Professional Documents
Culture Documents
URBAN UNEMPLOYMENT
RATE DIPS TO 6.6% IN
APR-JUN: GOVT SURVEY
Markets slump, oil prices UPCOMING MARRAKECH MEET
I
the unemployment rate in current weekly ndian equity markets dropped, brink of an overhaul in terms of two-pillar solution for
status (CWS) terms for those above 15 years of crude oil prices surged, and the M&M -2.2 rights of taxation. Indian tax taxation of MNCs
age in the June quarter was the lowest rupee closed at its record low again As of 9 pm IST administrators and policy-
recorded in five years, since the NSO began on Monday as the conflict between Bharat Petroleum -2.1 on October 9 makers are likely to discuss nPillar 1 is about
releasing India’s quarterly urban jobless rate Israeli security forces and Hamas mili- the road map and related reallocation of a
Sources: Bloomberg;
in December 2018. 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
POLITICS & PUBLIC AFFAIRS P7 The ongoing heavy fighting has added Moroccan city of where they
Voting for 5 Assembly another layer of
uncertainty for risk
Marrakech this week.
The talks come at a critical time
operate
polls from Nov 7 to 30 EDIT P9 assets, which have as India, along with other nPillar 2 seeks to introduce
The Assembly elections in three key Hindi already been reel- developing nations, is actively a minimum corporate
heartland states of Chhattisgarh, AN ATROCITY ing under pressure negotiating and progressing on the income tax of 15% and STTR
Rajasthan, and Madhya Pradesh, along IN ISRAEL due to rising US implementation of a minimum (subject to tax rules)
with Telangana and Mizoram, will be bond yields and a effective tax of 15 per cent on mul-
held from November 7 to November 30, stronger dollar. tinationals wherever they have a nMultinationals will
and counting of votes is scheduled for 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
December 3, the Election Commission 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
(EC) announced on Monday. The results 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
of these elections are thought to indicate after sliding 141 points, or 0.7 per cent. with its G20 allies, India is expected nIndia, along with other
the national mood, especially of the The broader markets witnessed a PAGE 4 INDIA’S HOPE OF OIL IME CORRIDOR to discuss the procedural aspects
nations, wants
heartland states, before the Lok Sabha deeper selloff. The Nifty Smallcap100 of Pillar 2 of the proposed global
polls next year. 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-
COMPANIES P2 1.3 per cent. prices. Since Hamas’ invasion of importance for the India-Middle eral convention for prompt imple- domestic laws.
CONFLICT MAY ADD
Maruti to crank up capex 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
with ~1.25 trn 8-yr plan 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
Maruti Suzuki India Ltd (MSIL) plans to spend 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
about ~1.25 trillion on capital expenditure ~2,661 crore. Turn to Page 6 > would require amendments to Marrakech. Turn to Page 6 >
(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
RECALIBRATING SEZs IN DESH BILL
Standard analysis showed. The carmaker
said it will spend around ~45,000 crore to
Net foreign exchange METRO RAIL SYSTEMS:
MAKING ENDS MEET
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.
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
COMPANIES P2 STUMBLING incur may soon start to outweigh the large environmental and social benefits they offer.
House panel for ‘stronger BLOCKS
The commerce department is set to make changes
in some of the earlier proposals under the
law’ on online content nFinance ministry has
Development of Enterprises and Services Hubs A research paper by The Infravision Foundation (TIF) &
The Standing Committee on Information (DESH) Bill, which have been major stumbling
no objection to the IIM-Ahmedabad (IIM-A) recommends a comprehensive
Technology is considering a set of recomm– blocks in the passage of the new legislation over-
endations for “a stronger law” to deal with
clause of allowing hauling the existing special economic zones (SEZs). institutional and policy framework for ensuring financial
misinformation, and defamatory and obscene units to sell in the The new legislation might reintroduce the ‘pos- sustainability that can guarantee continued political and social
content on social media platforms, sources domestic market itive net foreign exchange (NFE)’ criterion, a pri-
by paying import support and ensure that these systems can effectively deliver
said. The measures could be presented in mary requirement for SEZ units, and remove
Parliament in the Winter Session, they said. On duties on inputs the proposal of a ‘freezing concessional on their goals.
Monday, the standing committee questioned consumed and not on corporation tax rate until 2032’, people aware of the
digital platforms about their measures to stop finished goods matter told Business Standard. The key is to regularly set appropriate fares, boost non-fare
the spread of misinformation ahead of the This move assumes significance as it will put an revenues and promote ridership. The research paper
upcoming elections. 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
ECONOMY & PUBLIC AFFAIRS P6 circulated new legislation. for system-driven formula-based fare
LIC’s market share falls to nAnnouncement
The commerce department has cir-
culated a revised proposal for the
changes and the establishment of
58% from 68% in a year of DESH Bill an independent metro fare regulation
Cabinet on the DESH Bill. Once final-
The share of Life Insurance Corporation of was made ised, it will go to Cabinet for consid- standing committee.
India (LIC) in total monthly New Business by Finance eration, they said.
Premium has declined to 58.50 per cent in Minister During inter-ministerial con- The research paper also identifies
September 2023 from 68.25 per cent in Nirmala sultations of the draft Bill pre- effective, efficient, and equitable non-fare
September 2022 owing to shortcomings Sitharaman pared by the commerce revenue sources that can be leveraged
in the product and distribution side of the in the department last year, the finance
business. Although the market share saw a Union ministry’s revenue department for funding and financing metro
marginal uptick from 57.37 per cent Budget in raised objections regarding some of the rail systems.
recorded in August 2023. February 2022 proposed fiscal incentives. Turn to Page 6 >
Let’s help the metro rail ease life. And be easier on the taxpayers’ pocket!
> 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
‘BBB-’ with stable outlook 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
Fitch Ratings on Monday said it had upgraded its ratings on Corporation (SMC) as the preferred ~12,500 crore for SMC shares in Suzuki appreciates its management policies
domestic steel player Tata Steel Ltd (TSL) to ‘BBB-’ with a approach for acquiring the Gujarat plant Motor Gujarat (SMG) would, besides including attitude towards cash
stable outlook. It also upgraded the rating on $1 billion notes from its parent company. reducing profits, earnings per share reserves, it noted. In the last six months,
issued by Tata Steel subsidiary ABJA Investment, the rating agency
said in a statement. 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
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.
