THURSDAY, 15 JUNE 2023
18 pages in 1 section
NEW DELHI
~12.00
VOLUME XXX NUMBER 51
THE MARKETS ON WEDNESDAY
Sensex 63228.5
Nifty 18,755.9
Nifty Futures* 18,818.3
Dollar
Euro
Brent crude ($/bbl)
~82.1
~88.7
74.4##
Gold (10 gm)### ~59,027.0
*(June) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
WPI INFLATION
FALLS TO 7-YEAR
LOW IN MAY
India’s Wholesale Price Index (WPI)-
based inflation recessed further into
deflationary territory in May, falling to
a seven-year low of minus 3.48 per cent,
from minus 0.92 per cent in April, data
released on Wednesday
by the Ministry of
Commerce and
Industry
showed. The
deflation in factory-
gate inflation for
second consecutive
month in 2023-24 comes on the back of a
higher base effect and due to a fall in
prices of mineral oils, basic metals, food
products, textiles, non-food articles,
chemical products, crude petroleum,
and natural gas. 6>
COMPANIES P2
Sequoia boss reaffirms
faith in local leadership
Sequoia Capital Managing Partner Roelof
Botha put his weight behind the local
unit, which was recently rebranded Peak
XV Partners, as he stressed that
independent operations would provide
more flexibility to strengthen its India
presence. “India’s start-up ecosystem is
among the most vibrant in the world,” he
said in a statement on Wednesday.
ECONOMY & PUBLIC AFFAIRS P6
Banks reach out to RBI
on wilful defaulters
Banks have sought clarification from the
Reserve Bank of India on whether the
latest guidelines on compromise
settlement which allowed lenders to
extend loans to defaulters after a
cooling off following a compromised
settlement was also applicable to wilful
defaulters and fraud accounts.
ECONOMY & PUBLIC AFFAIRS P7
Biparjoy landfall today;
50,000 evacuated in Guj
Authorities have so far shifted 50,000
people from coastal areas of Gujarat to
shelters ahead of the expected landfall of
powerful Cyclone Biparjoy near Jakhau port
in Kutch district. With the cyclone barrelling
towards the Gujarat coast, parts of the
Saurashtra-Kutch region received heavy
rains accompanied by strong winds.
ECONOMY & PUBLIC AFFAIRS P6
Corporate $ inflows boost
~ to 1-month high
The rupee hit a one-month high against
the dollar on Wednesday following
corporate dollar inflows, closing the day at
82.1, up 27 paise. According to dealers, a
foreign bank sold dollars on behalf of large
telecom companies, which helped the
Indian currency post gains.
ECONOMY & PUBLIC AFFAIRS P7
9 killed, 10 injured in
fresh Manipur violence
At least nine people were killed and 10
injured when suspected miscreants
attacked a village in the Khamenlok
area of ethnic strife-hit Manipur,
officials said on Wednesday.
Amid EV buzz, Kolkata’s electric
trams struggle to keep rolling
Environment-friendly system shrinking in a city that has little road space
ISHITA AYAN DUTT
Kolkata, 14 June
As environment-friendly electric vehicles
(EVs) become popular in India, a century-old
electric transport system that too ticks the
“green” box is fading in Kolkata: the tram car.
The city had 14 tram routes in 2017-18,
reduced to five in 2020, and three remain now.
Debasish Bhattacharyya, president of
Calcutta Tram User Association (CTUA),
which is fighting to secure the transport
system, said there were about 36 routes
originally.
“Roads account for only 6 per cent of the
land in the city. Given the population density
of Kolkata and vehicles on the road, it’s
impossible to run trams everywhere,” West
Bengal transport minister Snehasis
Chakraborty told Business Standard.
The city’s traffic management was ‘very
good’ and trams could ‘contradict’ that. Once
work on the Kolkata metro was completed in
2025, one or two tram routes may be
restarted, he said. Turn to Page 6 >
www.business-standard.com
chg#
p 85.4
p 39.8
p 62.3 COMPANIES P2 WORLD P10
~82.4 **
~89.0 **
74.2 **
MORE SENIOR EXITS LIKELY AS EU LAWMAKERS APPROVE
q
~589.0
CEOs LEAVE THE CORNER OFFICE WORLD’S FIRST EVER AI ACT
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
GST audit of 50,000 M&M, Hinduja join race to
buy MG Motor India stake
new cases in FY24, SAIC Motor-owned firm seeks EoIs, but no binding offers yet
says CBIC chairman
DEV CHATTERJEE & SOHINI DAS
Mumbai, 14 June
Automobile major Mahindra & Mahindra (M&M) and
the Hinduja group, promoter of Ashok Leyland, have
joined the race to acquire a significant stake in MG
Authority’s target to be based on risk parameters Motor India, a wholly owned arm of Shanghai-head-
quartered SAIC Motor, investment banking sources
SHRIMI CHOUDHARY told Business Standard on Wednesday.
New Delhi, 14 June
CRACKING THE WHIP The Sajjan Jindal-led JSW group has already
evinced interest to take up to 48 per cent stake in MG
> In FY23, GST audit > Two-month special
T
he indirect tax administration has short- Motor India. The company's valuation is pegged at
listed 50,000 fresh cases that will be detected tax evasion drive with states has led over ~8,000 crore, the sources said.
taken up for goods and services tax of ~17,000 crore, to detection of ~7,000 MG Motor India, which has about 1 per cent share
made recoveries of crore worth of fake input
(GST) auditing in the current financial
year as part of efforts to increase compliance and ~3,060 crore tax credit so far
in the domestic passenger vehicle market, has sought
expressions of interest from Indian firms, but no bind-
IN EXIT MODE
widen the tax base, Central Board of Indirect Taxes ing offers have been made so far, according to the MG Motor India is SAIC may continue to hold
> Special drive, launched on May 15, to
and Customs (CBIC) Chairman Vivek Johri said sources. owned by Chinese a minority stake in the
continue till July 15
in an interview at his office here. SAIC Motor would continue to hold a minority auto major SAIC Motor Indian company after a deal
“We did about
30,000 GST audits (in overs which we are expected to conclude in the
stake in the Indian arm after a possible deal, they said,
adding that a stake up to 5 per cent might be offered Up to 5% stake may be offered to employees
2022-23) pertaining to ongoing financial year”, he added. to the Indian employees.
FY21 and FY22 at the For FY24, the authority’s target to audit 50,000 An email sent to the Mahindra group did not elicit JSW has evinced Domestic sales of MG Motor
central level. We cases is based on risk parameters. There any response till the time of going to press, while the interest in picking India jumped 21% in FY23
detected tax evasion will be spillovers from earlier years too, Hinduja group and MG Motor India did not comment up 48% in MG to 48,886 units; EVs
worth about ~17,000 he clarified. on the issue. Turn to Page 6 > Motor India accounted for 11.6%
crore at the end of GST audits or departmental audits are done to
the financial year verify declared sales, taxes paid, refunds claimed,
2022-23, and have and input tax credits availed of by looking at tax
made recoveries of returns and other records maintained by busi-
about 18 per cent or nesses. Any mismatch in information across dif- INDIA’S OIL DEMAND GROWTH INDIA AT CENTRE OF GLOBAL
~3,060 crore so far,” the
CBIC chief said. The
ferent documents could raise a red flag.
Departmental GST audits picked up momen-
TO CROSS CHINA’S BY 2027: IEA ENERGY AFFAIRS: IEA CHIEF
recovery figure is likely tum in FY23, after businesses were given India will overtake China by 2027 as the biggest driver India has firmly become the centre of
to increase as there
are “some spill-
adequate time to adapt to the indirect tax regime
rolled out in 2017. Turn to Page 6 >
of crude oil demand across the globe, the
International Energy Agency (IEA)
global energy affairs, executive
director of the IEA Fatih Birol said on
said. The IEA’s latest medium- PAGE Wednesday. Speaking at a G20
term market report, released on 4 event on energy transition in Delhi,
“I WOULD LIKE TO BE CONSERVATIVE IN OUR GST Wednesday, predicts that the Birol said India has attracted global
REVENUE ESTIMATES, SO I THINK A MONTHLY annual rise in China’s oil attention for its initiatives in a
AVERAGE OF ~1.55-1.60 TRILLION IS ACHIEVABLE” demand will taper from variety of sectors such as solar,
2024 onwards, after growing coal, hydrogen, and biofuels.
VIVEK JOHRI, CHAIRMAN, CBIC by a wide margin in 2023.
Open to talks, but
not one-on-one:
Lenders to Byju’s
PEERZADA ABRAR
Bengaluru, 14 June THE CASE FILE
> Byju's recently filed a suit against
A group of lenders to educational tech-
US investment management firm
nology (edtech) giant Byju’s
Redwood, challenging the
has told the firm that
they’re open to nego- acceleration of $1.2 bn Term Loan B
tiations with the > The edtech major also sought to
company to disqualify the lender for its
resolve litigation "predatory tactics"
and other dis-
putes, according > Byju's skipped an interest payment
to people familiar of about $40 mn on the loan
with the matter. > Lenders say the lawsuit filed by
However, they have
Byju's in the New York Supreme
told Byju’s that they
Court lacks merit
will not engage in the
firm’s proposal for one-on-one
meetings, according to sources. lion on the loan.
Byju’s recently filed a suit against US- The lenders want Byju’s to send a
based investment management firm draft amendment proposal to the group,
Redwood to challenge the acceleration according to people familiar with the
of the $1.2-billion Term Loan B (TLB) matter. This happened after the firm
facility, and disqualify the lender for its cancelled a meeting that had been
“predatory tactics”. Byju’s also skipped scheduled for Monday with creditors.
an interest payment of about $40 mil- Turn to Page 6 >
LOSING TRACK
n First horse-drawn trams date n Urban congestion, focus on
back to Feb 24, 1873 covering a quicker modes of transportation led
stretch of 3.9 km to a steady decline in tram routes
n Electricity-powered trams were n Only three routes are operational
introduced in the year 1900 currently, down from 14 in 2017-18
2 COMPANIES NEW DELHI | THURSDAY, 15 JUNE 2023

> Ramkrishna Forgings > IPCA Laboratories > Granules India > Nucleus Software Exports > Heranba Industries
STOCKS Gets 4.5-mn order USFDA issues 11 Receives ANDA Bags deal from Mahindra GPCB revokes
IN THE NEWS from European observations for a unit approval for Finance for digital closure order for
railway coachmaker in Madhya Pradesh Levetiracetam tablets revamp of its services plant in Gujarat
~420.5 CLOSE ~716.0 CLOSE ~287.1 CLOSE ~1,127.3 CLOSE ~401.4 CLOSE
p2.2% UP* q2.6% DOWN* p0.5% UP* p1.1% UP* p12.8% UP*
*OVER PREVIOUS CLOSE

>

Come Oct, media baron looks to fly in airline from Northeast

ANEESH PHADNIS
Mumbai, 14 June
Sanjive Narain, owner of Assam's
oldest news channel, and Sanjay
Aditya Singh, promoter of a cabin
crew training academy, are coming
together to launch a regional airline
providing business and premium
economy services in the Northeast.
Jettwings Airways will be based
in Guwahati and will connect
places with twin-class Embraer
E175 aircraft. The airline has
secured an initial no-objection
clearance from the civil aviation
ministry and plans to launch serv-
ices in October.
Once approved for flight opera-
tions, Jettwings will be the first-
ever company from the Northeast
region to start airline operations in
the country.
“We have earmarked a ~100-
crore investment in the airline. We
plan to start with two planes in
October and will have four planes
in the initial phase. We will have
comfortable seats, better legroom,
and offer dynamic fares,” said
Narain on Wednesday.
Narain owns Prag News channel
and has business interests in con-
struction, health, automobile, and
mobile phones. Singh, his partner
and the new airline’s chief execu-
tive officer, runs an academy offer-
ing aviation, hospitality and tour-
ism management courses.
Guwahati airport handles
around 128 flights daily to 20 des-
tinations, including 13 cities in the
We strongly believe We have earmarked a Aviation fuel
and commit to ~100-crore investment in
becoming a reliable the airline. We plan to unit on cards
and sustainable airline start with two planes in Indian Oil Corp will set up an 80,000-
with its roots deeply October and will have four tonne sustainable aviation fuel plant
entrenched in planes in the initial phase. with LanzaJet in Haryana, the refiner's
Northeast, connecting We will have comfortable chairman SM Vaidya said on
unique yet important seats, better legroom, and Wednesday. The company is looking
destinations offer dynamic fares at an investment of about ~2,300
crore, said Vaidya. The refiner is also
SANJAY ADITYA SINGH SANJIVE NARAIN
CO-FOUNDER AND CEO, CHAIRMAN, running a pilot project for green fuel
in Maharashtra. REUTERS
JETTWINGS JETTWINGS
Northeast. With more than 10 daily deeply entrenched in Northeast , In India, the first E175 jet with The E175 aircraft has a longer
departures, Guwahati’s busiest air connecting unique yet important 12 business class and 64 economy range than turboprops such as
route is to Delhi. destinations,” said Singh. Globally, seats was inducted by regional air- ATR-72 and flies fewer passengers
The airport handled 5.1 million Embraer has delivered over 700 line StarAir in May. The airline has than narrowbody planes such as
passengers in FY23, up 41 per cent E175 planes. SkyWest Airlines of the two E175s at present and flies Airbus A320 or Boeing 737s. Thus
year-on-year. US is the largest operator of this air- them on the Bengaluru-Hyderabad this helps airlines on long routes
“We strongly believe and com- craft type in the world. In Asia, and Jamnagar routes. Two more with thin demand or tap
mit to becoming a reliable and sus- Japan Airlines and Fuji Dream planes are expected to be delivered newer markets such as those in the
tainable airline with its roots Airlines fly them. this year. North East states.

IN BRIEF
Zoho freezes engineering-role More senior exits likely as
hiring; working on AI model
Software-as-a-Service (SaaS) company Zoho Corporation has
decided against layoffs but will adopt a prudent approach
involving a hiring freeze for engineering roles and pruning
marketing spending, although selective recruitment for customer-
CEOs leave the corner office
This trend is expected to persist at India Inc, say sector watchers
facing roles will continue. Meanwhile, it is building a proprietary
large language model in India to expand its generative Artificial AYUSHMAN BARUAH
Intelligence (AI) offerings in a long-term project that may help users Bengaluru, 14 June
automate their workloads. SORABH LELE AND AGENCIES
O
ver the past few months, Indian
information technology (IT) serv-
Lenovo to invest $1 bn in 3 yrs ices companies have seen some
crucial exits at the mid-to-senior level off
to advance AI infra solutions the back of several chief executive officer
(CEO) turnover.
After Accenture announced a $3-billion This trend, say sector experts, is
investment into AI, Lenovo on Wednesday expected to persist.
announced plans to invest $1 billion over three According to a recent Motilal Oswal
years to expand infrastructure solutions to
accelerate the deployment of artificial
report, “the movement of mid-to-senior
leadership at IT services firms is a reality,
intelligence (AI) for businesses around the partially on account of multiple CEO-
world.This announcement marks Lenovo’s largest level changes. Moreover, there is demand
AI infrastructure investment in history. SHIVANI SHINDE for senior talent from both IT services
and captives, especially in delivery roles.”
The CEO plays a critical role in the
HCLTech to train 18,000 experts cohesion of an organisation, serving as a
“unifying force” that imparts stability,
in Google Cloud generative AI guidance, and a sense of purpose, says
Daya Prakash, founder, TalentOnLease,
IT services major HCLTech and Google Cloud announced the an IT contract staffing agency.
expansion of their strategic partnership to help enterprises “When a high-level executive leaves
leverage generative artificial intelligence (AI) and develop joint a company, it can provoke uncertainty
solutions on Google Cloud’s generative AI technologies. As part of and prompt inquiries into the organisa-
this expanded partnership, HCLTech will train more than 18,000 tion’s future course, strategic objectives,
people on Google Cloud generative AI technologies and innovate and cultural dynamics. This uncertainty
new solutions, HCL said, adding it will establish a Google Cloud often increases the anxiety among mid-
Generative AI Centre of Excellence (GenAI CoE) to develop to-senior level employees, who may be
joint solutions. AYUSHMAN BARUAH concerned about potential changes in
leadership style, priorities, or possible
restructuring.”
Unicommerce sees 200% YoY The IT sector has seen some high-pro-
file CEO movements in the past few
growth, plans expansion months. Former Infosys president Ravi
Kumar S joined Cognizant Technology
SoftBank-backed e-commerce technology firm Unicommerce said
it has reported a 200 per cent year-over-year revenue growth in its
Solutions in January this year as CEO
after a 20-year stint at the Bengaluru-
international business during FY 2023 with gains coming from its
operations in West Asia and Southeast Asia. Kapil Makhija, CEO,
headquartered firm. Soon after,
Cognizant’s Chief People Officer Rebecca
Unicommerce, said they looked “forward to growing our presence (Becky) Schmitt stepped down from her
in these key markets”. PEERZADA ABRAR role to join PepsiCo as chief human
resources officer in June.
Similarly, Mohit Joshi resigned from
Infosys after spending over two decades
REVOLVING DOOR
n CEO serves as a “unifying force”
that imparts stability, guidance,
and purpose
n It could provoke uncertainty
regarding the organisation’s
future course, strategic
objectives, and culture
n It could lead to potential
restructuring for
direct reportees and
one-level down
n Could disrupt ongoing
projects and initiatives,
cause delays and impact
employee morale
resigned as CEO of Tata Consultancy
Services, ceding ground to banking,
financial services and insurance head K
Krithivasan who took charge of the coun-
try’s largest IT company on June 1.
At Wipro, there have been intermit-
tent senior-level exits ever since Thierry
Delaporte took charge as CEO in 2020.
Recently, Mohd Haque, head of health
care and medical devices, resigned as
well as vice-president Gurvinder Sahni
left the company in April to
join Persistent Systems as chief market-
ing officer.
Senior Realme
executive resigns
Madhav Sheth, a key executive at
Realme who was instrumental to the
company's expansion in India, said on
Wednesday he was resigning after five
years at the firm. He was currently the
Housing prices
surge up to 59%
on high demand
BUILDING COST
A BURDEN TOO
Avg per sq ft
n Change in housing prices YoY (%) price (~)
Delhi-NCR
Kolkata 15
16 8,432
7,211
The industry is likely to see more mid- Bengaluru 14 8,748
to-senior level exits as a CEO’s departure Hyderabad 13 10,410
can disrupt ongoing projects and initia-
tives, causing delays and impacting Pune 11 8,352
employee morale, observes Prakash. Ahmedabad 11 6,324
“It is crucial for organisations to effec-
tively manage leadership transitions, Chennai 4 7,395
communicate transparently, and ensure MMR* -2 Note: *Mumbai Metropolitan 19,219
the new CEO can effectively establish RegionSource: Liases Foras, Colliers
trust, provide clarity, and inspire confi-
dence in the future,” he adds. Housing prices in Delhi-NCR eight cities rose 8 per cent
To ensure stability when a CEO quits, rose the maximum, by 16 per (YoY). Delhi-NCR saw the
companies must prioritise robust succes-
sion planning, according to Aditya
cent, in the January-March
period among top eight cities
highest increase in residen-
tial prices at 16 per cent
Mishra, MD and CEO, CIEL HR Services.
“By identifying and grooming poten-
on better demand and higher
construction cost, according
YoY, followed by Kolkata and
Bengaluru with 15 per
tial successors, companies can seam-
lessly transition when a CEO departs,
to a report by CREDAI,
Colliers and Liases Foras.
cent and 14 per cent YoY
increase, respectively.
maintaining stability and continuity.
Additionally, investing in leadership
Realtors’ apex body CRE-
DAI, real estate consultant
The report mentioned
that housing prices in Delhi-
development training is essential. Colliers and data analytic firm NCR have seen a steady rise
Equipping leaders with the necessary Liases Foras on Wednesday since the past 11 quarters.
skills and knowledge empowers them to released their joint ‘Housing Housing prices in Golf Course
navigate uncertainties, drive innovation, Price-Tracker Report Q1 2023’. Road, Gurugram surged 42
and steer the company towards success,” “Notably, Dwarka Expressway per cent YoY.

Sequoia Cap boss joining the top job at Tech Mahindra

(TechM). Joshi will take over as manag-
ing director (MD) and CEO when C P
Gurnani retires on December 19 this year.
president of Realme's international
unit and was overseeing its India
operations till March 2023. Shethwas
credited with the smartphone brand's
says Mishra. A R Ramesh, director, man-
aged services and professional staffing,
Adecco India, concurs. “While change
can impact individuals at various levels,
witnessed a significant price
rise at 59 per cent year-on-
year (YoY), largely led by
opening of Central Peripheral
The prices in Golf Course
Road are now highest in the
NCR region, surpassing the
rates in Delhi. Housing

reaffirms faith in Late last year, Simmi Dhamija quit as

chief transformation officer at TechM to
join Wipro as chief operating officer, Asia
expansion in the country, capturing a
market share of as much as 17 per cent
in just three years since its market
including middle and senior positions,
it is essential to foster an environment of
trust and collaboration, allowing every-
Road and the loop connecting
Dwarka expressway with NH-
8,” it said.
prices in Ahmedabad rose by
11 per cent YoY during
January-March this year to

local leadership
Pacific, Middle East, and Africa. entry in 2018. REUTERS one to play a role in driving the necessary According to the report, an average rate of ~6,324 per
Most recently, Rajesh Gopinathan changes,” he says. housing prices across the top square feet. PTI

SHIVANI SHINDE
Mumbai, 14 June

Sequoia Capital Managing

Partner Roelof Botha has put
3 in 4 likely to buy what influencers promote: Dentsu
his weight behind the local RAGHAV AGGARWAL
unit, which was recently
hived off and rebranded
Peak XV Partners, as he
New Delhi, 14 June

Three in every four (78 per cent) Indians are

INSTAGRAM Will you buy products/services Platforms preferred by brands
promoted by influencers
stressed that independent
operations will provide more
likely to purchase goods or services promoted
by influencers in India, according to a report
MOST Not 3 8 Extremely
Platform
Instagram 45
Popularity (%)

flexibility to strengthen its

India presence.
“India’s start-up ecosys-
tem is among the most
vibrant in the world,” he said
in a statement on Wednesday.
Botha was also apprecia-
tive of Peak XV Partners
Managing Director
Shailendra Singh. “Sequoia
India and SEA have flour-
ished under Shailendra’s lead-
ership and we are proud of the
portfolio’s scale, quality, and
strength. Operating as an
independent firm will provide
more flexibility to further
strengthen the market lead-
ership position,” he added.
On June 6, Sequoia Capital
said that it was splitting into
three. Sequoia India &
Southeast Asia was rebranded
titled ‘Impact of Influencer Marketing in
India’, released by Dentsu India and Boomlet
POPULAR, sure
11
21 likely YouTube 40
Sequoia Capital Managing
Partner Roelof Botha said
Group. It said that influencer marketing had
the highest impact on GenZ and millennials, BRAND Extremely
unlikely
26
(in %) Very likely Snapchat
Facebook
27
20
that independent ops will
provide more flexibility to
strengthen its India presence
those born after 1981.
But Gen X and boomers, those born
between 1945 and 1981, are more receptive
AWARENESS Unlikely
31 Somewhat
likely Twitter 16
Peak XV Partners; Sequoia
towards brand marketing.
“As the influencer marketing space has
KEY AIM
China adopted the name emerged as a favoured component of Purpose of influencer marketing
HongShan; the US and brand promotion, consumers rely on Purpose Firms (%)
Europe venture capital busi- influencers’ perspectives to inform their pur-
Raising brand awareness 62
ness continues to function as chasing decisions,” said Danish Malik, co-
Sequoia Capital. founder and chief executive officer (CEO) of Increasing brand engagement 49
The statement assumes Boomlet Group.
significance as many in the In terms of social media platforms, the Acquiring new customers 49
start-up world questioned findings of the report highlighted
Gaining new followers 33
the timing of the split, and that content on Instagram is most likely to
it came as many of the drive purchases. Increasing sales 31
venture capital-backed start- The report also highlighted that FMCG is
ups found themselves the top sector in leveraging influencer mar-
dealing with corporate gov- keting in India, accounting for 18.5 per cent
ernance issues. of the total industry involvement.

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.
NEW DELHI | THURSDAY, 15 JUNE 2023 COMPANIES 3 <

30% localisation: Tough road for Apple

SURAJEET DAS GUPTA
Kesoram hopes to
be back in black
New Delhi, 14 June 2 7 25
COST MIX ‘Number of 5G users may
in next 18 months
Battery Others Processing &
memory
jump over 2,000% in 5 yrs’
I
ndia has hit a domestic value addition (DVA) About 70% of 8
of an average 20 per cent in mobile phones an iPhone’s Casing
under the production-linked incentive (PLI) The number of 5G subscribers in India is ISHITA AYAN DUTT
cost comes 2
scheme, the government announced for the first expected to jump 2,125 per cent to 690 Kolkata, 14 June stood at ~3,603.93 crore. In FY22,
from PCBA Share in million by the end of 2028 from 31 million in
time on Tuesday. Its aim, based on commit- net loss was at ~130.01 crore.
memory, cost of 2022, a report released by TeamLease Services
ments made, is to hit 35-40 per cent by the Kesoram Industries, a B K Birla The company achieved sales
financial year ending March 31, 2026 (FY26),
processor, production on Wednesday showed. This will further group company, is working on volume of more than 7 million
which is the last year of the PLI scheme, or dou-
display, and 14 (%) push the coverage of mobile subscriptions in a two-pronged strategy to tonnes (mt) in FY23. The share
ble the present. camera module Connectivity the country from 77 per cent in 2022 to 94 per return to profitability in the of blended cement sales was at
A striking feature of the figure is that Apple, cent in 2028. Global 5G mobile subscriptions next 18 months. 54 per cent. This year, the plan
which began operations in India only 22 months 23 are expected to reach five billion by the end The two key elements for was to increase the share of
ago, accounted for 50 per cent of India’s $11-bil- 19 Display of 2028. RAGHAV AGGARWAL strengthening the balance sheet blended cement to 60 per cent
lion smartphone exports. Under the PLI Camera are scaling up blended cement and eventually take it to 80 per
scheme, its vendors need to reach 29-30 per and refinancing debt, P cent, Radhakrishnan said.
cent DVA – up from the current 15 per cent, Apple is in talks with a host of Indian companies Radhakrishnan, whole-time Ebitda for FY23 was at
though it varies from model to model — and to build a home-grown supply chain. Take the director and chief executive ~371.22 crore but the finance
that might not be easy to achieve, say experts. Tatas. They already provide the mechanical officer (CEO) of Kesoram said cost was higher at ~422.78 crore.
Apple’s vendors have localised chargers, bat- parts for iPhones and even export to China. But during an interaction after the Kesoram’s total debt was
teries, printed circuit board assembly (or it took 3-4 years and substantial investments company’s annual general around ~1,700 crore.
PCBAs), enclosures, and coils, to name a few. for the group to reach that stage. meeting on Wednesday. Radhakrishnan said that the
According to BofA Research estimates The Centre recently relaxed its rules on dis- In FY23, Kesoram posted a focus would be to improve oper-
(which are endorsed by vendors), around 70 per allowing Chinese companies to come to India, net loss of ~115.67 crore on a ations, which would lead to
cent of an iPhone’s cost comes from the mem- Source: BofA Research which was specifically focused on mobile device standalone basis. Total income lower interest rates.
ory, processor, display and camera module, and Alternatively, Apple’s vendors — Foxconn, tries following border skirmishes. makers. But most mobile companies say the
these have to be imported, so localising even Pegatron and Wistron — could simply bring in As a result, Apple is focusing on home-grown concession has not made much of a difference.
further may take longer than the PLI deadline. their global supply chain, most of which is in companies to be part of the supply chain, say The Centre asked Apple to provide a list of
An Apple spokesperson did not respond to China, and come and manufacture in India and analysts, and cite the example of the Tatas who Chinese vendors that would like to come to APPOINTMENTS
queries on the article. consequently increase the value addition. are in talks with Apple. But this too takes time India but with one caveat — they will have to
The reason why localisation takes time is But such a scenario is unlikely after India as most Indian companies (even those who have enter into a joint venture (JV) with an Indian
because it requires large capital investments, imposed restrictions under its foreign direct the money) will require support from the gov- partner holding a majority stake. A dozen such
manufacturing is a complex process, and high- investment (FDI) policy, which made it difficult ernment, or a separate PLI scheme for compo- companies were cleared for the next stage,
end technology and input reliability is required, for Apple’s vendors to get permission owing to nents. Without the technology, the DVA will be namely to find a JV partner and then apply
according to BofA Research. the geopolitical tensions between the two coun- slower. Sources in the government say that for FDI.

