income ratio) has
Recent evidence of a sharp slowdown in house construction in been worsening for most of the last two decades and
is now the worst in half a century.
major markets poses downside risks to global growth In Australia, which has also seen a somewhat
unbroken growth in real house prices for 25 years,

A
n important and potent channel of monetary 80 per cent: A 20 per cent price drop would mean a and the weakest affordability in half a century, hous-
biggest beneficiary was the government. The fiscal deficit at Union level, for
policy transmission is the housing market. distressed mortgage. ing loan commitments have nearly halved from the
instance, went up sharply to 9.2 per cent of gross domestic product (GDP) in Weakness in housing demand triggered by Nominal prices rarely fall so much, so at this 2021 peak. Given that they are now almost at 2014
2020-21. While the fiscal deficit came down as the economy recovered, it higher interest rates is an important contributor to stage, our primary concern is the impact on global levels, a further decline is unlikely, particularly given
remained elevated and was at 6.4 per cent of GDP in 2022-23. Accounting for the intended slowdown in overall economic activity. growth rather than on financial system stability. A the tight rental markets, supported by a pickup in
states, the combined deficit was close to 10 per cent of GDP last fiscal year. This is particularly so in developed economies, slowdown can though expose or deepen other fault immigration. However, the sharply lower flow of
Given the level of government borrowing and spending, it would always be where real estate is formalised, and mortgages are lines, like in the corporate bond market. We esti- mortgage funds into construction is likely to drive
difficult for the central bank to contain inflation along with achieving other 30 per cent to 60 per cent of banking credit. There mated a 0.9 percentage point impact on global activity steadily lower in the coming months.
are several intuitive reasons for this. Not only is growth if housing construction in the US, China, The trends in Australia also demonstrate the pro-
objectives. It is likely that the RBI started late on inflation management to
housing an important source of economic demand, Germany, Canada, and Australia were to fall back cyclical characteristics of real-estate in developed
enable government borrowing at lower rates to the extent possible. accounting for 10 per cent to 24 per cent of gross to trend: Most of it due to slower construction, and markets when it comes to monetary policy. Tight
The Union government is aiming for a fiscal deficit of 5.9 per cent of domestic product (GDP), but it is the rest due to weaker consumption rental markets can keep consumer-price inflation
GDP in 2023-24, and expects to bring it down to 4.5 per cent of GDP by 2025- also an important asset for most caused by negative wealth effects elevated, given how important rents are in the con-
26. Despite being a higher level for a medium-term deficit target, it would households (the share of financial as house prices fall. sumption basket. However, as high interest rates
still be difficult to attain, partly because of the 2024 general elections. The assets is high only in the top decile Recent evidence of a sharp slow- slow down sales volumes and then construction,
or two in most economies). Most down in activity in several of these the rental market could tighten further. This may
government clearly needed a more ambitious fiscal consolidation road map
importantly, being a long-term markets suggests the drag on global only end once demand weakens.
and could have done more in terms of consolidation in recovery years. asset, its value is highly sensitive to growth may be worse than our ear- It is important to look at nominal and real house
Macroeconomic management needs a holistic approach. Policy choices in interest rates. lier estimate. price trends separately. High inflation, particularly
one area can affect outcomes in others. A sustained higher fiscal deficit and During the 1980s, too, when the In the US, the $2.7 trillion of mort- in rents, means nominal house prices need to fall
borrowing can not only affect inflation outcomes but also undermine medi- then Fed Chair, Paul Volcker, raised gage-backed-securities that the Fed less. Though in the large, developed economies,
um-term growth prospects by crowding out private investment. interest rates sharply to control holds as a result of earlier quantita- rental yields are down 20 per cent to 30 per cent
inflation, it was a 40 per cent fall in
real estate investment between 1979
TESSELLATUM tive easing (QE) should be seen as a
direct infusion of funds into housing
versus 2015 too, as interest rates were low: Higher
interest rates warrant a reversal.

Decongesting Indian prisons and 1982 that drove the recession. NEELKANTH MISHRA
On the other hand, a large part of
business capital is competitive in
markets. The end of these purchases
has pushed the gap between mort-
gage rates and government bond
The severity of macroeconomic impact hinges on
the extent and pace of correction in housing prices.
If they fall gradually, and most of the decline is in real
Govt comes up with a practical solution nature and relatively short-lived, so the cost of yields to the highest since 1985. Thus, unless QE terms and not nominal, financial stability should
financing is a relatively small factor while making starts again, mortgage rates are unlikely to fall to remain intact even as growth weakens. However, we

T
he Union home ministry’s plan to launch a special scheme to offer investment decisions. 2021 levels even if government bond yields do. estimate that if house prices fall more than 15 per
financial support for poor under-trial prisoners who languish in In last month’s Tessellatum (“The Accidents Have At this stage, there is low risk of mortgage delin- cent in nominal terms, there could be financial sta-
jail for their inability to pay for bail is a practical step forward Started”, March 14), we briefly discussed downside quencies becoming a systemic risk, as borrower cred- bility concerns as well in some major markets.
towards solving the vexed question of congested prisons by amend- risks to real-estate markets in developed economies it scores are far superior to those seen in 2007, debt These concerns are less relevant in India, where
ing the Code of Criminal Procedure (CrPC). The recently released India Justice after the Covid-era low-interest rates, accumulated service share of disposable income is low, and home- the market is recovering from a decade-long down-
savings and the desire for bigger homes pushed the owner’s equity is at multi-decade highs. turn, housing is not fully financialised, rental yields
Report said 77 per cent of the prison population were people awaiting the
pace of price growth to 30- and 50-year highs. As However, housing starts are now 20 per cent matter less, and mortgages are only a sixth of financial
completion of investigation or trial. The absolute numbers, too, are shockingly house prices fall back to or below trend, two risks below the October 2022 peak, and if patterns seen assets. However, India would not be immune to weak-
large, having almost doubled from 240,000 in 2010 to 430,000 in 2021. The emerge: Slower growth (as discussed above), and over the past five decades are a guide, should fall er global growth and the risk of financial instability.
level of overcrowding can be gauged from the fact that Indian prisons have financial market stress. In major markets, nearly a further. Given the seven months, on average, taken
the capacity to house about 250,000 prisoners. The plight of under-trial pris- fifth of loans have loan-to-value ratios more than to build a house, the number of units under con- The writer is co-head of APAC Strategy for Credit Suisse
oners waiting interminably for justice has been exercising the Government
of India for many years without much progress for their relief.
In 2005, the government introduced by Ordinance Section 436-A in the
CrPC, stipulating that under-trials (other than those who have committed
offences attracting the death penalty) who had undergone detention for a
period extending up to half the maximum period of imprisonment specified
Reducing inflation without raising interest rates
T
for that offence be released by the court on a personal bond with or without he target inflation rate is 4 per cent in India. rise in SLR generates additional demand for bonds nal interest rates tend to fall due to a reduction in
sureties. The problem, as the home ministry has rightly identified, is that most So, the recent Consumer Price Index-based by the banks even as the RBI slows down the pur- the inflation rate. This is the macroeconomic effect.
inflation rate at 6.4 per cent is 2.4 percentage chases of bonds. Given the rise in demand by banks Second, interest rates can rise when bond prices
under-trials lacked the financial wherewithal to furnish personal bonds of
points, or 60 per cent (2.4/4 x 100) higher than the and the fall in demand for additional bonds by the fall due to sales of bonds once the rise in SLR is
any kind. No surprise, then, that little progress was made after this, so much target rate. Even the core inflation is somewhat stub- RBI, there will be hardly any effect on bond prices withdrawn. This is the financial effect. Seeing how
so that in 2009, the Manmohan Singh government had mooted urgent steps born at close to 6 per cent. And yet, the Reserve and relatedly on the interest rates. This is consistent strong each of the two opposing effects is, the RBI
to release under-trials whose period of detention could have overshot the sen- Bank of India (RBI) did not raise the repo rate in its with the other proposed policy that the RBI does can calibrate the pace at which the rise in SLR can
tence they would have served. Then Chief Justice of India K G Balakrishnan meeting on April 6. Why? not raise the repo rate. be reversed. This completes the proposed
had also instructed chief judicial magistrates to ascertain the number of under- A rise in the repo rate could have hurt not only If the SLR is raised, the lending by banks tends policy package.
economic growth but could have also lowered bond to fall. This reduces aggregate spending in the econ- It is unfortunate that many use the terms mon-
trials booked for petty offences and immediately release those who had served
prices. A fall in bond prices can affect assets of omy. This, in turn, reduces the inflation rate. It is etary policy and interest rate policy as if these are
more than half their sentences on their personal bond. Here again, the question banks — notwithstanding the true that the reduced spending can synonyms. They are not. A good example is the
of financial capacity remained an impediment to decongestion. accounting norms. And, banking adversely affect economic growth, proposed set of monetary policies that exclude a
In May last year, the Prime Minister came closer to identifying the key stability has become important in but given that interest rates do not change in the interest rate and include a change
problem at a conference of chief justices and chief ministers where he pointed the light of the tragedy at Silicon rise under the proposed policies, in the SLR.
out that most of the under-trials were either “commoners or come from poor Valley Bank in the US and Credit bond prices do not fall, and so at All this raises a question. When the RBI is con-
Suisse in Europe in recent weeks. least banking stability is, ceteris cerned about high and persistent core inflation,
families”. The home ministry’s scheme, therefore, is clearly an extension of
There is now some concern in India paribus, ensured. It is also com- why does it think in terms of raising interest rates
that thought and has been worked out, ministry officials said in discussion as well, though this is often not forting in the fight against inflation and not raising the SLR? Here it will help to con-
with all stakeholders. Though the idea is excellent, the risk, as with most plans, explicitly stated. that the growth of central bank sider some history. The SLR had been increased
lies in execution, principally because the states will be responsible for its exe- The question is: Can we have an money is kept in check under the all the way to 38.5 per cent by 1990 to help the gov-
cution. The Centre will provide financial support to states to extend relief to alternative policy that can fight infla- proposed policies. ernment finance its fiscal deficits. Since then it
prisoners who are unable to raise the money for bail or the requisite fines. tion with fewer side effects? The GURBACHAN SINGH An important role is played by has been reduced now and then, and it is at present
The states themselves have, however, scarcely been beacons of extending answer is, yes. the temporary rise in the SLR under at 18 per cent, which is still quite bad. This is
The alternative policy proposed here is in three the proposed policies. This raises the next question. because funds invested in government securities
legal aid to the needy. The India Justice Report pointed out national per capita parts. First, the RBI should adequately but temporar- When can the RBI withdraw the rise in the SLR? As cannot be used for giving loans to businesses,
expenditure on legal aid by all states and Union Territories, including the National ily increase the statutory liquidity ratio (SLR); at pre- seen already, the proposed policies can reduce the homebuyers, and so on. A high SLR can reduce
Legal Services Authority (NLSA), came to ~4.57 a year. Excluding the NLSA, the sent, banks in India are required to keep at least 18 inflation rate. This has an interesting implication. GDP growth. In this context, any advocacy of an
figure is ~3.87. Low budgets are one part of the problem. The other is the capacity per cent of their deposits as approved securities Note that the nominal interest rate equals the increase in SLR is not welcome, and rightly so.
to identify and process eligible prisoners. The Indian Justice Report had flagged (read, government bonds), though they often hold (expected) inflation rate plus the real interest rate. However, what is being suggested here is only a
personnel shortages across the board — from police, prison staff, and the judiciary these in excess. Second, the RBI should slow down So, as the inflation rate comes down, the nominal temporary rise and that too for macroeconomic
the growth rate of its money and relatedly buy less interest rate will fall on its own. At this stage, the purposes and not for fiscal reasons.
— especially the lower judiciary. Taken together, these hurdles at state level run
of additional government bonds. Third, the RBI RBI can remove the rise in SLR in a phased manner.
a good chance of stymieing a well-intentioned and progressive initiative. should keep the repo rate unchanged. We have now two counteracting forces on inter- The writer is visiting professor, Ashoka University.
The three proposed policies are consistent. The est rates under the proposed policies. First, nomi- gurbachan.singh@ashoka.edu.in

Sedition, repression and the Constitution Government, is possible...”, and with

BOOK REVIEW
JAYANT TRIPATHI
“Every member of the public who cen-
sures the ruler for the time being exercises
in his own person the right which belongs
to the whole of which he forms a part. He
is finding fault with his servant….To those
who hold this view fully and carry it out
to all its consequences there can be no such
offence of sedition.”
Penal Code, 1860, which defines and
punishes sedition.
But these lofty, noble ideas were not
available for the “jewel in the crown” as
this colony could not be lost to
pernicious ideas such as “self-
determination”, “liberty”, or “freedom”.
Thus it made sense to stifle free speech,
especially political speech, in
colonial India.
However, when the Constitution of
India guarantees to its citizens the
freedom of speech and expression as a
fundamental right, why does Section
124A, inserted in order to protect
repressive colonial rule, remain as a part
of the Penal Code?
It is this debate that Rohan J Alva
delves into in his extremely well
being) in the provisions of the Unlawful
Activities (Prevention) Act, Mr Alva goes
into the history of Section 124A of the
Penal Code, its relationship with Article
19(1)(a) of the Constitution, the debate
over sedition as a restriction on free
speech as discussed in the Constituent
Assembly, and the eventual emergence
of sedition as a reasonable restriction to
the fundamental right of free speech
and expression in independent India.
While taking us on this journey, he
points out that sedition, as defined in
Section 124A of the Indian Penal Code,
1860, had been pejoratively designated
as “the prince” among the political
sections of the Penal Code by
Mahatma Gandhi.
One would have expected that this
specific reference to Section 124A, said
“..so long as the possibility of it being
applied for purposes not sanctioned by
unless they threatened public order,
history has shown that the these
safeguards have been a monumentally
abysmal failure, leading to a dilution
speech and expression, as enumerated the Constitution cannot be ruled out, it and diminution of the fundamental
in Article 19(2), were laws relating to must be held to be wholly right to free speech and expression,
libel, slander, defamation, contempt of unconstitutional and void.” For those especially in the political arena.
court or matters which offended living through this period, it would In the natural order of things, Kings
decency or morality, or which have seemed that Section 124A was die. And it is time to bury this one as the
undermined the security of the state or almost ready for its last rites. founding fathers of our Constitution
which tended to As the book goes wanted to. The Supreme Court has
overthrow the state. A Constitution to Keep: on to narrate, the recently directed the government not to
The core words of Sedition and Free First Amendment register any new cases under Section
Section 124A Speech in Modern India wrought by 124A, till the law is reviewed. This,
“hatred” Author: Rohan J Alva Parliament, and according to the author, may be a
“contempt” or the subsequent Pyrrhic victory, as the even more
“exciting Publisher: Harper decisions of the stringent provisions of the UAPA
disaffection” or Collins Supreme Court, continue to treat sedition as a crime.
indeed the word Pages: 370 starting from the Only time will tell whether the phrase,
“sedition”, were Price: ~699 decision in the commonly misattributed to Voltaire, “I
deliberately not Kedar Nath Singh disapprove of everything you say, but
used, thus case, brought will defend to death your right to say it”,
effectively sounding the death knell of legitimacy to Section 124A, rolling back will ever be true for India. To quote