400K roles created during festival season so far; tally likely to cross 700K by year-end network for the Indian festival
season. These opportunities
platform Foundit, on a month-on-
month (M-o-M) basis, hiring in the
Sectors like banking, financial
services and insurance (BFSI) and
ARYAMAN GUPTA include direct and indirect home appliances industry grew telecom are expected to witness a
New Delhi, 9 October DEMAND jobs across India in cities such over 11 per cent in September, while demand uptick of 20 per cent and 12
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NEW DELHI | TUESDAY, 10 OCTOBER 2023 COMPANIES 3 <
T
he ongoing Hamas-Israel con- navigate through this. ter by performing better during this
flict has disrupted India’s
efforts to gain from a recent
fall in crude oil prices. Since Hamas’
However, that won’t be easy
because India imports over 85 per
cent of its crude needs and has tradi-
Israel closely: Puri quarter (Q3FY24), said a Mumbai-
based refiner. Given the Assembly
polls in five states in November and
invasion of southern Israel on tionally been susceptible to volatility the Lok Sabha election in 2024, the
October 7, petroleum has become in the oil market. Strategic crude Oil Minister Hardeep Singh Puri on Monday said India official expects negative marketing
costlier by around $5 per barrel, reserves, which typically aid a nation is watching the situation closely in Israel. margins to continue this financial
threatening to stoke prices and during wars and calamities, at 39 mil- Oil prices rose over $3 a barrel on Monday following year because New Delhi will veto any
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
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
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
proposed hike in pump prices of
petrol and diesel.
“We expect OMC (oil marketing
company) results to be operationally
Conflict halts
anticipation of a period of declining
oil prices — after the leading global
petroleum benchmark declined by
around 11 per cent last week.
threatens to further impact India’s
fiscal and balance of payments posi-
tion, which was already suffering
from surging oil prices since August,
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
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
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
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 sharing between OMCs and the gov-
decarbonise operations.
on India Inc
inbound passenger traffic international flights.
Exports (value in $ bn) reached its peak in 2019, with
Source: Aviation analytics firm Cirium
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
BS REPORTERS 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
Mumbai, 9 October 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
India Inc is bracing for a 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.”
stormy time ahead as rising 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-
energy costs are expected to 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-
increase the expenses for all cent. growth in exports from India, dominated by during the peak season of national flights was lifted in
companies and stoke inflation “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
after the Hamas attack on 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-
Israel sent jitters through 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
worldwide markets, including 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
oil prices, on Monday. 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
Barring a few companies 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
like Adani Ports, which 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
acquired Haifa Ports in 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.
January this year for $1.2 bil- 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
lion, and Sun Sun Pharmaceuticals did serious repercussions that can jolt Aashish Gupta, consulting Israeli carriers operated flights
Pharmaceuticals, which owns 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.
a stake in Taro based company had reported wars. The worsening of the conflict can result Federation of Associations in Israeli carrier EL AL Israel
Pharmaceuticals Industries, 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
not many Indian companies 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
have direct exposure to Israel. 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
An Adani Ports & SEZ 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
(APSEZ) statement said the maceutical companies export said. nations ing the six months starting two flights per week between
company was closely moni- 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
toring the situation at its port, 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
which is situated in the North, 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
far away from the conflict said Indian IT firms do not Leisure travel will be fully of the aviation analysis blog
zone. The contribution of 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
Haifa Port to the APSEZ’s total Interestingly, Indian oil UAE 13,388.98 -27.42 53,231.66 18.73 tionary. Business travel, India may be forced to extend
cargo volume is relatively and gas production compa- Other West Iran 205.14 6.1 672.12 45.05 which is non-discretionary, the cancellations to Tel Aviv
small at 3 per cent. 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
“For this financial year, we Industries would significantly nations fact that flights are impacted, ing on the hostilities in the
have guided for Haifa cargo 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
volumes in the range of 10-12 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
million tonnes (mt) and said companies involved in Meanwhile, Air India has to India, which is scheduled
Lebanon 58.69 199.37 92.49 184.9
APSEZ’s total cargo vol- the oil production and announced the cancellation for the winter schedule.
ume guidance of exploration would Syria 4.45 22.67 9.22 -40.95 of all Delhi-Tel Aviv flights If the conflict continues,
370-390 mt. In the benefit from the 5 Yemen 73.11 24.01 160.91 -29.37 between October 7 and it may lead to insurers raising
initial six 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
months, the crude oil prices, our passengers and crew”. is a conflict-prone zone.”
APSEZ’s total while industries
cargo volume that rely heavily
was 203 mt, of
which the Haifa
share was 6 mt. We
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
(~)
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
Oil & Natural Gas Corp 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-
Sun Pharmaceutical Industries 1,123.2 -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
Indian Oil Corp 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.
Adani Ports & SEZ 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
Source: Exchange 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.
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 ‘22 ‘23 The banking system liquidity 200,000
monthly new business premium Market share 31.75 41.50 bounced back to surplus mode -80,234 -2,761
in NBP (%) 100,000
(NBP) in the life insurance sector declined after three weeks, the Reserve
to 58.50 per cent in September 2023 from Private Private Bank of India (RBI) data 0
68.25 per cent in September 2022 — a drop SBI Life Insurance 6.07 8.31 showed. This was due to gov-
of 975 basis points — owing to shortcom- ernment spending, according -100,000
ings in the product and distribution side HDFC Life Insurance 7.19 10.27 to dealers.
India and Tanzania on Monday elevated their ties to the level of of business. ICICI Prudential Life 4.04 4.68 The liquidity situation -200,000
Aug 31,’23 Oct 6,’23
strategic partnership, inked six pacts to boost cooperation in However, the market share saw a mar- Bajaj Allianz Life 2.83 3.14 could further ease with the dis-
*Outstanding including today's operation
several key areas and agreed on a five-year roadmap to ginal uptick from the 57.37 per cent bursement of the last tranche Source: Bloomberg, RBI;
significantly expand defence engagement at talks between Prime recorded in August this year. Max Life Insurance 1.86 2.70 of incremental cash reserve Compiled by BS Research Bureau
Minister Narendra Modi and Tanzanian President Samia Suluhu According to the monthly business Source: Life Insurance Council ratio (I-CRR) worth ~50,000
Hassan. In his media statement after the talks, Modi said both data released for September 2023 by the crore on Saturday. improved because of the gov-
sides are also working on an agreement to increase trade in Life Insurance Council, the NBP of LIC up 6.07 per cent and that of SBI Life Insurance impeding growth in premium. As the liquidity improved, ernment spending, and roll-
local currencies, and described Tanzania as a “valued partner” to September 2023 stood at ~92,462.62 to 10.27 per cent from 7.19 per cent. ICICI Analysts expect growth in life insur- bond market participants back of I-CRR,” a dealer at a
in the Indo-Pacific. PTI crore as compared to about ~1.25 trillion Prudential Life Insurance, Bajaj Allianz ance premium to be driven mainly by the expected the RBI to announce primary dealers said. “As the
in the same period a year ago. As a result, Life Insurance, and Max Life Insurance country’s large section of young popula- open market operation (OMO) liquidity is in surplus now,
the life insurance industry’s NBP declined saw a marginally less than 1 per cent tion who depend more on digital services of bond sales to suck out there are expectations the RBI
Govt forms search committee almost 13 per cent during the first six
months to about ~1.59 trillion.
increase in their market share from
September 2022.
to choose their insurance policies.