Renault eyes next million cars Volvo India

by ’30 on EV push, new models
Nissan and Renault SA have lined up ~5,300 crore to launch six models
SHINE JACOB
Chennai, 14 June
French automotive (auto) major Renault
rolled out its 1 millionth vehicle in India
on Wednesday and set an ambitious tar-
get of producing over 2 million cars by
2030, driven by launches and its planned
electric vehicle (EV) foray, said
Venkatram Mamillapalle, chief executive
officer and managing director, Renault
India Operations.
The company is currently working on
a raft of new models, including two inter-
nal combustion engine products and an
A-segment EV, which will roll out in 2025.
The plan is to have all its products in
the 4-meter range. Renault India cars are
at present manufactured at its Oragadam
plant in Chennai, with a capacity of
480,000 units per annum.
Nissan Motor Corporation and
Renault SA, the automakers that
revamped their global alliance in
February, have already lined up plans to
invest ~5,300 crore in India to launch six
models, including two EVs. This is
expected to give employment to an
additional 2,000 people. The two com-
panies said that each would manufacture
three new models on the joint platform
while retaining the individual, distinctive
styling of the respective brands.
“We would like to increase our profit
by 2030 and achieve the 2 million mark
by then,” said Mamillapalle on
Wednesday.
Currently, Renault India offers three
passenger vehicle models, including the
popular Kwid, the Kiger and the Triber
for its customers in India and exports to
14 countries, including South Africa,
South Asian Association for Regional
Cooperation, Asia Pacific, Indian Oceanic
Region, and the East Africa region. The
majority of its export business comes
from South Africa.
“Achieving the production of 1 million
vehicles in India is a significant mile-
flags supply
snags as
ducts that exceed customer expecta-
hurdle to
ON FLEX FUEL VEHICLES tions,” added Mamillapalle.
During the past year, Renault pro-
record sales
THE COMPANY IS duced about 84,000 vehicles and
READY FOR ANY exported 28,000. It expects it to be PRESS TRUST OF INDIA
TRANSITION THAT around the same lines in 2023 as well. At Gurugram, 14 June
present, the company’s localisation level
THE INDIAN MARKET AND is about 92 per cent. Swedish luxury carmaker
THE GOVERNMENT Talking about the call by Union Volvo Cars said it could have
ARE TARGETING Minister of Road Transport and crossed record sales this
Highways Nitin Gadkari asking manufac- year on the basis of expected
turers to be ready with flex-fuel vehicles demand but supply side
or E85 (85 per cent ethanol), Mamillapalle constraints were an issue. RESPONSIBILITIES:
said that his company is ready for any Volvo Car India
VENKATRAM transition that the Indian market and the Managing Director Jyoti
MAMILLAPALLE government are targeting. The company Malhotra said on
CEO & MD,
believes it will be easy for it to adapt to Wednesday that he expected
Renault India
E85 as it already has several such flex- electric cars to play a signif-
Operations
fuel models in Brazil. icant role in its bid to close
“The E10 is already in the market. The in on record sales in India
E20 is to be adapted and will be well- this year.
occupied across the country by the end The company unveiled
of 2024. It will reduce the imports of its all-electric SUV C40
crude oil. We also have to progress Recharge in India, which
towards E85. EV and E85 have to grow will be launched in August
together. Indications are that by 2027, we and deliveries to start
will have E85. Refineries have to be September onwards.
equipped as well,” he added. He said that The vehicle will be the
the market will continue to have A-seg- company’s second electric
ment cars like the Kwid and will not offering in India after its ful-
IN TOP GEAR ‘vanish’ when asked about the shrinking
market size.
ly-electric XC40 Recharge
launched last year.
Renault India production milestones “It has a market size of 25,000-30,000 “2023 has started on a
vehicles per month and is occupied by very promising note and we
2013 100,000 (117,072 units)
three models currently. The segment will believe that we will do much
2018 500,000 (583,389 units) not vanish since it is intrinsic to the grad- better this year as compared
ual upgrade for a customer from two- to the last few years. Since
June 2023: 1 million wheelers to four-wheelers,” he added. the pandemic I think the
Source: Company The Renault-Nissan plant, one of the market was a bit slow and
alliance’s leading centres for energy and then we had supply issues.
stone for Renault. It demonstrates our resource reduction, had also announced Supply issue is still around
unwavering commitment to the Indian its road map to carbon neutrality. This us but I believe that we
market and showcases the trust our cus- will be achieved by 2045, through an should go back close to the
tomers have placed in us. We are deeply ongoing programme to transition to 100 2018 number which was our
grateful to our customers, dealer part- per cent renewable energy, while reduc- peak,” Malhotra said.
ners, employees, and all stakeholders ing energy consumption at the plant by In 2018, the company
who have contributed to this remarkable 50 per cent compared to today. The had sold 2,600 units. Last
journey. We will continue to strive for Chennai plant sources more than 50 per year it sold about 1,800 units
excellence and introduce exciting pro- cent of its electricity from renewables. in the domestic market.

SPML INFRA LIMITED

CIN: L40106DL1981PLC012228
Registered Office : F-27/2, Okhla Industrial Area, Phase-II, New Delhi- 110020
Website: www.spml.co.in, email-id : cs@spml.co.in
st
Extract of Standalone and Consolidated Unaudited Financial Results for the Quarter and Year ended 31 March, 2023 (Rs. in Lakhs)
STANDALONE CONSOLIDATED
Quarter Ended Year Ended Quarter Ended Year Ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
PARTICULARS 31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
46,265.75 15,247.06 22,798.95 87,779.58 85,309.69 1. Total income from operations 46,350.14 15,327.69 24,174.05 88,314.31 95,177.28
2. Net Profit for the period (before Tax, Exceptional
1,153.94 (517.55) 631.03 265.99 886.03 1,497.48 (392.47) (508.27) 289.37 (192.98)
and/or Extraordinary items#)
3. Net Profit for the period before tax (after
1,153.94 (517.55) 631.03 265.99 886.03 Exceptional and/or Extraordinary items#) 1,497.48 (392.47) (508.27) 289.37 (192.98)

4. Net Profit for the period after tax (after

1,151.29 (517.55) 367.24 211.05 998.06 1,368.11 (509.10) (637.64) 33.81 (13.89)
Exceptional and/or Extraordinary items#)
1,146.15 (507.33) 362.21 218.14 976.87 5. Total Comprehensive Income for the period 1,362.45 (498.88) (642.68) 40.38 (35.09)
994.90 994.90 874.95 994.90 874.95 6. Equity Share Capital 994.90 994.90 874.95 994.90 874.95
7. Earnings Per Share (of Rs.2/- each) in Rs.
2.39 (1.09) 0.82 0.44 2.68 Basic & Diluted 2.84 (1.18) (1.61) 0.08 0.09
# The Company does not have any Exceptional and Extraordinary items to report in above periods
Note:
st
1.The above is an extract of the detailed format of Audited Standalone and Consolidated Financial Results for the quarter / year ended 31 March,
2023 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The full format of the Audited Standalone and Consolidated Financial Results for the quarter / year ended 31st March, 2023 are available on the
websites of the Stock Exchange(s) i.e NSE at www.nseindia.com and BSE at www.bseindia.com and the Company's website www.spml.co.in
st
2.The Unaudited Standalone and Consolidated Financial Results for the quarter / year ended 31 March, 2023 was approved by the Audit
th
Committee and the Board of Directors of the Company in their respective meetings held on 13 June, 2023.
For SPML Infra Limited
Sd/-
Subhash Chand Sethi
Dated: 13th June, 2023 Chairman
Place: Kolkata DIN: 00464390
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 15 JUNE 2023 1

IN BRIEF
Govt discontinues sale of rice, India oil demand growth Dipam likely
wheat under OMSS to states
The Centre has discontinued the sale of rice and wheat from the
central pool under the Open Market Sale Scheme (OMSS) to state
to cross China’s by 2027: IEA to seek help
for Concor
governments, a move that will hit some states, including Karnataka,
offering free grains to the poor. This decision has already been
conveyed to Karnataka, which had sought 13,819 tonne of rice for its
own scheme under the OMSS without e-auction for July. PTI
Agency sees global oil demand growth to start shrinking from 2024

disinvestment
SUBHAYAN CHAKRABORTY

US pushing India to seal big

New Delhi, 14 June
I n India’s oil demand to grow by
ndia will overtake China by 2027 as
armed drone buy for Modi visit the biggest driver of crude oil demand
across the globe, the International
Ahead of Prime Minister Narendra Modi’s visit to Washington, the Energy Agency (IEA) has said.
Biden administration in the US is pushing New Delhi to cut through its The IEA’s latest medium-term
own red tape and advance a deal for dozens of US-made armed market report, released on
drones, two people familiar with the matter said. India has long Wednesday, predicts that the annu-
expressed interest in buying large armed drones from the United al rise in China's oil demand will
States. PTI taper from 2024 onwards, after
growing by a wide margin in 2023.
The United States, China, and India
Working to help India attract are currently the three largest oil con-
sumers in the world.
private capital, says Yellen Despite a better-than-expected eco-
nomic recovery in 2023, slowing industrial
The US is actively working to help India attract more private sector growth and falling domestic consumption
capital to close its infrastructure gap, Treasury is expected to fast catch up with Beijing,
Secretary Janet Yellen said and asserted that India- organically reducing the demand for oil
US innovations can help push down the cost curves in China.
of new technologies and accelerate the world's On the other hand, demand in India is
transition to a net-zero economy. "(The US) Treasury expected to slowly but steadily rise “as it
(Department) is actively working with the consolidates its status as the world’s
Indian government to help them attract fastest-growing major economy.” the Oil
more private sector capital to close India's 2023 report noted.
infrastructure gap,” she said. PTI About India likely becoming the
biggest driver of oil demand in the world
in a few years, IEA chief Fatih Birol, inter-
Das presented Governor of acting with reporters on the sidelines of
an event here, said: “One of the reasons
the Year Award in London why we say this is that electrification of
CHANGING ENERGY LANDSCAPE
1 million barrels per day (b/d) by 2028
n Growth in Chinese oil demand to
shrink from 2024 onwards
n China accounts for 60% of global
oil demand growth in 2023
n Global oil demand at 102 million
b/d in 2023
n Overall global oil demand growth to
peak in 2028 at 105 million b/d
of expansion has been slowing for logistics of the oil industry are set to
decades, India's population growth is not restrict annual oil demand growth to less
expected to peak until 2065. than 1 million bpd from 2024 onwards,
The IEA report said Indian oil demand it said.
will grow by more than 1 million bpd (bar- "Global oil demand will rise by 6 per
rels per day) between 2022 and 2028. cent between 2022 and 2028 to reach 105.7
Diesel, a key fuel used in the country, will million bpd,” the report said. Despite this
see its share of the product mix climb from cumulative increase, annual demand
32 per cent to 35 percent over this period, growth is expected to shrivel to just
the Paris-based agency said. 400,000 bpd by 2028, putting a peak in
Malaysia and Indonesia, key Indian demand in sight.
trading partners, are seeing similar In the next 5 years, demand growth
increases in oil consumption, of about 20 would be led by petrochemicals
per cent over the period. (LPG/naptha) and aviation fuel. Annual
growth in demand for petrochemical
Imminent fall feedstocks is expected to reduce at the
Might ask inter-ministerial group,
top FinMin officials for cooperation
SHRIMI CHOUDHARY
New Delhi, 14 June
The Department of Investment and Public Asset
Management (Dipam) might seek the intervention of an
inter-ministerial group and top finance ministry officials
for cooperation in the disinvestment of the Container
Corporation of India (Concor).
The likely move is being deliberated after the Railway
ministry’s apprehension about divesting 30.8 per cent stake
of its stake in Concor, the national transporter, put the pro-
posed stake sale on the back burner.
The government intended to sell its Concor stake—
worth about ~12,000 crore according to current market
prices—this financial year as
part of its disinvestment
road map.
However, Railways is not
in favour of getting a strate-
gic buyer on board as it may
impact its goal of keeping
logistic prices low, it has
learnt.
“The disinvestment

RBI Governor Shaktikanta Das, who was chosen for the prestigious
Governor of the Year Award 2023 earlier this year, has said that
central banks at the core of monetary and financial systems have
been called to do “heavy lifting” well beyond their traditional
mandate. Das was conferred the award by 'Central Banking' which
definitively covers and analyses issues around the world's central
banks and financial regulators following the summer meetings of
the organisation in London on Tuesday.
Indian among contenders for
Dubai’s most expensive house
cars and buses in China is growing rapid-
ly… I very much hope India will move
closer in terms of electrification.”
Since India has abundant renewable
energy capacity, the country should not
miss the opportunity to become a super-
power in the green hydrogen business, he
further said.
PTI India consumed 222.30 million tonnes
(mt) of petroleum products in 2022-23,
10.2 per cent more than the previous year.
It, according to various projections, has
surpassed China as the world’s most pop-
ulous country this year. Although the rate
The IEA report stresses that global
demand for oil is expected to touch a new
record of 102.3 million bpd in 2023, rising
annually by 2.4 million bpd. This is higher
than 2.3 million bpd in 2022.
The latest widening of demand growth
has been attributed to the Chinese econ-
omy rebounding at a faster-than-earlier-
anticipated clip in 2023, so far.
But going forward, annual growth in
global oil demand will quickly shrivel in
the short to medium term, the IEA pro-
jected. Higher sales of electric vehicles
and rising efficiencies in technology and
slowest pace. Petrochemical feedstocks
refer to feedstocks derived from petrole-
um for the manufacture of chemicals,
synthetic rubber, and a variety of plastics.
Meanwhile, demand for oil required
in the road transport sector is expected to
turn negative by 2026. This effectively
means that demand for oil as the primary
fuel for vehicles would begin to reduce
from 2027 onwards.
The IEA acknowledged that
omnipresent geopolitical risks, such as
China and the West growing apart, may
alter the forecast.
department might start a
fresh dialogue with the inter-
THE PLAN AHEAD
ministerial group (IMG) and > Move is being deliberated
try to resolve the concerns after the railway ministry’s
raised by the railways. If apprehension about
required, IMG could also divesting 30.8 per cent of
seek suggestions from a core its stake
group of secretaries for fur-
ther guidance in the matter,” > Railways is not in favour of
said a government source. getting a strategic buyer on
Dipam was earlier expect- board as it may impact its
ed to publish expressions of goal of keeping logistic
interest (EoI) for Concor in prices low
March this year and end a
> Dipam was earlier
prolonged delay.
It usually takes 9-12 expected to publish

India now at centre of global

A mansion evocative of Versailles is for sale in Dubai for $204
million, making it the most expensive house on the market in a
city where luxury property is red-hot. Two people have viewed
the home in the past three weeks, a person in know of the
matter, said. One, a Russian who had a representative view the
property, would have to figure out how to move that amount of
money. The second is an Indian client who already owns three
properties in Emirates Hills; his wife is on the fence, leaning
toward something more contemporary.
Law Commission seeks views
on Uniform Civil Code
The Law Commission on Wednesday said it has decided to look at the
need for a Uniform Civil Code afresh and seek the views of various
stakeholders, including the public and religious organisations. The
22nd Law Commission has begun examining issues related to a UCC
on a reference sent by the Ministry of Law and Justice. PTI
QCOs will be implemented from
July 1, says Piyush Goyal
Thegovernmentinconsultationwiththefootwear
industryonWednesdaydecidednottoextendthe
deadlineforcomplyingwiththemandatoryquality
standards—whichwillcomeintoforceonJuly1--and
includedMSMEsfromthesectorintoitsambit."Wehave
decidedthattheQCOswillbeimplementedfrom
July1.Itwasdecidednottodoanychangesin
that.Noextensionwillbegivenand
everybodyhasagreedtothat,"hesaid. PTI
energy affairs, says IEA chief
PTI SUBHAYAN CHAKRABORTY
New Delhi, 14 June
India has firmly become the centre of
global energy affairs, executive director
of the International Energy Agency (IEA)
Fatih Birol (pictured) said on Wednesday.
Speaking at a G20 event on energy
transition in Delhi, Birol said the country
has attracted global attention for its ini-
tiatives in a variety of sectors such as
solar, coal, hydrogen and biofuels.
“India can soon become a world
leader in green hydrogen production,”
he said. India is targeting up to ~8 trillion
worth of investments in the sector as
part of the National Green Hydrogen
Mission.
The country is currently targeting a
green hydrogen production capacity of
at least 5 million metric tonnes per
annum (MMTPA) with an associated
renewable energy capacity addition of
about 125 Gw by 2030.
Birol said protectionist measures by
countries aiming to localise green
hydrogen production are not in the best
interest of the sector.
“In last five years, India was the
largest contributor to the global solar
capacity,” he said. He added that it has
provided 500 million people access to
electricity and given cooking gas to near-
ly 100 million. This helped eliminate
household pollution caused by wood
and other materials for cooking.
Birol also said the IEA is studying
how to enable Prime Minister Narendra
Modi's LIFE initiative, which focuses on
sustainable practices while reducing car-
bon footprint, globally.
Birol highlighted that aligning with
India’s initiative could significantly
expedite global climate goals while deliv-
ering economic benefits.
Energy transition is here
Arguing that the recent volatility in ener-
gy supplies as a result of the Ukraine war
has accelerated a move away from oil,
Birol said energy transition is already
here.
Of the total $2.7 trillion worth of
investments in the global energy sector,
a majority ($1.7 trillion) was for clean
energy sources, with the rest committed
for fossil fuels, Birol said. Of the total
number of power plants opened globally
in 2022, 80 per cent were renewable,
Birol said.
Also, for the first time, investments
attracted by the solar power sector have
crossed those of oil production, he said.
However, 90 per cent of the invest-
ment in renewable energy continues to
take place in advanced economies and
China, Birol added.
He said the IEA will ask the G20 lead-
ers to ensure that a larger share of invest-
ments in renewables happens in emerg-
ing economies and Africa.
months to conclude a stake expressions of interest for
sale after inviting an EoI. Concor in March this year
For the Concor stake sale,
the delay may be longer if it > The delay in disinvestment
does not get the green signal may be longer if it does not
from the ministries con- get the green signal from the
cerned.
The Union Cabinet, in
ministries concerned
> To facilitate the
November 2019, approved
strategic sale of 30.8 per cent disinvestment, the Cabinet
stake in Concor out of gov- approved a new
ernment equity of 54.80 per land-licence fee policy in
cent along with manage- September last year
ment control. It was decided
that the government will
retain 24 per cent stake post sell-off but without any veto
powers.
To facilitate the disinvestment, the Cabinet approved a
new land-licence fee policy in September last year.
However, Concor has not switched any of its container ter-
minals built on railway-owned land to the new regime yet.
“If Concor opt for the benefit of lower land-licence fee
rates, it may have to lose up to 26 of its 61 terminals, which
it operates on railway land, and this could impact Concor’s
valuation," said a source.
Concor’s share closed at Rs 651.05 on the National Stock
Exchange on Tuesday. As the stake sale in Concor is uncer-
tain this fiscal year, the government has to rely on other
major deals, including those for IDBI Bank and Shipping
Corporation of India (SCI), to meet the budgetary target of
~51,000 crore set for FY24.
The IDBI Bank stake sale is going through the Reserve
Bank of India’s due diligence process and it is expected to
get financial bids by September. The listing of SCI’s land
asset company is expected later this month or early next
month, which would expedite the process.

Pulses face El Niño fears as kharif sowing begins

Adequate chana inventory comes as a
relief amid uncertainties over monsoon
SANJEEB MUKHERJEE
New Delhi, 14 June
The pulses crops have been in
the spotlight since the last few
months largely due to a rise in
prices coupled with their
availability owing to lower-than-
expected tur and urad output
does not abate, it will have an
impact on production,” said
Rahul Chauhan, commodity
analyst
at iGrain India.
Keep monitoring
BRAVING THE BLUES Urad
Major pulses production in million tonnes* prices of tur, urad, Urad traded above the 2023-24
flare-ups.
Pulses production in the crop
n2021-22 n2022-23 Centre tells states MSP of ~6,950 per quintal for
the last few months and it is
year 2022-23 (July to June) is TOTAL** 27.3 27.5 0.7 The Centre on Wednesday currently at around ~8,350-
projected to be around 27.5 mt. directed the state governments 9,050 per quintal. Prices
This is slightly more than the to continuously monitor the dropped a bit in some places
same period last year, according prices of tur and urad and take after stock limits.
to the third advance estimates action on those violating the Myanmar’s urad export is
on food grains released a stock limit order. slow and Indian traders believe
month back. This was conveyed in a that the commodity’s prices will
4.22

during the 2022-23 crop year. According to this estimate, meeting — chaired by Nidhi remain high till the new
3.74
3.43

3.16
2.77

With the southwest monsoon production of both tur and urad Khare, Additional Secretary in the domestic crop arrives in the
2.61

1.58

bracing for the impact of is expected to be less than last Consumer Affairs Ministry — to market. Just like tur, urad
1.26
13.54
13.54

El Niño, all eyes are on how the
kharif production of pulses pans
out in the next few months.
Sowing of kharif pulses has
started on a tepid note, and till
last week, acreage was around
41 per cent down year-on- year
(YoY).
The good news is the wide
availability of chana (gram), the
largest pulses grown in the
country. Chana comprises
almost half of the total annual
pulses production of around
27-29 million tonnes (mt).
Chana stocks in the central
pool, after the latest round of
procurement, stand at around
3.8 mt. This is nearly 1.4 mt more
than the same period last year.
The government can use the
chana stocks to cool down prices
of other pulses. Zero-duty
imports should encourage
importers to enter into long-
term contracts at reasonable
rates and prevent price
year while that of moong and
masur is projected to be more.
Chana output is estimated to be
almost the same as last year at
13.5 mt.
The government, in the last
few months, imposed stock
limits on tur and urad till
October 31. It also removed a cap
on procurement imposed a few
years back at 40 per cent of the
total production. The
government’s measures aim to
ensure that farmers freely plant
tur and urad in the kharif season
without the fear of any sharp
drop in prices.
Ensuring that pulses are
available at fair prices is vital
for inflation control as the
government prepares for state
elections this year and the
Lok Sabha polls in 2024.
Pulses and monsoon
There is no direct correlation
but studies have shown that in
any low-monsoon year, pulses
and oilseeds, along with
vegetables, are susceptible to
price flare-ups among all crops.
An analysis by commodity
exchange NCDEX of the last 12
years’ monsoon data and kharif
production shows that the
output of pulses, oilseeds and
cotton is most vulnerable to
below-normal rains. Cereals
and millets are resilient in
comparison.
Around 30-35 per cent of
Tur
-18.7
NOTE: Crop year runs from July to June
*According to third advanced estimate
**Total might not match as all pulses haven't been included
India’s pulses production comes
during the kharif season and the
rest is from rabi. Paddy is the
biggest cereal grown in the
kharif season.
The production of kharif
pulses in the last two deficient
monsoon years, of 2014 and
2015, dropped 4.4 per cent and
3.5 per cent, YoY, respectively,
according to NCDEX analysis.
Kharif crops are sown in late
June or July and harvested in
September or early October.
Urad Chana Moong Masur
-5.8 0.0 18.4
% Change
How do the production and
price scenarios look for major
pulses as the kharif sowing
season nears in India?
Tur and urad
Tur and urad prices increased
because of low domestic
production and firm
international markets. But after
the Centre imposed stock limits
a few weeks back, there has
been a slight moderation.
The price drop isn’t big and it
review stock disclosure of tur and
urad, and the implementation of
stock limits by the state
governments.
The representatives of the
25.4
State Food and Civil Supplies
Departments, Central
Warehousing Corporation and
State Warehousing Corporations
were present at the meeting.
PTI
has to sustain, said
trade sources.
Tur was selling at
~9,500-10,500 per quintal in
major domestic markets a few
days ago.
“My expectation is that in the
coming kharif season, sowing of
tur crops will see a good jump.
But it all depends on what
impact El Niño will have on the
monsoon. Though pulses need
less water than other crops, if
there is no rain and the heat
sowing is expected to get a
fillip due to good prices but
El Niño will play a big role.
Chana
The saving grace is that central
government agencies have
almost 3.8 mt of chana, or about
1.13 mt more than the previous
year. Traders said the stocks
can be used to intervene in
the pulses market and cool
down prices.
Moong and masur
Moong saw the highest increase
in 2023-24 MSP among all crops.
The support grew 10.35 per cent,
from ~7,755 per quintal to
~8,558 per quintal.
New summer moong crops
have started arriving in Madhya
Pradesh, Punjab and Gujarat
and the procurement has also
started. Production in 2022-23 is
expected to be around 18.4 per
cent more than the last year.
.
NEW DELHI | THURSDAY, 15 JUNE 2023 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 15 JUNE 2023 1

May WPI inflation Banks seek RBI’s clarification on

falls to over 7-yr fresh funding to wilful defaulters
MANOJIT SAHA
n The RBI mandates minimum

low of -3.48% KEY HIGHLIGHTS

Mumbai, 14 June
12-month cooling-off period
Banks have sought clarification from before extending fresh loan
n The RBI allowed banks to undertake
the Reserve Bank of India (RBI) on following compromise
whether the latest guidelines on com-
compromise settlements with wilful defaulters
settlement with defaulters
Second straight month of disinflation owing to higher promise settlement, which allows n Even after such settlements, criminal
lenders to extend loans to defaulters proceeding to continue for fraud accounts n Banks to have
base and falling prices of fuel, manufactured goods after a cooling off following a compro-
n All fraud accounts are wilful defaulters but
comprehensive board
mise settlement, are also applicable to approved for all
SHIVA RAJORA wilful defaulters and fraud accounts. not all wilful defaulters are fraud compromise settlements
New Delhi, 14 June According to top banking industry
sources, lenders need flexibility for

I
ndia’s Wholesale Price
Index (WPI)-based infla-
tion recessed further into
deflationary territory in May,
falling to over seven year low
at minus 3.48 per cent, from
minus 0.92 per cent in April,
data released on Wednesday by
the Ministry of Commerce and
Industry showed.
The deflation in factory
gate inflation for the second
consecutive month in 2023-24
comes on the back of a higher
base effect and due to a fall in
prices of mineral oils, basic
metals, food products, textiles,
non-food articles, chemical
products, crude petroleum,
and natural gas.
The wholesale inflation was
16.63 per cent in May 2022.
Earlier, it was minus 3.7 per
cent in October 2015.
Data shows the prices for
manufactured items (minus
2.97 per cent) contracted
further in May, from minus
2.42 per cent in April, led by a
decelerated price rise in items
such as beverages, apparel,
COOLING DOWN
*Provisional; WPI: Wholesale price index
ducts (minus 3.03 per cent)
contracted in May, from their
decline in global commodity
prices.”
compromise settlements with respect
to issues like following debt-recast
norms and staff accountability.
Bankers said compromise settle-
ment with wilful defaulters and fraud
accounts happened earlier, but the RBI
has made such norms more stringent.
On June 8, the banking regulator
issued norms on compromise settle-
ment in which regulated entities were
allowed to undertake compromise set-
tlements or technical write-offs. This is
in respect to accounts categorised as
wilful defaulters or fraud, without prej-
udice to the criminal proceedings
underway against such debtors.
“A company, which was classified as
Corporate dollar Remittance growth may
Source: Ministry of Commerce
inflows boost ~ slow to 0.2%: World Bank
to 1-month high
fraud or wilful defaulter, remains so
even after a change in management. In
the current scheme of things, we cannot
take away the fraud tag.
If such a company had to be funded
by another bank, how will it happen if
it is totally prohibited,” said a senior
banker from a large public sector bank.
“If the company is sold to another
owner why should the company con-
tinue to suffer,” the banker added.
RBI had suggested a minimum cool-
ing off period of 12 months, (except for
farm loans), after a compromised set-
tlement is reached, for extending fresh
loans. Banks have also sought clarifica-
tion on the way the value of the settle-
SHIVA RAJORA
New Delhi, 14 June
ment is determined.
Banks typically calculate the net
present value (NPV) of the security and
compare it with the settlement amount,
which is mostly in cash.
In case the NPV is lower than the
cash, they proceed with a compromise
settlement. RBI now wants details of the
ageing of the security, deterioration of
the security and other details.
“Once we do a valuation from an
approved valuer, they take all of these
into account. RBI wants us to be more
detailed and more granular in case
banks have missed something and in
case we are just relying on the collateral
security by the valuer. They want more
details from the bank’s side,” said a
source.
RBI also said that banks should put
in place a graded framework for exami-
nation of staff accountability with rea-
sonable thresholds and timelines as
decided by the Board.
“Compromise settlement should be
allowed even if staff accountability is
not completed. These are two different
processes. One is a disciplinary process
and the compromise is a financial trans-
action. If we say without staff account-
ability, we cannot do a compromise,
then it will stop many of the transac-
tions from going through,” another
banker said.

