TUESDAY, 10 OCTOBER 2023

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

NEW DELHI
~13.00
VOLUME XXX NUMBER 151

THE MARKETS ON MONDAY chg#

Sensex 65,512.4 q 483.2

Nifty 19,512.3 q 141.2

MKTS SLUMP, CRUDE PRICES GOLDIN WINS ECONOMICS NOBEL

Nifty Futures* 19,539.2 p 26.8
Dollar ~83.3 ~83.3 **
Euro ~87.7 ~87.8 **
Brent crude ($/bbl)
Gold (10 gm)###
89.8##
~57,102.0 p
*(October) Premium on Nifty Spot; **Previous close;
86.3 **
~789.0 RISE ON WEST ASIA TURMOIL FOR WORK ON GENDER PAY GAP
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N OW , MUMBAI, N E W DE L HI AN D P UN E
2 COMMERCIAL
>.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1
TUESDAY, 10 OCTOBER 2023
20 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 151
THE MARKETS ON MONDAY
Sensex 65,512.4
Nifty 19,512.3
Nifty Futures* 19,539.2
Dollar
Euro
Brent crude ($/bbl)
~83.3
~87.7
89.8##
Gold (10 gm)### ~57,102.0
*(October) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
URBAN UNEMPLOYMENT
RATE DIPS TO 6.6% IN
APR-JUN: GOVT SURVEY
India’s urban
unemployment rate fell
for the second
consecutive quarter in
Q1FY24 (April-June
2023) to 6.6 per cent,
down from 6.8 per cent
in the previous January-
March quarter of 2022-23,
reflecting a sustained improvement in labour
markets. The Periodic Labour Force Survey
(PLFS) results, released by the National
Statistical Office (NSO) on Monday, show that
the unemployment rate in current weekly
status (CWS) terms for those above 15 years of
age in the June quarter was the lowest
recorded in five years, since the NSO began
releasing India’s quarterly urban jobless rate
in December 2018.
POLITICS & PUBLIC AFFAIRS P7
Voting for 5 Assembly
polls from Nov 7 to 30
The Assembly elections in three key Hindi
heartland states of Chhattisgarh,
Rajasthan, and Madhya Pradesh, along
with Telangana and Mizoram, will be
held from November 7 to November 30,
and counting of votes is scheduled for
December 3, the Election Commission
(EC) announced on Monday. The results
of these elections are thought to indicate
the national mood, especially of the
heartland states, before the Lok Sabha
polls next year.
COMPANIES P2
Maruti to crank up capex
with ~1.25 trn 8-yr plan
Maruti Suzuki India Ltd (MSIL) plans to spend
about ~1.25 trillion on capital expenditure
(capex) between FY24 and FY31, the firm said
on Monday. This is significantly higher than
its capex spend of ~27,538 crore in the last
eight years from FY16 to FY23, a Business
Standard analysis showed. The carmaker
said it will spend around ~45,000 crore to
expand production capacity by 2 million
units in this eight-year period. Currently,
MSIL can produce 2.25 million units
annually, with the Gujarat plant contri–
buting about 750,000 units per annum.
COMPANIES P2
House panel for ‘stronger
law’ on online content
The Standing Committee on Information
Technology is considering a set of recomm–
endations for “a stronger law” to deal with
misinformation, and defamatory and obscene
content on social media platforms, sources
said. The measures could be presented in
Parliament in the Winter Session, they said. On
Monday, the standing committee questioned
digital platforms about their measures to stop
the spread of misinformation ahead of the
upcoming elections.
ECONOMY & PUBLIC AFFAIRS P6
LIC’s market share falls to
58% from 68% in a year
The share of Life Insurance Corporation of
India (LIC) in total monthly New Business
Premium has declined to 58.50 per cent in
September 2023 from 68.25 per cent in
September 2022 owing to shortcomings
in the product and distribution side of the
business. Although the market share saw a
marginal uptick from 57.37 per cent
recorded in August 2023.
Goldin wins Economics Nobel
for work on gender pay gap
NICLAS ROLANDER
9 October
Claudia Goldin became the third
woman to receive the Nobel Prize in
economics as the US professor was
awarded for her research
into the factors that
explain pay gaps
between men and
women.
Goldin will receive a
11 million-krona ($1
million) award, the Royal
Swedish Academy of Sciences in
Stockholm said in a statement Monday.
“Understanding women’s role in the
labor market is important for society,”
Jakob Svensson, chair of the Committee
for the Prize in Economic Sciences said.
“Thanks to Claudia Goldin’s
groundbreaking research, we now know
more about the underlying factors and
which barriers may need to be
addressed in the future.”
www.business-standard.com
chg#
q 483.2
q 141.2
p 26.8 BACK PAGE P18 ECONOMY & PUBLIC AFFAIRS P5
~83.3 **
~87.8 **
86.3 **
ASIAD TRIUMPH ‘NOT BRAND ‘INDIA IN WORLD’S TOP THREE
p
~789.0
ENDORSEMENT GOLD’ 5G ECOSYSTEMS IN JUST A YEAR’
P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
Markets slump, oil prices UPCOMING MARRAKECH MEET
Global deal for
rise on West Asia turmoil PHOTO: REUTERS 15% min tax on
Sensex, Nifty drop 0.7%; HOW MARKETS REACTED Brent Crude
MNCs on anvil
oil prices soar about 4%; Widespread slide Top Nifty50 losers spot ($/bbl)
~ hits record closing low Base=100 1-day chg (%)
SHRIMI CHOUDHARY
Adani Ports -4.9
SUNDAR SETHURAMAN
Mumbai, 9 October Hero MotoCorp -2.7
New Delhi, 9 October
THE FINE PRINT
The global tax system is on the nGlobal tax deal proposed
HDFC Life -2.5
I
ndian equity markets dropped, brink of an overhaul in terms of two-pillar solution for
crude oil prices surged, and the M&M -2.2 rights of taxation. Indian tax taxation of MNCs
rupee closed at its record low again As of 9 pm IST administrators and policy-
on Monday as the conflict between Bharat Petroleum -2.1 on October 9 makers are likely to discuss nPillar 1 is about
Israeli security forces and Hamas mili- the road map and related reallocation of a
Sources: Bloomberg;
5> tants threatened to escalate further with Exchanges strategies for the portion of non-
Jerusalem vowing “mighty vengeance” Compiled by BS implementation of new routine profits
Research Bureau
after suffering a surprise attack on global tax norms during a to market
Saturday night. special session in the jurisdictions
The ongoing heavy fighting has added Moroccan city of where they
another layer of
uncertainty for risk
Marrakech this week.
The talks come at a critical time
operate
EDIT P9 assets, which have as India, along with other nPillar 2 seeks to introduce
already been reel- developing nations, is actively a minimum corporate
AN ATROCITY ing under pressure negotiating and progressing on the income tax of 15% and STTR
IN ISRAEL due to rising US implementation of a minimum (subject to tax rules)
bond yields and a effective tax of 15 per cent on mul-
stronger dollar. tinationals wherever they have a nMultinationals will
The Sensex declined 483 points, or 0.7 Palestinian rescuers work at the site of Israeli strikes in the northern Gaza Strip on Monday. market presence. have to comply with
per cent, to end the session at 65,512, The Israeli military has called up an unprecedented 300,000 reservists and is imposing a On the implementation front, Pillar 2 regulations
while the Nifty50 index settled at 19,512 total blockade of the Gaza Strip Detailed reports on P8 > in the fourth and final meeting from January 2024
after sliding 141 points, or 0.7 per cent. with its G20 allies, India is expected nIndia, along with other
The broader markets witnessed a PAGE 4 INDIA’S HOPE OF OIL IME CORRIDOR to discuss the procedural aspects
nations, wants
deeper selloff. The Nifty Smallcap100 of Pillar 2 of the proposed global
index dropped nearly 2 per cent – the RISING ENERGY PRICE RELIEF DASHED FACES ROADBLOCK tax deal. This includes in-principle
multinationals to pay taxes
worst fall since September 12, when it had The ongoing Hamas-Israel conflict The stretch between Eilat, differences, the exchange of infor- wherever they have
COSTS TO WEIGH ‘market’ presence
slumped over 4 per cent. The Nifty has disrupted India’s efforts to connecting Israel to West Asia, mation between jurisdictions, and
Midcap100, on the other hand, slipped
ON INDIA INC gain from a recent fall in crude oil and the Haifa Port holds the status of ratifying the multilat-
1.3 per cent. prices. Since Hamas’ invasion of importance for the India-Middle eral convention for prompt imple- domestic laws.
CONFLICT MAY ADD
Foreign portfolio investors sold
domestic stocks worth nearly ~1,000 crore UNCERTAINTY TO
southern Israel on October 7,
petroleum has become costlier by
East-Europe Economic Corridor.
However, the conflict has raised
mentation and signing.
India is also expected to outline
Senior revenue department
officials, including Revenue
on Monday, while domestic institutions IMF’S GROWTH
PROJECTIONS
around $4 per barrel, threatening concerns about this project, its roadmap for implementing Secretary Sanjay Malhotra, are
were net buyers to the tune of to stoke prices and impact growth. according to industry experts. Pillar 1 of the proposed deal, which expected to attend the session in
~2,661 crore. Turn to Page 6 > would require amendments to Marrakech. Turn to Page 6 >
RECALIBRATING SEZs IN DESH BILL
Net foreign exchange METRO RAIL SYSTEMS:
MAKING ENDS MEET
criterion may return
REMOVING SHREYA NANDI
New Delhi, 9 October
While metro rail systems have raised the bar for public transport quality, they are expensive,
and their financial performance and patronage are not impressive. The financial losses they
STUMBLING incur may soon start to outweigh the large environmental and social benefits they offer.
BLOCKS
The commerce department is set to make changes
in some of the earlier proposals under the
nFinance ministry has
Development of Enterprises and Services Hubs A research paper by The Infravision Foundation (TIF) &
(DESH) Bill, which have been major stumbling
no objection to the IIM-Ahmedabad (IIM-A) recommends a comprehensive
blocks in the passage of the new legislation over-
clause of allowing hauling the existing special economic zones (SEZs). institutional and policy framework for ensuring financial
units to sell in the The new legislation might reintroduce the ‘pos- sustainability that can guarantee continued political and social
domestic market itive net foreign exchange (NFE)’ criterion, a pri-
by paying import support and ensure that these systems can effectively deliver
mary requirement for SEZ units, and remove
duties on inputs the proposal of a ‘freezing concessional on their goals.
consumed and not on corporation tax rate until 2032’, people aware of the
finished goods matter told Business Standard. The key is to regularly set appropriate fares, boost non-fare
This move assumes significance as it will put an revenues and promote ridership. The research paper
nRevised proposal for end to the long-drawn-out differences
Cabinet on DESH Bill recommends the necessary policy and
with the revenue department, paving
has now been the way for revamping SEZs through procedural changes, highlighting the need
circulated new legislation. for system-driven formula-based fare
nAnnouncement
The commerce department has cir-
culated a revised proposal for the
changes and the establishment of
of DESH Bill an independent metro fare regulation
Cabinet on the DESH Bill. Once final-
was made ised, it will go to Cabinet for consid- standing committee.
by Finance eration, they said.
Minister During inter-ministerial con- The research paper also identifies
Nirmala sultations of the draft Bill pre- effective, efficient, and equitable non-fare
Sitharaman pared by the commerce revenue sources that can be leveraged
in the department last year, the finance
Union ministry’s revenue department for funding and financing metro
Budget in raised objections regarding some of the rail systems.
February 2022 proposed fiscal incentives. Turn to Page 6 >
Let’s help the metro rail ease life. And be easier on the taxpayers’ pocket!
Read the recommendations in the report.
JOIN THE CONVERSATION
Log onto the website
www.theinfravisionfoundation.org
‘GROUNDBREAKING’ RESEARCH #MetroRailSystems
Claudia Goldin, who in Goldin provided the first
1990 became the first comprehensive account
woman to be tenured of women’s earnings ABOUT THE INFRAVISION FOUNDATION
at Harvard’s economics and labour market • India’s independent think-tank on infrastructural issues
dept, is only the third participation through
the centuries, the • Championing appropriate infrastructural development initiatives for economic prosperity
woman to win
Economics Nobel prize-giving body said
Difference in pay between men and women
could be reduced if employers allowed
employees more flexibility in choosing work
hours, Goldin said earlier
Born in 1946 in New York, Goldin is a the birth of the first child. That
professor at Harvard University who understanding provides a basis for
used more than 200 years of data to policymakers globally to address the
show that while the pay gaps could situation, Randi Hjalmarsson, a
historically be explained by differences professor of economics at the University
in education and occupational choices, of Gothenburg, told a press conference
they now exist between men and after announcing the award. BLOOMBERG
Email: info@theinfravisionfoundation.org | Call: +91 9717702286
women in the same jobs, and arise with Turn to Page 6 >
2 COMPANIES NEW DELHI | TUESDAY, 10 OCTOBER 2023

> Multi Commodity Exchange of India > Solar Industries India > KPI Green Energy > Prestige Estates Projects > Vascon Engineers
STOCKS Receives Sebi’s nod Bags ~1,853 crore orders Receives orders of Records sales growth Receives LoI worth
IN THE NEWS to launch new from Coal India for supply 4.20 Mw to execute of 102% Y-o-Y to ~262 crore from
trading platform of bulk explosives solar power projects ~7,093 crore for Q2FY24 Bridge and Roof
~2,077.9 CLOSE ~5,155.7 CLOSE ~906.5 CLOSE ~670.0 CLOSE ~73.7 CLOSE
p1.9% UP* p0.1% UP* p0.3% UP* p0.2% UP* p1.5% UP*
*OVER PREVIOUS CLOSE

>

AFFORDABLE HOMES Stronger misinfo norms on cards for social media firms
SHARE IN TOTAL NEW HOMES These measures may come up before Parliament in Winter Session; House panel questions digital firms in Monday meet
DROPS TO 18%: ANAROCK SOURABH LELE
New Delhi, 9 October
WhatsApp, Facebook, Instagram, and
Snapchat, as well as Indian apps Koo,
content, and causing financial dam- The new legislation, according to an
age to other users. This has also led to early draft, could grant the govern-
and Digital Media Ethics Code) Rules,
2021, require intermediaries to remove
The share of affordable homes, those priced at ~40 lakh or ShareChat, and Dailyhunt, were asked widespread violence in ment increased powers to unlawful information within 36 hours
below, as part of launches fell to 18 per cent in the The Standing Committee on to provide written submissions within recent days. Morphed Representatives track, monitor, intercept, of receiving an order from a court or
September quarter this year compared to 42 per cent in Information Technology is consider- the next 10-15 days, according to a gov- content using artificial from YouTube, X, moderate, and take down government agency.
2018. This was according to the data released on Monday ing a set of recommendations for “a ernment source. intelligence (AI) has WhatsApp, Facebook, online content. It could Members of the Standing
by Anarock. The seven cities/regions tracked by the realty stronger law” to deal with misinfor- The standing committee had asked further worsened this. Instagram, and also allow the govern- Committee have expressed dissatis-
consultancy are Delhi-NCR, Mumbai Metropolitan Region, mation, and defamatory and obscene these platforms to send their repre- Therefore, today the plat- Snapchat, as well as ment to determine which faction over inefficiencies and delays
Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. The content on social media platforms, sentatives to Mumbai to discuss a list forms were questioned Indian apps Koo, intermediaries are in addressing user grievances about
data showed that real estate builders were launching more sources said. The measures may come of points with officials of the Ministry on their obligation of ShareChat, and exempt from liability for content on social media platforms.
luxury homes compared to pre-Covid. RAGHAV AGGARWAL up before Parliament in the Winter of Electronics and Information content moderation and Dailyhunt have been third-party digital com- They questioned whether inaction
Session, they said. Technology (MeitY) and members of related regulations,” an asked to provide munication or records. by digital platforms has created
On Monday, the standing commit- Parliament, who are a part of the com- official told Business written submissions This development fol- issues for users in appealing against
LAUNCHES IN tee questioned digital platforms about mittee. MeitY officials will direct these Standard. within 10-15 days lows several instances the decisions of grievance officers.
TOP 7 CITIES their measures to stop the spread of platforms on the exact details they The Indian govern- where the government The government-appointed griev-
52,120 116,220 misinformation ahead of the upcom- need to submit before the committee. ment is reportedly drafting the Digital warned social media platforms for fail- ance appellate committees (GACs)
n JULY-SEP 2018 TOTAL ing Assembly and Lok Sabha elec- “We have seen in the past that dig- India Bill (DIB), which could replace ing to comply with India’s content have received only 218 appeals in the
n JULY-SEP 2023 UNITS tions. Representatives from YouTube, ital platforms are increasingly being the country’s primary digital law, the moderation laws. The Information seven months since the online portal
X (formerly known as Twitter), used for sharing fake news, obscene Information Technology Act of 2000. Technology (Intermediary Guidelines was activated.
LUXURY
4,590 9
27

Auto sales up
31,180

AFFORDABLE
21,900
% of total

42
18
Maruti cranks up capex 20% in Sep but
with ~1.25 trn 8-yr plan
20,920

tractors slump
AFFORDABLE: ~40 LAKH AND BELOW
LUXURY: ~1.5 CRORE AND ABOVE
Source: Anarock

DEEPAK PATEL
New Delhi, 9 October SHINE JACOB cern for dealers is the soaring
Chennai, 9 October inventory levels, which

M
aruti Suzuki India (MSIL) plans reached an all-time high of 60-
to spend about ~1.25 trillion on In a notable upswing, Indian 65 days.
capital expenditure (capex) automobile retail sales for The industry is, mean-
between FY24 and FY31, the company September registered a 20 per while, optimistic about the
said on Monday. This is significantly cent increase compared to the upcoming festive season,
higher than its capex spend of ~27,538 same period last year, reaching including Durga Puja and
crore in the last eight years from FY16 1.89 million units. The sales Navratri. “September’s auto
to FY23, a Business Standard analysis surged due to a positive mar- retail celebrated a 20 per cent
showed. India’s biggest carmaker said it ket sentiment driven by favou- year-on-year leap, continuing
will spend around ~45,000 crore to rable monsoon, data released the momentum from the pre-
expand production capacity by 2 million by the Federation of vious month while marking a
units in this eight-year period. Automobile Dealers’ 3.5 per cent month-on-month
IN BRIEF A range of strategic endeavours such Associations (Fada) shows. increase, seamlessly tran-
as expanding sales channels, building Except for tractors, which sitioning into the festive
SC to hear pleas against CCI service and spare parts infrastructure,
enhancing export capabilities, and Maruti Suzuki, which is led by Managing Director and Chief Executive Officer
witnessed a 10 per cent decline
in sales, all other automotive
period’s sweet spot set to
unfold over the next 42 days,”

fine on Google in January financing research and development Hisashi Takeuchi, can currently produce 2.25 million units annually
(R&D) efforts for new vehicle models will
categories experienced signif-
icant growth. Two-wheelers
said Manish Raj Singhania,
president, Fada.
The Supreme Court on Monday said it will hear appeals against the roughly get a ~80,000 crore allocation. posted a robust 22 per cent During the period under
National Company Law Appellate Tribunal (NCLAT) order upholding
~1,337.76 crore penalty by the Competition Commission of India
Currently, MSIL can produce 2.25
million units annually, with the Gujarat
TREND SO FAR increase, three-wheelers
soared by 49 per cent, pas-
review, the two-wheeler seg-
ment witnessed rose from 1.08
Maruti Suzuki capex (~ crore) ~27, 538 cr 6,442.2
(CCI) for misuse of Google's dominant position in the Android plant contributing about 750,000 units senger vehicles saw a steady million units last year to 1.31
Total capex
mobile device ecosystem in January 2024. The hearing was per annum. “The regular capex in the 4,381.8 (FY16-FY23) 19 per cent rise, and commer- million units this year.
supposed to start on October 11 but it got pushed to January due to existing plants at Gurgaon, Manesar, cial vehicles also reported a 5 Singhania explained, “With
3,583.0 3,657.7
Constitution Bench hearings. BHAVINI MISHRA and Gujarat will continue,” the auto- 3,211.2 per cent growth. Three- the introduction of new
maker said, adding that the capex in wheeler sales reached an all- models and attractive promo-
FY23 was around ~7,500 crore. 2,473.1 time high in September, with tional offers, demand
1,978.7
Vi files plea in SC, seeking The company said additional invest-
ments will be required for R&D, particu-
1,810.0 102,426 units sold, a jump
from the 68,937 units sold in
increased, especially in rural
areas, fostering improved

correction in AGR dues larly to support the majority of develop-

ment efforts related to internal
the same month last year. This
surpassed the previous record
market sentiments. This
uptick in demand was accom-
Vodafone Idea on Monday filed a curative petition against the combustion engine (ICE) cars. “Capex set in August 2023, which panied by heightened cus-
Supreme Court judgment dismissing petitions by telecom firms will be needed to develop 10-11 new FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 stood at 99,907 units. tomer walk-ins and an overall
seeking correction in adjusted gross revenue (AGR) dues payable models, with different fuel options in Source: Capitaline; compiled by BS Research Bureau However, an area of con- positive market response.”
by them. The SC in 2019 had directed telecom firms such as Airtel, this period. Production of EVs (electric
and Vi to pay dues according to DoT calculations. BHAVINI MISHRA vehicles) and SUVs (sport utility
vehicles) will also need larger capex,” it Additionally, its total exports for the after the share swap.”
added. In a presentation to its share- same financial year reached 0.26 million The high valuation of MSIL equity,
Fitch upgrades Tata Steel to holders and analysts, MSIL elaborated units, reflecting a growth of 8.8 per cent with a price to earnings (P/E) ratio far
on its rationale for avoiding a cash trans- Y-o-Y. The company had cash reserves higher than all large global manufac-

‘BBB-’ with stable outlook
Fitch Ratings on Monday said it had upgraded its ratings on
domestic steel player Tata Steel Ltd (TSL) to ‘BBB-’ with a
stable outlook. It also upgraded the rating on $1 billion notes
issued by Tata Steel subsidiary ABJA Investment, the rating agency
said in a statement.
action and instead pursuing a share of more than ~45,000 crore as of April 1 turers of cars other than an electric car
swap deal with Suzuki Motor this year. MSIL said that payout of over manufacturer, shows that the market
Corporation (SMC) as the preferred ~12,500 crore for SMC shares in Suzuki appreciates its management policies
approach for acquiring the Gujarat plant Motor Gujarat (SMG) would, besides including attitude towards cash
from its parent company. reducing profits, earnings per share reserves, it noted. In the last six months,
PTI
“Funds would be needed for creating (EPS) and dividend payments, could MSIL's share price has increased by
the sales, service and spare parts infras- also create a “shortage” of cash. about 20 per cent to ~10,226.
SHIFTING GEAR
tructure to almost double domestic sales SMG, a wholly-owned subsidiary of MSIL added that cash plays a crucial Automobile retail sales
volumes. The infrastructure for export- SMC, operates the Gujarat plant. In 2015, role in facilitating necessary capital Category Sep '22 Sep '23 % change

Vedanta Ltd arm HZL gets ing the much larger volume of cars will SMG entered into a contract manufac- expenditure and managing unforeseen
also have to be strengthened. The con- turing agreement (CMA) with MSIL. crises effectively. “Cash has not been
Three-wheelers
Two-wheelers
68,937
1,078,286
102,426
1,312,101
48.58 p
21.68 p
~1.81 cr tax penalty order version of production lines to have It added: “MSIL has from its incep- accumulated by avoiding investments
greater flexibility will need additional tion followed a policy of accumulating that would benefit the company. It is Passenger vehicles 279,137 332,248 19.03 p
Vedanta Ltd on Monday said the tax authorities have imposed a capex,” MSIL said. cash reserves by being frugal in all its hard to see why earning interest is not Commercial vehicles 77,054 80,804 4.87 p
penalty of ~1.81 crore on its subsidiary Hindustan Zinc. The order was In FY23, MSIL had clocked domestic expenditures...The company now plans favoured in such circumstances, since
received on Sunday, October 8, Vedanta Ltd informed the sales of 1.61 million units of passenger to grow to 4 million units with no debt it gives the company greater resilience Tractors 60,321 54,492 -9.66 q
exchanges. “The order has been passed on the contention that the vehicles (PVs), marking a year-on-year and a very small paid-up capital of ~150 and sustainability. It enables future Total 1,563,735 1,882,071 20.36 p
company had wrongly availed [of] input tax credit,” it said. PTI (Y-o-Y) increase of 21.1 per cent. crore that would increase marginally opportunities to be seized easily,” it said. Source: Fada

Festival season lights up gig job mkt India, for instance, recently
announced that it has created more
than 100,000 seasonal job
opportunities across its operations
400K roles created during festival season so far; tally likely to cross 700K by year-end network for the Indian festival
season. These opportunities
ARYAMAN GUPTA include direct and indirect
New Delhi, 9 October DEMAND jobs across India in cities such
Hiring has seen a steady
increase over the last few months,
in the lead up to the festival season.
According to data from talent
sector is expected to see a 30 per
cent increase in demand this
year, while demand in the retail
sector is likely to go up 25 per cent.
platform Foundit, on a month-on-
month (M-o-M) basis, hiring in the
Sectors like banking, financial
services and insurance (BFSI) and
home appliances industry grew telecom are expected to witness a
over 11 per cent in September, while demand uptick of 20 per cent and 12

With e-commerce sales in full swing

amid the ongoing festival season
this year, job creation across the
country is expected to far surpass
that of last year.
As many as 400,000 gig roles
have already been created in the
country so far. And, this number is
expected to touch 700,000 by the
end of the year, estimates from
staffing firms suggest.
The number of gig roles has
already surpassed the total
number of jobs created during
the whole festival period last year.
The year 2022 saw 400,000 such
roles created between September
and December.
“The incremental demand for
workforce during the festival
season this year is about 40 per cent
higher than what it was last year,”
said Balasubramanian A, vice-
SEASONAL BUMP
Expected growth in gig jobs (in % Y-o-Y)
E-commerce
30%
Note: Y-o-Y refers to year-on-year and BFSI refers to banking, financial services and insurance
president and business
head (consumer and healthcare),
TeamLease Services, a
EPICENTRES as Mumbai, Delhi, Pune,
Bengaluru, Hyderabad, Kolkata,
the retail sector saw an increase of
more than 9 per cent.
per cent, respectively, according to
NLB’s projections.
TIER-I: Delhi, Lucknow and Chennai. The number of new jobs is only The primary demand
Mumbai, Chennai, Likewise, its Walmart-owned expected to rise, going forward, into emanates from Tier-1 cities like
Bengaluru, Kolkata, rival, Flipkart, also previously said the rest of the year. However, the Delhi, Mumbai, Chennai,
Ahmedabad, that it will generate over 100,000 bulk of these will be gig or Bengaluru, Kolkata, Ahmedabad,
Hyderabad, and Pune new job opportunities across its temporary roles, data from staffing Hyderabad, and Pune. It also
supply chain, including fulfilment firms suggests. comes from Tier-2 and Tier-3 cities
TIER-II AND TIER-III: and sortation centres, and delivery “As consumer discretionary such as Lucknow, Chandigarh,
Lucknow, Chandigarh, hubs, during the period. spending sees an uptick Jaipur, Amritsar, Guwahati,
Jaipur, Amritsar, Flagship sale events for both alongside the approaching festival Bhubaneswar, Visakhapatnam,
Amazon (Amazon Great Indian and wedding season, various Raipur, Indore, Jamshedpur,
Guwahati,
Festival) and Flipkart (The Big industries will encounter a Coimbatore, and Gwalior.
Bhubaneswar, Billion Days) are underway from heightened requirement for Likewise, jobs and professional
Visakhapatnam, Raipur, October 8. Sales by other e- additional workforce. In the span of networking unicorn (company
Retail BFSI Telecom Indore, Jamshedpur,
commerce firms like Meesho and just July-August, we have already valued over $1 billion) Apna.co has
25% 20% 12% Coimbatore, and Gwalior Snapdeal are also live. observed more than 70,000 job also witnessed a substantial 15 per
Source: NLB Services
“The World Cup alone is openings within these sectors. We cent spike in the demand for a gig
expected to create an additional foresee this trend persisting until workforce, especially in the logistics
100,000 jobs, most of which will December 2023,” said Sachin and warehousing sectors. The
comprise gig workers in the delivery Alug, chief executive officer demand for delivery personnel on
staffing platform. flagship sale events hosted by e- space, transportation, hospitality (CEO), NLB Services, a workforce the platform has increased by 40
The increased job openings are commerce platforms. and event management,” solutions provider. per cent, compared to the same
primarily being fuelled by the E-commerce major Amazon Balasubramanian added. For instance, the e-commerce period last year.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at feedback@bsmail.in Ph. 011-23720202, Fax :+91-11-23720201
For Subscription and Circulation enquiries please contact:Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: subs_bs@bsmail.in “or sms, REACHBS TO 57575. NO AIR SURCHARGE
.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 COMPANIES 3 <

‘India may become Zoho’s Serum, Mylab Hindujas in talks

launch TB kit for to raise $800 mn
2nd-largest mkt in 2-3 yrs’ latent infections to fund RCap buy
Chennai-based unicorn Zoho Corporation claims to be the first bootstrapped software-as-a-service specific uses such as human
company to have crossed 100 million users across its various business applications (apps). For Zoho, India resources or finance 50-70% cheaper, say companies
is currently the third-largest market, behind the US and the European Union (EU). In terms of pace of or recruitment.
growth, India is the fastest-growing market, having grown 37 per cent in 2022. SRIDHAR VEMBU, co- SOHINI DAS Programme has included the
founder and chief executive officer of Zoho Corporation, talks about the India growth story and its What traction is your Mumbai, 9 October Cy-TB test on the Ni-kshay
collaboration platforms in an interview with Ayushman Baruah on the sidelines of Zoholics India, the collaboration platform platform. This marks a leap
company’s annual user conference in Bengaluru. Edited excerpts: Zoho Cliq seeing in India? A point-of-care skin test for forward in the country’s tuber-
The traction is very good. It’s detecting latent tuberculosis culosis control.
How important is India as accelerating now. We are also infections (LTBI) — developed SII-Mylab will supply both
a market and what is putting a lot of new by Serum Institute of India to the government (at cheaper
driving its growth? capabilities into it. For (SII) and Mylab Discovery rates) and the market.
Today, India is our third example, on Monday we Solutions — was launched on Rawal said they had begun
largest market after launched Cliq Rooms, a Monday at a cost the com- talks with diagnostic com-
the US and the EU. In smart conference room panies claimed to be 50-70 per panies and hospital chains for Reliance Capital was sent for debt resolution in November
terms of pace of solution, and announced cent lower than comparable this test, and that no other 2021 after it defaulted on loans worth ~22,000 crore
growth, India is new updates to Zoho Cliq, tests available now. company could develop and
already the fastest- our communication and The SII-Mylab partnership launch this in the market for BLOOMBERG and acquisitions. Over the
growing market, collaboration platform, that is working on the ecosystem of another three-four years 9 October last five years, the country
growing at 37 per cent in will enable it to further boost tuberculosis diagnosis, treat- because it required a signifi- notched up the highest
2022. India could be the its upmarket momentum. ment, and prevention cant amount of clinical Hinduja Group is in talks investment volume in Asia,
second largest market for us The improved platform through several inter- validation. with private credit funds to according to research from
in the next two to three capabilities of Cliq enable ventions. As India Umesh raise about $800 million to the Global Private Capital
years and perhaps the cross-functional targets eliminating Shaligram, execu- back the acquisition of Association, a body repre-
largest in 10 years. Both collaboration in tuberculosis by tive director, Reliance Capital, according senting investors.
wins from small and organisations. Zoho offers 2025, testing for research and to people familiar with the Reliance Capital is a
medium businesses and the operating system for latent tuberculosis development, SII, matter, who asked not to be shadow bank once con-
large enterprises are driving business, and we call Cliq the becomes critical told Business identified because the trolled former billionaire
this growth. We are seeing a operating system for Zoho. before it turns Standard the test matter is private. Anil Ambani, which was
lot of migrations from the The entire functionality active. The World The SII-Mylab was developed after As the the parties haven’t taken over by the central
likes of Salesforce, and this of the Zoho suite is Health Organization partnership is “significant invest- yet struck a deal, the terms bank in 2021 after more than
is globally true. Large increasingly available has estimated that working on the ment” over more could still change. five large non-bank finan-
Indian corporations have through Cliq, with its one-fourth of the ecosystem of than 10 years. He India has become a hot- ciers defaulted within the
come to see us as a very beautiful messaging global population is tuberculosis said the interferon bead for private credit activ- span of just a few years.
serious technology player interface. This allows infected with myco- diagnosis, gamma release ity, in part because regula- A Hinduja Group repre-
that can take on a Salesforce employees across a large bacterium tubercu- treatment, and assay (IGRA), a tion forbids local banks from sentative did not offer an
and solve problems faster, organisation, like Zoho losis and 5-10 per prevention laboratory test, was extending loans for mergers immediate comment.
better, and in a more Corporation itself, to cent of those who accurate but costly
affordable manner. communicate and are infected will (at ~3,000- ~6,000).
collaborate. Zoho Cliq is one develop active tuberculosis. On the other hand, there are
As Zoho bets on the hub- of the most used apps in India has 27 per cent of protein-purified derivative
and-spoke model, any Large Indian corporations have come to see us as Zoho One. global tuberculosis patients. It tests, which are point-of-care
further expansion plans a very serious technology player that can take on is estimated that 350-500 mil- skin tests but may give false
you have? Given your scale and size, lion in India have tuberculosis positives for a person who has
Yes, at Zoho, we follow a hub-
a Salesforce and can solve problems faster, better, haven’t you thought of infections and over 2.6 million been vaccinated with BCG.
and-spoke model of offices and in a more affordable manner any acquisitions? people develop the disease Shaligram said Cy-TB com-
to cater to a distributed We don’t have an acquisition annually. Additionally, the bined the cost-effectiveness
workforce. And that is how plan. We only do it if there is prevalence rate of latent tuber- and simplicity of skin tests
we are expanding our any particular company we culosis is there in 30-40 per with the accuracy of tradi-
presence too. We have SRIDHAR VEMBU, co-founder & CEO, Zoho Corporation like and if our values align cent of the population. Various tional IGRA. “The medical
opened offices or are in the with it. We have done only a studies indicate that a higher staff is exposed to tuberculo-
process of opening them in few small acquisitions in the prevalence of LTBI would con- sis, and they need to take this
Tier-II and -III towns in happen. But our hiring rate integrated with ChatGPT? past. We are not averse to tribute to a higher incidence test. Private hospitals can use
Tamil Nadu like Tirunelveli, will fluctuate. We have Most of our products are now doing acquisitions, but we and mortality of the disease. this test for their staff and
Palladam, Madurai, and generally slowed down now integrated with ChatGPT. We don’t go for the hyped Hasmukh Rawal, manag- patients who are undergoing
Thanjavur. because of the global are rolling out integrations valuation-driven ing director and co-founder of cancer treatment or are other-
These allow us to macroeconomic backdrop. every week. We have acquisitions. We look for Mylab, told Business Standard wise immuno-compromised.
accommodate about 500- licensed all of them. We have critical technology-driven the test would cost ~1,200- The government is keen to test
1,000 people. So this is where What percentage of Zoho also invested in domain- acquisitions that add to 1,500. The National close contacts of tuberculosis
a lot of the growth is going to products are now specific models tailored for our capabilities. Tuberculosis Elimination patients,” he said.