Persisting reliance on traditional methods
the excess. The market expects
the central bank to sell bonds
will come up with a notifica-
tion on OMO. That’s why the
to find new chairman of IOC Lower sales of participating products
and lack of competitive non-participating
According to the Annual Report 2022-
23, the state-owned life insurer had 16 par-
will affect the premium. In addition, the
higher commission structure of agents also
worth between ~10,000 crore
and ~15,000 crore in the
yields rose by the end of the
day,” he said.
The government has constituted a three-member search-cum- products, along with the changes made to ticipating products, 20 non-participating affects the profit margins of LIC. auction. Banks parked ~2,760 crore
selection committee to find a new chairman of Indian product features and pricing, have led to products, 11 group products, and eight During 2022-23, more than 96 per cent Consequently, traders on Friday, according to the RBI
Oil Corporation (IOC), the nation's biggest oil company. the decline in the market share of LIC, said riders. Of the new policies generated in this of LIC’s first-year premium was generated squared off their positions by data. The lenders parked
The panel will be headed by the government headhunter insurance analysts. period, 94.39 per cent of the policies were through agents and insurance advisors. the end of the trade, leading to ~5,390 crore and ~9,071 crore
Public Enterprises Selection Board chairperson and will include Meanwhile, the share of private life participating products and 5.61 per cent of On the other hand, the major private the hardening of the yields. on Saturday and Sunday,
the oil secretary as a member, an official order said. insurers saw a steady increase to 41.50 per policies were non-participating products. insurers -- SBI Life Insurance Company The yield on the benchmark respectively. RBI Governor
Former Hindustan Petroleum Corporation Ltd (HPCL) Chairman M cent in September 2023 from 31.75 per cent Meanwhile, on the distribution side, and HDFC Life Insurance Company -- gen- 10-year government bond set- Shaktikanta Das had on Friday
K Surana is the third member on the committee. PTI in September 2022. Among private life higher dependence on agent-led networks erated only 18 per cent and 20 per cent, tled at 7.38 per cent on said the central bank might
insurers, the market share of HDFC Life for selling policies, instead of bancassu- respectively, of their business through Monday, against 7.34 per cent conduct OMOs to mop up
Insurance in NBP rose to 8.31 per cent from rance and other alternative methods, is agents. on Friday. “The liquidity excess liquidity.
VOTERS HOLD
THE KEY
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 Party, have decided to field can- government, voters had a right crore in the 2023 Assembly CIN: L30007KA1992PLC025294
Tel: 91 80 6750 1000
in three key Hindi heart- didates against ally Congress in to know how and how much polls. In Tripura, such seizures Website: www.mphasis.com
land states of Chhat- the Hindi heartland states. of their promises would be rose from ~1.79 crore to ~45 email: investor.relations@mphasis.com
tisgarh, Rajasthan, and Announcing the poll sched- implemented and the dead- crore between the two Asse- NOTICE
Madhya Pradesh, along with 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
Telangana and Mizoram, will 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:
be held from November 7 to bemoaned the flurry of freebies from parties the ramifications crore to ~800 crore in Gujarat,
November 30, and counting of 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
votes is scheduled for Dece- unce barely a month or a fort- to-gross domestic product ratio Meghalaya and ~9 crore to ~59
From To
mber 3, the Election Comm- night before the polls. “There of the state, the amount of debt crore in Himachal Pradesh.
C000875 HAFEEZ SORAB 52698 5269701 5269800 100
ission (EC) announced on is undoubtedly a ‘tadka’ of pop- they would seek, interest pay- On the likelihood of
CONTRACTOR
Monday. ulism in these ment to total rev- Assembly polls in Jammu and Joint holder:
While Mizoram will go to announcements,” THE POLL PANEL enue received, Kashmir, the CEC said elec- PEARL HAFEEZ 69173 160144717 160144916 200
polls on November 7, Chhat- Kumar said, HAS REDUCED THE and whether they tions would be held at the CONTRACTOR
tisgarh will vote in two phases adding how it ELECTION PROCESS would breach the “right time” keeping in mind R000183 J K RANGALAKSHMI
on November 7 and 17, MP on becomes difficult DAYS FROM 67 IN Fiscal Respon- the security situation there. Joint Holder:
November 17, Rajasthan on to either imple- 2018 TO 56 IN 2023 sibility and This year, the EC has B S RAMA RAO 69336 160227317 160228916 1,600
November 23, and Telangana ment or stop such Budget Manage- shrunk the gap between the (Deceased)
R000209 B S RAMA RAO
on November 30. The EC said sops for the winner of the elec- ment targets. The govern- date of announcement of the
(Deceased) 68447 34628675 34629174 500
161.4 million electors, a sixth of tions, which is why people had ments were also asked whether election schedule, the dates of
Joint Holder:
the total, will exercise their 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
right to vote in the final round 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
of Assembly polls before the “(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
2024 Lok Sabha elections. 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
The results of these elec- 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
tions are thought to indicate 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)
the national mood, especially 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).
of the heartland states, before 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
the Lok Sabha polls next year. 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
While the Congress runs 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.
governments in Rajasthan and domain of the state govern- welfare measures debate, whi- its polling is on November 23.
Chhattisgarh, the Bharatiya ments,” the CEC said, adding ch Prime Minister Narendra Five years back, Telangana Registrars : Integrated Registry Management Services Pvt Ltd
Janata Party (BJP) is in power 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
in MP, the Bharat Rashtra and the poll panel would act as Kumar said the EC had 7 and will vote this year on Tel : +91-080-23460815-818
Samithi in Telangana, and the soon as there was more clarity. come up with a technology- November 30. MP voted on Fax: +91-080-23460819
Mizo National Front, an ally of Kumar said that the EC last based mechanism, the Election November 28 in 2018, and will For Mphasis Limited
the BJP in the National year formulated a pro forma Seizure Management System, vote on November 17 this year. Sd/-
Place : Bengaluru Subramanian Narayan
Democratic Alliance (NDA), in 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
Mizoram. This will also be the explain how and when the which will be put to use for the Mizoram’s case, which in 2018
first round of polls after 26 par- promises made by them in first time in these polls. voted on November 28, but will
ties formed the Indian National their poll manifesto would be The CEC said seizures have vote on November 7, and await
Developmental Inclusive Alli- implemented. The proforma increased significantly. In 2018, results for nearly four weeks.
Congress
BJP fields more LS panel backs
MPs in Rajasthan nationwide
caste census
and Chhattisgarh The Congress on Monday
upped the ante for a nation-
wide caste census, asserting
ARCHIS MOHAN it would be a “big, powerful
New Delhi, 9 October step” towards emancipation
of the poor, Dalits, and Other
The Bharatiya Janata Party Backward Classes (OBCs),
(BJP) on Monday announced and Rahul Gandhi saying the
it would field six of its sitting party would force the BJP to
Lok Sabha Members of do this or else should "get
Parliament (MPs) from out" of the way for it to carry
Rajasthan in the forthcoming out the exercise.
