WEDNESDAY, 27 DECEMBER 2023
20 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 217
THE MARKETS ON TUESDAY
Sensex 71,336.8
Nifty 21,441.3
Nifty Futures* 21,633.1
Dollar
Euro
Brent crude ($/bbl)
~83.2
~91.6
80.2##
Gold (10 gm)### ~62,805.0
*(January) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
INDIA’S CAD FALLS TO
1% OF GDP AT $8.3 BN
IN SEPTEMBER QTR
India’scurrentaccountdeficit
(CAD)narrowedsequentiallyto
$8.3billion,or 1percentof
grossdomesticproduct(GDP),in
thequarterendedSeptember
(Q2FY24)duetolowermerchandisetrade
deficitandgrowthinservicesexports.TheCAD
was$9.2billion,or1.1percentofGDP,inQ1FY24
and$30.9billion,or3.8percentofGDP,in
Q2FY23.TheCADfortheApril-September
periodofFY23was2.9percentofGDP.
Deepfakes: Govt advisory
to social media portals
TheUnionMinistryofElectronicsand
InformationTechnologyhasissuedanadvisory
tosocial-mediaintermediaries,askingthem
toensurethatusersdonotviolatethecontent
restrictionsplacedunderRule3(1)(b)ofthe
InformationTechnology(IT)Rules. 2>
Will punish them: Rajnath
on merchant ship attackers
Defence Minister Rajnath Singh on Tuesday
vowed to ferret out the perpetrators of the
attacks on merchant navy ships MV Chem
Pluto and MV Sai Baba even from the
“depths of the seas” and take tough action
against them.
RED SEA TENSIONS MOUNT,
US STRIKES IRAQ MILITANTS
Vaccine makers’ stockpile
low amid lack of demand
Vaccine makers have a limited stockpile of
doses, even as Covid-19 threatens to rear its
head this winter. Pune-based Gennova
Biopharmaceuticals has one million doses of
its Gemcovac-OM (an Omicron-specific
mRNA booster vaccine).
www.business-standard.com
chg#
p 229.8
p 91.9
p 191.8 WORLD P8 TAKE TWO P18
~83.2 **
~91.5 **
78.9**
NO REPRIEVE FOR APPLE IN MAKING SO MANYFILMS BUT MARGINS
p
~213.0
US ON WATCH IMPORT BAN ARE LOW: BHUSHAN KUMAR
P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E
Bull run takes Sensex EVsalesonroadto1.5mn
in2023despitesubsidycut
valuation to 2-yr high ON FULL CHARGE
But earnings per share have witnessed a decline in the past 2 months 2022 2023
Category Vehicles EVs EV penetration Vehicles EVs EV penetration
KRISHNA KANT PG 10 registered registered (%) registered registered (%)
Mumbai, 26 December
ON THE RISE, AGAIN (x) Two-wheelers 15,601,853 631,475 4.0 16,854,118 838,618 5.0
T ACTIVE FUNDS
he recent record-setting rally Three-wheelers 677,475 350,238 51.7 1,060,291 570,299 53.8
6> on Dalal Street has pushed
33,207 1.0 70,603 2.0
the valuation of BSE LIKELY TO FLEX Passengercars
Buses
3,337,547
42,591 1,961 4.6
3,524,860
73,481 2,441 3.3
year high.
benchmark Sensex to a two-
MUSCLES IN ’24 Overall 21,570,396 1,025,118 4.8 23,598,248 1,494,447 6.3
The leading share index is currently
trading at a trailing price-to-earnings
Actively managed funds,
especially those with
Doesn't include data from Telangana and Lakshadweep;
Overall registrations include data of other categories of vehicles, too Source: VAHAN
(P/E) multiple of 25.2 x, up from 23.7x greater flexibility to invest
in December last year and the highest in stocks across sectors and NITIN KUMAR 2023 is just shy of 1.5 cent in 2022.
since January 2022, when it was at a Note: Data until December 26, 2023
market capitalisations — New Delhi, 26 December million units, signifi- This year was
trailing P/E of 26.9x. The index’s cur- Source: BSE, Compiled by BS such as multicap and cantly higher than last marked by a reduc-
rent price-to-book (P/B) value is 3.7x — Research Bureau flexicap — can outperform Electric vehicle (EV) sales this year’s score of a little tion in subsidies for
the highest since November 2021. other schemes in 2024 if the year have witnessed a robust over 1 million. electric two-wheelers
The Sensex valuation has witnessed prevalent trend in increase of over 45 per cent so All this has pushed the (e2Ws), a category that makes
a significant increase in the past two corporate earnings and far, notwithstanding the sub- overall EV penetration in the up around 55 per cent of total
months, with most of the gains coming
in this period. The trailing P/E multiple
profit growth sustains,
according to analysts.
sidy cuts and regulatory shifts.
Total EV registration figure in
country beyond 5 per cent –
to 6.3 per cent against 4.8 per
EV sales.
Turn to Page 3 >
of the index had dropped to a five-
month low of 22.45x at the end of
October, and the P/B ratio had also
decreased to 3.29x, the lowest since FUNDRAISING VIA Whentherupee ...Andasoftpower
May. However, both these values have
since risen.
SME IPOS HITS gainedcurrency... meantbusiness
7> Analysts have attributed this turn- RECORD HIGH Therupeethiscalendaryear On September9, as India
around in equity valuation to a sharp The initial public offerings displayed remarkable clinchedtheG20
reversal in the bond yield in the US over of small and medium stabilityagainstthe Leaders’ Declaration,
P8 the past two months. Dhananjay Sinha, enterprises (SME IPO) hit a dollar,markingthe manywereleftsurprised
head of strategy and research at new record in 2023. This leastvolatilityit byitsdiplomatic
Systematix Institutional Equity, year, 181 companies raised witnessedinnearly achievement.Thegrand
explained: “The valuation rerating of ~4,643 crore through the threedecades. THE BharatMandapam,
equities is largely due to a sharp decline
in the risk-free rate, which is the yield
bonds has fallen nearly 100 basis points
since the end of October — from 4.93
SME IPO route, according
to Prime Database data.
Thecurrency
experiencedamarginal
INDIAA
INDI bedecked and ready for
bedeckedandreadyfor
this celebration days in
thiscelebrationdaysin
on US 10-year Treasury bond. The per cent to around 3.9 per cent. During depreciationof0.5per STORY advance,wasasthough
decline in US bond yields has triggered the same period, the BSE Sensex has MOTISONSSIZZLESON centagainstthegreenback.
cent against the greenback. aware of what was coming.
awareofwhatwascoming.
a global rally in risk assets, and the rallied by 11.7 per cent, its trailing P/E DEBUT,MUTHOOTAND ANJALI KUMARI writes 4> RUCHIKA CHITRAVANSHI writes 20 > THE YEAR THAT WAS:
Indian equity market has strongly par- has risen by 13 per cent, and there has SURAJESTATEFIZZLE POLITICS & BEYOND
ticipated in this rally.” been a similar rise in the index’s P/B P8 EXPORT CURBS, EL NIÑO TO STRAIN GLOBAL FOOD SUPPLIES IN ’24 PAGE19
20 > The yield on 10-year US government ratio. Turn to Page 3 > MKTSRALLYFOR3RDDAY
2 COMPANIES NEW DELHI | WEDNESDAY, 27 DECEMBER 2023

STOCKS > Bharat Electronics

186 Gets orders worth
> Lumax Auto Technologies
389
396
Board approves
> Inox Wind
475 Bags repeat order for 279
> Biocon
255
Partners with Sandoz for
> IndusInd Bank
1,576
Launches ‘eSvarna’,
IN THE NEWS 182 465 251 1,571
179 ~678 crore
173 389 acquisition of equity 450 Mw for its 3 Mw WTGs 250 distribution of 1,569 corporate credit card, on
246 1,557
382 stake in Lumax Ancillary from a large C&I player Adalimumab in Japan 1,562 RuPay network
175 384 405 245
172 425
385 254
~182.0 CLOSE 375 ~389.3 CLOSE 453 ~465.3 CLOSE 240 ~250.9 CLOSE 1562 ~1,571.4 CLOSE
165 400 Dec 2023 Dec Dec 1,555
2023 Dec Dec Dec 2023 Dec Dec Dec 2023 Dec Dec Dec 2023 Dec Dec
Dec p4.1% UP* p1.4% UP* 18 22 26 p1.9% UP* p0.6% UP*
18 22 26 18 22 26 18 22 26 p2.8% UP* 18 22 26
*OVER PREVIOUS CLOSE