I
n other words, in a true democracy
there can be no question of punish-
ing people who air their grievances
against the government. Sir James
Fitzjames Stephen, the author of the
quote above, was, interestingly, the
architect of Section 124A of the Indian
researched book taking the reader
through an almost rollercoaster ride,
showing that legal history can
sometimes be almost a pot-boiler, with
unexpected twists and turns. Tracing
the history of sedition from the Gagging
Act of 1857, and ending (for the time
“prince” would have no place in an
independent India, but as the author
shows, the prince, while exiled for a
short time, returned triumphantly and
now rules as a cruel and draconian King.
In the original Constitution, the only
restrictions on the right to freedom of
Section 124A.
The book then goes on to show how,
in the fledgling days of our republic, the
Supreme Court held that “…without free
political discussion no public
education, so essential for the proper
functioning of the processes of popular
all the good intentions of the founding
fathers of our republic.
As the author points out, even
though the Supreme Court in the Kedar
Nath Singh judgment, attempted to
build in a safeguard by holding that no
one would be prosecuted for sedition
Mr Alva from the last sentence of this
must-read book, “To quell the voice of
the people using the hammer of
sedition ought to be treated as a
constitutional sin.”
The reviewer is a lawyer practising in Delhi
 QUICK TAKE: BETTER SALES VISIBILITY FOR DABUR “The Fed will see the need for further cooling in the

The Smart (Stock price in ~) labour market. This week’s CPI & PPI data

Investor
The stock of Dabur India is down 4.6 per cent from its are likely to underscore the fact that
weekly high. Motilal Oswal Research, however, has a inflation remains stubbornly high and
‘buy’ rating as the company’s sales visibility is better so we look for the hawkish tilt in the
NEW DELHI | than competition for the near term. The visibility on the Fed comments to continue this week”
TUESDAY, 11 APRIL 2023 company’s earnings is better too, along with higher WIN THIN
Global head of Currency Strategy,
pricing power than its peers, says the brokerage Brown Brothers Harriman
<

NSE’s governance Realty check: Stocks gain on the

code for India Inc back of robust sales, RBI rate pause
SUNDAR SETHURAMAN housing. Analysts said the
Mumbai, 10 April realty companies had bene-

fails to take off

The BSE Realty index —
a gauge of real estate stocks —
rose 4.2 per cent on Monday,
extending its two-day advance
Lukewarm response from corporate houses forces to 7.8 per cent. The latest gains
came on the back of robust
bourse to put NSE Prime on back burner sales posted by realty devel-
opers in the March quarter
SAMIE MODAK of financial year 2022-23
Mumbai, 10 April (Q4FY23).
On Thursday, the rate-sen-
fited from inflation as it led to
a rise in asset prices.
“Inflation is positive for
real estate because the land
asset prices shoot up. Many
realty companies were sitting
on high inventory, both land
and partly developed assets.
In the last six months, real
estate prices went up 10-20 per
cent. I see another 15-20 per
WELL BUILT BSE REALTY cent upside for realty stocks,”

T
he country’s largest
bourse — the National
Stock Exchange (NSE)
— has put the NSE Prime ini-
tiative in cold storage, follow-
ing lukewarm response from
India Inc, said people aware of
the development.
Inspired by Brazil’s Novo
Mercado (new market), the
NSE had announced a separate
platform that any listed com-
pany could be part of by vol-
untarily adopting a stricter cor-
porate governance code.
Launched in December
2021, NSE Prime was to for-
mally take off within a year
after empanelling companies.
“The response to NSE
Prime was subpar with only a
handful of companies showing
willingness. As a result, the
exchange has decided to vir-
tually shelve the programme,”
said a source.
An email sent to NSE on the
issue remained unanswered
until the time of going to press.
The objective of the pro-
gramme was to improve corpo-
rate governance, transparency,
and disclosure standards to
further strengthen trust in the
Indian capital markets. While
the exchange had not publicly
disclosed the stricter code, it
was largely around improving
the quality and independence
of the board. It was anticipated
that companies that subscribe
to this initiative would attract
marquee investors, thereby
commanding higher valuation
multiples.
Brazil introduced a similar
initiative — Novo Mercado —
some 20 years ago for com-
panies to commit to adopting
corporate governance prac-
tices, in addition to
those prescribed by law.
While an initiative like NSE
Prime can help boost govern-
ance standards, it would have
always faced implementation
challenges, observed experts.
“The concept itself was
flawed from the outset. It
would have been a surprise
had it taken off. NSE would
have been conflicted in man-
aging the regulatory functions
and the business interests as
the stricter parameters were
defined by NSE itself, not a
third party. From an issuer
company’s point of view, there
was no added incentive for list-
ing on Prime. The logic that a
few companies joining the
platform would put pressure
on others to follow doesn’t
hold. Already, many com-
panies make voluntary disclo-
sures and have good corporate
governance practices. That
doesn’t mean other companies
GOVERNANCE MATTERS
n NSE Prime was launched
in December 2021
n Initiative aimed at boosting
corporate governance
standards in India Inc
n The platform was to go
live within a year after
empanelling companies
NSE CAUTIONS
INVESTORS
AGAINST DABBA
TRADING
The National Stock Exch-
ange (NSE) on Monday
cautioned investors
against some fraudsters
running illegal dabba
trading with guaranteed
returns to investors.
Dabba trading is an
illegal form of trading in
shares, where operators
of such trading rings allow
people to trade in equities
outside the stock
exchange platform. The
cautionary statements
came after NSE found
that the entities — Shri
Parasnath Commodity,
Shri Parasnath Bullion,
Faary Tale Trading and
Bharat Kumar (associated
with Trade with Trust) —
were providing dabba or
illegal trading platform
with assured returns. PTI
will follow suit,” said Shriram
Subramanian, founder and
managing director (MD),
InGovern Research Services.
Market players said the
change of guard at NSE could
have impacted the initiative.
NSE Prime was the brain-
child of erstwhile MD and chief
executive officer (CEO) Vikram
Limaye, whose tenure ended
ILLUSTRATION: BINAY SINHA
n NSE’s project got poor
response from companies
n Experts say existing rules
already strict; firms wary
of more compliance
n Brazil introduced a similar
initiative — Novo Mercado —
some 20 years ago
in July 2022. He was soon
replaced by Ashishkumar
Chauhan who joined from rival
bourse BSE. Others feel NSE
Prime could have been a slow
starter as companies would be
wary of more norms.
“It may not be entirely
appropriate to infer that Corp-
orate India didn’t want to jump
on this bandwagon. You don’t
need 100 companies to sign up
on Day One. All you need is six
to 12 companies and then build
on it. The list expands as com-
panies see the use-case benefit,
and there is more pressure
from investors to become part
of this ‘club.’ It is true that India
Inc doesn’t need more regula-
tions, given that corporate gov-
ernance standards in India are
well-defined and higher than
most other markets,” said Amit
Tandon, founder and MD,
Institutional Investor Advisory
Services.
In 2018, the capital markets
regulator — Securities and
Exchange Board of India (Sebi)
— overhauled the corporate
governance framework based
on recommendations made by
an expert panel headed by
Uday Kotak. Some members of
India Inc have expressed con-
cern about stricter governance
standards that they are
required to follow.
Last year, Sebi had to shelve
the rule around the separation
of chairperson and MD and
CEO posts due to an “unsatis-
factory level of compliance”.
sitive index had gained 2.9 per 3,370 3,400 said G Chokkalingam, founder
CMP (~) 1-day change (%)
cent following the Reserve of Equinomics.
Bank of India’s decision to Godrej Properties 1,227.3 9.1 “Record pre-sales numbers
pause interest rate hikes in its 3,300 by real estate companies along
Prestige Estates Projects 445.2 6.1
latest monetary policy review. with a pause in an interest rate
On Monday, Godrej Prop- DLF 405.3 5.9 3,126 3,200 hike by RBI and a further
erties announced that it saw Sobha 466.1 3.5 7.8% improvement in demand
the highest-ever quarterly and Change 3,100 could keep real estate in
Brigade Enterprises 489.3 3.3
annual sales in the quarter. Source: Bloomberg Compiled by BS Research Bureau Apr 3,’23 Apr 10,’23 momentum going forward as
The company’s share price well," added Siddhartha
rose 9.1 per cent and was the Khemka, head of retail
best performer on the BSE value, a rise of 2.7 per cent over pre-sales performance of Q4FY23, an increase of 10 per research, Motilal Oswal.
Realty index. Q3FY23 and 31.9 per cent com- ~12,064 crore. And it posted pre- cent sequentially. It said it Analysts, however, asked
Earlier, Sobha Developers pared to the corresponding sales worth more than ~3,000 achieved its best-ever sales per- investors to tread cautiously.
posted its highest annual sales period last year. crore for the third consecutive formance in FY23, almost dou- “It’s better to buy stocks that
of ~5,198 crore in FY23. In Q4, Similarly, in an exchange fil- quarter in Q4. Mumbai-based ble that of the previous fiscal. have lower debt compared to
the company said it achieved ing, Macrotech Developers said Ajmera Realty said it recorded The strong numbers their peers,” said
its highest-ever quarterly sales it achieved best-ever annual a sales value of ~140 crore in boosted hopes of a boom in Chokkalingam.
TaMo shares soar over Aditya Birla , Axis call
5% on strong sales
off new fund offers
ABHISHEK KUMAR & KHUSHBOO TIWARI is ~10 crore.
Mumbai, 10 Apri MF investment platform BSE
Star MF announced that money
Two fund houses called off their invested in both the NFOs will be
new fund offers (NFOs) after the returned to the investors.
completion of their launch period. According to MF distributors,
The two schemes — Aditya Birla one reason for the failure of two
Sun Life CRISIL IBX SDL Sep 2028
index fund and Axis S&P 500 ETF
NFOs was investors' rush for select
debt schemes in the last week of
FoF — had completed their NFO March 2023.
period on 5 April, 2023. Investors poured in over ~40,000
Fund houses call off NFOs when crore into medium-to-longer dura-
the scheme fails to garner the pre- tion debt schemes.
DEEPAK KORGAONKAR year (FY23). scribed minimum amount during This was to take advantage of the
Mumbai, 10 April Brokerages increased their price the launch period. preferential taxation before the
target on the stock following the According to MF regulations, change of rules came into effect on
Shares of Tata Motors jumped more positive news flow. Goldman Sachs debt fund and balanced fund NFOs April 1.
as much as 8 per cent on Monday and Nomura have set a price target need to collect a minimum of The change in taxation was
following better-than-expected of ~544 and ~508, respectively, for ~20 crore. announced by the government on
global wholesale vehicle sales busi- Tata Motors. For other schemes, the threshold March 24.
ness, which includes luxury car unit ICICI Securities has a 'BUY' rat-
Jaguar Land Rover ing on Tata Motors with
(JLR), during the March CRUISING a target price of ~530 per
quarter. The stock gave (TaMo stock intraday) share due to JLR's pro-
up some gains to finish
at ~461, up 5.4 per cent
437.6
gressive volume recov-
480 ery, healthy positive
Sensex, Nifty50 record longest
over its previous close.
Tata Motors, which has
461.1 470 Ebit margin profile, and
460 FCF visibility for FY24E,
winning streak in four months
a market cap of ~1.53 with fundamental driv-
trillion, was the best- 450 ers for healthy growth in PRESS TRUST OF INDIA by around 4 per cent in the six days of
performing stock both 5.4% 440 domestic operations. Mumbai, 10 April gains which is the longest winning run
in the Nifty as well as Change "For Q4FY23, Jaguar since the eight-day rally from November
430
the Sensex. Apr 6,’23 Apr 10,’23 wholesales were at Benchmark indices Sensex and Nifty 22 to December 1 last year.
In a regulatory Source:Bloomberg 15,499 units, while Land eked out gains in volatile trade on Among the Sensex firms, Tata
exchange filing, the Compiled by BS Research Bureau Rover wholesales were Monday, extending the winning streak Motors ended with over 5 per cent gains
company informed that at 91,887 units. This to a sixth straight day as gains in auto after the company reported an 8 per cent
it sold 107,386 units of JLR at whole- comes as a positive development as, and IT shares offset losses in banking year-on-year increase in group global
sale level for Q4FY23 (including during the last call, the company and FMCG stocks. wholesales, including that of Jaguar
China JV), up around 16 per cent had guided for wholesales at over Logging its longest gaining streak in Land Rover (JLR), at 361,361 units in the
quarter on quarter (QoQ), while retail 80,000 units. With this reading of four months, the 30-share BSE Sensex fourth quarter of FY23.
sales were 102,889 units, up 21 per 107,386 units, it has vastly surpassed ended marginally up by 13.54 points or Wipro, Power Grid, Larsen & Toubro,
cent QoQ and 30 per cent YoY, with estimates," ICICI Securities said in 0.02 per cent to 59,846.51. During the Mahindra & Mahindra, Tech Mahindra,
current orderbook at 200,000 units. a note. day, it climbed 276.14 points or 0.46 per NTPC, Titan, Tata Consultancy Services
Further, the company informed Also, the company has outper- cent to 60,109.11. and HCLTech were among the other
that the positive free cash flow (FCF) formed its earlier guidance of being The broader NSE Nifty advanced major winners.
is expected to be over £800 million just breakeven at FCF level by 24.90 points or 0.14 per cent to finish at Bajaj Finance, IndusInd Bank, Asian
(~8,142 crore) in the fourth quarter reporting over £500 million (~5,088 17,624.05, marking its sixth straight day Paints, Hindustan Unilever, Axis Bank,
(Q4FY23) and over £500 million crore) as free cash flow for full year of gains. ICICI Bank, Reliance Industries and
(~5,088 crore) positive for the full (FY23), the brokerage firm said. Sensex and Nifty have risen HDFC Bank were among the laggards.