Assembly polls in the state. It A resolution adopted by
will also field three the Congress Working
Chhattisgarh LS MPs in the Madhya Pradesh Chief The BJP has fielded former Committee (CWC) promised
central Indian state. In Minister Shivraj Singh Chhattisgarh chief minister that a government led by it
Rajasthan, the party Chouhan will contest from Raman Singh from his woud conduct a nationwide
announced its Rajya Sabha MP, his sitting seat of Budhni sitting Rajnandgaon seat caste census and implement
Kirodi Lal Meena, would also 33 per cent reservation for WhiteOak Capital Asset Management Limited
contest from an Assembly seat. Rajasthan, and one RS MP who from his sitting Rajnandgaon women in the Lok Sabha and (CIN- U65990MH2017PLC294178)
In September, the BJP’s sec- will contest the Assembly polls, seat. Three MPs, including state legislative assemblies at Registered Office: Unit No. B4, 6th Floor, Cnergy, Appasaheb
ond list for Madhya Pradesh including Rajsamand MP Diya state unit chief Arun Sao, the earliest, including ade- Marathe Marg, Prabhadevi, Mumbai 400 025.
Assembly polls consisted of Kumari from Jaipur’s Vidy- Renuka Singh and Gomati Sai, quate representation for Website: h�ps://mf.whiteoakamc.com Tel. No.: +91(22) 69187607
seven Lok Sabha MPs from the adhar Nagar and Jaipur Rural and two retired Indian women belonging to the OBC Fax No.: +91 (22) 69187643 email: clientservice@whiteoakamc.com
state, including three Union MP Rajyavardhan Singh Rat- Administrative Service offi- community.
ministers. In Rajasthan, where hore from Jaipur’s Jhotwara. cers, figured in the list. With Rahul Gandhi called the HOSTING OF HALF-YEARLY STATEMENT OF SCHEME(S) PORTFOLIO OF WHITEOAK CAPITAL MUTUAL FUND (“WOCMF”).
it has 24 MPs, and Madhya The Vidyadhar Nagar seat the second list, the BJP has 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
Pradesh, with 28 MPs, the BJP is held by BJP MLA Narpat announced 85 candidates in 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
has now fielded at least a Singh Rajvi, a five-time MLA the 90-member legislature. In ray of India. September 30, 2023, has been hosted on the website of WOCMF viz h�ps://mf.whiteoakamc.com and AMFI viz
fourth of its sitting LS MPs. and son-in-law of former vice the list, the BJP has fielded 11 Admitting that it was a www.amfiindia.com respec�vely.
In Chhattisgarh, it has field- president Bhairon Singh sitting legislators and 13 who mistake on the
ed four of its nine MPs — three Shekhawat. The remaining 39 lost in the 2018 polls. In 2018, part of the Congress not to Unitholders may accordingly view / download the statements from the website of WOCMF.
in the latest list, including seats where the BJP annou- the BJP could win only 15 seats. 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
Union Minister of State nced its candidates are ones it The BJP has fielded it was in power, he said: “We WOCMF thereof through the following mode/op�ons:
Renuka Singh, and its Dhar MP lost in the 2018 Assembly polls. Chhattisgarhi film star Anuj will accomplish what we
Vijay Baghel in its previous list The BJP also released its Sharma, who recently joined could not achieve earlier. 1. Email: clientservice@whiteoakamc.com
from the state. Vijay Baghel will fourth list for the Madhya the party, from Dharsiwa in 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)
contest against Chief Minister Pradesh polls of 57 nominees, Raipur. Ishwar Sahu, whose if we have to bring a new par-
Bhupesh Baghel from the all sitting legislators. The list son was killed in a communal 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
Patan seat. The BJP has fielded has state Chief Minister Shivraj clash in April in Bemetara, also 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.
18 MPs, including four Union Singh Chouhan contesting featured in the list. The party Party chief Mallikarjun
Unit holders are urged to update their email ID and mobile numbers to help us serve be�er.
ministers, so far in the three from his sitting seat of Budhni. has fielded from Chandrapur Kharge also raised the
Hindi heartland states. Most The list has the names of 24 Sanyogita Singh Judev, wife of demand for conducting a For WhiteOak Capital Asset Management Limited
will contest seats that the BJP state ministers. The BJP has former MLA late Yuddhvir nationwide caste census to (formerly known as YES Asset Management (India) Limited)
lost five years back. declared candidates for 136 of Singh Judev, son of BJP stal- ensure social justice and (Investment Manager for WhiteOak Capital Mutual Fund)
The BJP released its first list 230 seats with this fourth list. wart Dilip Singh Judev. Ano- rights to SCs, STs and OBCs
Sd/- Date : Oct 09, 2023
of 41 candidates for Rajasthan, In its Chhattisgarh list of 64 ther son of Dilip Singh Judev, in accordance with their pop-
Authorised Signatory Place : Mumbai
which has 200 seats. It listed candidates, former chief min- Prabal Pratap Singh Judev, has ulation, while noting that the
six of its 24 LS MPs in ister Raman Singh will contest been fielded from Kota. BJP is silent on this. PTI Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
8 WORLD
>
NEW DELHI | TUESDAY, 10 OCTOBER 2023
OUR RESPONSE WILL ‘CHANGE WEST ASIA’, SAYS NETANYAHU; IRAN HELPED PLOT ATTACK OVER SEVERAL WEEKS: WSJ
OF COMMUNITIES NEAR GAZA IN OVERNIGHT STRIKES DISPLACED IN GAZA STRIP, SAYS UN 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
ON THE MAP 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
Tel Aviv
lll
Israel’s tech
Mediterranean Sea Jerusalem sector could
ISRAEL face disruptions
Tech companies operating in Israel are
Netiv HaAsara expected to fortify security as they could
GAZA Sderot WEST BANK face disruptions, said investors and
analysts, after Hamas gunmen from Gaza
Nahal Oz
killed hundreds of Israelis and abducted an
GAZA Kibbutz Be’eri
unknown number of others. High-tech
STRIP Kibbutz Re’im
industries have for a few decades been the
fastest growing sector in Israel and crucial
Ofakim
for economic growth, accounting for 14 per
Be'er Sheva cent of jobs and almost a fifth of gross
Kerem Shalom domestic product. Nvidia said it had
canceled an AI summit scheduled for
Tel Aviv next week. BLOOMBERG
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
HUMAN COST
Note: List of places where rocket sirens were heard is not exhaustive
Smoke rises near damaged buildings following Israeli strikes in Gaza, on Monday PHOTO: REUTERS GAZA
n KILLED: At least 560
AGENCIES n INJURED: At least 2,900
9 October
ATTACKS (BY HAMAS) ARE A SERIOUS EU COMMISSION SUSPENDS ‘ALL PAYMENTS OCCUPIED WEST BANK
I
srael’s defence minister Yoav Gallant on
n KILLED: At least 16
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
IMMEDIATELY’ TO PALESTINIANS n INJURED: At least 80
ISRAEL
700 Israelis, including soldiers. The European Commission said on Monday it million people need humanitarian assistance,
The Israeli military said it had called up an was putting all of its development aid for among them 1 million children. It is unclear n KILLED: At least 800
unprecedented 300,000 reservists and was imposing Palestinians, worth € 691 million ($729 million), whether the suspensions in development aid n INJURED: At least 2,243
(URGE BOTH SIDES TO) EXERCISE a total blockade of the Gaza Strip, signs it could be under review and immediately suspending all will also apply to such assistance.