Growth of remittance flows

cement, and mineral products.
Conversely, the prices of
chemicals (minus 4.63 per
cent), textiles (minus 8.28 per
cent), manufactured food pro-
ducts (minus 6.85 per cent),
fats (minus 29.54 per cent),
basic metals (minus 9.8 per
cent), paper products (minus
6.33 per cent), and rubber pro-
levels a year ago.
Rajani Sinha, chief econ-
omist, CARE Ratings, said,
“The contraction was more
due to a sharper deflation in
the fuel and light category
owing to a broad-based decline
in mineral oil prices. The
prices of manufactured pro-
ducts eased due to an overall
The prices for fuel and
power saw sharp contraction
to minus 9.17 per cent, from
0.93 per cent in April, on the
back of contraction in the
prices of liquefied petroleum
gas (minus 24.35 per cent),
petrol (minus 9.45 per cent),
and high-speed diesel (minus
17.03 per cent).
MANOJIT SAHA
Mumbai, 14 June
~ GAINS 27p into India this calendar year
is likely to decelerate to 0.2
(Inverted scale) per cent amid an economic
The rupee hit a one-month slowdown in Organization for
high against the dollar on Economic Cooperation and
Wednesday following corpo- Development (OECD) coun-
rate dollar inflows, closing the tries, said a World Bank
day at 82.1, up 27 paisa. report on Wednesday. The
According to dealers, a for- report also suggested a flat
eign bank sold dollars on trend in remittance growth in
behalf of large telecom com- 2024, as well.
panies, which helped the “Growth of remittance THE TOPPERS
Indian unit post gains. flows to South Asia in 2023 is Top 5 remittances receiving countries in 2022 (figures in $ bn)

Nations must be aware of “Despite the Chinese yuan

hitting a six-month low of 7.17
and other emerging market
currencies weakening, the
expected to slow down to 0.3
per cent in response to an eco-
nomic slowdown in the OECD
countries, especially the high-

climate change cost: CEA Indian rupee showcased resil-

ience today (Wednesday),
strengthening 0.40 per cent
down to 82.05 levels as dollar
index neared 103 and Brent oil
stabilised near $75/barrel,”
tech sector in the United
States, which affects demand
for IT workers. Remittances to
111
61 51 38 30
RUCHIKA CHITRAVANSHI “We discussed how to prepare ourselves to against the dollar,” said Amit Anil Kumar Bhansali, head of India which account for over
New Delhi, 14 June handle financial capital that will be seeking Pabari, managing director, CR treasury, Finrex Treasury 60 per cent of the region’s
investments in India and the Global South. This Forex. “This positive perform- Advisor. inflows are expected to grow
Countries have to be aware of the potentially is a broad agenda of this topic of financial glob- ance can be attributed to the The Reserve Bank of India by only 0.2 per cent in 2023,” India Mexico China Philippines Pakistan
high fiscal cost of climate change and transition alisation. We initiated it in our Presidency,” said inflows from foreign institu- (RBI) has been active in the the report said. Source: World Bank
policies, given the uncertain pace of green Nageswaran. tional investors (FIIs) into the foreign exchange market in The “Migration and
energy transition, the recent supply shocks, and The framework working group is a dialogue domestic equities market,” recent times and mopped up Development Brief” by the
disruptions, said V Anantha Nageswaran, chief group on assessing economic risks arising out Pabari said. So far this finan- dollars to boost its foreign multilateral financing body lion), China ($51 billion), the other high-income destina-
economic advisor (CEA). of policies followed by countries and shaped by cial year, the Indian unit has exchange reserves. further said remittance flows Philippines ($38 billion), and tions like Gulf Cooperation
He made this statement to the media after global events and developments. gained 0.09 per cent against After hitting $642 billion into South Asia grew by over 12 Pakistan ($30 billion). The Council (GCC) countries also
the third Group of Twenty summit meeting of Nageswaran said it may not be possible to the dollar on the back of in September 2021, reserves per cent in 2022 to $176 billion, report noted that almost 36 per enjoyed favourable economic
the framework working group held in Kochi on accomplish the three goals of becoming net zero, healthy foreign inflows, and fell to $525 billion in October benefiting from strong labour cent of India’s remittances in conditions due to high
Wednesday. economically competitive, and fiscally sustain- softening international crude last year amid risk averse sen- market conditions in OECD 2022 were attributable to the energy prices which favoured
“We need to enhance our understanding of able. “Even developed countries are beginning oil prices. timent among investors after economies and Gulf countries. high-skilled and largely high- the employment and
the different circumstances that countries face, to appreciate the complexity of dealing with “As Fed, Federal Open the war in Europe and interest Flows into India grew 24 tech Indian migrants in three incomes of the less-skilled
so that we can come up with tailor-made this issue… We may also have to wind down Market Committee (FOMC) rate hikes by the US Federal per cent in 2022 to reach $111 high-income destinations — Indian migrants in these
responses for each country, drawing from global some of the fossil fuel assets that will create its meeting continues with Reserve. The RBI was able to billion — which was 63 per the US, the UK, and countries.
experiences,” the CEA said. own cost as well,” he added. results awaited tonight, dollar recoup most of the losses as cent of South Asia’s total remit- Singapore), where the post- As a result, remittance
The group also discussed the implications He said that there was a need to estimate inflows worth $1.5 billion from latest data shows the coun- tance flows — and helped it pandemic recovery led to a inflows from GCC countries
of financial globalisation — the free movement the resource requirements and most of it would a telecom major and a hospital try’s foreign exchange retain the top position among tight labour market and wage accounted for about 28 per
of finance and the liberalisation of the financial come from domestic sources, provided there is chain hit the market through reserves were at $595 billion remittance receivers. It was hikes. cent of India’s total remit-
sector across the world. domestic economic growth as well. foreign banks, taking dollar as on June 2. followed by Mexico ($61 bil- It further said that India’s tance inflows in 2022.

> FROM PAGE 1
Byju’s...
According to sources, Byju’s
wants to do one-on-one meet-
ings with lenders instead of
having a group talk to influence
> BS SUDOKU
SOLUTION TO #3998
them individually and split the
group of ad hoc lenders.
However, the lenders want to
have a collective discussion to
comply with an agreement that
mandates collaborative efforts
during negotiations.
Byju’s declined to comment
about the negotiations with
# 3999
Hard: ««««
Solution tomorrow
HOW TO PLAY
Fill in the grid so that
every row, every
column and every 3x3
box contains
the digits 1 to 9
lenders. However, according to
a source close to the company,
Byju’s has already started hav-
ing one-on-one interactions
with lenders and had discus-
sions with a couple of them,
according to a source close to
the company. It has plans to
have more such calls with other
lenders in the next few days.
The development about
lenders telling Byju’s that they
are open to negotiations but
will not engage in the firm’s
proposal for one-on-one was
reported by Bloomberg.
Trams...
The tram service has shrunk
due to work on the metro,
reconstruction or maintenance
of bridges, traffic, and state pol-
icies. Trams worked best 100
years back but faster modes of
transportation are required
now, said Rajanvir Singh Kapur,
managing director of West
Bengal Transport Corporation
(WBTC). “The city is much
bigger now; there is immense
stress in the central business
district and increasing compe-
tition for road space.”
For WBTC, which runs bus
and ferry services too, trams
come last in terms of income.
The transport minister assured
that trams would be retained
for their heritage status and
people’s emotions.
Stop, restart Kolkata
trams—now in their 150th
year—are the last to survive
modernity in Indian cities.
Mumbai gave up the service in
1964; Delhi and Chennai shut-
tered theirs earlier.
It’s an important transport
system still in some European
cities. There are also famous
examples of shutdowns and
comebacks.
Strasbourg in France had a
60-km tram network more than
a century back but the service
became almost non-existent
three decades ago, said Anish
Mandal, Partner, Deloitte India.
Strasbourg reconstructed the
network and some other cities
in France followed. In Australia,
Melbourne retained trams and
Sydney discontinued them.
Sydney’s last tram network
closed in 1961, said Rowan
Ainsworth, Australian Consul-
General in Kolkata.
Barry O’Farrell AO,
Australia’s High Commissioner
to India, when he was premier
of New South Wales province
in 2012 committed to re-intro-
ducing tramlines to reduce con-
gestion in Sydney’s central
business district, said
Ainsworth.
Sydney’s tram project
approximately cost AUD 2.9 bil-
lion and it was a success on
completion. More than 25 mil-
lion passenger journeys were
made in 2022, she said.
Clean transport
Do trams have a future amid a
push for green mobility?
Electric trams have zero-tail
pipe emission and can draw
electricity from the grid
directly, said Mandal of Deloitte
India. Trams consume less
energy and their asset life is also
longer compared to buses, he
said. They have a higher pas-
senger carrying capacity than
buses and have the flexibility to
add an extra carriage anytime.
Tram lovers are making a
pitch for its resurrection along
similar lines. According to
Mahadeb Shi, general secretary
CTUA sustainable transporta-
tion was required to fight cli-
mate catastrophe. “Trams are
environment-friendly, but
struggling and must be revived.
We don’t want it just to be a her-
itage transportation.”
Last month, the Calcutta
High Court said that further
bituminizing or removing tram
tracks shall not be done till a
decision was taken by the court
on the writ petition filed by
NGO, People United for Better
Living in Calcutta (PUBLIC).
“We have asked the court to
appoint a committee of experts
to assess the transportation
needs of the city and the role of
trams in fulfilling it,” said
Pradeep Kakkar, founding
member of PUBLIC.
“The decision of the gov-
ernment to put in an increased
number of electric buses in the
transport system claiming that
it is eco-friendly is contrary to
their stand in dismantling the
tram network. Trams are eco-
friendly and should be consid-
ered not just for retention but
modernization and expansion.
They are certainly far more effi-
cient in moving people than
four-wheelers,” he said.
According to Mandal, the
focus should be on manufac-
turing new air-conditioned
tram coaches and expanding
their network. “This would
transform trams into a valuable
asset for the state, promoting
tourism and facilitating clean
public transportation.”
But there are challenges.
Considering the massive finan-
cial commitment which it takes
to revive and expand the tram
network and the urban trans-
port planning-related chal-
lenges, Mandal said, the best
course of action for Kolkata
would be to preserve the tram
system network, shift to mod-
ern technologies, and over time
expand as the planning per-
mits.
Steady decline
The decline of trams has been
steady since the 1990s, said
CTUA’s Bhattacharyya. He
recalled that Shyamal
Chakraborty, transport minis-
ter in the Left Front govern-
ment had said, trams are obso-
lete – they will die a natural
death. “Before private buses
were allowed, around the 1970s,
trams used to carry 40 per cent
commuters and CSTC buses 60
per cent. Now, in percentage
terms, trams’ share would be
negligible,” Bhattacharyya said.
A tram restaurant, a tram
library, a clutch of AC trams
with Wi-Fi have been intro-
duced to keep the vintage
transport system in keeping
with the times.
MG Motor...
While both M&M and Ashok
Leyland’s auto business have
synergies with MG Motor’s
existing business, the JSW
group will be foraying into the
sector if it wins the race. The
private entities of Sajjan Jindal’s
JSW group are planning to
make an offer, but the listed
entities will not participate in
the race.
CBIC...
About the recently launched
two-month special drive on
May 15, Johri said it is meant
to clean up the taxpayer base.
“We have shortlisted 30,000
cases for physical verification,
of which, so far, 35 per cent or
over 10,000 cases have been
found to be allegedly involved
in the generating fake registra-
tion to claim bogus input tax
credit (ITC). So far, the depart-
ment has detected about
~7,000 crore of bogus ITC dur-
ing the drive.”
“It is a concerted action
with states meant to identify
those taxpayers who on the
basis of their behaviour and
their footprint appear to be
suspicious. First, we have gen-
erated a list of such taxpayers
who appear to be very high-
risk; all these taxpayers will be
verified physically, just to
ensure that they actually have
a place of business. There are
some protocols that we've laid
down with states for verifica-
tion. In case of non-existent
entities, we are taking action
to suspend registration and
cancel it, or even block input
tax credit,” he said.
Johri said the department
has been able to track users of
ITC -- layers of recipients who
are actual beneficiaries of the
tax credit -- and it is accord-
ingly taking action if there is
any irregularity.
About the GST mop-up
surpassing ~18 trillion in FY23,
the CBIC chairman said that
this was due to an improved
economy and uptick in
compliance (return filing),
which is currently 85 per cent
against 60-70 per cent in the
pre-GST era.
Johri expects the average
monthly GST collection to be
in the range of ~1.55 trillion-
~1.6 trillion in the current
financial year. “I would like to
be conservative in our revenue
estimates, so I think ~1.5 tril-
lion monthly average is
achievable. This is keeping
mind the real economic
growth, good IIP numbers,
and overall growth estimation
by various institutions.”
On the department's
strategy for widening the tax
base and preventing misuses,
he said that the authority will
ensure tighter verification at
the time of registration of busi-
nesses to curb misuse. At the
same time, it will also boost its
compliance management
efforts by doing tighter scru-
tiny and audits with the help
of states.
Sector-wise, he said, some
sectors have been a cause of
concern regarding increased
numbers of bogus bills as they
mostly deal with informal
chains. These include metal
and plastic scraps, waste
paper, manpower supply serv-
ices, and advertising services.
About setting up the GST
tribunal, the CBIC chief said an
amendment has been already
carried out in the Central GST
Act through the Finance Act,
2023. But the State GST Act also
needs amendment. “So states
will now take the matter,
depending on their Budget ses-
sions; some will do it now.
Typically, what happens is that
when changes are announced
in the GST law, state govern-
ments are able to complete
them by October or November
of the year. I expect that it will
be operational in the second
half of FY24,” he added.
More on business-standard.com
>
NEW DELHI | THURSDAY, 15 JUNE 2023 POLITICS & PUBLIC AFFAIRS 7

Biparjoy landfall today, Regd.Office: Duliajan, Distt. Dibrugarh, Assam-786602

CIN: L11101AS1959GOI001148 Website: www.oil-india.com

50,000 evacuated in Guj

Bank services should be restored at the earliest after cyclone: Sitharaman
Notice is hereby given that the following original equity share certificates have been lost /
misplaced and are not traceable. The holders/purchasers/legal heirs have applied to the
Company for issue of duplicate share certificates. Any person who has a claim in respect
of the said equity shares should write to the undersigned at OIL House, Plot No.19, Sector-
16A, Noida, Dist. G.B. Nagar 201301, Uttar Pradesh. The Company will proceed to issue
duplicate share certificates in lieu of the said certificates, if no objection is received within
15 days of the publication of this notice.
Certificate
Name of the Folio No No of Distinctive Numbers
Numbers
Holder (OIL000) Shares
From To From To
Rohini Kanta 3951 300 10132 10134 1013101 1013400
Baruah 100 23495 23495 142348101 142348200
Hadori Baruah 600 401125 401125 241421550 241422149
333 716897 716897 800817696 800818028
666 923576 923576 1178691062 1178691727
Sub-Total 1999
Punaram Chaliha 1275 200 3489 3490 348801 349000
Lily Chaliha 200 16850 16851 141683601 141683800
200 30079 300800 143001051 143001250
900 401738 401738 241875675 241876574
500 717292 717292 800961349 800961848
1000 923923 923923 1178930786 1178931785
Sub-Total 3000
For Oil India Limited
Sd/-
(A.K. Sahoo)
Place: Noida Company Secretary
Dated: 14.06.2023 ACS: 12385

High waves crash against shops near a shore in Mumbai ahead of the landfall of Cyclone Biparjoy, on Wednesday PHOTO: PTI

BS REPORTER & PTI from loss of life, fisheries, livestock, crops, Devbhumi Dwarka, Morbi and Rajkot,
New Delhi/Mandvi/Ahmedabad, 14 June boats, and property should be settled Pandey told reporters in Gandhinagar.
expeditiously. He said 18 teams of National Disaster

A
uthorities have so far shifted
50,000 people from coastal areas
of Gujarat to temporary shelters
ahead of the expected landfall of powerful
cyclone ‘Biparjoy’ near Jakhau port in
Gujarat’s Kutch district.
With the cyclone barrelling towards the
Gujarat coast, parts of the Saurashtra-
Kutch region received heavy rains accom-
panied by strong winds.
Nine talukas in Devbhumi Dwarka,
Jamnagar, Junagadh, Porbandar and
Rajkot districts received more than 50 mm
of rainfall in the 24 hours ending on
Wednesday morning.
The India Meteorological Department
(IMD) said Biparjoy was set to change the
path on Wednesday and begin moving
north-eastwards towards Kutch and
Saurashtra and have a landfall on
Thursday evening near Jakhau Port.
Nirmala Sitharaman on Wednesday
chaired a meeting of managing directors
and senior executives of banks and insur-
ance companies to review their prepared-
ness. She emphasised that banking serv-
ices should be restored at the earliest and
that banking correspondents be available
and cash availability ensured, especially
where ATM restoration may take time.
She said that the claims originating
Defence Minister Rajnath Singh on
Wednesday spoke to the three service
chiefs and reviewed the preparations of
the armed forces to deal with the impact
of the cyclone.
After reviewing the preparations,
Rajnath said the armed forces are ready
to provide every possible assistance to civil
authorities in tackling any situation or con-
tingency that may arise due to the cyclone.
The Gujarat government has undertak-
en the exercise to evacuate people living
in villages within a 10 km radius of the
coast, with a special focus on Kutch which
is likely to be worst affected by the cyclone.
The evacuation is in progress and is
expected to be completed by Wednesday
evening, officials said.
“The cyclone is nearly 290 km away
from Kutch at present. As a precautionary
measure, we have already shifted nearly
50,000 people living in coastal areas to
temporary shelters. The evacuation
process is still on and the remaining 5,000
people will be shifted by this evening to
safer places” said State Commissioner of
Relief, Alok Kumar Pandey.
Of the 50,000-odd evacuees, nearly
18,000 people were shifted to shelters in
Kutch district while others were evacuated
from Junagadh, Jamnagar, Porbandar,
Response Force, 12 teams of State Disaster
Response Force, 115 teams of state road
and building department, and 397 teams
of the state electricity department have
been deployed in different coastal districts.
Chief Minister Bhupendra Patel held a
meeting with the state chief secretary and
senior officers at the State Emergency
Operation Centre.
In coastal districts, authorities removed
more than 4,000 hoardings as wind speed
has increased. Shelter homes have been
set up in government schools and offices
in coastal districts, with arrangements for
food, drink and medicine.
The IMD stated that the intensity of
rainfall would increase as the cyclone
approaches the Gujarat coast on June 15,
with the isolated places in the districts of
Kutch, Devbhumi Dwarka and Jamnagar
likely to witness extremely heavy rainfall
during this period.
A few places in Porbandar, Rajkot,
Morbi, Junagadh, and the remaining dis-
tricts of Saurashtra and north Gujarat
region are also likely to receive heavy to
very heavy rainfall on Thursday, it said.
Meanwhile, 69 trains stand cancelled
in the Western Railway zone, with 33 trains
being short-terminated. Transport infra-
structure is expected to be hit.

Court summons K’taka CM, 9 killed,

Rahul in defamation case 10 injured
PRESS TRUST OF INDIA
in fresh
Bengaluru, 14 June

A special court here has

summoned Congress leader
Rahul Gandhi, Karnataka
Chief Minister Siddaramaiah,
Deputy Chief Minister D K
Shivakumar after a defama-
tion complaint by the BJP.
The Additional Chief
Metropolitan Magistrate
Court, exclusively to deal with
criminal cases related to
elected former and sitting
MPs/MLAs, took cognisance
of the offences under Sections
499 (defamation) and 500
(punishment for defamation)
of the Indian Penal Code, and
posted the case for recording
the statement on July 27.
The private complaint
The complaint alleging false claims in ads tarnishing the image
of BJP was filed against Shivakumar, Rahul, Siddaramaiah
alleged false claims in adver-
tisements tarnishing the
image of the BJP was filed by
the party’s state secretary
S Keshavaprasad on May 9.
According to the com-
plaint, the advertisement
released by the KPCC in major
newspapers on May 5, 2023 in
the run-up to the Assembly
election claiming that the then
BJP government indulged in
“40 per cent corruption” and
looted ~1.5 trillion in the pre-
vious four years was “baseless,
prejudiced and defamatory”.
Manipur
violence
PRESS TRUST OF INDIA
Imphal, 14 June
At least nine people were
killed and 10 injured when
suspected miscreants
attacked a village in the
Khamenlok area of ethnic
strife-hit Manipur, officials
said on Wednesday.
The armed miscreants
surrounded the Kuki village
of Khamenlok area bordering
Imphal East district and
Kangpoki district and
launched the attack at
around 1 am, officials said.
In the gun battle that
ensued both sides suffered

TN minister Balaji arrested casualties and injuries.

Three persons were
also reported missing,
officials said.

by ED under PMLA The area lies along the

borders of the Meitei-
dominated Imphal East dis-
PRESS TRUST OF INDIA trict and tribal-majority
Chennai, 14 June Kangpokpi district.
Meanwhile, the district
A court here on Wednesday sent Tamil Nadu authorities have cut short the
Electricity and Prohibition and Excise curfew relaxation hours from
Minister V Senthilbalaji, arrested by the the usual 5 am to 6 pm in
Enforcement Directorate (ED) in a money laun- Imphal East district and
dering probe, to judicial custody till June 28. Imphal West district to 5 am
Sessions Court Principal Judge S Alli visited to 9 am. Curfew remains in
the government hospital where Senthil was force in 11 of the 16 districts
admitted this morning before passing the order. of Manipur, while internet
PHOTO: PTI

The court also reserved orders on a total services are suspended in the
three pleas filed by either sides. While the min- entire northeastern state.
ister prayed for interim bail and permission to More than 100 people lost
be shifted to a private hospital, the ED sought Tamil Nadu CM Stalin visited state minister their lives and 310 others
police custody of Senthil. Senthilbalaji who is admitted to Omandurar were injured in the ethnic
Senthil was arrested around 1.30 am on government hospital, on Wednesday. Senthil violence between Meitei and
Wednesday by ED under the Prevention of was admitted after he was questioned by ED Kuki community people in
Money Laundering Act, following raids on his the state since clashes broke
premises since Tuesday morning. his brother R V Ashok Kumar, PA out on May 3 after a ‘Tribal
The agency action came months after B Shanmugam, entered into a criminal conspir- Solidarity March’ was organ-
the Supreme Court allowed a police and ED acy with the managing directors of all state ised in the hill districts to
probe into a cash for jobs scam allegedly involv- transport undertakings and other officers of protest against the Meitei
ing Senthil. transport corporations to obtain illegal gratifi- community’s demand for
The case against Senthil and his aides per- cation from candidates to recruit them as driv- Scheduled Tribe (ST) status.
tain to his tenure as the state transport minister ers, conductors, junior tradesmen, junior engi- Army and paramilitary
in the AIADMK government during 2011-15 neer and assistant engineer in the transport personnel were deployed to
when he, along with his associates, including corporation during 2014-15. restore peace in the state.
8
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NEW DELHI | THURSDAY, 15 JUNE 2023 1
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NEW DELHI | THURSDAY, 15 JUNE 2023 9
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10 WORLD
>
NEW DELHI | THURSDAY, 15 JUNE 2023

AS UKRAINE PRESSES COUNTER-OFFENSIVE...

Trump turns his
day in court into We lack many things... we lack quantity: Putin
BLOOMBERG

campaign event 14 June

President Vladimir Putin acknowl-

edged that Russian forces fighting in
Ukraine lack sufficient advanced
weapons despite a tripling of arms out-
put, as Kyiv’s forces pressed a coun-
teroffensive backed by a new infusion
of allied support. Putin made the rare
admission of shortcomings in produc-
tion in a televised meeting with local
reporters and war bloggers. He also
said Russia had lost 54 tanks since
Ukraine’s drive began last week — the
first time the Kremlin has admitted
losses on such a scale.
“It became clear that we lack many
things — high-precision ammunition,
communications, drones,” Putin said.
“We have them, but we lack quantity.”
Kyiv is counting on the campaign
to drive Russian forces from territory
IT BECAME CLEAR THAT WE
LACK MANY THINGS — HIGH-
PRECISION AMMUNITION,
COMMUNICATIONS, DRONES ...
WE HAVE THEM,BUT WE LACK
QUANTITY
Vladimir
Putin
Russia
President
Russian forces fired cruise missiles at the southern Ukrainian city of Odesa losses on Ukraine’s military.
and shelled the eastern Donetsk region early Wednesday, killing at least six The counter-offensive is “making
people and damaging dozens of homes, Ukrainian officials said PHOTO: REUTERS advances,” Nato Secretary General
Jens Stoltenberg said during a visit
occupied since the February 2022 a few villages as it probes the extensive to Washington on Tuesday. At the
invasion, strengthening its hand in defensive lines that Moscow’s troops same time the US announced it’s
any peace talks that might follow. So have built and Putin said Russian sending another $325 million in
far, Ukraine has reported taking only forces had inflicted “catastrophic” weapons to back up the campaign.
Russia jails Navalny
ally for ‘extremism’
A former campaign leader for jailed
Russian opposition leader Alexei
Navalny was sentenced to seven years
and six months in prison on
Wednesday for “creating an extremist
organisation”. Navalny supporters
reacted with outrage to the sentence
against Liliya Chanysheva, the former
campaign chief for Navalny in the
Urals city of Ufa. REUTERS
The weapons taken from US stock-
piles will help Ukraine replace
vehicles and ammunitions that it’s
losing in the counteroffensive. They
include 155mm and 105mm artillery
rounds, TOW missiles, munitions for
surface-to-air missile systems, and
communications gear.