E-AUCTION SALE NOTICE UNDER IBC, 2016

M/s. GVK INDUSTRIES LIMITED (GVKIL) (In Liquidation)
Reg. Office: Plot 10, Paigah Colony, Phase-I Sardar Patel Road, Secunderabad, Hyderabad, Telangana-500003.
Bids are invited through e auction platform of NESL for sale of following assets of GVKIL forming part of the Liquidation
Estate by the Liquidator u/s. 35 (f) of IBC, 2016 r/w reg. 32 of IBBI (Liquidation Process), Regulations 2016.
SALE OF ASSETS OF GVKIL UNDER REGULATIONS Reserve EMD BID
32(A) TO (D) (BROAD DETAILS AS UNDER Price Increase
(Rs.
Plant & Machinery and Power Plant Buildings: All the plant & machinery (Rs. Crore) Amount
comprising mainly of i) 148.85 MW Alstom (GT13E2 DUAL FUEL) Gas tur- Crore) (Rs. Crore)
bine; ii) 80MW Alstom (NE33AA triple pressure) steam turbine and iii) other
equipment, electrical, fittings, inventory, stores, furniture & fixtures and 103.79 10.37 1.00
Buildings of Phase II Gas based power plant having capacity of 220 MW
situated at Jegurupadu, Rajahmundry, East Godavari District, Andhra Pradesh.
Last date of submission of EOI with all bid documents and EMD 26.10.2023
Date of e-Auction Date: 10.11.2023 (10.00 A.M. to 4.00 P.M.)
& Timing With unlimited extension of 5 minutes each upto 7 P.M.
1. Interested applicants may refer relevant E-AUCTION PROCESS INFORMATION DOCUMENT with terms
and conditions of online E-Auction, BID form, Eligibility Criteria, Declaration by Bidders, EMD requirement
etc., available at https://nesl.co.in/auction-notices-under-ibc/
2. Bid related documents shall be submitted through e-mail in the formats prescribed, followed by originals.
3. Other Timelines are given in the relevant E-Auction Process Information Document.
4. Interested applicant who has deposited EMD and requires assistance in creating login ID and password may
contact Liquidator @ 9849039674 or his authorized representative Mr. Vijaya Krishna @ 9491791079 or
through email at liqgvk@gmail.com or Info@ksrfms.com .
5. It is clarified that, this invitation purports to invite prospective bidders and does not create any kind of
binding obligation on the part of the Liquidator or the Company to effectuate the sale. Liquidator has
right to extend /defer /cancel and/or modify, delete any of the terms and conditions including timelines
of E-Auction at his discretion in the interest of Liquidation Process and has right to reject any bid
without any prior notice or assigning any reason whatsoever at any stage of the auction.
6. E-Auction shall be conducted on "AS IS WHERE IS'', "AS IS WHAT IS" "WHATEVER THERE IS'' and
"NO RECOURSE" basis only. Sd/- CA. Sai Ramesh Kanuparthi
Liquidator of GVK Industries Limited
IBBI Reg No.: IBBI/IPA-001/IP-P00910/2017-2018/11510
AFA Valid upto: 13-11-2023
Date: 10.10.2023 Address for Correspondence: Plot 6-B, Road No.2,
Place: Hyderabad Banjara Hills, Hyderabad-500034. Cell: +91 9849039674
4 ISRAEL-HAMAS CONFLICT
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1

India’s hope of respite in oil prices dashed

S DINAKAR gy, said India’s oil minister Hardeep lier this month gave hope to state-
Amritsar, 9 October Singh Puri on Monday. He expressed
confidence that the country would Watching situation in run oil companies that they can
make up for lower profits in last quar-

T
he ongoing Hamas-Israel con-
flict has disrupted India’s
efforts to gain from a recent
fall in crude oil prices. Since Hamas’
invasion of southern Israel on
October 7, petroleum has become
costlier by around $5 per barrel,
threatening to stoke prices and
impact growth.
Brent crude was trading at $89.8
per barrel on Monday (9.15 pm IST),
up over 4 per cent, thwarting India’s
anticipation of a period of declining
oil prices — after the leading global
petroleum benchmark declined by
around 11 per cent last week.
The price of Brent crude had col-
lapsed by around $12 per barrel --
from $96.6 a barrel on September 27
to $84.6 on October 6, a day before
navigate through this.
However, that won’t be easy
because India imports over 85 per
cent of its crude needs and has tradi-
tionally been susceptible to volatility
in the oil market. Strategic crude
reserves, which typically aid a nation
during wars and calamities, at 39 mil-
lion barrels provide for only around
7.5 days of India’s crude oil require-
ment, according to government data.
The growing conflict in West Asia
threatens to further impact India’s
fiscal and balance of payments posi-
tion, which was already suffering
from surging oil prices since August,
and hinder New Delhi’s efforts to
control inflation. The Indian crude
oil basket, a mix of Gulf sour and
Brent sweet grades, averaged $93.54
Israel closely: Puri
Oil Minister Hardeep Singh Puri on Monday said India
is watching the situation closely in Israel.
Oil prices rose over $3 a barrel on Monday following
military clashes between Israel and the Palestinian
Islamist group Hamas.
"So far as energy is concerned, let us be absolutely
clear that the place where the action is taking place is in
many respects the centre of global energy. We will
watch very carefully as we go along, we will navigate
our way through this," he said. He also said Indian
oil firm are targeting net zero by 2046 as they
sharing between OMCs and the gov-
decarbonise operations.
ter by performing better during this
quarter (Q3FY24), said a Mumbai-
based refiner. Given the Assembly
polls in five states in November and
the Lok Sabha election in 2024, the
official expects negative marketing
margins to continue this financial
year because New Delhi will veto any
proposed hike in pump prices of
petrol and diesel.
“We expect OMC (oil marketing
company) results to be operationally
Conflict halts
weaker for July-September, owing to
a sharp fall in marketing gains of
petrol and diesel due to the rise in
benchmark prices,” said Mumbai-
peak inbound

every day, and half a billion dollars

the Hamas attack.
“Oil prices have gone up a bit
because the markets are very anxious,
but there is no panic--I mean, not
yet,’’ said Narendra Taneja, a Delhi-
based prominent energy expert.
“However, if it escalates into a full-
blown war in the region, then there
will be panic, pushing up oil prices,''
further. The surge in oil prices is the
risk premium in the market.
The region where the conflict is
occurring is the centre of global ener-
a barrel last month.
``While an immediate risk to oil
flow as a direct result from the con-
flict is not foreseen but there is a risk
that the conflict may turn into a larg-
er proxy war involving larger global
powers which can have a spiraling
effect,'' said Sourav Mitra, practice
leader and director, at ratings agency
Crisil. ``As far as India is concerned,
an increase of $10 per barrel in oil
prices can lead to a 45 to 60 basis
point increase in CPI.'' While the loss
ernment is slightly opaque, one can
expect a 10 percent oil price rise to
negatively impact India’s growth by
0.09% to 0.11%, Mitra added.
At 4.2 million barrels a day in
imports of crude in September,
according to market intelligence
agency Kpler data, it looked like India
would have saved $50 million every
day, and around $1.5 billion a month
if Brent had continued to remain low
in October. But as of Monday, India
will pay around $17 million more
PTI
more on crude imports for the month.
India’s rising import costs are con-
servative, based on the assumption
that the conflict deflates quickly and
Brent crude stabilises. However, ANZ
Bank warned in a client note that oil
prices will be supported by increas-
ing geopolitical risk in West Asia and
will be accompanied by higher
volatility.
Earnings at refiners are already
looking weak for the July-September
quarter, but a crash in oil prices ear-
based brokerage Prabhudas Lilladher
in a note today. State OMCs likely
have incurred a marketing loss of
Rs2-6 a litre at a gross level during
July-September 2023 due to high
diesel crack spreads in the interna-
tional market, said Paras Pal, senior
analyst at India Ratings & Research.
Israeli Prime Minister Benjamin
Netanyahu and his Cabinet have
declared a war on Hamas, and
launched airstrikes in Gaza. It is
unclear how far this battle will con-
tinue, especially considering that
what one expected was a short war
between Russia and Ukraine has sol-
diered on for 19 months.
travel season
from Israel
AJINKYA KAWALE & DEEPAK PATEL
Mumbai/New Delhi, 9 October
ONLY AIR INDIA
OPERATES FLIGHTS
The peak travel season for
inbound travellers from Israel
TO ISRAEL
to India will be affected due Flights between Delhi-Tel Aviv
to the war and subsequent
flight cancellations.
While business travel from
Israel to India continues
throughout the year, recre-

Rising energy Exporters remain wary

ational or leisure-related trav-
el typically surges from
October to March, coinciding
with the escalation of the war

costs to weigh of serious consequences

in Israel.
According to the India
Tourism Statistics 2022 data, *In March 2022, India lifted the
pandemic-induced suspension of

on India Inc
inbound passenger traffic international flights.
Exports (value in $ bn) reached its peak in 2019, with
Source: Aviation analytics firm Cirium

BS REPORTERS
Mumbai, 9 October
India Inc is bracing for a
stormy time ahead as rising
energy costs are expected to
increase the expenses for all
companies and stoke inflation
after the Hamas attack on
Israel sent jitters through
worldwide markets, including
oil prices, on Monday.
Barring a few companies
like Adani Ports, which
acquired Haifa Ports in
January this year for $1.2 bil-
lion, and Sun
Pharmaceuticals, which owns
a stake in Taro
Pharmaceuticals Industries,
not many Indian companies
have direct exposure to Israel.
An Adani Ports & SEZ
(APSEZ) statement said the
company was closely moni-
toring the situation at its port,
which is situated in the North,
far away from the conflict
zone. The contribution of
Haifa Port to the APSEZ’s total
cargo volume is relatively
small at 3 per cent.
“For this financial year, we
have guided for Haifa cargo
volumes in the range of 10-12
million tonnes (mt) and
APSEZ’s total cargo vol-
ume guidance of
370-390 mt. In the
initial six
months, the
APSEZ’s total
cargo volume
was 203 mt, of
which the Haifa
share was 6 mt. We
The ongoing conflict between Israel and Country Apr-Jul Growth 2022-23 Growth India recording 73,137 arrivals
Palestine may not have made an immediate (2023-24) (%) (%) from Israel. However, in 2021, The airline added, “Air
remain confident in the impact in India, exporters remain wary and GCC Bahrain 179 -27.25 965.2 7.3 following the Covid-19 pan- India will provide all possible
APSEZ’s business perform- believe that there can be serious repercussions nations demic, India saw only 4,601 support to passengers with
ance,” the spokesperson said. if the situation worsens.
Kuwait 505.8 0.07 1,560.50 25.6 arrivals from the country. confirmed bookings during
APSEZ stock closed 4.8 per After the pandemic, the region, including Oman 1131.8 -25.4 4,477.20 42.2 Approximately 53.2 per this period.”
cent down, while the BSE six Gulf Cooperation Council and seven other Qatar 484 -25.9 1,966.80 7.02 cent of the total passengers Since the pandemic-
Sensex was down 0.73 per West Asian nations, has seen the highest Saudi Arab 3586.7 -1.9 10,727.60 22.5 traveled from Israel to India induced suspension of inter-
cent. growth in exports from India, dominated by during the peak season of national flights was lifted in
“We have taken measures traditional products, such as refined
UAE 10168.6 -7.11 31,608.80 12.7 October-December (Q4CY21). March 2022, Air India has
to ensure the safety of our petroleum, cereals, sugar, apparel, diamonds Other West Iran 455.6 -37.8 1,659.10 14.3 In Q1CY21 (January-March), been the sole airline provid-
employees, and all of them are and engineering products. Asian Iraq 1178.9 65.4 2,696.70 12.2 18.3 per cent of total passen- ing service between India and
safe. We remain fully alert and Similarly, even in the case of imports, the nations gers travelled to India, fol- Israel. Currently, Air India
Israel 1398.4 -30.9 8,451.50 76.2
prepared with a business con- dependence is largely on crude oil, mainly from lowed by 16.5 per cent and 12 operates 10 flights per week
tinuity plan that will enable Saudi Arabia, Iraq, and the United Arab Jordan 476.7 -40.4 2,143.80 141.07 per cent in Q3CY21 (July- connecting Delhi and Tel
us to respond effectively to Emirates. In case the conflict escalates, India’s Lebanon 123.1 -18.8 403 28.7 September) and Q2CY21 Aviv, according to aviation
any eventuality,” the trade with Iran may be the biggest casualty. Syria 25.58 -27.3 103.4 -1.9 (April-June), respectively, analytics firm Cirium.
spokesperson said. “In case of an escalation, there can be according to data. Before the pandemic,
Yemen 239.61 -40.6 1,000.40 18.2
Sun Pharmaceuticals did serious repercussions that can jolt Aashish Gupta, consulting Israeli carriers operated flights
not comment, but the Israel- global trade. The world cannot afford two Total 19953.79 -11.3 67764 23.8 chief executive officer of the between India and Israel.
based company had reported wars. The worsening of the conflict can result Federation of Associations in Israeli carrier EL AL Israel
sales of $573 million in the in higher oil prices, and impact freight costs as Imports (value in $ bn) Tourism & Hospitality, said, Airlines used to operate one
financial year ended March well as supply of rough diamonds,” Ajay Sahai, Country Apr-Jul Growth 2022-23 Growth “This year, close to 65-70 per to three flights per week until
2023 and a profit of $25.4 mil- director-general and chief executive officer, (2023-24) (%) (%) cent of the total inbound trav- March 2021. Another Israeli
lion. While some Indian phar- Federation of Indian Export Organisations GCC Bahrain 211.97 -41.83 1,014.50 34.68 ellers would have come dur- airline, Arkia, operated one to
maceutical companies export said. nations ing the six months starting two flights per week between
their products to Israel, ana- Compiled by Shreya Nandi Kuwait 2,243.30 -48.35 12,247.37 11.32 from October to March. India and Tel Aviv between
lysts said the volume was neg- Oman 1,450.04 -55.78 7,911.18 15.65 Unfortunately, the war began October 2019 and February
ligible. Officials of top IT firms Qatar 3,723.23 -34.81 16,808.10 27.39 during the same time period. 2020. Ameya Joshi, founder
said Indian IT firms do not Leisure travel will be fully of the aviation analysis blog
have any exposure to Israel. Saudi Arab 10,257.35 -25.61 42,035.27 23.27 impacted as it is discre- NetworkThoughts, noted, “Air
Interestingly, Indian oil UAE 13,388.98 -27.42 53,231.66 18.73 tionary. Business travel, India may be forced to extend
and gas production compa- Other West Iran 205.14 6.1 672.12 45.05 which is non-discretionary, the cancellations to Tel Aviv
nies like ONGC and Reliance Asian may continue, but given the for a longer duration depend-
Iraq 8,707.87 -37.18 34,385.50 7.7
Industries would significantly nations fact that flights are impacted, ing on the hostilities in the
benefit from the sharp spike Israel 875.74 -2.41 2,323.19 -24.42 all kinds of travel will now be region. This may also cast
in crude oil prices. Analysts Jordan 640.73 -26.31 2,290.40 25.35 put on hold.” doubt on the return of EL AL
said companies involved in Meanwhile, Air India has to India, which is scheduled
Lebanon 58.69 199.37 92.49 184.9
the oil production and announced the cancellation for the winter schedule.
exploration would Syria 4.45 22.67 9.22 -40.95 of all Delhi-Tel Aviv flights If the conflict continues,
benefit from the 5 Yemen 73.11 24.01 160.91 -29.37 between October 7 and it may lead to insurers raising
per cent higher Source: Department of Commerce Total 41840.6 -30 173181.91 16.8 October 14 for the “safety of premiums for flights since it
crude oil prices, our passengers and crew”. is a conflict-prone zone.”
while industries
that rely heavily
on energy con-
sumption may
face challenges.
Jewellery, gems may lose sheen Crisis may add uncertainty to
The tension in Israel can adversely impact Indian exports to Israel, according to

BLOOD ON BOURSES
executives in the industry. The total gems and jewellery trade between India and
Israel accounted for $2,041.6 million during 2022-23. The trade was already hit by
almost 27 per cent from $2,794.39 million in 2021-22. The imports and exports of
IMF’s growth projections
Company CMP % change gems and jewellery with Israel have recorded an annual decline of 42.3 per cent RUCHIKA CHITRAVANSHI

Oil India
Oil & Natural Gas Corp
Sun Pharmaceutical Industries 1,123.2
Indian Oil Corp
Adani Ports & SEZ
Source: Exchange
(~)
311.2
(One-day)
5.2
and 13.8 per cent, respectively. The war will further intensify the blow to the trade
between Israel and its second-largest trading partner in Asia, ie, India, said Colin
New Delhi, 9 October
FM to leave for Marrakesh today
181.8 0.2 Shah, managing director, Kama Jewelry. The International Monetary Fund FINANCE MINISTER NIRMALA SITHARAMAN will leave for
In 2022-23, the imports and exports were recorded at $761.84 million and $1,279.76 (IMF) would release its bi-annual Marrakesh, Morocco, on Tuesday, to attend the IMF-
-0.3 million, respectively. The ‘cut & polished’ diamonds constitute the highest exported World Economic Outlook on World Bank annual meeting and the fourth G20 Finance
87.5 -2.6 commodity category with a trade of $1,207.73 million, recording a decline of 11.24 Tuesday, in the backdrop of yet Ministers and Central Bank Governors’ (FMCBG) meeting.
789.9 -4.9 per cent year-on-year. The estimated gems and jewellery sales during the ongoing another geopolitical crisis in West The FMCBG meeting would discuss strengthening
Compiled by BS Research Bureau festive season will provide an effective trade-off in any deficit. BS REPORTER Asia after the Russia-Ukraine war. multilateral development banks (MDBs) to address shared
This may add further uncer- challenges of the 21st Century. Also on the agenda
tainty to its growth projections would be the global economy and crypto assets.

Cloud over India-Middle East corridor amid apprehension of more play-

SHINE JACOB
Chennai, 9 October
The stretch spanning approximate-
ly 428 kilometres between Eilat,
connecting Israel to West Asia, and
the Port of Haifa, managed by
Adani Ports in the northern region
of Israel, holds significant impor-
tance for the ambitious India-
Middle East-Europe Economic
Corridor (IMEC). However, ongoing
conflicts in the region have raised
concerns about the future of this
project, at least in the short term,
according to industry experts.
Almost all the proposed routes
for the corridor pass through the
conflict zone before reaching the
Port of Haifa. The IMEC project was
seen as a breakthrough in the rela-
tionship between the Kingdom of
Saudi Arabia and Israel, two coun-
tries without any diplomatic rela-
tions.
Lately, both nations have shown
signs of softening their stance, with
the Gulf Kingdom recently permit-
ting Israeli airlines to use its air-
ers joining the conflict.
The IMF on Sunday had said it
was closely monitoring develop-
Development Bank.
The annual IMF-World Bank
for August released by the Union
finance ministry has retained its
space. Media reports indicate that IMEC comprises an eastern cor- India to Europe has the potential to ments in Israel and Gaza, and it meeting is being held in the 6.5 per cent GDP growth estimate
a $27 billion rail link between the ridor connecting India with West reduce logistics costs by about 40 was too early to assess any eco- African continent for the first time for FY24.
northern city of Kiryat Shmona and Asia and a northern corridor fur- per cent, cutting transit time com- nomic impact. in 50 years. While the ongoing situation in
the Red Sea resort of Eilat in the far ther connecting West Asia to pared to the saturated Suez all-sea “We are deeply saddened by the The fourth G20 Finance Israel may not have an immedi-
south is expected to play a crucial Europe. Israeli Prime Minister route,” said Mohd Jamshed, former loss of lives. We are monitoring this Ministers and Central Bank ate impact on trade, experts sug-
role in the project. Benjamin Netanyahu termed it the member of Railway Board. concerning situation closely,” an Governors’ Meeting will also be gest that if it persists for an
“A section of the project, “largest cooperation project in According to Jamshed, the lim- IMF spokesperson said, adding held on the sidelines of this meet- extended period, it could poten-
up to the Port of Haifa, will our history”, one that ited missing links in the Saudi that it was too early to say anything ing on October 12-13. tially serve as a downside risk to
traverse this region. The would “change the face Railway network to the Port of Haifa about the economic consequences. The cost-of-living crisis, tight- the world economy like the
current geopolitical of the Middle East, can be planned within a realistic Economic policy experts said ening financial conditions in most Russia-Ukraine conflict.
tensions might have a Israel, and impact the time frame. that the conflict has no direct bear- regions, Russia’s invasion of “It can be a major threat to glob-
temporary psycholog- entire world”. “Indian public sector undertak- ing on the agenda of the IMF- Ukraine, and the lingering Covid- al stability and all growth projec-
ical impact. However, The initial plan for ings such as Rail India Technical World Bank annual meeting that 19 weighed heavily on the IMF’s tions. As other countries take sides,
in the long run, it is the corridor involves a and Economic Service, Ircon took off on Monday in Marrakesh, World Economic Outlook last year. this situation can get exacerbated.
unlikely to significant- shipping route con- International, Container Morocco. But the conflict is likely In an update to its World The starting point could be the oil
ly affect the IMEC proj- necting Mumbai and Corporation of India, and RailTel to get flagged as yet another chal- Economic Outlook released in price,” said Madan Sabnavis, chief
ect. Countries like Almost all the Mundra (Gujarat) with Corporation are well-positioned to lenge to world economic recovery. July, the IMF had raised the FY24 economist, Bank of Baroda.
Saudi Arabia and the proposed routes the UAE, followed by a commission IMEC in the shortest The world has not yet fully economic growth forecast for India For instance, Sabnavis said that
United Arab Emirates for the corridor rail network linking the possible time, along with connect- recovered from the pandemic and by 20 basis points (bps) to 6.1 per as a thumb rule if oil prices remain
(UAE) are also estab- pass through the UAE to five ports in the ed projects like the Gulf Railway has faced food and energy security cent. It cited the country’s over $90 per barrel for two weeks,
lishing friendlier ties conflict zone UAE and Saudi Arabia, network, Port of Duqm in Oman to issues and supply chain disrup- stronger-than-expected growth then it is a serious problem.
with Israel,” said extending up to the Riyadh, Al-Haditha to Haifa, and tions due to the Russia-Ukraine momentum in the March quarter “Israel may not affect the flow
Subodh Kumar Jain, Port of Haifa in Israel. other potential feeder rail routes conflict. It now faces the prospects of FY23. of trade but response from the US
director of South Asia Gas “This presents India with an from Damascus and Baghdad to of hardening political positions, The IMF also revised upward could affect their budgets. Oil
Enterprise (SAGE), a consortium of opportunity as an emerging major Amman. India could also supply which could exacerbate the situa- its global growth outlook by 20 bps economies have become shaky
companies planning a $5 billion power, and it is also a collective high horsepower locomotives and tion and add to the prevailing for 2023 to 3 per cent, with upward and it may become serious,”
undersea liquefied natural gas regional opportunity for the public high axle freight cars specially built uncertainties,” said Ashok Lavasa, revision to growth forecasts for the Sabnavis added.
pipeline connecting West Asia to and private sectors in India. This for standard gauge,” Jamshed former finance secretary and for- US (20 bps) and UK (70 bps).
India. alternative sea-rail-sea route from added. mer vice-president, Asian The monthly economic review (With inputs from Reuters)
.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 ECONOMY & PUBLIC AFFAIRS 5 <

‘With 360,000 sites, India is in world’s In Q1, urban

top three 5G ecosystems in just a year’ joblessness
More than a year after Prime Minister Narendra Modi announced the launch of 5G service in the country,
the speed of the rollout, one of the fastest in the world, has helped India to be among the top in the
will the number be by next year?
It is difficult to ascertain who a 5G subscriber
How is India’s tryst with 6G going? Have our
standards been accepted by the International
least in 5 yrs
global pecking order. In a telephonic interview with Surajeet Das Gupta, Communications Minister is because currently most users are moving Telecommunication Union (ITU)?
ASHWANI VAISHNAW charts the government’s goals for the next 12 months for 5G. Edited excerpts. seamlessly from 4G to 5G, especially as the 5G Bharat 6G has been accepted by the ITU. Unemployment rate at 6-year low of
rollout is still going on. Already our researchers are filing patents for
6G-related technologies. We believe India will
3.2% in 2022-23, shows annual data
So are you satisfied with the speed at which we will complete significantly earlier than the Do you see any change in the way subscribers lead the development of 6G technologies and SHIVA RAJORA
telcos have rolled out 5G in just one year since target date. are using or looking at mobile phones in the standards over the next five years. New Delhi, 9 October
its launch? 5G world in India?
A key area we were monitoring from the Do you see mobile-phone adoption going up Two major changes in customer behaviour India has been trying to export telecom India’s urban unemployment rate fell for the second consecutive
beginning was coverage and in just with 5G? Do you think the prices have been observed. First, many subscribers equipment, which is also one of the planks quarter in Q1FY24 (April-June 2023) to 6.6 per cent, down from
one year we have 5G at 360,000 are low enough for mass adoption? are moving away from Wi-Fi to using mobiles for a production-linked 6.8 per cent in the previous January-March quarter of 2022-23,
sites, placing India among the Entry-level 5G phones are now only with 5G. And second, the mobile is no incentive scheme. How has reflecting a sustained improvement in labour markets.
world’s top three 5G ecosystems available for ~15,000. Cell phone longer only a tool for consumption. It is this been done? The Periodic Labour Force Survey (PLFS) results, released
(the other two being China and the manufacturers are shifting becoming a key tool for production Today the telecom by the National Statistical Office (NSO) on Monday, show that
US). capacity from 4G to 5G phones. because computing power and the industry has emerged as the unemployment

What about geographical

ASHWANI VAISHNAW And the 5G tariffs are the same as
4G. Plus, consumers are using their
communication ability of phones have
increased.
a major one. India has
started exporting
rate in current
weekly status
STEADY DECLINE (In %)
Communications
coverage? Is it still concentrated in minister phones longer. On balance, there is telecom equipment to (CWS) terms for Labour force participation rate
a few cities? a distinct shift from 4G to 5G. more than 40 countries, those above 15 years NSS Survey period Male Female Person
We have covered practically every district including the US and of age in the June
(there are 766 districts in India) in the country Bharat Sanchar Nigam Ltd (BSNL), which is European nations. quarter was the Apr-Jun ‘21 73.1 20.1 46.8
with 5G. And we are confident that in another in the process of launching 4G, also has plans IT IS TOUGH TO ASCERTAIN lowest recorded in Jul-Sep ‘21 73.5 19.9 46.9
one year, every tehsil (there are around 5,600
tehsils) will be covered.
to get into 5G. How are those plans shaping
up and when will we have three 5G players in
WHO A 5G SUBSCRIBER five years, since the
NSO began releas- Oct-Dec ‘21 73.9 20.2 47.3
the market? IS BECAUSE MOST ing India’s quarterly Jan-Mar ‘22 73.4 20.4 47.3
What are your targets for the next 12 months
on the 5G rollout?
BSNL has started deploying 4G towers and the
speed will pick up after Diwali. Once the 4G
USERS ARE MOVING urban jobless rate in
December 2018. Apr-Jun ‘22 73.5 20.9 47.5
It was 200,000 sites in the first year. We are far rollout stabilises, we will enable 5G on the SEAMLESSLY FROM According to the Jul - Sep ‘22 73.4 21.7 47.9
ahead of that target already (it has rolled out BSNL network next year. latest annual PLFS
5G in over 360,000 towers). In the second year 4G TO 5G” data, the unem-
Oct - Dec ‘22 73.3 22.3 48.2
our target is to reach 430,000 towers, which How many have subscribed to 5G and what ployment rate was Jan- Mar ’23 73.5 22.7 48.5
the lowest in six Apr - Jun ‘23 73.5 23.2 48.8
years in the finan-
cial year July-June
2022-23 at 3.2 per
Unemployment rate
nMale nFemale
Primary energy demand in India will more than double by 2045: Opec cent.
The jobless rate
in urban areas has
14.3 nPerson
6.6
World Oil Outlook 2023 says India will require 38.5 million barrels of oil equivalent per day (mboe/d) in 2045 been steadily
declining since the 9.1
India's primary energy demand will report said. India's energy demand will Primary energy demand Share of world high of 12.6 per cent
nearly more than double to 38.5 million also reach 10 per cent of global demand, (Million barrels of oil equivalent per day) demand(%) recorded in the 12.2
barrels of oil equivalent per day up from 6.6 per cent currently. Covid-affected 12.6
(mboe/d) in 2045, the Organization Overall, energy demand is set to Region 2022 2025 2045 Growth** 2022 2045 April-June quarter 5.9
of the Petroleum Exporting Countries decline in Europe and stagnate in both OECD Americas 55.4 55.4 55.9 0 19.0 15.6 of FY22.
(Opec) has said in its 2023 World Oil Asia Pacific and Americas near current The unemploy-
OECD Europe 33.7 34 32 -0.2 11.6 8.9 ment rate among Source: NSO
Outlook. However, it will remain half of levels. As a result, energy demand OECD Asia Pacific 17.5 17.7 18 0.1 6.0 5.0 men and women was estimated at 5.9 per cent and 9.1 per cent,
China's 77.4 mboe/d. growth will be driven by the non-OECD respectively, down from 6 per cent and 9.2 per cent in the pre-
Released on Monday, the annual region, which is set to increase by 69 Total OECD 106.6 107.1 105.9 0 36.7 29.5
vious quarter. These figures have also been declining since the
report says global primary energy mboe/d over the outlook period. With India 19.2 21.3 38.5 3.1 6.6 10.7 April-June quarter of FY22, when they were estimated at 12.2
demand is set to increase from around average long-term growth of 6.1 percent China 71.3 75.2 77.4 0.4 24.5 21.6 per cent and 14.3 per cent, respectively.
291 mboe/d in 2022 to close to 359 per annum, India is expected to remain Suchita Dutta, executive director of the Indian Staffing
Russia 15.7 15.5 15.2 -0.1 5.4 4.2
mboe/d in 2045, an increase of 68.3 the fastest-growing major developing Federation (ISF), said that amid demand growth across indus-
mboe/d, or 23 percent over the outlook country. China and India alone are set to OPEC 20.3 22.8 34.7 2.4 7.0 9.7 tries, projected growth in consumerism, and ahead of festival
period. Of this, around 28 percent of the account for more than a third of the Total Non-OECD 184.3 196.8 253.3 1.4 64.3 70.5 season, employment witnessed a positive trend in Q1FY24.
demand growth in non-OECD global economy in 2045. However, the unemployment rate for youth (15-29 age group)
World* 290.9 303.9 359.2 0.9 100 100 reversed its downward trend and increased to 17.6 per cent in
economies will originate in India, the SUBHAYAN CHAKRABORTY Note: * Total doesn’t add up since other regions not shown; **till 2045 (% p.a) Source : OPEC the June quarter, from 17.3 per cent in the previous quarter.