MAXIMUM RESTRAINT AND AVOID planning a ground assault there to defeat Hamas. payments following Hamas’ attack on Israel. The commission did not immediately The figures have been reported by the
Palestinian health ministry, Palestine Red
Israel’s response to the unprecedented surprise Germany and Austria earlier on Monday said respond to a request to clarify this.
EXPOSING CIVILIANS TO FURTHER RISKS attack by Hamas from the Gaza Strip will “change they were suspending bilateral development aid “The scale of terror and brutality against
Crescent Society and Israeli Medical Services
Egyptian Foreign Ministry the West Asia,” the country's prime minister to Palestinians, while others such as Italy had Israel and its people is a turning point,” Oliver
Benjamin Netanyahu said. said suspending aid was not up for discussion. Varhelyi, the European Commissioner for
Israeli troops have reasserted control over all
towns bordering the Gaza Strip which were attacked
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 Several airlines
by Hamas terrorists over the weekend, a spokes-
person for Israel’s military said Monday.
Gallant is currently conducting an operational
the United Nations estimates that around 2.1 as usual.” REUTERS
suspend flights
assessment at IDF (Israel Defence Forces) Southern
Command, together with the Head of Southern
Schumer confronts Xi to, from Tel Aviv
Command Maj-Gen Yaron Finkelman. on Israel-Hamas stance Major international air carriers have
“I have given an order — Gaza will be under com- President Xi Jinping’s first meeting with US suspended or reined in flight services to or
plete siege. There will be no electricity, food or fuel congressional leaders in eight years was from Tel Aviv after a surprise attack by Hamas
[delivered to Gaza]. We are fighting barbaric [terror- infused with tension, as the Chinese militants on Israel, saying they were waiting
ists] and will respond accordingly,” Gallant said. leader was confronted over his nation’s for safety conditions to improve. Israel’s
Gaza depends on Israel largely for its basic failure to condemn Hamas’ incursion into national carrier El Al was the exception,
“THE SCENES WE HAVE SEEN IN ISRAEL ARE supplies and such a decision will have far-reaching Israel. “I urge you and the Chinese people adding more flights to bring reservists back
consequences for 2.3 million people living in the to stand with the Israeli people and from around the world to assist in the
TRULY HORRIFYING. I SPOKE TO THE PM TO densely populated area. condemn the cowardly and vicious country’s biggest mobilisation in history.
ASSURE HIM OF UK’S STEADFAST SUPPORT. More than 100 Israelis, old, young and children attacks upon them,” Senate Majority Regulators including the US’ Federal Aviation
have been taken captive by Hamas and Islamic Jihad Leader Chuck Schumer told Xi Monday. Administration, the EU Aviation Safety Agency
TERRORISM WILL NOT PREVAIL” in the attack which started on Saturday. Xi did not address the weekend’s surprise and Israel’s aviation authority urged airlines
RISHI SUNAK, UK PM Iranian security officials helped plan Hamas’s US Senate Majority Leader Chuck Schumer (left) with China escalation of violence in the Middle East to use caution in the region’s airspace, but
Saturday surprise attack on Israel and gave the green Prez Xi Jinping at the Great Hall of the People in Beijing in his opening statement. BLOOMBERG stopped short of suspending flights. REUTERS
light for the assault at a meeting in Beirut last
Monday, according to senior members of Hamas and
lll
Hezbollah, another Iran-backed militant group, the
Wall Street Journal reported.
After more than 50 hours of firefight, the Israeli
Bank of Israel to sell up to $45 bn Need ‘emergency
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.
of forex to stabilise shekel govt’, says Israeli
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.
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
Oppn leader
nIsrael mobilising
The Israeli army said it hit more than 1,300 targets The Bank of Israel said on Monday it will sell up to expected to be a long war with Hamas in Gaza the Setting aside their differences, top Israeli
n Kremlin says high 300,000 reservists in the blockaded and impoverished Gaza Strip in $30 billion of foreign currency in the open shekel was set to depreciate sharply. leaders have discussed the possibility of
risk of third-party in largest ever overnight clashes, while fighting persisted in seven market, the central bank’s first ever sale of foreign The central bank also said it would provide forming an emergency national unity
involvement in call-up to eight locations inside Israel around the enclave. exchange, to maintain stability during the war liquidity through swap mechanisms in the government to deal with the complex
Israeli conflict Israel's port of Ashkelon and its oil terminal have with Palestinian militants in Gaza. market of up to $15 billion. situation. Israeli Prime Minister Benjamin
n9 US citizens dead
been shut in the wake of the conflict between Israel The shekel fell 2.7 per cent versus the dollar to “The Bank of Israel will continue monitoring Netanyahu and opposition leaders Yair
n UN says school hit in Israel conflict, US
and Islamist group Hamas, shipping and trade 3.945 — its lowest since early 2016 — after the developments, tracking all the markets, and Lapid and Benny Gantz discussed the
during Israeli strikes National Security sources said on Monday. The port is located just over announcement. acting with the tools available to it as necessary,” it possibility of joining Netanyahu’s
on Gaza, no Council confirms 10 kilometres from the border with the Gaza Strip. “We are in an unprecedented security said. government because of the emergency
casualties “Over 123,538 people, have been internally dis- situation, and our estimate was that the market Benita said there were no plans at this time to created by the infiltration, Ha'aretz
nGoldman Sachs,
nIsrael suspends JPMorgan tell staff placed in Gaza, mostly due to fear, protection con- could get to a situation of divergence without the sell more than $30 billion of forex and that the newspaper reported. “There is going to be a
Tamar gas field to work from home cerns and the destruction of their homes," said the announcement of our intervention,” Golan high level of reserves allowed the central bank military operation, incursion is not out of the
UN’s humanitarian agency, OCHA, with more than Benita, head of the Bank of Israel's markets room to support the economy in times of question because we have to make sure this
73,000 sheltering in schools. department, told a news conference. emergency. does not happen again," he said. AGENCIES
50% rise in computing power 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
” The oil-price cap and its enforcement are
expected to be on the agenda in talks
between Yellen and her fellow G-7 finance
China aims to boost the country’s aggregate computing including the Ministry of Industry and Information deposits, to Asia-focused HSBC Holdings. The signal that the mechanism may no chiefs in Marrakesh, Morocco, this week —
power by more than 50 per cent by 2025, according to a Technology (MIIT), has set a target for China’s total deal covers total deposits and investment AUMs longer be working as hoped. In an on the sidelines of an annual gathering of the
plan released by authorities on Monday, as Beijing computing power to reach 300 EFLOPS by 2025. EFLOPS, of about $3.6 billion, and is expected to close in interview with the Wall Street Journal, World Bank and IMF. In a separate interview
tightens its focus on supercomputing and equal to one quintillion floating-point operations the first half of 2024. Financial details of the Yellen said the US is “looking at with the Financial Times, Yellen said the recent
artificial intelligence innovations.The plan per second, measures a computer’s speed. The transaction were not disclosed. “Today’s enforcement very carefully and we surge in bond yields has not created
comes amid rising competition between MIIT revealed in August that China’s computing announcement progresses the wind-down of want to make sure that dysfunction in US financial markets.