>

Godrej Properties MEITY ADVISORY ON DEEPFAKES TO SOCIAL MEDIA PLATFORMS

sees best launch
ever by sales value ‘Make sure users don’t
Sells more than 600 flats for ~2,600 cr
Godrej Properties on Tuesday
said it has sold more than 600
around ~4 crore per unit.
Godrej Properties said this is its
violate content norms’
flats in its new luxury housing most successful launch ever in Advisory seen as attempt by government to curb misinformation
project at Gurugram, Haryana. terms of the value of sales
In a regulatory filing, the achieved, surpassing the ASHUTOSH MISHRA
company said it has “sold previous best of over ~2,000 New Delhi, 26 December
inventory worth over ~2,600 crore at its project Godrej
T
crore in its project Godrej Tropical Isle in Noida last he Union Ministry of
Aristocrat, located in Sector 49 quarter. MD & CEO Gaurav Electronics and Information
on Golf Course Extension Road, Pandey said, “Gurugram is an Technology (Meity) on
Gurugram.” The company will extremely important market Tuesday issued an advisory to social-
develop nearly 750 apartments for Godrej Properties. We hope media intermediaries, asking them to
in this 9.5-acre housing to launch four new projects in ensure that users on these platforms
project. The starting price is Gurugram in 2024.” PTI do not violate the content restrictions
placed under Rule 3(1)(b) of the
Information Technology (IT) Rules.
Resolution professional “Today, a formal advisory has
been issued (to intermediaries) incor-
invites EoIs for FEL units porating the ‘agreed to’ procedures
to ensure that users on these plat-
The Resolution Professional has invited Expressions of Interest forms do not violate the prohibited
(EoIs) for Future Enterprises Ltd (FEL) garment manufacturing content in Rule 3(1)(b), and if such
units, investments in Apollo Mills and Goldmohur Mills situated in legal violations are noted or reported,
Mumbai, and investments in life and general insurance ventures. then the consequences under law
The resolution professional has set February 27, 2024, as the will follow,” said Rajeev
deadline for submitting resolution plans. ABHIJIT LELE Chandrasekhar, minister of state for
electronics and IT.
The advisory is seen as an attempt
Airtel to seek reversal of by the government to curb misinfor-
mation on the internet, particularly
~24.9 lakh penalty order deepfakes.
Last month, Prime Minister
Bharti Airtel on Tuesday said it does not agree with an order it Narendra Modi stressed the need for
received under the Central Goods and Services Tax Act for levy of creating better awareness among
~24.94 lakh penalty, and will take suitable action for rectification people about the pitfalls of artificial
or reversal. The violation pertains to alleged irregular input tax intelligence, especially the potential
credit claim from 2017-18 to 2021-22 and other related matters, misuse of deepfakes.
Airtel said in a BSE filing. PTI The advisory states social media
users be clearly informed
about content that is not permitted
Delhi airport sees 12 flight under the IT Rules, in particular
those listed under Rule 3(1)(b), and
diversions due to fog also about penal provisions, includ-
ing those in the Indian Penal Code
Flight operations were disrupted at the Delhi airport on Tuesday and the IT Act 2000, in the case of
as 12 flights were diverted and scores of flights delayed due to bad Rule 3(1)(b) violations.
weather. A total of 12 flights were diverted between 0600-1200 “The content not permitted
hrs. Out of them, 11 flights were diverted to Jaipur and 1 to under the IT Rules, in particular
Lucknow due to dense fog, an official said. PTI those listed under Rule 3(1)(b), must
be clearly communicated to the users
in clear and precise language, includ-
ing through its terms of service and
user agreements. The same must be
expressly informed to the user at the
time of first registration and also as
regular reminders, in particular, at
every instance of login and while
uploading/sharing information onto
the platform,” the advisory said.
TIGHTENING THE NOOSE
Meity has asked 3(1)(b) of the IT rules The ministry has
firms to curb specifies 11 types of directed firms to
prohibited content user harms or content educate users about
under rule 3(1)(b) prohibited on digital the prohibited
of IT rules intermediaries content
internet platforms as part of “Digital
India Dialogues” to discuss issues
such as deepfakes and misinforma-
tion. The companies were asked to
exercise due diligence in promptly
removing such content from their
platforms.
“The Ministry has had two Digital
India Dialogues with all the stake-
holders of the Indian Internet
to alert them about the provisions of
the IT Rules notified in
October 2022 and amended in April
2023, that lays out 11 specific prohib-
ited types of content on all social
IFTHERULEVIOLATIONS media intermediaries & platforms,”
said the release. Chandrasekhar said
AREREPORTED,THEN Rule 3(1)(b)(v) of the IT rules
CONSEQUENCESUNDER explicitly prohibited dissemination
of misinformation on intermediary
THELAWWILLFOLLOW platforms. “Meity will closely observe
RAJEEV CHANDRASEKHAR the compliance of intermediaries in
Minister of State for Electronics and IT the coming weeks and follow this up
with further amendments to the IT
Rules and/or the law if and when
Rule 3(1)(b) of the IT Rules required,” he added.
specifies 11 different types of user Earlier this year, the minister sug-
harm or content prohibited on digital gested that individuals affected by
intermediaries. deepfakes file first information
Earlier this month, the Ministry reports at their nearest police station
of Electronics and Information and take remedies provided under
Technology held meetings with the IT Rules, 2021.
UPI‘tapandpay’
likely to go live
by January 31
Timeline mentioned in circular not a
deadline for digital payment firms
AJINKYA KAWALE
Mumbai, 26 December
The National Payments
Corporation of India (NPCI) has
kick-started the process to deploy
‘UPI Tap and Pay’ across digital
payment providers after the apex
body released details on the
feature’s roll out.
Unified Payments
Interface (UPI) members
can go live with the UPI Tap
and Pay functionality by
January 31, 2024, NPCI said in
a circular reviewed by Business
Standard.
However, the timeline men-
tioned in the circular is not a dead-
line for digital payment firms.
“Payment players can roll out
the UPI Tap and Pay feature on
their apps any time. The date men-
tioned in the circular is just a rec-
ommendation and it will be desir-
able to see firms launching the
service by that date,” a person close
to NPCI said.
The person added that NPCI
will continue to follow up with
companies who may be unable to
introduce the service within the
timeframe.
The feature is currently live on
Bharat Interface for Money or
BHIM app along with Paytm where
it is open for limited users, accord-
ing to details on NPCI’s website.
Reserve Bank of India (RBI)
Governor Shaktikanta Das had
announced the launch of UPI Tap
and Pay feature among other new
digital payment functionalities at
the Global Fintech Fest in
September this year.
The feature utilises near-field
communication (NFC) technology
to capture details about a payee’s
UPI ID or a Virtual Payment
Address (VPA) without capturing
a quick response (QR) code via a
camera. Mobiles and devices,
which have the NFC capability, can
use the service.
DIGITAL REALITY
n Function currently live on
BHIM app and Paytm
(open for limited users)
n Merchants should have
UPI Smart QRs or NFC-
certified tags to
ensure transactions
n Acquiring banks
will be liable for losses
in case of the tampering
n Other latest UPI features
include Hello UPI, credit line
on UPI, and Billpay Connect
The recent circular from NPCI
recommends UPI applications to
have a separate call-to-action
(CTA) button for the feature on a
payment app’s homepage. It will
be available to users on android
and ios operating systems.
If a user enables the UPI LITE
account for the tap feature, trans-
actions with a value of less than
~500 will be processed through UPI
LITE. Transactions of over ~500
will require a UPI PIN.
However, to expand the service
of UPI Tap and Pay, merchants will
need to have UPI Smart QRs or
tags, which are certified for NFCs.
“Another reason why it may
take a while to build the ecosystem
is that these smart QRs or tags will
take some time to manufacture
from scratch and be deployed at
different merchant spaces. It will
be an ongoing process and may
further move towards a cycle of
mass production,” the person
quoted above said.
“Acquiring banks will
perform periodic checks of the UPI
Smart QRs installed at
merchant outlets and ensure
replacement, if required,” the NPCI
circular reads.

8 IN 10 PASSENGERS FACED
AIRLINE ISSUES IN PAST 2 YRS Adanifamilytoinvest~9,350cringreenenergyarm
Nearly eight out of 10 passengers faced one or more
issues while flying with Indian carriers over the past Funds to be utilised for deleveraging and accelerated capital expenditure (Stock price in ~)
two years, according to a LocalCircles survey. Major
challenges identified include issues with in-flight
AMRITHA PILLAY company. energy dream a reality but also to an ADANI 1,640

services, boarding, check-in, baggage procedures, and

Mumbai, 26 December Each warrant, the company said,
will be convertible into, or exchange-
equitable energy transition where we
phase down traditional power sources
GREEN Chg %
1,599.9
1,600
poor aircraft interiors, including seats. The survey found
that 88 per cent of passengers believe airlines are
The Adani family will invest ~9,350 able for, one fully paid-equity share of while simultaneously phasing up ENERGY 4.3
crore in Adani Green Energy the company, which may be exercised green, affordable alternatives to fuel Source: Bloomberg
compromising on passenger comfort AJINKYA KAWALE through a preferential issuance of war- in one or more tranches during a period our accelerating growth and develop- 1,560
rants, the company said in a statement of 18 months commencing from the ment plans,” said Gautam Adani,
KEY ISSUES (in%)* on Tuesday. date of allotment. Chairman of the Adani Group. 1,534.0
In-flight services 39 The Board of Directors of Adani The warrants are proposed to be The company said the fund infusion 1,520
Green have approved a preferential allotted to Ardour Investment Holding will be utilized for deleveraging and for Dec 22,’23 Dec 26,’23
Boarding, check-in, baggage handling 35 issuance of warrants to the promoters and Adani Properties Private Limited. growth capital expenditure aimed at
Poor aircraft interiors 30 of Adani Green for ~9,350 crore at The issuance, the company said, is achieving 45 gigawatt of green energy
Reasons

Timely sharing of information 22 ~1,480.75 per share, the company subject to approvals, including share- capacity by 2030.
added. holders' nod to be sought at the extraor- As of September 30, the company
Flight delays 17 The quantum of warrants consti- dinary general meeting (EGM) to be had a consolidated gross debt of
Others 18 tutes up to 3.83 per cent of the share held on January 18. ~48,327 crore. Of the total outstanding
Didn't face any issue in the last 2 years 22 capital of the company. As of the “This investment by the Adani debt, the company has long-term debt
September quarter, promoters and pro- family underscores our commitment repayment of ~1,563 crore up in the sec-
*Total does not equate to 100 as respondents selected more than one option
Source: LocalCircles moter groups held 56.26 per cent in the not only to making our nation’s clean ond half of the current fiscal year.

India 15th in top 25 AI nations but has ‘greatest upward potential’

SURAJEET DAS GUPTA citations, publications, etc.
New Delhi, 26 December Bhaskar Chakrovorti, dean of global
business at the Fletcher School, led the
India may be 15th among the top 25
Artificial Intelligence nations, but it has
research and concluded that India’s
potential could be enormous if
the ‘the greatest upward potential’ appropriately steered.
according to research by Tufts “It has the second fastest
University’s business school, the growing pool of data of the countries we
Fletcher School. studied (after Indonesia). It already has
At the top is the US, followed by the world's largest pool of mobile data.
China, fighting for global leadership in All of these can help accelerate its
AI followed by the UK, Japan, and position as a ‘data-rich’
Germany. In the 15th spot, India is country — critical for advancing AI —
ahead of Brazil, Argentina, Indonesia, as long as the data is made
Mexico, Turkey, Indonesia and accessible in responsible ways,”
Thailand. said Chakrovorti after
The researchers wanted to compare interpreting the findings.
the state of AI across countries based on This does not mean there are no
four drivers: The rapidly accumulating challenges. Chakravorti acknowledges
pools of data through broadband that India's data accessibility is low,
consumption; the rules of how data can particularly for cross-border movement
be accessed, which include data of data. While India’s AI/Machine
governance policies and cross-border Learning talent base (the world’s third
data flow; capital, which includes largest) is a major source of AI power, it
talent, investments, diversity of AI needs to invest in data science, ML, and
talent and evolution of the digital technical education to build on this
foundation; and finally, an innovation strength.
which includes patent applications, In short, the vast numbers available
agencies to advance the responsible use
TOP AI NATIONS ‘60%Indianbizabides of AI globally, a process that
Chakrovorti believes India could shape
(Score in points) bymatureAIpractices’ quite significantly.
“As I said, India had tremendous
90.7 Around60percentofIndianfirmssay
potential to move up in the rankings but
theyeitherfollowmaturedpracticesand
wise actions by regulators and
68.5 policiesrelatedtoresponsibleartificial
improved education can help
58.8 57.0 56.4 53.8 intelligence(RAI),orhaveinitiatedsteps
49.9 46.7 44.7 accelerate that process,” said
39.8 towardsRAIadoption,accordingtoa
Chakrovorti.
Nasscomsurvey.ResponsibleAIrefersto
The researchers arrived
thedeploymentanduseofAItechnology
1 2 3 4 5 9 12 15 16 22 at their ranking based on over 20
inanethicalandsafemanner.TheStateof
different institutional sources,
ResponsibleAIinIndiasurveybyNasscom
RANKING including public databases
statesthat30percentoforganisations
such as the International
reportbasicawarenessofRAIimperatives
USA UK Germany Switzerland Brazil Telecommunication Union and the
withoutaformalstrategyorframework.
World Bank, and proprietary data
China Japan South Korea India Indonesia ASHUTOSH MISHRA
partnerships with SeekOut and Geoge
Sources: Fletcher School, Digital Planet, Mastercard Washington University’s Data
Governance Hub.
in the talent pool are under-tapped guardrails, prevent the use of AI for rules are still fluid. In July, the Telecom They also used their databases and
owing to the educational system failing surveillance, enhance privacy and Regulatory Authority of India (TRAI) models through which they mapped
to keep pace. security, and continue to promote issued a new consultation paper that the emerging geography of AI
Chakrovorti also believes that capital innovation. This is a tall order as these called for a statutory authority to leadership.
coming into India bodes well for AI regulations take a long time to take regulate AI under a ‘risk-based The study says that generative
startups but only if regulation is in place. shape in India,” he said. framework’. AI alone will affect 300 million
“The government needs to have AI He pointed out that while India TRAI also suggested collaborating jobs and create as much as $4.4 trillion
safety regulations in place that build restricts access to data, its AI regulation with governments and international annually.