EU House passes
EU antitrust body orders AI Act, challenging
Google to break up ad biz tech giants’ power
Also bans public face-scanning
Investigation focuses on narrow aspect of the ad business, says tech giant JILLIAN DEUTSCH
14 June
SAMUEL STOLTON & STEPHANIE BODONI “The commission’s investigation focuses LANDMARK ACT
on a narrow aspect of our advertising The European Parliament n Companies such as
Former US President Donald Trump pleaded not guilty to the
14 June
business and is not new. We disagree IN PERSPECTIVE voted to completely ban OpenAI and Google
n The EU case is a direct attack on the

G
criminal charges in his recent indictment over the classified oogle was accused of abusing its with the EC’s view and we will respond real-time, remote bio- would have to
documents case. He appeared before the federal courthouse dominance over advertising accordingly.” black-box of online advertising metric surveillance perform risk
in Miami on Tuesday. Trump later spoke before a large technology to crush competi- Google shares fell 0.5 per cent in pre- — a decision that assessments
gathering of supporters at Bedminister, New Jersey, and said tion, as the European Union (EU) fired market trading on the news to $123.20. n Online advertising is Alphabet’s will put lawmakers
most lucrative business, generating and summarise
“We’ve got a government that is out of control” PHOTO: REUTERS off an antitrust charge sheet that strikes The EU case is a direct attack on the at odds with the
80% of total revenue last year, the copyrighted
at the heart of the US company’s sales black-box of online advertising where EU’s 27 countries in
material used to
“I’M NOT THE ONE WHO THINKS I’M ABOVE THE LAW. model and threatens a selloff of the Google automatically calculates and adding up to about $225 billion upcoming negotia-
train their models
lucrative business. offers ad space and prices to advertisers tions. The blanket ban,
I’M THE ONE THAT FOLLOWED THE LAW... IT’S JOE Margrethe Vestager, the EU’s com- and publishers as a user clicks on a web n The new charge sheet follows three which was previously agreed n The new rules could
BIDEN AND HIS CORRUPT DEPARTMENT OF INJUSTICE petition commissioner, said the page. Online advertising is Alphabet’s earlier EU cases against Google, in by lawmakers, was up in the impact firms by 2026
Alphabet unit had favoured its own ad most lucrative business, generating 80% which the firm has racked up over air after a political deal fell
WHO THINK THEY ARE ABOVE THE LAW” exchange program over its rivals and bol- of total revenue last year, adding up to $8.6 billion since 2017 for abuses of apart late last week. n Executives are also
Donald Trump, former US President stered the company’s central about $225 billion. dominance on its mobile OS, its Lawmakers also passed pushing a ‘code of
role in the ad tech supply The new charge sheet fol- search business, and display additional measures for gen- conduct’ with
“Our (EU)
chain as well as Google’s abil-
preliminary lows three earlier EU cases advertising operations eral purpose AI and founda- companies that
IN BRIEF ity to charge a high fee for its
service. Should the commis-
concern is that
Google may
against Google, in which the
company has racked up over n While antitrust charge sheets can
pave the way for fines as much as
tional models like GPT-4.
Under the parliament’s plan,
would be voluntary
rules across the G7,
sion decide that Google acted $8.6 billion since 2017 for companies such as OpenAI plus India, Indonesia
have used its 10% of a firms’ global sales, they
illegally it may be forced to abuses of dominance on its and Google would have to
market
Cormac McCarthy, who wrote divest part its ad sales servic-
es, she said at a press confer-
position to
favour its own
mobile operating system, its
search business, and its dis-
seldom approach that level, meaning
the impact on earnings of
perform risk assessments
and summarise the copy-
No Country for Old Men, dies ence Wednesday. “Google is
present at almost all levels of
intermediation play advertising operations.
services” Google has continued to
Silicon Valley firms is often muted righted material used to train
their models — regardless of
Vestager are pushing a “code
of conduct” with companies
Cormac McCarthy, the writer of Appalachia and the the so-called ad tech supply defend its innocence. how they’re used. that would be voluntary rules
American Southwest, whose raggedly ornate early novels chain,” Vestager said. “Our So-called statements of The parliament’s entire across the G7, plus India and
about misfits and grotesques gave way to the lush tacitur- preliminary concern is that Google may objections are a formal step laying out draft of the AI Act passed on Indonesia.
nity of All the Pretty Horses and the apocalyptic minimalism have used its market position to favor its the European Commission’s concerns Wednesday, paving the way The provisions are a red
of The Road, No Country for Old Men, died on Tuesday at own intermediation services.” over a particular behavior that it deems for the so-called “trilogue” line for a number of member
his home in Santa Fe. He was 89. Crucially, the European Commission to be harmful to the market. On negotiations between the states as they head into
Knopf, his publisher, said in a said that a potential order for Google to Wednesday, the EU’s antitrust arm parliament, EU member negotiations with the parlia-
statement that his son John had con- implement behavioral remedies may not appealed to Google to come forward states, and European ment and the European
firmed the death. He died of natural be sufficient in correcting the abusive with solutions. Commission to start later on Commission. A few members
causes. All the Pretty Horses won a conduct, opening the door for a potential While antitrust charge sheets can Wednesday. of the center-right European
National Book Award in 1992, and order against Google to break up its ad pave the way for fines as much as 10 per The commission wants a People’s Party wanted to
The Road won a Pulitzer Prize in tech business from its core services. cent of a firms’ global sales, they seldom deal by the end of the year, include exceptions for
2007. Both were made into films, as “Google remains committed to cre- approach that level, meaning the impact after which the new AI Act finding missing children and
was McCarthy’s No Country for Old ating value for our publisher and adver- on earnings of Silicon Valley firms is rules could impact com- preventing terrorist attacks,
Men, which won the Academy Award Cormac McCarthy tiser partners in this highly competitive often muted. Instead, regulators across panies by 2026. In the mean- but these amendments failed
for best picture in 2008. McCarthy’s was a Pulitzer Prize- sector,” Dan Taylor, vice president of Europe have pivoted toward insisting on time, officials like Executive in the plenary vote on
fiction took a dark view of the human winning novelist global ads at Google, said in a statement. tough remedies. BLOOMBERG Vice President Margrethe Wednesday. BLOOMBERG
condition and was often macabre.
He decorated his novels with scalpings, beheadings,
arson, rape, incest, necrophilia, and cannibalism.

78 MIGRANTS DEAD, SCORES US judge blocks

©2023 The New York Times News Service
Voda, Hutchison Microsoft’s
MISSING OFF GREECE COAST
Shell to exit Pakistan unit merge to create $69-bn deal to
buy Activision
with sale of shares
Shell Pakistan said on Wednesday that its parent company, Shell
UK’s largest telco Microsoft ’s $69 billion
acquisition of Activision
unit Shell Petroleum Company, would be exiting Pakistan with Blizzard was temporarily
the sale of its 77 per cent shareholding in the in the local business.
The move came after Shell Pakistan (SPL) suffered losses in 2022
PAUL SANDLE & CLARE JIM
London/Hong Kong, 14 June
IN NUMBERS blocked by a federal judge in
California who said a
due to exchange rates, the devaluation of the Pakistani rupee, CUSTOMERS (In mn) temporary restraining order
and overdue receivables, and as the country faces a financial Vodafone and CK Hutchison Vodafone 17.9 was necessary to maintain
crisis and economic slowdown. REUTERS finally unveiled the 15 billion the status quo while the
pound ($19 billion) merger of Three UK* 13.1 Federal Trade Commission
their British mobile operations (FTC) challenges the deal.
REVENUE (In %)
AWS considers using on Wednesday, saying the cre-
ation of a new market leader
The FTC, which sought to
block the deal in its in-house
AMD’s new AI chips would drive competition and
investment in the country. 14 16
court, filed an emergency
motion to halt the merger on
Amazon Web Services (AWS), the world’s largest cloud computing The long-awaited deal, Monday.
provider, is considering using new artificial intelligence chips from after the two companies dis- Vodafone Hutchison The ruling holds the two
Advanced Micro Devices, though it has not made a final decision, closed talks in October, will companies apart until five
an AWS executive told Reuters. The remarks came during an AMD now trigger prolonged scru- EMPLOYEES days after the court rules on a
event where the chip company outlined its strategy for the AI At least 78 people have died and dozens are missing off the coast of southern Greece after a tiny by the anti-trust regulator more permanent pause on
market, which is dominated by rival Nvidia Corp. AMD shares were fishing boat carrying migrants capsized and sank, authorities said on Wednesday. into whether an operator with
Vodafone 9,198 the deal, US District Judge
up about 2 per cent in early trading following the news. They Authorities said 104 people had been rescued so far following the night-time incident some 27 million customers could Three UK* 4,800 Edward J Davila wrote.
closed 3.6 per cent lower on Tuesday. REUTERS 75 kilometres southwest of Greece’s southern Peloponnese region PHOTO: REUTERS lead to higher mobile prices. An evidentiary hearing
RETAIL STORES
Seeking to win over politi- on the longer-term
cians, unions, and the compe- injunction is set to be held in
tition authorities, the two San Francisco on June 22

Watch & eat: Netflix brings food from screen to table
GEORGI AZAR
14 June
After getting hundreds of millions of
people hooked on binge watching
TV, Netflix’s next move is to get them
to binge on some food.
Fans of Netflix ’s culinary shows
will soon be able to taste some of
their favorite on-screen dishes when
the streaming service opens its first
pop-up restaurant in Los Angeles
later this month.
NETFLIX BITES The limited-time Diners can visit the food concept
pop-up will see chefs coming together dubbed ‘Netflix Bites’ for “an
to create a tasting menu elevated dining experience”
featuring some of its most well
known chefs, including Curtis Stone
from Iron Chef: Quest for an Iron
Legend and Ann Kim from Chef’s
Table: Pizza, for a limited time
starting June 30.
The limited time pop-up will see
chefs coming together to create a
tasting menu which Netflix says will
give “fans and foodies alike a one-of-
a-kind restaurant experience.”
The restaurant is part of Netflix’s
latest move into live experiences,
which have included a “Queen’s
Ball” inspired by Bridgerton and a
pop-up retail store at The Grove
shopping mall.
The participating chefs will
prepare a special tasting menu,
while Netflix mixologists from the
show Drink Masters will put together
custom cocktails.
The two-week pop-up will open
on June 30. Guests who make a
reservation will be required to put
down a non-refundable $25 deposit
which will go toward their final bill,
the restaurant’s FAQ states.
The pop-up will be located at
Short Stories Hotel in Los Angeles
and will welcome guests from 5-10
pm seven days a week. BLOOMBERG
groups said they would invest
£11 billion to create what they
described as “one of Europe’s
most advanced standalone 5G
networks”.
Vodafone’s new CEO,
Margherita Della Valle, said
the deal was a “game changer”
in its home market. “The UK
will benefit from the creation
of a sustainable, strongly com-
petitive third operator with a
clear £11 billion network
investment plan over 10 years
driving growth, employment
and innovation.” Under the
terms, Vodafone will own 51
per cent and Hutchison 49 per
cent of the combined group,
410 311
Vodafone Three UK*
Hutchison
which will be led by current
Vodafone UK boss Ahmed
Essam. The finance chief of
Hutchison’s Three UK, Darren
Purkis, will take the same role.
Vodafone, UK’s third-big-
gest operator, will have an
option to buy-out the Hong
Kong-based conglomerate
three years after completion,
if it agrees. REUTERS
and 23. The FTC filed suit last
year at its in-house court, but
the agency’s administrative
judge lacks the ability to
order a pause to the deal.
A Microsoft spokes-
person said the order was
expected and lauded the
court for moving swiftly
toward a resolution of the
case. The FTC declined to
comment.
US authorities are not
the only ones who have
challenged the deal. UK
competition regulators
vetoed the merger, though
Microsoft is appealing
that order. BLOOMBERG

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OPINION 11
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VOLUME XXX NUMBER 51 ILLUSTRATION: AJAY MOHANTY

NEW DELHI | THURSDAY, 15 JUNE 2023

Needless intervention
Enforcement of stock limits on wheat is puzzling “green hydrogen” will fit the bill as a truly clean fuel.
The International Renewable Energy Agency

T
he imposition of stock limits on wheat, even while claiming abundant
(IRENA) has pointed out that currently 95 per cent
supplies, seems to be a clear indication of misadministration in the of the hydrogen produced is through fossil fuels.
country’s food economy. The fact that the rabi marketing season is not The projections of the International Energy Agency
yet over, and the farmers still have unsold stocks with them, makes indicate that by 2030 about 50 per cent of low carbon
this move unwelcome, as also anti-farmer. Moreover, the decision has come at a (not zero carbon) hydrogen will come from electrol-
time when food inflation has cooled down to an 18-month low of 2.91 per cent ysis and the rest from steam reformation of natural
gas but using CCUS. Hydrogen is viable as a fuel at
and the overall retail inflation has eased to a 25-month low of 4.25 per cent,
$100 per tonne. The current costs are three to six
largely on account of the softening of prices for food and fuel. Although, no times higher. With an increase in scale, the cost may
doubt, the consumer price index-based inflation rate in wheat has remained come down by 30 per cent by 2030. There is still a
relatively high over a long period, it does not warrant strangulating the whole long way to go before hydrogen emerges as a main-
market, especially considering that 810 million people are provided free grains stream energy source and an even longer path for it
by the government under various welfare schemes. to be substantially “green.” Can India go faster than

Fuelling a truly
the expected global trajectory?
Over-reactions, such as this, can prove counterproductive by needlessly
The GHM envisages the development of green
creating a scarcity scare in the market to the detriment of all stakeholders, includ- hydrogen capacity of at least 5 million metric tonnes
ing growers, traders, processors and consumers. The move also seems strange (mmt) per annum by 2030 with an associated renew-
because, even while restraining free trade of this staple cereal, the government able energy capacity addition of 125MW. This will

green transition
simultaneously announced its intention of offloading 1.5 million tonnes of wheat involve a total investment of ~8 trillion. The pro-
in the market from its own inventories through electronic auctioning. duction and deployment of high-performance elec-
trolysers are planned along with the use of decen-
Interestingly, these grains would be offered at prices higher than the minimum
tralised renewable power, such as from roof-top
support price (MSP) at which the government buys wheat from farmers. solar, micro-hydel plants and biomass to provide
One of the major causes of the malfunctioning of the country’s food manage- India should take the lead in establishing a global alliance for clean and cheap power for electrolysis. There is men-
ment system is the multiplicity of administrative authorities. While the production tion of the use of waste water in these processes.
of food grains and fixing their support prices are the responsibility of the agriculture promoting hydrogen, whose role as a clean fuel is dependent However, the ambitious intent has not yet been
translated into specific plans with numbers. The
ministry, the procurement, stocking, and allocation to states are done by the upon how it is produced GHM requires very detailed and rigorous modelling
Ministry of Consumer Affairs, Food and Public Distribution. Further, the distribution
to establish its economic viability.
of grains to nearly two-thirds of the population through fair-price shops is handled

I
n January this year, the Indian government
by state governments. All these operations, obviously, are inter-related and have a released its Green Hydrogen Mission (GHM),
bearing on the demand-supply dynamics and the prices of grains in the open which “aims to provide a comprehensive action
market, which form the basis for government’s policy decisions. plan for establishing a green hydrogen ecosystem
In the present case, the foremost factor that needs to be looked into is the and catalysing a systemic response to the opportu-
nities and challenges in this sunrise
government’s assessment of wheat production in the just-concluded rabi season. sector”. The Mission is seen as a crit-
While the official data puts wheat output in 2022-23 at a record 112.7 million ical component of India’s declared
tonnes, which is around 5 million tonnes higher than last year, when India man- commitment to achieve net-zero
aged to export 7 million tonnes of wheat without impacting domestic supplies carbon emissions by 2070.
and prices, the trade circles believe that it is an overestimate. The actual pro- The GHM is not only important
duction was, perhaps, much lower — between 100 and 103 million tonnes. If the for meeting India’s climate change
goals, but, in parallel, also projected
wheat output was as high as the government claims, and exports were discon- to advance India’s energy security
tinued in May 2022, there should not be a cause for concern. Wheat is not a com- by providing a plentiful and clean
modity that can be stored for long without incurring heavy losses or quality source of energy. Given the scale at
deterioration. In any case, if the prices are on the rise, as the government asserts which this mission will have to be SHYAM SARAN
and cites as a reason for putting stockholding curbs, then the natural tendency undertaken, the GHM sees this as
an opportunity to make India a global hub for the
among traders would be to book profits by off-loading stocks, rather than holding
production, usage and export of green hydrogen
on to them. Placing inventory caps would hardly serve any useful purpose. It and its derivatives. This will contribute to the stated
would, therefore, be prudent for the government to revisit its decision and refrain goal of creating a self-reliant, or Atmanirbhar Bharat.
from needlessly intervening in the grain market. Since the GHM is such a significant part of India’s
energy security and climate change strategy, it may
be useful to examine its various dimensions, its via-
bility and whether the assumptions underlying the
None above the law mission are credible.
Hydrogen is the most abundant gas in the uni-
verse. It is, however, not available as a free element
Both the UK and US are facing populist threat that can be easily extracted and used. It can be
of this process, the hydrogen produced is known
as “grey hydrogen”. However, if the CO2 thus pro-
duced can be captured through carbon capture, use
and storage (CCUS) technologies, then it may be
termed as “blue hydrogen.” CCUS remains a very
costly technology despite several
years of R&D. It has proved viable
only where there are depleted oil
and gas wells available for large
scale storage of CO2 emissions.
Another process used is electrol-
ysis, which splits water atoms into
hydrogen and oxygen. If the energy
used for electrolysis comes from
clean and renewable sources of
energy, then it may be described as
“green hydrogen.” For India’s GHM,
therefore, we must assume that
there will be a massive increase in renewable energy
capacity and generation to make hydrogen a viable
and clean fuel in India’s energy transition.
Burning hydrogen produces only water hence it
is a clean fuel. It is also more efficient. The amount
of energy produced per unit of hydrogen is estimated
to be three times the equivalent weight of petrol and
seven times that of coal. Hydrogen is a flexible fuel
as it can be stored easily when not in use. It may
also be liquefied and transported through pipes or
in tanks via roads, rail and ships. It may be converted
to fuel cells to generate electricity or for heating. It
There is no doubt that hydrogen could emerge
as a source of clean and abundant energy, but it is
not a magic bullet, nor is it a viable alternative as of
yet. But the technological parameters are constantly
advancing and with scale costs will come down. We
have seen this with solar power. India’s development
trajectory is tied to its capacity to ramp up the avail-
ability of energy at affordable cost. The GHM is time-
ly because it seeks to explore a promising source of
plentiful, clean and potentially cheap source of ener-
gy. To the extent that scale will be a factor in making
hydrogen an economically viable energy source,
India has a comparative advantage. Its renewable
energy capacity has been growing rapidly and this
will be important in ensuring that the hydrogen pro-
duced is truly green.
There are important technological advances tak-
ing place in the promotion of hydrogen as a fuel
source in several advanced countries. Japan has a
comparatively advanced hydrogen programme. As
part of the GHM, India should seek closer collabo-
ration with countries that are leaders in the field.
The International Solar Alliance was a far-sighted
initiative of the government to promote solar energy
in India and be part of a global collaborative effort.
It would be in India’s interest to take the lead in
establishing an International Hydrogen Alliance
enabling the pooling of technological and financial
resources for the promotion of the hydrogen econ-
omy globally. The forthcoming G20 summit would

T
he two major democracies of the Anglosphere have centuries of democratic extracted by processes that currently involve the may be used in long distance transportation. It is be a good occasion to announce such an initiative.
history and precedent to call upon — and yet appear besieged by populism, use of fossil fuels. One such process is called steam already used in a wide range of industrial processes.
reforming, which splits natural gas into hydrogen But the expansion of hydrogen use as a clean, green The writer is a former foreign secretary and an honorary
which is asking questions of their institutions that have no easy answers.
and carbon dioxide (CO2). Since CO2 is a by-product fuel is dependent upon how it is produced. Only fellow at the Centre forPolicy Research
Over the past week, former British prime minister Boris Johnson resigned
from his seat in Parliament shortly before reports suggested he would be censured
by an internal ethics committee. Across the pond, former United States president
Donald Trump was the subject of an extraordinary indictment from prosecutors for
his apparent failure to turn over classified documents after he left office in 2021.
Both populists have sought to cast doubt on the impartiality of the respective pro-
Tackling the waste problem
cesses. This attitude will undoubtedly be picked up by a section of their supporters,

A
s the world gets more and more urbanised, a health, and economic success, necessitating imme- rates. Urbanisation and income levels are closely
and infect the broader political climate. Institutional strength and popular support significant challenge is presented in the form diate action. Currently, more than half of the waste associated and as disposable incomes and living
for democratic integrity will be undermined. of municipal waste. Municipal solid waste is openly dumped in these areas. standards rise, so do the consumption of goods and
Fear of the long-term effects on public trust was one of the reasons why many (MSW), one of the most significant by-products of While there are merits to urbanisation, there could services and the amount of garbage produced.
argued that Mr Trump, in particular, should not be prosecuted if it could be avoided. an urban lifestyle, is increasing even more quickly be several problems if urbanisation is unplanned and Residents of urban areas generate nearly twice as
than the rate of urbanisation as the world races non-conducive to the ease of people living in the cities. much waste as those in rural areas. Unsanitary,
His vice-like grip on the Republican Party means that even elected members of that
towards an urban future. We cannot just have cities to absorb the population unscientific and poor disposal of such waste could
party who are uncomfortable with his behaviour, positions and rhetoric must seem A report by the World Bank, “What a Waste: A leaving the countryside; we need cities that are pre- further result in environmental deterioration and
to defer to his anti-institution messaging. Set against that argument, however, are Global Review of Solid Waste Management”, stated pared to meet the challenges that could hamper the health issues. In this regard, an integrated strategy
the allegations laid out in the indictment — which are too serious not to be tested in that 2.9 billion people lived in metropolitan areas 10 everyday lives of its citizens. Municipal waste man- for waste management that involves the planning,
a court of law. Lower-level officials have been sent to jail for years in recent months years ago, producing 0.64 kg of MSW per person daily agement is not only paramount but a necessary func- funding, construction, and operation of facilities
for offences which are a fraction, in size and scope, of those alleged against Mr (0.68 billion tonnes annually). tion of city governance, especially in for the segregation, collection, transportation, recy-
However, around 3 billion people live a post-pandemic world. Poorly man- cling, treatment, and final disposal of waste should
Trump. Without an effort at imposing accountability at the highest level, the rule of in cities today, producing as much aged waste typically results in expens- be taken into consideration to manage the present
law will be undermined across the board. as 1.2 kg of municipal solid waste per es that are higher in the long run than issues of urban waste management. In this context,
Mr Johnson’s baleful effect on British politics, meanwhile, cannot be denied. person per day (1.3 billion tonnes per it would have been to manage the the harrowing statistics of global waste generation
After all, his impulsiveness and ambition have caused the downfall of three recent year). By this estimate, one can draw waste effectively in the first place. could be indicative of two issues: The lack of proac-
prime ministers — David Cameron over the Brexit referendum, Theresa May over a dark conclusion that by 2025, 2.2 Poor waste management has a signif- tive governance mechanisms in cities to manage
her Brexit deal, and he himself over consistent rule-breaking — and his effect on billion tonnes of municipal solid icant detrimental effect on health, the waste sustainably and the consumption patterns
waste could be produced as the environment both locally and glob- and behaviour of citizens that leads to tremendous
the course of British history cannot be denied. But, unlike the US, the United urban population rises to 4.3 billion. ally, and the economy. amounts of waste generation.
Kingdom has no primaries and the Conservative Party is still a functional institution Over 200 million metric tonnes The global dimension of MSW is Inadequate resources and shortcomings in the
capable of fighting back against Mr Johnson. Only two other members of Parliament of municipal waste are produced proven by its role in greenhouse gas current systems have placed immense strain on
resigned alongside Mr Johnson. The rest of the party seems willing to stick by worldwide each year by the United CONURBATION emissions and by the growing inter- urban infrastructure services, particularly MSW
States and China. According to the
current Prime Minister Rishi Sunak and support his efforts to steady the ship of
World Bank, daily per capita waste
AMIT KAPOOR & BIBEK DEBROY connectedness of goods, urban
practices, and the recycling sector.
management. Therefore, in order to prevent urban
waste from causing environmental pollution and
state. After all, the parliamentary committee that chose to censure Mr Johnson and
generation in high-income nations An estimated 62 million tonnes of health risks, it would be necessary for urban local
sparked his exit had a majority from his own party. The Westminster system has is estimated to climb by 19 per cent by 2050, while in MSW waste are produced annually by 377 million bodies to increase, operate, and maintain their solid
demonstrated far greater flexibility and stability than the United States’ creaky, cen- low- and middle-income countries it is projected to people in India’s urban areas, according to the Task waste management systems in a sustainable man-
turies-old constitutional order. rise by around 40 per cent or more. Furthermore, it Force on Waste to Energy Report (released in ner. This would require significant capital invest-
The populist threat continues to be real. Mr Trump is actively running for pres- is predicted that waste generation in low-income October 2017). Motivated initiatives by the govern- ment, the introduction of cutting-edge, cost-effective
ident — and few observers assume that Mr Johnson is willing to retreat for the rest of countries will increase by approximately three times ment, driven by revitalising the urban governance technologies, public-private partnerships in waste
by the year 2050. In terms of total waste production, mechanisms and broader participation of people, management, as well as the introduction of appro-
his life to his new £4 million country home. The more likely reason for his resignation
the East Asia and Pacific region produces the most like the Swachh Bharat Mission-Urban in India, priate waste management practices.
as an MP than a desire to exit public life is that his constituency in suburban London waste (23 per cent), and West Asia and North Africa could offer a way forward.
is no longer a safe seat. The trials of these two old democracies are far from over. produce the least (6 per cent). The trajectory of waste The level of industrialisation, socialisation, and Kapoor is chair, Institute for Competitiveness, India, and
However, at least they have taken some steps to ensure that accountability for misdeeds generation in fast growing regions like Sub-Saharan regional climate all impact MSW generation rates. lecturer, USATMC, Stanford University; @kautiliya.
is imposed even for those at the highest level. Nobody is above the law. Africa, South Asia, West East, and North Africa will Generally, the amount of solid waste produced Debroy is chairman, Economic Advisory Council to Prime
also significantly affect the environment, human increases with economic growth and urbanisation Minister of India; @bibekdebroy

Finance ministers and their balancing acts
gence and common sense to seek the
advice of experts. Nehru concurred,
and asked him to be the next
finance minister.
Of all the people who could take on
the venture of tracking the careers of
BOOK REVIEW India’s finance ministers, there is
doubtlessly no one better suited than
LAVEESH BHANDARI
A K Bhattacharya. A career spanning
many decades of deeply informed
period spanning Independence to the
Emergency. The finance ministers are
Shanmukham Chetty, formerly the
Diwan of Cochin state, John Mathai, the
economist and Swaraj and Justice Party
member, C D Deshmukh, the ICS officer
and also Governor of Reserve Bank of
India, T T Krishnamachari, the
industrialist who became a successful
politician, Morarji Desai, the deputy
economy, the cooperation and conflicts
that mark the relationship with different
arms of the state, the need for support
from the prime minister being some but
not the only ones.
And it doesn’t end there. Similar
economic challenges and solutions were
faced in the past.
Take, for instance,
how India grappled
Some of these events are also marked
by disagreements within the
government, the devaluation of 57 per
cent under Sachindra Chaudhuri is one
example. The Mundhra scandal that
forced TT Krishnamachari to put in his
papers even though he had not gained
personally. Morarji Desai’s inflexibility
and the blocking of bank nationalisation
despite growing calls for it in the
Congress. The role played by C
Subramaniam,
India’s Finance
who helped lay the
Ministers: From
Independence to foundations of the
does not judge any of the personalities
involved, which in this day is itself a rare
phenomenon. In doing so, he brings out
well the complexities of the political
economic process and its interactions
with personal idiosyncrasies. He
weaves a rich story on an issue that
would be straightforward anywhere
else but is not necessarily so in India.
The back and forth that sometimes
characterises Indian economic policy
is simply a natural outcome of
complex minds working in complex
environments.