China and the US in many high-tech areas power has reached 197 EFLOPS this year, up Citi’s consumer banking business in China, market participants are “I haven’t seen any evidence of
ranging from semiconductors and from 180 EFLOPS in 2022. The ministry said it which was announced in December 2022,” the aware we take this price dysfunction in connection
supercomputers to AI, including US export ranks China as second behind the United States, bank said.Citi first announced its plan to exit cap seriously, and, to the with the increase in interest
controls on chipmaking equipment. but did not elaborate on the scale of the US China consumer banking in April 2021 as part of extent Western services rates,” Yellen said.
The plan, released by six departments in Beijing computing power it referenced. REUTERS a global strategy revamp. REUTERS are used, we mean BLOOMBERG
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
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>
OPINION 9
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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 The position changed in the 21st Conference of be notified by the MoP. This would lead to fragmen-
step by notifying the Carbon Credit Trading Parties (CoP) meeting at Paris in 2015, which came tation in the carbon market, which is not desirable.
failures that allowed the militants to penetrate dozens of kilometres into Israel
Scheme (CCTS) in June under the Energy out with the Paris agreement to replace the Kyoto Instead, the markets for ESCs and RECs should be
for hours without warning or a military response on the ground. Conservation Act, 2001. protocol effective from 2020. The Paris agreement, subsumed in and made fungible with the carbon
The United States, as Israel’s security guarantor, has chosen to ignore the The scheme entails driving the market by setting while acknowledging the principle of common but credit market. The participants in these markets
rights of the Palestinians for decades now, and has not bothered to rein in Mr greenhouse gas (GHG) emission intensity reduction differentiated responsibilities based on respective should move to CCTS. The measurement unit should
Netanyahu’s excesses. Iran, which Hamas has said helped in the commission of targets for entities in selected sectors. The entities capabilities, moves away from legally binding targets be uniform, and in terms of tonnes of CO2e.
this atrocity, continues to show itself to be unfit for the role of regional hegemon that exceed the set targets will be issued carbon only for developed countries. Instead, it relies on a The CCTS notification is an overarching frame-
credit certificates, while those failing to achieve the consensual mechanism in which all countries, devel- work. Much detailing needs to be done for the scheme
to which it aspires. And other regional powers, from India to Saudi Arabia to
targets can meet the shortfall by purchasing these oped and developing, are expected to declare intend- to take off. For instance, questions remain about
Turkey, have been shown the limits of a regional agenda that focuses on normal- certificates from the market. Each carbon credit cer- ed NDCs every five years beginning 2020 (countries which sectors are to be covered (obligated entities)
ising relations with Israel without at all addressing the rights of the Palestinians. tificate will be equivalent to one tonne of CO2e (car- could revise their commitments but only upwards). under the scheme, and the criteria for selecting such
The focus now must be on preventing an escalation of this conflict. Some bon dioxide equivalent). The scheme The effectiveness of the Paris agree- sectors (entities); the methodology for dis-aggregating
response into Gaza is inevitable. But a wider conflagration that draws in Lebanon aims to develop a well-functioning ment is based on the premise of the overall national level NDC GHG emission targets
or even Iran must be avoided. India too has a stake in ensuring that a semblance regulated domestic carbon credit “naming and shaming” principle. at the sectoral and entity level; the envisaged mech-
of stability returns to the region in short order. Not only is the price of oil already trading market, with transparent The Kyoto protocol defined inter- anism for monitoring, reporting and verifying GHG
price discovery. This aligns with national emissions trading, which emissions; and the criteria for issuing carbon credit
above the comfort zone for India, but it has just announced participation in
India’s goal of achieving its updated Annex-1 countries could use to meet certificates, including their validity period.
grand infrastructure schemes in West Asia. The India-Middle East-Europe nationally determined contributions their targets. While emissions trad- Some suggestions may be in order. Unlike the
Corridor, or IMEC, depends on secure ground links between ports in the United (NDCs) commitment by 2030, and ing did pick up after the ratification trading markets for ESCs and RECs, the category of
Arab Emirates and ports in Israel. A breakdown in relations between the Arab becoming net-zero by 2070. of the Kyoto protocol (2005) in the eligible participants should be increased for CCTS,
states and Israel or a prolonged conflict on Israel’s borders will render such plans The agencies/authorities involved EU and some other developed juris- including financial institutions, banks, and traders,
inoperable. India must retain a balanced and agile approach to the immediate in planning, administrating and reg- dictions, it was virtually a non-starter to provide liquidity and help in better price discov-
problem, while also retaining a long-term perspective. There will be no peace to ulating the scheme include the AJAY TYAGI in the developing world. However, ery. Going forward, futures trading in carbon credits
Ministry of Power (MoP), and the many projects in these countries may be allowed on commodity derivatives trading
India’s west unless both Israel and the Palestinians compromise.
Ministry of Environment, Forests and Climate (including India) have been participating in the vol- exchanges regulated by the market regulator.
Change (MoEF&CC) for oversight; the Bureau of untary global carbon credit market. Gradually, the scheme may extend its scope to
Energy Efficiency (Bee) for administering the Now, in the changed scenario after the Paris agree- covering GHG emissions from sources/activities
Tragedy in Sikkim scheme and formulating the targets for the obli-
gated entities under the scheme; the Grid Controller
ment, when each country has virtually been left to
fend for itself, the option of establishing a well-regu-
beyond the energy and industry sector to include
agriculture, forestry and land use, transportation,
of India for registering the obligated entities and lated domestic emission trading mechanism with airlines, waste management, and carbon capture
The catastrophe underlines big dam weaknesses maintaining the record of transactions amongst proper guardrail, to meet the NDC commitments and storage. Foreign entities’ participation, leading
them; and the Central Electricity Regulatory needs to be seriously considered by all jurisdictions. 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
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 book reveals for the first time how the
relationship soured and the
circumstances under which her written
Budget speech of 2019 became one of
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
manner that would establish the author
as an accomplished storyteller.