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Business Standard NyxwvutsrponmlkjihgfedcbaYXWUTSRQPONMLKJIHGFEDCBA
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Seasons Greetings
El ect r oni cs expor t s u p f r om si x t h t o f i f t h p osi t i on t hi s f i nanci al year
o r g a n is a t io n fo c u s in g o n com- for e d uc a t o r s a n d o r g a nis a t io ns .
put e r s c ie nc e e duc a t io n for s c hool T his a gr e e me nt a lb w e d Whit e Ha t
& Happy New Year
c h ild r e n , h a s r e p o r t e d ly s u e d J r t o inte gr a te Code .or g s c o n t e n t
SURAJEETDAS GUPTA
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Aditya Birla Sun LlfeAMC Limlted(lnvestment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One VADrtO Ganter.ToA'er! 17th Fborjupiter Mills, Senapati Bapat
ARYAMAN GUPTA KWA-J B-QL-4-1MS-2023-24 Marj Elphinstone toad. Mumbai - 400 013.Tel.:4356 80(0. Fa«:43S6 8110/8111 CIN:L65991 MHI994PLC080811
New Delhi, 26 December

De s p it e o n g o in g m a c r o e c o n o m ic h e a d w in d s ,
d e m a n d for fr o n t lin e wor ke r s c o n t in u e s t o r e main
s t r o ng in In d ia a t 3.9 m illio n jo b s in t h e firs t h a lf (HI)
o f fin a n c ia l ye ar 2023- 24 (FY24), a c c o r d in g t o a r e por t
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Record D a t e for Distribution

NOTICE IS HEREBY GIVEN T H A T the Trustees of Aditya Birla Sun Life Mutual Fund have
approved Friday, December 29, 2 0 2 3 * , as the Record Date for declaration of distribution under the
Income Distribution cum Capital Withdrawal (IDCW) option in the following scheme, subject t o
Mo s t o f t h is d e m a n d w a s d r iv e n b y t h e logis tics
a n d m o b ilit y s e c tor , w h ic h a c c o unt e d fo r o ve r SO p e r RE QU E S T F OR P ROP OS AL availability of distributable surplus on the Record Date:
c e n t o f t h e to ta l d e m a n d , t h e r e por t a d d e d . Re q u e s t for p r o p o s a l ( RF P ) fo r S e le c t io n o f In v e s t m e n t Ba n k e r for
T h is w a s f o lb w e d b y e - c o mme r c e , a n d inte gr a te d S a le / Dive s t me nt o f B a n k o f Ba r o d a ' s e n t ir e 1 0 0 % s t a k e In B a n k o f
fa c ility m a n a g e m e n t a n d in fo r ma t io n t e c hno lo g y Ba r o d a (N e w Ze a la n d ) l t d . Name of the Scheme Plans/Option Quantum of Distribution NAV as on
(EFM a n d n ) , w h ic h a c c o unt e d for 27 p e r c e nt a n d 13.7 Int e r e s t e d p a r t ie s m a y d o w n lo a d t h e R F P d o c u m e n t fr o m Ba n k ' s per unit# on face value December 2 2 ,
p e r c e n t o f t h e ove r a ll d e m a n d , re s pe ctive ly. we bs ite w w w .ba nkotba r oda .ln/ tMide r s . "Adde ndum", If a ny, s hall of Rs. 1 0 / - per unit 2 0 2 3 (Rs.)
b e Is s u e d o n B a n k ' s w e b s it e u n d e r t e n d e r s s e c t io n i.e . o n
Se ctor s w h ic h c o n t r ib u t e d le as t t o t h e o ve r a ll
w w w . b a n k o t b a m d a . ln . Bid d e r s h o u ld r e fe r t h e s a m e be for e final
d e m a n d in c lu d e d b a n k in g , fin a n c ia l s e r vice s a n d s u b m is s io n o f t h e p r o p o s a l.
in s u r a n c e (BFSI) a t 0.87 p e r c e n t , a n d r e ta il a n d q u ic k Aditya Birla Sun Life Dynamic Bond Direct Plan -
s e r vic e r e s ta ur a nts (QSR) a t 1.96 p e r c e nt . La s t t ime / da t e fo r s u b m is s io n o f p r o p o s a l Is 0 2 :0 0 P M (1ST) o n 0.1835 10.7215
24.01.202*. _
Fund Quarterly IDCW
"Ou r wor kfor c e t r e nds ind ic a t e a g r a d ua l s hift I
away fr om t r a d it io n a l s e c tor s t o w a id s gig- s e ctors . (An open ended dynamic debt
No t a bly , s e c tois like IF M a n d IT , a n d logis tic s a n d P la c e : Mu m b a i Ge ne r a l Ma na ge r | scheme investing across duration. A
Da t e : 27.12.2023 Inte r na tiona l Ba n k in g Divis io n p Regular Plan -
m o b ilit y h a v e u n d e r g o n e a s ig nific a nt tr a ns for ma - relatively high interest rate risk and 0.1812 10.5730
t io n . P r e vious ly m a r k e d by h ig h a t t r it io n , the r e Quarterly IDCW
relatively high credit risk)
s e e ms t o be a n o r m a lis a t io n w it h fe w e r in d iv id u a ls
le a ving t h e ir gig jo b s d u e t o inc r e a s e d e a r n in g t i g t r a o L b io ic i lfl| p u n m b n o Bo n o Lb o n k
p o t e n t ia l," s a id P r a vin Aga r w a la , c o - fo u n d e r a n d The NAV o f t h e scheme, pursuant t o pay o u t of distribution would f a l l t o t h e e x t e n t of
Gr o u p CEO, Be tte rPlace .
payout and statutoiy levy (if applicable).
IF M a n d IT e x pe r ie nc e d t h e mo s t s ig n ific a n t S H ARE DEP ART MENT , B OARD & CO- ORDINAT ION DIVISION
d e c lin e in a t t r it io n rate s , p lu m m e t in g b y 20.9 p e r c e n t P LOT No. 4 , DWARKA SECT OR- 10, NE W DELHI- 110075
be t w e e n H1FY23 a n d H1FY24. E m a il Id : h o a d @ p n b .c o . In, Tel # 011- 28044057 UTPONLIECB #As reduced by the amount of applicable statutory levy. *or the immediately following Business Day
T h is , t h e r e por t s a id , w a s large ly be c a us e t h e sec-
if that day is a non-business day.
PU B L I C N O T I CE
tor c o n t r ib ut e d t o t h e t h ir d highe s t d e m a n d for front- Notic e is he r e by give n t ha t S h a r e Ce rtificate o f the Ba nk me ntione d
lin e worke rs . It offe r e d hig he r s a la r ie s , w h ic h le d t o be low h a s b e e n re porte d ios t/mls place d/s tole n a n d t h e re gis te re d All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the
h ig h e r a t t r it io n a m o n g wor ke r s w h o w e r e lo o king for holde r the r e of I claimant the r e to h a s r e quae te d for Is s ue o f duplic a te IDCW option of the said scheme as at the close of business hours on the Record Date shall be
a be tte r p a y in g o p p o r t u n it y in H1FY23. s ha r e certific&te:
eligible to receive the distribution s o declared.
On t h e o t h e r h a n d , BF SI s aw t h e highe s t a ttr ition Name of Folio Share Distinctive of No. of
r a te be twe e n H1FY23 a n d H1 F Y2 4 , r is ing b y 2 8 per- Shareholder No. Ce r tific a te . No. of Shares Share*
No
c e n t , follow e d by r e tail a n d QS R a t 19.3 p e r c e n t .
Aga r w a la a d d e d t h a t the r e ha s a ls o be e n a s ur g e in
1. Arvlnd 1077064 14505 8738110280- 1150
Bhootada 8738111429
d e m a n d a n d s a la r ie s fo r m a n u fa c t u r in g jo b s . For A d i t y a Birla Sun L i f e A M C L i m i t e d
In c a s e a n y pe r s on h a s a n y d a lm In r e s pe c t o f t h e s a id s ha r e s / a ny
Ac o a t d in g t o t h e r e por t, m a n u fa c t u r in g s a w t he obje ction!*) fo r t h e is s ua nc e o f duplic a te c e r tific a te ^) in fe vour o f t h e ( I n v e s t m e n t M a n a g e r f o r A d i t y a Birla S u n L i f e M u t u a l Fund)
h ig h e s t s p ik e in s a la r ie s , inc r e a s ing by 19.6 p e r c e nt a b o v e s ta te d s har e holde r (s yclalmant(s ), he /s he /the y s ho uld lo d g e the ir
fr om 9 .8 ,8 0 0 in H1FY23 t o 722,500 in H1 F Y2 4 T his is Sd/- Date : December 2 6 , 2 0 2 3
d a lm o r o bje c tlo n within 1 5 d a y s o f t h e d a t e o f publication o f this Notice .
large ly a r e s ult o f high gr owth in t he m a n u fa c t u r in g If within 1 5 d a y s fr om t h e d a t e he r e of n o c la im Is re ce ive d b y t h e Ba nk Authorised Signatory Place : Mumbai
s e c tor , d r iv e n by g o v e r nme nt initia tive s . In r e s pe c t o f t h e s a id ce rtlftcate fs ), duplicate s h a r e ce rtlflcate foyie tte rfs )
Me a n w h ile , IF M a n d IT r e c or de d t h e highe s t o f confirmation will b e is s ue d. T he public is he r e by c a utione d a ge ins t M u t u a l Fund i n v e s t m e n t s are s u b j e c t t o m a r k e t risks, read all s c h e m e
d e c lin e in s a la r ie s , w it h a fall o f 20.3 p e r c e n t be twe e n de a ling In a n y w a y with the above me ntione d c e r tific a te ^).
r e l a t e d d o c u m e n t s carefully.
H1 FY2 3 a n d H1 F Y2 4 . Date : 26.12.2023 For P unja b National Ba nk
T h e r e por t a t t r ib ut e d t his t o a "n o r m a lis a t io n Place : Ne w De lhi (Et t a Paartcha)
p h a s e " a fte r s a la r ie s inc r e a s e d in H1FY23 d u e t o Company Secretary
h ig h e r d e m a n d .

•• •• •• •• •• •• •• ••
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1

IN BRIEF
FM to meet PSB chiefs on
Dec 30 to review schemes
FinanceministerNiramalaSitharamanis
scheduledtomeetmanagingdirectorsofpublic
sectorbanks(PSBs)onSaturdaytoreviewthe
financialperformanceoflenders.PSUbanks
haveearnedanetprofitofabout~68,500crore
duringthefirstsixmonthsofthecurrent
financialyear.Themeetingisgoingtotakestock
oftheprogressmadebybanksinachievingtargets
setforthevarious schemes,sourcessaid.
Vadra renovated London home
with proceeds of crime: ED
TheEnforcementDirectorate(ED)onTuesdayallegedthatRobert
Vadra,son-in-lawofformerCongresspresidentSoniaGandhi,
“renovatedandstayed”ataLondonpropertywhichisa“proceeds
ofcrime”inamoneylaunderingcaseagainstallegedmiddleman
SanjayBhandari. PTI
Vinesh Phogat to return
TRADE POLICY FORUM
India, US may discuss non-tariff barriers SHREYA NANDI have faced challenges on market resolve outstanding issues, he
New Delhi, 26 December access. “There are a few market added. “For India, restoration of our
access issues with the US. For status as a beneficiary of the US GSP
India may take up the issue of non- instance, there are some challenges programme and securing good
tariff barriers resulting in a market related to the inspection of fruits terms for Indian professional service
access issue with the United States such as pomegranate and mangoes, providers should be the priorities.
PTI (US) in the upcoming meeting of the under the US’s preclearance pro- Since the TPF will be held just weeks
Trade Policy Forum (TPF) between gramme,” one of the officials cited before WTO MC13, the two sides
both the nations, people aware of above told Business Standard. must also explore how they can
BILATERAL TRADE
the matter said.
Preparations have begun for the
“We will discuss these matters
with them next month (at the TPF).
jointly contribute towards a success-
ful MC13 and restoration of a well-
India-US trade
Growth Growth
annual meeting, scheduled for
January 13-14 in New Delhi. Here,
US Trade Representative (USTR)
Katherine Tai, along with her team
functioning dispute settlement
mechanism,” Mehta said.
Exports ($bn) (%) Imports ($bn) (%) both sides hope to strengthen bilat- will be in Delhi,” the officials said. The India-US TPF will be co-
51.62 -2.76 28.89 -19.35 eral relations, resolve trade and Pradeep S Mehta, secretary gen- chaired by Commerce and Industry
FY21
investment issues and identify fur- eral, CUTS International, said that Minister Piyush Goyal and USTR
FY22 76.17 47.54 43.31 49.94 ther areas for engagement. legacy trade frictions pose a major Katherine Tai. The 13th ministeri-
Agriculture products, including challenge to advancing the bilateral al-level meeting of the TPF took
FY23 78.54 3.12 50.86 17.43 fruits such as mango, grapes and trade relationship. place in Washington during January
FY24* 44.47 -5.76 24.89 -15.79 pomegranate, are one of the focus There is a need for a roadmap, a year ago. The forum was recon-
areas for both the nations as time which can match Indian and vened in November 2021 after a gap
*Apr-Oct Source: Department of Commerce
and again exporters from both sides American trade priorities and of four years.