H.G. INFRA ENGINEERING LIMITED

CIN: L45201RJ2003PLC018049
Registered Office: 14, Panchwati Colony, Ratanada, Jodhpur, Rajasthan-342001, Tel.:0291-2515327
Corporate Office: III Floor, Sheel Mohar Plaza, A-1, Tilak Marg, C-Scheme, Jaipur, Rajasthan- 302001
Tel.:0141-4106040-41, Fax: 0141-4106044, Website: www.hginfra.com, Email: cs@hginfra.com
NOTICE OF THE EXTRA-ORDINARY GENERAL MEETING
AND E-VOTING INFORMATION
Notice is hereby given that the Extra-Ordinary General Meeting ('EGM') of the Members of
H.G. Infra Engineering Limited ('Company') will be held on Tuesday, October 31, 2023 at 2:00
P.M. (IST) through Video Conference ('VC')/ Other Audio Visual Means ('OAVM') in
compliance with the applicable provisions of the Companies Act, 2013 and the Rules made
thereunder (the 'Act'), provisions of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') and as
per General circular No. 09/2023 dated September 25, 2023 read with General circular
No.11/2022 dated December 28, 2022, General circular No. 03/2022 dated May 05, 2022,
General Circular No.17/2020 dated April 13, 2020, General Circular No.14/2020 dated April
8, 2020 and other circulars issued in this regard, by the Ministry of Corporate Affairs ("MCA")
read with relevant circulars issued by the Securities and Exchange Board of India ("SEBI"),
from time to time (hereinafter collectively referred to as "the Circulars"), to transact the
business as set out in the notice of the EGM ("EGM Notice"), without the physical presence of
Members at a common venue.
In compliance with the aforesaid Circulars, the Company has sent the Notice of EGM
electronically on October 09, 2023 by email to all Members whose email addresses are
registered with the Company / Registrar and Share Transfer Agent i.e. M/s. Link Intime India
Pvt. Ltd.) / Depository Participants(s). The EGM Notice is also available on the websites of
Company at www.hginfra.com, M/s Link Intime India Pvt. Ltd. ("RTA" or "LINKINTIME" or
"Registrar") at https://instavote.linkintime.co.in and Stock Exchanges i.e. BSE Limited at
www.bseindia.com and National Stock Exchange of India Limited at www.nseindia.com.
Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies
(Management and Administration) Rules, 2014, as amended from time to time, provisions of
Regulation 44 of the Listing Regulations, the Company is providing its Members the e-voting
facility to cast their votes on the resolution set out in the EGM Notice by using an electronic
voting system from a place other than the venue of the EGM (i.e., remote e-voting). The
Company will also provide a facility of e-voting to Members during the EGM, who have not
cast their vote by remote e-voting. The Company has entered into an arrangement with
LinkIntime for providing the remote e-voting and e-voting during the EGM.
Members will have opportunity to cast their vote remotely or during the EGM on the business
as set out in the EGM Notice through the electronic voting system. The detailed instructions
relating to remote e-voting and e-voting during the EGM for members holding shares in
dematerialized mode, physical mode and for members who have not registered their email NOTICE
addresses are provided in the Notes forming part of the EGM Notice. Instructions for
attending the EGM through VC/OAVM are also provided in the EGM Notice.
The Members are hereby requested to note that:
a. A person, whose name is recorded in the Register of Members /Beneficial Owners
maintained by the Depositories/RTA as on Tuesday, October 24, 2023, being the "Cut-Off"
date shall only be entitled to avail the facility of remote e-voting or e-voting during the Disclosure of Half Yearly Portfolio Statement of schemes of DSP Mutual Fund
EGM.
b. The remote e-voting period will commence on Friday, October 27, 2023 at 9:00 A.M. (IST) NOTICE is hereby given to all Investor(s)/Unit holder(s) of DSP Mutual Fund (‘Fund’) that in accordance with Regulation 59A of Securities and Exchange Board of India
and will end on Monday, October 30, 2023 at 5:00 P.M. (IST). During this period, the
Members holding shares either in physical form or in dematerialized form as on the Cut-
(Mutual Funds) Regulations, 1996 read with clause 5.1.1. and 5.1.3. of SEBI circular no. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023 on Master Circular
Off date, may cast their votes electronically on items mentioned in the EGM Notice. Voting for Mutual Funds; the half yearly portfolio statement of the schemes of the Fund for the half year ended September 30, 2023 has been hosted on the website of the Fund
through remote e-voting shall not be allowed beyond 5:00 P.M. (IST) on Monday, October viz. www.dspim.com and on the website of AMFI viz. www.amfiindia.com. Investors may accordingly view/download the portfolio statement of the schemes from the website
30, 2023. Once the vote on the resolution is cast by a Member, any subsequent change of the Fund.
shall not be allowed.
c. The voting rights of the Members shall be in proportion to their shares in paid-up share
capital of the Company as on the Cut-Off date.
Investors/Unitholders can request for physical or electronic copy of the statement of half yearly portfolio of the schemes through any of the following means:
d. Only those Members, who will be present in the EGM through VC/OAVM and have not
cast their vote on the Resolution through remote e-voting and are otherwise not barred a. SMS:- Send an SMS to 9266277288 from investor’s registered mobile number. SMS format “HYPORTFOLIO<space>Folio”. Example: HYPORTFOLIO 123456
from doing so, shall be eligible to vote through e-voting system available during the EGM. b. Telephone:- Give a call at our Contact Centre at 1800 208 4499 /1800 200 4499
e. The Members who have cast their vote through remote e-voting may attend the EGM c. Email:- Send an email to service@dspim.com
through VC/OAVM but shall not be entitled to cast their vote again in the EGM.
f. Any Member, including a person who becomes a Member of the Company after sending of
d. Letter:- Submit a letter at any of the AMC Offices or CAMS investor Service Centres, list available at www.dspim.com.
the EGM Notice and holding shares as on the Cut-Off date, may cast their vote in EGM as
per instructions explained in Note nos. 18 and 21 of the EGM Notice. Please refer Note no. Any queries/clarifications in this regard may be addressed to: DSP ASSET MANAGERS PRIVATE LIMITED CIN: U65990MH2021PTC362316, Investment Manager for
19 for process and manner to attend the EGM. DSP Mutual Fund, Address: Mafatlal Centre, 10th & 11th Floor, Nariman Point, Mumbai 400 021 Tel. No.: 91-22 66578000, Fax No.: 91-22 66578181 Toll-free: 1800 208
g. Members whose email id is not registered, may refer 'Registration of email ID' as detailed 4499 or 1800 200 4499 Email ID: service@dspim.com Website: www.dspim.com
in Note no. 11 of the EGM Notice.
h. In case members have any queries regarding attending EGM/ remote e-Voting/e-voting
during the EGM, they may refer the Frequently Asked Questions ('FAQs') and Insta Vote e- Unit holders are requested to update their PAN, KYC, email address, mobile number, nominee details with AMC and are also advised to link their PAN with Aadhaar Number.
Voting manual available at https://instavote.linkintime.co.in, under Help section or Further, Unit holders can view the Investor Charter available on website of the Fund as well as check for any unclaimed redemptions or Income Distribution cum Capital
Contact Mr. Rajiv Ranjan, Assistant Vice President, Link Intime, Address: C101, 247 Park, Withdrawal (‘IDCW’) payments.
L.B.S. Marg, Vikhroli (West), Mumbai 400083 at email: enotices@linkintime.co.in
/instameet@linkintime.co.in or Tel.: 022 -4918 6000 / 022-4918 6175.
Place: Mumbai
For H.G. Infra Engineering Limited
Sd/- Date: October 09, 2023
Ankita Mehra Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Date : October 09, 2023 Company Secretary & Compliance Officer
Place : Jaipur ACS. No.: 33288
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1

IN BRIEF
India, Tanzania elevate strategic LIC’s mkt share drops to Liquidity back
partnership ties, ink six pacts
to surplus
59% from 68.7% in a yr after 3 weeks
AATHIRA VARIER
LIC LIC
Mumbai, 9 October
SLIDING 68.25 58.50 ANJALI KUMARI
Mumbai, 9 October
CASH BOOST
SHARE Sep Sep RBI net liquidity injected* (~ cr)

T
he share of Life Insurance
Corporation of India (LIC) in
monthly new business premium
(NBP) in the life insurance sector declined
to 58.50 per cent in September 2023 from
68.25 per cent in September 2022 — a drop
of 975 basis points — owing to shortcom-
ings in the product and distribution side
India and Tanzania on Monday elevated their ties to the level of of business.
strategic partnership, inked six pacts to boost cooperation in However, the market share saw a mar-
several key areas and agreed on a five-year roadmap to ginal uptick from the 57.37 per cent
significantly expand defence engagement at talks between Prime recorded in August this year.
Minister Narendra Modi and Tanzanian President Samia Suluhu According to the monthly business
Hassan. In his media statement after the talks, Modi said both data released for September 2023 by the
sides are also working on an agreement to increase trade in Life Insurance Council, the NBP of LIC up
local currencies, and described Tanzania as a “valued partner” to September 2023 stood at ~92,462.62
in the Indo-Pacific. PTI crore as compared to about ~1.25 trillion
in the same period a year ago. As a result,
the life insurance industry’s NBP declined
Govt forms search committee almost 13 per cent during the first six
months to about ~1.59 trillion.
to find new chairman of IOC Lower sales of participating products
and lack of competitive non-participating
The government has constituted a three-member search-cum- products, along with the changes made to
selection committee to find a new chairman of Indian product features and pricing, have led to
Oil Corporation (IOC), the nation's biggest oil company. the decline in the market share of LIC, said
The panel will be headed by the government headhunter insurance analysts.
Public Enterprises Selection Board chairperson and will include Meanwhile, the share of private life
the oil secretary as a member, an official order said. insurers saw a steady increase to 41.50 per
Former Hindustan Petroleum Corporation Ltd (HPCL) Chairman M cent in September 2023 from 31.75 per cent
K Surana is the third member on the committee. PTI in September 2022. Among private life
insurers, the market share of HDFC Life
Insurance in NBP rose to 8.31 per cent from
Market share
in NBP (%)
SBI Life Insurance
HDFC Life Insurance
ICICI Prudential Life
Bajaj Allianz Life
Max Life Insurance
Source: Life Insurance Council
6.07 per cent and that of SBI Life Insurance
to 10.27 per cent from 7.19 per cent. ICICI
Prudential Life Insurance, Bajaj Allianz
Life Insurance, and Max Life Insurance
saw a marginally less than 1 per cent
increase in their market share from
September 2022.
According to the Annual Report 2022-
23, the state-owned life insurer had 16 par-
ticipating products, 20 non-participating
products, 11 group products, and eight
riders. Of the new policies generated in this
period, 94.39 per cent of the policies were
participating products and 5.61 per cent of
policies were non-participating products.
Meanwhile, on the distribution side,
higher dependence on agent-led networks
for selling policies, instead of bancassu-
rance and other alternative methods, is
‘22 ‘23
31.75 41.50
Private Private
6.07 8.31
7.19 10.27
4.04 4.68
2.83 3.14
1.86 2.70
impeding growth in premium.
Analysts expect growth in life insur-
ance premium to be driven mainly by the
country’s large section of young popula-
tion who depend more on digital services
to choose their insurance policies.
Persisting reliance on traditional methods
will affect the premium. In addition, the
higher commission structure of agents also
affects the profit margins of LIC.
During 2022-23, more than 96 per cent
of LIC’s first-year premium was generated
through agents and insurance advisors.
On the other hand, the major private
insurers -- SBI Life Insurance Company
and HDFC Life Insurance Company -- gen-
erated only 18 per cent and 20 per cent,
respectively, of their business through
agents.
The banking system liquidity
bounced back to surplus mode
after three weeks, the Reserve
Bank of India (RBI) data
showed. This was due to gov-
ernment spending, according
to dealers.
The liquidity situation
could further ease with the dis-
bursement of the last tranche
of incremental cash reserve
ratio (I-CRR) worth ~50,000
crore on Saturday.
As the liquidity improved,
bond market participants
expected the RBI to announce
open market operation (OMO)
of bond sales to suck out
the excess. The market expects
the central bank to sell bonds
worth between ~10,000 crore
and ~15,000 crore in the
auction.
Consequently, traders
squared off their positions by
the end of the trade, leading to
the hardening of the yields.
The yield on the benchmark
10-year government bond set-
tled at 7.38 per cent on
Monday, against 7.34 per cent
on Friday. “The liquidity
200,000
-80,234 -2,761
100,000
0
-100,000
-200,000
Aug 31,’23 Oct 6,’23
*Outstanding including today's operation
Source: Bloomberg, RBI;
Compiled by BS Research Bureau
improved because of the gov-
ernment spending, and roll-
back of I-CRR,” a dealer at a
primary dealers said. “As the
liquidity is in surplus now,
there are expectations the RBI
will come up with a notifica-
tion on OMO. That’s why the
yields rose by the end of the
day,” he said.
Banks parked ~2,760 crore
on Friday, according to the RBI
data. The lenders parked
~5,390 crore and ~9,071 crore
on Saturday and Sunday,
respectively. RBI Governor
Shaktikanta Das had on Friday
said the central bank might
conduct OMOs to mop up
excess liquidity.

India receives 5th set of

Swiss bank account details ~-denominated
India has received a new set of Swiss bank account details of green bonds to
its nationals and organisations as part of an annual
automatic information exchange under which Switzerland pick pace from
has shared particulars of nearly 3.6 milion financial accounts
with 104 countries. This is the fifth such annual exchange of
this FY: Khara
information between Switzerland and India with the Rupee-denominated green
officials saying that the new details shared with Indian bond issuances are likely to
authorities pertain to “hundreds of financial accounts”, pick up from this financial
including many cases of multiple accounts associated with year, following the govern-
some individuals, corporates and trusts.. PTI ment's bond issuance for the
second consecutive year,
State Bank of India Chairman
Dinesh Khara said
Govt may trim spend as it curbs on Monday.
“The rupee-denominated
Budget deficit: Goldman Sachs green bond issuance by cor-
Navy kickstarts Indian Ocean disaster relief exercise
AJAI SHUKLA
New Delhi, 9 October
In December 2004, the Indian Navy’s
humanitarian aid and disaster relief
(HADR) response to the mayhem
caused by the Indian Ocean tsunami
convinced Washington that here was
an ally worth having. In the two dec-
ades since, the Navy has consolidated
the roles of “net security provider” and
“maritime security leader” in the
Indian Ocean — a gigantic oceanic
space that is critical to the trade and
oil flows of every regional state.
In 2015, Prime Minister (PM)
Narendra Modi placed the military on
a higher state of readiness by institut-
ing an annual exercise – the Annual
Joint HADR Exercise (AJHE) – that
tests its response to natural disasters
in one of the most volatile sections of
the world.
The Army, Navy, and Indian Air
Force (IAF) have conducted the exer-
cise in rotation since 2016. The last
edition of the exercise was conducted
at Agra by the IAF. The Navy is hosting
the 2023 edition at Goa from Monday
to Wednesday.
“The 2023 edition would further
synergise efforts at the national level
among all stakeholders, as well as wit-
ness participation from eight countries
of the Indian Ocean Region,” stated the
defence ministry on Monday. Since its
first edition in 2015, the AJHE, named
Exercise Chakravat, has transformed
itself into a multi-agency endeavour
involving participation of all three serv-
ices, paramilitary forces and several
disaster response organisations.
Exercise Chakravat forms a
key component in the Navy's benign
role, as climate change has signifi-
cantly increased vulnerability of the
Indian Ocean Region (IOR) to
natural

The government will probably scale back on its investment

spending in the coming years as it curbs its Budget deficit, said
Goldman Sachs Group, giving the private sector scope to pick up
porates is expected to pick up
from financial year 2024 with
the government kick-starting
issuance of sovereign green
On the right track, but not yet full steam ahead
the slack. With the government planning to cut the fiscal shortfall
by about 1.5 percentage points over the next two years, the rapid
bonds,” he said at the FICCI
ESG Summit. The govern-
Rlys plans infra maintenance He underlined that even the lowest-level staffer
should not hesitate to stop a train if there is even the
pace in capital expenditure growth in the past few years “cannot ment issued ~20,000 crore of two months in advance slightest doubt over safety, and some margin of error
be sustained going forward,” Goldman’s economists said. PTI green bonds in the last finan- in judgment would be allowed in these cases.
cial year, which was part of its DHRUVAKSH SAHA A maintenance block refers to a period of a few
borrowing programme. It will New Delhi, 9 October hours during which train operations are entirely

GST Council to discuss renaming raise another ~20,000 crore

through such bonds in FY24. The Ministry of Railways has achieved partial success
suspended in a specific area. This pause allows for
repair work in electrical equipment, tracks,

compensation cess past Mar ’26 He said India started

The GST Council will decide on the modalities for appropriating the
revenue collected by levying compensation cess on luxury, sin and
demerit goods beyond March 2026, the deadline to repay loans
taken by Centre to compensate states for revenue loss during
Covid, an official said. Compensation cess was initially brought in
for 5 years to make good the revenue shortfall of states following
implementation of the Goods and Services Tax (GST). PTI
green bond issuances in
2014. It has raised ~4,300
crore through green bonds
and has played a crucial role
in increasing the use of
renewable energy, Khara
said. India aspires to become
a net-zero carbon emissions
economy by 2070 and
intends to source 50 per cent
in a crucial safety initiative devised in the aftermath
of the Balasore triple-train accident. It now plans
infrastructure repair works eight weeks (two months)
in advance, marking a departure from the prevalent
practice of piecemeal execution of repair and
maintenance works. This practice has resulted in
numerous systemic deficiencies over the years,
according to senior government officials.
Many of these deficiencies were pointed out by
the Commissioner of Railway Safety in its probe
report after the accident in June, which claimed
reviewed by the board for integrated planning. The
official mentioned that the Japanese rail system
signalling, and civil engineering.
“There was no synchronisation among
contractors, technicians, maintenance staff, and
zonal administrative staff. Each division used to have
its own plans, resulting in delays in crucial safety
works and wastage of manpower,” explained another
official. However, records indicate that progress has
been slower than expected. According to the
ministry’s response to a question in the Lok Sabha on
August 9 — two months after the accident — the
advance maintenance planning system had only

India, Peru to resume FTA of its energy from non-

negotiations from today
India and Peru will hold a two-day virtual special round of
negotiation starting on Tuesday for a trade agreement that aims to
boost trade and investment ties between both countries.
Negotiations for the India-Peru Trade Agreement commenced in
2017 and the fifth round was concluded in August, 2019. However,
the negotiations came to a pause due to the Covid-19 pandemic.
The proposed agreement will also boost cooperation between
both countries, an official statement said on Monday. BS REPORTER
renewable sources by 2030,
Khara said.
“To achieve the short-
term target by 2030, India
will require an annual invest-
ment of roughly $110 billion.
The investment required to
chart the net-zero emission
road map will be much
higher,” Khara said.
AATHIRA VARIER
nearly 300 lives.
“The Rolling Block Programme is showing
impressive progress. We initiated it as a pilot
programme with the modest goal of one week of
forward planning for repair and maintenance.
Initially, integrating all zonal railways into an
integrated block was challenging. However, we have
successfully expanded the scope of the programme to
two months now,” said a senior railway official.
Rolling block planning involves each zonal
railway updating its operational safety work every
week with an eight-week buffer, which is then
operates on a 26-week rolling block system, providing
a model for enhanced safety measures.
For the railways, this approach translates into
safer train operations. Previously, the pressure to
generate higher revenue from freight and passenger
trains often caused hesitation among field officials in
demanding longer or more frequent blocks.
A previous report by Business Standard
highlighted that following the Balasore tragedy, then
Chairman and Chief Executive Officer of Railway
Board, Anil Kumar Lahoti, emphasised in a meeting
with zonal heads that this practice needed to change.
achieved two weeks of forward planning.
Despite the dire consequences of lapses in the
system, many railway divisions had not submitted
their block plans for two weeks even after a month.
The board’s track directorate asked zonal heads to
comply, as around 7 divisions had sent no rolling
block plans for July 10-23. Lahoti had previously
mentioned that the plan would be "watched
seriously". The ministry had earlier stated that the
ultimate goal is to ensure six months of forward
planning on a continuous basis. Officials said no firm
deadline had been set for this plan’s implementation.

> FROM PAGE 1

Markets...
The unprecedented attack on
Israel by Hamas, a Palestinian
militant group which rules the
Gaza Strip, and the subsequent
counter-attack by Israel have
shaken the stability in the
region and made markets tur-
bulent. The death toll on both
sides has crossed 1,300, accord-
ing to news reports. Investors
are worried that the conflict
may snowball into a wider bat-
tle involving Iran. According to
analysts, if Iran gets entangled
in the conflict, it will raise the
already elevated oil prices.
Crude oil prices rose about
4 per cent on Monday, with
Brent crude prices trading
around $88a barrel. Oil prices
had risen to as much as $97 a
barrel late last month, but
showed signs of cooling last
week. Rising crude oil prices are
a major headwind for India, as
more than three-fourths of
India’s crude oil requirements
are met through imports.
“In the Asian equities space,
assuming oil prices surge in the
days ahead, some major Asian
net oil importers like India and
the Philippines may underper-
form,” Nomura strategists,
including Chetan Seth, wrote in
a note. Also, the rupee fell 2
paise to settle at the all-time
closing low of 83.27 against the
US dollar on Monday, tracking
the rise in the dollar index, dea-
lers said. The rupee had settled
at the same level on September
18. Equity markets have been
troubled due to macroeco-
nomic uncertainties in Europe
and China, hawkish central
banks, and selling by FPIs in
emerging markets. The 10-year
US bond yield was trading at 4.8
per cent on Monday. Among
Nifty50 firms, Adani Ports fell
the most at 5.1 per cent.
Net foreign
exchange...
Besides, it believed that the Bill
was being overly flexible in inte-
grating development hubs with
the domestic market, without
any major export obligation for
them. “Upon the revenue
department’s insistence, the
commerce department is ready
to remove some of the earlier
proposed clauses, such as the
exclusion of the concessional
corporate tax provision, and the
continuation of the NFE crite-
rion (among others),” one of the
persons cited above said.
For instance, the commerce
department wanted to do away
with the controversial NFE
earnings as a criterion for the
evaluation of such units since
the government wanted to
make the new law for SEZs
compliant with the World Trade
Organization (WTO) norms.
The finance ministry, on the
other hand, believed that in the
absence of the NFE criterion,
there would be no push for
these units to focus on exports.
Moreover, one of the key ideas
behind setting up SEZs was to
enhance exports. Under the
existing SEZ Act, 2005, units in
SEZs had to achieve positive
NFE earnings, which means
that the value of exports has to
be more than the value of
imports. Such units received
certain subsidies and tax
exemptions from the govern-
ment for having a positive NFE,
which resulted in a dispute at
the WTO with the US four years
ago. Now that the dispute has
been resolved, there is no risk
of continuing with the criterion.
The Bill had proposed freez-
ing the concessional corporate
tax rate of 15 per cent until 2032
for all greenfield and brownfield
units, subject to certain con-
ditions, in these hubs. However,
the finance ministry was not in
favour of offering any tax con-
cessions fearing it could kick-
start a debate of extending the
incentive for companies outside
SEZs. The finance ministry was
also against the clause of allow-
ing units to sell in the domestic
market with duties to be paid
only on imported raw materials
and inputs instead of final pro-
ducts. “One of the key demands
of the industry was that they
should be allowed to sell to
domestic tariff areas/domestic
markets on payment of import
duties on inputs consumed and
not on finished goods. The reve-
nue department was against
this idea. They are on board
now on this,” the person said.
Global deal...
“The negotiation is ongoing. It
has been a long-standing
request from developing coun-
tries, especially India, to con-
sider markets as a predominant
factor for taxation purposes,”
said an official familiar with the
matter. The proposed Pillar 2
solution consists of two compo-
nents. Pillar 1 aims to re-allocate
a portion of non-routine profits
of multinational companies to
the market jurisdictions where
they operate. Pillar 2 aims to
introduce a global minimum
corporate income tax of 15 per
cent. The proposals are esti-
mated to generate $150bn in
additional global tax revenues
annually, according to the
Organization for Economic Co-
operation and Development
(OECD). The second pillar of
Pillar 2 solution calls for the
adoption of a new subject to tax
rule (STTR) and a worldwide
minimum tax. STTR is a treaty-
based regulation that may pro-
tect developing nations’ ability
to tax some intragroup pay-
ments where those payments
are subject to a nominal corpo-
rate income tax that is lower
than the minimum rate.
“The implementation of
both Pillar 1 and Pillar 2 are
going to usher in a new era of
tax regime for global multina-
tionals. While Pillar 1 brings in
a paradigm shift in the erstwhile
principle of taxing profits based
on physical presence to where
customers are located, Pillar 2
tries to achieve a minimum rate
of 15 per cent tax for all jurisdic-
tions and incentivise businesses
to plan operations and struc-
tures driven more by economic
needs rather than tax rates,”
said Parikshit Datta, senior part-
ner at EY India. India has been
pressing G20 nations to take
steps to protect developing
countries from any unintended
consequences due to the pro-
posed global minimum tax
agreement. Nearly one-third of
the participants in the G20
inclusive taxation framework
are from developing nations.
Since October 2021, over 137
jurisdictions have joined the
proposed initiative to secure
their taxation rights amid an
emerging digital and global
economy. Starting in January
2024, multinational companies
will have to comply with Pillar
2 global minimum tax regula-
tions. To facilitate this, the
OECD issued the multilateral
convention on October 3 after
the conclusion of talks on the
>
OECD/G20 Inclusive
Framework in September 2023.
BS SUDOKU #4100
The STTR multilateral
instrument may automatically
apply in current bilateral tax
treaties without requiring bilat-
eral talks. If certain payments
from specific legal entities to
their “connected persons” are
subject to a tax rate below 9 per
cent in the resident's jurisdic-
tion, the STTR allows source
governments to recoup some or
all of its taxing powers.
Nobel Prize...
“You can’t treat an illness with
a medication without knowing
what it is and what causes it,”
she said. “She has provided this
underlying foundation that has
different policy implications in
different countries and differ-
ent contexts around the world.”
Goldin combined innovative
methods in economic history SOLUTION TO #4099
with an economic approach,
demonstrating that the supply Very hard:
and demand for female labour «««««
have historically been Solution tomorrow
influenced by their opportuni-
ties for combining paid work
and a family, decisions relating
to education and childrearing,
HOW TO PLAY
technical innovations such as Fill in the grid so that
the contraceptive pill, laws and every row, every
norms, and the structural trans- column and every 3x3
formation of the economy. box contains
the digits 1 to 9
More on business-standard.com
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 POLITICS & PUBLIC AFFAIRS 7

5 states go to polls from

Nov 7-30, results on Dec 3
CEC talks about flurry of freebies that state govts announce just before polls
GENDER
WOMEN SEATS VOTERS RATIO

VOTERS HOLD
THE KEY

MIZORAM CHHATTISGARH MADHYA RAJASTHAN TELANGANA

Date of polling: n NOVEMBER 7 PRADESH n NOVEMBER 23 n NOVEMBER 30
n NOVEMBER 7 AND 17 n NOVEMBER 17 200 119
40 90 (20
230 52.68 mn 31.73 mn
856,868 seats in
1st phase, 56.14 mn 920 998
1,063 70 in (up from (up from
945 (up
(up from second 914 in 982 in
from 917
1,051 in phase) 2018) 2018)
in 2018)
2018)
20.38 mn
ELECTION IN NUMBERS 6.2 MN FIRST-TIME
1,012 (up VOTERS (18-19 YEARS)
Chief Election from 995 TOTAL 679 161.4 MN
Commissioner ASSEMBLY TOTAL 177,020 POLLING
in 2018)
Rajiv Kumar CONSTITUENCIES VOTERS STATIONS

ARCHIS MOHAN ance (INDIA) bloc. However, its stated that while parties were agencies in Karnataka seized Mphasis Limited
Regd.Office: Bagmane World Technology Centre,
New Delhi, 9 October constituents, such as the Aam free to announce what they ~83 crore worth of cash, drugs, Marathahalli Outer Ring Road, Doddanakhundi Village,
Aadmi Party and Samajwadi would do if they formed the etc, which increased to ~384 Mahadevapura, Bengaluru - 560048

T
he Assembly elections
in three key Hindi heart-
land states of Chhat-
tisgarh, Rajasthan, and
Madhya Pradesh, along with
Telangana and Mizoram, will
be held from November 7 to
November 30, and counting of
votes is scheduled for Dece-
mber 3, the Election Comm-
ission (EC) announced on
Monday.
While Mizoram will go to
polls on November 7, Chhat-
tisgarh will vote in two phases
on November 7 and 17, MP on
November 17, Rajasthan on
November 23, and Telangana
on November 30. The EC said
161.4 million electors, a sixth of
the total, will exercise their
right to vote in the final round
of Assembly polls before the
2024 Lok Sabha elections.
The results of these elec-
tions are thought to indicate
the national mood, especially
of the heartland states, before
the Lok Sabha polls next year.
While the Congress runs
governments in Rajasthan and
Chhattisgarh, the Bharatiya
Janata Party (BJP) is in power
in MP, the Bharat Rashtra
Samithi in Telangana, and the
Mizo National Front, an ally of
the BJP in the National
Democratic Alliance (NDA), in
Mizoram. This will also be the
first round of polls after 26 par-
ties formed the Indian National
Developmental Inclusive Alli-
Party, have decided to field can- government, voters had a right crore in the 2023 Assembly CIN: L30007KA1992PLC025294
Tel: 91 80 6750 1000
didates against ally Congress in to know how and how much polls. In Tripura, such seizures Website: www.mphasis.com
the Hindi heartland states. of their promises would be rose from ~1.79 crore to ~45 email: investor.relations@mphasis.com
Announcing the poll sched- implemented and the dead- crore between the two Asse- NOTICE
ule, Chief Election Com- line, the CEC said. mbly polls in 2018 and 2023, NOTICE is hereby given that the Company has received requests from the below
missioner (CEC) Rajiv Kumar The EC sought to know while it increased from ~27 mentioned shareholder(s) for issue of duplicate share certificate(s) in lieu of the original
ones reported lost, as per details given below:
bemoaned the flurry of freebies from parties the ramifications crore to ~800 crore in Gujarat,
that state governments anno- of their promises on the debt- from ~1.1 crore to ~74 crore in Folio No. Name of the Registered Certificate Distinctive Numbers No. of
Shareholder(s) Number (Both Inclusive) shares
unce barely a month or a fort- to-gross domestic product ratio Meghalaya and ~9 crore to ~59
From To
night before the polls. “There of the state, the amount of debt crore in Himachal Pradesh.
C000875 HAFEEZ SORAB 52698 5269701 5269800 100
is undoubtedly a ‘tadka’ of pop- they would seek, interest pay- On the likelihood of
CONTRACTOR
ulism in these ment to total rev- Assembly polls in Jammu and Joint holder:
announcements,” THE POLL PANEL enue received, Kashmir, the CEC said elec- PEARL HAFEEZ 69173 160144717 160144916 200
Kumar said, HAS REDUCED THE and whether they tions would be held at the CONTRACTOR
adding how it ELECTION PROCESS would breach the “right time” keeping in mind R000183 J K RANGALAKSHMI
becomes difficult DAYS FROM 67 IN Fiscal Respon- the security situation there. Joint Holder:
to either imple- 2018 TO 56 IN 2023 sibility and This year, the EC has B S RAMA RAO 69336 160227317 160228916 1,600
ment or stop such Budget Manage- shrunk the gap between the (Deceased)
R000209 B S RAMA RAO
sops for the winner of the elec- ment targets. The govern- date of announcement of the
(Deceased) 68447 34628675 34629174 500
tions, which is why people had ments were also asked whether election schedule, the dates of
Joint Holder:
a right to know how these free- they would cut allocations to polling, and counting of votes. J K RANGALAKSHMI 69340 160229617 160231616 2,000
bies will be implemented. some schemes to facilitate In 2018, the panel had Any person(s) having objections to the issue of duplicate share certificate(s) in respect of
“(There is) some announce- rolling out of the promised announced the schedule on the aforesaid shares should communicate about the objection to the Company or the
ment in one state and some schemes and whether there October 6 with the counting on Registrars, at the address given below, with necessary proof within 15 days from the date
other announcement in others. will be an extra tax burden on December 11. In 2018, Chhatti- of this Notice, failing which the Company will proceed to consider the application
I don’t know why it is not the people. “The intention sgarh voted in two-phases on for issue of duplicate share certificate(s) in favour of the registered shareholder(s)
remembered for five years, and behind it was to bring every- November 12 and 20, while this and thereafter any objection(s) in this matter will not be entertained from any person(s).
all the announcements are thing into the public domain.” year it is slated for November 7 Further, the share certificate(s) as detailed in the table above shall stand cancelled and
made in the last month or 15 Last year, the EC’s move and 17. Rajasthan went to polls any person(s) dealing with the said share certificate(s) shall be doing solely at his/her/its
days. Anyway, that is the came amid the freebies versus on December 7, while this year risk as to costs and consequences and the Company/Registrars shall not be responsible
for it in anyway.
domain of the state govern- welfare measures debate, whi- its polling is on November 23.
ments,” the CEC said, adding ch Prime Minister Narendra Five years back, Telangana Registrars : Integrated Registry Management Services Pvt Ltd
that the issue was sub-judice Modi dubbed “revdi culture”. went to the polls on December No.30, Ramana Residency, 4th Cross,
Sampige Road, Malleswaram, Bangalore – 560003
and the poll panel would act as Kumar said the EC had 7 and will vote this year on Tel : +91-080-23460815-818
soon as there was more clarity. come up with a technology- November 30. MP voted on Fax: +91-080-23460819
Kumar said that the EC last based mechanism, the Election November 28 in 2018, and will For Mphasis Limited
year formulated a pro forma Seizure Management System, vote on November 17 this year. Sd/-
Place : Bengaluru Subramanian Narayan
for parties and states to to keep a record of the seizures, The most interesting is Date : 10 October 2023 Senior Vice President and Company Secretary
explain how and when the which will be put to use for the Mizoram’s case, which in 2018
promises made by them in first time in these polls. voted on November 28, but will
their poll manifesto would be The CEC said seizures have vote on November 7, and await
implemented. The proforma increased significantly. In 2018, results for nearly four weeks.