There are many such engrossing
anecdotes recounted here that will
But unlike the other finance retirement even as he received his the longest even as it failed to mention Economic Survey for 2016-17, which was undoubtedly whet the appetite of those
secretaries, Mr Garg has chosen to transfer order. the fiscal deficit target for 2019-20. due to be presented in the monsoon hungry to know more about what goes
recount in detail what, in his view, Mr Garg’s departure from the Similarly, the RBI Governor Urjit session of Parliament in 2017. The PMO on behind closed-door meetings or in
caused his sudden exit from North finance ministry also seemed to have Patel’s growing unease with the believed that the Survey had expressed the corridors of power. But there are at
Block. Usually, civil servants refrain been hastened by his uncompromising government leading to his resignation some views that the government was not least two caveats. One, his narrative
from such explanations. Even if they do, stance as the member of the expert almost a year before his three-year comfortable with. Mr Garg succeeded in ignores how and under what
BOOK REVIEW those disclosures take place after committee to decide the economic tenure ended was toning down the circumstances the Budgets during his
several years. Mr Garg, however, has capital framework for the Reserve Bank also no secret. What We Also Make content without tenure projected unrealistic revenue
A K BHATTACHARYA written this reveal-all book in just about of India (RBI). The author insisted on a Mr Garg’s book Policy losing the focus of the numbers and sought greater recourse to
four years of his exit from government. formula that would provide a higher reveals was how the
Author: Subhash Survey. Even in off-budget borrowings, which
T
here are a handful of finance sec- That makes it an almost unique exercise share of RBI’s profits to be transferred to Prime Minister was Chandra Garg Budget-making, Mr undermined the credibility of fiscal
retaries of the Union government by any retired civil servant. the government, a view with which upset with the RBI Garg’s book shows, numbers. Even his rendering of what
who have suffered their tenures His narrative on the developments other committee members did not governor at a Publisher: the space available to the Shankar Acharya Committee had
being cut short unceremoniously. that led to his transfer from the finance agree. His decision to insist on a dissent meeting in the PMO HarperCollins the finance ministry recommended on changing the
Subhash Chandra Garg is one of them. ministry suggests that it was not just a note also upset the finance minister and to take stock of the Pages: 494+XXIV for framing proposals financial year appears to be imprecise.
In July 2019, he was transferred to the case of Finance Minister Nirmala PMO officials. The stalemate could be Indian economy. independently And the second caveat is that Mr Garg’s
power ministry within days of the Union Sitharaman having little confidence in resolved only after Mr Garg was shifted The author notes Price: ~799 appears to have narrative appears to be a reflection of his
Budget being presented. him; his equation with the Prime out of the finance ministry. that the RBI shrunk by a perspective and his personality.
Like the transfers of Piyush Mankad Minister’s Office (PMO) and the Prime Written with clarity, this memoir governor also took a significant margin. It could be argued that the
to the ministry of industry in 2000 and Minister had turned a little sour, too. As does not pull punches while focusing on tough line on insisting that the electoral Mr Garg also relates with remarkable perspective of the finance minister, the
of Arvind Mayaram to the ministry of a senior PMO official put it, “We cannot the author’s stint in the finance bonds should be issued by the central candour the inside stories of how the RBI governor or the PMO officials on all
minority affairs in 2014, Mr Garg’s change the finance minister. Therefore, ministry of about two years. In the bank through digital mode, defeating in government went about tackling the the issues that Mr Garg outlines may not
transfer was seen as a sign of his falling you [Subhash Garg] will have to make process, it reveals details of his view the main purpose of hiding the collapse of Infrastructure Leasing & be similar. Perhaps one has to wait for
out of favour with the government. Not way.” According to Mr Garg, he had developments within the government identity of the donors. Financial Services (IL&FS), how the similar narratives from them in the days
surprisingly, Mr Garg had decided to already begun mulling the idea of that have so far remained under wraps Mr Garg’s book also brings out pace of privatisation slowed and how a to come. The sooner they come, the
seek voluntary retirement more than a taking voluntary retirement and that for obvious reasons. For instance, Mr eloquently the kind of pressure that the novel but controversial way was found better for observers of policymaking to
year before he was due for conversation led to his decision to dash Garg’s frosty relationship with the PMO puts on the finance ministry in to recapitalise banks. All these conclude how precisely these
superannuation. off the letter seeking premature finance minister was no secret. But his 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
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
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.
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
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
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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)
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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
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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«
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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
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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
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M M 91667 91643 M 22144 22136 34918 34857 9487 9498 98895 98849 45334 45335 8616 8610
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.
NEW DELHI | TUESDAY, 10 OCTOBER 2023 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.
Notice
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
(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.
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
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16
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NEW DELHI | TUESDAY, 10 OCTOBER 2023 1
PUBLIC NOTICE
Public is informed that Smt. Pinki is the owner of
Circle SASTRA Centre, East Delhi, Mayur Vihar, Built-up Property No. 995, (40 Sq. Yds.), out of
Phase-II, Pocket-E, Delhi-110091 Khasra No. 135/5, Situated at Village Burari,
Colony Known as B-Block, Gali No. 29, Sant Nagar,
CORRIGENDUM Delhi-84, vide Authorisation Slip (Doc No. 522,
The General Public is hereby informed that in Book No. I, Vol. No.10534, on Pages No. 77-86,
SRO- VIII Delhi, Dated 19/01/2023) earlier
e-auction Notice i.e. SALE NOTICE FOR SALE transferred by way of notarised GPA Dated
OF IMMOVABLE PROPERTIES published on 12/07/23 by Shokender Kumar. Mrs. Pinki intends
04.10.2023 in English Newspaper- “Business to mortgage the same with Fedbank Financial
Services Ltd. Any objections to this mortgage to be
Standard” (Page No.14) & Hindi Newspaper- sent in writing to the undersigned within 7
“Business Standard” (Page No.09), properties days(publication day inclusive) failing which it shall
be deemed there is no objection to this mortgage.
at Sr. No.1 to 14 are not available for sale now. VARUN PHOGAAT(ADVOCATE)
These properties have been withdrawn by the 72/03, Street no.2, krishna Nagar,
bank from E-auction process to be held on Safdarjung Enclave, New Delhi-110029
(07982557892) (varunphogaat@gmail.com)
19.10.2023.
Rest of e-auction notice remains same.
Authorised Officer
Date: 09.10.2023 Punjab National Bank
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
4
In Asia, Seoul and cities in China are
IndiGo 58,436 Not in top 10
but it might want to keep an eye on Air India on the radar. There are another 980
planes on order that will come across EasyJet 53,567 Not in top 10
REUTERS 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,
Pieter Elbers, CEO of IndiGo 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.