Khel Ratna, Arjuna Award

Financial sector set 1.05millionfewerfresh
WrestlerVineshPhogatonTuesdaydecidedtoreturnher
KhelRatnaandArjunaawardtoPrimeMinisterNarendra
Modi,sayingthatsuchhonourshavebecomemeaningless

to see churn in 2024 formaljobsin2023:EPFO

inthecurrentsituationwherethegrapplersarestruggling
badlyforjustice.Phogat,thetwo-timeWorldChampionship
medalwinner,announcedherdecisioninherletterpenned
forthePrimeMinister. PTI
SHIVA RAJORA new women subscribers
New Delhi, 26 December
TRACKING FORMAL JOBS declined by 12 per cent to 2.35
12 states raise ~20,759 cr, MANOJIT SAHA
The number of fresh formal
Subscribers between
Jan-Oct n 2022 n 2023
million from 2.68 million last
year. “The current trend
Tamil Nadu tops list
Mumbai, 26 December
CHANGE IN THE OFFING? jobs created fell by 10 per cent change (%) among firms to bring their

T
he Indian financial sector is likely to in 2023 compared to the pre- -10.43 -11.02 -12.25 employees back to office after
TwelvestatesonTuesdayraised~20,759crore,againstanotified see a change of guard in 2024, with RBI AND MPC vious year, reflecting slow- the pandemic means a large
amountof~24,849crorethroughthelastauctionofstate close to a dozen banks and non-bank- down in the pace of formal number of women prefer to

10,117,252
governmentsecuritiesforthecurrentquarter.Inthepreviousweek, ing finance companies (NBFCs) set to get a SHAKTIKANTA DAS job creation, a Business stay at home and engage in

9,062,500
RBI Governor

2,355,089
2,683,777
13stateshadraised~19,692crore.DatafromtheReserveBankof new chief executive officer (CEO), apart from Standard analysis of the latest household chores. This is

6,719,990
India(RBI)showedthatTamilNaduraisedthehighestamountof a completely new look monetary policy com- TERM ENDS: payroll data shows. leading to a decline in their

5,979,743
~6,000crore. ANJALI KUMARI mittee of the Reserve Bank of India (RBI). Dec 2024 This is crucial as only the participation in the work-
RBI Governor and Monetary Policy formal workforce enjoys force,” added Chakraborty.
Committee (MPC) Chair Shaktikanta Das will social security benefits and is This deterioration in the
Govt nod to 746 applications complete his six-year term in December 2024.
Das, who was first appointed in December
TERM ENDS
protected by labour laws.
Released by the New Young Women
quality of employment
comes in the wake of the low-
under PLI schemes till Nov 2018 for three years, was reappointed in 2021
for another three years. He will be the longest-
MD Patra
RBI deputy governor
January 2024 Employees’ Provident Fund
Organisation (EPFO), the lat-
Source: EPFO
est unemployment rate
recorded in the country in the
Asmanyas746applicationshavebeenapprovedtillNovember2023 serving RBI governor in almost seven decades M Rajeshwar Rao October 2024 est data available till October are usually first-timers in the past six years.
undertheProductionLinkedIncentive(PLI)schemesfor14sectors once he completes his full term. A new gov- RBI deputy governor 2023 shows that 9.06 million labour market, thus reflect- The recently released
suchaspharma,whitegoods,andelectronics,anofficialstatement ernment that will be formed in May will take new subscribers joined the ing its robustness. annual periodic labour force
saidonTuesday.Theschemesfor14sectorswereannouncedwith a call on extending his term further. External members of MPC October 2024 Employees’ Provident Fund Rituparna Chakraborty, survey (PLFS) showed that
anoutlayof~1.97trilliontoenhanceIndia'smanufacturing Michael Patra, the RBI deputy governor in (EPF) between January and co-founder, TeamLease the unemployment rate had
capabilitiesandexports.Thecommerceandindustryministrysaid charge of monetary policy, will see his current BANKS AND NBFCs October. The figure was 10.1 Services, said the services dropped to a six-year low of
thatbeneficiarycompanieshavesetupunitsinmorethan150 term ending in January 2024. The govern- million in the corresponding sector, which is technology 3.2 per cent in July-June
districts(24states)andover~95,000croreofinvestmenthasbeen ment extended his term for a year in January period of the previous year. and knowledge based, forms 2022-23 from 4.1 per cent in
reportedtillSeptember. PTI 2023. The current term of another deputy gov- DINESH KHARA, The data also shows that the bulk of the formal work- July-June 2021-22.
ernor, M Rajeshwar Rao, will also end in Chairman, SBI the number of new young force. Companies in the sec- Labour economist KR
October next year. His term was extended by TERM ENDS: subscribers belonging to the tor tried to rationalise their Shyam Sundar said the EPFO
Axis Bank files insolvency one year this October.
Three external members of the MPC —
August 2024 18-28 age group declined by
11 per cent to 5.97 million this
workforce, leading to a slow-
down in hirings this year as
payroll data does not reflect
a clear picture of employ-
plea against Zee Learn Ashima Goyal, Jayanth Varma, and
Shashanka Bhide — were appointed in TERM ENDS
year from 6.71 million in the
corresponding period last
revenues declined and
demand was muted.
ment generation in the coun-
try as it forms only a minus-
PrivatelenderAxisBankhasfiledapleabeforetheNational October 2020. External members of the MPC AK Goel, MD & CEO, PNB December 2024 year. This is crucial because Further, the data also cule proportion of the labour
CompanyLawTribunal(NCLT)seekinginsolvencyproceedings have a term of four years, which is non- Sl Jain, MD & CEO, December 2024 subscribers in this age group showed that the number of force in the country.
againstZeeLearn,theeducationservicesprovidersaidon extendable. Indian Bank
Wednesday.ZeeLearndisclosedinanexchangecircularthatithad A host of public sector banks (PSBs) will
AS Rajeev, MD & CEO, May 2024
NEIGHBOURHOOD IN FOCUS AS INDIA
receivedanoticefromtheMumbaibenchofNCLT."Apetitionunder see new faces at the top in 2024. State Bank of
Section7oftheInsolvencyandBankruptcyCode,2016hasbeenfiled India Chairman Dinesh Khara, who got an Bank of Maharashtra
byAxisBankLimitedtoinitiateCorporateInsolvencyResolution extension in 2023, will complete his term in Murli Natarajan, April 2024
Processofthecompany,"statedthecompany. BS REPORTER August next year when he turns 63.
Two managing directors (MDs) and CEOs
of PSBs — Atul Kumar Goel of Punjab
MD & CEO, DCB Bank
JK Shivan, MD & CEO, January 2024 EMERGES KEY BILATERAL CREDITOR
NBFC loan sanctions in urban
IMAGING: AJAY MOHANTY
National Bank and S L Jain of Indian Bank — Dhanlaxmi Bank India has increasingly become an
will see their current term end at the end of S Krishnan, MD & CEO, Resigned in Sep important player as a bilateral creditor
areas shrink 5% in Q2: FIDC December 2024.
Among private-sector banks, Kotak
Tamilnad Mercantile Bank with special focus on its immediate
neighbourhood, according to the latest
Loansanctionsbynon-bankingfinancecompaniesinurbanareas Mahindra Bank will get a new MD and CEO CEOs TO TAKE CHARGE International Debt Report released by the
shrunkby5percentyear-on-year(Y-o-Y)to~2.09trillioninthe in Ashok Vaswani, who will assume charge in World Bank. In comparison, China, which
secondquarterendedSeptember2023(Q2FY24)from~2.2trillionin January 2024. Ashok Vaswani, MD & CEO, Jan 2024 continues to dominate as one of the largest
thesameperiodofFY23.Thetepidofftakeinlargetickethomecredit DCB Bank has formed a search committee Kotak Mahindra Bank bilateral creditors, has a diverse lending
andloansagainstpropertieshasimpactedsanctionsinurban to select a new CEO. Sudipta Roy, MD & CEO, Jan 2024 strategy with a focus on the African
areas,accordingtoKVSrinivasan,co-chairman,FinanceIndustry
DevelopmentCouncil(FIDC). ABHIJIT LELE
The current MD and CEO Murli Natrajan
will complete 15 years in April. According to
L&T Finance Holdings continent. With its aim to become the
leader of the Global South, India in recent
FOR THE RECORD
RBI norms, a person can be a CEO of a private
Raul Rebello, MD & CEO, April 2024 years has also started to follow a Share of India and China (bilateral
bank for a maximum of 15 years. Federal Bank Mahindra Finance diversification strategy and expand its creditors) in external debt of
MD and CEO Shyam Srinivasan’s current term presence in Africa with development a country (%)
Modi's YouTube channel will end in September 2024. Srinivasan will
complete 14 years and will be eligible to con- will be its interim MD anc CEO. Kalra will
finance assistance to countries like Malawi,
Mozambique, Ghana and others. COUNTRY INDIA CHINA
subscribers cross 20 mn tinue for another year.
Similarly, Jammu & Kashmir Bank’s MD
replace Rupali Kalita, who resigned recently.
Two non-banking finance companies will
Escalating debt vulnerabilities in many Low
or Middle Income Countries (LMICs) and
Bhutan
Iran
66
13
NA
1
ThenumberofsubscribersonPrimeMinister and CEO Baldev Prakash will complete his also see new faces at the helm – L&T Finance overlapping crises such as the Covid-19 Mauritius 12 NA
NarendraModi'spersonalYouTubechannel first three-year term in December and will be Holdings and Mahindra & Mahindra Finance. pandemic, the war in Ukraine, devastating
crossed20milliononTuesday,withtheIndian eligible for extension. L&T Finance Holdings has announced its climate events, and the daunting global Maldives 10 30
leaderbecomingtheonlyworldleadertohave Tamilnad Mercantile Bank’s MD and CEO chief operating officer, Sudipta Roy, will take macroeconomic environment—are forcing Burundi 9 7
thisdistinctionandleadinghiscontemporaries S Krishnan resigned in September this year. over from Dinanath Dubhashi as MD and CEO an increasing number of countries to seek Comoros 8 31
byalongdistance.Officialsnotedthatthevideos Krishnan is continuing as CEO, and the bank in January. debt restructuring from external creditors. Gambia 7 NA
postedonModi’schannelhavemorethan4.5 is in the process of finding his successor. Dubhashi will continue to be a director on This has brought both China and India to Sri Lanka 5 16
billionviews,faraheadofhisglobalpeers. Dhanlaxmi Bank is also looking for a new the board until he superannuates in April to the negotiating table and often with
FormerBrazilianpresidentJairBolsonaro CEO after J K Shivan’s resignation. Shivan will ensure a smooth transition. contrasting views on debt restructuring Malawi 4 8
issecondonthelistofsubscriber be with Dhanlaxmi until January. Raul Rebello will take over as MD and CEO such as in the case of Zambia and Sri Lanka. Nepal 3 3
numberswitharound6.4millionless North East Small Finance Bank on Monday of Mahindra Finance from Ramesh Iyer in ASIT RANJAN MISHRA Source: World Bank
thanathirdofModi's. PTI said veteran public-sector banker S K Kalra April after his retirement.