BJP fields more LS
MPs in Rajasthan
and Chhattisgarh
ARCHIS MOHAN
New Delhi, 9 October
The Bharatiya Janata Party
(BJP) on Monday announced
it would field six of its sitting
Lok Sabha Members of
Parliament (MPs) from
Rajasthan in the forthcoming
Assembly polls in the state. It
will also field three
Chhattisgarh LS MPs in the
central Indian state. In
Rajasthan, the party
announced its Rajya Sabha MP,
Kirodi Lal Meena, would also
contest from an Assembly seat.
In September, the BJP’s sec-
ond list for Madhya Pradesh
Assembly polls consisted of
seven Lok Sabha MPs from the
state, including three Union
ministers. In Rajasthan, where
it has 24 MPs, and Madhya
Pradesh, with 28 MPs, the BJP
has now fielded at least a
fourth of its sitting LS MPs.
In Chhattisgarh, it has field-
ed four of its nine MPs — three
in the latest list, including
Union Minister of State
Renuka Singh, and its Dhar MP
Vijay Baghel in its previous list
from the state. Vijay Baghel will
contest against Chief Minister
Bhupesh Baghel from the
Patan seat. The BJP has fielded
18 MPs, including four Union
ministers, so far in the three
Hindi heartland states. Most
will contest seats that the BJP
lost five years back.
The BJP released its first list
of 41 candidates for Rajasthan,
which has 200 seats. It listed
six of its 24 LS MPs in
Madhya Pradesh Chief
Minister Shivraj Singh
Chouhan will contest from
his sitting seat of Budhni
Rajasthan, and one RS MP who
will contest the Assembly polls,
including Rajsamand MP Diya
Kumari from Jaipur’s Vidy-
adhar Nagar and Jaipur Rural
MP Rajyavardhan Singh Rat-
hore from Jaipur’s Jhotwara.
The Vidyadhar Nagar seat
is held by BJP MLA Narpat
Singh Rajvi, a five-time MLA
and son-in-law of former vice
president Bhairon Singh
Shekhawat. The remaining 39
seats where the BJP annou-
nced its candidates are ones it
lost in the 2018 Assembly polls.
The BJP also released its
fourth list for the Madhya
Pradesh polls of 57 nominees,
all sitting legislators. The list
has state Chief Minister Shivraj
Singh Chouhan contesting
from his sitting seat of Budhni.
The list has the names of 24
state ministers. The BJP has
declared candidates for 136 of
230 seats with this fourth list.
In its Chhattisgarh list of 64
candidates, former chief min-
ister Raman Singh will contest
Congress
panel backs
nationwide
caste census
The BJP has fielded former
Chhattisgarh chief minister
Raman Singh from his
sitting Rajnandgaon seat
from his sitting Rajnandgaon
seat. Three MPs, including
state unit chief Arun Sao,
Renuka Singh and Gomati Sai,
and two retired Indian
Administrative Service offi-
cers, figured in the list. With
the second list, the BJP has
announced 85 candidates in
the 90-member legislature. In
the list, the BJP has fielded 11
sitting legislators and 13 who
lost in the 2018 polls. In 2018,
the BJP could win only 15 seats.
The BJP has fielded
Chhattisgarhi film star Anuj
Sharma, who recently joined
the party, from Dharsiwa in
Raipur. Ishwar Sahu, whose
son was killed in a communal
clash in April in Bemetara, also
featured in the list. The party
has fielded from Chandrapur
Sanyogita Singh Judev, wife of
former MLA late Yuddhvir
Singh Judev, son of BJP stal-
wart Dilip Singh Judev. Ano-
ther son of Dilip Singh Judev,
Prabal Pratap Singh Judev, has
been fielded from Kota.
The Congress on Monday
upped the ante for a nation-
wide caste census, asserting
it would be a “big, powerful
step” towards emancipation
of the poor, Dalits, and Other
Backward Classes (OBCs),
and Rahul Gandhi saying the
party would force the BJP to
do this or else should "get
out" of the way for it to carry
out the exercise.
A resolution adopted by
the Congress Working
Committee (CWC) promised
that a government led by it
woud conduct a nationwide
caste census and implement
33 per cent reservation for WhiteOak Capital Asset Management Limited
women in the Lok Sabha and (CIN- U65990MH2017PLC294178)
state legislative assemblies at Registered Office: Unit No. B4, 6th Floor, Cnergy, Appasaheb
the earliest, including ade- Marathe Marg, Prabhadevi, Mumbai 400 025.
quate representation for Website: h�ps://mf.whiteoakamc.com Tel. No.: +91(22) 69187607
women belonging to the OBC Fax No.: +91 (22) 69187643 email: clientservice@whiteoakamc.com
community.
Rahul Gandhi called the HOSTING OF HALF-YEARLY STATEMENT OF SCHEME(S) PORTFOLIO OF WHITEOAK CAPITAL MUTUAL FUND (“WOCMF”).
CWC decision “historic”, and NOTICE is hereby given that pursuant to Regula�on 59A of SEBI (Mutual Funds) Regula�ons, 1996 read with Para 5.1 of SEBI
said a caste census is the X- Master Circular on Mutual Funds dated May 19, 2023, the half-yearly statement of scheme(s) por�olio of WOCMF as on
ray of India. September 30, 2023, has been hosted on the website of WOCMF viz h�ps://mf.whiteoakamc.com and AMFI viz
Admitting that it was a www.amfiindia.com respec�vely.
mistake on the
part of the Congress not to Unitholders may accordingly view / download the statements from the website of WOCMF.
conduct a caste census when Unitholders can also submit a request for electronic or physical copy of the half-yearly Por�olio Statement of the scheme of
it was in power, he said: “We WOCMF thereof through the following mode/op�ons:
will accomplish what we
could not achieve earlier. 1. Email: clientservice@whiteoakamc.com
There is a need for this X-ray 2. Toll free number: 1800-3000-3060 (Monday to Friday between 9:00 am to 6:00 pm)
if we have to bring a new par-
adigm for development, 3. Investors can submit a wri�en request le�er to any of the Investor Service Centres (‘ISC') or Official Point of Acceptance
where everyone gets justice." ('OPA') of WOCMF. Investors can visit our website i.e. h�ps://mf.whiteoakamc.com for the updated list of ISC/OPA.
Party chief Mallikarjun
Unit holders are urged to update their email ID and mobile numbers to help us serve be�er.
Kharge also raised the
demand for conducting a For WhiteOak Capital Asset Management Limited
nationwide caste census to (formerly known as YES Asset Management (India) Limited)
ensure social justice and (Investment Manager for WhiteOak Capital Mutual Fund)
rights to SCs, STs and OBCs
Sd/- Date : Oct 09, 2023
in accordance with their pop-
Authorised Signatory Place : Mumbai
ulation, while noting that the
BJP is silent on this. PTI Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
8 WORLD
>
OUR RESPONSE WILL ‘CHANGE WEST ASIA’, SAYS NETANYAHU; IRAN HELPED PLOT ATTACK OVER SEVERAL WEEKS: WSJ
No electricity, food, fuel, and water:
Israel orders ‘complete Gaza siege’
ISRAEL: HAVE REGAINED CONTROL 1,300 HAMAS TARGETS HIT
OF COMMUNITIES NEAR GAZA IN OVERNIGHT STRIKES
Smoke rises near damaged buildings following Israeli strikes in Gaza, on Monday
AGENCIES
9 October
ATTACKS (BY HAMAS) ARE A SERIOUS
I
srael’s defence minister Yoav Gallant on
AND GRAVE ESCALATION
UAE foreign ministry
Monday ordered a “complete siege” of the
Hamas-ruled Gaza Strip, two days after shock
attacks by the militant group killed more than
700 Israelis, including soldiers.
The Israeli military said it had called up an
unprecedented 300,000 reservists and was imposing
(URGE BOTH SIDES TO) EXERCISE a total blockade of the Gaza Strip, signs it could be
MAXIMUM RESTRAINT AND AVOID planning a ground assault there to defeat Hamas.
Israel’s response to the unprecedented surprise
EXPOSING CIVILIANS TO FURTHER RISKS attack by Hamas from the Gaza Strip will “change
Egyptian Foreign Ministry the West Asia,” the country's prime minister
Benjamin Netanyahu said.
Israeli troops have reasserted control over all
towns bordering the Gaza Strip which were attacked
by Hamas terrorists over the weekend, a spokes-
person for Israel’s military said Monday.
Gallant is currently conducting an operational
assessment at IDF (Israel Defence Forces) Southern
Command, together with the Head of Southern
Command Maj-Gen Yaron Finkelman.
“I have given an order — Gaza will be under com-
plete siege. There will be no electricity, food or fuel
[delivered to Gaza]. We are fighting barbaric [terror-
ists] and will respond accordingly,” Gallant said.
Gaza depends on Israel largely for its basic
“THE SCENES WE HAVE SEEN IN ISRAEL ARE supplies and such a decision will have far-reaching
consequences for 2.3 million people living in the
TRULY HORRIFYING. I SPOKE TO THE PM TO densely populated area.
ASSURE HIM OF UK’S STEADFAST SUPPORT. More than 100 Israelis, old, young and children
have been taken captive by Hamas and Islamic Jihad
TERRORISM WILL NOT PREVAIL” in the attack which started on Saturday.
RISHI SUNAK, UK PM Iranian security officials helped plan Hamas’s
Saturday surprise attack on Israel and gave the green
light for the assault at a meeting in Beirut last
Monday, according to senior members of Hamas and
Hezbollah, another Iran-backed militant group, the
Wall Street Journal reported.
After more than 50 hours of firefight, the Israeli
AT A GLANCE
n Hamas claims four output, says will
army claimed that it has regained control of all Gaza
border towns, but said that some militants who infil-
trated may be remaining around.
hostages were offset with other
killed by Israeli air
strikes
fuel sources
Israel has imposed various levels of blockade on
Gaza since Hamas seized power from rival
Palestinian forces in 2007.
nIsrael mobilising
The Israeli army said it hit more than 1,300 targets
n Kremlin says high 300,000 reservists in the blockaded and impoverished Gaza Strip in
risk of third-party in largest ever overnight clashes, while fighting persisted in seven
involvement in call-up to eight locations inside Israel around the enclave.
Israeli conflict Israel's port of Ashkelon and its oil terminal have
n9 US citizens dead
been shut in the wake of the conflict between Israel
n UN says school hit in Israel conflict, US
and Islamist group Hamas, shipping and trade
during Israeli strikes National Security sources said on Monday. The port is located just over
on Gaza, no Council confirms 10 kilometres from the border with the Gaza Strip.
casualties “Over 123,538 people, have been internally dis-
nGoldman Sachs,
nIsrael suspends JPMorgan tell staff placed in Gaza, mostly due to fear, protection con-
Tamar gas field to work from home cerns and the destruction of their homes," said the
UN’s humanitarian agency, OCHA, with more than
73,000 sheltering in schools.
IN BRIEF
With eye on US, China targets
50% rise in computing power
China aims to boost the country’s aggregate computing including the Ministry of Industry and Information
power by more than 50 per cent by 2025, according to a Technology (MIIT), has set a target for China’s total
plan released by authorities on Monday, as Beijing computing power to reach 300 EFLOPS by 2025. EFLOPS,
tightens its focus on supercomputing and equal to one quintillion floating-point operations
artificial intelligence innovations.The plan per second, measures a computer’s speed. The
comes amid rising competition between MIIT revealed in August that China’s computing
China and the US in many high-tech areas power has reached 197 EFLOPS this year, up
ranging from semiconductors and from 180 EFLOPS in 2022. The ministry said it
supercomputers to AI, including US export ranks China as second behind the United States,
controls on chipmaking equipment. but did not elaborate on the scale of the US
The plan, released by six departments in Beijing computing power it referenced. REUTERS
DISCLAIMER News reports and feature articles in Business Standard seek to present an unbiased picture of developments in the markets, the corporate world and the government. Actual developments can turn out to be different owing to circumstances beyond Business Standard’s control and knowledge. Business Standard
does not take any responsibility for investment or business decisions taken by readers on the basis of reports and articles published in the newspaper. Readers are expected to form their own judgement. Business Standard does not associate itself with or stand by the contents of any of the advertisements accepted in good
faith and published by it. Any claim related to the advertisements should be directed to the advertisers concerned. Unless explicitly stated otherwise, all rights reserved by M/s Business Standard Pvt Ltd. Any printing, publication, reproduction, transmission or re-dissemination of the contents, in any form or by any means,
is prohibited without the prior written consent of M/s Business Standard Pvt Ltd. Any such prohibited and unauthorised act by any person/legal entity shall invite civil and criminal liabilities. Journalists and editors working in Business Standard do not contribute to and are not associated with features and articles appearing
in this newspaper under sections classified as Advertorial or Brand post. Such articles are to be treated as paid-for advertisements. Some of the reports in this newspaper and its website may have gone through preliminary processing by artificial intelligence tools before a final edit check.
NEW DELHI | TUESDAY, 10 OCTOBER 2023
MORE THAN 123,000 PEOPLE
DISPLACED IN GAZA STRIP, SAYS UN
ON THE MAP
Tel Aviv
Mediterranean Sea
ISRAEL
Netiv HaAsara
GAZA Sderot WEST BANK
Nahal Oz
GAZA Kibbutz Be’eri
STRIP Kibbutz Re’im
Ofakim
Be'er Sheva
Kerem Shalom
Evacuated towns
Towns infiltrated by Hamas militants on October 7
Rocket sirens on October 7
The map shows where Hamas militants attacked Israel, prompted evacuations
Sources: Israel military, staff reports
Note: List of places where rocket sirens were heard is not exhaustive
PHOTO: REUTERS
EU COMMISSION SUSPENDS ‘ALL PAYMENTS
IMMEDIATELY’ TO PALESTINIANS
The European Commission said on Monday it million people need humanitarian assistance,
was putting all of its development aid for among them 1 million children. It is unclear
Palestinians, worth € 691 million ($729 million), whether the suspensions in development aid
under review and immediately suspending all will also apply to such assistance.
payments following Hamas’ attack on Israel. The commission did not immediately
Germany and Austria earlier on Monday said respond to a request to clarify this.
they were suspending bilateral development aid “The scale of terror and brutality against
to Palestinians, while others such as Italy had Israel and its people is a turning point,” Oliver
said suspending aid was not up for discussion. Varhelyi, the European Commissioner for
Europe is one of the main sources of aid to the
Israeli-occupied Palestinian territories where
Neighbourhood and Enlargement, said in a post
on social media. “There can be no business
the United Nations estimates that around 2.1 as usual.” REUTERS
Schumer confronts Xi
on Israel-Hamas stance
President Xi Jinping’s first meeting with US
congressional leaders in eight years was
infused with tension, as the Chinese
leader was confronted over his nation’s
failure to condemn Hamas’ incursion into
Israel. “I urge you and the Chinese people
to stand with the Israeli people and
condemn the cowardly and vicious
attacks upon them,” Senate Majority
Leader Chuck Schumer told Xi Monday.
Xi did not address the weekend’s surprise
US Senate Majority Leader Chuck Schumer (left) with China escalation of violence in the Middle East
Prez Xi Jinping at the Great Hall of the People in Beijing in his opening statement. BLOOMBERG
Bank of Israel to sell up to $45 bn
of forex to stabilise shekel
REUTERS
9 October
The shekel had already weakened by 10
per cent so far in 2023 to a rate of 3.86 per dollar on
political turmoil, and on the heels of what is
The Bank of Israel said on Monday it will sell up to expected to be a long war with Hamas in Gaza the
$30 billion of foreign currency in the open shekel was set to depreciate sharply.
market, the central bank’s first ever sale of foreign The central bank also said it would provide
exchange, to maintain stability during the war liquidity through swap mechanisms in the
with Palestinian militants in Gaza. market of up to $15 billion.
The shekel fell 2.7 per cent versus the dollar to “The Bank of Israel will continue monitoring
3.945 — its lowest since early 2016 — after the developments, tracking all the markets, and
announcement. acting with the tools available to it as necessary,” it
“We are in an unprecedented security said.
situation, and our estimate was that the market Benita said there were no plans at this time to
could get to a situation of divergence without the sell more than $30 billion of forex and that the
announcement of our intervention,” Golan high level of reserves allowed the central bank
Benita, head of the Bank of Israel's markets room to support the economy in times of
department, told a news conference. emergency.
HSBC buys Citigroup’s US planning crackdown on Russian
$3.6 billion China retail
assets in expansion
G7 oil sanctions evasion, says Yellen
Treasury Secretary Janet Yellen said the US is
Citigroup said on Monday it had agreed to sell
its China consumer wealth portfolio, including
clients, assets under management (AUM) and
preparing to crack down on evasion of
the Group of Seven’s price cap on
Russian oil, as recent market prices
deposits, to Asia-focused HSBC Holdings. The signal that the mechanism may no
deal covers total deposits and investment AUMs longer be working as hoped. In an
of about $3.6 billion, and is expected to close in interview with the Wall Street Journal,
the first half of 2024. Financial details of the Yellen said the US is “looking at
transaction were not disclosed. “Today’s enforcement very carefully and we
announcement progresses the wind-down of want to make sure that
Citi’s consumer banking business in China, market participants are
which was announced in December 2022,” the aware we take this price
bank said.Citi first announced its plan to exit cap seriously, and, to the
China consumer banking in April 2021 as part of extent Western services
a global strategy revamp. REUTERS are used, we mean
Hostage-prisoner
swap: Qatar
offers to mediate
Qatari mediators have held urgent calls to try
to negotiate freedom for Israeli women and
children seized by the militant group and
held in Gaza in exchange for the release of
36 Palestinian women and children from
Israel’s prisons. Qatar’s foreign ministry
confirmed to Reuters its involvement in
mediation talks with Hamas and Israeli
officials, including over a possible prisoner
swap. The ongoing negotiations, which
Qatar has been conducting in coordination
with the United States since Saturday night,
are “moving positively” said the source,
who has been briefed on them. REUTERS
lll
Israel’s tech
Jerusalem sector could
face disruptions
Tech companies operating in Israel are
expected to fortify security as they could
face disruptions, said investors and
analysts, after Hamas gunmen from Gaza
killed hundreds of Israelis and abducted an
unknown number of others. High-tech
industries have for a few decades been the
fastest growing sector in Israel and crucial
for economic growth, accounting for 14 per
cent of jobs and almost a fifth of gross
domestic product. Nvidia said it had
canceled an AI summit scheduled for
Tel Aviv next week. BLOOMBERG
HUMAN COST
GAZA
n KILLED: At least 560
n INJURED: At least 2,900
OCCUPIED WEST BANK
n KILLED: At least 16
n INJURED: At least 80
ISRAEL
n KILLED: At least 800
n INJURED: At least 2,243
The figures have been reported by the
Palestinian health ministry, Palestine Red
Crescent Society and Israeli Medical Services
Several airlines
suspend flights
to, from Tel Aviv
Major international air carriers have
suspended or reined in flight services to or
from Tel Aviv after a surprise attack by Hamas
militants on Israel, saying they were waiting
for safety conditions to improve. Israel’s
national carrier El Al was the exception,
adding more flights to bring reservists back
from around the world to assist in the
country’s biggest mobilisation in history.
Regulators including the US’ Federal Aviation
Administration, the EU Aviation Safety Agency
and Israel’s aviation authority urged airlines
to use caution in the region’s airspace, but
stopped short of suspending flights. REUTERS
lll
Need ‘emergency
govt’, says Israeli
Oppn leader
Setting aside their differences, top Israeli
leaders have discussed the possibility of
forming an emergency national unity
government to deal with the complex
situation. Israeli Prime Minister Benjamin
Netanyahu and opposition leaders Yair
Lapid and Benny Gantz discussed the
possibility of joining Netanyahu’s
government because of the emergency
created by the infiltration, Ha'aretz
newspaper reported. “There is going to be a
military operation, incursion is not out of the
question because we have to make sure this
does not happen again," he said. AGENCIES
business about abiding by the cap.
” The oil-price cap and its enforcement are
expected to be on the agenda in talks
between Yellen and her fellow G-7 finance
chiefs in Marrakesh, Morocco, this week —
on the sidelines of an annual gathering of the
World Bank and IMF. In a separate interview
with the Financial Times, Yellen said the recent
surge in bond yields has not created
dysfunction in US financial markets.
“I haven’t seen any evidence of
dysfunction in connection
with the increase in interest
rates,” Yellen said.
BLOOMBERG
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume XXX Number 151 ILLUSTRATION: BINAY SINHA

The CCTS gives a pivotal oversight and regulatory

NEW DELHI | TUESDAY, 10 OCTOBER 2023 role to the MoP. This is perhaps justified on two
counts. One, the energy sector in India, like any-
An atrocity in Israel where in the world, contributes to a major chunk of
the total GHG emissions. Two, the Bee has the expe-
rience of administering the “perform achieve and
The inevitable escalation must be controlled trade” (Pat) scheme, which involves the issuance
and trading of energy saving certificates (ESCs).

T
he unprecedented incursion into southern Israel by Gaza-based
Palestinian militant group Hamas has shocked the world. It is still uncer- Then, the Cerc has been regulating the trading of
ESCs and renewable energy certificates (RECs). The
tain how many Israelis (and those of other nationalities) have been killed learnings from running these schemes would be
and how many are still being held hostage. The number for the former is likely helpful in implementing CCTS.
in the hundreds. For a small country, the toll will be grievous. Some have pointed The Pat scheme has been in operation for over a
out that this will likely be the largest number of Jewish people killed in a single decade. The demand-supply mismatch has proven
day since the Holocaust. Israeli administrations have traditionally believed in to be one of the stumbling blocks. It has been a buy-

Trading for a
providing a disproportionate response to terrorist acts committed by Palestinian ers’ market. Over-supply of ESCs, miss-priced allo-
cations of certificates, restricting participation to
militants; there is every reason to fear that the besieged, blockaded, and disen-
only designated consumers, and limited trading
franchised people of the crowded Gaza Strip will be subjected to a humanitarian period have been the problem areas.
catastrophe following Hamas’ actions. As for the RECs’ market, the demand comes from

greener tomorrow
The primary responsibility for the mass murder and kidnapping of civilians the entities obligated to purchase a certain propor-
must be with the perpetrators. Hamas long ago chose to retain its maximalist tion of electricity from renewable sources in accor-
and terrorist vision for the Palestinian liberation struggle, as compared to other dance with their RPO targets — for example, dis-
factions. Even in an open war, this would count as a brutal and counter-productive coms, open access consumers, and captive power
producers. The demand for RECs has remained mut-
war crime. But there is enough blame to spread around. The Israeli government,
ed for various reasons, including on account of poor
led by right-wing populist Benjamin Netanyahu, must shoulder a great share of The way forward to meet the nationally determined enforcement of RPO obligations.
it. Mr Netanyahu, to appease his hyper-nationalist and fundamentalist coalition
partners, has picked fights with the Israeli military and intelligence services. He
contributions is a well-regulated domestic emission The CCTS notification states that the obligated
entities will also be required to meet any other tar-
has pushed Palestinians into a corner and denied them any hope of a two-state trading mechanism gets, such as the use of non-fossil-based energy or
solution. The latter acts will have pushed Hamas into this spectacular act of ter- reduction of specific energy consumption as may

T
rorism; and the former may well have contributed to the intelligence and military he Government of India has taken a welcome
step by notifying the Carbon Credit Trading
failures that allowed the militants to penetrate dozens of kilometres into Israel
Scheme (CCTS) in June under the Energy
for hours without warning or a military response on the ground. Conservation Act, 2001.
The United States, as Israel’s security guarantor, has chosen to ignore the The scheme entails driving the market by setting
rights of the Palestinians for decades now, and has not bothered to rein in Mr greenhouse gas (GHG) emission intensity reduction
Netanyahu’s excesses. Iran, which Hamas has said helped in the commission of targets for entities in selected sectors. The entities
this atrocity, continues to show itself to be unfit for the role of regional hegemon that exceed the set targets will be issued carbon
credit certificates, while those failing to achieve the
to which it aspires. And other regional powers, from India to Saudi Arabia to
targets can meet the shortfall by purchasing these
Turkey, have been shown the limits of a regional agenda that focuses on normal- certificates from the market. Each carbon credit cer-
ising relations with Israel without at all addressing the rights of the Palestinians. tificate will be equivalent to one tonne of CO2e (car-
The focus now must be on preventing an escalation of this conflict. Some bon dioxide equivalent). The scheme
response into Gaza is inevitable. But a wider conflagration that draws in Lebanon aims to develop a well-functioning
or even Iran must be avoided. India too has a stake in ensuring that a semblance regulated domestic carbon credit
of stability returns to the region in short order. Not only is the price of oil already trading market, with transparent
price discovery. This aligns with
above the comfort zone for India, but it has just announced participation in
India’s goal of achieving its updated
grand infrastructure schemes in West Asia. The India-Middle East-Europe nationally determined contributions
Corridor, or IMEC, depends on secure ground links between ports in the United (NDCs) commitment by 2030, and
Arab Emirates and ports in Israel. A breakdown in relations between the Arab becoming net-zero by 2070.
states and Israel or a prolonged conflict on Israel’s borders will render such plans The agencies/authorities involved
inoperable. India must retain a balanced and agile approach to the immediate in planning, administrating and reg-
problem, while also retaining a long-term perspective. There will be no peace to ulating the scheme include the AJAY TYAGI
Ministry of Power (MoP), and the
India’s west unless both Israel and the Palestinians compromise.
Ministry of Environment, Forests and Climate
Change (MoEF&CC) for oversight; the Bureau of
Energy Efficiency (Bee) for administering the
Tragedy in Sikkim scheme and formulating the targets for the obli-
gated entities under the scheme; the Grid Controller
of India for registering the obligated entities and
The catastrophe underlines big dam weaknesses maintaining the record of transactions amongst
them; and the Central Electricity Regulatory
The position changed in the 21st Conference of
Parties (CoP) meeting at Paris in 2015, which came
out with the Paris agreement to replace the Kyoto
protocol effective from 2020. The Paris agreement,
while acknowledging the principle of common but
differentiated responsibilities based on respective
capabilities, moves away from legally binding targets
only for developed countries. Instead, it relies on a
consensual mechanism in which all countries, devel-
oped and developing, are expected to declare intend-
ed NDCs every five years beginning 2020 (countries
could revise their commitments but only upwards).
The effectiveness of the Paris agree-
ment is based on the premise of
“naming and shaming” principle.
The Kyoto protocol defined inter-
national emissions trading, which
Annex-1 countries could use to meet
their targets. While emissions trad-
ing did pick up after the ratification
of the Kyoto protocol (2005) in the
EU and some other developed juris-
dictions, it was virtually a non-starter
in the developing world. However,
many projects in these countries
(including India) have been participating in the vol-
untary global carbon credit market.
Now, in the changed scenario after the Paris agree-
ment, when each country has virtually been left to
fend for itself, the option of establishing a well-regu-
lated domestic emission trading mechanism with
proper guardrail, to meet the NDC commitments
needs to be seriously considered by all jurisdictions.
be notified by the MoP. This would lead to fragmen-
tation in the carbon market, which is not desirable.
Instead, the markets for ESCs and RECs should be
subsumed in and made fungible with the carbon
credit market. The participants in these markets
should move to CCTS. The measurement unit should
be uniform, and in terms of tonnes of CO2e.
The CCTS notification is an overarching frame-
work. Much detailing needs to be done for the scheme
to take off. For instance, questions remain about
which sectors are to be covered (obligated entities)
under the scheme, and the criteria for selecting such
sectors (entities); the methodology for dis-aggregating
the overall national level NDC GHG emission targets
at the sectoral and entity level; the envisaged mech-
anism for monitoring, reporting and verifying GHG
emissions; and the criteria for issuing carbon credit
certificates, including their validity period.
Some suggestions may be in order. Unlike the
trading markets for ESCs and RECs, the category of
eligible participants should be increased for CCTS,
including financial institutions, banks, and traders,
to provide liquidity and help in better price discov-
ery. Going forward, futures trading in carbon credits
may be allowed on commodity derivatives trading
exchanges regulated by the market regulator.
Gradually, the scheme may extend its scope to
covering GHG emissions from sources/activities
beyond the energy and industry sector to include
agriculture, forestry and land use, transportation,
airlines, waste management, and carbon capture
and storage. Foreign entities’ participation, leading
to carbon credits export, shouldn’t be allowed until

G
lobal warming and big dams are literally proving to be a deadly combination,
Commission (Cerc) for regulating the trading of car- The CCTS should be seen in this backdrop. Carbon we are reasonably confident of meeting our own
especially in the Himalayas, as the recent tragedy in Sikkim has demonstrated.
bon credit certificates. credit trading is a market-based mechanism rooted NDC commitments. In fact, till then, the projects
With a death toll of 82 and rising, this disaster is the third of its kind in the The Kyoto protocol, with an overall commitment in the sound economic concept of differential marginal located in India should not be allowed to participate
past 10 years, involving heavy rain, glacial melt, and the failure of dams to period from 2008 to 2020, mandated only the Annex- costs faced by different entities in reducing the carbon in the voluntary global carbon credit market. The
control catastrophic flooding as a result. In 2013 and 2021, heavy rain precipitated glacial 1 countries (developed countries) to reduce their intensity of their productions. The framework is likely CCTS should be operationalised at the earliest.
melting in the upper reaches of fast-flowing Himalayan rivers, sending enormous emissions according to quantified targets. The other to facilitate investments in emissions reduction tech-
amounts of water tumbling downstream without warning, killing people and livestock participating countries agreed to reduce emissions nologies, projects, and processes towards accelerated The writer is a distinguished fellow at ORF, and former
but with no targets. de-carbonisation of the Indian economy. chairman of Sebi
and destroying properties worth thousands of crores in their wake in Uttarakhand. The
disaster in Sikkim is no different, highlighting not just the failure of big dams but also
poor coordination between disaster management systems in which satellite imagery

Safeguarding ‘safe’ US govt bonds

that recorded a glacial lake outburst flood (Glof) could have been communicated down-
stream. The glacial lake burst its banks and flooded into the Teesta river, picking up
debris along the way and ramming into the Teesta-III hydropower project, destroying a
dam that directed water to this project and damaging large parts of the power project
No major institution in the US has so poor a record of adopted the policy of what may be called very low interest rates for borrowing for real investment are
itself. In a matter of hours, the Teesta, which had been flowing below the danger mark,
performance over so long a period as the Federal administered interest rates. This policy entailed increased to substantially high levels.
burst its banks, tumbling downstream to small towns and an army settlement. Reserve, yet so high a public reputation. excess demand for funds, and so the Fed issued We see that under the proposed policy, the inter-
The tragedy confirmed the worst fears of local activists who have been – Milton Friedman (1988) more money. And, recently the Fed is maintaining est rates observed in the market are not far away
protesting against the plethora of hydro projects along the Teesta, which is said interest rates at very high levels, where the demand from the normal levels over an economic cycle; it is