W
hat should be the key
attributes necessary for a
finance minister, Jawaharlal
Nehru asked Morarji Desai. Desai, who
had recently decided to relinquish the
chief ministership of Bombay state,
responded with four points. I para-
phrase: One, the finance minister
should be self-confident and should
enjoy the confidence of the prime min-
ister. Two, he should be from the same
party with total belief in those ideals to
implement them well. Three, the coun-
try must have complete faith in the
finance minister’s integrity. And four,
the chosen one should have the intelli-
reporting on the Indian economy and
policy has enabled him to have not just a
close perspective but access to countless
anecdotes on how decisions were made
and not made. The central strand around
which the volume progresses are the key
political-economic events that unfolded
and how different personalities played
out their roles in dealing with them. The
focus, of course, is on the finance
minister, but it is as much on their
relationship with the prime minister
specifically and politics in general.
Mr Bhattacharya writes about the first
10 finance ministers of India who
occupied the hot seat over a three-decade
collector of Godhra who joined Gandhiji,
Sachindra Chaudhuri, the Cambridge-
educated lawyer, Yashwantrao Chavan,
Congress leader, and C Subramaniam,
the architect of both the Green and
arguably the White Revolution. The
author does not omit the role of both
Indira Gandhi and Jawaharlal Nehru
when they took on the mantle of finance
minister for brief periods.
What was most surprising to me was
how things have not changed in recent
years; similar pressures operated on the
finance ministers then as they do now,
the differing views in Indian polity on the
extent of state intervention in the
with the need for Emergency (1947-1977) Green and White Finally, this volume is a must for the
devaluation right
Author: A K Bhattacharya Revolutions, student of Indian economy, politics,
from its inception showcases how and administration. It is also a must for
when the first rupee
Publisher: Penguin efficient libraries. And perhaps more
Business
devaluation implementation importantly, this is a recommended
countered a Pages: 445 + XVII was driven from read for anyone interested not just in
devaluation of the Price: ~999 the finance India of the past, but on how India is
sterling, the fear minister’s office. evolving, how its policies come
being that without an equal devaluation These are only some illustrations of what together, and how they are
India’s exports would be impacted. The has shaped India into what it is today. implemented. The reviewer now keenly
budget deficit also has an interesting In these stories of personalities from awaits the next volume in this series.
history, with finance ministers of the past the past the author lays out a detailed
going to great lengths to limit or even log of India’s modern economic history. The reviewer heads the Centre for Social and
eliminate the deficit. Another interesting The volume is well-researched and has Economic Progress. The views are his and not
one was how international investment interesting anecdotes. The author is those of his organisation. A K Bhattacharya is
was welcomed even during the Nehru era. extremely clinical in his approach, and editorial director at Business Standard
 QUICK TAKE: TATA MOTORS' STOCK RALLY ISN'T OVER YET “The direction of stocks going forward will

The Smart depend on Powell’s comments

Investor
(Stock price in ~) The Tata Motors (TaMo) stock has climbed 42 per cent from and whether the door, which
its March low of ~401.7 to ~570.15, and can gain further, appears to be left open on
say analysts. According to Bloomberg, 21 of the 24 analysts future rate hikes, is one he’s
NEW DELHI | polled in June were bullish on the stock. Their average willing to go through”
THURSDAY, 15 JUNE 2023 target price is ~614. Motilal Oswal Securities says TaMo will SUSANNAH STREETER
benefit from CV upcycle and stable growth in PVs Head of Money and Markets,
Hargreaves Lansdown
<

Infrastructure AIFs in slo-mo

Commitments to total investment made is ~4,743 crore.
WITH SMALL-CAPS IN ACTION,
KALPATARU PROJECTS,
BIRLASOFT ATTRACT
The share in the amount raised is 1.5
such funds have per cent of the overall AIF funds
raised. The share of investments
INVESTMENTS
grown significantly made is 1.4 per cent.
There are alternatives such as
slower than those infrastructure investment trust
which can be bought and sold on the
for overall AIFs stock exchange, allowing for expo-
sure to similar assets in a less onerous
SACHIN P MAMPATTA fashion, pointed out Amar Ranu, sen-
Mumbai, 14 June ior vice-president and head of invest-
ment products and insights at Anand

I
nvestment vehicles for the rich Rathi Shares and Stock Brokers. Over the past two months, market action
which focus on opportunities in Infrastructure AIFs often have a has shifted to the small-cap and mid-cap Betting small
the infrastructure space are grow- longer tenure of eight to 10 years and space, with their performance gauges With the needle shifting to small-and
ing slowly, notwithstanding massive many investors would prefer to not outperforming the benchmark Nifty50. mid-cap space, here are some stocks
government push for lock in their capital Furthermore, investors are pouring more on fund managers’ radar
new roads, railways, for longer periods, he money into small-cap and mid-cap
and ports. observed. oriented schemes than those focused on SMALL-CAPS (Firms with market
Infrastructure alter- TYPES OF AIFs “People look for large-caps. Given this backdrop, it is cap < ~10,000 crore)
native investment (a) shorter-horizon interesting to see which are the stocks in this
funds (AIFs) have seen
CATEGORY I investment,” he ILLUSTRATION: AJAY MOHANTY
space that are on domestic fund managers’
n Infrastructure funds MOST BOUGHT Amt invested (~ cr)
commitments from added. radar. According to the Mutual Fund (MF)
wealthy investors rise nVenture capital funds
nAngel funds
The government DROPPING SHARE Insights report compiled by Nuvama Kalpataru Projects 300
29 per cent since announced a ~111 tril- Alternative & Quantitative Research, Birlasoft 260
March 2019 to ~15,581 nSocial venture funds lion infrastructure Kalpataru Projects, Birlasoft and Astra Astra Microwave 210
crore. Overall AIF com- National Microwave were the top three small-cap Safari Industries India 160
mitments have risen CATEGORY II Infrastructure buys by MFs in May. Manyavar, Coforge and
196 per cent to ~8.3 tril- nDebt funds Pipeline (NIP) in 2019 Crompton Crompton Greaves Consumer, Engineers India 140
lion in the same nFund of funds to be rolled out meanwhile, were among the most-bought
period. nPrivate equity funds between the financial companies in the mid-cap space. Going MOST SOLD Amt divested (~ cr)
An AIF requires a years 2019-20 (FY20) ahead as well, small-cap stocks will be in Manappuram Finance 210
minimum investment CATEGORY III and 2024-25 (FY25). focus as domestic fund managers are Birla Corporation 100
of ~1 crore. nHedge funds “To increase pri- currently sitting on a lot of dry powder, City Union Bank 90
There are three cat- nPrivate investment in
vate sector participa- thanks to huge inflows. In May, small-caps
egories of AIFs. tion in the creation of saw record high inflows of ~3,330 crore,
CESC 60
npublic equity fund
Category I includes new infrastructure while the mid-caps saw inflows of ~1,200 GNFC 50
venture capital funds and development of crore. Last month, the Nifty Midcap 100
which invest money in start-ups, existing ones, the government took index rose 6.2 per cent, while the Nifty MID-CAPS (Firms with market
social ventures, small and medium initiatives like a public-private part- Smallcap 100 index added 5.1 per cent. cap between ~10,000 crore
enterprise funds, and infrastructure nership, NIP, and National “Star categories – small-cap and mid-
funds. Monetisation Pipeline (NMP),” cap – continue to rake in maximum flows and ~40,000 crore)
Category II includes funds invest- observed the 2022-23 Economic Source:Sebi, Business Standard calculations despite a strong rally in small-cap and mid-
ing in distressed debt. Survey. cap indices. This clearly indicates high-risk MOST BOUGHT Amt invested (~ cr)
Category III includes hedge funds It said that the sale of assets to the appetite and preference for small-/mid- Manyavar 1,210
which use complex strategies to make private sector is expected to help Economic Survey. to $5.2 billion in 2020 during the first caps over well-discovered names,” says Coforge 1,040
money from stock markets — fund infrastructure requirements. The ambitious plan comes on the year of the pandemic in India. Abhilash Pagaria, head, Nuvama Alternative Crompton Greaves 410
whether they move up or down. “It is expected that private players back of nearly a decade of lower pri- The numbers began to rise again & Quantitative Research. SAMIE MODAK
The share of infrastructure funds would operate and maintain the vate sector participation in Indian in 2021 ($7.7 billion) and 2022 ($11.9
Zee Entertainment 340
in commitments raised has fallen assets. The NMP provides an oppor- infrastructure projects. billion). MOST SOLD Amount divested (~ cr) CIE Automotive 320
from 4.3 per cent in March 2019 to 1.9 tunity for deleveraging balance The peak private sector invest- The potential for infrastructure
per cent in March 2023. It accounted sheets and providing fiscal space for ment was in 2010 when it touched AIFs is large, but it has not yet trans- 270 250 230 190
for nearly a fifth of total AIF commit- investment in new infrastructure $50 billion. It has been under $10 bil- lated into appetite on the ground 880
ments in March 2016. assets. The estimated aggregate lion every year after 2012 until it even as of 2023, according to Daniel
Commitments reflect the intent to monetisation potential under NMP is touched $11.9 billion. G M, founder-director at industry-
invest. The actual funds raised ~6 trillion through core assets of the Private infrastructure investment tracker PMS Bazaar. Sona BLW Motherson Sumi Wiring SAIL Cyient Supreme Industries
through infrastructure AIFs so far is central government, over four years, was $7.4 billion in 2019, reveals data “There is no traction for this kind
~5,466 crore as of March 2023. The from FY20 through FY25,” added the from the World Bank. This dropped of fund lately,” he added. Source: Nuvama Institutional Equities Note: Data for the month of May

MFs may not get

Bain Capital plans to sell stake holdings waiver Goldman Sachs sees India holding
worth $267 mn in Axis Bank after merger of
HDFC twins its own even if China stocks rebound
REUTERS vate lender reported a net loss The Securities and Exchange ASHUTOSH JOSHI that India’s valuations have
of ₹5,728. 42 crore for the
Mumbai, 14 June
March quarter of the 2022-23
Board of India is unlikely to
give special exemption to
14 June
OUTWITTING THY NEIGHBOUR also corrected from a peak
and first-quarter earnings
US private equity firm Bain financial year (Q4FY23), as mutual funds (MFs) if they A rebound in Chinese equities MSCI India MSCI China were better-than-expected.
Capital is looking to sell a 0.7 against a net profit of ₹4,117.77 breach the norms for maxi- is unlikely to spur a strong 170.00 Touting India’s strong histori-
per cent stake in Axis Bank crore in Q4FY22. This was due mum permitted holdings in rotation of funds out of India, 137.77 cal track record, favorable
worth $267 million, CNBC- to the buying cost of Citi a security after the merger of where the benchmark index
Base = 100 demographics and a runway
130.00
TV18 reported on Wednesday, Bank's India consumer busi- HDFC Bank and HDFC , two is headed for a record high for strong economic growth,
citing sources. ness during the quarter. sources with direct knowl- amid a surge in foreign 67.41 90.00 a team of analysts led by Koul
The stake sale would likely For the quarter-ending edge of the matter told inflows. said in a note earlier this
be at an offer price range ended March 2023, India’s Reuters. Both entities are That’s the view from Sunil 50.00 month that they expect
between ~964.00 and ~977.70 third largest private bank’s heavily owned by MFs. Koul, Goldman Sachs Group June 1,’18 June 13,’23 Indian equities to be a major
per share, the report added. total income stood at However, pressure on MFs to Inc’s Asia Pacific equity source of “potential alpha
Bain Capital and Axis ₹28,865.08 crore as against reduce their holdings or any strategist, who says the Indian generation” for investors in
Bank did not immediately ₹21,999.58 crore in the same limitations on increases market’s solid fundamentals global sentiment toward cheap to ignore for some the years to come.
respond to Reuters requests quarter a year ago. could be an overhang on the will continue to lure long- Chinese equities soured due money managers — could In the longer run,
for comment. Bain Capital For FY23, the net interest stock of the merged entity.As term investors. Goldman has to a slower-than-expected hurt Indian stocks. Koul dis- Goldman sees India recording
aims to divest a portion of its income increased 33 per cent per (Sebi), a MF scheme can- a target of 20,000 for the NSE recovery. With the Nifty agrees. “You may not see the largest increase in global
total 1.3 per cent holding in cent stake through a bulk year over year to ₹11,742 crore not invest more than Nifty 50 Index by end-March, gauge up almost 8 per cent money coming out of India or market cap share – from a lit-
Axis Bank through a block deal. According to data from while the quarter's net inter- 10 per cent in a single secu- implying an upside of almost this quarter, there has been at least you may not see a tle under 3 per cent in 2022 to
deal, CNBC-TV18 said. the exchange, the shares were est margin was 4.22 per cent, rity. However, ETFs and 7 per cent from current levels. some concern that a sharp sharp selloff” even if China 8 per cent in 2050, and 12 per
In 2022, the American pri- sold at ~891.38 each, higher up 73 basis points year on funds that invest in particular India has been seen as one rebound in China — where recovers, Koul said in an cent in 2075.
vate equity major had sold than the floor price of ~888 set year and 2 per cent on a sectors are exempt. REUTERS of the key beneficiaries as valuations have become too interview on Friday, adding BLOOMBERG
1,66,80,000 shares of Axis by the PE firm. sequential basis.
Bank, representing 0.5 per Earlier in the year, the pri- WITH INPUTS FROM AGENCIES
THE COMPASS
Paytm hits 52-week high; surges BSE sells 4.54%
20% in 6 days on BofA's 'buy' call stake in CDSL
Shares of One97
Communications or (Paytm)
ONE 97 COMMUNICATIONS BSE on Wednesday sold its
4.54 per cent stake in Central
Tata Consumer’s bets are paying off
hit a 52-week high of ~854.90, (share price in ~) Depository Services (CDSL) to Distribution expansion, focus on large categories key drivers of a strong performance
gaining 2 per cent on the BSE in 900 comply with the regulatory
Wednesday’s intraday trade. 856.65 requirements. It sold a little DEVANGSHU DATTA The company launched 34 products Ebitda increased 15 per cent YoY to per cent YoY, respectively, to ~13,780
800
In the past six trading days, 696.70 over 4.7 million shares at in FY23 against 19 in FY22, and 14 in ~510 crore. Its India branded crore, ~1,860 crore, and ~1,080 crore,
the stock of the fintech 700 ~986 apiece to mop up ~468 The Tata Consumer Products Ltd FY21, raising the innovation-to-sales business grew 15 per cent YoY to respectively. Operating cash flow
company has rallied 20 per crore. The sale was done at a (TCPL) stock has witnessed steady ratio to 3.4 per cent in FY23 from 0.8 ~2,250 crore. Ebit grew 21 per cent and free cash flow to the firm (post-
cent after brokerage firm BofA 600 discount of 5.8 per cent to the gains over the past several months. per cent in FY20. New categories YoY to ~310 crore. International reinvestments into business) for
Securities upgraded the stock May 31,’23 June 14,’23 previous day’s closing. ICICI This ties in with a general uptick in included plant-based meat, protein branded beverages revenue grew 11 FY23 stood at ~1,460 crore and ~1,150
to ‘buy’ citing its dominant Prudential Tech Fund was the fast-moving consumer goods supplements, and ready-to-eat per cent YoY to ~980 crore, with Ebit crore against ~1,520 crore and ~1,240
position in the payment had hit a record high of ~1,961 among the buyers. (FMCG) sector. TCPL has (RTE) and ready-to- marginally declining 1 crore in FY22. The CFO/Ebitda ratio
industry. on November 18, 2021. According to the norms undertaken several initiatives, such cook (RTC) products. per cent YoY to ~130 was 79 per cent.
The foreign brokerage firm With the past six days’ rally, laid down by the Securities as improving distribution reach, The direct crore. Volume in India The management guidance is for
has upgraded the target to the stock has bounced back 94 and Exchange Board of India increased focus on large categories distribution network beverages and food margin improvement in the
~885 per share. per cent from its record low (Sebi), a stock exchange is like pulses, spices and dry fruits, was augmented by 15 grew 3 per cent and 8 international business by Q2FY24,
The stock surpassed its level of ~439.60, which was hit allowed to hold only 15 per entry into breakfast cereals, mini per cent to 1.5 million per cent YoY, with margin expected to be at least
previous high of ~844.40, on November 24, 2022. cent shareholding in a meals and snacking options, the outlets (more than respectively, in 100-150 bps higher than the
touched on August 8, 2022. It BS REPORTER depository. BS REPORTER merger of Tata Coffee with TCPL, double vis-à-vis FY21) Q4FY23. consolidated Ebit margin. Its India
and acquisitions in niche products. and has a total reach The Tata Sampann business should also see an Ebit
Its domestic revenue grew 10 per of 3.8 million outlets, portfolio grew 35 per margin improvement in FY24. Salt
Ipca shares drop over 2.5% Bank of Baroda cancels cent year-on-year (YoY) in Q4. The
salt business witnessed a 25 per cent
with focus on
enhancing semi-
cent and 29 per cent,
respectively, in
and tea growth rates will be mid-
single digits. NourishCo’s
after USFDA’s observations NSE stake sale plan increase with price hikes and urban and rural. Q4FY23 and overall distribution network expansion
volume growth; some growth TCPL added 22 new FY23, aided by a leads to revenue targets of ~1,000
Ipca Laboratories’ shares dropped 2.57 per cent State-owned Bank of Baroda (BOB) has businesses soared due to expansion stores in Q4FY23. In broad-based crore in FY24 (versus ~620 crore in
to end at ~715.95 apiece on BSE Friday after withdrawn the request for proposal (RFP) it had in distribution reach. India beverage FY23, it entered 15 performance in FY23). Total reach of 3.8 million
USA’s drugs regulator made 11 observations floated for divesting its holdings in the sales declined marginally. new cities and added staples and dry fruits. outlets should increase to 4 million
about the pharmaceutical firm’s National Stock Exchange (NSE). “The RFP, International business was up 5 71 new stores. NourishCo’s revenue rose 79 per by September 2023.
manufacturing facility in Ratlam, Madhya through which the bids were being invited for per cent YoY (constant currency) on Standalone revenue was ~3,620 cent to ~180 crore in Q4 and stood at Its shares gained 9.5 per cent over
Pradesh. The facility plays a crucial role in Ipca's sale of part of equity shareholding held by BoB account of price increases. Non- crore in Q4FY23, up 14 per cent YoY. ~620 crore in FY23. Tata Starbucks the past month to reach ~862.45
production of active pharmaceutical is NSE is hereby withdrawn,” said the lender branded sales grew 21 per cent, led The Ebitda (earnings before interest, grew 48 per cent and 71 per cent YoY apiece and hit a new 52-week high on
ingredients (APIs), crucial components of through an advertisement without citing any by higher realisations in the coffee taxes, depreciation and in Q4 and FY23, driven by out-of- Wednesday. According to
medicines. The United States Food and Drug reason. As per reports, BoB was looking to sell plantation and extraction business. amortisation) margin remained flat home consumption and strong store Bloomberg, 4 of five analysts polled
Administration (USFDA) issued a form with 11 0.42 per cent stake at a floor price of ~3,150 per TCPL accelerated innovation YoY at 14.1 per cent due to lower additions. In FY23, consolidated in June have a “buy” rating (one is
observations about the facility after inspection share. The share sale would have fetched the with a focus on health & wellness, gross margins being offset by lower revenue, Ebitda, and adjusted PAT neutral) with an average target price
from June 5 to June 13, 2023. ANJALI SINGH bank at least ~662 crore. BS REPORTER convenience, and premiumisation. employee costs and other expenses. grew 11 per cent, 8 per cent, and 11 of ~886.
.
NEW DELHI | THURSDAY, 15 JUNE 2023 THE SMART INVESTOR 13 <

Govt's call for fuel price cut Allocate bulk of your portfolio
may eat into OMCs’ margins to shorter-duration debt funds
Shift part of portfolio to DECENT RETURNS ACROSS CATEGORIES OVER PAST YEAR
longer-duration funds Returns (%) n YTD n 1-year n 3-year n 5-year

12.42
In ’23, Brent price has fallen 11%, while shares of OMCs are up between 13-22%

8.55
when inflation moves

7.35
6.83

6.35
NIKITA VASHISHT

6.32
sustainably close to

6.16

6.19
6.03

6.07
5.81

5.62
5.49
INDICES UNDERPERFORM OIL STOCKS

5.44
5.38

5.47
5.22
5.04
New Delhi, 14 June

4.54

4.51
4.22
RBI’s target level

T
he Centre’s suggestion
to oil-marketing com-
panies (OMCs) that
they cut prices of petrol and
diesel amid the robust profit-
ability has cast a cloud over
their earnings vis-
ibility.
During the
January-March
quarter of FY23
(Q4 of FY23),
Bharat Petroleum
Corporation Ltd
(BPCL), Indian Oil
Corporation (IOC),
and Hindustan
Petroleum Corporation Ltd
(HPCL) posted gross refining
margins (GRMs) of $21, $15,
and $14 per barrel,
respectively.
The state-owned refiners,
without quantifying, said
their marketing margins —
margins earned on retail sales
— were suppressed during
the quarter and the whole of
FY23, and this offset gains
from GRMs.
BPCL’s net profit for the
quarter stood at ~7,563 crore
(up 168 per cent year-on-year
or YoY), IOC’s was ~10,059
crore (up 52 per cent), and
HPCL’s stood at ~3,223 crore
(a nine-year high and up 80
per cent).
“Many state elections will
be held in the second half of
calendar year 2023 (CY23), fol-
lowed by general elections in
2024. The government would
want to reduce fuel prices
before that. Thus, OMCs will
have to forego their profit
margins if prices are cut after
Q1 of FY24 results,” said G
Chokkalingam, founder and
head of research at
Equinomics Research and
Advisory.
4.01
3.69
3.34
3.25
3.18
3.05
3.04
Indian Oil Bharat Petroleum
Hindustan Petroleum Sensex
SARBAJEET K SEN
S&P BSE OIL & GAS
130.0
BASE = 100 117.3 The monetary policy committee Liquid Ultra short Low Money Short Medium Long
121.7 (MPC) of the Reserve Bank of India duration duration market duration duration duration
(RBI) chose to keep the repo rate Source: NGEN Markets
110.0 unaltered at 6.5 per cent on June 8,
2023. This decision, accompanied by
an unchanged stance, emphasises the mutual funds and insurers in April, duration between one and three years,
103.9
90.0 RBI’s commitment to reining in and the market pricing in the end of offer a favourable risk-reward ratio,
inflation. Retail inflation is expected the current rate hike cycle and a rate with the average Yield-to-Maturity
89.9 to average 5.1 per cent in 2023-24 cut in the future,” says Sen. (YTM) for short-duration funds being
113.0 financial year (FY24), higher than the The hike in the repo rate by the RBI at 7.33 per cent (May 31, 2023).
70.0 target rate of 4 per cent. over the past year benefited shorter- “Investors should opt for shorter-
December 30,’22 June 14,’23 duration debt funds. Liquid funds duration funds as the yield curve is
Source: Bloomberg Is a rate cut imminent? have, on an average, given a return of flat. They can transition from short to
Benign commodity prices and a good 6.15 per cent over the past year. long-duration funds when the yield
monsoon leading to high food While longer-duration funds curve normalises,” says Dalal.
According to ICICI a recession, oil prices will rise. turn uncertain after Q1. production could ease inflation. should theoretically suffer in a rising Adds Sen: “At this juncture, the
Securities, OMCs will have to In such a scenario, OMCs will Kotak Institutional Conversely, negative developments interest rate scenario, these funds yield curve is remarkably flat. The
adjust retail prices by not be able to reduce pump Equities said there will be a on these fronts could cause prices to have given a return of 12.43 per cent yield on three-year, five-year, and 10-
~0.53/litre to maintain mar- prices,” said VK Vijaykumar, case to re-rate OMCs if they surge. Clarity on further rate action over the past year. This is due to the year bonds are similar. Hence,
gins at current levels, if inter- chief investment strategist at are able to sustain such may take time to emerge. “We 10-year benchmark yield investors should align their
national prices change by Geojit Financial Services. strong refining performance are headed for a long pause. declining from 7.6 per cent in investment horizon with the fund’s
$1/barrel. So far in CY23, Brent crude (versus benchmarks and Interest rate cut is unlikely in June 2022 to around 7 per cent portfolio maturity. While some
“Thus, if prices are price has fallen around 11 per other refiners) when market- this calendar year. The first currently. market segments advocate investing
reduced by ~4-5/litre, the cent. Shares of IOC, HPCL, ing margins normalise (pric- cut may take place in “Long-term yields will in long-maturity bonds, the longer
margin cushion will go away, and BPCL have surged ing freedom is back). January-March 2024, or in likely remain around the end has already rallied, and the scope
leaving OMCs vulnerable in between 13 per cent and 21.6 It maintains ‘reduce’ on the quarter after that, current levels for an extended for further rally is limited,” says Sen.
case of a sudden spike in per cent on the BSE during BPCL/IOC and ‘sell’ on depending on inflation, GDP period. Short-term bond
crude prices over the next six the period, ACE Equity data
months,” it said in a shows.
HPCL. Abhijeet Bora, associ-
ate vice-president at
growth, and other factors,”
says Joydeep Sen, corporate
YOUR yields may fall due to the
RBI’s reluctance to
Factors to consider
When choosing a scheme, pay
recent report. OMCs will have By compar- Sharekhan, has lowered trainer (debt) and author. MONEY permanently remove surplus attention to portfolio credit quality
Much would to adjust retail ison, the BSE FY24-25 earnings estimate by Adds Vikram Dalal, liquidity,” says Pankaj Pathak, and expense ratio. If you wish to
depend on how the prices by ~0.53 Sensex has 6-7 per cent for IOC; by 3 per managing director, Synergee Capital fund manager, fixed income, further reduce risk, consider
global oil demand per litre to risen around 4 cent for FY24 in case of Service: “The stance remains Quantum Asset Management investing in a corporate bond fund,
pans out in financial maintain per cent, while BPCL; and by 5-7 per cent for ‘withdrawal of accommodation’. As Company. which invests 80 per cent of the
years FY24 and FY25, margins at the S&P BSE FY24-25 for HPCL. This is to the RBI relies on macro indicators, portfolio in bonds of the highest
especially in China current levels, Oil & Gas index factor in lower GRM. He, such as inflation and growth, and What should you do? quality. “For long-term fixed income
and the US. if international has shed however, maintains ‘buy’ on external events, it could require Many investors may be tempted to allocation, investors could opt for
The Euro Zone has prices change 10 per cent. all three stocks due to val- another six to nine months for clarity invest in longer-duration debt funds dynamic bond funds. Here, the fund
already entered into a by $1 per barrel In compari- uation comfort. on the start of rate reduction.” on seeing one-year returns. If yields manager can invest in either short- or
technical recession for son, the BSE “Valuation of IOC, BPCL, fall further, investors could profit. long-term debt instruments
the first three months Sensex has HPCL is attractive at 5x, 8x, Impact on bond yields However, entering these funds with a depending on the interest-rate
of 2023. risen 3 per cent, while the BSE 4x its FY25E EPS and 0.8x, The yield curve is flat. “Shorter-end short horizon could prove risky. Yields outlook,” says Pathak.
“If the US economy, too, Oil & Gas index shed 11.4 per 1.4x, 1x FY24E P/BV. In a nor- bond yields have increased as the rate may rise if inflation hardens. Target maturity funds (TMFs) offer
tips into a recession by the cent. Against this perform- malised earnings scenario, corridor has risen. Mid- to long- If you are concerned about exposure to high-quality bonds at a
end of 2023, it would affect ance, Chokkalingam believes they would offer a healthy maturity bond yields have eased, fluctuating yields and don’t want to low cost. “Align your horizon with the
global demand, and put pres- that investors should grad- dividend yield of 10 per discounting lower inflation, less expose yourself to significant fund’s maturity. Volatility risk is
sure on oil prices. On the flip- ually book profits in the coun- cent/4 per cent/8 per cent, adverse global factors (inflation and duration risk, stick to shorter- mitigated if you hold these funds till
side, if the US economy avoids ters as earnings outlook may respectively, in FY24,” he said. rate hikes), demand for bonds from duration funds. These schemes, with maturity,” says Sen.