When the rupee gained currency RUPEE SPOT (in inverted

ANJALI KUMARI
Mumbai, 26 December
The rupee displayed remarkable stability
against the dollar this calendar year, mark-
ing the least volatility it witnessed in nearly
three decades.
The currency experienced a marginal
depreciation of 0.5 per cent against the
greenback. The last time the
Indian unit exhibited such sta-
bility was in 1994, when it
appreciated by 0.4 per cent.
Market participants attrib-
ute the stability to the Reserve
Bank of India’s (RBI’s) timely
intervention in the foreign
exchange market, both in sell-
ing and buying dollars.
Moreover, the domestic mar-
ket witnessed robust foreign
STORY
inflows, which kept the rupee
afloat during global uncertainties. The RBI
remained active in the market throughout
the year to curb volatility in the exchange
rate. Market players said the intervention
protected the currency from weakening
further to ~84 this year. According to them,
the rupee might regain its ground in 2024
against the greenback on the back of for-
eign inflows. It might appreciate to ~82 dur-
ing the year.
While most of the emerging-market
currencies regained ground against the
dollar in November, the rupee lagged its
peers, primarily due to persistent demand
for the dollar among importers. Last
month, on November 10, it had
hit a record of ~83.48. The
expected inflows resulting
from India’s inclusion in the JP
Morgan bond index are seen
starting from January.
While the central bank is
THE poised to absorb a significant
INDIA
INDIA portion of these inflows, the
overall impact is anticipated to
be beneficial for the country’s
balance of payments, leading
to a surplus, market partici-
pants said.
“Apart from the RBI’s intervention, the
other factor is that our current account
deficit (CAD) has remained less than 2 per
cent (of GDP) in FY24,” said Gaura
Sengupta, economist at IDFC First Bank.
“We expect it to strengthen in the next year,
and trade between ~82 and ~80,” she added,
“as we expect the flows to come in because
of India’s inclusion in the JP Morgan bond
index. The interest rate differential is
expected to widen. The RBI rate cut cycle
is expected to follow the Fed (Federal
Reserve) with a delay, and is expected to
be shallower”.
JP Morgan had announced the inclu-
sion of India in its widely followed emerg-
ing market bond index on September 22.
India will be included in its flagship index,
GBI-EM Global Diversified index, a process
that will start in June next year. The inclu-
sion will be phased over a 10-month period,
with a 1 per cent weighting included in
each month, till March 31, 2025. Indian
bonds will have a 10 per cent weighting,
like China.
Inflows of $25-30 billion are expected
due to the bond index inclusion, market
participants said. The Fed hinted at three
potential interest rate cuts in 2024 in the
last meeting. Back home, the monetary
policy review on the whole was interpreted
by the market as dovish as compared to
the previous two policies. The domestic
scale)
ASIAN CURRENCIES AGAINST $
Dec 26,
2023
% change
(YTD)
Japanese Yen 142.3
Malaysian Ringgit 4.6
Chinese Renminbi 7.1
South Korean Won 1,294.2
Taiwanese Dollar 31.0
Indian Rupee 83.2
Hong Kong Dollar 7.8
Thai Baht 34.6
Indonesian Rupiah 15,484.0
Singapore Dollar 1.3
Source:Bloomberg
rate-setting panel decided to keep the pol- of central banks. The RBI is expected to
icy repo rate unchanged at 6.5 per cent for
the fifth straight review meeting and the
initiate rate cuts, following a three-month
lag, after the projected rate cut from the
“withdrawal of accommodation” stance
while stopping short of clearly communi-
Fed in May. “The rupee remains under-
pinned by the retreat in US treasury yields
cating that the rate cycle had peaked. The and falling oil prices. The resumption of
market expects the current quarter may foreign portfolio investment (FPI) inflows
mark the bottom of the economic cycle. can also help the sentiment,” said Hitesh
From the next quarter onwards, there is an Jain, strategist, institutional equities
optimistic forecast for an uptick in eco- research, YES Securities India.
nomic activities. Another reason for this “The RBI governor,” he added, “has
optimistic outlook is the expected actions opined that the Indian rupee has witnessed
low volatility and orderly movements
when compared with other emerging mar-
ket currencies.”
“India’s CAD/GDP for FY24 is seen at
1.7 per cent, which is much better than the
-7.9
FY23 number. On economic growth, FY24
-5.1 GDP growth is upwardly revised to 7 per
-3.4 cent, quite an enviable number when com-
pared with the global backdrop.” The
-2.6 Indian unit was stable in the first half of
-0.8 2023 after a turbulent 2022 following the
-0.5 war in Europe and interest-rate hikes by
the Fed. It appreciated by 0.16 per cent in
-0.1 the first six months of the current calendar
0.1 year on the back of robust foreign inflows.
“The rupee has outperformed other
0.6
emerging market currencies primarily
1.2 because the RBI has kept it in a tight band,”
the treasury head at a private bank said.
“And in the past few months we have seen
a reversal of fortune in terms of FPI
inflows.” The weakening of the yuan was
the primary reason for the weakening of
the rupee in August, prompted by the
reduction of the interest rate differential
between the yuan and the dollar.
Geopolitical tensions in West Asia and
rising crude oil prices led to foreign out-
flows, which further weighed on the cur-
rency starting October.
This financial year, the rupee has depre-
ciated by 1.2 per cent so far.
.
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1

India’s CAD falls to 1% of

FOR THE ATTENTION OF PUBLIC SHAREHOLDERS OF
JAIN TUBE COMPANY LIMITED
CIN: L25111DL1964PLC004235
Registered Office: B-292, Office No. 202, Second Floor, Chandra Kanta Complex,
New Ashok Nagar, Delhi-110096, India;
Tel. No.: +91 7428860315;

GDP at $8.3 bn in Sep qtr

Website: www.jaintubes.in; Email Id: jaintubes.india@gmail.com;
Company Secretary & Compliance Officer: Ms. Kriti Bhatia
This Advertisement is being issued by Jain Tube Company Limited ("the Company") for
informing the public shareholders of the Company about the proposed Delisting Offer
made by Mr. Sushil Jain ("Acquirer 1") and Mr. Ishaan Jain ("Acquirer 2") members of
Promoter & Promoter Group as defined under Securities & Exchange Board of India (Issue
This is due to lower merchandise trade deficit and growth in services exports of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations")
along with other members of the Promoter Group (collectively referred to as "Acquirers")
to the Public Shareholders of the Company with an intention to: (a) acquire all the Equity
ABHIJIT LELE $11.8 billion a year ago. Shares that are held by Public Shareholders; and (b) consequently voluntarily delist the
Mumbai, 26 December Private transfer receipts, mainly Equity Shares from The Calcutta Stock Exchange Limited ("CSE"/ "Stock Exchange"),
representing remittances from the only stock exchange where the Equity Shares of the Company are presently listed, by

I
ndia’s current account deficit
(CAD) narrowed sequentially to
$8.3 billion, or 1 per cent of gross
domestic product (GDP), in the quar-
ter ended September (Q2FY24) due to
lower merchandise trade deficit and
growth in services exports.
The CAD was $9.2 billion, or 1.1 per
cent of GDP, in Q1, and $30.9 billion,
or 3.8 per cent of GDP, in Q2FY23.
The CAD for the April-September of
FY23 was 2.9 per cent of GDP.
The merchandise trade deficit
ILLUSTRATION: AJAY MOHANTY narrowed to $61 billion from
$78.3 billion in Q2FY23, according to
INDIA’S CAD PROFILE (in $ bn) Reserve Bank of India (RBI) data
released on Tuesday.
Q2FY23 Q2FY24 Aditi Nayar, chief economist
Current account balance -30.9 -8.3 and head of research and outreach
Current account -3.8% -1.0% at ICRA, said India’s CAD for Q2
was well below the expectation of
balance (as % of GDP)
around $13 billion, primarily led by
Goods -78.3 -61.0 a smaller-than-anticipated merchan-
Services 34.4 40.0 dise trade deficit.
The net outgo from the primary
Primary income -11.8 -12.2
income account, mainly reflecting
Secondary income 24.8 25.0 payments of investment income,
Source: RBI increased to $12.2 billion in the
September 2023 quarter, from
Indians employed overseas, amount-
ed to $28.1 billion, an increase of 2.6
per cent year-on-year (Y-o-Y).
Regarding the balance of pay-
ments (BoP) position in Q2FY24, there
was an accretion of $2.5 billion to
reserves, as opposed to a depletion of
$30.4 billion in the year-ago period.
Regarding the BoP position in
April-September 2023 (H1FY24), there
was an accretion of $27 billion, com-
pared to a depletion of $25.8 billion in
the year-ago period, the RBI noted.
Services exports grew by 4.2 per
cent Y-o-Y on the back of rising
exports of software, business and
travel services, the RBI said. Net
invisible receipts were higher in
H1FY24, owing to higher net receipts
of services.
“Following the expansion in the
merchandise trade deficit in October,
we expect the CAD for the ongoing
quarter to widen significantly, to
around $18-20 billion. Nevertheless,
we now foresee the FY2024 CAD in a
range of 1.5-1.6 per cent of GDP, unless
commodity prices experience a sharp
rebound,” Nayar said.
making a delisting offer, pursuant to the applicable provisions of the Securities and
Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 ("Delisting
Regulations") ("Delisting Proposal" or "Delisting Offer") and in compliance with the
Exemption granted by Securities & Exchange Board of India ("SEBI") vide letter no.
SEBI/HO/CFD/DCR2/P/OW/2023/46383/1 dated November 28, 2023 ("Exemption
Letter").
1. BACKGROUND OF THE DELISTING OFFER
1.1. The Acquirers are making this delisting offer to acquire up to 37,870 Equity Shares
("Offer Shares") representing 2.11% of the paid-up equity share capital of the
Company from the Public Shareholders, pursuant to Chapter VI of the Delisting
Regulations.
1.2. The Company has been lying closed since 1994 and there has been no business
activity since then. As the Company has no operating income, the increasing cost of
compliance for being a listed company is becoming a burden to the company. The
turnover of the Company for the last three financial years is NIL and the Company
has been reporting losses for the said three financial years.
1.3. The Company has a Paid-up Capital of Rs. 1,79,35,000 divided into 17,93,500
Equity shares of face value of Rs. 10/- each. The Promoter Shareholding in the
Company is 97.89% (ever since 2009 onwards) and the Public Shareholding is
merely 2.11%. There are only 28 public shareholders in the Company.
1.4. The Company is exclusively listed at CSE, where there has been no trading at all for
almost 30 years and thus no trade benefit/liquidity is derived from the shares being
listed on CSE to the shareholders.
1.5. Both the Acquirers vide their letters dated January 04, 2023, have inter alia
expressed their intention to voluntarily delist the Equity Shares of the Company in
accordance with the Delisting Regulations by acquiring Equity Shares that are held
by the public shareholders of the Company.
1.6. Since the Company's paid-up capital is less than Rs. 10 Crores and the Net Worth is
less than Rs. 25 Crores, the Company falls under a Small Company as defined
under the Delisting Regulations.
1.7. In view of the above and as per the provisions of Regulation 8 of the Delisting
Regulations, an Initial Public Announcement ("IPA") was made by Corporate
Professionals Capital Private Limited ("Manager to the Offer") for and on behalf of
the Acquirers on January 04, 2023, to express their intention to undertake the
Delisting Proposal, in accordance with applicable laws and consequently made an

RBI seeks to rationalise Future offer to voluntarily delist the Equity Shares of the Company from the Stock Exchange
in accordance with the Delisting Regulations.
1.8. The Company appointed M/s. PI & Associates, Company Secretaries, a Peer-

Generali Reviewed Practicing Company Secretary in terms of Regulation 10(2) of the

authorisation of money eyes up to

Delisting Regulations.
1.9. In accordance with the Regulation 20 of Delisting Regulations read with Regulation
8 of Securities & Exchange Board of India (Substantial Acquisition of Shares
&Takeovers) Regulation, 2011 ("Takeover Regulations"), for computing the Fair

changers for ease of biz 18% CAGR Value of the Company the floor price had been computed at INR 540.12/- (Indian
Rupees Five Hundred Forty and Twelve Paisa Only) per share.
1.10. Further, as per the provisions of Regulation 35(2) of the Delisting Regulations, the