THE COMPASS Bajaj Finserv

FPIs pull out ~11,000 cr
Street cheers new gas pricing policy from energy, finance, IT
DEVANGSHU DATTA
The gas pricing policy has seen
crucial changes at the behest
of the Kirit Parikh Committee’s
recommendation. The admin-
istered price mechanism
(APM) for domestic gas will be
priced at 10 per cent of the
price of India’s crude basket
but with a cap of $6.5 per
Metric Million British Thermal
Unit (mmBtu) and a floor of $4.
The price band will be grad-
ually hiked at 0.25/mmBtu per
year after keeping it stable for
two years.
Prices will be adjusted every
month, according to formula
within the band.
While this lowers the price
from the prevailing
$8.6/mmbtu, it will also not be
revised every six months as
was the earlier system. In
effect, the ceiling will be hit if
crude prices are trending
above $65/mmbtu or equival-
ent. Under the earlier system,
APM prices were tied to the
price of gas at Henry Hub,
which was the benchmark
contract for the earlier mech-
anism.
One key factor is that OIL
(Oil India) and ONGC will have
net positive realisations even
at the floor price of $4/mmbtu
since their costs are around $3-
3.25. City Gas Distributors
receive some relief in case of
high crude prices due to the
ceiling but they will not see
periods of extremely low gas
prices when they could make
super-normal profits because
of the floor.
Gas from a new field could
be sold at 20 per cent pre-
mium to APM. The assured
profits for domestic gas pro-
ducers could see investment
flows into ONGC, OIL, etc.,
but there may be pressure on
gas distributors if crude prices
stay elevated. OIL, which is
trying to generate higher vol-
umes from new drilling, could
be a larger beneficiary since it
might pick up the premium
on new fields.
This formula is currently
positive for CGD (city gas dis-
tribution) companies and par-
ticularly so for IGL
(Indraprastha Gas) and MGL
(Mahanagar Gas). CGD com-
panies have cut CNG prices by
~6-8/kg passing on some of
the $2.1/mmbtu reduction in
APM gas cost. IGL’s guidance
of an earnings before interest,
tax, depreciation and amor-
tisation (Ebitda) margin of
~8/scm (standard cubic meter)
is now highly achievable and
may be exceeded. MGL will
see similar trends in better
margins but it has cut CNG
prices more. Gujarat Gas has
industrial exposure, which
makes profitability and
demand more variable than
IGL and MGL but Gujarat Gas
has seen volume growth.
While the Committee had
suggested deregulating price
for domestic APM from Jan’27
and HPHT (high pressure
high temperature) gas (pro-
duced by RIL and ONGC from
difficult fields) from Jan’26
onwards, the Cabinet is silent
on that proposal.
Market analysts are some-
what divided on the CGD com-
panies and on OIL and ONGC.
Some see the current APM
reduction as a positive for CGD
while being unhappy about
the floor since that would pre-
vent CGD companies making
very high profits when crude
prices are low.
The share price of Gujarat
Gas has lost ground since the
change in pricing was
announced, while IGL and
MGL have gained ground and
so have OIL and ONGC.
SUNDAR SETHURAMAN
Mumbai, 10 April
Foreign portfolio investors
(FPI) pulled out ~11,000 crore
from energy, finance and
information technology stocks
in the second half of March.
Companies operating in
the oil, gas and consumable
fuels space saw selling worth
~4,524 crore, followed by
financial services (~3,346
crore) and IT (~3,133 crore),
according to data collated by
Primeinfobase.
Auto (~439 crore) and tele-
communication (~268 crore)
were the other sectors where
foreign investors sold shares.
FPIs sold shares worth ~4,638
crore on a net basis in the sec-
ond fortnight of March.
In the energy sector, the
selling was largely in Reliance
Industries (RIL). Reliance
Industries declined as much
as 9 per cent in March.
And the withdrawal from the
IT stocks was attributed to the
banking crisis in the Western
world.
MF seeks nod
to launch 1st
TRACKING FLOWS set of schemes
Capital goods & construction stocks saw FPI buying interest The latest entrant in the
MOST BOUGHT Amount (~ cr) mutual fund (MF) industry,
Bajaj Finserv MF, has sought
Capital goods 1,731 the regulator's approval for its
Construction materials 1,140 initial set of offerings. It has
filed papers with the
Construction firms 1,199
Securities and Exchange
FMCG 1,103 Board of India (Sebi) for
Consumer durables 850 seven schemes — arbitrage
fund, large and midcap fund,
MOST SOLD balanced advantage fund,
Energy -4,524 flexicap fund and three
shorter horizon debt
Financials -3,346 schemes (liquid, overnight
IT -3,133 and money market).
The schemes fall under
Automobiles -439
three different categories —
Telecom -268 two each in equity and
Note: Data for last fortnight of March; Source: Primeinfobase.com hybrid and three in debt. At
the time of launch, Bajaj
“For many of the big IT capital goods stocks worth Finserv MF had stated their
players, the financial sector ~1,731 crore, construction plans to offer a wide range of
accounts for a third of their materials worth ~1,140 crore, products, both on the active
revenues. The banking crisis and construction company and passive sides.
in the Western world could shares worth ~1,199 crore. The financial services
hurt them," said G Shares of fast-moving con- company Bajaj Finserv
Chokkalingam, founder of sumer goods (FMCG) worth received Sebi's final approval
Equinomics, a Mumbai-based ~1,103 crore and consumer to start asset management
research and advisory firm. durables (~850 crore) were the business in March.
Meanwhile, FPIs bought other buys during this period. ABHISHEK KUMAR
.
NEW DELHI | TUESDAY, 11 APRIL 2023 THE SMART INVESTOR 11 <

Safety first: It’s large-caps Not liable to pay income tax?

amid multiple headwinds Submit Form 15G/H right away
If your income exceeds limit but qualifies for tax deduction at lower rate, use Form 13
Investors have turned risk-averse, looking for safe-haven options: Analysts BINDISHA SARANG also be liable to pay tax on the interest
PUNEET WADHWA income earned during the year.”
New Delhi, 10 April April is the ideal time to plan your tax If your income increases
strategy for the new financial year. unexpectedly after you have

R
ising inflation, rate hikes by cen- Taxpayers can, for instance, avoid tax submitted Form 15G or 15H, then you
tral banks, geopolitical develop- deducted at source (TDS) on interest should withdraw the application.
ments, a sudden spike in crude oil income from fixed deposits (FDs) Bajaj says, “The bank will deduct TDS
prices with Organization of the using Form 15G or 15H. You can also from the next interest payment.”
Petroleum Exporting Countries and allies claim exemption from filing an
(known as Opec+) slashing output, and income tax return (ITR) by submitting Lower deduction under Section 197
the possibility of subpar monsoon amidst Form 12BBA. Section 197 of the I-T Act, 1961, allows
El Niño fears are some of the headwinds individuals to apply for a lower or nil
that could keep the market sentiment in Forms 15G and 15H CONDITIONS THAT NEED TDS on their income. Pallav
check over the next few months, The Income-Tax (I-T) law allows TO BE FULFILLED TO Pradyumn Narang, partner, CNK,
observed market analysts. taxpayers to receive certain income CLAIM SEC 194P BENEFITS says, “To avail of this, you need to
Against this backdrop, they prefer to
‘play safe’ and are favouring large-cap
FY23: NOT A HAPPY READING (interest, dividends, rent, and
insurance commissions) without TDS n This section exempts resident
apply to the I-T Department. Include a
statement of your estimated income
stocks over mid- and small-cap peers. CHANGE (in %) n FY21 n FY22 n FY23 114.9 deduction. Forms 15G and 15H are senior citizens aged 75 and for the relevant financial year and
Large-cap stocks, according to Rahul 76.2 self-declaration forms that can be above from filing ITR details of the deductions you are
Arora, chief executive officer-institutional 68.0 70.9 90.9 submitted by individuals to banks and eligible for.”
equities, Nirmal Bang, are likely to outper- other financial institutions to avoid
n The senior citizen’s income Submit Form 13 for this purpose.
form the mid- and small-cap segments in 36.6 TDS on certain types of income. should include only pension Once the application is approved, TDS
the face of these headwinds, as investors 18.3 18.9 19.5 20.9 Pratyush Miglani, managing and interest income will be deducted at a lower rate.
turn risk-averse and look for safe-haven 0.7 -0.6 -0.2 -4.5 -2.3 partner, MVAC, says, “Individuals Narang says, “This option is better
n The interest should be
investment options. who are not liable to pay income tax received or receivable from suited for those with higher income
“Our bias will be towards large-caps. BSE SENSEX NIFTY 50 BSE MIDCAP BSE SMALLCAP BSE 500 can submit these forms.” These are than the Form 15G/15H limit who want
any account maintained by
Valuations for the broader markets in individuals whose incomes are below to reduce their TDS deduction.”
the deductee in a specified
pockets are still relatively expensive, GAINERS LOSERS the basic exemption limit in the new
bank (as specified by the
It may take longer to process this
compared to historical averages — FY23 change (in %) FY23 change (in %) fiscal year and hence have nil tax request than when you submit Form
whether one looks at chemicals, con- liability. central government) 15G or 15H.
sumer discretionary, or mid-cap infor- BSE Capital Goods 25.0 BSE IT -21.8 Such taxpayers need to furnish a Valid reasons for seeking lower
n The pension income should
mation technology. Since we expect cal- BSE FMCG 23.6 BSE Telecommunication -18.4 declaration in Form 15G or 15H along be received in the same bank TDS must be provided. Maneet Pal
endar 2023 to be one of risk aversion in BSE Auto 17.5 BSE Realty -15.8 with a valid permanent account Singh, partner, I.P. Pasricha & Co.,
the aftermath of the impending effect on
Source:Bloomberg, exchanges
number (PAN). n The deductee needs to furnish says, “The reason could be a business
global economy because of incessant rate Amit Bansal, senior advisor, a declaration in Form 12BBA to loss, low taxable income, or tax
tightening by central banks, on a relative Singhania & Co., says, “Form 15G is an the bank containing particulars exemptions and deductions.” The
basis, large-caps will outperform mid- based recovery,” he adds. Credit Suisse Wealth Management sug- authorised document that will ensure related to pension income assessing officer (AO) may reject the
caps this year,” he says. gest investors stay with defensive stocks there is no TDS deduction on the application if he is not satisfied with
In 2022-23 (FY23), the small-cap seg- Investment strategy for now. However, they expect the market interest you earn the reasons offered or the documents
ment underperformed the front-line Analysts suggest that the overall market sentiment to improve in the second half from Employees These forms must be submitted to submitted.
indices. While the S&P BSE Sensex gained valuation has become attractive after the of the calendar 2023 on improved corpo- Provident Fund the payer, either in paper format or Apply before the deduction of TDS
0.7 per cent in FY23, the small-cap index recent correction and investors can start rate fundamentals, political stability, and (EPF), recurring electronically after verification. Bajaj begins. Singh adds, “The AO’s order is
on the BSE shed 4.5 per cent, reveals data. buying large-cap stocks from a medium- a positive medium-term economic deposit, or FD in a says, “This form will need to be for one financial year only. The
The S&P BSE MidCap and the BSE 500 to long-term perspective. growth outlook. given year. This submitted at each bank branch from individual needs to apply again for
indices, too, slipped 0.2 per cent and 2.3 “Market valuation has become quite “We suggest investors stay defensive in declaration is which the individual earns interest lower TDS in the subsequent year.” It
per cent, respectively, during this period. attractive. The Nifty’s one-year forward the current market environment and focus mandatory for all income.” Once these forms are takes around 30 to 45 days to process
At a macro level, Neeraj Chadawar,
head-quantitative equity strategy, Axis
price-to-earnings is down to 17.3x, which
is a 10-year average level. In March 2020,
on sectors with high domestic exposure as
the global outlook remains unfavourable
YOUR individuals below
60 years of age and
submitted to the payer of income
along with PAN, the latter will not
the application and issue the order.
There is one crucial difference
Securities, suggests that the upcoming it hit a 10-year average and bounced back Given this backdrop, we like banking, MONEY for Hindu deduct TDS. between Section 197 and 197A.
earnings season and companies’ commen- substantially. Given the multiple head- cement, automotive, multiplex, and Undivided Non-Resident Indians (NRIs) can’t Section 197 permits TDS
tary, among other global and domestic winds, we continue to suggest a tilt defence sectors in the context of India Families (HUFs).” avail the benefit of these forms. Those exemption or a lower rate of deduction
cues, will impact market trajectory. towards top 250 stocks (in terms of mar- equity research preference. We also like Individual senior citizens need to who fail to submit these forms can for individuals earning income
“Mid-caps are in a sweet spot of growth, ket capitalisation ranking) until the over- the pharmaceutical sector, given its defen- submit Form 15H. Sandeep Bajaj, claim the amount when filing their through dividends, insurance
which is moving in line with large-caps in all market sentiment improves,” says sive qualities amid a slowing global econ- managing partner, PSL Advocates & ITR and seek a refund. commissions, rent, etc. Bajaj says,
the past year. However, in the small-cap Chokkalingam G, founder and head of omy,” wrote Jitendra Gohil, director-global Solicitors, says, “Form 15H is The penalty for a wrong “The exemption under Section 197A
space, we believe it’s going to be a bottom- research, Equinomics Research investment management, Credit Suisse important for retired individuals who declaration under Form 15G or 15H (15 G and H) only applies to
up play and an earnings visibility play in & Advisory. Wealth Management India, in a recent earn interest income on their savings includes a fine and imprisonment. individuals deriving interest income
the near term before we witness broad- As an investment strategy, those at note co-authored with Premal Kamdar. bank accounts and FDs.” Miglani says, “The individual may from deposits.”