T
to be one of the most dammed rivers in India. According to NHPC, some 47 he default risk on the US government bonds for funds is low relative to the prevailing supply. So, only the effective rates for borrowers for real invest-
hydropower projects are under development along the Teesta in Sikkim and may be small, but the interest rate risk is huge. the Fed is absorbing the excess money. The concern ment that vary considerably. In contrast, under the
West Bengal. Of those, nine have been commissioned, 15 are being constructed, The 10-year US Treasury bond yield touched here is that the interest rates have been varied con- actual Fed policy, there is only one set of interest
4.87 per cent in early October 2023, up from a low of siderably over time. rates. These are varied considerably over an eco-
and 28 are in the planning stage. The Teesta-III project, built by the state gov-
about 0.5 per cent in 2020. Relatedly, Next, consider the proposed pol- nomic cycle, and the path of the rates can be uncer-
ernment in public-private partnership mode, is the biggest run-of-the-river some 10-year “safe” US government icy. Surprising as it may sound, the tain, long-drawn, and messy. It follows that the inter-
hydroelectric project in Sikkim. Big dams pose a greater threat to lives and liveli- bonds slumped by 46 per cent! Treasury can intervene instead of est rate risk is very high under the actual policy but
hoods for several reasons. Rising temperatures are causing heavier and more It is interesting that much of the the Fed to set interest rates right. not under the proposed policy. The very high interest
unpredictable rainfall patterns and, therefore, the higher risk of incidents such interest rate risk is not due to the The Treasury can act in this matter rate risk at present is man-made; it can be reduced
as Glofs. The building of hydropower projects adds to the problem by disturbing market; it is due to the public author- on the advice of an independent substantially by a fresh policy.
the fragility of the Himalayan ecosystem, not least with the failure to follow safe ities. The focus here is on the Fed. advisory body. As seen earlier, the actual policy in a recession is
After 2021, the Fed started raising In a recession, the Treasury can blunt; it allows low-cost borrowing for all purposes.
engineering norms, and the indiscriminate dumping of construction debris interest rates to deal with high infla- restore the demand for funds by In contrast, the proposed policy is well-targeted,
along river beds, which blocks natural drainage channels, a problem that caused tion. This was finally a clear reversal giving a subsidy to reduce the effec- offering low-cost borrowing for real investment only.
floods and landslides in Himachal Pradesh recently. of the earlier policy in the aftermath tive interest cost incurred in mak- It may be argued that the proposed subsidy in a
Down from the Himalayas and along India’s lowlands, too, big dams are of the Great Recession around the ing real investments only (Warren recession may be misused. This is not easy, at least
becoming hazardous in also their inability to manage the impact of heavy rain. year 2007, when the Fed started GURBACHAN SINGH Buffett cannot borrow at sub- not in the US. Even if there is some so-called misuse
In 2019, in Karnataka and Maharashtra, for instance, floods were caused by the reducing interest rates. The Fed has sidised rates to invest in stocks). under the proposed policy, this is no different from
varied the interest rates massively over time. Is an This policy shifts the demand for funds upwards, what is considered normal use under the actual pol-
failure of dam administrators to calibrate water release in reservoirs to account
alternative policy possible? Yes. and so the interest rates observed in the market icy. So, the proposed policy is superior, even if there
for heavier rainfall. As a result, when reservoirs start to overflow, dam operators To begin with, note that during a recession, the move up towards the normal levels from the low is some so-called misuse.
release far larger quantities of water, causing flooding instead of welcome irri- demand for funds shifts downwards, and during a free-market levels. This happens while the effective To conclude, the actual Fed policy may work well
gation for farmers downstream. As with the Himalayas and Glof formations, boom, recovery, or inflation, it increases compared (net of subsidy) interest rates for borrowing for giv- for macroeconomic stability but it has a big adverse
there is no coordination with the India Meteorological Department to anticipate to normal times. So, relative to normal levels, inter- ing a push to spending in the economy can be side-effect for “safe” US government bonds and oth-
heavy rain and calibrate water releases accordingly. Most dam operators focus est rates in a hypothetical and benchmark free reduced to substantially low levels. er assets. In contrast, the proposed Treasury policy
on keeping reservoirs full rather than following international practices on regu- market would have been somewhat low in a reces- In an unhealthy boom or inflationary times, the can work well for macroeconomic stability and asset
sion, and high in a boom or strong recovery. Now, proposed policy is to do the opposite. A tax can shift price stability.
lating the filling and emptying of dams in accordance with rainfall patterns. All
let us discuss a policy correction, presented here the demand for funds downwards, and so the inter-
these tragedies point to an urgent need to review big dam management policies in a simplified version. est rates observed in the market move down towards The writer is an independent economist. He has taught at
in the light of climate change. First, consider the actual and familiar policy. To the normal levels from the high free-market levels. Ashoka University, ISI, and JNU.
restore the demand for funds after 2007, the Fed This happens even as the effective (inclusive of tax) gurbachan.arti@gmail.com

An insider’s tell-all tales
But unlike the other finance
secretaries, Mr Garg has chosen to
recount in detail what, in his view,
caused his sudden exit from North
Block. Usually, civil servants refrain
from such explanations. Even if they do,
BOOK REVIEW those disclosures take place after
several years. Mr Garg, however, has
A K BHATTACHARYA written this reveal-all book in just about
four years of his exit from government.
retirement even as he received his
transfer order.
Mr Garg’s departure from the
finance ministry also seemed to have
been hastened by his uncompromising
stance as the member of the expert
committee to decide the economic
capital framework for the Reserve Bank
of India (RBI). The author insisted on a
formula that would provide a higher
book reveals for the first time how the
relationship soured and the
circumstances under which her written
Budget speech of 2019 became one of
the longest even as it failed to mention
the fiscal deficit target for 2019-20.
Similarly, the RBI Governor Urjit
Patel’s growing unease with the
government leading to his resignation
almost a year before his three-year
tenure ended was
also no secret. What
Mr Garg’s book
reveals was how the
assignments that the author undertook
after joining the finance ministry in July
2017 was to ward off pressure from the
PMO to junk the second volume of the
Economic Survey for 2016-17, which was
due to be presented in the monsoon
session of Parliament in 2017. The PMO
believed that the Survey had expressed
some views that the government was not
comfortable with. Mr Garg succeeded in
toning down the
We Also Make content without
Policy losing the focus of the
Author: Subhash Survey. Even in
manner that would establish the author
as an accomplished storyteller.
There are many such engrossing
anecdotes recounted here that will
undoubtedly whet the appetite of those
hungry to know more about what goes
on behind closed-door meetings or in
the corridors of power. But there are at
least two caveats. One, his narrative
ignores how and under what
circumstances the Budgets during his
tenure projected unrealistic revenue
numbers and sought greater recourse to
off-budget borrowings, which

T
here are a handful of finance sec-
retaries of the Union government
who have suffered their tenures
being cut short unceremoniously.
Subhash Chandra Garg is one of them.
In July 2019, he was transferred to the
power ministry within days of the Union
Budget being presented.
Like the transfers of Piyush Mankad
to the ministry of industry in 2000 and
of Arvind Mayaram to the ministry of
minority affairs in 2014, Mr Garg’s
transfer was seen as a sign of his falling
out of favour with the government. Not
surprisingly, Mr Garg had decided to
seek voluntary retirement more than a
year before he was due for
superannuation.
That makes it an almost unique exercise
by any retired civil servant.
His narrative on the developments
that led to his transfer from the finance
ministry suggests that it was not just a
case of Finance Minister Nirmala
Sitharaman having little confidence in
him; his equation with the Prime
Minister’s Office (PMO) and the Prime
Minister had turned a little sour, too. As
a senior PMO official put it, “We cannot
change the finance minister. Therefore,
you [Subhash Garg] will have to make
way.” According to Mr Garg, he had
already begun mulling the idea of
taking voluntary retirement and that
conversation led to his decision to dash
off the letter seeking premature
share of RBI’s profits to be transferred to
the government, a view with which
other committee members did not
agree. His decision to insist on a dissent
note also upset the finance minister and
PMO officials. The stalemate could be
resolved only after Mr Garg was shifted
out of the finance ministry.
Written with clarity, this memoir
does not pull punches while focusing on
the author’s stint in the finance
ministry of about two years. In the
process, it reveals details of
developments within the government
that have so far remained under wraps
for obvious reasons. For instance, Mr
Garg’s frosty relationship with the
finance minister was no secret. But his
Prime Minister was Chandra Garg Budget-making, Mr undermined the credibility of fiscal
upset with the RBI Garg’s book shows, numbers. Even his rendering of what
governor at a Publisher: the space available to the Shankar Acharya Committee had
meeting in the PMO HarperCollins the finance ministry recommended on changing the
to take stock of the Pages: 494+XXIV for framing proposals financial year appears to be imprecise.
Indian economy. independently And the second caveat is that Mr Garg’s
The author notes Price: ~799 appears to have narrative appears to be a reflection of his
that the RBI shrunk by a perspective and his personality.
governor also took a significant margin. It could be argued that the
tough line on insisting that the electoral Mr Garg also relates with remarkable perspective of the finance minister, the
bonds should be issued by the central candour the inside stories of how the RBI governor or the PMO officials on all
bank through digital mode, defeating in government went about tackling the the issues that Mr Garg outlines may not
his view the main purpose of hiding the collapse of Infrastructure Leasing & be similar. Perhaps one has to wait for
identity of the donors. Financial Services (IL&FS), how the similar narratives from them in the days
Mr Garg’s book also brings out pace of privatisation slowed and how a to come. The sooner they come, the
eloquently the kind of pressure that the novel but controversial way was found better for observers of policymaking to
PMO puts on the finance ministry in to recapitalise banks. All these conclude how precisely these
Budget-making. One of the first developments have been outlined in a momentous developments took place.
 QUICK TAKE: VALUATION HURDLE FOR TRENT “It’s sort of tricky to call the market at this

The Smart point because the external environment

Investor
(Share price in ~) The stock of Trent is down 3.4 per cent over the last nine has been complicated. There
trading sessions. HDFC Securities is bullish on the firm are pluses and minuses, so for
a trader, he or she may find it
given its disciplined working capital management and a little difficult to trade the
NEW DELHI | well-capitalised balance sheet. However, its heady valuation overall index”
TUESDAY, 10 OCTOBER 2023 of 77 times its September 2025 enterprise value to operating HAO HONG, Chief Economist,
profit restrains from becoming constructive on the stock Grow Investment Group
<

N ISRAEL-HAMAS CONFLICT N

Fresh turmoil for broader mkts Crude prices surge on

Analysts sound caution on small and midcaps, citing expensive valuations
SUNDAR SETHURAMAN
Mumbai, 9 October
S
tocks in the broader markets wit-
nessed fresh turbulence amid
growing headwinds such as ris-
ing US bond yields, oil prices and geo-
political uncertainty.
The Nifty Smallcap 100 index
dropped nearly 2 per cent, while the
Nifty Midcap 100 index fell 1.3 per
cent.
Both underperformed the bench-
mark Nifty, which fell 0.72 per cent.
This was the worst fall for the small-
cap index since September 12, when it
had tanked over 4 per cent.
Lately, brokerages have been
sounding caution over stocks in the
small and midcap space following a
surge from their lows in March.
Last week, Citi said it had narrowed
the list of preferred midcap stocks, cit-
ing stretched valuations. Their funda-
mentals are “unchanged” but val-
uations are at a premium compared to
larger stocks, it said.
The brokerage said disproportion-
ate inflows into small and mid-caps
probably contributed to the strong out-
performance.
Kotak Institutional Equities, in a
note on Monday, told its clients to
rotate small and midcaps stocks with
largecaps. “We see better investment
opportunities and reward-risk balance
in the top largecap names than in
other parts of the market. We expect
the largecap laggards of 2022-23 to do
better over the next 6-12 months. Other
largecap and quality midcap stocks
may see a period of time correction.
Narrative-based mid and smallcap
stocks will eventually see large price
or lengthy period of time correction,”
it said.
In the past six months, the Nifty
Smallcap 10 and the Nifty Midcap have
gained 37 per cent and 31 per cent,
respectively. By comparison, the Nifty
ILLUSTRATION: BINAY SINHA
50 index is up 11 per cent.
“With the strong catch-up by
Midcaps and smallcaps in the last cou-
ple of months, we believe that the mar-
gin of safety at current levels in certain
pockets has reduced as compared to
Largecaps. Keeping this in view, the
broader market may see some time
correction in the near term and flows
will likely shift to Largecaps,” said a
note by Axis Securities.
Given the lucrative returns gener-
ated by stocks in the boarder universe,
retail investors have been aggressively
chasing this space. This is evident
from the surge in mutual fund inflows
into small and midcaps schemes.
While the returns delivered by small
and midcap MFs have been eye-catch-
ing this year, late entrants to the party
may not have it that easy.
“We do not find much value in
most of our midcaps and smallcaps,”
the Kotak note added, warning of
potential draw downs, going ahead.
On Monday, out of the 3,929 stocks
TURBULENCE
Base=100 Gold scales
1-week high
Gold prices scaled a one-week
high on Monday after military
conflict between Israeli forces
and Palestinian Islamist group
Hamas raised political unrest
in the Middle East, boosting
demand for safe-haven assets.
Gold is used as a safe invest-
ment during times of political
and financial uncertainty.
Prices touched a seven-month
low on Friday after a rally in US.
Spot gold jumped
almost 1 per
cent to
$1,849.10 per
Source: Bloomberg ounce by
1132 GMT,
traded on the BSE, 2,804 ended with having hit its
losses, 993 gained and 132 remained highest level in
unchanged. a week. US. gold
The rising tensions in the Middle futures also climbed
East has added to geopolitical uncer- 1 per cent to $1,863.40.
tainty for the markets. High oil prices With investors looking for
may impact margins of smaller safe haven assets, gold has
companies more, warn analysts. Also, benefited at least in the short-
in an event of a correction in the mar- term from the spike in geopolit-
ket, the broader markets may tank ical tensions, said UBS analyst
more. This trend was seen playing out Giovanni Staunovo.
on Monday. The S&P 500 and the
“If oil prices rise sharply from here, Nasdaq fell, while crude prices
investors will take risk off the table and jumped more than 3% as the
go to safe-haven assets, with the US Middle East violence rattled
dollar, yen and government bonds, markets. Market focus is also
yielding returns better than equities. on minutes from the Federal
Asia is affected by oil prices. If the Reserve's latest monetary pol-
Israeli–Palestinian conflict doesn't icy meeting and the U.S. infla-
escalate, the results season comes back tion data due later this week.
into play, but if it escalates, we might Traders are now pricing in an
see moves in individual companies, around 28% chance of another
but foreign investors will continue to rate hike from the Fed this year,
take risk off,” said Andrew Holland, according to the CME
CEO of Avendus Capital Alternate Fedwatch tool. REUTERS
Strategies.
tensions in West Asia
BLOOMBERG
9 October
Oil prices surged after a shock
attack on Israel by Hamas
brought renewed instability to
the West Asia. More than 1,100
people have died since the
fighting between Israel and
militant group Hamas broke
out over the weekend, in a
conflict that has potential
repercussions across the wider
region. US crude futures sur-
ged as much as 5.4 per cent in
New York, at one point top-
ping $89 a barrel.
While Israel’s role in global
oil supply is negligible, the
bloody outbreak threatens to
embroil both the US and Iran.
The latter has become a major
source of extra crude this year,
alleviating otherwise tighten-
ing markets. Increased appli-
cation of American sanctions
on Tehran could constrain
those shipments.
Any retaliation against
Tehran — amid reports that it
helped to plan the attacks —
could endanger the passage of
vessels through the Strait
of Hormuz, a
vital conduit
that transports
much of the
world’s crude
and which the
Iranian govern-
ment pre-
viously has
threatened to
close. Iran
denied on Monday that it
was involved in the assault.
“The price response that
you’ve seen is quite under-
standable and proportionate,
No immediate
impact on
inventories:
Goldman Sachs
Goldman Sachs does not see
any immediate major effect on
near-term oil market invento-
ries from the attacks in Israel
over the weekend, it said in a
note. It added, however, that
the attacks reduce the likeli-
hood of normalisation of the
country's relations with Saudi
Arabia, and the associated
boost to Saudi production over
time. REUTERS
just in terms of putting a bit of
risk premium in,” Marcus
Garvey, head of commodities
strategy at Macquarie Group,
said in a Bloomberg TV inter-
view. “People will draw paral-
lels to the early 1970s’ Yom
Kippur War that’s probably,
with the following embargo,
your extreme case. It’s quite
plausible you get no meaning-
ful disruption.” The surge after
the attacks added a fresh
bout of volatility to a
market that has seen
sizable swings.
In Septem-
ber, Brent was on
course to rally up
to $100 a barrel
as cuts from
Saudi Arabia
and Russia tight-
ened the market,
before retreating
sharply last week as
concerns about cons-
umption and financial flows
pulled prices sharply lower.
~ back at
record low
~vs $ (inverted scale)
The Indian rupee fell
2 paise to settle at its
previously recorded all-
time low of ~83.27 per US
dollar on Monday, track-
ing the rise in the dollar
index, according to
dealers. The rupee had
settled at the same level
on September 18.
“On Monday, the
rupee tracked the dollar
index, but it was moving
in a narrow range
because the US and
Japan markets were
closed,” a dealer at a
state-owned bank said.
“The rates might change
because of war, but that
will be known on
Tuesday,” he added.
The US market was
closed on Monday on
account of Columbus
Day. The dollar index
rose to 106.45 as the dol-
lar surged on the safe-
haven demand due to
geopolitical tensions in
West Asia. ANJALI KUMARI

MCX shares hit SHARE LOCK-IN OF 17 IPOs TO END THIS MONTH

record highs
The post initial public offering (IPO) lock-
in period of 17 companies ends this
period on 20% of its promoter equity
ends on October 10, and in case of Tracxn
Hawkish RBI prompts debt
MFs to reassess ‘duration’
month, according to an analysis by Technologies, the one-year lock-in
Shares of Multi Nuvama Institutional Equities. In most period on 38 per cent of its equity ends
Commodity MCX INDIA cases, it is the end of the 30-day lock-in on October 18, Nuvama said. Meanw-
Exchange of India (Stock price in ~) 2,200 period that anchor investors (on half hile, the 30-day lock-in period ends in
(MCX) hit lifetime 2,078 their shares) have to observe. the case of 10 firms this month
intraday high on 2,000 However, in some cases it is and 3 months in the case of Fund houses trim duration of some schemes but remain bullish on longer-term bonds
Monday after the 1,780 the end of the 90-day lock another four. In most cases,
country’s largest in period for anchor the current market price is ABHISHEK KUMAR room to play around dura-
commodity
1,800
investors (on the rema- trading above the issue Mumbai, 9 October SETBACK tions. At the end of August, six
bourse obtained ining half of shares). In a price. In the past, shares Debt fund NAVs take a hit on yield spike ( in %) out of 29 schemes had an aver-
regulatory clear- 1,600 few cases, it is the end of have come under pressure Debt fund managers are age portfolio maturity of
ance to move to a Sep 15 Oct 9,’23 the 6-month, 1-year and following the end of the reassessing their strategies Fund category Average drawdown Maximum decline* seven years. Of the rest, 11 had
Source: Exchange
new trading sys- Compiled by BS Research Bureau 2-year lock-in period. Acco- post-IPO lock-in period as pri- after the setback delivered by Gilt 0.62 0.97 an average maturity between
tem. After climb- rding to the regulatory requir- vate equity and other institutional the Reserve Bank of India Dynamic bond fund 0.47 0.91 five and seven years. Some
ing to a record of ements, the lock-in period is different investors have looked to cash out. Last (RBI) on Friday. fund managers have been
Banking & PSU 0.25 0.4
~2,150, the stock ended at ~2,065, up 1.25 per for different classes of investors. In case month saw the launch of 14 IPOs, the While most are refraining bullish on the longer-duration
cent over the previous session’s close. “The of Restaurant Brands, the 2-year lock-in most in 13 years. SUNDAR SETHURAMAN from any knee-jerk reaction to Corporate bond fund 0.25 0.35 government bonds owing to
Technical Advisory Committee of the the central bank’s surprise Credit risk 0.15 0.2 better demand and end of the
Securities & Exchange Board of India (Sebi) Except for two companies, the rest are open market operation (OMO) Floating rate funds 0.14 0.45 rate hike cycle.
has recommended that MCX may go-live
Jailbreak trading above their issue price announcements, they are tak- Yadav said the longer-
Low duration 0.05 0.09
with the commodity derivative platform ing a re-look at the duration duration papers (30-40 years)
Comparison of NAVs (October 5 and October 6)
(CDP) and to intimate Sebi regarding the pro- Companies where Change over of their schemes. *That of the scheme that saw highest decline in NAV Source: Value Research look attractive from the
posed date for go live,” MCX said in a stock lock-in ends in October Equity (%) No. of shares (mn) issue price (%) Sandeep Yadav, head of demand-supply point of view.
exchange disclosure. The shift to the new Utkarsh SFB 4 44.6 135 fixed income at DSP Mutual asset value (NAV) on Friday, RBI has emerged as a new “The chances of a rate hike
platform — which helps with critical func- Restaurant Brands Asia 20 76.4 109 Fund, said it has trimmed the after the RBI’s announcement supplier of government remain remote. On top of that,
tions such as trading, clearing and settle- duration of some schemes, led to a spike in yields. Few bonds. While there is no there’s strong demand for
Senco Gold 2 1.9 103
ments — is expected to improve MCX’s profit considering the hawkish schemes in the gilt and explicit calendar for this, a longer-duration papers from
margins. Earlier, the exchange had planned Jupiter Lifeline 3 1.8 57 stance by the RBI. dynamic bond fund cate- long sword hangs now that provident funds and insur-
to go live with CDP on October 3. However, EMS Limited 4 2.3 53 “When things are not in gories declined as much as such OMOs can be announced ance firms. For the past few
markets regulator Sebi put the move in abey- RR Kabel 3 2.8 45 control, it’s prudent to reduce 0.9 per cent on Friday. any day,” said Suyash quarters, RBI has been
ance following a complaint by the Chennai JSW Infrastructure 3 52.9 44 the risk. Recent, the RBI pol- Most fund managers are Choudhary, head — fixed increasing the amount of issu-
Financial Markets and Accountability. Yatharth Hospital 4 44.6 34 icy has brought an element of looking at the development as income, Bandhan AMC. ances in the 30-40 year
BS REPORTER Zaggle Prepaid 6 7.7 33 surprise and chance in mar- a temporary blip and want to Choudhary, however, is bracket. Yet, the demand has
kets. We have reduced the continue with a largely- looking to continue with the been able to absorb the
Samhi Hotels 11 24.5 31 duration in some of our unchanged strategy. same strategy on the premise increased supply. On top of

Krystal Integrated Avalon Tech

Signature Global
50
3
32.4
4.1
31
26
schemes. However, we still
have a bullish bias and will
“The developments post a
near-term challenge to our
that the OMOs are unlikely to
skew the demand-supply sit-
that, there will be a new
stream of demand from next

Services files IPO Sai Silks

papers with Sebi
Krystal Integrated Services has filed prelim-
inary papers with the Securities & Exchange
Board of India (Sebi) to mobilise funds
through an initial public offering (IPO). The
IPO comprises fresh issuance of equity shares
worth ~175 crore and an offer-for-sale (OFS)
of 1.75 million shares by promoter Krystal
Family Holdings Pvt Ltd, according to the
draft red herring prospectus (DRHP)
uploaded on Sebi's website last week.
Valuation hurdle, competition may cap upside for Dixon Technologies
Krystal Family Holdings owns 100 per
cent stake in the company.
Proceeds from the fresh issue will be uti-
lised for debt payment, supporting working
capital requirements, fund capital expendi-
ture for purchase of new machinery and for
general corporate purposes.
Krystal is a leading integrated facilities
management services company with a focus
on healthcare, education, public adminis-
tration, airports, railways and metro infras-
tructure, and retail sectors.
Also, it provides staffing solutions and
payroll management to customers, as well
as private security and manned guarding
services and catering services.
Inga Ventures Pvt Ltd is the sole book
running lead manager to the issue. Equity
shares of the company will be listed on the
BSE and NSE. PTI
Manoj Vaibhav Gems
5
4
8.1
2
10
4
Yatra Online
Tracxn Technologies
8
38
12.3
38.6
-3
-5
Source: Nuvama
RAM PRASAD SAHU
The stock of Dixon Technologies
(India), the country’s largest
listed electronic manufacturing
services (EMS) player, was up
6 per cent in 10 trading sessions,
boosting the gains over the last
three months to 21 per cent.
The gains came following
reports that Dixon will produce
laptops in India in partnership
with US and Chinese firms under
the production-linked invest-
ment (PLI) scheme. It recently
signed an agreement to make
smartphones for Xiaomi India.
Dixon has a diversified portfolio
of televisions (TV), smartphones,
lighting, washing machines,
look to maintain a medium
duration in our dynamic bond
fund portfolio,” he said.
overweight position in 9–14
year bonds in our active dura-
tion funds. Our fundamental
Most debt fund categories
in the medium-to-longer hori-
premise here was a more
favourable demand-supply
zon saw a decline in their net situation. However, now the
THE COMPASS
refrigerators, information tech- mobile phones and a 20 per cent
nology (IT) hardware and wear- growth in home appliances. The
ables. New customers are expe- brokerage believes Dixon will be
cted to give it earnings visibility. a direct beneficiary of the gov-
Dixon has a 35 per cent share ernment’s Make in India manu-
of the LED TV market, 30 per facturing campaign and the
cent in washing machines, 15 per country’s evolution as an elec-
cent in mobile phones, half of the tronics export hub. The company
lighting market and a quarter in has maintained its relationship
surveillance systems. While the with marquee customers
company improved its revenue (Samsung, Phillips, Xiaomi,
by 32 per cent and operating pro- Panasonic and others), added
fit by 37 per cent in the last dec- new global clients, developed
ade (FY13-23), the street will mo- product capabilities and scaled
nitor its ability to maintain up verticals. The brokerage has a
growth on the back of new initiat- target price of ~6,200 per share
ives. Axis Capital believes Dixon for Dixon. Government efforts to
will be able to achieve a revenue encourage domestic production
growth of 36 per cent over FY23- of laptops and its restriction on
26, led by a 59 per cent growth in import licences have created
uation of government bonds.
Debt fund managers’ dura-
tion stance is evident from
their dynamic bond fund
portfolios. In most other
schemes, they have limited
positive sentiment for domestic
EMS majors such as Dixon.
Kotak Institutional Equities,
however, said that manufactur-
ing laptops/tablets is compli-
cated in terms of higher levels of
software and hardware testing
and requirements to customise
products.
Aditya Mongia and Sai
Siddhardha Pasupuleti, analysts
with the brokerage, said the dif-
ference between manufacturing
laptops/tablets and mobile
phones would limit Dixon’s pace
of scale-up in the laptops/tablets
business. There is a weak case for
brands to outsource or move
manufacturing to India, they
said. The brokerage has reiter-
year — the JP Morgan bond
index. Given the genuine
demand, we believe that
these long-maturity papers
are a good investment,” Yadav
said.
ated its sell rating with a target
price of ~4,000 per share.
Morgan Stanley Research,
too, has an underweight rating
on the company. The brokerage
believes that Dixon has a heavier
exposure to business-to-con-
sumer segments and hence it is
vulnerable to competition. Its
growth is reliant on PLI schemes
continuing.
The brokerage has a target
price of ~4,033 a share as valu-
ations do not factor in risks from
potential competitive intensity
and lack of intensity in research
and development.
At the current price, the stock
is trading at 54 times its FY25
earnings estimates.
.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 THE SMART INVESTOR 11 <

Cement cos may report Prefer deductible to co-pay

firm profit growth for Q2 in senior citizen health cover
Stable prices and ROBUST OUTLOOK
SANJAY KUMAR SINGH Only a limited number of
these plans offer OPD (outdoor
costs, low base Average Ebitda estimates Around 5-10 years earlier, a patient department) coverage.
senior citizen with a chronic
to help earnings, for cement firms (~/tonne)
condition like hypertension or Key checks you must run
diabetes found it difficult to get a Read the policy wording or
say brokerages 870 health insurance cover. Since customer information sheet
Axis then insurers’ ability to carefully. Look out for these
AMRITHA PILLAY Securities underwrite and issue covers has issues in particular:
Mumbai, 9 October improved, making it easier for
this age cohort to obtain a policy. Room rent cap: Some policies

W
ith another quarter of Increasing life expectancy and could have a room rent cap of 2
steady growth demand, rising healthcare costs have per cent of the sum insured. If Entry age
Insurer Plans limit (yrs) Premium yearly (~)*
cement companies are 950 made this cover a must-have. you go to a top-notch hospital in
expected to report strong year-on- Antique Stock Last week Tata AIG General a metro, the room rent could be Senior Health Advantage 60 + 22,611
year (Y-o-Y) growth in earnings, Broking Insurance launched a plan for higher than this limit, affecting CARE Care Supreme 18-98 38,784
according to analysts. The this group, adding to the the amount the insurer will Care Senior 18+ 28,604
September quarter (Q2FY24) also considerable number of plans reimburse you.
witnessed a resumption of price already available. “Choose a plan that at least Senior Citizen Red Carpet 60-75 26,550
hikes in certain markets. provides a single, private, air- STAR Star Comprehensive 18-65 40,468
UltraTech Cement, India’s largest Flexible plans conditioned room,” says Singhal. Star Health Assure Insurance Policy 18-75 37,608
966
cement producer, reported a 15 per Kotak Senior citizen plans nowadays
cent Y-o-Y increase in cement sales offer scope for a lot of Waiting period: Buyers must Activ Health Platinum Enhanced 18+ 39,651
Securities ABHI Activ Assure Diamond
in the country for the quarter under customisation. “Earlier, co- check the waiting period for pre- 18+ 34,678
review. Analysts believe that major payment was mandatory in existing conditions. “The Prime – Advantage 18+ 55,161
players like UltraTech may have Source: Brokerage reports them. But now customers can majority of products have
expanded their market share in the have the co-payment clause moved to a three-year waiting CIGNA Prime Senior Elite Plan 55-75 50,102
past quarter. removed by paying an extra period, and some to two years,” Prime Senior Classic Plan 55-75 46,846
“We expect cement industry Analysts at Axis Securities expect profitability of cement makers to premium. They can also opt for a says Kapil Mehta, co-founder, Prime protect 18+ 42,587
demand growth at 12-14 per cent Y- Ebitda/tonne of the companies ~950-975, as against a multi-year low higher co-payment if they want SecureNow.
o-Y in Q2FY24. We estimate 15 per under their coverage to improve by of ~770,” the rating agency said. to reduce the premium,” says Singhal says it is possible to Health ReAssure 2.0 18-65 49,393
cent Y-o-Y volume growth for our 64 per cent to ~870, from ~530 in Analysts with Motilal Oswal expect Siddharth Singhal, get the waiting period NIVA Senior First Platinum No age limit 47,321
coverage universe, factoring a gain Q2FY23. the sector to report 72 per cent Y-o- business head-health reduced to 31 days (even Health Companion No age limit 44,226
in market share by larger players,” They said: “Owing to lower oper- Y earnings growth on a low base of insurance, one day, in some cases) *Premium rates are for a 61-year-old male living in Delhi, for a sum insured of ~10 lakh
wrote analysts in a Kotak Securities ating costs over last year … since last earnings reported last year. PolicyBazaar.com. by paying an extra Source: PolicyBazaar.com
note. The second quarter of a finan- year was negatively impacted on the Q2FY24 also saw cement com- The entry age in premium. He suggests
cial year is typically a weak period back of higher energy prices as many panies attempt price hikes in certain some of these plans that senior citizens who the deductible is ~1 lakh, the option,” says Singhal.
for cement companies due companies reported markets, including east India. extends to 99 years, can afford it exercise insurer will pay ~9 lakh. Find out whether the
to the monsoon season quarterly loss.” “Historically, Q2 usually sees a price which means even this option. Co-pay also means that the deductible is on an aggregate or
slowing down construction
activity in various parts of
Revenue growth, the
broking firm said, is
correction relative to Q1, which was
not the case this time due to robust
people in their 70s and
80s can buy them.
YOUR Sub-limits
insured pays a portion of the bill.
Whereas deductible is an
per-claim basis. If the deductible
is ~25,000 and is on an aggregate
India. However, Q2FY24 wit- expected to come in at demand and producer pricing dis- The standard waiting MONEY on specific absolute amount, co-pay is basis, the customer has to pay
nessed steady growth and 12 per cent Y-o-Y, and profit cipline,” noted analysts with Axis period for pre-existing diseases/named stated in percentage terms. only up to ~25,000 in a year.
stable prices. after tax growth would Securities. ailments used to be four years. illnesses: There could be sub- If the total bill is ~10 lakh and But if it is on a per-claim
Demand growth in RESULT PREVIEW likely be 166 per cent Analysts with Antique Stock “By paying a higher premium, limits on slow-growing the co-pay is 20 per cent, the basis, he will have to pay ~25,000
Q2FY24 was accompanied Y-o-Y. Broking noted that average prices buyers can now get the waiting ailments, such as cataract, insured will have to pay ~2 lakh for each claim. “Choose the
by costs remaining flat CRISIL noted in its half- are likely up 1-2 per FCFCcent period reduced,” says Singhal. hernia. Policies also have sub- and the insurer will pay ~8 lakh. aggregate deductible option,”
sequentially and falling compared yearly rating round-up on the sector sequentially in the northern, east- limits on modern treatments. Premiums tend to be high in says Singhal.
to the high cost base of the previous that power and fuel costs, which ern, and central regions; prices in Expensive plans “Make sure these caps are at the case of senior citizen plans.
year. account for 30-35 per cent of pro- south and west India have likely Plans for senior citizens tend to least reasonable,” says Mehta. By opting for a co-pay or Must-have features
Kotak Securities expects cement duction cost, declined 10 per cent declined 3 per cent and 1 per cent be expensive. deductible, they can reduce Some coverages are critical for
Ebitda (earnings before interest, during the first quarter of FY24 and sequentially, respectively. “Many also come with sub- Deductible and co-payment: their premium. senior citizens. “Policy for
taxation, depreciation, and ammo- they may have declined further as “Dealers indicate that companies limits and co-payment Deductible is the portion of the “In the case of co-pay, the seniors should have domiciliary
rtisation)/tonne to see a marginal high-priced inventory would have may announce price hikes of requirements. Some exclude hospital bill the insured must amount the customer has to pay cover (home treatment), nursing
sequential increase and a 60.5 per been replaced with cheaper inven- ~40-50/bag in the south and expensive surgeries from pay from his own pocket. Only increases as the bill goes up. If cover (cost of nursing after
cent Y-o-Y rise to ~966/tonne, driv- tory, following the softening of Maharashtra markets and ~5-20/bag coverage,” says Nayan Goswami, when the bill exceeds this he opts for a deductible, his discharge from hospital), and
en by stable costs and prices during coal/petcoke prices. across most other regions during head-sales & service, SANA amount does the insurer pay. If liability gets limited to a fixed AYUSH cover (alternate
the quarter. “This will improve the per-tonne October,” the analysts noted. Insurance Brokers. the hospital bill is ~10 lakh and amount. Go for the latter treatments),” says Goswami.

HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

Telephone No. 01892-265028 e-mail : ee-kan-hp@nic.in
INVITATION FOR BIDS (IFB)
The Executive Engineer, HPPWD Kangra Distt. Kangra H.P. on behalf of Governor of H.P. invites the item rate bids, in
electronic tendering system from the eligible class of contractors registered with HPPWD for the work as detailed in the table.
Sr. Name of work Estimated
Starting date for Earnest Deadline for Time
NO cost
downloading Money submission Limit
Bid. of Bid
1. C/O link road Dukki Chakban Goth at RD 0/000 to 20,70,068/- 11.10.2023 42,000/- 20.10.2023 One
2/025(SH- P/L M/T work at RD 0/00 to 1/475) Month
The bidders are advised to note other details/Terms and conditions of tender from the department website www.hptenders.gov.in The
undersigned has right to extend or cancel the bids without declaring any reasons thereof.
3071/2023-2024 HIM SUCHNA AVAM JAN SAMPARK

PUBLIC NOTICE
By virtue of this notice, the general public and customers of TVS Credit
- Moradabad office are hereby informed that TVS Credit Services
Limited will close its office located at “First Floor, Majholi Chouraha,
Near Bharat Motor Training Centre, Delhi Road, Moradabad - 244001”
effective from 31st December 2023. All customers and the general public
are requested to take note and visit www.tvscredit.com or call on
044-66123456 for their financial needs and assistance.
Place: Moradabad
Date: 09.10.2023
TVS Credit Services Limited
Jayalakshmi Estates, 29, Haddows Road, Nungambakkam, Chennai - 600006
12 STOCKS
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1

> OFSTOCK
IN THE > ITI > Angel One > Vijaya Diagnostic Centre

NEWS Top gainer

amongst A group
Hits new all time
high on BSE
Trading volumes
jump 16x over THE DAY
of companies at ~2,067 2 -week average PCBL
~192.1 PREVIOUS CLOSE ~1,977.5 PREVIOUS CLOSE ~496.2 PREVIOUS CLOSE Hits new all-time high
~214.9 CLOSE ~2,040.7 CLOSE ~502.6 CLOSE at ~202; Up 72 per cent
p 11.8% UP p 0.0% UP p 1.3% UP in this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
9 Oct ’23 Chg (%) Con Std 9 Oct ’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 2442.6 -1.4 1.0 104.0 157.6 ITC 440.5 -0.4 6.3 28.6 28.2 price price (%) price price (%)
Adani Ports 790.1 -4.9 0.7 27.2 570.4 JSW Steel 757.6 -1.0 1.2 32.8 32.6 Supreme Ind 4047.0 4016.1 2.7 4705.3 4705.3 Bank of Maha 45.0 45.3 -6.6 29.9 17.7
MOST BULLISH MOST BEARISH
Apollo Hosp 5047.3 -0.3 0.6 88.6 75.1 Kotak Mah Bank 1719.3 -1.4 2.9 20.9 27.7 Delta Corp 144.8 141.4 2.6 248.0 260.0 UCO Bank 40.1 40.4 -6.5 27.0 11.5
Asian Paints 3152.8 -1.3 1.6 65.2 65.9 Vodafone Idea 11.0 10.9 0.9 Jubilant Fd 532.8 536.9 -0.8 Metropolis Heal 1519.0 1501.0 2.0 1530.0 1789.0 Ind Ove Bank 43.0 43.3 -6.3 25.6 17.0
L&T 3074.7 -0.6 5.0 38.4 49.5
Axis Bank 996.3 -0.5 3.3 28.4 27.3 Hind Copper 149.8 148.9 0.6 IDFC First Bank 89.4 90.1 -0.7 MCX 2149.5 2077.9 1.9 2149.5 2149.5 Adani Power 333.4 342.0 -6.3 235.7 132.6
LTIMind 5206.5 -0.6 0.6 39.1 40.6
Oberoi Relty 1120.2 1113.6 0.6 L&T Tech Ser 4713.0 4747.0 -0.7 L&T Tech Ser 4762.8 4739.3 1.8 4798.0 4798.0 GMR Airports 57.5 57.9 -6.3 44.0 34.1
Bajaj Auto 5007.3 -0.1 0.7 21.7 23.2 Mah & Mah 1515.2 -2.2 1.8 18.3 23.7 Biocon 261.7 260.5 0.5 M & M Fin 283.9 285.7 -0.6 TVS Motor 1534.1 1522.3 1.4 1546.2 1546.2 Central Bank 46.4 46.8 -6.3 29.6 19.0
Bajaj Fin 8027.7 -1.7 2.5 42.3 44.7 Maruti Suzuki 10244.8 -0.6 1.5 37.7 32.5 Vedanta 220.0 219.0 0.5 Colgate 1989.2 2000.5 -0.6 Dr Reddys 5525.2 5496.3 1.4 5986.2 5986.2 IRCON Intl 131.6 132.9 -6.2 79.0 40.3
Bajaj Finsrv 1621.6 -0.8 1.2 36.7 286.5 Nestle India 22881.9 -0.1 0.9 - 80.8
Bharti Airtel 924.6 -0.2 2.7 62.1 963.8 Aurob Pharma 915.7 910.5 1.0 930.0 930.0 Union Bank 99.0 99.4 -5.6 79.8 42.6
NTPC 234.7 -0.4 1.3 13.5 13.0
BPCL 340.0 -2.1 0.4 34.6 3.9 BSE NSE HCL Techno 1266.5 1248.6 1.0 1311.0 1311.0 Rail Vikas Niga 160.2 161.2 -5.1 117.4 35.5
Britannia 4522.5 -0.4 0.6 44.6 48.2
ONGC 181.7 0.1 1.1 6.4 6.8 Index Stock Index Stock PUT-CALL RATIO Jubilant Fd 539.9 536.9 0.8 555.9 627.8 HCC 26.9 27.2 -5.1 18.6 12.5
Power Grid 196.3 -0.4 1.0 11.8 12.1 Alkem Labs 3558.9 3549.2 0.7 4271.0 4271.0 Suzlon Energy 27.7 27.7 -5.0 17.0 6.6
Cipla 1159.5 -0.3 0.7 30.1 35.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2298.3 -0.9 9.1 24.0 40.0 Birlasoft 524.5 515.7 0.6 535.0 535.0 Adani Ports 784.8 789.9 -4.9 708.0 395.0
Coal India 287.8 0.0 0.8 6.5 11.4 Contracts 113 - 253639 705427
SBI 585.1 -1.5 2.6 7.8 8.6 Market 2046.1 3786.2 0.5 Tata Consumer P 884.0 879.6 0.6 909.8 909.8 IRFC 70.4 71.2 -4.8 32.4 21.2
Divis Lab 3705.3 -0.4 0.5 53.9 67.3 Open Int.(000) 1 - 15182 7117279
SBI Life Ins 1277.3 -0.4 0.7 - 69.5 HUL 2516.0 2510.6 0.5 2716.5 2768.5 L&T Finance Hol 130.3 131.0 -4.8 117.1 74.7
Dr Reddys 5494.9 1.3 0.8 19.4 24.4 Shares(In Mn) - - 8.2 1658.7 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1123.1 -0.4 1.4 31.9 254.3 TCS 3680.0 3637.3 0.5 3680.0 3680.0 PNB 72.9 73.4 -4.4 58.2 35.5
Eicher Motor 3445.6 -0.1 0.6 29.3 31.9 Value(~ crore) 7 - 20475 56652
Tata Consumer P 880.7 0.7 0.6 64.7 81.6 Metropolis Heal 1.3 ONGC 0.2
Grasim Ind 1889.0 -0.8 0.8 18.2 74.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 617.4 -0.8 1.3 19.3 72.1 ICICI Lombard 0.9 Balkrishna I 0.2
HCL Techno 1249.6 1.0 1.5 22.5 29.8 Contracts 1033402 - 303253514 3205371
Tata Steel 123.9 -1.6 1.2 92.9 11.1 IndusInd Bank 0.9 Indiabulls Hous 0.2
HDFC Bank 1516.3 -1.2 10.5 25.0 24.5
HDFC Std Life 615.2 -2.5 0.8 96.7 93.4 TCS 3638.4 0.5 4.2 30.4 32.5
Open Int.(000)
Shares(In Mn)
643
-
- 622311
- 13222.6
5210007
5412.4
Max Fin Sre 0.8 Colgate 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1212.7 -0.3 0.9 26.9 32.8 Delta Corp 0.8 Torrent Phar 0.3
Hero MotoCorp 2955.1 -2.7 0.4 21.0 19.0 Value(~ crore) 68013 - 22628535 265476 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 469.8 -0.6 0.8 10.5 42.6 Titan Company 3267.5 -1.3 1.6 89.3 87.4 BSE+NSE BSE+NSE
UltraTech 8110.1 -1.0 1.1 45.3 46.2 1 Reliance Ind 1554584.1 BS200 DOWN 7 DAYS
HUL 2511.3 0.5 2.6 58.3 58.2 (~ crore) (Mn shrs)
ICICI Bank 938.6 -0.7 7.6 19.3 19.0 UPL 610.0 -0.4 0.4 16.0 60.0 ACTIVE CALLS ACTIVE PUTS TCS 1596.0 4.4
2
3
TCS
HDFC Bank
1330906.1
1149514.6 UP 3 DAYS 10Agg -52.1
IndusInd Bank 1428.6 -0.4 1.1 - 14.0 Wipro 405.6 -0.6 0.7 19.1 23.3 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg MCX 7.7 Nat Perox -30.2
MCX 1329.8 6.3 4 ICICI Bank 656748.8
Infosys 1475.5 -0.2 6.1 24.8 25.2 Nifty 50 19512.4 â-0.7 100.0 24.0 27.9 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 1304.4 8.6 5 Infosys 612015.0 L&T Tech Ser 4.2 United Leas -30.1
INDEX PE SHRS TRDS 1 YR Index Index 6 HUL 589890.6 Delta Corp 4.1 Dynamic Portfol -27.3
ITI 1007.9 46.7
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Midcap
Nifty Midcap
09/10/23
09/10/23
9050
9025
1039.3
1019.3
9.3
9.7
3149.1
9734.6
Nifty Midcap
Nifty Midcap
09/10/23
09/10/23
9025
9000
1075.8
865.9
19.7 1959.8
12.8 275.6
Reliance Ind 894.6 3.9
7
8
ITC
SBI
548844.3
522089.1
TCS
Trent
2.8
2.8
Rajdarshan -18.9
SENSEX 25.3/29.1 7.3 210 3 27 12.6 Liquid Sach 885.2 8.9 Syschem (I) -16.0
Asian Paints 3153.3 -1.3 1.9 65.2 65.9 Maruti Suzuki 10238.3 -0.6 1.8 37.7 32.5 Nifty Midcap 09/10/23 9075 422.7 5.7 2773.2 Nifty Midcap 09/10/23 9050 322.0 1.9 15.1 9 Bharti Airtel 518409.9 Dr Lal PathLabs 1.8
Axis Bank 996.2 -0.5 3.8 28.4 27.3 NIFTY 50 24.0/27.9 165.1 4704 6 43 12.7 Axis Bank 687.0 6.9 Shukra Pharmace -15.7
Nestle India 22875.3 -0.2 1.1 - 80.8 C = CONSOLIDATED; S = STANDALONE Nifty Midcap 09/10/23 9100 275.2 6.7 343.8 Nifty Midcap 09/10/23 8975 314.2 4.0 296.2 10 Bajaj Fin 486322.6 Indiabulls Hous 1.8
Bajaj Fin 8026.5 -1.7 2.9 42.3 44.6 NTPC 234.5 -0.5 1.5 13.4 13.0 Nifty Midcap 09/10/23 9000 229.1 5.4 2151.0 Nifty 12/10/23 19500 247.4 7.6 6.7 ICICI Bank 649.8 6.9 UP 3 DAYS
11 L&T 432059.0 DOWN
Bajaj Finsrv 1620.7 -0.7 1.3 36.7 286.4 Power Grid 196.1 -0.5 1.2 11.8 12.1 CASH DERIVATIVES Stock Stock Bajaj Fin 623.2 0.8 12 LIC India 401985.4 Nagpur Power 41.7
TURNOVER BSE NSE BSE NSE
UCO Bank -8.6
Bharti Airtel 924.9 -0.1 3.1 62.1 964.1 Reliance Ind 2297.8 -0.9 10.5 24.0 40.0 Vodafone Idea 26/10/23 12 371.8 172.6 10.6 Vodafone Idea 26/10/23 10 45.2 67.1 -0.9 PNB 593.9 80.5 13 Kotak Mah Bank 341720.8 Premier Poly 32.2
Ind Ove Bank -8.4
HCL Techno 1248.6 1.0 1.8 22.4 29.8 SBI 585.0 -1.5 3.0 7.8 8.6 VALUE(IN ~ CRORE) 4434 57121 68021 22971137 Vodafone Idea 26/10/23 11 203.9 67.8 -0.6 Vodafone Idea 26/10/23 11 41.0 73.4 2.1 14 HCL Techno 338826.3 Athena Global T 29.6
Zomato 589.3 56.9 Union Bank -8.3
HDFC Bank 1516.2 -1.2 12.1 25.0 24.5 SHARES(IN MN) 739.1 3649.3 - 20301.9 Vodafone Idea 26/10/23 13 200.8 102.7 11.5 Tata Power 26/10/23 250 17.8 4.8 26.4 15 Maruti Suzuki 309277.1
Sun Pharma 1123.2 -0.3 1.6 31.9 254.3 Oil India 553.9 17.8 PNB -8.1 Sky Gold 26.1
HUL 2510.6 0.5 3.0 58.3 58.1 TRADES(000) 3228 24060 - 78857 Vodafone Idea 26/10/23 14 59.2 71.1 3.7 Bank of Baroda 26/10/23 210 13.2 6.6 3.7 16 Axis Bank 307003.5
Tata Motors 617.4 -0.8 1.5 19.3 72.1 Infosys 553.1 3.7 Adani Power -8.0 Eimco Elecon 22.4
ICICI Bank 937.7 -0.8 8.7 19.3 19.0 IDFC First Bank 26/10/23 95 41.1 32.1 1.8 Canara Bank 26/10/23 360 12.6 2.4 15.7 17 Asian Paints 302459.7
Tata Steel 123.8 -1.7 1.3 92.9 11.1 SBI 550.1 9.4 Central Bank -8.0 Xtglobal Infote 21.9
IndusInd Bank 1428.3 -0.4 1.3 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Titan Company 290022.1
Infosys 1474.6 -0.3 7.1 24.8 25.2 TCS 3637.3 0.5 4.9 30.4 32.5 Bank of Maha -7.3
Suzlon Energy 509.4 183.4 19 Adani Enter 278336.7 Alphalogic Inds 21.3
Tech Mahindra 1211.6 -0.4 1.0 26.9 32.8 BSE 31,631,639 32,336,165 Others
ITC 440.1 -0.5 7.3 28.6 28.2
JSW Steel 757.1 -1.1 1.3 32.8 32.6 Titan Company 3266.8 -1.3 1.8 89.2 87.4 NSE 31,289,389 31,997,762 SPURT IN VOLUMES Adani Ports
Vodafone Idea
503.1
481.6
6.3
439.5
20
21
Sun Pharma
Bajaj Finsrv
269489.4
258574.7 UP 7 DAYS
DOWN 3 DAYS
Beekay Niryat -20.0
UltraTech 8108.6 -1.2 1.2 45.3 46.2 DERIVATIVES 21,613,784 21,613,784
Kotak Mah Bank 1719.4 -1.4 3.4 20.9 27.7 Company Days 2-week Avg Change Close *Price 22 Avenue Supermar 247160.3 Bedmutha Ind 63.3
Godrej Ind 463.4 6.7 Smruthi Organic -15.0
L&T 3074.0 -0.6 5.8 38.4 49.5 Wipro 405.3 -0.6 0.8 19.1 23.3 Volume Volume % price %chg 23 UltraTech 234087.2 Photon Capital 40.6
Mah & Mah 1515.4 -2.1 2.0 18.3 23.7 BSE SENSEX 65512.4 â-0.7 100.0 25.3 29.1 TRADING ACTIVITY Kotakbketf 101854.0 336.2 30193.7 450.2 -0.5
HCL Techno
Tata Motors
439.7
408.3
3.5
6.6
24á ONGC 228709.5 Espire Hospital 40.6
Scoobee Day Gar -14.9
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â NTPC 227386.9 HMT 40.6 West Leisure -14.2
Premier Poly 704065.0 17868.3 3840.3 138.9 20.0 IRFC 392.3 54.8
Equity Debt Equity Debt 26 Wipro 222550.2 Kerala Ayurv 40.6 Indo Us Bio-Tec -14.2
Net Net Net Net Akshar Spintex 1317621.0 41287.9 3091.3 6.2 -2.2 Infibeam Aven 384.0 186.5 27 Nestle India 220563.2 Kiduja India -13.6
WORLD INDICES On 06 Oct 271 1011 548 -1196 Kotak Silve ETF 914731.0 33652.3 2618.2 69.1 -0.5 HUL 380.9 1.5 28 Tata Motors 205097.2
Hind.Agrigen
Centenial Su
40.6
40.6 ACE Software -13.6
On 05 Oct -337 277 293 834 Latteys Indus 657941.0 25142.0 2516.9 40.6 0.7 Rail Vikas Niga 375.5 23.0 29 Mah & Mah 188436.8
Indices Close % Chg* Indices Close % Chg*
On 04 Oct -3957 -453 1168 792 Shanti Overseas 1035092.0 47264.0 2090.0 20.1 16.2 30 JSW Steel 185148.8 (T+2) cycleStocks which rose/fell continuously
L&T 373.5 1.2
Americas (Oct 06,23) Asia/Pacific (Oct 09,23) On 03 Oct -836 1398 1696 2098 Carerating 1170464.0 57040.8 1952.0 941.9 10.2
Nasdaq Composite 13431.3 1.6 Taiwan Taiex (Oct 06) 16520.6 0.4 On 27 Sep -2189 -235 11 -794 Ushanti Colour 160000.0 8000.0 1900.0 67.5 3.8
Oct till date -4860 2233 3704 2528 Oriental Htl 13319707.0 698435.4 1807.1 100.2 7.0
Dow Jones
S&P/ TSX Composite
33407.6
19246.1
0.9
0.6
Kospi (Oct 06)
Jakarta Composite
2408.7
6891.5
0.2
0.0 2023 till date 116375 31416 115330 -41337 Ivp Limited 161904.0 9572.6 1591.3 160.9 -3.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Oct 06,23) Kuala Lumpur Comp 1417.3 0.0 Quarterly JTL Industries Coromndl Eng Cyient DLM Nirma
FTSE 100 7514.8 0.3 Straits Times 3166.5 -0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Shah Meta- Hathway Bhaw Karur Vysya OCTOBER 18
OCTOBER 10 corp ST Corpora- Nath Bio- BS 200
CAC 40 7041.6 -0.3 Shanghai Se Comp 3096.9 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Group B Sical Logis tions Genes Bajaj Auto
DAX 15156.9 -0.5 Stock Exchange of Thai 1431.7 -0.5 NET Net Fut OI Opt OI OI GM Breweries Group T Vivanta Inds Oriental Htl ICICI Lombard
HIGH *Wonderla Holida . . . . 832.2 Nippon Life Ind . . . . . . . 346.8 LOW
IBEX 35 9191.7 -0.5 Volatility (Oct 06,23) BS 200 *Linc . . . . . . . . . . . . 811.0 *Valiant Comm . . . . . . 325.0 BS 200 OCTOBER 11 Kesoram Ind OCTOBER 14 Yatra LTIMind
On 06 Oct 2448 1336 0.2 3.0 2.6
Asia/Pacific (Oct 09,23) CBOE S&P 500 19.2 9.8 On 05 Oct -68917 1648 0.2 2.4 2.6 TCS . . . . . . . . . . . . . . . 3680.0 GM Breweries . . . . . . . 805.3 *Oil India . . . . . . . . . . . 318.3 Navin Fluo . . . . . . . . . . 3650.0 BS 200 Sterling & Wils BS 200 Group M Persistent S
Hang Seng 17517.4 0.2 CBOE Dow Jones 12.4 -17.2 On 04 Oct -40866 -7373 0.2 3.0 2.6 *MCX . . . . . . . . . . . . . 2149.5 *Kewal Kiran . . . . . . . . 757.5 *Efcil . . . . . . . . . . . . 262.0 Others Delta Corp Group X Dalmia Bharat DMR Hydro Wipro
On 03 Oct 6043 -2064 0.2 3.9 2.5 *Coromndl Int . . . . . . 1185.3 *Godrej Ind . . . . . . . . . . 733.3 *Envair Ele . . . . . . . . . . 238.4 *TCI Exp . . . . . . . . . . . 1364.5 TCS Emerald Leas- Group A PNGS Gargi Group A
Nikkei 225 (Oct 06) 30994.7 -0.3 * Change over previous close
On 29 Sep -26452 1861 0.1 3.0 2.5 Ipca Labs . . . . . . . . . . . 955.3 *Prestige Est . . . . . . . . 699.0 Reliance Chm . . . . . . . . 235.8 *Nat Perox . . . . . . . . . 1047.3 Group B ing Avenue Super- Fash UTI AMC
Others *RPEL . . . . . . . . . . . . 670.0 *Assoc.Cerami . . . . . . . 234.8 Hinduja Glb . . . . . . . . . 983.0 National Std Facor Alloys mar Group X Group B
MAJOR INDICES Oct till date
2023 till date
-101292
-8523
-6453
-9459
-
-
-
-
-
- *KRL . . . . . . . . . . . . 6486.2 *Maha Seamles . . . . . . 626.0 *ITI . . . . . . . . . . . . . . . . 225.7 *Ideaforge . . . . . . . . . 780.0 Plastiblends Int Travel Texmaco Rail Martin Burn 5Paisa Capital
*OMDC . . . . . . . . . . . . 6245.8 *Authum Invest . . . . . . 608.0 *Eco Recyling . . . . . . . . 224.8 CWD Ltd . . . . . . . . . . . . 600.0 Samhi Group XT Group B Group XT Group X
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Solar Ind . . . . . . . . . . 5360.0 *Welspun Inv . . . . . . . . 588.1 *Freshtrop Fr . . . . . . . . 217.6 *Adani Total Gas . . . . . 588.0 Signature- IEL GTPL Hthwa Indian Infot Skyline Mill
S&P BSE Sensex 65,995.6 65,560.1 65,790.0 65,434.6 65,512.4 -483.2 -0.7 *Astrazen Ph . . . . . . . 4753.0 Vijaya Diagnost . . . . . . 543.5 *Foods n Inns . . . . . . . . 216.0 *Rajesh Exp . . . . . . . . . 475.6 global Roselabs Fin Texmaco Infra OCTOBER 17 OCTOBER 19
*Kaynes T . . . . . . . . 2954.2 *GOCL Corp . . . . . . . . . 536.0 *Naysaa Sec . . . . . . . . . 209.9 *Sharia bees . . . . . . . . 360.0 Zaggle Vandana Knit Group X BS 200 BS 200
S&P BSE Sensex 50 20,600.0 20,458.8 20,535.0 20,418.2 20,447.5 -152.5 -0.7 S&P BSE SECTORAL INDICES *Uni Abex . . . . . . . . . . 2397.4 *Jai Balaji . . . . . . . . . . . 515.9 *PCBL . . . . . . . . . . . . . . 201.5 *IKIO Lighting . . . . . . . 344.2 Group M OCTOBER 13 Ultracab (I) Bajaj Fin Coforge
*Semac Consultan . . 2366.9 *Sinnar Bidi . . . . . . . . . 512.7 *Kilburn Engg . . . . . . . 201.5 *Campus Activewe . . . 282.2 Dipna Pharma BS 200 Group XT ICICI Prud Life HUL JSW Steel Kenvi Jewels Mah Holidays Swaraj Engin Super Sales
S&P BSE-100 20,133.7 19,976.1 20,054.4 19,937.1 19,971.7 -162.1 -0.8 Prev cls Close % Chng
*Manorama Inds . . . . 2347.0 *Next50 . . . . . . . . . . 475.0 *Asian Energy . . . . . . . 196.6 *Atal Realtech . . . . . . . . 75.0 Group XT HDFC Std Life Ceenik Exp L&T Tech Ser ITC L&T Finance Group X Group B Group T OCTOBER 27
S&P BSE-200 8,604.3 8,531.6 8,566.2 8,514.4 8,528.4 -76.0 -0.9 Auto 36,233.5 35,890.4 -0.9 *Mapmyindia . . . . . . 2274.0 *Kesar India . . . . . . . . . 473.3 *Shah Foods . . . . . . . . . 182.7 09Agg . . . . . . . . . . . . . 54.1 JRE Ltd Group B OCTOBER 15 Syngene Intl Mphasis Hol Tinna Rub & Inf N R Agarwal GI Engg BS 200
Bankex 49,851.9 49,333.9 -1.0 *Gensol Engg . . . . . . . 2185.5 *Astra Micro . . . . . . . . . 456.3 *Kerala Ayurv . . . . . . . . 176.2 Sampre Nutri . . . . . . . . . 46.6 Sanathnagar Aditya B Mny BS 200 Group A Nestle India Group A Group XT Group M Group XT Bajaj Finsrv
S&P BSE-500 27,401.7 27,140.5 27,266.7 27,092.8 27,134.0 -267.7 -1.0
Cons. Durables 46,528.8 45,865.9 -1.4 *Angel One . . . . . . . . . 2067.5 *Arrow green . . . . . . . 444.5 *Websol Energy S . . . . 173.3 Hemang Reso . . . . . . . 33.0 Ent Den Network HDFC Bank CIE Automo- UltraTech CreditAccess Yash Trading Veerkrupa Prec Cont Cipla
S&P BSE IPO 11,169.2 10,897.3 11,195.5 10,894.4 11,041.4 -127.9 -1.1 Cap. Goods 48,205.1 47,558.7 -1.3 *Anand Rathi Wea . . . 1972.0 *Mah Holidays . . . . . . . 440.0 *Mafatlal Ind . . . . . . . . 173.0 *Osiajee Texfab . . . . . . . 32.0 OCTOBER 12 Sai Silks Group T tive Group A Gr OCTOBER 21 Jewel OCTOBER 26 Dr Reddys
FMCG 18,676.5 18,619.5 -0.3 *Shilchar Tec . . . . . . . 1802.0 *Pee Cee Cos . . . . . . . . 413.0 *South.Magnes . . . . . . 172.2 Manraj Hsg.F . . . . . . . . . 22.9 BS 200 Tata Steel Ksolves India PCBL Indoco Rem CSB Bank BS 200 OCTOBER 25 BS 200 M & M Fin
S&P Dollex-30 6,508.4 - - - 6,462.2 -46.2 -0.7 HCL Techno Long OCTOBER 16 Tata Elxsi Ramkrshn Frg
Healthcare 28,065.9 27,979.6 -0.3 *Garware HT Film . . . 1632.1 *Star Delta Tran . . . . . . 389.2 *Ashok Alco . . . . . . . . . 169.9 *ETT . . . . . . . . . . . . . . . . 18.0 ICRA ICICI Bank BS 200 Asian Paints Maruti Suzuki
Nifty 50 19,653.5 19,539.5 19,589.0 19,480.5 19,512.4 -141.2 -0.7 Infra 384.5 376.2 -2.1 *Aurionpro Sl . . . . . . . 1429.0 *Niks Techno . . . . . . . . 384.7 *Prakash Ind . . . . . . . . 168.5 Pratiksha Ch . . . . . . . . . . 17.3 HDFC AMC Group X BS 200 VST Ind Tata Coffee J & K Bank YES Bank Axis Bank Group A Group A
IT 32,643.7 32,584.2 -0.2 *Prudent Corpora . . . 1315.9 *Eyantra Ve . . . . . . . 371.9 *Deep Energy Res . . . . 161.8 Svarnim Trade . . . . . . . . 16.6 Infosys Amal Jio Financial Zensar Tech UTI AMC Tejas Networks Group A Indus Towers Apar Ind Bajaj Hold
Nifty next50 44,950.4 44,550.9 44,605.0 44,251.3 44,407.1 -543.3 -1.2 Group A Guj Hotels Group A Group B Group B
Metal 22,654.8 22,378.1 -1.2 *Eimco Elecon . . . . . . 1107.0 *CSB Bank . . . . . . . . . . 363.1 *Centenial Su . . . . . . . . 160.0 Triveni Glas . . . . . . . . . . . 16.4 Group B Anant Raj Jubilant Fd Maha Scoot Latent View Ana
Nifty 500 17,293.6 17,170.5 17,206.9 17,096.7 17,127.7 -165.9 -1.0 Oil & Gas 18,704.4 18,450.6 -1.4 *Guj Themis . . . . . . . . 1069.0 *Shalibhdra F . . . . . . . . 357.0 *Bedmutha Ind . . . . . . 152.5 *Dhruv Wellness . . . . . . 16.3 Angel One Premier Cap- CEAT Huhtamaki Sagar Cem Butterf Gandh Group B Group A Group B Mahi Lifespc
Power 4,541.3 4,469.4 -1.6 *MPIL Corpn . . . . . . . 1031.1 *Abans Holdings . . . . . 354.9 *Amines Plast . . . . . . . 148.0 Unistar Mult . . . . . . . . . . 14.7 Group B ital ICICI Securitie India OCTOBER 20 KFin Technol- Pakka Lakshmi Ma- Punjab Chem Sumitomo Che
India VIX 10.3 10.3 11.6 10.1 11.4 1.1 10.7 *Quick Heal . . . . . . . . 350.0 M M Rubber . . . . . . . . . 147.9 Anand Rathi Group XT NELCO Group T BS 200 ogi OCTOBER 23 chine Ugro Cap Group B
PSU 12,477.6 12,264.9 -1.7 *Carerating . . . . . . . . 952.6 Aanchal Isp . . . . . . . . . . . . 9.8
Nifty CPSE 3,813.7 3,794.0 3,807.4 3,758.5 3,792.9 -20.8 -0.5 Realty 4,695.4 4,652.2 -0.9 Wea Artson Engg Group B TechIndia Atul Group T Group A Group B Group XT Heubach Coloran
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (489.1) (488.6) (4132.8) (4133.1)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 476.1 481.0 4071.3 4122.1
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 482.4 482.5 4119.0 4122.1
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 471.0 471.2 4063.5 4060.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 472.2 472.2 4095.2 4099.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 158K 1254K 2732 122K
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 35.7 35.7 83.2 83.3
company name is followed by shares traded, and also the 52 Wk H/L 808/445 808/445 4676/2640 4678/2640
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 17117 17117 86776 86873
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 «
(23024.7) (23036.4) (2009.4) (2009.9) (2477.1) (2478.1) (960.8) (961.3) (830.5) (830.8) (364.9) (364.3)
O 23024.7 22970.0 2007.0 2000.1 2450.0 2440.0 953.1 955.0 805.1 815.0 333.4 352.3 O O
23103.9 23111.7 2007.0 2001.0 2459.1 2459.7 954.8 955.0 818.3 818.8 354.2 355.0
w 22800.2 22800.0 1955.0 1955.5 2412.1 2411.3 935.5 935.7 784.8 785.0 333.4 339.0 w w
22965.1 22962.6 1965.2 1965.0 2441.6 2442.6 939.6 939.0 789.9 790.1 342.0 342.0
217 9485 11264 831K 60083 1408K 39095 575K 305K 5994K 1539K 7353K K K K K K K K K K K K K K K
47.2 47.2 50.7 50.7 104.0 104.0 - - 27.2 27.2 9.0 9.0
W 24725/17800 24744/18000 2674/1594 2675/1592 4190/1017 4190/1017 2259/439 2259/439 916/395 916/395 410/133 410/132 W W
M 48801 48795 36904 36900 278337 278456 148828 148732 170630 170663 131888 131907 M M

Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch BPCL
(1001.0) (1001.0) (5018.3) (5014.6) (8167.5) (8168.5) (1632.8) (1634.7) (2560.8) (2562.1) (429.9) (430.3) (253.1) (252.9) (215.3) (215.3) (1622.3) (1623.6) (565.2) (565.3) (138.9) (139.0) (1092.3) (1091.9) (926.0) (926.0) (128.9) (128.9) (264.6) (264.5) (512.6) (512.7) (19270.6) (19303.9) (347.0) (347.2)
O 991.3 994.8 5018.2 4957.1 8120.0 8102.1 1629.0 1617.2 2540.0 2511.0 428.0 430.9 O 245.1 248.7 211.1 212.4 1610.0 1600.0 559.5 555.0 137.7 136.2 1063.1 1090.0 O 908.1 918.0 127.6 127.1 258.2 261.2 502.9 507.0 19000.1 19200.0 338.2 341.0
999.5 999.7 5066.0 5068.7 8137.5 8135.0 1629.0 1628.0 2551.8 2553.3 437.2 437.4 251.3 251.3 215.3 215.3 1624.6 1625.0 565.0 565.3 137.7 137.6 1088.7 1090.0 928.0 928.1 127.6 127.9 263.8 263.9 524.5 524.7 19300.0 19300.0 341.4 341.7
w 988.4 988.3 4971.3 4957.1 8014.8 8018.0 1607.3 1606.6 2518.5 2511.0 423.4 423.0 w 245.1 245.7 210.4 210.3 1600.0 1597.1 551.2 553.0 135.1 135.1 1063.1 1073.7 w 908.1 916.6 124.3 124.4 258.2 259.7 502.9 506.1 19000.1 19051.3 336.2 336.2
996.2 996.3 5005.3 5007.3 8026.5 8027.7 1620.7 1621.6 2543.2 2543.3 425.8 425.8 246.4 246.5 211.8 211.8 1620.8 1620.4 563.7 562.8 135.7 135.8 1082.5 1084.4 924.9 924.6 126.4 126.5 260.6 260.5 515.7 515.8 19239.6 19256.7 340.1 340.0
84698 6823K 17304 244K 24531 748K 62375 1712K 2394 167K 59740 1759K 378K 6591K 777K 12103K 1362 82661 22919 798K 291K 10489K 23776 493K 50338 2248K 1914K 17710K 122K 1226K 85074 3471K 444 20739 127K 4370K
27.3 27.3 21.7 21.7 44.6 44.7 36.7 36.7 45.9 45.9 25.8 25.8 19.6 19.6 6.8 6.8 67.7 67.7 71.4 71.3 31.9 31.9 45.3 45.3 62.1 62.1 152.9 153.0 74.5 74.5 40.8 40.8 37.8 37.9 3.9 3.9
W 1047/745 1048/745 5272/3521 5275/3516 8190/5487 8192/5486 1813/1216 1818/1215 2606/1801 2610/1796 462/307 462/307 W 275/182 275/182 220/129 220/129 1873/1381 1875/1381 679/440 680/439 147/87 147/87 1148/743 1148/742 W 948/736 949/736 149/60 149/60 293/192 295/192 535/250 536/250 19980/15391 19990/15394 398/288 398/288
M 307003 307034 141630 141687 486323 486398 258575 258718 49159 49161 8587 8587 M 39684 39700 109503 109503 20831 20825 65705 65606 99194 99231 50401 50487 M 518410 518242 43996 44031 31282 31270 14202 14204 56738 56788 73765 73754