BS REPORTER
Mumbai, 26 December
The Reserve Bank of India
(RBI) on Tuesday proposed
draft norms aimed at
rationalising the
authorisation of
money changers
in view of the
widespread
availability of
banking servic-
es to the public
and to explore
alternative models for
facilitating foreign
exchange-related services.
The authorisation frame-
work under the Foreign
Exchange Management Act
(FEMA) was last reviewed in
March 2006.
“The RBI has reviewed the
extant authorisation frame-
work under FEMA with an
objective to further improve
the ease with which foreign
exchange transactions can be
undertaken by users, and at
the same time, strengthen the
regulatory oversight/frame-
work governing authorised
persons (APs),” the draft
norms stated.
This is in view of the accel-
erated universal reach of finan-
cial services due to financial
inclusion initiatives, increasing
integration of the Indian econ-
omy with the global economy,
digitisation of payment sys-
tems, evolving institutional
structure, etc., over the past
two decades, the norms stated.
Feedback on the draft
norms has been invited by
January 31, 2024.
The norms proposed a new
category of money changers
ON THE TABLE
till FY26 Exit Price has been determined as Rs. 541/- by the Acquirers in consultation with the
Manager to the Delisting Offer.
1.11. The Board of Directors of the Company, in their meeting held on January 20, 2023,
Future Generali India Life considered and approved the Delisting Proposal and took into consideration the
 New category of money changers who may conduct
Insurance aims to expand at a Due Diligence report dated January 20, 2023, submitted by PI & Associates, the
business by becoming Forex Correspondents compound annual growth Peer Review Company Secretary and certified the compliance under Regulation
10(4) of the Delisting Regulations.
 Such entities will not need RBI authorisation rate (CAGR) of 15-18 per cent to
1.12. The shareholders of the Company, vide Postal Ballot dated Wednesday, February
reach the optimal level by
 Existing full-fledged money changer can ask 22, 2023 approved the said Delisting Proposal.
financial year 2026, for which
RBI for authorisation upgrade the insurer has devised a 1.13. Company's In Principle Application has been filed with CSE and is under process at
CSE.
 Forex Correspondent Scheme to increase the three-pronged strategy.
1.14. Subsequently, an Exemption Application was filed with SEBI, under Regulation 42 of
reach of foreign exchange services “We plan to grow at a the Delisting Regulations seeking exemptions from the strict applicability of the
CAGR of 15-18 per cent until provisions of Regulation 10(4) and Regulation 35(2)(d) of the Delisting Regulations.
FY26 to reach the optimal 1.15. SEBI vide its letter no. SEBI/HO/CFD/DCR2/P/OW/2023/46383/1 dated November
who may conduct sation, subject to its meeting level. We aim to outgrow the 28, 2023, has granted Exemption from the strict compliance of Regulation 10(4) and
money changing the revised eligibility criteria. industry, which is expected to Regulation 35(2)(d) of the Delisting Regulations.
business through an “If the entity approaches grow by 12-15 per cent. Our 1.16. SEBI vide its exemption letter has inter alia directed the Company to issue a public
agency model by becoming the Reserve Bank for renewal strategy is threefold: First, announcement in at least one English national daily with wide circulation, one Hindi
forex correspondents (FxCs) of of its existing authorisation, increase unit volume growth. national daily with wide circulation, and one regional language newspaper of the
category-I and category-II such renewal will be consid- Second, optimise costs and region where the CSE, is located, disclosing inter-alia, that the Company is seeking
authorised dealers. Such enti- reallocate resources to delisting from CSE, within a period of one month from the aforesaid exemption letter.
ered only up to a date not
ties will not be required to seek beyond two years from the enhance productivity. Third, 1.17. Therefore, this Public Announcement (PA) is being issued in the following
newspapers in compliance with Exemption Letter issued by SEBI and the applicable
authorisation from the RBI. date when the new framework focus on product strategy,” provisions of the Delisting Regulations:
To reduce the regulatory comes into force,” the RBI said. said Alok Rungta, Chief
Newspapers Language Editions
burden and enhance the ease The draft proposed to allow Financial Officer, Future
of doing business, the RBI has AD Category-II entities to addi- Generali India Life Insurance. Business Standard English All India
proposed to renew an existing tionally facilitate trade-related Speaking on business Business Standard Hindi All India
authorisation as an AD catego- transactions up to a value of expansion plans, he noted Ekdin Bengali Kolkata
ry-II on a perpetual basis. ~15 lakh per transaction. that the future lies in Tier-I 2. RATIONALE AND OBJECTIVE OF THE PROPOSED DELISTING
Authorised dealers catego- To increase the reach of for- and Tier-II cities, with the In the Initial Public Announcement, the Acquirers have specified the following as the
ry-II are those who can eign exchange services, the company planning to expand rationale for the Delisting Offer:
issue forex pre-paid cards to proposed forex correspondent in these areas. 2.1. The Company is lying closed since 1994 and there is no activity of whatsoever
residents travelling on pri- will be based on a principal- “We are in the process of nature in the Company.
vate/business visits abroad, agency model where AD cate- developing new products, 2.2. As the Company has no operating income, the increasing cost of compliance for
subject to adherence to gory-I or AD Category-II will with some launches expected being listed company is coming up as a burden to the Company.
KYC/AML/CFT requirements. act as the principal for the in the coming months. We 2.3. The Equity Shares of the Company were earlier listed at the Delhi Stock Exchange
However, settlement in FxCs. The FxC, operating as an are at different stages, with ('DSE') and The Calcutta Stock Exchange Limited ('CSE'). With DSE being
respect of forex pre-paid cards agent of the principal AD, will some products being filed derecognized, the listing is merely at CSE.
has to be effected through AD not require RBI authorisation with IRDAI and others 2.4. Though the Company has been categorized as 'active' by CSE, its equity shares
Category-I banks. under FEMA rules. The trans- awaiting internal approvals. have not been traded on CSE since long time.
It has also been proposed actions carried out by the FxCs We anticipate launching a 2.5. The Company has a Paid-up Capital of Rs. 1,79,35,000 divided into 17,93,500
that an existing full-fledged on behalf of the AD will be product in January and Equity shares of face value of Rs. 10/- each. The Promoter Shareholding in the
Company is 97.89% and the Public Shareholding is merely 2.11%. There are only 28
money changer (FFMC) may reflected in the books of the possibly another in March,” public shareholders in the Company and no liquidity/ trading benefit is being derived
approach the regulator for an principal AD. Rungta added. The year from the virtue of being listed on CSE.
upgrade of authorisation Any company defined witnessed several reforms 2.6. Given the no liquidity of the Equity Shares on the Stock Exchange, the proposed
as AD Category-II, or an exist- under the Companies Act 2013, from the regulator and the delisting will provide the public shareholders an opportunity to exit from the
ing AD Category-II may an NBFC or a bank, and an ministry, including Company at a price determined in accordance with the Delisting Regulations.
approach the Reserve Bank for existing FFMC or AD category- amendments in the Expense 3. PERIOD FOR WHICH THE DELISTING OFFER SHALL BE VALID
permanent authorisation two II on surrender or after expiry of Management norms and 3.1. As per the exemption letter dated November 28, 2023, the voluntary delisting of its
months prior to the date of of its authorisation, will be eli- decoupling of commission. equity shares shall be initiated within a period of one month from the date of receipt
expiry of the existing authori- gible to function as FxC. AATHIRA VARIER of the said letter and shall complete the process within a period of one year from the
date of receipt of the said letter.
3.2. As per the Exemption Letter, pursuant to the delisting of its equity shares, the
promoters shall continue to accept shares tendered by any remaining public

Trade in national currencies, banking to shareholders holding such equity shares, for a period of up to two years from the
date of delisting at the same price at which the earlier acceptance of shares was
made.
3.3. The Manager to the offer, in coordination with the acquirer shall ensure that the

figure in Jaishankar-Lavrov talks today
SUBHAYAN CHAKRABORTY
New Delhi, 26 December
External Affairs Minister
S Jaishankar and his Russian
counterpart Sergey Lavrov will on
Wednesday discuss expansion of the
use of national currencies in mutual
settlements and prospective
implementation of joint projects for
development of hydrocarbons on the
Arctic shelf and the Russian Far East.
Jaishankar arrived in Russia on
Monday for a five-day visit to meet the
Russian leadership and attend the
annual bilateral summit between both
nations. “Arrived in Moscow. Look
forward to my engagements,” Jaishankar
said in a post on X along with a picture.
“Geo-politics and strategic conver-gence
will always keep India-Russia ties on a
positive trajectory,” he said as he
interacted with experts.
In a statement on Tuesday, the Russian
foreign ministry said building of sustai-
nable transport, logistics, and banking
and financial chains would also be
discussed. “The most important areas of
interaction between our countries are the
External Affairs Minister S Jaishankar
in Moscow on Monday PHOTO: PTI
expansion of political dialogue in bilateral
and multilateral formats, increasing the
density of interdepartmental contacts in
the fields of economics, finance, energy,
production of military equipment,
science, and culture,” the statement said.
The trade in national currencies is
particularly important for India’s crude
oil imports from Russia, currently settled
in UAE dirhams. However, Russian
companies have increasingly found it
difficult to receive dirhams as banking
links in the UAE have been under
pressure. Russia is currently the largest
source of crude for India, supplying an
estimated 33 per cent of all crude
volumes in November.
Following the imposition of Western
sanctions, the Reserve Bank of India
(RBI) allowed Russian banks to open nine
vostro accounts in IndusInd Bank and
UCO Bank last November. A vostro
account is one maintained by a foreign
bank in the domestic bank’s currency.
“The ministers will focus on current
and future areas of bilateral cooperation,
as well as discussing the schedule of
upcoming contacts,” the ministry said.
The ministers will also compare
positions on current international issues.
The topic of interaction within the UN,
Shanghai Cooperation Organization, and
the G20 will be discussed separately. The
priorities of Russia’s Brics chairmanship
in the coming year will be discussed. An
in-depth exchange of views is expected
on the issues of forming a fair security
architecture in the Asia-Pacific region,
the situation in Ukraine, Afghanistan,
and the Palestinian-Israeli conflict.
rights of the remaining Shareholders are protected.
3.4. Post the receipt of CSE's In Principle Approval, the Acquirers, in accordance with the
provisions of Regulation 35(2)(c) of the Delisting Regulations, will send the letters to
the public shareholders seeking their consent for delisting.
4. COMPLIANCE OFFICER OF THE COMPANY
4.1. The details of Compliance Officer of the Company are as follows:
Name: Ms. Kriti Bhatia
Designation: Company Secretary & Compliance Officer
Address: B-292, Office No. 202, Second Floor, Chandra Kanta Complex, New
Ashok Nagar,
Delhi-110096, India
Email: jaintubes.india@gmail.com
Tel No.: +91-9953736373
4.2. In case the Public Shareholders have any queries concerning the delisting process
and procedure, they may address the same to the Registrar to the Offer or Manager
to the Offer.
MANAGER TO THE DELISTING OFFER REGISTRAR TO THE DELISTING OFFER
Corporate Professionals Capital Alankit Assignments Limited
Private Limited 205-208, Anarkali Complex,
D-28, South Extension Part-1, New Jhandewalan Extension,
Delhi-110049, India New Delhi-110055, India
Contact person: Ms. Anjali Aggarwal Contact Person: Virender Sharma
Telephone: 011-40622230/40622209 Telephone: +91 11 4254 1966
Email: mb@indiacp.com Email: virenders@alankit.com
Website: Website: www.alankit.com
www.corporateprofessionals.com SEBI Registration No.: INR000002532
SEBI Registration No.: INM000011435 Validity Period: Permanent
Validity Period: Permanent Corporate Identity Number:
Corporate Identity Number: U74210DL1991PLC042569
U74899DL2000PTC104508
For Jain tube Company Limited
Sd/-
Date: December 26, 2023 Sushil Jain
Place: New Delhi Director
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 ECONOMY & PUBLIC AFFAIRS 7

Navy’s third indigenous Ayodhya event: CPI(M)’s Yechury

destroyer commissioned turns down invite, Cong accepts
ARCHIS MOHAN
New Delhi, 26 December
INS Imphal is first Indian warship named after a city in the Northeast Communist Party of India
(Marxist) General Secretary
AJAI SHUKLA
New Delhi, 26 December Will find ship attackers even Sitaram Yechury on Tuesday
declined the invitation to attend
leaderships, if invited, will attend
the ceremony.
Nripendra Misra, the chairman
of the Ayodhya Ram Mandir
Construction Committee, along
with a Vishva Hindu Parishad
leader, met Yechury on Tuesday at
unfortunate” that “the Bharatiya
Janata Party and Rashtriya
Swayamsevak Sangh (RSS) have
converted a religious ceremony
into a state-sponsored event direct-
ly involving the Prime Minister, the
Uttar Pradesh chief minister, and
by the Supreme Court is that the
State in India, under the
Constitution, should have no
religious affiliation. This is being
violated by the ruling regime in
the organisation of the event.”
The Communist Party of India

from ‘depths of seas’: Rajnath the January 22 consecration the CPI(M) headquarters in the other government functionaries.” (CPI) Chief D Raja is also likely to