UNITED SPIRITS LIMITED  

  
Registered Office Situated At Tower 3, Wing ‘B’, Kohinoor City Mall,
Regd. Office: ‘UB Tower’, # 24, Vittal Mallya Road, Bengaluru-560 001. Kohinoor City, Kirol Road, Kurla (West), Mumbai – 400 070
Tel: +91 80 3985 6500; Fax: +91 80 3985 6862 Regional Office Address: - 3b, First Floor, Rajjendra Park, Pusa Road, New Delhi-110005.
Email: investor.india@diageo.com Website: www.diageoindia.com DEMAND NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT, 2002
Notice is hereby given that the following borrower/s have defaulted in the repayment of principal & interest of the loan facil-
Corporate Identity Number: L01551KA1999PLC024991 ities obtained by them from the EHFL and the said loan accounts have been classified as Non-Performing Assets(NPA).
The Demand notice was issued to them under Section 13(2) of The Securitisation and Reconstruction of Financial Asset
NOTICE OF LOSS OF SHARE CERTIFICATES and Enforcement of Security Interest Act 2002(SARFAESI Act) on their last known address. In addition to said demand
Notice is hereby given that the Company has received requests from the following shareholders for issue of Duplicate Share notice, they have been informed by way of this public notice.
Details of the Borrowers, Securities, Outstanding Dues, Demand Notice sent under Section 13(2) and Amount
Certificate(s) in lieu of the Original Share Certificate(s) reported to have been lost / misplaced. The share certificate(s) mentioned claimed there under are given as under:
hereunder are therefore deemed to be cancelled and no transactions thereon would be recognized by the Company.
1. Name and Address of the Borrower, Co Borrower, Guarantor And Loan Amount:
Sl. No. of Distinctive Nos MR. KAMLESH KUMAR (BORROWER) Winsoft Technologies C- 3/4 , 2nd Floor Near C – 4e, Main Market Janakpuri
Certificate Delhi110058 & HIG Flat No-216 4th Floor Sector-18b Multi Storey Building Dwarka Delhi 110078. Nitu Kumar,Winsoft
No Folio No. Name of the Shareholder Shares Number From To Educare Private Limited,Winsoft Edutech Private Limited,Winsoft International Studies Private Limited (Co-Borrower) HIG
Flat No-216 4th Floor Sector-18b Multi Storey Building Dwarka Delhi 110078 & C- 3/4 , 2nd Floor Opposite C – 4e, Main
01 Pritam Jana 1000 7182 724047706 724048705 Market Janakpuri Delhi -110058 Also At, Third Floor With Roof Right, Property No. A-337, Meera Bagh Paschim Vihar Delhi
110087.
The public are hereby advised against dealing in any way with the above share certificates. Any person(s) who has / have any LAN.NO: LNDP0TU0000070809 & LNDP0HL0000068597 LOAN AGREEMENT DATE: 28-Feb-2019 & 29-March-2019
claims(s) in respect of the said share certificates should lodge such claim(s) along with all documentary evidences with the LOAN AMOUNT : RS. 14800000/- (Rupees One Crore Forty – Eight Lakhs Only) & RS. 8100000 /- (Rupees Eighty – One
Lakhs Only) DEMAND NOTICE DATE:- 13.03.2023
Company at its Registered Office within 7 days of the publication of this notice, after which no claim(s) will be entertained, Amount Due in Rs. 15,544,143.90/- (Rupees One Crore Fifty – Five Lakh Forty – Four Thousand One Hundred Forty –
and the Company will proceed to issue duplicate share certificates. Three & Ninety Paisa Only) & 8,775,435.78 (Rupees Eighty – Seven Lakh Seventy – Five Thousand Four Hundred Thirty
– Five and Seventy Eight Paisa Only) With further interest from the date of Demand Notice 13.03.2023
For UNITED SPIRITS LIMITED Details of the Secured Asset: SCHEDULE OF THE PROPERTY All That Part And Parcel Of The Property Entire Third
Sd/- Floor With Roof/ Terrace Right Upto Sky, With Common Rights Of Stair Case , Main Gate And Passage , With All Other
Place : Mumbai Mital Sanghvi Common Facilities & With The Proportionate Share Of The Land Underneath , Floor / Portion Of Built Up Freehold
Dated : 10.04.2023 (Company Secretary) Property No. A-337, Land Measuring 400.00 Sq Yrds , Situated At Layout Plan Of The Janta Chbs Ltd. Known As Meera
Bagh ,Paschim Vihar Delhi 110087 Bounded:- North: Plot No 336 South: Plot No 338 West: Plot No 320 East: 200 Ft
Wide Outer Ring Road.
You the above Borrower/S are therefore called upon to make payment of the outstanding dues as mentioned hereinabove
OFFICE RELOCATION OFFICE RELOCATION in full Within 60 Days of this Notice failing which the undersigned shall be constrained to take action under the SARFAE-
SI act to enforce the above mentioned securities. Please note that as per Section 13(13) of The Said Act, You are
For better convenience of our valued For better convenience of our valued restrained from transferring the above-referred securities by way of sale, lease or otherwise without our consent.
customers , We have shifted our customers , We have shifted our Place: Delhi Sd/- Authorized Officer
Nashik Office to a new premises Surat Office to a new premises Date: 11.04.2023 FOR EDELWEISS HOUSING FINANCE LIMITED
at the address given below at the address given below
Muthoot Homefin (India) Ltd, Muthoot Homefin (India) Ltd,
2nd floor, Laxmi Enclave, 503, Sapphire Business hub,
Pandit Colony, Madhuram Circle Adajan,
Nashik -422005 Maharashtra. Surat-395009 Gujarat.
We solicit your continued We solicit your continued
support and patronage support and patronage
Email ID : enquiry@muthoothomen.com Email ID : enquiry@muthoothomen.com

POSSESSION NOTICE Ph No: 022-41010999. Ph No: 022-41010999.

WHEREAS, the authorized officer of Jana Small Finance Bank Limited (Formerly known
as Janalakshmi Financial Services Limited)., under the Securitization And Reconstruction
Of Financial Assets And Enforcement Of Security Interest Act,2002 and in exercise of pow-
ers conferred under section 13(2) read with rule 3 of the Security Interest (Enforcement)
Rules 2002 issued demand notices to the borrower(s)/ Co-borrower (s) calling upon the
borrowers to repay the amount mentioned against the respective names together with
interest thereon at the applicable rates as mentioned in the said notices within 60 days
from the date of receipt of the said notices, along with future interest as applicable, inci-
dental expenses, costs, charges etc. incurred till the date of payment and/ or realisation.
Sr. Borrower/ 13(2) Notice Date/ Date/ Time
Loan No. Co-Borrower/ Outstanding Due & Type of
No. Guarantor/ Mortgagor (in Rs.) as on Possession
1 30419660000015 1) Goyal Communications 14.12.2022 Date:
Represented by its Proprietor Rs.16,74,980/- 05-04-2023
30419660000400 Mr. Praveen Kumar, (Rupees Sixteen Five Time:
Lakh Seventy Four
& 2) Mr. Praveen Kumar Thousand Nine 05:21 P.M.
(Borrower), 3) Mrs. Preeti Hundred Eighty Only) Symbolic
30418640000325
Goyal (Guarantor) as on 12.12.2022 Possession
Description of Secured Asset: Entire Second Floor of Property bearing MCF No.
151, Admeasuring 116 Sq.yards, on Plot No.43, Earlier Comprised in Khasra
No.81/8, situated at Garg Colony in the Layout Plan of Village Ballabhgarh,
Tehsil Ballabhgarh, District Faridabad. Is owned by Mr. Parveen, OFFICE RELOCATION
S/o. Mr. Tek Chand Goyal. Bounded as: East: Plot No.42, West: Plot No.44,
North: Rasta 20 Ft. Wide, South: Plot No.68. For better convenience of our valued
Whereas the Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors, mentioned herein customers , We have shifted our
above have failed to repay the amounts due, notice is hereby given to the Borrower's Virar Office to a new premises
mentioned herein above in particular and to the Public in general that the authorised at the address given below
officer of Jana Small Finance Bank Limited has taken possession of the properties/
secured assets described herein above in exercise of powers conferred on him under Muthoot Homefin (India) Ltd, 5th
Section 13(4) of the said act read with Rule 8 of the said rules on the dates mentioned floor, Riddhi Arcade, Narangi
above. The Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors mentioned herein Bypass Rd, in front of Magnus
above in particular and the Public in general are hereby cautioned not to deal with the Motors, Y K Nagar, Virar West,
aforesaid properties/ Secured Assets and any dealings with the said properties/ Virar, Maharashtra 401303
Secured assets will be subject to the charge of Jana Small Finance Bank Limited.
We solicit your continued
Place: Delhi Sd/- Authorised Officer,
Date: 11.04.2023 Jana Small Finance Bank Limited support and patronage
Email ID : enquiry@muthoothomen.com
Ph No: 022-41010999.
Registered Office: The Fairway, Ground & First Floor, Survey No.10/1, 11/2 &
12/2B, Off Domlur, Koramangla Inner Ring Road, Next to EGL Business Park,
Challaghatta, Bangalore-560071. Branch Office: 16/12, 2nd Floor, W.E.A, Arya
Samaj Road, Karol Bagh, New Delhi-110005.
12 STOCKS
>
NEW DELHI | TUESDAY, 11 APRIL 2023 1

> OFSTOCK
IN THE > Rossari Biotech > One 97 Communications > National Standard India