SURAJEET DAS GUPTA showing off his market muscle at the number of seats multiplied by the African market, and straddling the competition from the Tatas. Of course And the once successful AirAsia X
New Delhi, 9 October conference. He was making the point distance travelled in kilometres. The upcoming leisure market of Tbilisi in IndiGo, too, has the cash, but it has to faces record losses. Experts say the
that Indian air carriers need to let their intent is to increase IndiGo’s ASKM for 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 ambitions soar so that Indian airports international flights from 24-25 per cent Uzbekistan, and Almaty in Kazakhstan. Jitendra Bhargava, formerly a lower its cost advantage.
the All India Management could become global hubs. The aviation to 30 per cent in two years. Then there is Jakarta in Indonesia. director with Air India. However, many experts say IndiGo
Association in New Delhi last script, he said, should move away from Giving wing to this ambition will be Of these, only Nairobi is covered by an Air India wants to increase its has to induct wide-bodied aircraft to
month, Pieter Elbers, CEO of the competition “between Mumbai to the induction of 49 latest Airbus Indian carrier (Air India). All the others international market share to 30 per become a true global player, and do it
IndiGo, said his airline should be Guwahati” to why the majority of the A321XLR narrow-bodied aircraft, which are international carriers’ fiefs. cent. Having ordered 470 planes, it is smartly, with an eye on the many routes
measured against global carriers, flights between India and Europe were can fly medium- and long-haul distances getting 34 A350-1000 (400 seats) planes, waiting to be tapped. For instance, in the
not its domestic peers. not run by Indian carriers. of seven to 7.5 hours. This fleet will be Air India challenge six A350-900 (1,000 seats), six Airbus US it can fly direct Los Angeles (Air India
IndiGo is India’s largest airline, This is precisely why Elbers, who was inducted in phases, starting 2024, The Tata airlines have begun to flex their 350-900 (370 seats), 20 Boeing flies to San Francisco). There is scope to
lording over 60 per cent of the domestic CEO of Dutch airline KLM for more than though some say this might get muscle and won’t let IndiGo have a free Dreamliners (290 seats), and 10 Boeing fly direct to Perth (Air India flies to
market. Its nearest rival is not even half eight years, was handpicked by IndiGo’s delayed till 2025. international run. Air India has already 777 (more than 400 seats) — all wide- Sydney and Melbourne). IndiGo can fly
its size even if you combine the market promoter, Rahul Bhatia: To expand increased its planes on international bodied aircraft — starting this year with direct to New Zealand, where Air India
shares of the four airlines in the Tata fold: IndiGo’s thinking, horizon, and Deeper, wider, lucrative routes since coming back to the Tata fold the bulk of the A 350s coming in 2025. does not fly directly.
Air India, Air India Express, Vistara, ambition. He is putting together a global The new planes will help IndiGo go deep- in January last year. It says 76 per cent of That is around the same time that IndiGo So, as IndiGo measures itself against
and AirAsia. plan centred on the total available seat er into Europe, beyond the direct flight it its ASKM is international — that is three gets the Airbus A321XLR. global carriers, it might want to look at
But it is unlikely that Elbers was kilometres, or ASKM, which is the has between India and Ankara, to add times IndiGo’s. Even Vistara’s In the face of this renewed competit- someone closer home.
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
NOTICE 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
Portfolio Disclosure of the Schemes of Sundaram Mutual Fund
this significant milestone. India Infrastructure Finance Company Limited (IIFCL) is active in
Notice is hereby given to the Unitholders of the schemes of Sundaram Mutual Fund (“the Fund”) that 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
accordance with Regulation 59A of SEBI (Mutual Funds) Regulations, 1996 read with SEBI Circular No. sibility and engaging in promote and develop world-class infrastructure in India. India's
SEBI/HO/IMD/DF2/CIR/P/2018/92 dated June 5, 2018, the portfolio statement of the schemes of the Fund S
community service activi- aviation industry has seen a remarkable boost in the recent years
for the half year ended September 30, 2023 has been hosted on the website of Sundaram Mutual Fund 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.
viz. www.sundarammutual.com and on the website of AMFI viz., www.amfiindia.com.
F team led by State Secre- IIFCLis one of the major financiers of airports in India and has sup-
Further, Unitholders may also request for a physical or electronic copy of the portfolio statement of the s tary Nilesh Pawar, Presi- ported airports with a total project outlay of about Rs. 74,000 crore.
scheme/s, by writing to us at customerservices@sundarammutual.com from their registered email ids or 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-
by calling on our toll number 1860 425 7237 or by submitting a written request at any of the nearest 1 Deorukhakar distributed tions and to deliberate on the future prospects & enormous
branches (ISCs) of the Fund (please refer our website www.sundarammutual.com for the list of branches). 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
You are requested to update your PAN/KYC/FATCA/Email & Mobile/Nominee and with active bank details Y ‘Savera’ which runs academic education & employment genera- Jaishankar, MD, IIFCL welcomed Chief Guest Dr. Vivek Joshi,
to help us serve your better. t tion programs for benefit of specially abled children as well as adults. Secretary, DFS, Ministry of Finance and other dignitaries.
For Sundaram Asset Management Company Ltd Reciprocating the pious social work,AIBOC MS-1 team distributed The conference saw participation from Ministry of Finance,
Place: Chennai R Ajith Kumar essential food items to Pune based NGO ‘Sevasadan Dilasa Ministry of Civil Aviation, Airports Authority of India, all major
Date: October 10, 2023 Company Secretary & Compliance Officer 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
For more information please contact: Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
Royapettah, Chennai-14. Pawar conveyed heartfelt greetings on the momentous occasion having more investment in cutting-edge structures like InvITs,
Sundaram Asset Management Company Ltd
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
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NEW DELHI | TUESDAY, 10 OCTOBER 2023 1
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linical trials that have halted Global clinical trials are run in 25-30 core the CDSCO’s approval comes in the 90-
recruiting participants in Russia countries and there is intense competition working day timeframe (4.5 calendar
and Ukraine owing to geopolitical to have these studies on advance and com- months), the sites would still not be able
tensions can be re-allocated to India, say plex therapies of unmet medical needs to to contribute to the study because the trial
industry insiders. be placed in a country. The US, China, would be over globally, he said.
India’s contribution to global clinical Japan, Australia, and some advanced econ- A senior R&D executive of a Mumbai-
trials has been around 4 per cent in the omies of the EU are traditional countries based pharmaceutical company said that
past decade while being the most populous where studies are placed due to their regu- in the mid-2000’s several companies took
country in the world with one-fifth of the latory and ethics review maturity. their trials to countries like Malaysia and
global disease burden. Sanish Davis, president, Indian Society South Korea. “Around 2014 Biocon was
A recent report by PwC and the US- for Clinical Research (ISCR), told Business forced to take clinical trials out of India to
India Chamber of Commerce, titled “Cli- Standard over several decades, some sma- countries in Europe, etc. This is at least 10-
nical Trial Opportunities in India”, said that 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.”
a significant number of phase-3 clinical Singapore had made concerted efforts to Legal experts agree.
trials sponsored by big pharma with sites AstraZeneca Merck Roche Novartis BMS Sanofi J&J Pfizer Eli Lilly showcase their stable and predictable reg- “India has had a rocky history with
in Russia and Ukraine were still not recruit- Source: Clinical Trial Opportunities in India, PwC ulatory systems and research ecosystem. respect to global clinical trials, with the
ing participants, and India was a potential “While the implementation of the Supreme Court having had to intervene in
site for reallocation. This is because the NDCT Rules, 2019, has brought in predict- 2013 to suspend trials until the regulatory
country has a high number of top-disease 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
areas where trial recruitment is halted. 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-
“We had 60-70 studies running in Uk- 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
raine at the point of the invasion and so 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-
we are now looking as a company about 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
how we move that book of work elsewhere 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
around the world,” Peter Ronco, head of 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.