POSSESSION NOTICE POSSESSION NOTICE

(for immovable property)
Whereas,
The undersigned being the Authorized Officer of the INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitization
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
dated 31.05.2022 calling upon the Borrowers ANGLIZA PUTHRANA AND RAVI
CHANDREN PUTHRANA ALIAS R C PUTHRANA to repay the amount mentioned
in the Notice being Rs. 5,49,212.27/- (Rupees Five Lakh Forty Nine Thousand
Two Hundred Twelve and Twenty Seven Paise Only) against Loan Account No.
HHLDCP00226358 as on 17.05.2022 and interest thereon within 60 days from the
date of receipt of the said Notice
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 12.06.2023
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.5,49,212.27/- (Rupees Five Lakh Forty Nine Thousand Two Hundred
Twelve and Twenty Seven Paise Only) as on 17.05.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. FF - 4, L.I.G, FIRST FLOOR, LEFT HAND BACK SIDE, HAVING
COVERED AREA OF 400 SQ. FT. I.E 37.16 SQ. MTRS. WITHOUT ROOF
RIGHTS, AT PLOT NO. B – 14/12, “DLF ANKUR VIHAR”, PARGANA & TEHSIL
LONI, DIST. GHAZIABAD – 201102, UTTAR PRADESH.
Sd/-
Date : 12.06.2023 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and in exercise of powers conferred under Section 13 (12) read
with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Notice dated 24.02.2023 calling upon the Borrower(s) UMESH CHANDRA AND
ANITA to repay the amount mentioned in the Notice being Rs.21,46,406.55
(Rupees Twenty One Lakh Forty Six Thousand Four Hundred Six and Paise
Fifty Five Only) against Loan Account No. HDHLGUG00491453 as on 17.02.2023
and interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 12.06.2023
The Borrower(s) in particular and the public in general is hereby cautioned
not to deal with the property and any dealings with the property will be subject
to the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount
of Rs.21,46,406.55 (Rupees Twenty One Lakh Forty Six Thousand Four
Hundred Six and Paise Fifty Five Only) as on 17.02.2023 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
SECOND FLOOR (BACK SIDE PORTION) WITHOUT ROOF RIGHTS,
BUILT UPON PROPERTY BEARING NO. 622/A, GALI NO. 5-A,
MEASURING 85 SQUARE YARDS, OUT OF KHASRA NO. 600/92, SITUATED IN
GOVINDPURI, KALKAJI, NEW DELHI – 110019 TOGETHER WITH ONE BIKE
PARKING SPACE.
Sd/-
Date : 12.06.2023 Authorized Officer
Place : NEW DELHI INDIABULLS HOUSING FINANCE LIMITED
14 STOCKS
>
NEW DELHI | THURSDAY, 15 JUNE 2023 1

> OFSTOCK
IN THE > Steel Strips Wheels > UltraTech Cement > V-Mart Retail

NEWS Top gainer

among A-group
Hits new all-time
high at ~8,368
Trading volume
jumps 58x over THE DAY
companies on BSE 2-week average Aster DM Healthcare
~160.3 PREVIOUS CLOSE ~8,273.5 PREVIOUS CLOSE ~1,980.4 PREVIOUS CLOSE Hits new all-time high
~182.8 CLOSE ~8,348.6 CLOSE ~2,101.1 CLOSE at ~305; Up 30 per cent
p 14.0% UP p 0.9% UP p 6.1% UP in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
14 Jun ’23 Chg (%) Con Std 14 Jun ’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 2457.2 -0.2 1.0 113.3 172.6 Infosys 1300.4 -0.3 5.4 22.4 23.2 price price (%) price price (%)
Adani Ports 739.4 0.2 0.7 30.6 - ITC 444.5 -0.2 6.4 28.8 29.5 Mankind Pharma 1662.9 1626.2 6.9 1662.9 1662.9 Zomato 73.3 74.1 -5.4 49.0 40.6
MOST BULLISH MOST BEARISH
Apollo Hosp 5009.0 1.2 0.6 87.9 66.4 JSW Steel 772.9 2.1 1.2 45.1 37.8 Rain Inds 168.0 166.7 5.3 168.0 206.8 KPIT Techno 1030.2 1039.6 -4.8 740.8 452.0
Asian Paints 3270.2 0.2 1.7 76.4 76.5 Delta Corp 244.9 243.3 0.6 Wipro 391.1 396.5 -1.3 Tata Consumer P 864.8 862.5 5.3 864.8 864.8 Macrotech Devlp 643.0 649.9 -4.3 390.3 355.5
Kotak Mah Bank 1864.7 0.5 3.2 24.8 33.9
Axis Bank 977.7 -0.8 3.2 27.8 31.4 Vodafone Idea 7.9 7.9 0.6 IDFC First Bank 75.8 76.8 -1.2 Oberoi Relty 1025.0 1019.7 3.6 1025.0 1088.4 Sona BLW Precis 507.9 509.9 -3.7 401.1 397.4
L&T 2355.1 0.0 3.8 31.6 42.2
Alkem Labs 3393.4 3372.9 0.6 Shriram TrFn 1393.9 1407.8 -1.0 Petronet LNG 231.0 230.2 3.2 242.3 242.3 Bandhan Bank 251.9 252.4 -3.5 182.2 182.2
Bajaj Auto 4730.2 -0.5 0.7 22.1 23.8 Mah & Mah 1378.7 0.4 1.6 16.7 26.0 Metropolis Heal 1320.6 1312.8 0.6 PNB 51.3 51.8 -1.0 Zydus Lifescien 533.7 532.5 2.8 533.7 533.7 Canara Bank 303.1 304.5 -3.3 272.3 171.7
Bajaj Fin 7096.9 -1.0 2.2 37.3 41.8 Maruti Suzuki 9532.5 0.2 1.5 35.1 35.8 IDFC 104.1 103.5 0.6 HDFC AMC 1915.6 1933.9 -0.9 PAYTM 864.0 856.7 2.8 864.0 864.0 RBL Bank 172.7 173.3 -3.0 131.6 74.2
Bajaj Finsrv 1480.4 -0.4 1.1 36.7 321.9 Nestle India 22728.8 1.0 0.9 - 86.0
Bharti Airtel 828.0 -0.8 2.4 55.3 - GMR Airports 43.3 43.2 2.7 47.3 47.3 Balram Chini 389.5 390.5 -2.7 356.4 306.8
NTPC 187.2 1.0 1.0 10.7 10.6
BPCL 373.6 0.0 0.4 38.0 44.0 BSE NSE Tata Comm 1674.0 1640.2 2.7 1674.0 1674.0 Ipca Labs 712.9 716.0 -2.6 670.0 670.0
Britannia 4941.7 0.0 0.7 51.3 55.6
ONGC 157.9 1.4 0.9 5.6 5.1 Index Stock Index Stock PUT-CALL RATIO IDFC First Bank 77.0 76.8 2.6 77.0 77.0 Shriram TrFn 1403.5 1408.1 -2.4 1202.8 1113.3
Power Grid 246.5 1.8 1.0 11.2 11.2 Oracle Fin 3901.8 3887.9 2.5 3901.8 3901.8 Tata Chem 957.4 978.2 -2.2 922.2 773.9
Cipla 978.7 -0.3 0.6 28.2 31.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2551.9 1.2 10.2 25.9 39.1 GNFC 604.4 593.8 2.5 666.4 798.3 HDFC AMC 1904.0 1933.1 -2.2 1595.3 1595.3
Coal India 229.0 0.0 0.6 5.0 9.5 Contracts 95 - 147350 718369
SBI 576.6 0.0 2.6 9.2 10.2 Market 2113.6 3324.7 0.6 Grasim Ind 1784.6 1779.2 2.5 1788.0 1839.3 L&T Tech Ser 3871.0 3876.4 -2.0 3281.1 2923.4
Divis Lab 3486.0 -0.1 0.5 50.7 51.2 Open Int.(000) 0 - 13761 5516590
SBI Life Ins 1242.3 -0.1 0.6 - 72.3 ICICI Prud Life 523.0 519.7 2.4 523.0 608.7 Astral 1965.0 1968.6 -1.9 1297.9 1188.0
Dr Reddys 4699.0 -0.1 0.7 17.4 29.9 Shares(In Mn) - - 5.7 1550.6 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 986.7 -0.1 1.3 27.9 140.0 Tata Steel 114.0 113.8 2.4 114.0 124.3 Samvardhana Mot 82.9 83.1 -1.8 61.8 61.8
Eicher Motor 3572.1 -0.6 0.6 33.5 37.3 Value(~ crore) 6 - 14727 52141
Tata Consumer P 862.5 5.2 0.6 66.6 84.3 Bajaj Auto 1.4 Alkem Labs 0.2
Grasim Ind 1779.4 2.4 0.8 17.2 55.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 570.3 1.4 1.2 78.5 69.4 UltraTech 1.4 Abbott India 0.3
HCL Techno 1135.9 0.4 1.4 20.8 26.9 Contracts 51066 - 151815978 3916217
Tata Steel 113.8 2.4 1.1 15.9 9.0 Dixon Tech 1.3 SBI Life Ins 0.3
HDFC 2645.9 0.0 5.7 18.7 30.1
HDFC Bank 1601.8 -0.1 8.2 19.5 20.3 TCS 3251.1 0.2 3.8 28.2 30.4
Open Int.(000)
Shares(In Mn)
106
-
-
-
537538
5620.0
4900686
5876.7
IndusInd Bank 1.2 Dalmia Bharat 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1077.6 -0.2 0.8 21.7 26.8 Power Fin 1.1 Coromndl Int 0.3
HDFC Std Life 585.1 0.0 0.7 91.9 92.1 Value(~ crore) 3227 - 15412520 294543 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2931.6 -0.7 0.4 20.9 20.1 Titan Company 2907.1 -0.2 1.4 79.4 77.4 BSE+NSE BSE+NSE
UltraTech 8358.3 1.0 1.1 47.6 49.1 1 Reliance Ind 1726989.6 BS200 DOWN 7 DAYS
Hindalco 425.1 0.9 0.7 9.5 28.7 (~ crore) (Mn shrs)
HUL 2698.8 0.9 2.8 62.7 63.7 UPL 682.8 0.1 0.4 14.4 52.6 ACTIVE CALLS ACTIVE PUTS HDFC Bank 1652.9 10.3
2
3
TCS
HDFC Bank
1189847.8
895405.9 UP 3 DAYS Niesspk -34.2
ICICI Bank 939.8 -0.4 7.6 19.3 20.6 Wipro 396.5 0.2 0.7 19.2 23.7 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Olectra Greente 13.0 Vantage Knowled -30.1
Reliance Ind 1607.2 6.3 4 ICICI Bank 657251.8
IndusInd Bank 1323.3 -1.0 1.0 - 13.9 Nifty 50 18755.9 á0.2 100.0 24.4 27.1 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ICICI Bank 1291.8 13.8 5 HUL 634051.3 Tata Comm 11.6 Andhra Cements -25.4
INDEX PE SHRS TRDS 1 YR Index Index 6 ITC 552362.5 Oracle Fin 9.8 Bheema Cements -24.1
HDFC 1261.7 4.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
15/06/23
15/06/23
18800
18750
246.6
243.7
9.9
7.4
10.8
28.8
Nifty
Nifty
15/06/23
15/06/23
18700
18750
306.2
198.4
16.2 50.2
6.3 230.6
Tanla Soluts 1207.8 11.8
7
8
Infosys
SBI
540086.1
514458.6
Cyient
Tata Consumer P
8.2
7.7
Crestchem -23.5
SENSEX 25.5/27.9 11.9 204 17 13 20.0 Kotak Mah Bank 1053.3 5.7 Starlineps Ente -12.6
Asian Paints 3269.2 0.2 2.0 76.4 76.5 Maruti Suzuki 9532.7 0.1 1.7 35.1 35.8 Nifty 15/06/23 18700 234.3 8.4 -9.2 Nifty Bank 15/06/23 44000 185.4 5.3 18.0 9 HDFC 488372.8 Dixon Tech 7.4
Axis Bank 977.8 -0.9 3.7 27.8 31.4 NIFTY 50 24.4/27.1 261.4 4089 27 22 19.2 CDSL 985.5 9.9 H G Infra Engg -11.3
Nestle India 22724.5 1.0 1.1 - 86.0 C = CONSOLIDATED; S = STANDALONE Nifty 15/06/23 18850 161.7 7.3 35.1 Nifty 15/06/23 18600 158.7 11.3 6.9 10 Bharti Airtel 461635.4 Trent 7.2
Bajaj Fin 7096.1 -1.0 2.5 37.3 41.8 NTPC 187.2 1.0 1.2 10.7 10.6 Nifty Bank 15/06/23 44000 148.4 6.5 71.5 Nifty 15/06/23 18650 148.2 7.3 16.2 Axis Bank 903.0 9.2 UP 3 DAYS
11 Bajaj Fin 429633.4 DOWN
Bajaj Finsrv 1480.3 -0.5 1.2 36.7 321.9 Power Grid 246.5 1.6 1.1 11.2 11.2 CASH DERIVATIVES Stock Stock Tata Steel 791.0 69.9 12 LIC India 376843.5 Signet Inds 36.2
TURNOVER BSE NSE BSE NSE
Adani Power -4.0
Bharti Airtel 827.9 -0.7 2.8 55.3 - Reliance Ind 2552.6 1.3 11.8 25.9 39.1 Vodafone Idea 29/06/23 9 202.6 70.2 16.8 Vodafone Idea 29/06/23 8 32.8 28.9 29.1 Tata Comm 784.0 4.8 13 Kotak Mah Bank 370445.0 09Agg 33.1
Balram Chini -3.5
HCL Techno 1135.7 0.2 1.6 20.8 26.9 SBI 576.5 0.0 3.0 9.2 10.2 VALUE(IN ~ CRORE) 4519 59763 3233 15773932 Vodafone Idea 29/06/23 8 196.1 106.1 -8.0 IDFC First Bank 29/06/23 70 30.4 15.7 56.8 14 L&T 331063.2 Virinchi Con 27.1
HAL 755.0 2.0 Adani Trans -2.7
HDFC 2645.0 -0.1 6.6 18.7 30.1 SHARES(IN MN) 691.2 3068.0 - 13052.9 Tata Steel 29/06/23 115 125.5 22.8 18.1 Tata Steel 29/06/23 110 29.4 12.4 16.6 15 Asian Paints 313576.9
Sun Pharma 986.5 -0.2 1.4 27.9 140.0 Tata Motors 751.1 13.2 BHEL -2.3 Denis Chem 26.3
HDFC Bank 1602.0 -0.2 9.5 19.5 20.3 TRADES(000) 2585 20640 - 51333 NTPC 29/06/23 190 72.6 25.3 37.3 Tata Steel 29/06/23 108 17.3 5.9 18.7 16 HCL Techno 308189.2
Tata Motors 570.2 1.5 1.4 78.4 69.4 PAYTM 722.7 8.5 Mahindra CIE -2.2 Visco Trade 24.1
HUL 2698.6 0.8 3.2 62.7 63.6 IDFC First Bank 29/06/23 80 62.3 13.1 40.0 Tata Steel 29/06/23 105 17.0 8.5 -0.5 17 Axis Bank 301068.8
Tata Steel 113.8 2.4 1.2 15.9 9.0 FACT 697.8 18.8 Adani Wilmar -1.6 Sarthak Met 24.0
ICICI Bank 939.8 -0.5 8.8 19.3 20.6 MARKET-CAP (~ CR) TRADED TOTAL 18 Maruti Suzuki 287963.8
IndusInd Bank 1323.4 -0.9 1.2 - 13.9 TCS 3251.8 0.2 4.4 28.2 30.4 Max Fin Sre -1.6
Tata Consumer P 676.4 7.9 19 Adani Enter 280092.3 Kaycee Ind 20.7
Tech Mahindra 1077.8 -0.2 0.9 21.7 26.8 BSE 29,123,185 29,271,277 Others
Infosys 1301.5 -0.3 6.3 22.4 23.2
ITC 444.5 -0.2 7.4 28.8 29.5 Titan Company 2905.3 -0.2 1.6 79.4 77.3 NSE 28,805,076 28,960,466 SPURT IN VOLUMES Zomato
TCS
666.6
577.2
88.2
1.8
20
21á
Titan Company
UltraTech
257928.1
241014.3 UP 7 DAYS
DOWN 3 DAYS
Samrat Forgings -16.3
UltraTech 8348.6 0.9 1.3 47.6 49.0 DERIVATIVES 20,919,093 20,919,093
Kotak Mah Bank 1864.7 0.4 3.7 24.8 33.9 Company Days 2-week Avg Change Close *Price 22â Avenue Supermar 241010.9 KIFS Financial 93.7
SBI 532.6 9.2 ETT -14.3
L&T 2355.4 0.0 4.5 31.6 42.2 Wipro 396.6 0.2 0.8 19.2 23.7 Volume Volume % price %chg 23 Sun Pharma 236690.9 Brady & Morr 61.7
Mah & Mah 1378.9 0.5 1.9 16.7 26.0 BSE SENSEX 63228.5 á0.1 100.0 25.5 27.9 TRADING ACTIVITY JSW Hold 140986.0 1158.6 12068.3 4892.5 11.3
Infosys
Gland Pharma
503.5
478.6
3.9
4.7
24 Bajaj Finsrv 235774.2 Karma Energ 41.2
Narendr Prop -14.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á Nestle India 219109.1 Shrigang Ind 40.7 Maxheights Infr -14.3
Jet Knitwears 189000.0 3000.0 6200.0 50.1 -4.8 KPIT Techno 463.2 4.4
Equity Debt Equity Debt 26â Wipro 217687.8 Hemadri Cem 40.7 Khandel. Ext -14.3
Net Net Net Net SIL Invest 126674.0 2030.7 6137.9 345.9 10.9 HUL 439.6 1.6 27 ONGC 198453.9 Futuristic Sol -14.2
WORLD INDICES On 13 Jun -594 235 - - D. P. Abhushan 288596.0 10045.1 2773.0 243.6 -10.6 IDFC First Bank 431.3 56.6 28 Tata Motors 189375.3
Assoc.Cerami
BCG
40.7
40.7 Ganesh Films In -14.2
On 12 Jun -594 235 1536 548 Heranba 3475508.0 128986.2 2594.5 401.4 12.8 Bharti Airtel 426.4 5.2 29 JSW Steel 186789.1
Indices Close % Chg* Indices Close % Chg*
On 09 Jun -133 101 884 -44 FACT 18767296.0 756597.6 2380.5 376.9 14.6 30 NTPC 181521.7 (T+2) cycleStocks which rose/fell continuously
Suzlon Energy 417.4 286.7
Americas (Jun 13,23) Asia/Pacific (Jun 14,23) On 08 Jun 613 -277 -409 843 Ajmera Rlty 1045392.0 44844.4 2231.2 372.6 11.1
Nasdaq Composite 13573.3 0.8 Straits Times 3218.1 0.9 On 07 Jun 1444 149 296 -327 Steel Str Wh 5360311.0 237944.4 2152.8 182.8 14.0
Jun till date 4629 1268 5105 5945 STEL Holdings 209318.0 10173.8 1957.4 146.3 3.0
Dow Jones
S&P/ TSX Composite
34212.1
19990.4
0.4
0.4
Kuala Lumpur Comp
Taiwan Taiex
1385.4
17238.1
0.4
0.1 2023 till date 41284 8600 57362 -8528 V-Mart Ret 802242.0 43198.0 1757.1 2101.1 6.1
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 13,23) Stock Exchange of Thai 1561.2 -0.1 Group issue secured year ended of the Com- SBL Infratech:
IBEX 35 9421.3 0.9 Shanghai Se Comp 3229.0 -0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company unlisted re- 31/03/2023 pany for the To consider
Purpose deemable non- within the pre- year ended and approve
CAC 40 7339.3 0.7 Jakarta Composite 6699.7 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock convertible scribed time March 31 2023 the following
DAX 16302.3 0.4 Kospi 2619.1 -0.7 NET Net Fut OI Opt OI OI JUNE 15 debentures i.e. on or be- at the regis- matters(s): 1.
HIGH *L&T Finance Hol . . . . . 112.7 Ami Organics . . . . . . . 1315.0 *Sanghvi Mov . . . . . . . 489.6
FTSE 100 7618.7 0.3 Volatility (Jun 13,23) BS 200 *IDFC . . . . . . . . . . . . . . 105.9 *Lakshmi Ele . . . . . . . 1249.0 *Brady & Morr . . . . . . . 472.1 Ams: To inter- (NCD) of the fore tered office of To consider ap-
On 13 Jun -10944 701 0.1 2.8 2.7
Asia/Pacific (Jun 14,23) CBOE S&P 500 14.5 -0.5 *MRF . . . . . . . . . . . . 100302.8 IOC . . . . . . . . . . . . . . . . . 93.5 *Permanent Mg . . . . . 1220.0 Godawari Pwr . . . . . . . 449.4 alia consider company on a 30/05/2023. the Company. prove and take
On 12 Jun 687 144 0.1 3.3 2.7
Nikkei 225 33502.4 1.5 CBOE Dow Jones 14.0 -6.8 *Nestle India . . . . . . 22743.0 *IDFC First Bank . . . . . . 77.0 *Venus Pipes . . . . . . . 1139.0 *Ramkrshn Frg . . . . . . . 429.0 and approve private place- Indian Sucro: Raasi Refra: To on record the
On 09 Jun 6075 -1363 0.2 2.8 2.7
Others *Narayana Hruday . . . 996.0 *Syrma SPS Techn . . . 428.7 the following ment basis. 2. To consider consider and Standalone Au-
Hang Seng 19408.4 -0.6 * Change over previous close On 08 Jun -957 -1173 0.2 2.1 2.6 *UltraTech . . . . . . . . . 8368.4
*3M India . . . . . . . . . 28500.0 *Aurionpro Sl . . . . . . . . 957.3 businesses 1. To consider and approve approve Au- dited Financial
On 07 Jun -862 1782 0.2 3.3 2.6 Coforge . . . . . . . . . . 4650.0 LOW
*ZF Commercial . . . 12268.6 Novartis . . . . . . . . . . . . 799.8 To consider the any other the Audited Fi- dited Financial Results of the
*ABB India . . . . . . . . . 4368.0
MAJOR INDICES Jun till date
2023 till date
-18306
158014
2932
15007
-
-
-
-
-
- Oracle Fin . . . . . . . . . . 3901.8 *Kaycee Ind . . . . . . . 11460.0 Just Dial . . . . . . . . . . . . 786.0
BS 200 resignation of matter with the nancial Results Results for the Company
NONE Mr. Rohit permission of (Standalone) Quarter and along with
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *PI Inds . . . . . . . . . . . . 3830.0 *Disa India . . . . . . . . . 9299.0 *Landmark Cars . . . . . 748.8
Others Kumar Chief Fi- the Chairman if for the quarter Year Ended on Auditor Report
JK Cement . . . . . . . . . 3342.6 *Elantas Beck . . . . . . 6630.0 *Danlaw Tech . . . . . . . . 745.0
*Rex Sealing . . . . . . . . . . 95.0 nancial Officer any. and year ended 31 March 2023. for the
S&P BSE Sensex 63,143.2 63,115.5 63,274.0 63,013.5 63,228.5 85.4 0.1 *Titan Company . . . . 2944.0 *Linde India . . . . . . . . 4629.0 *Talbros Auto . . . . . . . . 741.3
*NIIT . . . . . . . . . . . . . . . . 84.8 (CFO) of the Dipna Pharma: March 31 2023. Satin creditcar: Quarter and
Dalmia Bharat . . . . . . 2213.4 *ABB Power India . . . 4290.9 *Apollo Pipes . . . . . . . . 737.1
S&P BSE Sensex 50 19,663.1 19,657.0 19,713.6 19,632.2 19,700.3 37.2 0.2 S&P BSE SECTORAL INDICES *Astral . . . . . . . . . . 2022.7 *Craftsman Auto . . . . 4095.0 Somany Cera . . . . . . . . 715.1
Onesource Ideas . . . . . . 68.2
Comm Syn Bags . . . . . . . 67.1
Company; 2. To to consider and
consider the approve the
MRP Agro:
Meeting of the
Meeting of the
Board of Direc-
Year ended on
31st March
S&P BSE-100 19,137.5 19,135.1 19,190.1 19,112.9 19,177.3 39.8 0.2 *Cummins (I) . . . . . . . 1867.1 Astrazen Ph . . . . . . . . 3670.4 *KPI Green Energ . . . . 707.9 JUNE 16 port for the fi- Meeting and same matter(s) Consider issu-
Prev cls Close % Chng Bheema Cements . . . . . 41.8 Appointment Audited Finan- Board of Direc- tors of the 2023; 2. To
*Trent . . . . . . . . . . . . . 1730.0 *Remedium Lifeca . . 3139.6 *SBISensex . . . . . . . . . 682.0 Alfa Transfr: To nancial year other items as- as previously ance and allot-
S&P BSE-200 8,088.5 8,089.3 8,108.4 8,078.7 8,103.6 15.0 0.2 SA Enter . . . . . . . . . . . . . 28.5 of Mrs. Ritu cial Results of tors of the Company to Consider and
Auto 33,815.3 33,897.7 0.2 *Tata Comm . . . . . . . . 1674.0 *Supreme Ind . . . . . . 3075.0 *Kirl Pneu . . . . . . . . . . . 670.0 consider and ended 31st sociated with it. mentioned ment of Equity
Vivanza Bios . . . . . . . . . 10.7 Gupta as the the Company Company to consider and discuss any
Bankex 49,951.1 49,814.2 -0.3 Tata Consumer P . . . . . 864.8 *KEI Ind . . . . . . . . . . . 2234.3 *Global Health . . . . . . . 657.9 approve inter March 2023 4. Any other which are the Shares/ Share
S&P BSE-500 25,496.7 25,504.4 25,562.9 25,472.9 25,549.0 52.4 0.2 *Shelter Infr . . . . . . . . . . . 5.8 new Chief Fi- for the Quarter consider and approve the other items as
Cons. Durables 42,294.8 42,410.0 0.3 PAYTM . . . . . . . . . . . . . 864.0 *Inox Wind Energ . . . 2169.1 *Rolcon Engg. . . . . . . . 654.0 alia 1. To dis- along with other agenda item. following: -In- warrants by
Spectra Ind . . . . . . . . . . . . 4.3 nancial Year and Year ended approve issu- fund raising may be de-
S&P BSE IPO 9,390.2 9,401.0 9,550.4 9,382.5 9,519.4 129.3 1.4 Cap. Goods 39,514.1 39,497.4 0.0 Macrotech Devlp . . . . . 708.8 *Kaynes T . . . . . . . . 1627.5 *Agi Gree . . . . . . . . . 648.0 cuss & approve annexure. 3. To Dr Lalchandani: crease in the way of Prefer-
Confidence Fin . . . . . . . . 3.3 (CFO) of the on 31st March, ance of Equity proposal by cided by the
FMCG 18,431.8 18,525.4 0.5 Aurob Pharma . . . . . . . 685.0 *KRL . . . . . . . . . . . . 1622.7 *Prestige Est . . . . . . . . 602.3 increase of au- discuss and de- to consider and Authorized ential Allot-
S&P Dollex-30 6,293.6 - - - 6,320.3 26.7 0.4 Foundry Fuel . . . . . . . . . . 2.3 Company. 3. To 2023 along Shares of the way of issu- Board of
Healthcare 24,440.8 24,514.7 0.3 *Max Health . . . . . . . . . 584.9 Endurance Tech . . . . . 1583.9 *Infrabees . . . . . . . . . 589.9 thorised capital cide about the approve Intima- Share Capital of ment. -Any
*Sintex Plast Te . . . . . . . . 1.2 carry on any with Auditor’s company by ance of Directors
Nifty 50 18,716.2 18,744.6 18,769.7 18,690.0 18,755.9 39.8 0.2 Infra 311.3 312.8 0.5 Zydus Lifescien . . . . . . 533.7 *Blue Star . . . . . . . . . . 1554.4 *Brigade Ent . . . . . . . . 587.0 of the Company. date time and tion regarding the Company other matter as
*Reliance Com . . . . . . . . . 1.1 other business Report and way of prefer- listed/unlisted of the Com-
IT 29,222.8 29,174.5 -0.2 *DLF . . . . . . . . . . . . . . . 506.3 *Voith Paper . . . . . . . 1519.9 *KEC Intl . . . . . . . . . . . . 586.0 2. To consider venue of Annual postponement and to make the Board of Di-
Nifty next50 43,278.7 43,407.8 43,424.9 43,250.8 43,379.3 100.6 0.2 Niehspe . . . . . . . . . . . . . 0.8 with the per- Declaration. ential issue secured/unse- pany.
Metal 20,261.5 20,584.7 1.6 BPCL . . . . . . . . . . . . . . . 378.5 HEG . . . . . . . . . . . . . . . 1435.4 *NINtec Sys . . . . . . . . . 584.2 and approve the General Meet- of Board Meet- consequent al- rectors of the
*Shalimar Prd . . . . . . . . . 0.5 mission of Gee: To submit Nagarjuna Fert: cured non-con- Supra Pacific:
Nifty 500 16,048.2 16,082.2 16,094.1 16,035.2 16,084.1 35.8 0.2 Oil & Gas 18,180.6 18,341.4 0.9 HPCL . . . . . . . . . . . . . . . 279.6 *Sarda Energy . . . . . . 1423.8 *Setfsn50 . . . . . . . . . 567.5 Board of Direc- ing and approve ing. teration in Company may
*Nouveau Global . . . . . . . 0.5 Board. the Audited Fi- To consider vertible Meeting of the
Power 3,968.9 3,993.7 0.6 *Power Fin . . . . . . . . . . 204.5 *APL Apolo Tb . . . . . . 1350.0 Sudarsh Chem . . . . . . . 514.5 tors Report and the draft notice Master Trust: To clause V of decide during
India VIX 11.1 11.1 11.4 10.6 11.2 0.1 0.5 *Shree Securitie . . . . . . . 0.4 Arihant Cap: nancial Results and approve debentures on Board of Direc-
*NTPC . . . . . . . . . . . . . . 188.5 Kajaria Cer . . . . . . . . . 1325.4 *Kirl Ferro . . . . . . . . . . . 508.5 the Corporate of the said An- consider and Memorandum the course of
PSU 10,610.5 10,642.1 0.3 to consider and for the quarter the Audited Fi- private place- tors of the
Governance Re- nual General approve the of Association. - the meeting.
Nifty CPSE 3,177.0 3,183.1 3,204.1 3,182.4 3,198.3 21.4 0.7 Realty 4,166.7 4,179.7 0.3 m m w w approve 1. To and financial nancial Results ment basis Company