NEWS Top gainer

among A group of
Trading volume
jumps 14x over
Hits upper circuit
for last 4 days THE DAY
companies 2 week average in a row Pricol
~623.1 PREVIOUS CLOSE ~646.0 PREVIOUS CLOSE ~5,024.5 PREVIOUS CLOSE Hits new all-time high
~741.9 CLOSE ~655.2 CLOSE ~5,275.7 CLOSE at ~231; Up 71 per cent
p 19.1% UP p 1.4% UP p 5.0% UP in a year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
10 Apr ’23 Chg (%) Con Std 10 Apr ’23 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 1797.3 2.5 0.7 99.7 145.5 Infosys 1427.6 0.4 6.4 25.0 26.3 price price (%) price price (%)
Adani Ports 652.0 1.6 0.6 27.7 - ITC 388.6 0.3 6.0 31.7 27.0 Godrej Prpty 1235.7 1227.3 9.1 1259.8 1704.9 Petronet LNG 227.4 228.2 -3.3 207.0 195.5
MOST BULLISH MOST BEARISH
Apollo Hosp 4237.0 0.8 0.5 57.7 60.2 JSW Steel 688.5 0.8 1.1 44.8 35.1 DLF 407.7 405.3 5.9 407.7 418.5 IDFC 76.5 77.1 -3.1 72.9 42.3
Asian Paints 2776.4 -1.2 1.6 71.5 70.7 Vodafone Idea 6.2 6.2 0.8 L&T Tech Ser 3495.9 3593.5 -2.7 Power Fin 167.0 166.5 5.7 170.6 170.6 ICICI Prud Life 429.3 432.8 -1.9 381.0 381.0
Kotak Mah Bank 1759.3 0.1 3.2 24.5 34.2
Axis Bank 847.4 -0.5 3.0 18.5 13.4 GMR Infra 43.9 43.6 0.7 Dixon Tech 2940.4 2977.1 -1.2 Tata Motors 473.1 461.1 5.4 473.1 494.5 PNB Hou Fin 446.2 450.2 -1.9 384.2 258.3
L&T 2309.7 1.6 4.0 32.1 41.9
Oberoi Relty 912.5 907.0 0.6 Britannia 4218.5 4266.4 -1.1 Adani Green En 897.8 897.8 5.0 2185.3 3048.0 Bajaj Fin 5811.1 5830.8 -1.8 5487.3 5235.6
Bajaj Auto 4061.6 0.7 0.6 19.5 20.3 Mah & Mah 1188.6 1.5 1.5 22.5 23.3 City Union Bk 126.4 125.7 0.6 Colgate 1523.1 1536.9 -0.9 Adani Trans 1004.0 1004.0 5.0 2798.6 4238.6 Nykaa 128.0 129.0 -1.7 120.5 120.5
Bajaj Fin 5828.8 -1.7 1.9 50.2 36.3 Maruti Suzuki 8535.2 0.2 1.4 66.5 35.5 MRF 84899.1 84398.5 0.6 Au Small Fin 559.8 564.5 -0.8 Adani Total Gas 907.6 907.6 5.0 3998.4 3998.4 Havells I 1163.0 1173.4 -1.7 1128.1 1058.7
Bajaj Finsrv 1305.1 0.1 1.0 34.7 280.9 Nestle India 19530.2 -0.9 0.9 - 78.3
Bharti Airtel 769.8 0.5 2.4 58.4 - REC 124.6 124.1 4.5 128.4 128.4 IDFC First Bank 54.0 54.1 -1.7 52.1 29.0
NTPC 177.6 1.4 1.0 10.3 10.1
BPCL 335.8 1.1 0.4 6.2 - BSE NSE ONGC 157.5 157.2 4.3 159.7 179.8 Jubilant Fd 425.1 425.7 -1.7 412.2 412.2
Britannia 4266.4 -0.8 0.6 48.0 51.5
ONGC 157.2 4.3 1.0 4.3 4.1 Index Stock Index Stock PUT-CALL RATIO Zomato 54.2 54.0 3.5 56.8 88.2 Bank of India 75.0 75.4 -1.7 66.1 40.4
Power Grid 229.1 1.7 1.0 9.5 10.3 Dixon Tech 2985.0 2977.0 3.1 3757.6 4670.0 Gujarat Gas 458.0 459.2 -1.6 442.0 403.8
Cipla 901.9 1.0 0.6 27.6 25.9 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2324.9 -0.7 9.9 24.7 37.9 Aditya Bir Fa 222.7 222.2 2.9 270.6 359.4 SBI Card & Pay 738.0 740.7 -1.5 690.9 656.1
Coal India 222.1 0.2 0.6 4.7 8.9 Contracts - - 229708 675268
SBI 526.3 -0.3 2.5 10.0 11.0 Market 1369.7 2015.9 0.7 Apollo Tyres 329.0 328.0 2.8 343.0 343.0 Chola Inv 827.8 829.2 -1.5 659.1 594.0
Divis Lab 2909.7 -0.4 0.5 26.1 32.6 Open Int.(000) - - 13939 4902433
SBI Life Ins 1106.3 -0.9 0.6 - 68.5 Can Fin Home 583.4 582.2 2.7 606.0 678.0 Bosch 18492.2 18539.6 -1.4 16365.7 12940.1
Dr Reddys 4759.7 1.3 0.7 21.7 33.6 Shares(In Mn) - - 8.7 1077.5 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1008.6 -0.3 1.4 57.5 169.8 Adani Enter 1812.0 1797.3 2.5 3739.0 4189.6 Tata Consumer P 720.0 720.7 -1.3 685.0 685.0
Eicher Motor 2970.5 0.3 0.5 31.0 33.4 Value(~ crore) - - 21864 44861
Tata Consumer P 720.7 -1.3 0.5 58.1 73.9 Siemens 1.3 Honeywell A 0.0
Grasim Ind 1710.3 2.5 0.8 14.9 36.3 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 461.3 5.4 1.0 - 343.6 Chola Inv 1.2 Atul 0.1
HCL Techno 1103.1 1.0 1.5 20.7 25.8 Contracts - - 162457383 2709465
Tata Steel 105.0 0.6 1.1 7.6 6.6 TCS 1.1 IndiaMART Int 0.1
HDFC 2727.8 -0.1 6.2 22.1 32.3
HDFC Bank 1658.5 -0.5 9.1 24.3 22.0 TCS 3263.4 1.3 4.1 29.4 30.5
Open Int.(000)
Shares(In Mn)
-
-
-
-
410301
6007.9
2975330
3787.4
Bajaj Auto 1.0 Page Inds 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1107.3 1.3 0.9 20.7 25.2 HDFC 1.0 Max Fin Sre 0.2
HDFC Std Life 513.7 -0.2 0.7 83.2 80.9 Value(~ crore) - - 14631563 185605 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2460.7 1.4 0.4 21.2 18.4 Titan Company 2583.7 1.4 1.3 105.6 74.2 BSE+NSE BSE+NSE
UltraTech 7696.3 -0.1 1.1 36.9 38.9 1 Reliance Ind 1572729.1 BS200 UP 7 DAYS
Hindalco 411.5 1.5 0.7 6.7 22.6 (~ crore) (Mn shrs)
HUL 2532.2 -1.3 2.8 67.0 61.1 UPL 737.8 1.6 0.5 13.3 30.1 ACTIVE CALLS ACTIVE PUTS ICICI Bank 2708.2 31.1
2
3
TCS
HDFC Bank
1194037.5
925170.1 UP 7 DAYS Asian Hot-N 111.1
ICICI Bank 868.5 -0.7 7.5 24.2 20.4 Wipro 373.3 1.8 0.7 18.0 16.5 Aditya Birla 9.4 Niesspa 94.8
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg HDFC Bank 2671.1 16.1 4 ICICI Bank 606329.5
IndusInd Bank 1069.3 -1.2 0.9 - 12.4 Nifty 50 17624.1 á0.1 100.0 22.5 24.9 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Tata Motors 2446.0 52.5 5 HUL 595647.1 Indiabulls Hous 9.2
Uday Jewellery
Alphalogic Tech
45.4
42.4
INDEX PE SHRS TRDS 1 YR Index Index Reliance Ind 1420.0 6.1 6 Infosys 592124.0 Muthoot Finance 6.5
KRL 40.7
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty Finance
13/04/23
11/04/23
17700
18500
194.4
190.8
8.8
4.6
178.2
302.5
Nifty
Nifty Finance
13/04/23
11/04/23
17600
18400
206.4
170.7
7.4
2.6
115.7
168.6
Axis Bank 1333.4 15.7
7
8
HDFC
ITC
500474.4
483076.4
Dr Reddys 6.1
Ambar Proteins 40.7
SENSEX 24.2/26.5 11.0 188 17 13 0.7 SBI 934.0 17.7 Exide Ind 5.1
Asian Paints 2776.5 -1.2 1.8 71.5 70.7 Maruti Suzuki 8534.1 0.2 1.6 66.5 35.5 Nifty 13/04/23 17600 155.5 5.9 24.4 Nifty Bank 13/04/23 41000 132.0 2.8 94.4 9 SBI 469701.7 DOWN 7 DAYS
Axis Bank 847.1 -0.6 3.4 18.5 13.4 NIFTY 50 22.5/24.9 254.8 3762 32 18 -0.9 DLF 853.9 21.3 Zydus Lifescien 2.9
Nestle India 19535.4 -0.9 1.0 - 78.3 C = CONSOLIDATED; S = STANDALONE Nifty Bank 13/04/23 41000 136.9 4.8 202.8 Nifty Finance 11/04/23 18300 131.1 2.6 147.6 10 Bharti Airtel 428951.3 White Organic -30.1
Bajaj Fin 5830.8 -1.8 2.2 50.2 36.3 UP 3 DAYS
NTPC 177.6 1.4 1.2 10.3 10.1 Nifty 13/04/23 17650 133.4 3.5 140.3 Nifty 13/04/23 17650 119.3 1.7 384.0 HDFC 831.6 3.0 11 Bajaj Fin 353022.8 Soma Text -30.1
Bajaj Finsrv 1305.0 0.1 1.2 34.7 280.9 Power Grid 229.0 1.7 1.1 9.5 10.3 CASH DERIVATIVES Stock Stock Godrej Prpty 17.4
Adani Enter 789.8 4.4 12 Kotak Mah Bank 349426.0 Rungta Irrig -27.7
Bharti Airtel 769.4 0.4 2.7 58.4 - Reliance Ind 2324.6 -0.7 11.4 24.7 37.9 TURNOVER BSE NSE BSE NSE Tata Motors 27/04/23 470 53.6 5.1 285.1 Tata Motors 27/04/23 460 23.6 2.5 2040.7 13 LIC India 347337.4 IEX 13.8
Infosys 753.1 5.3 Swagtam -16.0
HCL Techno 1103.1 1.0 1.7 20.7 25.8 SBI 526.3 -0.3 2.9 10.0 11.0 VALUE(IN ~ CRORE) 2893 45188 -14883893 Tata Motors 27/04/23 480 41.3 5.1 442.6 Tata Motors 27/04/23 450 22.5 3.2 335.7 14 L&T 324551.0 DLF 12.1
TCS 749.5 2.3 Raj Rayon -13.1
HDFC 2728.1 -0.1 7.1 22.2 32.3 SHARES(IN MN) 403.4 1819.8 - 10881.5 Tata Motors 27/04/23 500 38.4 6.6 187.9 Tata Motors 27/04/23 430 15.4 2.7 49.3 15 HCL Techno 299342.7 Indraprst Gs 11.5
Sun Pharma 1008.6 -0.3 1.6 57.5 169.8 Bajaj Fin 570.6 1.0 Nettlinx -9.9
HDFC Bank 1658.1 -0.5 10.4 24.3 22.0 TRADES(000) 1905 15239 - 56404 Tata Motors 27/04/23 460 33.4 2.3 48.4 Tata Motors 27/04/23 470 14.8 1.3 1967.4 16 Asian Paints 266317.1 Tata Motors 8.7
Tata Motors 461.1 5.4 1.2 - 343.4 Liquid Sach 564.7 5.6 UP 3 DAYS
HUL 2535.1 -1.1 3.2 67.1 61.2 GMR Infra 27/04/23 46 29.1 5.0 -1.8 GMR Infra 27/04/23 41 13.7 7.3 18.8 17 Axis Bank 260641.5 Firstsource 8.6
Tata Steel 105.0 0.5 1.2 7.6 6.6 Godrej Prpty 539.6 4.5 Decipher Labs 53.2
ICICI Bank 868.3 -0.7 8.6 24.1 20.4 MARKET-CAP (~ CR) TRADED TOTAL 18 Maruti Suzuki 257798.1
TCS 3263.2 1.3 4.7 29.4 30.5 Maha Gas 7.9 Krebs Bio 50.8
IndusInd Bank 1069.4 -1.1 1.0 - 12.4 PAYTM 512.5 7.8 19 Sun Pharma 241993.4
Tech Mahindra 1107.5 1.4 1.0 20.7 25.2 BSE 26,357,755 26,504,815 DOWN Nandan Den 47.5
Infosys 1427.3 0.4 7.3 25.0 26.3
ITC 388.7 0.4 6.9 31.7 27.1 Titan Company 2583.3 1.4 1.5 105.5 74.2 NSE 26,080,912 26,228,427 SPURT IN VOLUMES L&T
KPIT Techno
482.4
456.3
2.1
5.8
20á
21â
Titan Company
Avenue Supermar
229340.9
223698.3
Policy Bazar -5.2 Cosyn 45.8
UltraTech 7693.5 -0.1 1.3 36.9 38.8 DERIVATIVES 19,180,438 19,180,438 Federal Bank -4.7
Kotak Mah Bank 1759.0 0.1 3.7 24.5 34.2 Company Days 2-week Avg Change Close *Price 22 UltraTech 222102.2 Intrasoft T 42.0
Torrent Pwer 454.0 8.7
L&T 2309.2 1.5 4.6 32.1 41.9 Wipro 373.3 1.8 0.8 18.0 16.5 Volume Volume % price %chg 23 Bajaj Finsrv 207852.4 Bosch -4.6 Maris Spin 40.6
Mah & Mah 1188.4 1.5 1.7 22.5 23.3 BSE SENSEX 59846.5 á0.0 100.0 24.2 26.5 TRADING ACTIVITY UTI Nifty-ETF 100731.0 2278.1 4321.6 1888.0 0.4
Titan Company
ITC
403.4
374.7
1.6
9.7
24á Adani Enter 204892.2 United Brew -2.4 Zodiac Energy 33.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Wipro 204839.6 Jubilant Fd -2.3 DOWN 3 DAYS
Onward Tech 236704.0 8674.7 2628.7 337.1 11.2 Asian Paints 346.9 1.3
Equity Debt Equity Debt 26á ONGC 197699.1 Axis Bank -2.0 Unistar Mult -14.3
Net Net Net Net Birlaslamc - Ab 100213.0 3878.5 2483.8 1000.0 0.0 Zomato 344.6 64.5 27â Nestle India 188360.3 Bank of Baroda -1.8 Globe Comm -14.3
WORLD INDICES On 06 Apr 454 309 - - Marathon Nex 509094.0 26701.7 1806.6 306.5 8.6 Indraprst Gs 341.1 7.3 28 NTPC 172212.9 Others Kenvi Jewels -14.3
On 05 Apr 822 -1138 -1091 3916 Rossari Biotech 2326358.0 128767.0 1706.6 741.8 19.1 Mah & Mah 320.6 2.7 29 JSW Steel 166484.7
Indices Close % Chg* Indices Close % Chg*
On 03 Apr 558 -577 -66 2454 Prime Focus 1818799.0 139614.7 1202.7 93.7 18.1 30 Power Grid 159737.8 (T+2) cycleStocks which rose/fell continuously
Adani Ports 309.1 4.7
Americas (Apr 06,23) Asia/Pacific (Apr 10,23) On 31 Mar 2366 47 2231 2400 Aarti Surfactan 267131.0 20849.6 1181.2 574.8 20.0
Nasdaq Composite 12088.0 0.8 Stock Exchange of Thai 1593.1 1.0 On 29 Mar 835 -3904 -682 827 Nagarjuna Fert 6793592.0 544284.9 1148.2 11.3 4.9
Apr till date 1835 -1406 -1157 6370 Gretex Ind 144000.0 12000.0 1100.0 29.5 5.0
S&P/ TSX Composite
Dow Jones
20196.7
33485.3
0.2
0.0
Kospi
Taiwan Taiex
2512.1
15876.2
0.9
0.3 2023 till date -18450 1996 53785 -13901 Ajmera Rlty 315418.0 27166.7 1061.0 313.3 6.4
BOARD MEETINGS INTRA-DAY
Europe/Africa (Apr 06,23) Kuala Lumpur Comp 1428.1 0.1 Group subsidiaries, Company) for GI Engg: To cuss any other
FTSE 100 7741.6 1.0 Straits Times 3294.4 -0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company including hiv- the purpose of consider and matter with
Purpose ing off non- determining approve the the permission
IBEX 35 9312.3 0.6 Jakarta Composite 6771.2 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock core the Members matters relat- of the Board of
DAX 15597.9 0.5 Shanghai Se Comp 3315.4 -0.4 NET Net Fut OI Opt OI OI APRIL 11 business/as- of Expleo India ing to the Directors.
HIGH *Raclgear . . . . . . . . . 965.0 LOW *R J Bio-Tech . . . . . . . . . . 4.4
CAC 40 7324.8 0.1 Volatility (Apr 06,23) BS 200 *Waaree Renewabl . . . 897.0 BS 200 Foundry Fuel . . . . . . . . . . 4.2 Advik Capital: sets, if any and Infosystems Rights Issue in- MPS Ltd: To
On 06 Apr -4761 684 0.2 1.5 2.3
Asia/Pacific (Apr 10,23) CBOE S&P 500 19.5 5.9 On 05 Apr 12296 325 0.2 3.0 2.3 Abbott India . . . . . . . 23142.6 *Remedium Lifeca . . . 896.5 United Brew . . . . . . . . 1388.3 RSC Int . . . . . . . . . . . . . . . 4.2 To device and also any other Private Limited cluding terms consider and
Nikkei 225 27633.7 0.4 CBOE Dow Jones 16.6 -0.5 On 03 Apr -2941 -285 0.2 2.4 2.2 UltraTech . . . . . . . . . . 7770.0 *Finolex Cab . . . . . . . . 895.0 Others *Mohota Inds . . . . . . . . . . 4.0 define long- business with who are eligi- and conditions approve Inti-
On 31 Mar -16388 1909 0.2 2.3 2.2 Dr Reddys . . . . . . . . . . 4771.0 *H G Infra Engg . . . . . . 865.0 *V-Mart Ret . . . . . . . . 2085.0 *Shamrock Ind . . . . . . . . . 3.5 term business the permission ble to receive such as the de- mation of the
Hang Seng (Apr 06) 20331.2 0.3 * Change over previous close
On 29 Mar 23641 -203 0.2 1.6 2.2 *Siemens . . . . . . . . . . 3400.0 *ADC India . . . . . . . . . . 858.4 *Orient Ele . . . . . . . . . . 227.2 Ramgopal Poly . . . . . . . . . 3.4 strategy of the of the Chair. the Equity termination of Meeting of
*L & T . . . . . . . . . . . . . 2319.7 *JBM Auto . . . . . . . . . . 762.0 PBM Polytex . . . . . . . . . . 85.1 Company, to Delta Corp: To Shares of the the Rights Board of Direc-
MAJOR INDICES Apr till date
2023 till date
4593
222146
724
-707
-
-
-
--OI in
-
Dalmia Bharat . . . . . . 2009.1 *Josts Engg . . . . . . . . . 699.9 Onesource Ideas . . . . . . 83.0
11Mpr . . . . . . . . . . . . . . 3.3
Vikaslife . . . . . . . . . . . . . 3.2
take decision consider and Company con- Issue Rights tors inter-alia
Maha Gas . . . . . . . . . . 1024.4 Nucleus Soft . . . . . . . . . 699.0 *Shipping Crp . . . . . . . . 79.5 for raising of approve Au- sequent to the Issue size etc. to consider and
Previous Close Open High Low Close Change % chng number of contracts(million) Mid East Pro . . . . . . . . . . . 2.9
*Chola Inv . . . . . . . . . . . 848.0 KRL . . . . . . . . . . . . . . 628.8 *CIFL . . . . . . . . . . . . . 70.9 funds by issu- dited Stand- approval of Jai Mata Gl: To approve the
*Jatalia Global . . . . . . . . . 2.6
S&P BSE Sensex 59,833.0 59,859.0 60,109.1 59,766.2 59,846.5 13.5 0.0 Zydus Lifescien . . . . . . 499.9 *Control Prnt . . . . . . . . 558.3 *Vintage Coffee . . . . . . 24.8 ance of secu- alone and Scheme of consider and following busi-
*Mystic Ele . . . . . . . . . . . . 2.6
Indraprst Gs . . . . . . . . . 472.7 *Ksolves India . . . . . . . 555.0 White Organic . . . . . . . . 22.1 rities through Consolidated Amalgamation approve 1. the ness(es): 1.To
*Rehspg . . . . . . . . . . . . 2.5
S&P BSE Sensex 50 18,507.7 18,514.7 18,604.4 18,506.6 18,532.1 24.4 0.1 S&P BSE SECTORAL INDICES Manapp Finance . . . . . 128.8 *Sterl Tools . . . . . . . . . 439.0 Maitri Enterpri . . . . . . . . 21.0 Neogem India . . . . . . . . . . 2.2
preferential Financial of Expleo India Standalone au- Evaluate pro- alone and con- sequent to al- Preferential Wea: Inter alia Audit Commit-
Others *Atul Auto . . . . . . . . . . . 421.9 *Molowvol . . . . . . . . . . 20.4 issue, right Statements of Infosystems dited financial posals for fund solidated finan- teration in cap- Issue subject to to: i. Consider tee of the Board;
S&P BSE-100 17,830.8 17,838.9 17,920.9 17,834.1 17,857.6 26.7 0.1 Prev cls Close % Chng Pagaria Enrg . . . . . . . . . . . 2.2
*Elantas Beck . . . . . . 5350.9 Aptech . . . . . . . . . . . . . 417.5 Ambica Agar . . . . . . . . . 19.1 issue, private the Company Private Limited results of the raising by the cial results of ital clause of such regulatory approve and and ii. Recom-
S&P BSE-200 7,483.2 7,489.0 7,523.2 7,488.9 7,499.5 16.2 0.2 *Pact Inds . . . . . . . . . . . . . 1.5 placement, for the Finan- Expleo India Company for Company 2. To
Auto 28,749.4 29,102.7 1.2 *Linde India . . . . . . . . 4210.6 *Universl Cab . . . . . . . . 414.6 *Seya Inds . . . . . . . . . . . 17.6 the Company the Memoran- or statutory ap- take on record mend a final div-
*Gagan Poly . . . . . . . . . . . 1.3 Qualified Insti- cial Year ended Technologies the quarter Consider and
S&P BSE-500 23,475.1 23,494.5 23,592.8 23,491.2 23,526.4 51.3 0.2 Bankex 46,453.7 46,244.8 -0.4 Dynamatic T . . . . . . . . 2947.6 Lincoln Pha . . . . . . . . . . 385.0 Khandel. Ext . . . . . . . . . . 17.3 for the fourth dum of Associa- provals and the the audited idend if any on
Consoildtd C . . . . . . . . . . . 1.2 tutional Place- 31st March Private Limited and year ended Approve the
Cons. Durables 38,171.1 38,384.1 0.6 *WPIL Ltd . . . . . . . . . . 2614.6 *Bhagwti Auto . . . . . . . 355.7 *Voltair Leasing . . . . . . . 14.8 quarter and Fi- tion of the approval of the standalone and the equity
S&P BSE IPO 7,770.8 7,745.7 7,808.0 7,745.7 7,772.0 1.2 0.0 *Goyal Aluminium . . . . 354.3 Niehspe . . . . . . . . . . . . . 0.9 ment or 2023 and to Expleo Engi- on 31st March Notice of
Cap. Goods 35,466.4 35,761.9 0.8 *Power Mech Pro . . . 2548.7 *Sterling Power . . . . . . . 11.7 nancial Year Company. 2)To shareholders of consolidated fi- shares of the
FMCG 16,590.6 16,535.7 -0.3 *Eyantra Ve . . . . . . . 320.5
Ramchandra Leas . . . . . . 0.8 through any recommend neering India 2023 in accor- Postal Ballot
S&P Dollex-30 5,993.5 - - - 5,994.7 1.2 0.0 *KSB . . . . . . . . . . . . . 2279.0 *New infra . . . . . . . . . . 11.2 ended 31st consider and the Company as nancial results Company for the
Healthcare 22,216.2 22,329.7 0.5 *Ramkrshn Frg . . . . . . . 318.0 *Negotium Intl . . . . . . . . . 0.8 other permis- dividend if any Private Limited dance with for seeking March 2023. approve pro- may be re- of the Company financial year
Neuland Lab . . . . . . . . 2179.5 Incon Engg . . . . . . . . . . . 10.6
Nifty 50 17,599.2 17,634.9 17,694.1 17,598.0 17,624.1 24.9 0.1 Infra 286.4 290.6 1.5 *Shilchar Tec . . . . . . . 1746.0 *Marathon Nex . . . . . . 308.5 *AJIL . . . . . . . . . . . . . . . . . 9.9 Landmark Lsu . . . . . . . . . 0.7 sible mode or Expleo Solu- and Silver Soft- Regulation 33 shareholders Ugro Cap: To posal for fund quired. 3) Any for the fourth ending March 31
IT 28,558.0 28,796.2 0.8 *PG Elect . . . . . . . . . . 1455.0 *Titagrh Wgns . . . . . . . 294.8 Amrapali Ind . . . . . . . . . . . 9.3 Diamant Infr . . . . . . . . . . . 0.7 any combina- tion: To fix the ware Develop- of SEBI (Listing approval. consider and raising by way other item with quarter and fi- 2023 for the ap-
Nifty next50 38,187.1 38,293.7 38,376.0 38,159.1 38,296.8 109.7 0.3 Omansh Ent . . . . . . . . . 0.7 tion thereof record date of ment Centre Obligation and Tierra Agro-
Metal 19,245.0 19,336.9 0.5 *Keltech Enrgy . . . . . 1163.2 *Mold-Tek Techno . . . . 280.3 *Mfsintrcrp . . . . . . . . . . . 8.3 approve 1) To of issue of the permission nancial year proval of the
Nifty 500 14,759.2 14,797.4 14,833.5 14,767.0 14,790.6 31.3 0.2 Oil & Gas 17,388.8 17,593.9 1.2 Cyient . . . . . . . . . . . . . 1080.1 *Cenlub Indus . . . . . . . 264.0 Parker Agro . . . . . . . . . . . 7.3 *Vikas Proppant . . . . . . . 0.5 and to rational- Expleo India Private Limited Disclosure Re- tech: To con- increase au- equity shares of the Chair. ended March 31 shareholders at
Power 3,593.9 3,650.1 1.6 *Ador Welding . . . . . . 1039.0 *Indian Toner . . . . . . . . 254.4 Jayatma Inds . . . . . . . . . . 6.6 Blue Chip I . . . . . . . . . . . . . 0.5 ize the invest- Infosystems with Expleo quirement) sider and thorized share and/or any 2023 after these the ensuing 28th
India VIX 11.8 11.8 12.6 11.8 12.3 0.5 4.0 *Career Point . . . . . . . . 237.8 Risa Intl . . . . . . . . . . . . . . . 0.5 ment of the Private Limited Solutions Lim- Regulation approve the
PSU 9,544.0 9,627.7 0.9 *Permanent Mg . . . . . 1030.0 *Prime Urban . . . . . . . . . . 5.0 capital of the other instru- APRIL 12 results are re- Annual General
Nifty CPSE 2,941.1 2,944.3 2,992.5 2,939.6 2,989.1 48.0 1.6 Realty 3,234.7 3,369.5 4.2 Company in its (Transferor ited. 2015. 2. To dis- Audited stand- Company con- ments through Anand Rathi viewed by the Meeting.
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (536.7) (536.8) (3396.6) (3397.1)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 537.0 537.0 3396.5 3419.9
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 542.2 542.7 3416.5 3419.9
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 532.1 532.1 3370.0 3369.7
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 537.4 537.0 3399.1 3397.7
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 79031 744K 3258 193K
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 30.6 30.6 70.9 70.8
company name is followed by shares traded, and also the 52 Wk H/L 976/482 975/482 3467/2001 3468/2000
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 19479 19466 72027 71996
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 mH H < « « « « m
(22867.3) (22880.9) (1712.6) (1712.0) (1752.9) (1754.1) (855.0) (856.3) (641.8) (641.6) (192.1) (192.2)
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M 48460 48517 32687 32693 204892 204887 142214 142428 140820 140842 74825 74825 M M