D
efence Minister Rajnath ceremony at the Ram temple national capital to extend the invi- Former Karnataka chief minis- decline the invitation.
Singh on Tuesday in Ayodhya, becoming the only tation, which the Left leader ter H D Kumaraswamy on Tuesday Last week, when asked whether

commissioned INS Imphal,
the third of four indigenous
Visakhapatnam class destroyers,
into the Indian Navy at the Naval
Dockyard, Mumbai.
The four guided missile destroy-
ers, built under Project 15B, were
designed by the navy’s Warship
Design Bureau and constructed by
Mazagon Dock Shipbuilders
Limited (MDL), Mumbai.
The navy chief, Admiral R Hari
Kumar, said the fourth Project 15B
destroyer, INS Surat, would be com-
missioned in 2024. Prior to the com-
missioning of INS Imphal, two
Project 15B destroyers, INS
Visakhapatnam and INS Mormugao,
were commissioned into the Navy
in 2021 and 2022, respectively.
INS Imphal is the first Indian
warship named after a city in the
north-east. The time taken to build
INS Imphal has been the shortest
for any indigenous destroyer.
Its keel was laid on May 19, 2017
and the ship was launched on April
20, 2019. It sailed for her maiden sea
sortie on April 28, 2023, and is being
delivered on October 20, 2023 after
completing sea trials in less than six
months. The ship has a total crew
complement of 315 personnel.
Describing the new warship
as a shining example of
‘Aatmanirbharta’ in defence, Singh
said: “INS Imphal is a symbol of
India’s growing maritime power and
it will strengthen it further. It will
bolster our principle of ‘Jalmev
Yasya, Balmev Tasya’ (One who con-
trols the sea is all powerful) in the
Indo-Pacific region.”
Describing INS Imphal as a
conglomeration of the nation’s mul-
tiple strengths, the defence minister
said: “Brahmos Aerospace installed
Brahmos missiles on the ship.
Torpedo tube launchers are of
Defence Minister Rajnath Singh
commissioned the guided missile
destroyer — INS Imphal into the
Indian Navy in Mumbai on Tuesday.
Speaking at the commissioning,
Singh said India had taken the
incidents very seriously. The minister
vowed to ferret out the perpetrators of
the attacks on merchant navy ships M
V Chem Pluto and M V Sai Baba even
from the “depths of the seas” and take
tough action against them. “India’s
growing economic and strategic
power has filled some forces with
Larsen & Toubro (L&T). The
Rapid Gun Mount has been
installed by Bharat Heavy
Electricals Limited, and medium
range missiles by Bharat Electronics
Limited. In addition, many startups
and MSMEs are involved in
its construction.”
Measuring 163 metres in length,
17 metres in breadth, and displacing
7,400 tonnes, the new destroyer
is among the most potent warships
built in India. It is propelled by four
powerful gas turbines, in a “com-
bined gas and gas” (COGAG)
configuration, and is capable of
PHOTO: PTI
jealousy and hatred,” he said. India
plays the role of a net security
provider in the entire Indian Ocean
Region and will ensure that maritime
trade in this region touches greater
heights, Singh said. “For this,
together with our friend countries,
we will keep the sea lanes secure. We
have full confidence in the ability and
strength of our Navy,” he said . Chief
of Naval Staff Admiral R Hari Kumar
said the Indian Navy will take robust
action, including boarding and
searching all suspicious vessels. PTI
speeds in excess of 30 knots
(55 kilometres per hour).
Reiterating the government’s
equal emphasis on modernising all
three Services, Singh stated that ear-
lier governments focused only on
protecting the country from land-
based threats. He pointed out that
with the Himalayas in the north and
Pakistan’s hostile behaviour in the
west, India was an island country
from the perspective of trade.
The navy chief said the Navy
aims to induct at least one Agniveer
from each district, each block and
each village of the country.
political party chief to have done
so until now.
The Shri Ram Janmabhoomi
Teerth Kshetra Trust has invited
former prime ministers and
leaders of leading political parties
to the event. After receiving
the invite last week, the
Congress indicated it would send
representatives on behalf of
the party, while most other politi-
cal parties have also stated their
Extension for exports realisation:
RBI should review its instructions
CHATROOM
T N C RAJAGOPALAN
Our bank says that they cannot
grant the extension for exports
realisation beyond one year as
our total outstanding exceed 10%
of the average realisations in the
preceding three financial years.
Is that correct?
Yes. Para C.20(i)(d) of RBI Master
Direction no.2015-16 dated 1st
January 2016 (as amended) on
Export of Goods and Services says
that RBI has permitted the banks
to extend the period of realisation
declined. “Our policy is to respect
religious beliefs and the right of
each individual to pursue their
belief. Religion is a personal choice
not to be converted into an instru-
ment for political gain. Comrade
Sitaram Yechury will not attend
the ceremony despite receiving an
invitation to do so,” the CPI(M) said
in a post on X.
Yechury, and later his party’s
Polit Bureau, termed it “most
of export proceeds up to a period
of six months at a time subject to
the condition that ‘while consid-
ering extension beyond one year
from the date of export, the total
outstanding of the exporter does
not exceed $1 million or 10 per
cent of the average export realisa-
tions during the preceding three
financial years, whichever is high-
er’. In this condition, I think the
words ‘total outstanding’ should
be read as ‘total outstanding
beyond the period allowed by RBI
for receipt of export proceeds’.
Otherwise, the provision makes
no sense because mostly, even
extending a months’ credit to the
buyers will cause the total out-
standing to exceed 10 per cent of
the previous three years export
realisations. That cannot be the
intention of the provision. RBI
should re-examine the wordings
of this provision suitably.
We have imported some items on
said he would attend the Prana
Pratishtha, or consecration, cere-
mony along with his family.
Kumaraswamy mentioned that
leaders of the trust, including RSS’
Ram Lal and others, visited him on
Tuesday. The trust has already
invited former Prime Minister
H D Deve Gowda.
In its statement, the CPI (M)
said: “A fundamental principle of
governance in India as reiterated
which we paid the duty through
RoDTEP scrips. Now, the goods
are found to be defective. We have
taken up with the seller and he
has agreed to take back the goods.
Our question is this: When we re-
export the goods imported under
the RoDTEP scrips, can we get a
re-credit in the RoDTEP scrips or
get credit in the RoDTEP ledger?
In theory, there is no reason for
you not to get back 98 per cent of
the duties you paid, when you re-
export the same goods on which
the duties were paid through
RoDTEP at the time of imports.
But, in practice, there is no specific
provision to do so. I think you
should take up the matter with the
DGFT and ask for making a provi-
sion for issue of a duty credit cer-
tificate for 98 per cent of the duties
paid, in the same way that there
was a provision under the DEPB
and other duty credit schemes like
MEIS, FMS, FPS etc. and that
based on such a certificate by the
he would attend the January 22
ceremony, Samajwadi Party Chief
Akhilesh Yadav said he would if
the trust were to invite him.
Among the Congress leadership,
the trust has invited former Prime
Minister Manmohan Singh, UPA
Chairperson Sonia Gandhi,
Congress President Mallikarjun
Kharge, and the party's Lok Sabha
leader Adhir Chowdhury. The
party has accepted the invite.
Customs, credit should be allowed
in your RoDTEP ledger.
Our bank has given us a long list
of small entries in the EDPMS
that are not yet marked off. All
these relate to samples exported
by us through couriers. How to
deal with the request of the bank
to regularize these entries?
I think the problem has arisen
because while filing the shipping
bills the couriers have wrongly
ticked the box for ‘outright sale’
instead of ticking the box for ‘oth-
ers’ and that is how the entry has
got into the EDPMS. Now, you
cannot amend the shipping bills
and so, you may explain the error
to the bank and seek write-off or
closure of the entries.
Business Standard invites readers’
SME queries related to GST, export
and import matters. You can write to
us at smechat@bsmail.in

Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of DALMIA BHARAT LTD
Security Interest Act, 2002 (The Act) Regd.Office: Dalmiapuram Lalgudi Dist. Tiruchirappalli, Tamil Nadu 621651
Notice is hereby given that the Certificate(s) for the under mentioned Equity Shares of the
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D) Company have been lost/misplaced and the holder(s)/purchaser(s) of the said Equity Shares
1 LOAN ACCOUNT NO. COMMERCIAL UNIT/SHOP BEARING 04.11.2023 Rs. 2,66,15,829.07 have applied to the Company to issue duplicate Share Certificate(s). .
HLLALAJ00496927 NO. FF-4, FIRST FLOOR, GOLD SOUK (Rupees Two Crore Any person who has a claim in respect of the said Shares should lodge the same with the
1. BELI RAM TARA CHAND COMPLEX, BLOCK – C, SUSHANT Sixty Six Lakh Fifteen company at its Registered Office within 21 days from this date else the Company will proceed to
JAIN (DELHI) (THROUGH ITS LOK, PHASE–I, VILLAGE KANHAI, Thousand Eight Hundred
PARTNERS) GURUGRAM – 122003, HARYANA Twenty Nine and Paise
issue duplicate certificate(S) to the aforesaid applicants without any further intimation.
2. RITU JAIN PROPRIETOR Seven Only) as on Name of the Share Holder Folio No. No. Of Shares Distinctive Nos. Certificate Nos.
BELIRAM SILVER 15.12.2023 Satish Uppal DBL0110004 1000 13449264 TO 309943
3. MOHIT JAIN 13450263
4. ADITYA JAIN
Place: Delhi Name of the Shareholders
That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
Date: 27/12/2023 Satish Uppal
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
the borrower.
In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
is available to the Company in law.
Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
time frame, Borrower may not be entitled to redeem the property.”
In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
the notice, without prior written consent of secured creditor.
Place: GURUGRAM For Indiabulls Commercial Credit Limited
Authorized Oicer

Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (The Act)
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
1 LOAN ACCOUNT NO. FLAT NO. 1802, 18TH FLOOR, TOWER 09.09.2022 Rs. 78,69,166.29 (Rupees
HHLDCP00252574 - F1, THE ROMANO, SECTOR 118 / Seventy Eight Lakh Sixty
1. RAHUL KUMAR GHP, GAUTAM BUDHA NAGAR, NOIDA Nine Thousand One
2. NEETI GEWALI - 201301 UTTAR PRADESH Hundred Sixty Six and
Paise Twenty Nine Only)
as on 12.12.2023
2 LOAN ACCOUNT NO. FLAT NO. C4C, 3RD FLOOR, TOWER 11.04.2022 Rs. 63,30,314.84
HHLDCP00285866 C4, OFFICER’S ENCLAVE, (Rupees Sixty Three
1. ARTH GAURAV SHARMA SUPERTECH HILL TOWN, Lakh Thirty Thousand
2. ALPANA SHARMA SECTOR - 2, SOHNA ROAD, Three Hundred Fourteen
GURUGRAM - 122011, HARYANA and Paise Eighty Four
Only) as on 13.12.2023
3 LOAN ACCOUNT NO. UNIT NO - 1201, 12TH FLOOR, TOWER 09.06.2023 Rs. 62,92,598.63 (Rupees
HHLLAJ00227910 T - 7, SUPERTECH HILL TOWN Sixty Two Lakh Ninety
1. RAHUL KUMAR MOHAMADPUR, GURJAR AND Two Thousand Five
2. SWETA KUMARI SOHNA, SECTOR - 2, SOHNA, Hundred Ninety Eight
(GUARANTOR) GURUGRAM - 122002, HARYANA and Paise Sixty Three
Only) as on 12.12.2023
4 LOAN ACCOUNT NO. PLOT BEARING NO. A-2/15, 30.06.2023 Rs. 14,26,45,228/-
S000242738 (EARLIER LAN BASEMENT, GROUND, FIRST AND (Rupees Fourteen Crore
S000242702 UNDER ICCL) SECOND FLOOR, DLF CITY, PHASE-1, Twenty Six Lakh Forty
1. DEZIRE HOMESQUARE VILLAGE CHAKKARPUR, TEHSIL & Five Thousand Two
PRIVATE LIMITED DISTRICT GURUGRAM, HARYANA Hundred Twenty Eight
2. MAHIRA HOMES PRIVATE Only) as on 11.12.2023
LIMITED
(CORPORATE GUARANTOR)
3. DHARAM SINGH
ALIAS DHARAM SINGH
CHHOKER (GUARANTOR)
4. SIKANDAR SINGH ALIAS
SIKANDAR SINGH CHHOKER
(GUARANTOR)
That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
the borrower.
In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
is available to the Company in law.
Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
amount of outstanding dues together with all cost
s, charges and expenses incurred by the Secured Creditor only till the date of publication of the notice for sale of the secured
asset(s) by public auction, by inviting quotations, tender from public or by private treaty. Further it may also be noted that in
case Borrower fails to redeem the secured asset within aforesaid legally prescribed time frame, Borrower may not be entitled
to redeem the property.”
In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
the notice, without prior written consent of secured creditor.
Place:NOIDA/GURUGRAM For Indiabulls Housing Finance Ltd.
Authorized Oicer
8 WORLD
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023