> 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 (512.5) (512.6) (4322.0) (4319.8)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 514.2 514.5 4322.0 4327.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 522.6 522.9 4368.0 4369.4
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 511.9 511.7 4290.1 4288.6
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 518.3 518.3 4348.8 4349.9
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 31637 1140K 11601 283K
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 31.6 31.6 103.8 103.8
company name is followed by shares traded, and also the 52 Wk H/L 924/482 924/482 4368/2121 4369/2120
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 18788 18788 92151 92173
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 m H m mH H < « « « « m m «
(22151.9) (22155.7) (1846.6) (1846.9) (2462.4) (2462.6) (955.3) (955.3) (737.7) (737.8) (267.7) (267.8)
O 22224.7 22333.0 1845.1 1850.5 2463.2 2469.9 954.0 955.0 736.0 736.4 265.6 268.2 O O
22224.7 22340.7 1859.0 1859.9 2484.0 2484.8 960.0 961.0 743.0 742.8 271.4 271.4
w 22011.4 21919.6 1843.7 1842.5 2453.0 2452.4 948.5 948.1 735.8 735.8 263.3 263.3 w w
22103.0 22038.7 1855.7 1854.9 2457.0 2457.2 957.2 957.7 739.8 739.4 265.2 265.3
272 7374 9328 250K 84039 1364K 89425 382K 100K 3901K 351K 3530K K K K K K K K K K K K K K K K K
49.5 49.3 71.3 71.3 113.3 113.3 - - 30.6 30.6 9.5 9.5
W 23143/17349 23140/17325 2785/1594 2785/1592 4190/1017 4190/1017 2574/439 2572/439 988/395 988/395 433/133 433/132 W W
M 46969 46832 34848 34832 280092 280115 151623 151695 159808 159711 102286 102305 M M

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(986.4) (985.8) (4755.8) (4756.0) (7166.0) (7166.8) (1487.5) (1486.2) (2319.6) (2322.6) (401.3) (401.4) (261.5) (261.6) (187.3) (187.3) (1598.6) (1599.4) (669.1) (669.2) (122.1) (122.1) (828.8) (829.6) (834.1) (834.3) (85.0) (85.1) (239.1) (239.1) (335.9) (335.9) (19079.1) (19060.1) (373.5) (373.6)
O 986.4 986.0 4770.0 4751.1 7172.4 7182.0 1486.1 1490.0 2326.9 2330.0 400.2 401.5 O 261.6 262.0 188.1 188.3 1610.0 1607.0 668.1 671.0 122.2 122.4 830.9 830.8 O 830.1 832.0 85.1 85.1 239.5 239.9 339.3 337.0 19107.0 19060.1 372.1 373.5
988.3 988.2 4770.0 4768.5 7180.0 7182.0 1492.1 1491.9 2342.4 2342.6 403.5 403.9 262.0 262.1 188.5 188.4 1615.5 1616.0 674.4 674.5 123.1 123.2 831.7 831.9 832.0 834.0 85.3 85.3 240.5 240.5 340.0 340.0 19246.5 19348.0 378.5 378.5
w 976.0 976.0 4711.5 4712.0 7085.0 7082.1 1469.6 1469.0 2309.1 2309.2 389.5 389.2 w 251.9 252.0 186.4 186.4 1593.8 1593.7 665.7 665.6 121.1 121.1 822.6 822.2 w 819.0 819.0 83.4 83.4 238.4 238.3 333.5 333.5 19005.9 19023.5 370.9 370.9
977.8 977.7 4730.6 4730.2 7096.1 7096.9 1480.3 1480.4 2320.9 2323.0 390.5 390.3 252.4 252.6 187.4 187.5 1603.0 1603.2 671.0 670.3 121.3 121.4 827.7 828.0 827.9 828.0 83.8 83.9 239.3 239.4 337.9 338.3 19073.4 19072.3 373.4 373.6
563K 8644K 3831 191K 22465 402K 61851 764K 4299 185K 54624 1974K 205K 8556K 478K 12465K 8387 538K 24630 860K 500K 8660K 7454 347K 58747 5109K 535K 12407K 84882 1976K 86566 1179K 528 9755 125K 3357K
31.4 31.4 22.1 22.1 41.8 41.8 36.7 36.7 41.6 41.6 28.6 28.6 18.5 18.5 6.9 6.9 64.6 64.6 78.7 78.6 29.5 29.5 36.9 36.9 55.3 55.3 65.2 65.2 62.1 62.1 28.0 28.1 39.5 39.5 44.0 44.0
W 990/618 990/618 4829/3462 4830/3461 7777/5236 7778/5220 1846/1078 1844/1073 2490/1801 2492/1796 431/307 431/307 W 324/182 324/182 197/90 197/90 2004/1381 2005/1381 710/528 710/527 228/87 228/87 920/615 919/615 W 888/629 889/629 91/41 92/41 342/192 342/192 378/250 378/250 19854/13167 19850/13165 378/288 379/288
M 301069 301053 133857 133846 429633 429679 235774 235798 44863 44903 7887 7883 M 40650 40682 96885 96937 20601 20604 65176 65113 88668 88741 38538 38552 M 461635 461663 29173 29197 28724 28736 9297 9307 56247 56244 81000 81032

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 Delta Corp«
(4939.8) (4940.1) (746.3) (746.3) (314.9) (314.9) (287.0) (286.9) (279.9) (280.0) (1101.8) (1101.8) (981.4) (981.5) (124.4) (124.4) (228.9) (228.9) (4564.5) (4567.9) (1647.8) (1647.8) (651.4) (651.0) (936.0) (936.3) (1842.0) (1843.2) (560.3) (560.5) (2159.1) (2157.3) (2069.8) (2069.3) (247.5) (247.6)
O 4940.0 4947.0 752.5 749.0 304.4 304.5 289.8 289.7 282.5 281.0 1101.1 1103.0 O 980.0 981.5 125.0 125.1 229.3 229.9 4564.0 4568.0 1644.5 1649.0 652.1 655.0 O 937.0 937.0 1865.0 1860.0 560.1 561.0 2169.7 2177.0 2069.9 2069.3 248.0 247.1
4976.5 4977.0 753.1 754.5 307.0 307.2 289.8 289.7 283.6 283.3 1102.9 1103.0 980.0 981.9 125.7 125.7 229.4 229.9 4650.0 4651.2 1661.6 1662.0 665.5 665.6 955.2 955.9 1867.1 1867.0 563.0 563.5 2213.4 2213.0 2140.0 2140.6 248.0 248.2
w 4928.4 4922.0 741.5 741.2 303.1 303.0 284.6 284.6 278.1 278.1 1085.0 1084.2 w 973.0 972.6 124.1 124.1 227.7 227.6 4508.0 4505.0 1638.6 1637.5 651.4 651.3 w 935.0 934.7 1839.3 1839.6 558.0 557.8 2151.0 2152.6 2062.1 2061.3 241.0 240.8
4934.2 4941.7 748.7 748.9 XD304.5 304.5 287.7 287.8 279.1 278.9 1099.6 1099.3 978.6 978.7 125.0 125.0 229.0 229.0 4622.2 4619.6 1647.6 1646.9 662.2 662.3 946.3 946.3 1855.3 1855.4 562.1 562.4 2195.1 2196.6 2113.9 2114.6 243.3 243.3
4533 234K 328K 495K 334K 6079K 358K 2819K 142K 4961K 13837 2230K 25385 1831K 164K 2619K 193K 7034K 25112 399K 5195 294K 48086 1914K 9012 451K 11296 690K 27425 1578K 75828 396K 110K 805K 82942 1793K
51.2 51.3 16.0 16.1 5.2 5.2 38.7 38.7 10.9 10.9 33.9 33.9 28.2 28.2 9.9 9.9 5.0 5.0 40.7 40.7 42.8 42.8 34.5 34.5 13.8 13.8 45.5 45.5 58.3 58.4 39.8 39.8 61.4 61.4 24.9 24.9
W 4980/3272 4980/3271 758/408 759/407 342/172 342/172 429/251 429/251 368/249 367/248 1105/605 1104/611 W 1185/852 1185/852 205/120 205/120 263/175 263/175 4650/3210 4651/3210 1713/1435 1714/1435 829/555 829/555 W 1094/839 1094/838 1867/952 1867/951 610/482 611/482 2213/1213 2213/1213 2356/1682 2357/1681 255/162 255/162
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NEW DELHI | THURSDAY, 15 JUNE 2023 15 <

Branch - M-18, Kalkaji (D-0948),

M-18, Kalkaji Main Road, New Delhi-110019. Email : d0948@psb.co.in
POSSESSION NOTICE (For Immovable Property) [See rule 8(1)]
Whereas the undersigned being the authorized officer of the Punjab & Sind Bank under the
securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (54 of 2002) and in exercise of powers conferred under section 13(12)
read with rule 3 of the security Interest (Enforcement) Rules, 2002 issued a demand notice
dated 03.01.2023 calling upon the borrower(s) & Guarantors (1) Mr. Shanti Sharma
(2) Mrs. Medha Devi (3) Mr.Kaliyan, to repay the amount mentioned in notice being
Rs. 14,39,128.40 (Rs. Fourteen Lakh Thirty Nine Thousand One Hundreds Twenty
Eight & Forty paisa only) Interest charged upto 30-11-2022 with further interest and other
charges until payments in full, within 60 days from the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower and
the public in general that the undersigned has taken possession of the property described
herein below in exercise of powers conferred on him/her under section 13(4) of the said Act
read with rule 8 of the said rules on this 12th day of June of the year 2023.
The borrower in particular and public in general is hereby cautioned not to deal with the
property and any dealing with the property will be subject to charge of the PUNJAB & SIND
BANK (BO: Kalkaji, Delhi) for an amount of Rs.14,39,128.40 up to 30.11.2022 with
further interest, cost etc thereon.
The borrower’s attention is invited to provision of sub-section (8) of the section 13
of the Act, in respect of time available, to redeem the secured asset.
Description of the immovable property
ALL THAT PART AND PARCEL OF THE IMMOVABLE PROPERTY HOUSE MCD NO
27, 1st FLOOR(back side premises, without terrace Comprising, Khasra No. 716,
Situated at Village Kilokari, NEW DELHI 110014
PROPERTY BOUNDED AS:-
NORTH-EAST: - GALI/ENTRY, NORTH- WEST: - PLOT NO-26,
SOUTH-EAST:-PART OF PROPERTY FLAT SOUTH-WEST:- OTHER PROPERTY
Date: 12.06.2023, Place: Delhi Authorized Officer, Punjab & Sind Bank

GOVERNMENT OF JAMMU AND KASHMIR

DIRECTORATE OF FISHERIES. J&K
Tourist Reception Centre, Srinagar/Nowabad Canal Road, Jammu
(Email-jkfdjmu@gmail.com, Phone No. 0194-2500092, 0191-2951670)
Corrigendum
1. Please read bid opening date 05.07.2023 instead 02-07-2023 mentioned in E-Tender
No 07 of 2023 dated 03.06.2023 issued under endorsement No CPO/K/Germplasm-
2023/ 299- 316 dated: 03.06.2023

2. Please read bid opening date 05.07.2023 instead 03-07-2023 mentioned in E-Tender
No 08 of 2023 dated 05.06.2023 issued under endorsement No CPO/K/Germplasm-
2023/ 325-343 dated: 05.06.2023

Chief Project Officer (Fisheries) Kokemag

member Secretary UT/National Level,
Procurement, Quarantine and Monitoring Committee,
For Import of Germplasm
No: CPO/K/Germplasm-2023/396/414
No: CPO/K/Germplasm-2023/415/432
Dated: 13-06-2023 DIPK-3433/23

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16
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NEW DELHI | THURSDAY, 15 JUNE 2023 1

INDORE SAHAKARI DUGDH

SANGH MARYADIT
Chanda Talawali, Manglia, Indore-453771, Phone : 0731-2811162
E-mail : agmpurisds@gmail.com/sanchimsids@gmail.com

E-TENDER NOTICE
Online E-Tenders are invited through www.mptenders.gov.in for
Supply of Milk Pouch Film as packing material, the last date for
submission of the Tender is on 06.07.2023. The detailed tender terms
and conditions can be seen only at our Web. : www.sanchidairy.com.
Any amendment made in this tender can be seen only on above referred
website and not be published elsewhere. CEO, ISDS has full right to
cancel the Tender at any stage without assigning any reason thereof.
M.P. Madhyam/110353/2023 CHIEF EXECUTIVE OFFICER

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of the INDIABULLS
HOUSING FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and in exercise of powers conferred under Section 13 (12) read
with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Notice dated 28.02.2022 calling upon the Borrowers RAKESH KUMAR AND
PUSHPA DEVI to repay the amount mentioned in the Notice being Rs.19,66,313.92/-
(Rupees Nineteen Lakh Sixty Six Thousand Three Hundred Thirteen and Paise
Ninety Two Only) against Loan Account No. HHLNOD00229894 as on 10.02.2022
and interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 12.06.2023
The Borrower in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.19,66,313.92/- (Rupees Nineteen Lakh Sixty Six Thousand Three Hundred
Thirteen and Paise Ninety Two Only) as on 10.02.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT BEARING NO. F-3 ON FIRST FLOOR, FRONT LEFT HAND SIDE OF PLOT
NO. B1/74, SITUATED IN DLF, DILSHAD EXTN. II, GHAZIABAD-201010, UTTAR
PRADESH HAVING AREA MEASURING 74.32 SQ. MTR. THE FLAT BEARING
NO. F-3 IS BOUNDED AS FOLLOWS:-

EAST BY : FLAT NO. F-4

WEST BY : FLAT NO. F-2 B.O.- Paharganj, 5/1, D.B Gupta Road, Paharganj, New Delhi-110055
NORTH BY : C PASSAGE & FLAT NO. F-7 Phone: 011-23617738 E-mail: D0019@psb.co.in
SOUTH BY : 30 FT. WIDE ROAD Date: 30/05/2023
Sd/-
Date : 12.06.2023 Authorized Officer 1. Sh. Ashish Singla S/o Sh.Balkishan Singla; Flat No 602, 6th Floor, Tower No B-2
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED Block A, KLJ Greens, Village Neemka, Tehsil Tigaon Sector 77, District Faridabad
Haryana-121006 ...Borrower
Also at: Sh. Ashish Singla S/o Sh.Balkishan Singla R/o House No D-639, Chawla
Colony Ballabhgarh, District Faridabad Haryana-121004. Also at: Sh. Ashish Singla
S/o Sh.Balkishan Singla C/o Evalueserve.com Pvt Ltd 7 & 8 Floor Building No 6 Candor
Gurgaon One Reality Projects Pvt Ltd.Gurgaon, Haryana-122002
2. Smt. Shreya Goel W/o Sh. Ashish Singla; Flat No 602, 6th Floor, Tower No B-2 Block
A, KLJ Greens, Village Neemka, Tehsil Tigaon Sector 77, District Faridabad Haryana-
121006 ...Borrower
SOUTH EASTERN COALFIELDS LIMITED Also at: Smt. Shreya Goel D/o Sh.Manoj Kumar Goel R/o M-58 First Floor, Vikas Puri,
“A MINI RATNA COMPANY’’ Tilak Nagar West Delhi-110018. Also at: Smt. Shreya Goel D/o Sh.Manoj Kumar Goel
NOTICE C/o Veeam Software Pvt Ltd Level 4 Platina towers MG Road Near Sikandarpur Metro
Station Sector 28 Gurugram-122001.
All the tenders issued by SECL for procurement of Goods, REG: NOTICE UNDER SECTION 13(2) OF SECURITISATION
Works and Services are available on website of SECL ANDRECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF
http://www.secl-cil.in,CIL e-procurement portal http:// SECURITY INTEREST ACT 2002.
Dear Sir,
coalindiatenders.nic.in and Central Public Procuremrnt 1. That you addressee No.1 Sh. Ashish Singla S/o Sh.Balkishan Singla & addressee No.2
Portal http://eprocure.gov.in In addition, procurement is also Smt. Shreya Goel W/o Sh. Ashish Singla requested the Bank for financial assistance and
done through GeM portal http://gem.gov.in. SECL’s mining upon the request the Bank sanctioned and allowed the following to you:-
Housing Loan of Rs.4600000/- (Forty Six Lac Only) as on 30/03/2022
services tenders are also now available on GeM portal The above loan facility was duly secured by way of equitable mortgage in respect of
http://gem.gov.in Residential Flat No 602, admeasuring super area 1666 Sq.Ft situated on 6th Floor of Tower
No B-2 in Multi Storied residential housing complex known as KLJ Greens developed on
the portion of Land situated in the revenue estate of village Neemka, Sector-77 Sub-Tehsil
Tigaon, District Faridabad belonging to addressee No.1 Sh. Ashish Singla S/o
Sh.Balkishan Singla & addressee No.2 Smt. Shreya Goel W/o Sh. Ashish Singla through
Sale deed dated 12-05-2022 registered at Bahi no. 1, Jild no.0, page no 102.25 and 7 to 6
(Regd. Office: PSEB Head Office, The Mall, Patiala) at serial no. 409 and registered in the office of sub registrar Tigaon.
Corporate Identity Number U40109PB2010SGC033813 2. That you addressee No. 1 Sh. Ashish Singla S/o Sh.Balkishan Singla & addressee No.2
Website: www.pspcl.in Smt. Shreya Goel W/o Sh. Ashish Singla executed the various loaning documents in
respect of the above facilities on 30/03/2022 and also agreed to pay the rate of interest at
OpenTender Enq. No. 463 /P-2/EMP-W-12346 dated 13-6-23
the rate of EBLR+2.60% per annum with monthly rests and guidelines of the Bank from
Dy.Chief Engineer/ Headquarter (Procurement Cell-2) GGSSTP Roopnagar invites Open time to time, in respect of the above said facilities.
E-tender ID No 2023_POWER_104025_1 for preventive Breakdown Maintenance & 3. That you addressee No. 1 Sh. Ashish Singla S/o Sh. Balkishan Singla & addressee No.2
Repair of all HT& LT MOTORS and their respective CABLES of 4X210 MW BHEL make Smt. Shreya Goel W/o Sh. Ashish Singla created equitable mortgage in respect of
units (3, 4, 5&6) including Coal Handling Plant Miere Hydel Project at GGSSTP Rupnagar, Residential Flat No 602, admeasuring super area 1666 Sq.Ft situated on 6th Floor of Tower
as per scope of work for 2023-24. No B-2 in Multi Storied residential housing complex known as KLJ Greens developed on
the portion of Land situated in the revenue estate of village Neemka, Sector-77 Sub-Tehsil
For detailed NIT & Tender 1 for Preventive and Specification please refer to
Tigaon, District Faridabad through Sale deed dated 12-05-2022 registered at Bahi no. 1,
https://cproc.punjab.gov.in from 13.06.23 from 02.00 PM onwards. Jild no.0, page no 102.25 and 7 to 6 at serial no. 409 and registered in the office of sub
Note:- Corrigendum & addendum, if any will be published online at registrar Tigaon to secure the dues of the Bank, in consideration of the above said loan
https://eproc.punjab.gov.in facilities to addressee No.1 & 2.
76155/12/1799/2023/24998 RTP-66/23 The details of the property mortgaged are as under: -
a. Name of the mortgagor: Addressee No. 1 Sh. Ashish Singla S/o Sh. Balkishan Singla &
addressee No.2 Smt. Shreya Goel w/o Sh. Ashish Singla
b. Mortgagee: Punjab & Sind Bank, B.O- Paharganj, New Delhi
c. Sum Secured: Rs. 4600000/-(Forty Six Lac Only)
(Regd. Office: PSEB Head Office, The Mall, Patiala) d. Rate of Interest: EBLR+2.60%
e. Details of the property mortgaged: Residential Flat No 602, admeasuring super area
Corporate Identity Number U40109PB2010SGC033813 1666 Sq.Ft situated on 6th Floor of Tower No B-2 in Multi Storied residential housing
e-tendering portal: https://eproc.punjab.gov.in complex known as KLJ Greens developed on the portion of Land situated in the revenue
Tender Enquiry No. 44/IPC/RTS/2023-24 dated 13-06-23 estate of village Neemka, Sector-77 Sub-Tehsil Tigaon, District Faridabad
f. Details of the title deed: Sale deed dated 12-05-2022 registered at Bahi no. 1, Jild no.0,
Superintending Engineer/IPC, PSPCL, Shed No. T-8, shakti Vihar, Patiala invites tender page no 102.25 and 7 to 6 at serial no. 409 and registered in the office of sub registrar
for Site Survey, Design, Supply, Installation, Testing and Commissioning including Tigaon
Warranty and 5 years of Comprehensive Operation and Maintenance of Roof Top Solar g. Property bounded as:
PV Power System at PSPCL, Head office building, the Mall Patiala and at Guest House East: Front & Passage West: Club house
building, Power Colony no.1, Model Town Patiala of capacity 105 kW and 35 kW (approx.) North: Flat No 603 South: Flat No 601
respectively. For detailed NIT & Tender specification please refer to h. Present Sum Due: Rs.4629425/- + interest w.e.f. 30/05/2023 and bank charges and
https://eproc.punjab.gov.in from 14.06.2023. expenses.
5. The said housing loan was repayable in 180 EMI’s of Rs.40591/- with interest@
Note:- Corrigendum and addendum, if any will be published online at EBLR+2.60% per annum with monthly rests, till the date of payment in full.
https://eproc.punjab.gov.in. 6. That you agreed to pay the additional interest at the rate of 2% per annum over and
76155/12/1803/2023/25005 C 354/23 above the normal agreed rate of interest with monthly rests, in case of default in terms and
conditions of the sanction and loaning documents.
7. That you executed loan documents on 30/03/2022.
8. That your accounts were classified as Non-Performing Assets on 29-05-2023.
9. That my Bank maintains the regular books of account and now a sum of Rs. 4629425/- in
Account No. 00191200086052 inclusive of interest w.e.f. 30/05/2023 and bank charges
and expenses, is legally due and recoverable from you above named addressees 1 to 2
Registered Office: The Fairway, Ground & First Floor, Survey and you all are jointly and severally liable to pay the above said dues to the Bank with
interest cost and other usual Bank charges till the date of payment in full.
No.10/1, 11/2 & 12/2B, Off Domlur, Koramangla Inner Ring Road, 10. That the rate of interest varies from time to time as per internal guidelines of the Bank
Next to EGL Business Park, Challaghatta, Bangalore-560071. and the present rate of interest is 9.10 percent per annum with monthly rests as per the
Reserve Bank of India directives.
Regional Branch Office: 16/12, 2nd Floor, W.E.A, Arya Samaj Road, Karol Bagh, Delhi-110005. 11. That you have defaulted in the repayment of the dues of the Bank which is secured as
DEMAND NOTICE UNDER SECTION 13(2) OF SARFAESI ACT, 2002. mentioned above.
12. You are also put on notice that in terms of sub section13 of section 13 you shall not
Whereas you the below mentioned Borrower's, Co-Borrower's, Guarantor's and Mortgagors have availed loans from Jana Small Finance Bank Limited, by mortgaging transfer by sale, assign and lease or otherwise the said secured assets detailed in this
your immovable properties. Consequent to default committed by you all, your loan account has been classified as Non performing Asset, whereas Jana Small Finance notice without obtaining written consent of the Bank.
Bank Limited being a secured creditor under the Act, and in exercise of the powers conferred under section 13(2) of the said Act read with rule 2 of Security Interest 13. Your kind attention is invited to provisions of Sub-section (8) of Section 13 of the
(Enforcement) Rules 2002, issued Demand notice calling upon the Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors as mentioned in column No.2 to repay the amount SARFAESI Act where under you can tender the entire amount of outstanding dues together
mentioned in the notices with future interest thereon within 60 days from the date of notice, but the notices could not be served on some of them for various reasons. with all costs, charges and expenses incurred by the Bank only till the date of publication of
the notice for sale of secured assets by public auction, by inviting quotations, tender from
Loan Account Date of NPA public or by private treaty. Please also note that if the entire amount of outstanding dues
Sr. Name of Borrower/ Amount Due in
No. & Loan Details of the Security to be enforced & Demand together with the costs, charges and expenses incurred by the Bank is not tendered before
No. Co-Borrower/ Guarantor/ Mortgagor Rs. / as on
Amount Notice date publication of notice for sale of the secured assets by public auction, by inviting quotations,
1 1) M/s. Suresh and Sons Company tender from public or by private treaty, you may not be entitled to redeem the secured asset.
Part-'B' - Mortgaged Immovable Property - Schedule Rs.19,14,176/-
Represented by its proprietor Mr. Loan Account Property - Property Details: Property Measuring 100 Sq.yds. Date of NPA: 14. Please also note that this notice is sent to you without prejudice to the other rights and
(Rupees Nineteen remedies available to the bank including initiation of the appropriate legal proceedings
Deepak, 2) Mr. Deepak, S/o. Suresh No. Khewat No.1120 Min. Khata No.1830 Min. Khasra No.2763/3-8, 01.06.2023 Lakh Fourteen before appropriate courts and/or Tribunals for recovery of the above said outstanding
Kumar (Borrower), 3) Mr. Suresh, 2769/0-13, 2770/0-3, 2772/0-13, 3763/2773/0-2, Jamabandi for amounts. This notice is also without prejudice to the Bank’s rights for undertaking the
32059440000290 Demand Thousand One
S/o. Jai Narayan (Guarantor), 4) Mr. the Year 1994-95 situated at Cross Railway Line Surat Nagar prosecution of any complaint filed by bank under section 138 of Negotiable Instrument Act,
Sunita Devi, W/o. Suresh Kumar Loan Amount: Andrun Nagar Palika Bahadurgarh Dist. Jhajjar, Haryana. Owned Notice Date: Hundred Seventy 1881 as amended and /or Payment of Settlement Act 2007 as amended.
Six Only) as on
(Guarantor), 5) Mr. Sagar, S/o. Rs.19,00,000/- by Mr. Suresh Kumar, S/o. Jai Narayan. Bounded as: East: 07.06.2023 I, therefore, by virtue of this notice, hereby call upon all of you i.e. addresses No.1 to 2
Suresh Kumar (Guarantor) Plot, West: Plot, North: Street, South: Plot. 06-06-2023 jointly and severally and to make the payment and discharge in full liabilities amounting to
2 1) M/s. Vinod Readymade Garments Loan Account Part-'B' - Mortgaged Immovable Property - Schedule Rs.4629425/- + interest w.e.f. 30-05-2023 and bank charges and expenses with monthly
Rs.31,24,700/-
Property - Property Details-A: House 97.5 Sq.yds. Khasra No. Date of NPA: (Rupees Thirty
rests, to the Bank within 60 days from the receipt of this notice, failing which the Bank shall
Represented by its Proprietor Mr. No. be constrained to take measures under the provisions of chapter III of SARFAESI Act,
Vinod Kumar, 2) Vinod Kumar, S/o. 434(5-8) 435(0-13) 19/726 Bhag Bakdar 3 Marla 1 Sarsai i.e. 28.05.2023 One Lakh Twenty 2002, for recovery of above secured dues and in that case you will be jointly and severally
32028640000167 97.5 Sq.yds Khata No.33/36 H.B No.40 Jamabandi for the Year
Ram Parksh (Borrower), 3) Mrs. Demand Four Thousand liable to pay for all cost and other expenses arising there from.
4527020000800898 2012-2013 situated at New Shivalik Colony Ambala Haryana- Please note that the copy of this notice has been retained in our office.
Poonam Bathla, W/o. Vinod Kumar 134003. Owned by Mrs. Poonam Bathla, W/o. Ram Parkash . Notice Date: Seven Hundred
(Guarantor), 4) Mr. Bharat Bathla, Loan Amount: Only) as on
Yours sincerely,
Bounded as: East: House of Other, West: Road 15 Feet Wide, Punjab & Sind Bank (Authorized Officer)
S/o. Vinod Kumar (Guarantor) Rs.30,35,000/- North: House No.109 E, South: Plot Usha Rani. 08.06.2023 06-06-2023
Notice is therefore given to the Borrower/ Co-Borrower/ Guarantor & Mortgagor as mentioned in Column No.2, calling upon them to make payment of the aggregate
amount as shown in column No.6, against all the respective Borrower/ Co-Borrower within 60 days of Publication of this notice as the said amount is found payable
in relation to the respective loan account as on the date shown in Column No.6. It is made clear that if the aggregate amount together with future interest and other
amounts which may become payable till the date of payment, is not paid, Jana Small Finance Bank Limited shall be constrained to take appropriate action for
enforcement of security interest upon properties as described in Column No.4. Please note that this publication is made without prejudice to such rights and
remedies as are available to Jana Small Finance Bank Limited against the Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors of the said financials under the law,
you are further requested to note that as per section 13(13) of the said act, you are restrained/ prohibited from disposing of or dealing with the above security or
transferring by way of sale, lease or otherwise of the secured asset without prior consent of Secured Creditor.
Date: 15.06.2023, Place: Delhi NCR Sd/- Authorised Officer, For Jana Small Finance Bank Limited
.
NEW DELHI | THURSDAY, 15 JUNE 2023 TAKE TWO 17 <