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(535.2) (535.1) (851.8) (852.0) (4032.9) (4033.6) (5935.5) (5932.2) (1303.7) (1303.9) (1964.5) (1969.8) (411.6) (411.6) (208.1) (208.1) (166.9) (166.9) (1403.0) (1402.8) (597.4) (597.2) (98.8) (98.8) (762.2) (762.4) (766.1) (766.0) (70.6) (70.6) (215.9) (215.8) (265.9) (266.0) (18798.5) (18795.0)
O 536.0 536.0 859.0 854.8 4030.0 4035.1 5935.6 5945.0 1313.0 1311.0 1964.5 1969.8 O 418.0 420.0 208.3 209.4 167.2 167.5 1403.1 1409.7 597.0 598.0 98.8 98.9 O 763.7 762.9 766.1 769.0 70.7 70.9 216.1 217.0 264.1 266.0 18900.0 18940.0
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w 532.9 533.0 844.1 844.0 4030.0 4030.1 5811.1 5811.0 1296.8 1295.7 1960.1 1960.0 w 412.0 412.0 206.8 206.8 165.4 165.4 1399.2 1399.9 592.3 592.6 98.8 98.8 w 744.0 743.6 766.1 766.5 70.7 70.8 213.2 213.2 264.1 265.6 18492.2 18494.5
540.7 540.8 847.1 847.4 4062.1 4061.6 5830.8 5828.8 1305.0 1305.1 1991.0 1990.7 412.7 412.9 210.0 210.1 166.2 166.2 1403.2 1404.0 595.1 595.3 99.9 99.9 756.5 756.5 769.4 769.8 71.3 71.3 215.6 215.5 266.9 266.8 18539.6 18542.8
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15.9 15.9 13.4 13.4 19.5 19.5 36.3 36.3 34.7 34.7 32.2 32.2 26.6 26.6 10.3 10.3 7.7 7.7 57.0 57.0 69.2 69.3 26.2 26.2 33.1 33.1 58.4 58.4 32.7 32.7 66.7 66.7 20.8 20.8 39.7 39.7
W 710/397 710/397 970/618 970/618 4130/3461 4132/3460 7777/5236 7778/5220 1846/1078 1844/1073 2451/1801 2450/1796 W 521/307 521/307 350/182 350/182 197/90 197/90 2039/1381 2032/1381 742/528 743/527 228/87 228/87 W 920/598 919/597 877/629 861/629 91/41 92/41 388/192 388/192 502/250 502/250 19645/12940 19655/12932
M 31677 31683 260642 260734 114940 114927 353023 352905 207852 207868 38485 38480 M 8336 8341 33820 33836 85948 85948 18034 18044 57808 57823 73010 73025 M 35223 35220 428951 429146 24830 24827 25879 25873 7336 7332 54673 54683

BPCL Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH
(331.9) (332.0) (4299.8) (4299.8) (567.1) (567.2) (284.5) (284.5) (296.6) (297.1) (272.5) (272.6) (841.4) (841.4) (892.7) (893.3) (125.0) (124.9) (221.7) (221.7) (4003.1) (4000.1) (1540.8) (1538.6) (570.6) (570.7) (923.8) (923.0) (1579.3) (1578.1) (525.8) (525.9) (1998.9) (1999.3) (1807.1) (1807.3)
O 330.1 332.0 4300.0 4299.8 576.9 573.0 284.7 285.9 297.0 296.6 273.0 274.1 O 848.0 847.8 895.1 897.0 126.0 126.4 220.1 221.5 4020.0 4040.0 1525.1 1538.6 O 572.1 574.0 923.9 925.0 1604.2 1593.1 527.1 527.9 2009.1 2009.0 1807.2 1810.0
336.9 336.8 4305.1 4299.8 583.4 583.6 286.8 286.7 300.2 300.3 280.6 280.7 848.0 847.8 904.1 904.5 127.0 127.0 224.4 224.5 4070.0 4070.0 1546.9 1547.4 581.9 582.0 936.0 936.0 1604.2 1595.9 528.2 528.0 2009.1 2010.0 1826.0 1827.0
w 330.1 331.6 4245.6 4243.0 568.0 568.1 282.6 282.4 293.4 293.3 273.0 274.0 w 827.8 827.1 894.5 894.2 124.9 124.6 220.1 221.2 3990.8 3991.0 1525.1 1526.5 w 571.5 571.7 919.2 918.1 1568.0 1567.8 521.2 521.2 1976.2 1976.6 1800.9 1801.0
335.7 335.8 4265.9 4266.4 582.2 582.2 283.2 283.3 299.4 299.1 278.2 278.5 829.2 829.2 901.9 901.9 125.6 125.7 222.1 222.1 4059.8 4061.3 1535.6 1536.9 578.8 577.4 932.8 933.9 1579.5 1579.2 522.9 523.2 1983.6 1983.7 1820.8 1822.7
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W 399/288 399/288 4680/3150 4669/3132 678/408 678/407 342/172 342/172 429/278 429/278 516/249 516/248 W 848/594 848/600 1185/852 1185/852 205/118 205/118 263/165 263/165 4513/3210 4512/3210 1695/1435 1696/1435 W 829/554 829/554 1094/811 1094/810 1715/947 1707/947 610/482 611/482 2009/1213 2010/1213 2379/1682 2380/1681
M 72811 72843 102766 102778 7751 7751 51367 51394 19045 19023 11579 11591 M 68148 68152 72793 72793 9299 9303 136843 136843 24801 24810 41768 41802 M 35263 35178 27423 27455 43782 43775 92639 92701 37193 37193 24836 24861

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.
NEW DELHI | TUESDAY, 11 APRIL 2023 13
<
 Office of the Superintending Engineer, Procurement,
Jammu Power Distribution Corp. Ltd., Rail Head, Narwal, Jammu,
Jammu Kashmir, PIN -180012.
CIN No: (U40300JK2013SGC003898)
14
>
NEW DELHI | TUESDAY, 11 APRIL 2023 1
e-mail:epc1jmu@gmail.com
. TELE-0191-2473402
No: SE/PRJ/TS/60 Dated: 06.04.2023
e-NIT Cancellation Notice
Due to poor response, the e-NIT No. SE/PRJ/33/2022-23
Dated:14-03-2023, floated by this office vide No. SE/PRJ/TS/5153
Dated: 14-03-2023, is hereby cancelled.
sd/-
Superintending Engineer
DIPK-NB-119/23 Procurement JPDCL, Jammu.

NAME CHANGE
I, ARPANA W/o Rajender
Singh R/o C-585, Navji-
van Camp, Govindpuri,
Kalkaji, New Delhi
110019. Have inform that
my name wrongly
mentiond in Ration Card
is ALPANA, which is
incorrect. My correct
name is ARPANA .
ALPANA and ARPANA
both name belong to me.