Britannia« BSEH Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH
(4537.5) (4538.5) (-) (1401.5) (773.3) (773.7) (375.3) (375.3) (301.1) (300.9) (274.8) (274.5) (1219.3) (1219.6) (1162.8) (1163.0) (129.1) (128.9) (287.8) (287.8) (1072.4) (1072.3) (5185.5) (5185.5) (1992.3) (1992.6) (713.6) (715.3) (1171.4) (1171.4) (1704.4) (1704.4) (547.0) (547.2) (2224.4) (2223.8)
O 4535.0 4511.0 - 1364.0 773.0 766.6 370.0 370.0 298.1 299.0 265.1 272.5 O 1200.1 1210.0 1152.6 1159.0 128.5 128.0 286.0 286.1 1030.1 1042.1 5085.6 5161.0 O 1971.3 1972.0 701.2 704.3 1170.0 1160.2 1590.3 1704.0 546.1 543.2 2227.0 2207.1
4535.0 4535.0 - 1440.0 773.0 766.7 370.9 371.7 300.0 300.0 275.4 275.4 1223.0 1222.7 1166.8 1166.9 128.5 128.1 288.9 289.0 1055.5 1058.2 5211.4 5216.9 2012.3 2012.4 713.1 713.0 1185.3 1184.7 1705.3 1706.0 546.1 545.2 2242.3 2242.5
w 4498.4 4493.5 - 1360.1 747.0 746.1 363.1 363.1 294.1 294.2 265.1 267.8 w 1200.1 1204.9 1152.4 1151.7 125.3 125.3 283.2 283.1 1017.6 1025.0 5085.6 5118.9 w 1969.4 1972.0 700.0 699.4 1151.3 1151.5 1590.3 1682.8 540.1 540.1 2199.0 2198.7
4524.0 4522.5 - 1384.0 751.5 750.4 365.1 365.4 296.0 296.0 272.7 272.9 1219.5 1219.6 1159.6 1159.5 125.8 125.8 287.7 287.8 1033.1 1033.3 5131.7 5138.8 2000.4 2000.5 709.9 709.8 1161.3 1162.0 1695.9 1699.3 541.0 541.8 2220.7 2219.1
5465 256K - 2514K 17623 405K 186K 6244K 88897 1494K 112K 1061K 12625 1641K 12781 822K 258K 3598K 115K 4648K 175K 1457K 2515 180K 4850 333K 37601 695K 10435 428K 11513 279K 15035 1077K 7562 238K
44.6 44.6 - 25.9 15.6 15.6 5.5 5.5 40.9 40.9 10.0 10.0 35.5 35.5 30.1 30.1 9.9 9.9 6.5 6.5 34.4 34.4 44.4 44.5 49.0 49.0 38.6 38.5 17.0 17.0 37.7 37.8 55.4 55.5 40.2 40.2
W 5269/3691 5270/3690 -/- 1440/406 905/476 910/476 387/221 387/221 398/251 397/251 332/249 332/248 W 1257/658 1258/658 1278/852 1278/852 205/120 205/120 298/208 298/208 1258/411 1259/410 5760/3508 5763/3507 W 2096/1435 2096/1435 829/555 829/555 1185/839 1185/838 1981/1176 1980/1178 610/504 611/504 2424/1478 2425/1476
M 108982 108947 - 18746 10006 9992 66225 66279 18948 18948 11350 11358 M 100304 100308 93615 93606 9311 9311 177271 177363 13589 13592 31514 31557 M 54411 54412 43254 43248 34189 34209 47009 47103 95865 95998 41648 41618

N H « H H H Dr Reddys< Eicher Motor« « H Glenmark« GMR Airports« GNFC Godrej Cons« Godrej Prpty< Granules«
(5421.0) (5424.9) (3450.3) (3450.4) (793.7) (793.6) (61.7) (61.6) (616.3) (616.7) (971.5) (971.7) (1674.3) (1675.0) (361.9) (362.1)
O O 5421.0 5410.1 3400.2 O 780.1 790.0 60.3 60.8 601.1 611.5 968.7 965.9 1690.0 1670.0 360.0 353.0
5525.2 5527.4 797.0 797.3 60.7 60.8 614.9 615.0 973.5 974.1 1690.0 1670.0 364.5 364.7
w w 5407.3 5400.2 w 780.1 781.5 57.5 57.5 600.6 601.0 962.1 961.9 1624.0 1623.9 353.6 353.0
5496.3 5494.9 784.7 784.4 57.9 57.8 610.4 611.2 966.9 966.5 1630.6 1630.7 356.1 355.8
K K K K K K K K 7777 474K K K K K K K K K 26804 749K 1653K 11463K 26049 721K 8364 501K 18326 614K 67275 1988K
19.4 19.4 87.0 86.9 - - 9.7 9.7 59.0 59.0 69.7 69.7 19.7 19.7
W W 5986/4177 5990/4175 W 879/370 880/369 67/34 67/34 735/484 735/484 1102/794 1102/794 1769/1006 1769/1005 381/268 381/268
M M 91667 91643 M 22144 22136 34918 34857 9487 9498 98895 98849 45334 45335 8616 8610

m H H H < H « H H H M < H « H H M H H < H « H H « H m

O O O

w w w

K K K K K K K K K K K K K K K K K K K K K K K

W W W
M M M

« m H H M H « H w < O « H « «

O O O

w w w

K K K K K K K K K K K K K K K K K K K K K K K K K K K K K

W W W
M M M

m W « H M < & H & H & H H H H M « H M&M H M &M < M M H M «

O O O

w w w

K K K K K K K K K K K K K K K K K K K K K K

W W W
M M M

M < M H M M M H H M M M N m< N H N NM « N O ON < O < M«

O O O

w w w

K K K K K K K K K K K K K K K K K K K K

W W W
M M M

N « « m H N H w w N m m « w m M «

O O O

w w w

K K K K K K K K K K K K K K K K K K K K K K K K K K K

W W W
M M M

« & m m m H N m « N < H m mm m « M H w « «

O O O

w w w

K K K K K K K K K K K K K K K K K K K K K K K K

W W W
M M M

« M < m « < « M « w« H H « « W H H « m « «

O O O

w w w

K K K K K K K K K K K K K K K K K K K K K K K K K K

W W W
M M M
.
NEW DELHI | TUESDAY, 10 OCTOBER 2023
INDIABULLS HOUSING FINANCE LIMITED
Registered Office: 5th Floor, Building No. 27, KG Marg, Connaught Place,
New Delhi – 110001 (CIN: L65922DL2005PLC136029)
Public Notice for Shifting/Closing Of Branch Office
Notice is hereby given that branch of INDIABULLS HOUSING FINANCE LIMITED
to be closed/Shifted as per details hereunder:
Old Address New Address
GROUND FLOOR, UNIT NO. GSR-4, IST & 2ND FLOOR, COMMERCIAL
GSR-5, GSR-6, ANSAL PLAZA, OPP. COMPLEX, PLOT NO.3, SEC-14,
DABUR CHOWK, VAISHALI-201010 KAUSHAMBI, GHAZIABAD-201012,
UTTAR PRADESH - 201012
Our customer helpline numbers is 1800 572 7777 (Monday to Saturday – 9 am to 6
pm. Except 2nd and 3rd Saturdays and Public Holidays), alternatively write us on our
customer care e-mail id :- homeloans@indiabulls.com.
For INDIABULLS HOUSING FINANCE LIMITED
Place :UTTAR PRADESH
Date : 07.10.2023
Amit Jain, Company Secretary & Compliance Officer
13 <
Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat
Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811
Notice
Notice is hereby given that in accordance with Regulation 59(A) of Securities and Exchange Board of
India (Mutual Funds) Regulations, 1996 read with SEBI Circular No.
SEBI/HO/IMD/DF2/CIR/P/2018/92 dated June 05, 2018, the half yearly portfolio of the Schemes
of Aditya Birla Sun Life Mutual Fund ('the Fund') as on September 30, 2023 has been hosted on the
website of the Fund viz. https://mutualfund.adityabirlacapital.com and on the website of AMFI viz.
www.amfiindia.com.
Investors can request for a physical copy or electronic copy of the half yearly portfolio through any of
PUBLIC NOTICE the following modes:
Public is informed that Mrs. Kamla Sharma is
owner of - 2nd Floor, with Roof, part of Property
No. 1870, (103 Sq. Yds.), Kucha Khyali Ram,
Mohalla Imli, Bazar Sita Ram, Delhi-110006,
1) Telephone: Call at our Investor Contact Centre at 1800-270-7000 (Toll free)
vide Reg. Sale Deed executed by Mr. Alok
Kumar (Doc No. 4249, Book No. I, Vol No. 9177, 2) Email: Send an email to care.mutualfunds@adityabirlacapital.com
Pages No. 65-77, SR-Delhi,13/06/1996) and
she intends to mortgage the same with Fedbank
Financial Services Ltd. Any objections to this
mortgage to be sent in writing to the undersigned
3) SMS: Send a SMS to 567679 from investor's registered mobile number. SMS format: HYR
within 7 days(publication day inclusive) failing
which it shall be deemed there is no objection to
<SPACE>PAN. Example: HYR ABCDE1234F
this mortgage.
VARUN PHOGAAT(ADVOCATE)
72/03, Street no.2, krishna Nagar,
4) Written Request (letter) to:
Safdarjung Enclave, New Delhi-110029
(07982557892) (varunphogaat@gmail.com)
a) Registered office or any of the Investor Service Centres of Aditya Birla Sun Life AMC Limited;
or
PUBLIC NOTICE b) Computer Age Management Services Ltd (CAMS) at New No.10, (Old No. 178), M.G.R. Salai,
This is for notice of the general public that a
political party is proposed to be registered by
Nungambakkam, Chennai - 600 034.
the name of JANTANTRA SUDHAR PARTY
The office of the party is located at Ram Unitholders are requested to update their latest e-mail id and mobile number to help us serve
Kishan Sahu, Kailguan Chouraha Panari Road,
District-Lalipur, Uttar Pradesh-284403 This
better.
Party has submitted application to the Election
Commission of India. New Delhi for its For Aditya Birla Sun Life AMC Limited
registration as Political party under Section
29A of the Representation of People Act 1951- (Investment Manager for Aditya Birla Sun Life Mutual Fund)
Names/address of the office bearers of the
Party are as Follows:- Sd/- Place : Mumbai
President: ASHOK PRATAP SINGH
Authorised Signatory Date : October 09, 2023
General secretary : DEVI SINGH
Treasurer : RAM KISHAN
If any one has any objection to the registration
of JANTANTRA SUDHAR PARTY they may
Mutual Fund investments are subject to market risks, read all scheme
send their objection with reasons thereof, to the related documents carefully.
Secretary (Political Party), Election
Commission of India, Nirvanchan Sadan,
Ashoka Road New Delhi-110001 within 30
days of the publication of the notice.
OFFICE OF THE DY. DIRECTOR (LAW)
ROOM NO 310, VARUNALAYA PHASE-II,
DELHI JAL BOARD,
KAROL BAGH NEW DELHI-110005
NOTICE: EOI BID
DJB invites applications for "Expression of lnterest (EOl) from Advocates/ Law Firms for Empanelment in DJB
for advising, drafting, vetting, finalising including performance etc. of high value contracts and contesting cases
/ litigations / disputes arising thereof "
The complete information along with applying documents is available at the official website of Delhi Jal Board
at https://delhiialboard.delhi.qov.in . The interested party (Advocates / Law Firm) should submit their proposals
through Registered / Speed Post or e-mail complete in all respect (envelope to be superscribed with heading
as in bold above) at the following address to reach on or before on 20th October 2023:
OFFICE OF THE DY. DIRECTOR (LAW) ROOM NO 310, VARUNALAYA PHASE-II,
DELHI JAL BOARD,
KAROL BAGH NEW DELHI-110005 Government of Jammu & Kashmir
E-mail:- ddlawdjb@gmail.com Mobile No. 9818425426
DIRECTORATE OF FLORICULTURE (G&P)
ISSUED BY P.R.O (WATER) DEPARTMENT KASHMIR
Advt. No. J.S.V. 153(2023-24) Dy. Director (Law)
Tel-0194-2474234 Fax -2482032 – email: - kashflori@rediffmail.com
Subject: - Extension No.01.
In view of no response, the last date for submission of bids invited vide this office e-Tender
Notice No.29 of 2023 dated.14.09.2023 for Outsourcing of Entry Ticketing System of Iqbal
Sd/-
Park, Srinagar is hereby extended as per the details given below:-
Jammu & Kashmir Bank Limited
IMPAIRED ASSETS PORTFOLIO MANAGEMENT DEPARTMENT 1. Period of downloading of bidding document 06.10.2023 from 03:00 PM to
Zonal Office Delhi : Plot No.132-134 Sector 44, Gurgaon (Haryana) 18.10.2023 up to 02:00 PM
India, GSTIN: 06AAACT6167G1ZB, T +91 (0)0124-4715800, F +91 (0)0124-4715800 2. Bid submission Start Date 06.10.2023 from 03:30 PM
E : iapmd.del@jkbmail.com, W : www.jkbank.net 3. Bid submission End date 18.10.2023 up to 02:00 PM
E-Auction Notice 4. Date and time of Opening of Tenders (Online) 21.10.2023 at 02:00 PM
(For sale of Immovable Mortgaged Property/ies under the SARFAESI Act, 2002) [Refer Proviso to rule 8(6)]
Notice is hereby given to the public in general and to the borrowers and guarantors in particular that the below mentioned property Other terms and conditions shall remain same as laid down in the aforesaid Tender Notice.
mortgaged to The Jammu & Kashmir Bank Ltd., Business Unit Dwarka Delhi, as security for the Housing Loan facility extended in favour
of Sunny Bagga & Dimple Arora G-1/5, 2nd Floor, Near Dal Mil Road, Uttam Nagar West Delhi 110059, the physical possession of Sd/-
which has been taken by the Authorised officer of the bank under Section 13(4) of the SARFAESI Act, will be sold through E-auction on Accounts Officer,
“AS IS WHERE IS” “AS IS WHAT IS” AND “WHATEVER THERE IS” basis on 26-10-2023, for recovery of Rs.50.19 Lakhs (Member Secretary)
(Rupees Fifty Lakhs Nineteen Thousand only) as on 30.09.2023 with interest, cost etc., thereon due to the bank from concerned firm
through its proprietor(s), mortgagor(s) and guarantors viz:-
1. Mr. Sunny Bagga S/O Manoj Bagga, R/O G-1/5, 2nd Floor, Near Dal Mil Road, Uttam Nagar West Delhi 110059 (Borrower) No: -DFK/GS-674/3341-43
2. Mrs. Dimple Arora W/O Mr. Sunny Bagga, R/O G-1/5, 2nd Floor, Near Dal Mil Road, Uttam Nagar West Delhi 110059 (Co-Borrower). Dated:- 05/10/2023
3. Mrs. Sarika Gandhi W/O Mr. Vikash Gandhi, R/O E-2-C,G/F Om Vihar Gali No 1, Uttam Nagar, West Delhi, Delhi 110059 (Guarantor).
Description of the Immovable Property
DIPK-10047/23
L-Type 2nd floor, without roof / terrace rights towards front side of buildup property bearing plot no 196A , area measuring
90sqyds out of total area measuring 150 sqyds out of khasra no 17 and 20 situated in the area of village Bindapur, Delhi state
Delhi , area abadi colony known as Block “T” Uttam Nagar Delhi 110059 standing in the name of Mr Sunny Bagga and
Mrs Dimple Arora.
The minimum Reserve Price for the aforesaid property is Rs.36.00 lacs (Rupees Thirty Six Lakhs Only) and the EMD is Rs.3.60 Lakhs
(Rupees Three Lakhs Sixty Thousand only).
The bid document/format containing full details of the property and all the terms and conditions can be had from, and submitted on, the Bajaj Finserv Asset Management Limited
website “http://sarfaesi.auctiontiger.net” (contact person Ram Sharma (M) -9978591888, Contact no. 079-68136880/68136837 (Investment Manager to Bajaj Finserv Mutual Fund)
Mob.: +91 9265562821/18 email: support@ auctiontiger.net). The bids complete in all respects can be only submitted online by or before
25.10.2023. The time of E-Auction will be 3:00 pm on 26.10.2023. The contact details of bank officials are: Mr. Rajneesh Mahajan
(Authorized Officer) Mob: 9967753294 and Mr. Altaf Ahmad (Branch Head Dwarka Delhi) Mob No: 7006653421.
This publication is also 15 days’ notice in terms of Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 to the
borrowers/mortgagors/guarantors of the above said loan accounts to pay the total outstanding of loan along with the interests Registered Office: S. No. 208/1B, Lohagaon, Viman Nagar, Pune – 411 014
and expenses before the date of auction, failing which the property will be auctioned and balance if any along with interests and
Corporate Office: 8th Floor, E-core, Solitaire Business Hub, Viman Nagar, Pune – 411 014
expenses will be recovered from them.
Tel. No.: 020 6767 2500; Fax No.: 020 6767 2550; Email: service@bajajamc.com
Date: 09.10.2023, Sd/-, (Mr. Rajneesh Mahajan)
Place: Gurugram Haryana Authorized Officer, The J&K Bank Ltd Website: www.bajajamc.com; CIN: U65990PN2021PLC205292
Notice
Half-Yearly Portfolio Statement of the Schemes of Bajaj Finserv Mutual Fund
Investors are requested to note that in accordance with Regulation 59A of SEBI (Mutual
Funds) Regulations, 1996 read along with SEBI Master Circular for Mutual Funds dated May
19, 2023, the portfolio statement of the schemes of Bajaj Finserv Mutual Fund (the Fund) for
the half-year ended September 30, 2023, has been hosted on the website of Bajaj Finserv
Asset Management Limited (the AMC) viz. www.bajajamc.com and on the website of
Association of Mutual Funds in India viz. www.amfiindia.com.
Investors may view/download the half-yearly portfolio statement of schemes of the Fund
from the website of the AMC.
Investors can submit a request for a physical or electronic copy of the said statement of
scheme portfolio by any of the following modes:
(i) Call on our toll free number 1800-309-3900 (Monday to Friday, from 9 a.m. to 6 p.m.); or
(ii) Email us at service@bajajamc.com; or
(iii) Submit a letter to any of the AMC offices or KFin Technologies Limited (Unit: Bajaj Finserv
Mutual Fund) branches, the details of which are available on AMC’s website.
For Bajaj Finserv Asset Management Limited
(Investment Manager to Bajaj Finserv Mutual Fund)
Sd/- Date : October 09, 2023
Authorized Signatory Place : Pune
Mutual Fund investments are subject to market risks, read all scheme related
documents carefully.
14
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1

POSSESSION NOTICE
(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 27.08.2022 calling upon the Borrower(s) CREATIVE INFRAPOWER
PRIVATE LIMITED (PREVIOUSLY KNOWN AS CREATIVE EARTH MOVERS &
CONSTRUCTION PVT. LTD.), GARIMA SINGH, OMVIR SINGH, LALIT KUMAR
SINGH, SATYA PAL SINGH AND PINKI RAJORA to repay the amount mentioned
in the Notice being Rs.60,04,180.04 (Rupees Sixty Lakh Four Thousand One
Hundred Eighty and Paise Four Only) against Loan Account No.
HLAPLAJ00176754 as on 26.08.2022 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 06.10.2023.
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.60,04,180.04 (Rupees Sixty Lakh Four Thousand One Hundred Eighty and
Paise Four Only) as on 26.08.2022 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
ENTIRE THIRD FLOOR (WITH ITS TERRACE/ROOF RIGHTS, OVER AND
ABOVE) TOGETHER WITH PROPORTIONATE, UNDIVIDED, INDIVISIBLE
AND IMPARTIBLE SHARE OF THE FREE-HOLD LAND UNDERNEATH, OF
THE FREE HOLD PROPERTY BEARING NO. G-45, MEASURING 200 SQUARE
YARDS SITUATED IN LAJPAT NAGAR-I, NEW DELHI – 110024.
Sd/-
Date : 06.10.2023 Authorized Officer
Place : NEW DELHI INDIABULLS HOUSING FINANCE LIMITED

FORM B
PUBLIC ANNOUNCEMENT
(Regulation 12 of the Insolvency and Bankruptcy Board of India
(Liquidation Process) Regulations, 2016)
FOR THE ATTENTION OF THE STAKEHOLDERS OF PAN INDIA
INFRAPROJECTS PRIVATE LIMITED
S.No PARTICULARS DETAILS
1. Name of Corporate Debtor PAN INDIA INFRAPROJECTS
PRIVATE LIMITED
2. Date of incorporation of corporate debtor 22/05/2007
3. Authority under which corporate debtor ROC-Mumbai
is incorporated / registered
4. Corporate Identity No. / Limited Liability U92412MH2007PTC171016
Identification No. of corporate debtor
5. Address of the registered office and 513/A, 5th Floor, Kohinoor City,
principal office (if any) of Corporate Kirol Road Kurla (West), Mumbai
Debtor City, Mumbai, Maharashtra,
India, 400070
6. Date of closure of Insolvency Resolution 04/10/2023 (Date of Liquidation
Process Order passed)
7. Estimated date of closure of insolvency 04/10/2023 (Information received by
resolution process Liquidator on 06/10/2023)
8. Name and registration number of the Mr. Ajay Agrawal
insolvency professional acting as IBBI Reg. No.: IBBI/IPA-001/IPP00046/
liquidator 2017-18/10120
9. Address and e-mail of the liquidator, Plot No. 1, Girupal, Bhagwaghar
as registered with the Board Layout, Gali No.3 Opp. Ajit Bakery,
Dharampeth, Shankar Nagar,
Nagpur Maharashtra, India 440010
E-mail ID: Nirpltd@gmail.com
10. Address and e-mail to be used for Nakshatra Insolvency Resolution
correspondence with the liquidator Professionals Ltd., 3rd Floor, 377,
Gandhinagar, Ambazari Road,
Nagpur-440010.
Nakshatra, 402. Ground Floor,
Building No.4, Solitaire Park, Chakala,
Andheri (E), Mumbai- 400093
Nagpur-440010.
E-mail ID: Panindia.liquidation@gmail.com
11. Last date for submission of claims 04/11/2023
Notice is hereby given that the National Company Law Tribunal (Mumbai bench) has ordered
the commencement of liquidation of the PAN INDIA INFRAPROJECTS PRIVATE LIMITED on
04/10/2023 (Information received by Liquidator on 06.10.2023)
The stakeholders of PAN INDIA INFRAPROJECTS PRIVATE LIMITED are hereby called upon to
submit their claims with proof on or before 04.11.2023, to the liquidator at the address
mentioned against item No.10.
The financial creditors shall submit their claims with proof by electronic means only. All other
creditors may submit the claims with the proof in person, by post or by electronic means.
Submission of false or misleading proof of claims shall attract penalties.
[In case a stakeholder does not submit its claims during the liquidation process, the claims
submitted by such a stakeholder during the corporate insolvency resolution process under
the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016, shall be deemed to be submitted under section 38.]
Sd/-
Date : 09/10/2023 Ajay Agrawal,
Place: Nagpur IBBI Reg. IBBI/IPA-001/IPP00046/2017-18/10120
.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 15
<
16
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1

Circle SASTRA Centre, East Delhi, Mayur Vihar,
Phase-II, Pocket-E, Delhi-110091
CORRIGENDUM
The General Public is hereby informed that in
e-auction Notice i.e. SALE NOTICE FOR SALE
OF IMMOVABLE PROPERTIES published on
04.10.2023 in English Newspaper- “Business
Standard” (Page No.14) & Hindi Newspaper-
“Business Standard” (Page No.09), properties
at Sr. No.1 to 14 are not available for sale now.
These properties have been withdrawn by the
bank from E-auction process to be held on
19.10.2023.
Rest of e-auction notice remains same.
Authorised Officer
Date: 09.10.2023 Punjab National Bank
PUBLIC NOTICE
Public is informed that Smt. Pinki is the owner of
Built-up Property No. 995, (40 Sq. Yds.), out of
Khasra No. 135/5, Situated at Village Burari,
Colony Known as B-Block, Gali No. 29, Sant Nagar,
Delhi-84, vide Authorisation Slip (Doc No. 522,
Book No. I, Vol. No.10534, on Pages No. 77-86,
SRO- VIII Delhi, Dated 19/01/2023) earlier
transferred by way of notarised GPA Dated
12/07/23 by Shokender Kumar. Mrs. Pinki intends
to mortgage the same with Fedbank Financial
Services Ltd. Any objections to this mortgage to be
sent in writing to the undersigned within 7
days(publication day inclusive) failing which it shall
be deemed there is no objection to this mortgage.
VARUN PHOGAAT(ADVOCATE)
72/03, Street no.2, krishna Nagar,
Safdarjung Enclave, New Delhi-110029
(07982557892) (varunphogaat@gmail.com)

AB-20, Safdarjung Enclave,

DDA Shopping Complex, Delhi-110029
Phone: 011-26175763, Mob-997109450
Email: sdenclave@indianbank.co.in
NOTICE
It is to certify that below mentioned property is mortgaged with our branch, Therefore any
sale/Purchase will be null & void. If any body go for sale/purchase then it will be his/her own
personal responsibility. Mortgage Property details are as under:
Title in favouring of Sh. Subhash S/o Mahendra R/o Vill. Sahupura Tehsil
Ballabhgarh Distt Faridabad Industrial Rectangle No. 20, Killa No.-24/2(2-0)
Mauza-Sahupura, Situated at industrial Plot No.-2 area 837.77 Sq. M. Near Sector-65
Tahsil, Ballabhgarh Distt. Faridabad (Haryana)
Authorized Officer

(Stressed Asset Management Branch)

603B, Konnectus Tower, Bhav Bhuti Marg New Delhi-01 SALE NOTICE
E-mail– ubin0906069@unionbankofindia.bank For Sale of Immovable Properties
E-Auction Sale Notice for Sale of Immovable Assets and Enforcement of Security Interest Act, 2002 read with Rules 8/9 of the Security Interest (Enforcement) Rule, 2002
The notice is hereby given to the public in general and in particular to the borrower(s)/mortgagor(s)/guarantor(s) that the below described immovable property mortgaged charged to the secured creditor, the possession of which has been taken by the
authorized officer of Union Bank of India (secured creditor) will be sold on "As is where is" "As is What is" and "Whatever there is" on the date mentioned below for recovery of dues as mentioned hereunder to Union Bank of India from the below mentioned
borrower(s)/guarantors(s). The reserve price and the Earnest Money Deposit are also mentioned hereunder:
Date and Time of Auction: 27.10.2023, 12.00 PM to 5.00 PM (with 10 min unlimited auto extensions)
Sr. Name & address of Borrower / Mortgagors / Guarantor Description of the Immovable property put for auction Dues to be recovered Reserve Price (Rs.)
No & Status of Possession from Borrower/ EMD
Guarantor (Rs.) Bid Increment
1. Borrower (s): M/s Sargam India Electronics Pvt Ltd.; (Represented through RP), Commercial Complex, Garg Trade Centre, Dr. K.N. Katju Marg, Sector 11, Rohini, Delhi [1] Residential Property (i.e. land & building constructed in GF, FF, SF, TF) bearing no 101, measuring area 48 sq. meters Rs. 62,04,25,306.36 Rs. 1,80,00,000/-
110085 (57.41 Sq. Yards), Pocket No 6, Block no B, Sector 11, Rohini, Delhi 110085 in the name of Mrs. Sulakshna Goel w/o plus interest thereon w.e.f. Rs. 18,00,000/-
Mortgagors and Guarantors: Shri Dayanand Garg S/O Late Shri Om Prakash Garg (Director and Guarantor) A-3/120, Sector 13, Sunrise Apartment Rohini, Delhi 110085. Naresh Goel (sister in law of director, Dayanand) 01.07.2022 plus interest and Rs. 1,80,000/-
Shri Dinesh Kumar Bansal S/O Late Shri Jai Kishan Bansal (Director and Guarantor) A3/86, Ground Floor, Sector 11, Rohini, Delhi 110085 Shri Surendra Kumar Bansal Bounded by (as per sale deed) [Property is under Physical possession] charges thereon
(Guarantor) B 218, Swastik Kunj, Sector 13, Rohini, Delhi 110085, Smt Reeta Gupta (Guarantor) C 33/35, Karampura, Delhi 110015 Shri Anand Kumar S/O Late Shri OM
Prakash Garg (Guarantor) C 33/35, Karampura, Delhi 110015 Smt Neena w/o Mukesh (Guarantor) B 3/12 Sector 11 Rohini, Delhi 110085 Smt Usha Aggarwal W/O Shri
Ravinder Kumar Aggarwal (Guarantor) G 94, Aravali Kunj, Sector 13, Rohini, Delhi 110085 Smt Shashi Garg W/O Dayanand Garg (Guarantor) A-3/120, Sector 13, Sunrise
Apartment Rohini, Delhi 110085 Shri Deepak Kumar S/O Late Shri JaiKishan Bansal (Guarantor) C 33/35, Karampura, Delhi 110015 Shri Deepak Kumar S/O Late Shri
JaiKishan Bansal (Guarantor) C 33/35, Karampura, Delhi 110015 Smt Anjali Bansal W/O Deepak Kumar (Guarantor) A-3/86, Sector 11, Rohini, Delhi 110085 Shri Mukesh
Kumar Aggarwal S/O Jai Narayan Singhal (Guarantor) C 33/35, Karampura, Delhi 110015 Smt Urmila Bansal W/O Late Shri Jai Kishan Bansal (Guarantor) A3/86, Sector 11,
Rohini, Delhi 110085 Smt Sulakshna Goel W/O Naresh Goyal (Guarantor) B6 101 Sector 11, Rohini, Delhi 110085
2. Borrower (s): M/s J S Medimax Pvt. Ltd (Now known as M/s Orbitol Intelligence Pvt Ltd) (Represented through IRP/RP) Plot No.73, Gulabi Bag Industrial Estate, New Delhi-110007 Unit no 203, on 2nd floor, Tower no. J3, Super area 117.42 sq. mtrs. (1264 sq ft approx) in the multi storeyed building Rs. 28,71,99,509.39 Rs. 29,75,000/-
Mortgagors and Guarantors: Mr. Tushar Tomar S/o Mr. DPS Tomar R/o H. No. C-9/1, S.F.S. Flats, Saket, New Delhi - 110017. Mr. Jitender Nalwa S/o Mr. Satya Pal Nalwa “Kingsbury Flat Complex” TDI City Kundli situated in the revenue estate of village Kundli, Nangal Kalan, Aterna, Patla, plus interest thereon w.e.f. Rs. 2,97,500/-
R/o 17, Pratap Nagar, Malkaganj, New Delhi -17 Mr. Rishabh Mittal S/o Mr. Sanjeev Mittal R/o A/5, Rajkamal Enclave, Delhi Road Rithani, Meerut. Mr. DPS Tomar S/o Mr. Shanker Singh Rasoi, Badkhalsa and Jakholi and Sersa situated within Tehsil Rai, Distt. Sonepat (Haryana) in name of Mr. Jitender 02.01.2018 Rs. 1,00,000/-
R/o H. No. C-9/1, S.F.S. Flats, Saket, New Delhi - 110017. Mrs. Suman Nalwa W/o Mr. Tushar Tomar R/o Flat 8, Type IV Police Residential Complex, Police Station Delhi Cantt, Nalwa. (Property is under Physical possession)
Near Sadar Bazar, New Delhi-110010 Mr. Mahipal Singh Yadav S/o Mr. Makhan Lal Yadav R/o 601, Plot-16, ShakuntalaApartment, Dwarka, Sector-10, Delhi – 45
M/s Rishabh Heights Ltd. Reg. Off. - A/5, Rajkamal Enclave, Delhi Road, Rithani, Meerut. Mr. Sanjeev Mittal S/o Mr. Suresh Chand Mittal A/5, Rajkamal Enclave, Delhi Road Rithani,
Meerut. Mrs. Seema Mittal W/o Mr. Sanjeev Mittal R/o A/5, Rajkamal Enclave, Delhi Road Rithani, Meerut.
3. Borrower (s) : M/s NDT Trade House Pvt Ltd.;At: 566 udyog Vihar Phase 5 Gurugram Haryana-122016 (Represented through RP/Liquidator) (1) Land Situated at Khewat no 99/104, mustil no 51, kila no. 13/3/1/1(0-12), and Kila no 8/1/1/4 (1-9), measuring 2 kanal Rs. 5,97,80,938.92 Rs. 1,32,00,000/-
At: B-572, Sainik Colony, Sector-49, Faridabad Haryana-121001 Also at : E 206-207 UGF Sushant Shopping Arcade, Sushant Lok-1 Gurgaon, Haryana-122022 1 Marla Situated at Mauja Mitnaul, tehsil Hodal, Palwal, Haryana in the name of Gyanwati. Boundries as per sale deed plus interest thereon w.e.f. Rs. 13,20,000/-
Also at : Industrial Plot no 35 village Mitroli, tehsil Hodal, District-Palwal, Haryana-121102 (Property is under Physical possession) 05.03.2018 plus interest and Rs. 3,00,000/-
Mortgagors and Guarantors: Mr Vijay Pal, Village Parithla Palwal, Haryana charges thereon.
(2) Land Situated at 7/2/1 (2-0), measuring 2 kanal Situated at Mauja Mitnaul, Tehsil Hodal, Palwal, Haryana in the name Rs. 1,48,00,000/-
Mr Jitender Singh Phogat, MCF 186 Sanjay Colony Mathura Road Ballabgarh Faridabad, Haryana-121004
of Shri Vijay Pal. Boundries as per sale deed Rs. 14,80,000/-
Mrs Nidhi Dinesh Tanwar, 333Afirst floor Block ASushant Lok 1 Gurgaon Haryana-122022
Mr Dinesh Kumar Tanwar, 333Afirst floor Block ASushant Lok 1 Gurgaon Haryana-122022 (Property is under Physical possession) Rs. 3,00,000/-
Gyanwati, Village Parithla Palwal, Haryana-121102
4. Borrower: M/s Servel India Pvt Ltd (represented through its RP) Luxury Apartment/Dwelling unit number H-0501 on 5th floor, Block H, Known as Sispal Vihar, Sector 49, Gurugram, Rs. 9,23,46,987.71 Rs. 1,73,00,000/-
1. S-15,Okhla Phase-II, New Delhi-110020. 2. Unit- Plot no SP I 26, RIICO Industrial Area, Phase-1, Neemrana, Dist-Alwar, Rajasthan-301705 Haryana admeasuring 2016 sft. (Property is under Physical possession) as on 03.08.2019 Rs. 17,30,000/-
Mortgagors and Guarantors: Late Shri S P Chaudhary (since deceased) represented through his legal heirs. Mrs Shuchi Chaudhary Rustogi (Daughter of Late Shri S P Rs. 1,73,000/-
Chaudhary). R/o C 34 Friends colony, New Delhi 110065 Also at H no 455, 21A Sector 21B Partlywards no 12 Fatehpur Chandila Faridabad Haryana-121001 Mr Rahul
Chaudhary (Son of late Shri S P Chaudhary) R/o C 34 Friends colony, New Delhi 110065. Mrs Chitra Chaudhary (Wife of late Shri S P Chaudhary) R/o C 34 Friends Colony, New
Delhi 110065. Mrs Chhabi Rastogi R/o 4863 2B 24 Darya Ganj, Bharat Ram Road, Delhi -110002 Also at H No 455, 21A Sector 21B Partlywards no 12 Fatehpur Chandila
Faridabad Haryana-121001. Mrs Nandini Chaudhary R/o C 34 Friends colony, New Delhi -110065
5. Borrower: M/s Five Core Electronics Limited (Borrower) Represented by RP Mr. Manoj Kulshrestha Reg add: WZ-15B, Ground Floor, Uggarsain Market, Ashok Nagar, Equitable mortgage of -3- immovable property situated at C-116, area 138 sq yards, Basement, Ground floor, first floor, Rs. 52,12,52,238.86 Rs. 1,90,00,000/-
New Delhi-110018 Guarantors/ Mortgagors: Mr. Amarjit Singh Kalra (Guarantor and Mortgagor) C-130,Mansarovar Garden, New Delhi-110015 part of khasra no. 568/2, situated in the area of village Tihar colony known as fateh Nagar, Jail road, New Delhi in the name Rs. 19,00,000/-
Ms. Jagjit Kaur Kalra (Guarantor) C-130, Mansarovar Garden, New Delhi-110015. Mr. Surinder Singh Kalra (Guarantor and Mortgagor) C-130, Mansarovar Garden, of Shri Amarjet Singh Kalra (basement & FF) and Smt Surinder Kaur Kalra (Ground Floor) (without roof right). Rs. 1,00,000/-
New Delhi-110015. Ms. Surinder Kaur Kalra (Guarantor and Mortgagor) C-130,Mansarovar Garden, New Delhi-110015 Bounded by (As per Deed). (Property is under Physical possession)
For registration, login and bidding rules visit https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp.
For detailed terms and conditions of the sale, Please refer to the link provided in https://www.unionbankofindia.co.in/english/TenderViewAllAuction.aspx,
-For Properties Serial No. 1-5, Authorised Officer Authorised Officer Mr. Rajat Agarwal Contact No. 9899655255.
Note: Bidders are advised to register and validate their KYC on MSTC website/portal at least 2-3 days prior to auction date and EMD may be deposited 2 days before the date of auction to avoid any inconvenience.
Date: 07.10.2023, Place: New Delhi Authorised Officer, Union Bank of India
.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 TAKE TWO 17 <