Sparks of change in Skill Impact Bond: Private

turing unit. Mahindra and Mahindra (M&M),
which is building a ~10,000-crore EV manufactur-
ing plant in Maharashtra, had indicated last year
that they are open to invest in an EV battery man-
ufacturer in order to secure its future supplies of
capital, public outcome
EV battery ecosystem
battery-cells.
The country’s EV ambitions sparked after the
Geological Survey of India discovered in February
lithium ore in a district in Jammu and Kashmir SHIVA RAJORA
(J&K) with estimated reserves of 5.9 million tonnes New Delhi, 14 June
(MT), the world’s largest reserves after Chile and
Manufacturers are gradually emerging in a business Australia. This is sufficient to meet India’s lithium Diksha (she identifies her first
requirements for the next 50 years. This was fol- name) flashes a big grin as she
dominated by assembly operations lowed by another set of reserves traced at recalls her days getting trained
Rajasthan’s Degana, which is considered sufficient in communication skills, infor-
to meet 80 per cent of the country’s requirement. mation technology (IT) and
IGNITION FOR SHIFT If the entire 5.9 MT turns out to be extractable,
it could support 10 TWh (terawatt-hour) of lithium
customer support — skills that
would fetch the teenager a job.
n Lithium ion went up ion cell manufacturing. This can be compared to The 18-year-old, now
average battery pack the current demand of lithium ion batteries of 3 employed with Tech Mahindra
prices were above n Global battery
GWh, which is projected to touch 20 GWh by 2026 in New Delhi, is part of a cohort
$1,200/kWh in 2010 demand for EVs is
and 70 GWh by 2030, according to a report by that was trained by Magic Bus
expected at 2.2 TWh
Arthur D Little. India Foundation, under the achieve impactful and mean- HSBC India and Dubai Cares
n Prices reduced to 3.5 TWh in 2030
This discovery is critical because the govern- Skill Impact Bond. ingful employment outcomes, are repaying the risk investors
89% to $132/kWh
in 2021 n According to ment has set an ambitious EV sales penetration “Through the (Skill) Impact particularly for women. “The based on whether predeter-
Benchmark Mineral target of 30 per cent for private cars, 70 per cent Bond training course, I found emphasis is on providing mined outcomes are achieved,
n Battery packs Intelligence, the for commercial cars, 40 per cent for buses, and 80 new opportunities for employ- employment to trainees, rather assessed by an independent
constitute 35-45% announced battery per cent for two- and three-wheelers by 2030. Not ment, as I learnt IT skills and than just a training certificate, third-party evaluator like
of vehicle cost production capacity only will such domestic availability help India meet grew confident of my commu- as the current skilling Oxford Policy
by private firms for its climate related commitments, but it also has nication skills. These helped initiatives only focus The initiative Management.
n Battery prices EVs in 2030 amounts the potential to make India self-sufficient given me land a job at Tech on providing training has skilled Until May, the
increased in 2022 to 4.6 TWh that China controls over 75 per cent of the lithium Mahindra’s customer support to candidates and nearly 18,000 Skill Impact Bond
to $171/kWh as raw refining globally. Three government companies — team and I can now save for my oftentimes the trainees first-time job skilled close to
Source: Emkay Research
material prices National Aluminium Company, Hindustan Copper, future studies,” she adds. remain unemployed seekers, 72% 18,000 first-time job
and Mineral Exploration Corp — are collaborating Impact bonds are innova- long after completing a of whom are seekers from low-
to enhance lithium sourcing, including acqui- tive financing instruments that course,” she adds. women income families, of
SHINE JACOB & SOHINI DAS to light and heavy commercial vehicle segments, sitions and manufacturing. Around 50 per cent of leverage private sector capital Launched in Octo- whom 72 per cent
Chennai/Mumbai, 14 June besides two- and three-wheelers. the current deposits are concentrated in three and expertise, with a focus on ber 2021, the $14.4-million Skill are women. The first cohort of
Gradually an ecosystem for electric vehicle (EV) countries — Argentina, Bolivia and Chile. achieving results. It shifts the Impact Bond aimed to skill and the Skill Impact Bond also indi-

L
ast year, Coimbatore-based electric
two-wheeler (E2W) maker Boom Motors lit-
erally faced the heat after one of its bikes
caught fire. This occurred at a time when similar
accidents in bikes made by other E2W makers were
grabbing headlines. As a result, the company not
only changed its name to Bharat New-Energy
Company (BNC) but also developed an in-house
battery — Etrol 40.
“The primary driver for us to develop this bat-
tery has been safety. Even though there are over
100 battery makers in India, there is an absolute
shortage of good-quality vendors,” said Anirudh
Ravi Narayanan, chief executive officer and co-
founder, BNC. Etrol 40, a 2.1 kilowatt hour (kWh)
battery pack that can be used by two-wheelers,
three-wheelers and light vehicles, will not only be
for BNC’s captive consumption but will be mar-
keted to other players as well.
BNC is not the only one. Last week, Tata Group,
which commands an 85 per cent share of the elec-
tric car market, signed an agreement with the
Gujarat government to set up a lithium ion cell
factory at an investment of ~13,000 crore having a
capacity of 20-gigawatt hour (GWh) at Sanand,
which could be doubled in the second phase of
expansion. Another plant in Europe is also
planned. These batteries would be supplied to
Jaguar Land Rover, Tata Motors etc. Agratas
Energy Storage Solutions, the newly-formed com-
pany of Tata Sons that aims to become an end-to-
end player in battery cell systems, will also supply
batteries is growing in India as EV sales rise with The discovery, which has the potential to focus from inputs to perform- provide employment to 50,000 cates a better retention rate in
every passing year. The EV battery market in India change the dynamics of the global lithium market, ance and results. Rather than youths over four years. Sixty jobs, as one in two women who
is valued at $4.3 billion (as of 2022). The market is also positions India as a cell manufacturing hub. a government or a donor fina- per cent of the youths will be have enrolled in the training
growing at a CAGR of 22.1 per cent and is expected However, how much of the lithium reserves are ncing a project upfront, private women and girls. The trainees have continued to work in
to grow to $25.3 billion by the end of this decade, realistically recoverable will be understood later investors (risk investors) ini- are being skilled and provided wage employment for three
BNC said. — the commercial viability of the lithium reserves tially finance the initiative and access to wage employment in months.
At present, EV share in two-wheelers is could take five to seven years to be estab- are repaid by “outcome sectors that are recovering “This is in stark contrast to
6.3 per cent; in three-wheelers 54 per cent; Current lead lished. This means that these proven funders” only if agreed-upon from the Covid-19 economic other skilling initiatives, as the
and around 1.8 per cent in passenger acid battery reserves are unlikely to see commercial outcomes are achieved. shock, such as retail, apparel retention rate in employment
vehicles (as of May 2023). Analysts expect makers, production before 2030. In addition, the The Skill Impact Bond, pio- and logistics. hovers at as low as 10 per cent,
this share to jump to 46 per cent in two- which go J&K reserves are in difficult terrain, for neered by National Skill Earlier in January 2021, the once the training gets over.
wheelers and 20 per cent in passenger into internal which getting environment clearance Development Corporation Pimpri Chinchwad Municipal Post-placement tracking and
vehicles by FY30. Globally, EV car sales combustion may itself be an uphill task. (NSDC) under the aegis of the Corporation in Pune, Mahara- guidance such as regular
surged to 10 million units, or about 14 per engines, On the other hand, current lead acid Ministry of Skill Development shtra, had also signed a Memo- check-ins with candidates and
cent of global car sales in 2022 calendar year. are also battery makers, which go into internal and Entrepreneurship (MSDE) randum of Understanding migratory assistance are
The EV industry is, thus, at an inflec- aggressively combustion engines (ICE), are also aggres- and a coalition of mission- with the United Nations Deve- unique features under the
tion point and batteries will play a critical looking at sively looking at lithium ion batteries. aligned partners, is one such lopment Programme India to impact bond that helps women
role ahead — batteries and related com- lithium ion Amara Raja Batteries is coming up with a public-private partnership co-create India’s first social adapt to new environments
ponents typically constitute 35-45 per batteries lithium cell and battery pack manufac- model in India in the skilling impact bond to improve and challenges, thus reducing
cent of an EV’s costs. turing gigafactory in Telangana and the and employment sector. healthcare services, especially dropouts,” says Thorat-Shah.
The Tata plant will be India’s first group is planning to invest around ~9,500 It aims to transform the way with respect to the pandemic. Last year, the Parliamen-
lithium ion cell factory; other battery units are crore over 10 years in this space in the state, includ- skill training programmes are Under the Skill Impact tary Standing Committee on
essentially assembly operations that import com- ing in research and development. implemented in the country, Bond, risk investors such as Labour, Textiles and Employ-
ponents from China, South Korea and so on. For “We understand that there is a transition taking with major emphasis on bridg- NSDC and the Michael & Susan ment had raised serious conc-
example, Hyundai Motor India’s upcoming place. We also see that this is a long-tenured sunset. ing the gap between skilling Dell Foundation provided $4 erns about the poor placement
~20,000-crore Tamil Nadu plant will have a battery We definitely haven’t seen the peak ICE engine pro- and employment, especially million upfront working cap- record of the government’s
pack assembly facility (178,000 units). Similarly, duction. We see that there is a clear runway of 10- for women. ital to the trainers to imple- flagship training scheme, Prad-
SoftBank-backed Ola Electric Mobility had lined 15 years. Lead acid is growing alongside lithium. Abha Thorat-Shah, execu- ment skill development pro- han Mantri Kaushal Vikas Yoj-
up its expansion plans at its Pochampally unit in For lithium, some challenges are there. We are look- tive director, British Asian grammes. On the other hand, ana (in its third edition, till
Krishnagiri district of Tamil Nadu at an investment ing at technology investments and partners,” said Trust, says that since its incep- outcome funders like the June 2022 merely 8 per cent of
of around ~7,614 crore for a four-wheeler EV man- Harshavardhana Gourineni, executive director, tion the Skill Impact Bond has Children’s Investment Fund all certified candidates were re-
ufacturing plant and a 20-Gw battery manufac- automotive and industrial batteries, Amara Raja. been deeply committed to Foundation, JSW Foundation, portedly placed).

POSSESSION NOTICE
(for immovable property)
(Regd. Office: PSEB Head Office, The Mall, Patiala) Whereas,
Corporate Identity Number U40109PB2010SGC033813 The undersigned being the Authorized Officer of INDIABULLS HOUSING
Website: www.pspcl.in FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
PressTender Eng. No. 461/P-2/EMP-W-12307 Interest Act, 2002 and in exercise of powers conferred under Section 13 (12) read
dated 13.06.23 with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Dy.Chief Engineer/ Headquarter (Procurement Cell-2) GGSSTP Notice dated 02.12.2021 calling upon the Borrower(s) JITENDRA KUMAR RAY
Roopnagar invites open Press Tender for Major repair of stacker/ PROPRIETOR J.K. BOOKS (PUBLISHER & DISTRIBUTOR) AND
SHAKUNTLA DEVI to repay the amount mentioned in the Notice being
reclaimer HM-196 of CHP.
Rs.25,41,846.52 (Rupees Twenty Five Lakh Forty One Thousand Eight Hundred
For detailed NIT & Tender Specification please refer to https://pspcl.in Forty Six And Paise Fifty Two Only) against Loan Account No. HHLDMT00291487
from 06.2023 from 02.00 PM onwards. as on 27.11.2021 and interest thereon within 60 days from the date of receipt of the
Note:- Corrigendum & addendum. if any will be published online at
said Notice.The Borrower (s) having failed to repay the amount, Notice is hereby
https://pspcl.in
given to the Borrower (s) and the public in general that the undersigned has taken
RTP-67/23 Symbolic possession of the property described herein below in exercise of
76155/12/1800/2023/24999
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 12.06.2023
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.25,41,846.52 (Rupees Twenty Five Lakh Forty One Thousand Eight
Hundred Forty Six And Paise Fifty Two Only) as on 27.11.2021 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. S-2 ADMEASURING 55.73 SQ MTR., 2 ND FLOOR, FRONT LHS,
BUILT ON PLOT NO. 43 HAVING AREA OF 355 SQ. YARDS I.E. 296.815 SQ.
METER, SITUATED IN RESIDENTIAL COLONY BRINDAVAN GARDEN, IN
VILLAGE PASONDA, PARGANA LONI, TEHSIL & DISTRICT GHAZIABAD,
UTTAR PRADESH-201010. Sd/-
Date : 12.06.2023 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED
B.O.- Paharganj, 5/1, D.B Gupta Road, Paharganj, New Delhi-110055
Phone: 011-23617738 E-mail: D0019@psb.co.in
Date: 30/05/2023
1. Sh. Ashish Singla S/o Sh.Balkishan Singla; Flat No 602, 6th Floor, Tower No B-2
Block A, KLJ Greens, Village Neemka, Tehsil Tigaon Sector 77, District Faridabad
Haryana-121006 ...Borrower
Also at: Sh. Ashish Singla S/o Sh.Balkishan Singla R/o House No D-639, Chawla
Colony Ballabhgarh, District Faridabad Haryana-121004. Also at: Sh. Ashish Singla
S/o Sh.Balkishan Singla C/o Evalueserve.com Pvt Ltd 7 & 8 Floor Building No 6 Candor
Gurgaon One Reality Projects Pvt Ltd. Gurgaon, Haryana-122002
2. Smt. Shreya Goel W/o Sh. Ashish Singla; Flat No 602, 6th Floor, Tower No B-2 Block
A, KLJ Greens, Village Neemka, Tehsil Tigaon Sector 77, District Faridabad Haryana-
121006 ...Guarantor
Also at: Smt. Shreya Goel D/o Sh.Manoj Kumar Goel R/o M-58 First Floor, Vikas Puri,
Tilak Nagar West Delhi-110018. Also at: Smt. Shreya Goel D/o Sh.Manoj Kumar Goel
C/o Veeam Software Pvt Ltd Level 4 Platina towers MG Road Near Sikandarpur Metro
Station Sector 28 Gurugram-122001
REG: NOTICE UNDER SECTION 13(2) OF SECURITISATION
ANDRECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF
SECURITY INTEREST ACT 2002.
Dear Sir,
1. That you addressee No.1 Sh. Ashish Singla S/o Sh.Balkishan Singla & requested the
Bank for financial assistance and upon the request the Bank sanctioned and allowed the
following to you:-
Vehicle Loan of Rs.717000/- (Seven Lac Seventeen Thousands Only) as on 11/02/2022
The above loan facility was duly secured by way of hypothecation of New Tata Tiago XZ
Plus Car belonging to addressee No.1 Sh. Ashish Singla S/o Sh. Balkishan Singla having
vehicle number HR29AY7462.
2. That you addressee No. 1 Sh. Ashish Singla S/o Sh.Balkishan Singla executed the
various loaning documents in respect of the above facilities on 11/02/2022 and also agreed
to pay the rate of interest at the rate of EBLR+2.90% per annum with monthly rests and
guidelines of the Bank from time to time, in respect of the above said facilities.
3. That you addressee No. 2 Smt. Shreya Goel W/o Sh. Ashish Singla stood as guarantor
for addressee No.1 in consideration of the above said loan facilities and executed the deed
of continuing guarantee on 11/02/2022 in favour of the Bank and thus the liability of
addressee No 2 is co-extensive and you all are jointly and severally liable to pay the dues
including interest, costs and other usual Bank charges to the Bank.
The details of the vehicle hypothecated are as under: -
a. Name of the owner: Addressee No. 1 Sh. Ashish Singla S/o Sh. Balkishan Singla
b. Hypothecation in favor of: Punjab & Sind Bank
c. Sum Secured: Rs.717000/-(Seven Lac Seventeen Thousands Only)
d. Rate of Interest: EBLR+2.90%
e. Details of the vehicle hypothecated: New Tata Tiago XZ Plus Car belonging to addressee
No.1 Sh. Ashish Singla S/o Sh. Balkishan Singla having vehicle number HR29AY7462
h. Present Sum Due: Rs.587049/- + interest w.e.f. 30/05/2023 and bank charges and
expenses.
5. The said housing loan was repayable in 60 EMI’s of Rs.14164/- with interest@
EBLR+2.90% per annum with monthly rests, till the date of payment in full.
6. That you agreed to pay the additional interest at the rate of 2% per annum over and
above the normal agreed rate of interest with monthly rests, in case of default in terms and
conditions of the sanction and loaning documents.
7. That you executed loan documents on 11/02/2022.
8. That your accounts were classified as Non-Performing Assets on 29-05-2023.
9. That my Bank maintains the regular books of account and now a sum of Rs.587049/- in
Account No. 00191200086042 inclusive of interest w.e.f. 30/05/2023 and bank charges
and expenses, is legally due and recoverable from you above named addressees 1 to 2
and you all are jointly and severally liable to pay the above said dues to the Bank with
interest cost and other usual Bank charges till the date of payment in full.
10. That the rate of interest varies from time to time as per internal guidelines of the Bank
and the present rate of interest is 9.40 percent per annum with monthly rests as per the
Reserve Bank of India directives.
11. That you have defaulted in the repayment of the dues of the Bank which is secured as
mentioned above.
12. You are also put on notice that in terms of sub section13 of section 13 you shall not
transfer by sale, assign and lease or otherwise the said secured assets detailed in this
notice without obtaining written consent of the Bank.
13. Your kind attention is invited to provisions of Sub-section (8) of Section 13 of the
SARFAESI Act where under you can tender the entire amount of outstanding dues together
with all costs, charges and expenses incurred by the Bank only till the date of publication of
the notice for sale of secured assets by public auction, by inviting quotations, tender from
public or by private treaty. Please also note that if the entire amount of outstanding dues
together with the costs, charges and expenses incurred by the Bank is not tendered before
publication of notice for sale of the secured assets by public auction, by inviting quotations,
tender from public or by private treaty, you may not be entitled to redeem the secured asset.
14. Please also note that this notice is sent to you without prejudice to the other rights and
remedies available to the bank including initiation of the appropriate legal proceedings
before appropriate courts and/or Tribunals for recovery of the above said outstanding
amounts. This notice is also without prejudice to the Bank’s rights for undertaking the
prosecution of any complaint filed by bank under section 138 of Negotiable Instrument Act,
1881 as amended and /or Payment of Settlement Act 2007 as amended.
I, therefore, by virtue of this notice, hereby call upon all of you i.e. addresses No.1 to 2
jointly and severally and to make the payment and discharge in full liabilities amounting to
Rs.587049/- +interest w.e.f. 30-05-2023 and bank charges and expenses with monthly
rests, to the Bank within 60 days from the receipt of this notice, failing which the Bank shall
be constrained to take measures under the provisions of chapter III of SARFAESI Act,
2002, for recovery of above secured dues and in that case you will be jointly and severally
liable to pay for all cost and other expenses arising there from.
Please note that the copy of this notice has been retained in our office.
Yours sincerely,
Punjab & Sind Bank (Authorized Officer)
18
>
Djokovic the
unloved greatest
ARVIND SUBRAMANIAN
P
ossibly the greatest tennis player of all
time, the paradox of Novak Djokovic will
be that tennis fans will never embrace
him as such.
The tennis debate is apparently settled. By
winning the 2023 French Open, Novak
Djokovic has surpassed Rafael Nadal in the
total number of grand slam tennis titles, and
has won all four grand slams three times
compared to twice for Rafa and Rod Laver, and
only once for Roger Federer. More titles, more
all-court dominance, and nearly as much
longevity as his two great contemporaries,
Novak Djokovic has definitively burnished his
GOAT (greatest player of all time) credentials.
His recent French Open victory and indeed the
grand slam titles he will accumulate in the
remaining few years of his career may well be
the key to cementing that status. Consider why.
Tennis is punctuated by developments,
mostly technological and some related to
human athleticism, that raise the level of the
game. The move away from heavy wooden
rackets and the availability of new strings were
two such in recent times.
Today the defining change is that rackets
have become so light that it allows for specta-
cularly harder hitting. As a result, there is a new
geometry to tennis with the court effectively
becoming much larger. Players are standing
farther away from the baseline to handle the
pace so that the playing surface has expanded
considerably length-wise, and also horizontally
because more angles have opened up.
This development has seen the resurgence
REUTERS
of the volley, drop shot and lob — staples in the
armoury back when tennis was played mostly
on grass — to exploit players standing far back.
Tennis has become, paradoxically, more varied
and interesting for the spectator. One of the
new joys is to watch the many different ways in
which Carlos Alcaraz — the most exciting
prospect in years — executes the drop shot
which is all feel and finesse, and the exact
opposite of the violent force that the modern
rackets force players to unleash.
This next generation of players has had to
respond by becoming stronger in order to hit
harder, by moving faster sideways to handle the
new pace, and by moving quicker up-and-
down to reach the drop shot and retrieve the
follow-up lob. For the spectator, a Carlos
Alcaraz or Casper Ruud or Holger Rune
scampering across the court is to witness
a new species of tennis athlete.
All this is a prelude to emphasise the Djokov-
ic achievement. Approaching 37, at a time when
tennis is a different game in terms of court size,
power and athleticism, Novak has not only
made the transition, he has despatched with
ease the young, kinetic pretenders (who could
almost be his children), and that too on the most
physically demanding surface, namely the clay
of Roland Garros. Novak is the king of two
generations (and levels) of the game.
Yet, fans have not truly warmed to Djokovic.
Why? Perhaps they have never forgiven him for
being the spoiler at the Rafa-Roger party.
Darling of the fans — each for his own compel-
ling reason — Novak dared to vanquish them,
puncturing the magic of enthralled fandom.
Novak’s own personality and eccentricities
have also contributed. His nationalism, anti-
vaccine creed, occasionally inappropriate re-
marks, and edginess on court have all under-
mined his endearability quotient. Some of this
is unfair because he is often overtly apprecia-
tive of his opponents during a game. Some of it
is surprising because he has a compelling story
of overcoming adversity. Practising on courts as
bombs explode around you (like the gun shots
that was background noise for the Williams
sisters learning tennis in the cratered courts of
Compton, California) and having one’s parents
make big sacrifices in the war-torn Serbia of the
1990s should be the stuff of Hollywood scripts.
But there is probably a deeper tennis-related
reason for the tepid embrace of fans. Novak’s
tennis lacks flamboyance and distinctiveness.
Federer floated and danced on or rather above
the court like Nureyev. Rafa’s matadorian, hust-
ling muscularity and de facto ambidexterity
will remain inimitably sui generis. Posterity
may also be kind to Del Potro’s forehand,
McEnroe’s volleying (and tantrums), and
Borg’s backhand (and bearing). Yes, Djokovic’
return of serve is special as is his physical elas-
ticity but they delight the expert but elude the
average fan. Lacking that one big tennis attri-
bute that could be etched in our consciousness,
Djokovic is condemned to weak remembrance.
What Novak has done instead is to take the
routine to such a level of subtle excellence that
we focus on the former without really
understanding, let alone recognising, the
extraordinary skill involved in that conversion.
He plays the game of a run-of-the-mill, even
nondescript, tennis player but produces results
that belie the pedestrian style. We see the
soaring bird but without any dazzling
plumage to admire.
The Federer-Nadal 2008 Wimbledon final is
remembered as one of the greatest tennis mat-
ches ever played. The truth is, for sheer tennis
quality, competitiveness and endurance, that
accolade should probably go to the Australian
Open final of 2012 where Novak prevailed over
Nadal in an epic 5-setter that lasted nearly six
hours. We don’t remember that game because
the victor was Novak Djokovic. That Novak is
not as appreciated as he deserves to be says less
about him than about us not-discerning-
enough fans. Novak’s fault has been to operate
in the realm of the ordinary even though he has
rendered it extraordinary.
Novak Djokovic could yet win the calendar
Grand Slam this year, which would be the first
since Rod Laver did so more than half a century
ago. Having exited from tennis, Roger Federer
is now more likely to be seen with Anne and
Anna, marketing Switzerland’s mountains
with the former and purveying the latter’s
fashion wares. Rafa’s exit is imminent as he,
sadly, struggles with a body battered by the very
distinctiveness of the game that so thrilled us. It
is time for fans to let go of the Rafa-Roger fetish
and stop seeing Novak as a spoiler.
Perhaps then we will open our eyes and our
affections to the genius, hard though it is to
grasp, of Novak Djokovic.
The writer is former Chief Economic Adviser,
Government of India
NEW DELHI | THURSDAY, 15 JUNE 2023
NEET UG 1st in a series
of hurdles for aspirants
SARTHAK CHOUDHURY
New Delhi, 14 June
The result of the National Eligi-
bility cum Entrance Test (NEET)
was declared on Tuesday evening.
This time, 2.08 million students
had taken the test — 250,000 more
than last year. Cracking NEET, an
entrance exam for undergraduate
students who wish to pursue med-
ical, dental and AYUSH courses in
government and private medical
colleges, isn’t easy. Add to that the
glitches and other preventable
issues that mar the process.
Last year, for instance, the
exam was delayed from its May
schedule. Aspirants alleged that a
centre in Rajasthan allowed stu-
dents to write the exam without
taking their biometrics. Elsewhere
in Rajasthan, students alleged they
were made to write the paper twice
on account of a mix-up in the ques-
tion paper for Hindi and English
medium aspirants.
NEET is no cakewalk. But those
who have cracked it will tell you
that neither are the years after that.
Nitya Singh (name changed on
request), a 28-year old doctor who
is practising with an institute in
Gurugram, says she spent over ~1
crore on coaching in Kota and col-
lege fees. Her salary after an MBBS
degree is not even a fraction of that.
“We spend a lot of money on
coaching and college fees. It takes
years to recover the amount we
have invested,” she says.
A large part of the expenditure
in medical schools is on account
of the books, says Prashanth S,
immediate past president, Indian
Medical Association (IMA). “Diff-
erent states have different fees for
medical colleges. While a few offer
scholarships, in some private insti-
tutions, the fees can go up to ~1.5
crore,” he adds.
The high fee is a setback for
people from humble backgrounds.
A daily-wager from Ferozepur,
Punjab, says he borrowed ~82,000
for his son’s admission to a college
in Amritsar. “The fee for the seme-
ster is higher than my family’s
annual income. God knows how
I’ll be able to pay the fees for the
rest of the course,” he says.
For several students, the prob-
lem does not end with getting
MEDICAL COLLEGES
n Public n Private
279
237 243 253 248
2017-18 2018-19 2019-20
Source: Lok Sabha
through the exam. The course, too,
brings with it a plethora of challen-
ges. One of the most difficult parts
is preparing for NEET PG while
studying MBBS, students say.
“Preparations for NEET PG
start when you are in your third
year. The internships should be
used for revisions. It becomes hec-
tic after a point because we have
our clinical postings as well but we
cannot do much about it,” says
Priyanka Chadha, third-year MBBS
student, Bharati Vidyapeeth
Medical College, Pune.
Mental health of the students
remains an issue. Last year, the
National Medical Commission
(NMC) wrote to principals of over
600 medical colleges in the coun-
try asking them to furnish details
of post-graduate medical students
who have died by suicide during
the past five years. This is likely the
first serious attempt by the regu-
lator to address the issue of stress-
ful working conditions and mental
health issues faced by resident
doctors. There is little clarity,
though, on how NMC proposes to
use the data it collects.
According to a recent Right to
Information (RTI) reply from the
NMC, 119 students have died by
suicide in the past five years. The
1
322
289 269 290
260
2020-21 2022-23
RTI reply also revealed that 1,166
students dropped out of medical
colleges, among whom 116 were
from MBBS and 956 from post-
graduation.
“Mental health issues and a ris-
ing number of suicides among
medical students haven’t been
adequately addressed,” says
Prashanth. “A number of uncer-
tainties also add to the pressure.
Current MBBS students face the
prospect of appearing for NExT
(National Exit Test, proposed by
NMC) sometime soon. But the
rules around it haven’t been
framed to date.”
Another problem for students
is the process of documentation,
which was introduced in 2019 but
got delayed because of the pan-
demic. It requires the students to
analyse and note down what they
have learnt across sessions on a
particular day.
“The process needs to be wor-
ked out quickly because it adds to
the students’ burden. In addition
to it, the teacher-student ratio is
skewed (1:200). So, the burden on
teachers too is high,” says a faculty
member of Madras Medical Coll-
ege who doesn’t wish to be named.
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