Nippon Life India Asset Management Limited

(CIN - L65910MH1995PLC220793)
Registered Office: 4th Floor, Tower A, Peninsula Business Park,
Ganapatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013.
Tel No. +91 22 6808 7000 • Fax No. +91 22 6808 7097 • mf.nipponindiaim.com
NOTICE NO. 04
Hosting of Half-yearly Statement of Scheme Portfolio of Nippon India Mutual Fund
Unitholders of the schemes of Nippon India Mutual Fund (“NIMF”) are requested to note
that pursuant to Regulation 59A of SEBI (Mutual Funds) Regulations, 1996 read with
SEBI Circular no. SEBI/HO/IMD/DF2/CIR/P/2018/92 dated June 05, 2018, the Half-yearly
Statement of the Scheme Portfolio of NIMF as on March 31, 2023, have been hosted on the
website of NIMF viz., mf.nipponindiaim.com and AMFI viz., www.amfiindia.com. Investors
can also request for physical or electronic copy of the Half Yearly Statement of Scheme
Portfolio through any of the below modes, free of cost:
1. SMS: Type HR <PAN Number> from your registered Mobile Number and send it to
9664001111.
For example: HR TMRWZ0951U
2. Email: customercare@nipponindiaim.in
3. Customer Care: 18602660111 (charges applicable)
4. Investors can reach out to any of the branches of NIMF or written request letter can be
sent at KFin Technologies Limited (Unit: Nippon India Mutual Fund) Selenium Buliding,
Tower B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal,
Hyderabad - 500 032, Telangana, India.
For NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED
(Asset Management Company for Nippon India Mutual Fund)
Mumbai Sd/-
April 10, 2023 Authorised Signatory

Make even idle money work! Invest in Mutual Funds

Mutual Fund investments are subject to market risks,
read all scheme related documents carefully.
.
NEW DELHI | TUESDAY, 11 APRIL 2023 TAKE TWO 15
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Coal India’s power problem

The miner needs to raise prices but it is caught between political constraints on its major buyer,
electricity producers and close decision-making control by the coal and power ministries
SUBHOMOY BHATTACHARJEE summer. The pace worsens as
New Delhi, 10 April the monsoons strike, making
the open-cast mines almost

L
ast month, Coal India
(CIL) Chairman Pramod
Agrawal made a case for
raising the price of domestic
coal, unchanged since 2018.
Though he has good reason to
argue for the rise, he will prob-
ably not be involved when the
final decision is made, either
way. He will not be the first one.
To test the waters, CIL’s sis-
ter concern, Singareni
Collieries Company Limited
(SCCL), raised by ~100 per
tonne the price of all types of
coal it sells, with effect from
April 1. But this is minor.
Compared to Indonesian
Kalimantan coal ruling at $178
per tonne, CIL and SCCL prices
are far lower at $40 per tonne.
This modest price rise must
be juxtaposed against CIL’s
record FY23 production to
offer a sense of the paradox in
India’s coal economy. Since the
price of electricity, which
accounts for 74 per cent of CIL’s
production, is mostly fixed on
political considerations, CIL
has to sell coal at rack rates.
But the miner’s impressive
performance in FY23 has led
to demands for improving on
it, but without providing it the
cash support needed to make
the necessary investment.
That support, then, can only
come from a higher price for
the coal it mines.
But that is a difficult ques-
tion since for all practical pur-
poses, CIL’s role and by exten-
sion that of the coal ministry
has been relegated to only that
of mining. The allocation prin-
ciples including ordering of
railway rakes, at least to the
power sector, is now handled
by the power ministry. As an
example, at the end of March,
this ministry held a meeting
“regarding fair distribution of
available domestic coal”. It
decided on the state-wise
requirement of rail rakes for
transport of coal and advised
the coal ministry to “allocate
rakes for coal supply from CIL
and SCCL” accordingly.
In this environment, policy
continuity at the company
could be a casualty. Agrawal
will soon move out of the CIL
corner room when his term
ends in June. The list of can-
didates for the post are being
finalised, with at least two IAS
officers in the fray.
Coal economy watchers will
not be surprised that a change
in the corner room has little
connection with the fortunes of
the company that caters to
nearly 85 per cent of India’s coal
needs. CIL has had four chair-
men in the past decade (Agra-
wal is the fifth). In this period
the company with seven min-
ing subsidiaries could not inch
past a 3.6 per cent annual rate
of growth in production since
FY11, and has suddenly logged
a 13 per cent rise over 622.6 mil-
lion tonnes (MT) in FY22.
CIL produced 703.2 MT coal
in FY23, reaching 100 per cent
of the target set by the coal min-
istry for the year. To put it in
context, the 81 MT of additional
supply in one year is about the
same as the total rise achieved
by CIL in seven years. This is
phenomenal. Pleased with the
achievement, the coal ministry
has asked the company to keep
up the same run rate, i.e., add
another 80 MT in FY24.
To bring in that order of
additional production, the
company and SCCL will need
GROWTH
PANGS
n CIL produced 703.2 MT
in FY23 and reached
target; 13% growth
over FY22
n Supply to the power
sector was 586.6 MT
n Production planned
for FY24: 780 MT;
planned supply for
power sector: 610 MT
n Coal stock as on April 1,
2023, stood at 125 MT,
the highest ever (of this
34.6 MT is at thermal
power plants)
additional investment. In addi-
tion, CIL agreed to a 19 per cent
wage rise this year that has
raised annual costs to over
~46,000 crore. The company’s
free cash flow at ~6,277.52 crore
(as of March 2022) had just
risen by the same 19 per cent,
year on year.
CIL is not alone in demand-
ing a price hike. Miners across
the world feel the cost pres-
sure. Because of these rising
costs, primarily because of lack
of adequate investment, prices
of all fossil fuels have shot up
across the world — oil, gas and
coal. In India, too, the Centre
has acceded to the demand to
modify gas prices.
But domestic coal prices,
except for those in e-auction
(which account for less than 10
per cent of CIL production) are
determined by larger political
interests. In a pre-election year,
the government will be careful
about raising the price of a min-
eral that can feed into inflation
pressures quickly. No wonder,
an increasingly assertive power
ministry is not in favour of the
prices going up. The officials of
two ministries have held con-
sultations under the overarch-
ing structure set up by the cab-
inet secretary.
The coal economy, by any
reckoning, is too complex a ven-
ture in India to be run by a com-
pany or just by one ministry.
Wiser after the double coal sup-
ply shock of calendar year 2021
(April and September), the coal
ministry last year sent out
instructions to all the chiefs of
CIL subsidiaries not to slacken
production in the summer
months. The company has a
typical production pattern.
After recording a high in March,
production slackens in the
impossible to operate and inun-
dating some of the under-
ground mines, too. Production
rises once the water recedes,
through the winter months.
To preclude this cycle, this
year, too, the coal ministry has
sent out senior officials to key
CIL subsidiaries, including
Mahanadi Coalfields Limited
and South Eastern Coalfields
Limited, which account for 51.2
per cent of the group’s total pro-
duction. They are monitoring
monthly production, linkages
with the railways and so on.
Each of these companies, for
the record, have a chairman-
cum-managing director, who
one would expect, is supposed
to do these things. “With
increasing production and ade-
quate coal stock of 69 MT at our
pitheads, we aim to meet the
projected target with our best
shot and satiate the demand,”
said a senior executive of CIL.
Or take the example of imp-
orts that CIL was asked to under-
take last year. The power minist-
ry demanded that the company
allow no shortage at the thermal
power plants and so CIL, with
no experience, decided to be-
come an importer. It set up a
back-up contract with Indo-
nesian miners to import 6 MT
coal. It was not needed but the
board room of CIL spent weeks
firming up those contracts.
The extensive control by the
coal and the power ministries
on the coal economy is not an
aberration in the energy econ-
omy globally. European govern-
ments now control gas prices,
both retail and wholesale,
decide to reopen coal mines,
and have clawed back from
power exchanges the ability to
decide on electricity prices.
Given these circumstances,
the coal and the power min-
istries could profitably be
merged. It would lead to an
integrated policy environment
for coal. Already the power
ministry website hosts a daily
coal report, giving granular
details of stocks of each plant.
The coal ministry website, by
comparison, offers monthly
data of the total coal off-take.

Consumer sentiments fall short
Consumer sentiments improved by a mar-
ginal 1.2 per cent in March 2023. This was a
small increase compared to the 4 and 5 per
cent increases registered in January and
February, respectively. The increase also
seems to be a bit of a struggle. The increase
in the overall sentiments is not a reflection
of mild all-round improvements. It is a mix
of some vigour in urban regions and signif-
icant indifference in rural India. Most
importantly, while expectations and current
incomes seemed to have improved, the
intentions to spend on consumer durables
have not. We deal with this reticence first.
The very pertinent indicator of an
impending turnaround of the economy is
when more households feel enthused to
spend more on discretionary goods and
services. This indication of a turnaround
continues to remain elusive.
During March 2023, 24 per cent of the
households stated that it was a better time
to spend on consumer durables than it was
a year ago. This is a big improvement over
a year ago in March 2022 when only 10.5
per cent of the households stated that it
was a better time to spend on such expense
heads. But, a larger, 31 per cent of the house-
holds believed that it was a worse time to
spend on consumer
durables compared to
a year ago. As a result,
on a net basis, 7 per
cent of the households
still believe that this is
not a better time to
spend on durables.
This net negativity
on households’ inclina-
tion to spend on discre-
tionary goods is disap- MAHESH VYAS
pointing because all
indicators that could
lead to a positive outcome are in place. Other
indicators are household incomes and
expectations of future incomes, and expec-
tations of the business and economic envi-
ronment over the short and medium term.
For the first time after the Covid-19 shock
in April 2020, on a net basis, households
stated that their incomes were higher than
a year ago. In February and in March 2023,
25-26 per cent of the households stated that
their incomes were higher than the year-
ago level and only 21-23 per cent stated their
incomes were lower. Thus, on a net basis,
over 3 per cent of the households stated that
their incomes were higher than a year ago.
Expectations of household incomes a
year later turned positive in March 2023
for the first time since April 2020. Twenty-
ON SENTIMENTS
five per cent of the households stated that
they expected their incomes to be higher
a year later and only 21 per cent expected
income to worsen.
According to 24 per cent of the house-
holds, the financial and business conditions
are expected to improve over the next 12
months while 22 per cent expect such con-
ditions to worsen. On a net basis, 2 per cent
of the households expect an improvement.
Households turned
positive on this count
in February 2023 when
2.5 per cent of the
households on a net
basis were positive.
Households turned
positive on a five-year
horizon as well in
February and contin-
ued to remain so in
March. The net positiv-
ity percentage was
small at 0.4-0.5, but it
is still a net-positive position for the first
time since April 2020.
If, on a net basis, households state that
their incomes have improved and they also
believe that their incomes are expected to
improve in the coming year and the busi-
ness and economic conditions are expected
to improve, then conditions are generally
ripe for households to also consider this to
be a good time to spend on discretionary
goods and services.
However, households remain slightly
reticent on this count. As stated earlier, on
a net basis 7 per cent of the households do
not think this is a good time to buy con-
sumer durables.
This restraint on discretionary spending
runs across rural and urban regions
although in March it seemed a bit more pro-
nounced in rural regions where, on a net
basis, 8 per cent of the households did not
believe that this was a good time for such
spending. In urban India, a smaller 4 per
cent of the households were, on a net basis,
similarly circumspect.
Consumer sentiments in urban India
have improved quite substantially during
the January-March 2023 quarter. The Index
of Consumer Sentiments for urban India
rose by 3.6 per cent in January, then by 6.4
per cent in February and by another 4.1 per
cent in March. In contrast, the rural index
rose by 4.5 per cent in January and then by
5.2 per cent in February before shedding 0.2
per cent in March.
Urban households reported better results
compared to the hinterlands on all counts
— incomes compared to a year ago, incomes
expected over the following year, expecta-
tions of business and economic conditions
over a year as well as over a 5-year period.
They also do better than rural households
on intentions to buy consumer durables.
Yet, this wasn’t good enough to turn the
urban households positive on spending on
consumer durables.
It may be worth considering that rural
sentiments are subdued because of adverse
weather conditions and the prospects of
an El Nino effect in the coming summer.
Reports suggest that the rabi crop has not
been affected but the depressed senti-
ments could suggest greater stress than
the reports indicate.
A more sustained improvement in
incomes and expectations could help house-
holds turn more positive towards spending
on discretionary expense heads.
The writer is MD & CEO, CMIE P Ltd
Overhang of
housing
inventory
lowest in 5 yrs
RAGHAV AGGARWAL
New Delhi, 10 April
The housing inventory over-
hang in the top seven cities in
India stood at a five-year low
of 20 months at the end of the
January-March quarter, data
from real estate consultancy
Anarock showed on Monday.
It was the highest at 55 mon-
ths in the quarter ended
December 2020.
The inventory overhang is
the amount of time it would
take to sell the current hous-
ing listings in an area. A lower
overhang denotes higher
demand in a particular area.
The data showed that Ben-
galuru had the lowest inven-
tory overhang of 13 months.
“In Q1CY23, the top 7 cities
recorded all-time high sales
of more than 114,000 units,”
says Anuj Puri, chairman of
Anarock Group. “The quarter
broke all records and breach-
ed the 100,000-unit mark for
the first time. Strong home-
ownership sentiment, rela-
tively lower home loan rates,
strong momentum in luxury
housing and the anticipation
of price hikes were major fac-
tors in boosting housing sales,
bringing down the overall res-
idential inventory overhang
across the top cities.”
Mumbai metropolitan
region (MMR) and the nation-
al capital region (NCR)
emerged as the top hotspots.
NCR saw a maximum 5-year
inventory reduction of 43
months. It stood at 66 months
in Q1CY2018 and by Q1CY23,
it had fallen to 23 months. It
was the third-best housing
sales performer in Q1CY23.
“This is the best the region
has seen in the last five years.
In fact, inventory overhang in
NCR had peaked at 88 months
in Q4CY20,” says Puri.
In MMR, the inventory
overhang shrunk by 34 mon-
ths, attaining an all-time low
of 21 months in Q1CY23.
16
>
NEW DELHI | TUESDAY, 11 APRIL 2023 1

Hospitals revisit mock drills as TN guv clears Bill to

ban online gambling,
Covid positivity rate nears 7% industry to challenge
We need not be SHINE JACOB & ARYAMAN GUPTA “As the oldest and largest industry body, rep-

worried: N K Arora Chennai/New Delhi, 10 April resenting the highest number of Indian MSME
(micro, small and medium enterprises) start-
Tamil Nadu Governor R N Ravi on Monday ups, we will challenge the constitutionality of
BS REPORTER cleared a Bill to ban online gambling, including the law once the effective date is notified. We
10 April rummy and poker with stakes, dealing a blow have full faith that our judicial system will
to the industry in the state. uphold the fundamental rights of the gaming
People in India “need not be worried” However, online gaming industry officials platforms and their users,” he added.
about the present Covid scenario in the told Business Standard that they would be seek- In June, a committee headed by Justice K
country, according D K Arora, who heads ing legal recourse and approach the high court Chandru had submitted its report in Tamil
the government’s Covid Working Group against the move. “We will be taking legal advice Nadu on the effects of online games with stakes
as well as the National Technical in this regard and will be approaching the high on its users. The panel not only suggested a ban
Advisory Group on Immunisation. court soon,” said Malay Kumar Shukla, secre- on online games with stakes, but also batted for
In an interview to Karan Thapar for tary, E-Gaming a ban on advertisements that encourage people
The Wire to discuss the rising Covid Federation (EGF). to play them. It is not clear whether the current
numbers, Arora also said that “we need This was the ordinance includes the advertisement
to learn to live with Covid-like second time aspect as well. The report had high-
influenza”. It would be advisable for that the Bill was lighted that in the last three years
three categories of people who have not placed before the at least 17 people lost their
had the booster dose to take it, he governor for his lives in the state due to
added. The three categories are people assent. In the first online games
over 60, those with comorbidities and instance on March 8, involving
people who are immunocompromised. Ravi had returned it saying stakes.
However, Dr. Arora made clear that that the state had no “legis- Though
there is “no need for a fourth dose”. As lative competence” to frame the the All India
he put it, “experience from the West Bill. However, the Bill was again Anna Dravida Mun-
shows additional boosters do not passed unanimously in the state netra Kazhagam govern-
prevent infection. As far as protection Assembly on March 23. ment brought a law banning
Healthcare workers during the mock drill at Ram Manohar Lohia Hospital in New Delhi on Monday PTI from serious disease is concerned, it is Last week, the Ministry of Electronics and online games in February 2021,
well provided by the first two doses Information Technology had the high court struck it down in
SHINE JACOB Hospital, Mandaviya interacted with its high case counts include Maharashtra which 90 per cent of people over the age notified new gaming-related In the first instance August 2021. The M K Stalin-led
Chennai, 10 April heads of departments and staff. He lis- and Delhi. “Delhi is a densely populated of 12 have taken”. Boosters, however, amendments to the IT Act 2021, on March 8, Ravi had Dravida Munnetra Kazhagam
tened to suggestions from doctors, nurs- city. Cases will rise and many people would be advisable for people who fall allowing multiple self-regulatory returned it saying government moved the Supreme