DECODING INDIGO’S TOP TEN GLOBAL AIRLINES

Airline

American Airlines 165,023

Frequency in
September 2023
Market size (seats),
September 2023
1

FLIGHT PLAN
India’s largest airline wants to be measured against global carriers, Rome, Athens, Geneva, and Amsterdam.
Delta
United Airlines
South West Airlines
Ryanair
China Eastern
China South Eastern
137,473
128,360
119,559
93,628
70,420
69,808
Not in top 10

Not in top 10

Not in top 10
2

but it might want to keep an eye on Air India
Pieter Elbers, CEO of IndiGo
SURAJEET DAS GUPTA
New Delhi, 9 October
showing off his market muscle at the
conference. He was making the point
that Indian air carriers need to let their
REUTERS
number of seats multiplied by the
distance travelled in kilometres. The
intent is to increase IndiGo’s ASKM for
4
In Asia, Seoul and cities in China are
IndiGo 58,436 Not in top 10
on the radar. There are another 980
planes on order that will come across EasyJet 53,567 Not in top 10
this decade. Source: OAG
IndiGo insiders and aviation mavens
go to the extent of saying that discussions
are on about the airline’s core business
PASSAGE TO INDIA AIR INDIA IN
model. So far, in its 12 years of operations, Market share of international flights from
and to India (%) in April-June 2023
THE HOT SEAT
it has leveraged its low-cost carrier (LCC)
% share of available seat
approach to acquire the massive market Etihad 2.6 kilometres on international
leadership, flying only economy and Spicejet 2.7
only narrow-bodied aircraft. routes
An Indigo spokesperson did not res- Air Others
pond to queries. However, people who do
Arabia 35.9
not want to be named because they are
2.7 76
39.6
not authorised to speak on the matter say Qatar 25
discussions are on about whether IndiGo Airways
should switch to a hybrid model for 3.2 IndiGo Air India Vistara
international operations, adding Singapore % share of international
business class seats, and maybe a few Airlines IndiGo
3.7 departures
flatbeds, on the single-aisle Airbus 17.2
A321XLR. Talks are on to buy or lease Tata-owned IndiGo 9.9
wide-bodied aircraft so it can fly longer Emirates airlines* Air India 29.22
distances to London, United States, and 8.6 23.4 Vistara NA
Australia — all of them lucrative routes. Source: Aviation consultant Ameya Joshi,
A back-of-the-envelope revenue *Air India, Air India Express, Vistara Source: DGCA based on DGCA data, & company estimates
calculation says one flight from India to
the US is as good as five to Dubai.
“In short-haul flights, the price is the international ASKM, at 40 per cent, is ion from Air India, the first credible cha-
predominant factor. But when you fly higher than IndiGo’s. llenge to IndiGo in years, changing Indi-
longer distances, it is always a balance of Air India flies bigger aircraft, such as Go’s business model will be like repairing
the price and comfort,” says Rohit the Dreamliner, which has 256 seats, a plane in mid-flight. “No LCC has made
Tomar, managing partner, Caladrius even to Dubai. On the same route, Indi- a mark with wide-bodied planes so far.
Aero Consulting. Go’s A321 Neo has 222 seats. Air India also So, will IndiGo take the plunge?” wond-
IndiGo’s immediate plan is to has several direct and indirect flights to ers Ameya Joshi, an aviation consultant.
increase its international routes. From the US, Canada, Australia, and countries Air France, for instance, closed down
26 cities now, it will soon be flying to 32, in Europe that use wide-bodied aircraft, its budget long-haul subsidiary, Joon,
adding 174 new weekly international which IndiGo does not have as of now. within 18 months of launch. Lufthansa’s
flights. These include direct flights to “They (IndiGo) are four to five years LCC carrier, Euroway, moved out of
Nairobi, its first entry into the growing late in the game. Now they have tough long-haul. WOW Airlines went bankrupt.
African market, and straddling the competition from the Tatas. Of course And the once successful AirAsia X
upcoming leisure market of Tbilisi in IndiGo, too, has the cash, but it has to faces record losses. Experts say the
Georgia, Baku in Azerbaijan, Tashkent in get out of the low-cost mode,” says longer the distance an LCC flies, the

A
t a conference organised by
the All India Management
Association in New Delhi last
month, Pieter Elbers, CEO of
IndiGo, said his airline should be
measured against global carriers,
not its domestic peers.
IndiGo is India’s largest airline,
lording over 60 per cent of the domestic
market. Its nearest rival is not even half
its size even if you combine the market
shares of the four airlines in the Tata fold:
Air India, Air India Express, Vistara,
and AirAsia.
But it is unlikely that Elbers was
ambitions soar so that Indian airports
could become global hubs. The aviation
script, he said, should move away from
the competition “between Mumbai to
Guwahati” to why the majority of the
flights between India and Europe were
not run by Indian carriers.
This is precisely why Elbers, who was
CEO of Dutch airline KLM for more than
eight years, was handpicked by IndiGo’s
promoter, Rahul Bhatia: To expand
IndiGo’s thinking, horizon, and
ambition. He is putting together a global
plan centred on the total available seat
kilometres, or ASKM, which is the
international flights from 24-25 per cent
to 30 per cent in two years.
Giving wing to this ambition will be
the induction of 49 latest Airbus
A321XLR narrow-bodied aircraft, which
can fly medium- and long-haul distances
of seven to 7.5 hours. This fleet will be
inducted in phases, starting 2024,
though some say this might get
delayed till 2025.
Deeper, wider, lucrative
The new planes will help IndiGo go deep-
er into Europe, beyond the direct flight it
has between India and Ankara, to add
Uzbekistan, and Almaty in Kazakhstan.
Then there is Jakarta in Indonesia.
Of these, only Nairobi is covered by an
Indian carrier (Air India). All the others
are international carriers’ fiefs.
Air India challenge
The Tata airlines have begun to flex their
muscle and won’t let IndiGo have a free
international run. Air India has already
increased its planes on international
routes since coming back to the Tata fold
in January last year. It says 76 per cent of
its ASKM is international — that is three
times IndiGo’s. Even Vistara’s
Jitendra Bhargava, formerly a
director with Air India.
Air India wants to increase its
international market share to 30 per
cent. Having ordered 470 planes, it is
getting 34 A350-1000 (400 seats) planes,
six A350-900 (1,000 seats), six Airbus
350-900 (370 seats), 20 Boeing
Dreamliners (290 seats), and 10 Boeing
777 (more than 400 seats) — all wide-
bodied aircraft — starting this year with
the bulk of the A 350s coming in 2025.
That is around the same time that IndiGo
gets the Airbus A321XLR.
In the face of this renewed competit-
lower its cost advantage.
However, many experts say IndiGo
has to induct wide-bodied aircraft to
become a true global player, and do it
smartly, with an eye on the many routes
waiting to be tapped. For instance, in the
US it can fly direct Los Angeles (Air India
flies to San Francisco). There is scope to
fly direct to Perth (Air India flies to
Sydney and Melbourne). IndiGo can fly
direct to New Zealand, where Air India
does not fly directly.
So, as IndiGo measures itself against
global carriers, it might want to look at
someone closer home.

— TENDER CARE — — Advertorial

REC LIMITED CONFERRED WITH THE MD & CEO, J&K BANK CHAIRS
'BEST CENTRAL PSU' AWARD CUSTOMER-MEET IN KATHUA

NOTICE
Portfolio Disclosure of the Schemes of Sundaram Mutual Fund
Notice is hereby given to the Unitholders of the schemes of Sundaram Mutual Fund (“the Fund”) that in
accordance with Regulation 59A of SEBI (Mutual Funds) Regulations, 1996 read with SEBI Circular No.
SEBI/HO/IMD/DF2/CIR/P/2018/92 dated June 5, 2018, the portfolio statement of the schemes of the Fund
for the half year ended September 30, 2023 has been hosted on the website of Sundaram Mutual Fund
viz. www.sundarammutual.com and on the website of AMFI viz., www.amfiindia.com.
Further, Unitholders may also request for a physical or electronic copy of the portfolio statement of the
scheme/s, by writing to us at customerservices@sundarammutual.com from their registered email ids or
by calling on our toll number 1860 425 7237 or by submitting a written request at any of the nearest
branches (ISCs) of the Fund (please refer our website www.sundarammutual.com for the list of branches).
You are requested to update your PAN/KYC/FATCA/Email & Mobile/Nominee and with active bank details
to help us serve your better.
For Sundaram Asset Management Company Ltd
Place: Chennai
Date: October 10, 2023 Company Secretary & Compliance Officer
For more information please contact: Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
Royapettah, Chennai-14.
Sundaram Asset Management Company Ltd
REC Limited, a Maharatna CPSE under the Ministry of Power, Healthy banker-customer relationship is the foundation of our
has been conferred with the ‘Best Central PSU’ in the Financial mutual success and through these interactions we listen to you
Services category at the Dun & Bradstreet PSU Awards 2023. to serve you
The award was received by Executive Director, Shri T S C Bosh better and
on behalf of REC strengthen this
Limited. REC contin- bond further.
ues to strive towards J&K Bank MD
business excellence & CEO Baldev
while adding another Prakash
feather in its cap. stated this while chairing a customer-meet - held as part of the
REC Limited is one of Bank’s customer-outreach program to elicit feedback from clients
the largest NBFC in – at Zonal Office (Kathua) in the presence of General Manager
the country with lend- & Divisional Head (Jammu) Sunit Kumar, Zonal Head (Kathua)
ing operations across Sanjeev Kumar and other officers of the Bank. During his
the power sector interactions with the customers belonging to cross-section of
value chain and a renewed thrust towards Non-Power society, MD & CEO further said, “These meetings enable us to
Infrastructure and logistics space. In Q1 FY24 the Loan Book of apprise you about our initiatives that have been taken in
the company stood at INR 4.54 Lakh Crore and the Net Worth recent past to improve the functioning of the Bank. During the
rose to INR 60,886 Crore. The company aims to increase its last two years we have performed consistently well and are on
exposure in the Renewable Energy space by 10 folds by 2030. trajectory to meet our annual targets. Most importantly, the Bank
The Company has diversified into the Non-Power Infrastructure is in the process of transforming itself into one of the country’s
and Logistics sector recently and has already crossed the digitally smarter financial institutions in coming times.” MD &
milestone of INR 1 Lakh Crore in terms of Loan Sanctions. REC CEO gave a patient hearing to all the participants and assured
understands the importance of the infrastructure sector in build- them of addressing all the discussed issues within the regula-
ing a developed nation by the end ofAmrit Kaal and is steadfast tory framework. Welcoming the participants at the meeting, the
in its commitment to play a pivotal role in shaping the future of Bank’s General Manager & Divisional Head (Jammu) Sunit
India. Kumar highlighted the importance of Bank-Customer
communication and underlined the importance of feedback for
AIBOC CELEBRATES 39th FOUNDATION making Bank’s products and services better to meet the
DAY WITH ENTHUSIASM & customer expectations. The meeting concluded with Vote of
COMMITMENT TO SOCIAL CAUSE Thanks presented by the Zonal Head Sanjeev Kumar who
expressed his gratitude to all the dignitaries and participants on
On the auspicious occasion of its 39th Foundation Day, the All the occasion.
India Bank Officers' Confederation (AIBOC) celebrated with great
zeal and enthusiasm, reaffirming its commitment to fostering a IIFCL ORGANIZED A ROUND TABLE
progressive and inclusive banking sector. AIBOC Maharashtra CONFERENCE ON AIRPORT SECTOR IN
State - 1, state representative body of AIBOC, had organized a
series of social events and
THE PRESENCE OF CHIEF GUEST
DR.VIVEK JOSHI, SECRETARY, DFS,
initiatives to commemorate MINISTRY OF FINANCE
this significant milestone. India Infrastructure Finance Company Limited (IIFCL) is active in
N The events were aimed at providing inputs and policy support in infrastructure financing
a enhancing social respon- space to the Government through various forums, with an aim to
sibility and engaging in promote and develop world-class infrastructure in India. India's
S
community service activi- aviation industry has seen a remarkable boost in the recent years
f ties. facilitated by the government’s investor friendly legislations such
w At Mumbai, AIBOC MS-1 as National Civil Aviation Policy, UDAN, NABH Nirman, etc.
F team led by State Secre- IIFCLis one of the major financiers of airports in India and has sup-
s tary Nilesh Pawar, Presi- ported airports with a total project outlay of about Rs. 74,000 crore.
dent Manoj Wadnerkar, To provide a platform for the stakeholders from the airport and
b Chairman Manohar civil aviation sector, airport developers, banks & financial institu-
1 Deorukhakar distributed tions and to deliberate on the future prospects & enormous
r grocery and food items to 80 underprivileged street kids at Fort, potential of the sector, IIFCLorganized a Roundtable Conference
CST.Also, the team donated water filter machine to a special school on Airport sector on 7th October 2023 at New Delhi. Sh. P R
Y ‘Savera’ which runs academic education & employment genera- Jaishankar, MD, IIFCL welcomed Chief Guest Dr. Vivek Joshi,
t tion programs for benefit of specially abled children as well as adults. Secretary, DFS, Ministry of Finance and other dignitaries.
Reciprocating the pious social work,AIBOC MS-1 team distributed The conference saw participation from Ministry of Finance,
R Ajith Kumar essential food items to Pune based NGO ‘Sevasadan Dilasa Ministry of Civil Aviation, Airports Authority of India, all major
Karyashala’which is dedicated to the cause of mentally challenged Airport Developers, Lenders, Rating Agencies and Government
children since June 1984.AIBOC MS-1 State Secretary Shri Nilesh Bodies. The discussions in the conference revolved around
Pawar conveyed heartfelt greetings on the momentous occasion having more investment in cutting-edge structures like InvITs,
16x11 cms

Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215 of 39th Foundation day of the parent organization. various issues related to clearances, taxation and regulation,
(Investment Manager to Sundaram Mutual Fund) Fax: +91 44 2841 8108. www.sundarammutual.com
CIN: U93090TN1996PLC034615 etc.
Regd. Office: No. 21, Patullos Road, Chennai 600 002.
Mutual fund investments are subject to market risks, please read all scheme related documents carefully before investing.
Returns are not assured or guaranteed.
18
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023 1

Russia’s loss can be India’s gain in clinical trial shift

Clinical trials in India TEST RUN (NDCT) Rules, 2019; online platforms; and
relaxations of approval processes have cat-
five-six months and this significantly
diminishes India’s attractiveness as a coun-
are growing but more Active clinical trials sponsored by Big Pharma alysed growth in trials. Following the new try to conduct global clinical trials. Some
with sites in Russia & Ukraine (Phase I-III) regulations, the number of sites increased of our government sites do not initiate the
reforms required by 40 per cent between 2014 and 2022,” review of proposals in the Ethics Com-
nActive/not recruiting nRecruiting said Sujay Shetty, Global Health Industries mittee until the Central Drugs Standard
SOHINI DAS Advisory Leader, PwC India. He said a clin- Control Organisation (CDSCO) grants
Mumbai, 9 October ical trial ecosystem spawned high-end jobs approval for the trial,” Davis said.
as well as an R&D ecosystem in the nation. This leads to a situation where even if

C
linical trials that have halted
recruiting participants in Russia
and Ukraine owing to geopolitical
tensions can be re-allocated to India, say
industry insiders.
India’s contribution to global clinical
trials has been around 4 per cent in the
past decade while being the most populous
country in the world with one-fifth of the
global disease burden.
A recent report by PwC and the US-
India Chamber of Commerce, titled “Cli-
nical Trial Opportunities in India”, said that
a significant number of phase-3 clinical
trials sponsored by big pharma with sites
in Russia and Ukraine were still not recruit-
ing participants, and India was a potential
site for reallocation. This is because the
country has a high number of top-disease
areas where trial recruitment is halted.
“We had 60-70 studies running in Uk-
raine at the point of the invasion and so
we are now looking as a company about
how we move that book of work elsewhere
around the world,” Peter Ronco, head of
Global clinical trials are run in 25-30 core the CDSCO’s approval comes in the 90-
countries and there is intense competition working day timeframe (4.5 calendar
to have these studies on advance and com- months), the sites would still not be able
plex therapies of unmet medical needs to to contribute to the study because the trial
be placed in a country. The US, China, would be over globally, he said.
Japan, Australia, and some advanced econ- A senior R&D executive of a Mumbai-
omies of the EU are traditional countries based pharmaceutical company said that
where studies are placed due to their regu- in the mid-2000’s several companies took
latory and ethics review maturity. their trials to countries like Malaysia and
Sanish Davis, president, Indian Society South Korea. “Around 2014 Biocon was
for Clinical Research (ISCR), told Business forced to take clinical trials out of India to
Standard over several decades, some sma- countries in Europe, etc. This is at least 10-
60 54 60 42 51 38 46 29 36 18 32 20 32 26 25 19 23 20 ller countries like South Korea, Poland, and 20 times costlier than doing trials here.”
Singapore had made concerted efforts to Legal experts agree.
AstraZeneca Merck Roche Novartis BMS Sanofi J&J Pfizer Eli Lilly showcase their stable and predictable reg- “India has had a rocky history with
Source: Clinical Trial Opportunities in India, PwC ulatory systems and research ecosystem. respect to global clinical trials, with the
“While the implementation of the Supreme Court having had to intervene in
NDCT Rules, 2019, has brought in predict- 2013 to suspend trials until the regulatory
global development, Janssen R&D, J&J, BMS, Merck, J&J, and Roche have offi- where patient recruitment has been halted. ability on paper, it will take several years framework was improved … In India, the
said in the report. cially announced halting patient recruit- Industry experts say there are challen- before innovation-based pharmaceutical primary concern is the lack of clear guida-
Peyton Howell, chief operating and ment in Russia after the Russia-Ukraine ges. The clinical trials market here in 2022 companies are comfortable with the new nce that global companies can rely on
growth officer, Parexel, said: “We are miti- war started. was estimated to be about $2.07 billion, changes as well as the impact of the new while determining whether to include Ind-
gating the risk (Russia-Ukraine situation). Non-small cell lung cancer, breast can- and it can grow up to $3.8 billion by 2030. regulations and how those are set into ia as part of their global trials,” said Darren
We do think, though, it opens the door in cer, multiple sclerosis, diabetes, and Cro- “Since 2013, several regulatory updates motion at the ground level,” Davis said. Punnen, head (Munich office & leader), life
terms of opportunities for India.” hn’s disease are the top five disease areas such as the New Drugs and Clinical Trial “We are only able to start our sites in sciences practice, Nishith Desai Associates.

‘India needs to strengthen clinical research ecosystem’

SHARE DEPARTMENT, BOARD & CO-ORDINATION DIVISION
The New Drugs and Clinical Trial (NDCT) Rules, 2019, have brought changes in the and even go to the internet to check the ISCR taking in this regard? PLOT No. 4, DWARKA SECTOR-10, NEW DELHI-110075
Indian clinical trial regulations. However, the regulatory environment on the ground for the best treatment for their con- India needs to do as many clinical Email Id: hosd@pnb.co.in, Tel # 011-28044857
needs to adapt further to ensure India gets a higher share of global clinical trials. In dition. They also get a second opinion, trials as required by the Indian
an e-mail interview with Sohini Das, Indian Society for Clinical Research (ISCR) sometimes from the West, especially patients. As mentioned earlier, we PUBLIC NOTICE
President SANISH DAVIS outlines the problems and possible solutions. Edited excerpts: in oncology and rare diseases. have a huge disease burden in India Notice is hereby given that Share Certificate of the Bank mentioned
and a large unmet medical need exists below has been reported lost/misplaced/stolen and the registered
Has the regulatory environment safety) and further clarity on the safety What is the representation of the for our patients. Thus, we certainly holder thereof / claimant thereto has requested for issue of duplicate
eased in terms of approvals for reporting process. These new rules are Indian genome in global drug need to find newer treatment options share certificate:
clinical trials? well-balanced. They protect the rights, development processes? Do you for our patients.
The NDCT Rules of 2019 have brought safety and well-being of the clinical think this needs to increase? In the backdrop of the stable, bal- Sr. Name of Folio Share Distinctive No. of
No. Shareholders No. certificate No. of shares
in “predictability” of the review and trials participants, and at the same A common misconception is that Ind- anced regulatory environment, India No. shares
approval system. Prior to time, make it convenient for ia serves as the global hub for clinical now needs to strengthen its entire
1. Rajani Ghai 1125320 018454 6738585230- 115
this, the standard timelines researchers to conduct good research. India has less than 1.2 per clinical research ecosystem so that it 6738585344
for review and approval was quality, ethical clinical trials. cent of the total studies registered on can effectively scale-up to meet the
between six and nine a major global repository of clinical needs of the Indian patients. All the In case any person has any claim in respect of the said shares/any
months. What is the importance of studies (www.clinicaltrials.gov). The stakeholders will have to come objection(s) for the issuance of duplicate certificate in favour of the
The areas where the reg- having local trial arms for sidered that for the study to be rel- representation of the Indian genome together to build this ecosystem: the above stated shareholders/claimants, he/she/they should lodge their
ulations have brought in sig- chronic diseases or cancer evant for Indian patients, there has to definitely needs to increase consider- government, regulators, policy- claim or objection within 15 days of the date of publication of this
nificant predictability
SANISH DAVIS therapies etc? be a local trial arm. Today, in a vast ing that the country is the second makers, hospitals, doctors, paramed- Notice. If within 15 days from the date hereof no claim is received by the
include post-trial access, President, In the past, there was always majority of diseases, clinicians in India most populous nation and has almost ical staff, ethics committees, industry Bank in respect of the said certificate, duplicate share certificate/letter-
of confirmation will be issued. The public is hereby cautioned against
medical reimbursement Indian Society a challenge that the clinical use the same guidelines/standards of one-fifth of the global disease burden. including biopharma companies, dealing in any way with the above mentioned certificate(s).
and compensation in case of for Clinical practice/guidelines followed care as in the West for patient treat- CROs (contract research organisa-
serious adverse events Research for the treatment of a disease ment. Hence, the need for local trial What needs to be done to increase tions), service providers, and more For Punjab National Bank
related to the study drug (e.g. chronic diseases/oncol- arms is becoming irrelevant. Indian participation in global importantly, the patients. Date: 09.10.2023 (Ekta Pasricha)
(becoming the only country that has ogy) were different from those of This shift in practice is also clinical trials. What steps are the Place: New Delhi Company Secretary
this provision that ensures patient developed countries. So, it was con- because patients are now more aware government and industry bodies like More on business-standard.com

Asiad triumph not podium

for ‘brand endorsement gold’
RITWIK SHARMA
New Delhi, 9 October

How many brand endorsements are Asian

Games winners likely to secure after deliv-
ering India’s best-ever haul of 28 gold,
38 silver, and 41 bronze medals?
If we rely on the estimates of brand exp-
erts, the figure may well be in single digits.
The stellar performance at the just-con-
cluded 19th Asiad in Hangzhou, China,
provides further proof of India’s steady rise
as a sporting nation and the emergence of
stars from non-cricketing fields.
However, brand experts suggest that a
majority of the medallists might fail to gain
long-term visibility and recognition.
Sandeep Goyal, managing director
(MD) at Rediffusion, explains that visibility
is one of the basic principles of advertising.
Audience viewership for most disciplines
remains low, he says, adding that the ath-
letes might not feature in another major
sporting event for months, risking ano-
nymity among the public.
“Visibility and recognisability are
important for brand value,” Goyal says.
Aside from prominent figures like men’s
javelin world champion and Asian Games
gold medallist Neeraj Chopra, “the
chances of brands choosing Asian Games
winners are very low,” according to Goyal.
“I would put it in the single digits. Local
brands at the state level may show some
interest, but mainstream brands are
unlikely to.”
Hari Krishnan, MD and head of
Publicis Content, the content vertical of
Publicis Groupe India, points out that
brands typically choose from two kinds of
sports celebrities.
One is cricket, which boasts familiar
names and a huge fanbase, creating the
greatest demand among athletes. Two,
there are medal winners from the non-
cricket world who are largely discovered
at sports events such as the Asian Games.
More than a decade ago, a trend
emerged of brands opting for athletes out-
side of cricket, with the likes of boxers
M C Mary Kom and Vijender Singh, and
shooter Abhinav Bindra, he says.
“Brands typically prefer to leverage the
success of non-cricket athletes after vic-
tories at global events,” Krishnan says, add-
ing that these athletes tend to have a
shorter shelf life in terms of a sports career,
as tournaments of such scale are not
frequent, giving them few opportunities
to perform and hog the limelight.
“Brands consider the return on invest-
ment when it comes to deciding on sports
celebrities to represent them. So the pop-
ularity of a sport, career span, social media
presence, fan following, and the ability to
be seen throughout the year are critical
factors,” he explains. Chandramouli mentioned the sprinter
Samit Sinha, founder and managing Hima Das, the women’s 400m national
partner at Alchemist Brand Consulting, record holder who won medals at the 2018
says that historically, companies in India Asian Games. Das has become a recognis-
have been reliant on cricketers and film able face and has had corporate sponsors
stars as brand ambassadors. These cate- from sportswear and finance.
gories are followed, with a yawning gap Aviral Jain, MD of the financial
between them, by sports like and risk advisory firm Kroll,
badminton and tennis and the Disciplines like which publishes a celebrity val-
rest. archery — in uation report annually, is opti-
“The only exception has which India mistic about the prospects of
been Neeraj Chopra. He is an had a dream run Asian Games medallists.
Olympic gold medallist, which in Hangzhou — “With India’s stellar per-
puts him in a league apart that are not formance, underrepresented
from any of his peers. Plus, he’s crowd-pullers athletes will now be in the lime-
young and camera-friendly, so may slip under the light of the endorsement indus-
he serves as a role model for branding radar try,” he says. Jain points out that
the young. But outside of after the Tokyo Olympics (2020),
cricket, most sports don’t have a very big marquee brands pursued top medallists
following in India, and they also don’t get — such as Neeraj Chopra signing up with
a TV audience, which makes it less exciting Cred; P V Sindhu with Naturals; Mirabai
for advertisers and brands,” he says. Chanu with Amway; and Bajrang Punia
N Chandramouli, chief executive with Ruchi Soya. “We expect a similar reac-
officer of brand insights firm tion after the Asian Games given the short
TRA Research, differs on the prospects of run-up to the Paris Olympics next year,”
Asian Games winners finding interest he adds.
among corporate houses. According to Besides the obvious pick, Chopra, Jain
him, disciplines such as archery — in expects the likes of Avinash Sable (men’s
which India had a dream run in Hangzhou 3,000m steeplechase winner), Deepak
— that are not crowd-pullers may slip Punia (men's freestyle 86 kg silver medal-
under the branding radar. But he feels list), and Lovlina Borgohain (women’s 75
sporting events like athletics (another area kg boxing silver) to secure new endorse-
in which India shone) and badminton ments. Sable and Punia have been associ-
offer winners a better scope for signing up ated with the sports nutrition brand
for endorsements. Fast&Up, while Borgohain was recently
He reasons that athletics — which saw signed as the brand ambassador of Adidas
multiple medallists from India in long-dis- and Bisleri.
tance events at the Asiad — can be easily If brand endorsements remain only a
linked with qualities like endurance that fraction of the 100-plus medal haul India
resonate with health care brands. The won, how could athletes find a better fate?
choice of sports stars depends to a great Sinha of Alchemist Brand Consulting isn’t
extent on the ethos of a company, adding optimistic about a quick reversal. “It will
that many prefer to scout for young talents, require private-sector interest and particu-
as investing in them and supporting their larly from the corporate social responsibil-
journey to the top is also more economical ity wing. If you’re driven by profit, you only
than signing up when an athlete has been rely on return and investments.”
transformed into a star.
As an example from athletics, With inputs from Sharleen D’Souza