G
overnment and private hospitals es, personnel of security and sanitation will show flu- and influenza-like symp- in the three categories that he
carried out mock drills across services, which revolved around quality toms such as fever and cough. But they mentioned.
India on Monday, a first such ex-
ercise this year and coming just over
three months after the previous routine,
to reassess the country’s healthcare pre-
paredness for a potential Covid wave.
The number of daily cases increased
to 5,880 on Monday. Several states,
including Delhi, warned its citizens to
be on alert citing that cases are expected
to rise in the coming days. In Mumbai,
where 328 cases were reported on Mon-
day, the civic body also made masks
mandatory in all hospitals run by it.
During the mock drills, the partici-
pants took stock of available medicines,
X-ray machinery, oxygen supply and
PPE (personal protective equipment)
kits. While Union Health Minister Man-
sukh Mandaviya visited Ram Manohar
Lohia Hospital in Delhi to review the
drill, various health ministers followed
suit in their respective states. At RML
clinical practices, measures for infec-
tion control, hospital management, san-
itation processes and patient-centric
provisions.
The decision to go for nationwide
mock drills on Monday and Tuesday
was taken at a Covid review meeting on
April 7, in which state health ministers,
and principal and additional chief sec-
retaries participated. The last mock drill
was carried out on December 22, 2022.
The number of active cases increa-
sed to 35,199 with 14 deaths being rep-
orted in the last 24 hours. The nation-
wide Covid death toll has increased to
530,979. The daily test positivity rate
(TPR) across India on Monday stood at
6.91 per cent; in Kerala, it was above
10 per cent in 10 of the 14 districts.
As of Sunday, Kerala topped the list
of Covid cases with the number crossing
more than 12,000. Other states with
will recover,” said Delhi Health Minister
Saurabh Bharadwaj.
States such as Haryana, Kerala and
Puducherry have made wearing masks
mandatory in public places, while
Brihanmumbai Municipal Corporation
(BMC) has made it mandatory in its hos-
pitals. BMC has also advised its employ-
ees to wear masks in public places.
The Centre has urged states to iden-
tify emerging hotspots by monitoring
trends of influenza-like illness (ILI) and
severe acute respiratory infections
(SARI) cases; sending sufficient samples
for testing of Covid-19 and influenza;
and ramping up whole genome sequen-
cing of positive samples. Tamil Nadu
Health Minister Ma Subramanian, who
inspected a mock drill at Rajiv Gandhi
General Hospital in Chennai, has told
officials in various districts to be alert.
“The latest wave of Covid-19 is not
as severe as the previous ones and so
there is no requirement for ICU treatm-
ent and oxygen. The spread of another
variant of Omicron is being witnessed
across the country,” Subramanian said.
In the review meeting held with
states last week, it was highlighted that
XBB 1.16 is currently the most prevalent
coronavirus variant and it is not causing
severe disease.
Private hospitals, too, have begun
preparations to tide over a possible spi-
ke in cases. “The increase in Covid cases
across needs urgent attention. Pres-
ently, there are very few admissions.
However, we must not drop our guard
and renewed focus on Covid-appropri-
ate behaviour is required,” Bishnu
Panigrahi, group head, medical strategy
and operations, Fortis Healthcare.
organisations to take a call on that the state had Court with an appeal in this
whether a real-money game sho- no “legislative regard in November 2021.
uld be allowed in India. Industry competence” to frame Landers argued that the AIGF
bodies are of the view that the the Bill. However, has been engaging with the
Centre has the rightful mandate the Bill was again Tamil Nadu government to
to regulate online gaming. passed unanimously understand its concerns and also
“The central government has in the state Assembly made the latter aware of the “pro-
anyway notified the online on March 23 liferation of offshore gambling
games rules, and as we have said websites and apps that flourish
it has the rightful mandate under the when constitutionally protected India apps are
Constitution to regulate online gaming. What banned, as was also seen during the previous
this (Tamil Nadu) law in effect does is (that it) unconstitutional ban by the state government”.
treats and conflates games of skill as gambling While the gaming industry has welcomed
and games of chance. The law also completely the Centre’s rules, some concerns remain.
misunderstands technology and prohibits ran- Besides Tamil Nadu, Karnataka, Telangana
dom number generators, which are an integral and Andhra Pradesh have also banned online
part of fairness for online gaming,” reacted games with stakes. “The rules have distinguis-
Roland Landers, chief executive officer, All India hed between online games and real money
Gaming Federation (AIGF). games. However, betting and gambling remain
He said the move was disappointing, as “it a state subject. States have their own laws. So,
disregarded six decades of established legal the rules are not expected to have any major
jurisprudence and also the recent judgment of impact on the workings of state governments,”
the Madras High Court” which struck down a said Rajan Navani, founder and chief executive
similar law. officer of gaming intermediary JetSynthesys.

PUBLIC NOTICE REGIONAL OFFICE NOIDA,

Public is hereby informed that my client Mrs.
C-3, 2nd Floor, Sector 1, Noida 201301
Laxmi Devi is the owner of Property/Plot No.
Circle Sastra Centre, NOIDA; Sh-12 Jagat Shopping PH-0120-2524896, Email:
136 & 136-A, area measuring 100.33 sq. mtrs., Complex Gamma 1 Greater Noida Gamma-1 recoveryronoida@canarabank.com
(i.e 120 Sq. yds.) out of Khasra No. 45/6, CORRIGENDUM
situated at Vill. Hastsal, abadi known as Vikas POSSESSION NOTICE {Under The Act Rule 8(1)}
Nagar Extn. Phase-II, Phase-III, Block-B, The General Public is hereby informed that in
Whereas, the undersigned being the Authorized Officer of Canara Bank under
Uttam Nagar, New Delhi, vide authorization e-auction Notice i.e. SALE NOTICE FOR
slip registered on 03/04/2023 executed by DDA securitization and Reconstruction of Financial Assets and Enforcement of Security
SALE OF IMMOVABLE PROPERTIES
(PM-UDAY)(Vide Doc No. 8357,Addl. Book No.
published on 04.04.2023 in English
Interest Act, 2002 (Act 54 of 2002) and in exercise of powers conferred under section
1, Vol No. 8865, Pages 10-16, SR-II-B,
janakpuri,Delhi)and my client intends to Newspaper-“Business Standard” (Page 13(12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued
mortgage the same with Fedbank Financial
No.14) & Hindi Newspaper-“Business Demand Notice dated as mentioned below, calling upon the Borrowers/ Owners/
Services Ltd. Anyone having any objections to Mortgagor/Guarantors as mentioned below to repay the amount mentioned in the
this Mortgage may contact the undersigned with Standard” (Page No.4) at Lot. No. 4 (in the
specific written objections within 7 A/co of Mohd Moinuddin S/o Mohd notice against their name, within 60 days from the date of receipt of the said notice.
days(publication day inclusive) otherwise it shall
Nizamuddin) the e-auction date should be The Borrowers, Guarantors & Mortgagors having failed to repay the amount, notice is
be deemed that there is no objection to this
mortgage. read as 09.05.2023 instead of 20.04.2023. hereby given to the Borrowers, guarantors & mortgagors in particular and the public in
VARUN PHOGAAT(ADVOCATE) Rest of other details remains same. general that the undersigned has taken posses¬sion of the properties described here
72/03, Street no.2, krishna Nagar, in below in exercise of powers conferred on him/her under section 13(4) of the said Act.
Safdarjung Enclave, New Delhi-110029 Authorised Officer
(07982557892) (varunphogaat@live.com) Date: 10.04.2023 Punjab National Bank read with Rule 8 & 9 of the said Rules as per Possession Notice dated mentioned
below. The Borrowers/Guarantors/Mortgagor in particular and the public general are
hereby cautioned not to deal with the properties and any dealings with the properties
will be subject to the charges of Canara Bank, below mentioned branch for an amount
as mentioned below along future interest and other charges thereon.
Branch : DANKAUR (18912)
1. Borrower : M/S ANNAPURNA TRADERS, MOHALLA – PREMPURI, DANKAUR,
DIST: G. B. NAGAR, UTTAR PRADESH 203201
Demand Notice Dated : 09.01.2023, Date of Possession : 06.04.2023
Outstanding Amount: ?40,50,481/- (Rupees forty Lakh Fifty Thousand Four
hundred Eighty one only) with further cost and charges.
Description of the Property : Land and Building admeasuring area 119.88 sq. mtr.
situated at moh. - Prempuri, Dankaur, G.B. Nagar.
Bounded By : North : House of Rakesh South : House of Samsuddin
East : Road 9 ft. wide West : House of shaheed
2. Borrower : H D CONSTRUCTION Prop HARDIP NAGAR HOUSE NO 116
VILLAGE JUNEDPUR GREATER NOIDA DANKAUR UP 203201
Demand Notice Dated : 06.01.2023, Date of Possession : 06.04.2023
Outstanding Amount: ?12,57,675/- (Rupees Twelve lakh fifty seven Thousand Six
hundred seventy five only) with further cost and charges
Description of the Property : Land & Building admeasuring arear 478 Sq. Mtrs. In
Khasra No. 304, Situated at Village Poshanpur, Paragna Dankaur, Tehsil & Distt.
Gautam Budh Nagar
Bounded By : North : Abadi of MR. Chaman Lal Sharma South : Rasta
East: Property of Mr. Chimman Singh West : Half Share of MR. Luttan Singh
3. Borrower : Mr. Safiq Ahmed S/o – Late Hazi Rasheed, Mohalla – Unchi Dankaur,
Dist. - Gautam Buddha Nagar, UP – 203201
Demand Notice Dated :16.01.2023, Date of Possession : 06.04.2023
Outstanding Amount: ?58,98,478/- (Rupees Fifty Eight Lakh Ninty Eight
Thousand Four hundred seventy eight only) with further cost and charges
Description of the Property : Land and Building admeasuring area 128.19 sq. mtr
situated at Unchi Dankaur, Dankaur, Dist- G. B. Nagar, UP – 203201
Bounded By : North : Road South : Aaraji Purchaser shafiq
East: Aaraji Jahid Khan West : Aaraji Shafiq Purchaser
4. Borrower : Mr. Safiq Ahmed S/o – Late Hazi Rasheed, Mohalla – Unchi Dankaur,
Government of Jammu & Kashmir Dist. - Gautam Buddha Nagar, UP – 203201
Demand Notice Dated : 16.01.2023, Date of Possession : 06.04.2023
DIRECTORATE OF FLORICULTURE (G&P) Outstanding Amount: ?58,98,478/- (Rupees Fifty Eight Lakh Ninety Eight
DEPARTMENT KASHMIR Thousand Four hundred seventy eight only) with further cost and charges.
Tel-0194-2474234 Fax -2482032 – email: - kashflori@rediffmail.com Description of the Property : Land and Building admeasuring area 63.55 sq. mtr
situated at Unchi Dankaur, Dankaur, Dist- G. B. Nagar, UP – 203201
GIST of e- Tender Notice No. 05 of 2023 Bounded By : North : Purchaser South : Purchaser
Dated: -07/04/2023 East : Plot of Munni W/o Yaseen West : Plot Aslam
For and on behalf of the Lt. Governor of J&K UT, e-tender is invited from interested 5. Borrower : SUPER SCRAP SUPPLYER Noida, A C Sector 2 Dist. -Gautam Buddha
bidders for Outsourcing of Entry Ticketing System of Lidder View Park, Pahalgam of Nagar UP–203201
Floriculture Department Kashmir as per details given below: - Demand Notice Dated : 17.01.2023, Date of Possession : 06.04.2023
Outstanding Amount : ?15,68,688/- (Rupees Fifteen lakh Sixty eight Thousand
The bidders have to quote their bid amount in the concerned BOQ: - Six hundred Eighty Eight only) with further cost and charges
S. Period of contract Reserve Bid Value of security deposit Cost of tender Description of the Property : Land and Building admeasuring area 98.25 sq. mtr
No. @ 10% of Reserve bid document situated at Unchi Dankaur, Dankaur, Dist- G. B. Nagar, UP – 203201
1. (01) One year Rs. Rs. 53,056 Rs. 200.00 in the Bounded By : North : Plot Babu South : Field Rameshwar Dayal
from the date of 5,30,555.00 shape of e-challan East : Way Pukhta West : Plot Purchaser
award of contract (NonRefundable) 6. Borrower : SUPER SCRAP SUPPLYER Noida, A C Sector 2 Dist. -Gautam Buddha
The bidding document(s) consisting of qualifying information, eligibility criteria, terms and Nagar UP – 203201
conditions and other details can be seen/downloaded through the Departmental website Demand Notice Dated : 17.01.2023, Date of Possession : 06.04.2023
Outstanding Amount: ?15,68,688/- (Rupees Fifteen lakh Sixty eight Thousand Six
www.dofkashmir.com/www.jktenders.gov.in as per schedule of date given below:- hundred Eighty Eight only) with further cost and charges
1. Period of downloading of bidding document 08.04.2023 from 11:30 AM Description of the Property : Land and Building admeasuring area 98.25 sq. mtr
27.04.2023 up to 02:00 PM situated at Unchi Dankaur, Dankaur, Dist- G. B. Nagar, UP – 203201
Bounded By : North : House Babu South : Field Ramesh Chand
2. Bid submission Start Date 08.04.2023 from 12:30 PM East : Way Aam West : Field Ramesh Chand
3. Bid submission End date 27.04.2023 up to 02:00 PM Date: 06/04/2023, Sd/- Authorized Officer,
4. Date and time of Opening of Tenders (Online) 29.04.2023 at 02:00 PM Place: NOIDA Canara Bank, Noida
In case of any eventuality, the date of opening will be considered on any other convenient
working day.
Sd/-
Accounts Officer,
DIPK-217/23 (Member Secretary)