China gaming firms

unveilsharebuybacks
Red Sea tensions mount, No reprieve for
Apple on watch
aftercurbscauserout
REUTERS China’s gaming industry and
US strikes Iraq militants imports ban
26 December the need to protect investors. Israel minister hints at country’s retaliatory actions in Iraq, Yemen, Iran
The buyback announce- US administration declines to veto
A slew of smaller Chinese ments come on the heels of an
gaming companies have apparent softening in stance tribunal’s decision; firm files appeal
announced share buybacks - by China's video game regu-
plans seen as an attempt to lator - the National Press and
reassure investors after the Publication Administration - BAN ON PLAY
market was spooked by regu- which released a statement on
n The US ITC order
latory moves to clamp down Saturday saying the govern-
on consumer spending ment would further
came into effect from
on games. improve the proposed December 26
Last Friday, reg- rules after “ear- n ITC earlier rejected
ulators published nestly studying” Apple’s request to
draft rules that public views. pause the ban during
would ban online “The shift the appeal process
games from giv- towards a more
ing players rewar- reconciliatory n Company paused
ds if they log in tone is quite sales of Series 9 and
every day, if they notable,” said Charlie Ultra 2 smartwatches
spend on a game for the Chai, a Shanghai-based since last week
first time or if they spend sev- analyst at 86Research. n The ban does not
eral times on a game consecu- “Apparently the magnitude
affect Apple Watch SE
tively. All are common incen- of that ‘mini rebellion’ by cap-
tive mechanisms in online ital markets on Friday caught
games. the regulator off guard, and REUTERS Apple Watch Series 9 and
That sent shares in gaming allegations of backpedalling 26 December Apple Watch Ultra 2 to cus-
firms plunging and eight com- on previous commitments to tomers in the US as soon as
panies had unveiled plans to ‘responsible policymaking Apple filed an appeal on possible,” Apple said.
buy back shares worth up to that instills investor confi- Tuesday of a decision to ban An Apple spokesperson
780 million yuan ($110 million) dence’ has made (the regu- imports of Apple Watches confirmed the company has
combined, citing confidence in lator) nervous,” he added. based on a complaint from appealed the ban to the US
Israeli soldiers operate in Tuffah as shellfire slammed into central Gaza, on Tuesday PHOTO: REUTERS medical monitoring technol- Court of Appeals for the
ogy company Masimo after US Federal Circuit in Washington.
AGENCIES Yemen and Iran. We have President Joe Biden's admin- The ITC last week rejected
IN BRIEF 26 December already responded and taken
action in six of these theatres,”
Israel grants istration declined to veto a Apple’s request to pause the
government tribunal. ban during the appeal process.
Intel $3.2 bn for
T
ensions mounted in the he told lawmakers. The US International Trade Representatives for
More than 100 killed in Red Sea as explosions
were reported on
A drone was downed near
the Egyptian Red Sea resort $25 bn plant
Commission’s (ITC) order Masimo did not comment.
went into effect on “Our litigation
attacks in northern Nigeria Tuesday after sightings of
unmanned aircraft and
city of Dahab on Tuesday, in
the second such incident in a Israel's government
December 26, bar- Masimo had expert predicted
ring imports and accused Apple of that a potential
More than 100 people have been killed in attacks in Nigeria’s missiles in two separate inci- month, two security sources agreed to give Intel Corp a sales of Apple hiring away its Apple appeal would
northern Plateau State that started at the weekend, a local dents, a British maritime told Reuters. $3.2 billion grant for new Watches that use employees, extend the ‘final’
official said Tuesday. “Not less than 17 communities have been authority said. The widening Red Sea cri- $25 billion chip plant it patent-infringing stealing pulse ITC case verdict
completely burned down and those who survived are presently The US military launched sis also resulted in a rise in oil plans to build in southern technology for oximetry roughly another
in internally displaced people’s camps,” Caleb Mutfwang, the strikes on three installations in WE ARE IN A prices. Global benchmark Israel, both sides said on reading blood- technology and year,” analysts at
governor of Plateau State, said during an interview with local Iraq targeting what it said is a MULTI-FRONT WAR AND Brent climbed above $80 a Tuesday, in what is the oxygen levels. Apple using it into the Stifel said.
broadcaster Arise TV. The latest attacks killed 145 people in terrorist group backed by Iran barrel after rallying by more largest investment ever by has included the Apple Watch Apple has pau-
Plateau State and 23 communities were targeted over the that Washington has accused COMING UNDER ATTACK than 3 per cent last week, its a company in Israel. The pulse oximeter fea- sed its sales of its
Christmas holidays, Abuja-based DailyTrust newspaper also of a series of attacks on FROM SEVEN THEATRES. WE biggest weekly advance expansion plan for its Kiry- ture in its smart Series 9 and Ultra 2
reported. Hundreds of people were injured and properties American personnel, includ- HAVE ALREADY RESPONDED since October. at Gat site where it has an watches starting with its Series smartwatches in the United
destroyed. President Bola Tinubu, who took power earlier this ing one Monday which left existing chip plant that is 6 model in 2020. States since last week.
year, has said he will work to tackle such violence. BLOOMBERG three people injured. AND TAKEN ACTION IN SIX OF Peace depends on Hamas’ 42 km (26 miles) from Ha- US Trade Representative The ban does not affect
Meanwhile, Israeli Defence THESE THEATRES” end: Netanyahu mas-controlled Gaza is an Katherine Tai decided not to Apple Watch SE, a less expen-
Minister Yoav Gallant hinted YOAV GALLANT Israel Prime Minister Benjamin “important part of the reverse the ban following care- sive model. Previously sold
Ethiopia becomes Africa’s on Tuesday that the country
had retaliated in Iraq, Yemen
Israel defence minister Netanyahu outlined three pre-
requisites to achieving peace
firm’s efforts to foster a
more resilient global sup-
ful consultations, and the watches will not be affected by
ITC’s decision became final on the ban. Masimo has accused
latest sovereign default and Iran for attacks carried out
against it as the war with
“We are in a multi-front war
and are coming under attack
in its war with Hamas: the
destruction of the group, the
ply chain, alongside its
ongoing and planned
December 26, office said. Apple of hiring away its
“We strongly disagree with employees, stealing its pulse
Ethiopia became Africa's third default in as Hamas-led Palestinian mili- from seven theatres: Gaza, demilitarisation of Gaza and manufacturing investm- the USITC decision and result- oximetry technology and
many years on Tuesday after it failed to make tants in the Gaza Strip widens Lebanon, Syria, Judea and for Palestinian society to ents in Europe and the ing exclusion order, and are incorporating it into the pop-
a $33 million “coupon” payment on its only to other areas of the region. Samaria (West Bank), Iraq, be “deradicalised.” US,” Intel said. REUTERS taking all measures to return ular Apple Watch.
international government bond. Africa's
second most populous country announced
earlier this month that it intended to formally
go into default, having been under severe
financial strain in the wake of the Covid-19 pandemic
and a two-year civil war that ended in November 2022. It had up
China to prevent anyone UKRAINE STRIKES RUSSIAN WARSHIP IN CRIMEA
from splitting Taiwan: Xi
until Tuesday to provide the money. REUTERS

AstraZeneca to buy cancer REUTERS

drug maker for up to $1.2 bn 26 December
China appoints
AstraZeneca Plc agreed to acquire Chinese cell therapy developer
Gracell Biotechnologies Inc. for as much as $1.2 billion as the
President Xi Jinping said on Tuesday
that China must resolutely prevent
new naval chief
British drug giant bolsters its bets on medical innovation in the anyone from splitting Taiwan from
world’s second-biggest economy. Under the agreement, Astra China in any way, the official Xinhua
will acquire Shanghai-based Gracell for $2 a share, amounting to news agency reported.
an upfront cash payment of $1 billion. The acquisition will enrich At a symposium commemorating
Astra’s pipeline with a so-called CAR-T therapy. BLOOMBERG the 130th anniversary of the birth of
former Chinese leader Mao Zedong, Xi
said the motherland “must be reunified
Japan’s top property insurers and will inevitably be reunified”.
“The motherland must be reunified,
penalised for price fixing and inevitably will be reunified,” Xinhua
cited Xi as telling senior officials from
Japan’s financial regulator penalised the country’s largest the Communist Party. China must
property and casualty insurers for colluding to fix prices in deepen integration between the two
contracts with corporate clients. The Financial Services Agency sides, promote the peaceful develop-
has issued business improvement orders on the core units of ment of relations across the Taiwan
Tokio Marine Holdings Inc., MS&AD Insurance Group Holdings Strait, and “resolutely prevent anyone
Inc. and Sompo Holdings Inc., said Finance Minister Shunichi from splitting Taiwan from China in any
Suzuki at a briefing on Tuesday. BLOOMBERG way”, he said. The report made no men-
tion of using force against Taiwan,
though China has never renounced
In a first, Hindu woman seeks that possibility.
China appointed a new head of its
navy, a move that comes amid
worsening tensions in the South
China Sea.
Hu Zhongming was promoted
to the rank of general at a
ceremony in Beijing attended by
President Xi Jinping on Monday,
the official Xinhua News Agency
reported. The article marked the
first time Hu was publicly referred
to as commander of the world’s
largest navy by number of vessels.
China’s military is known for
providing few details on
personnel key moves. The report
didn’t say what is next for Dong Russia said a warship at the eastern Crimean port of Feodosia had been damaged in a Ukrainian missile strike
Jun, who appeared as head of the that targeted a fleet used to launch attacks on Ukrainian cities. The Russian defence ministry didn’t specify
navy in 2021. Dong also attended the extent of damage to the landing ship Novocherkassk, according to the state-run RIA Novosti news service.
the ceremony, according to a One person was killed and two were wounded in Feodosia, the Russia-installed Crimea Governor Sergei
Xinhua photo. BLOOMBERG Aksyonov said on his Telegram channel on Tuesday PHOTO: X/@NEXTA_TV

to contest polls in Pakistan

Dr Saveera Parkash has become the first woman
from the minority Hindu community to run in
the provincial elections in Pakistan's restive
Khyber Pakhtunkhwa province. A doctor by
Export curbs, El Niño to strain global food supplies in ’24
profession, Parkash, 25, on Friday filed her REUTERS phenomenon,whichbrought note.“Thisisbecauseexportsfrom
nomination papers for the general seat of PK-25
in Khyber Pakhtunkhwa's Buner district. PTI
26 December drynesstolargepartsofAsiathisyear,
isforecasttocontinueinthefirsthalf FOOD SHOCK importantproducercountriesare
likelytobesignificantlylower.”
Highfoodpricesinrecentyearshave of2024,puttingatrisksuppliesof n Asia’s 2024 rice harvest Onthebrightsideforgrain
promptedfarmersworldwidetoplant rice,wheat,palmoilandotherfarm forecast to be hit by El Niño supplies,SouthAmericancorn,
Navalny describes harsh morecerealsandoilseeds,but
consumersaresettofacetighter
productsinsomeoftheworld’stop
agriculturalexportersandimporters. n Wheat crops in
wheatandsoybeanproductionis
expectedtoimprovein2024,
reality at Polar Wolf Arctic jail supplieswellinto2024,amidadverse
ElNiñoweather,exportrestrictions
TradersandofficialsexpectAsian
riceproductioninthefirsthalfof
India, Australia to face
moisture stress
althougherraticweatherinBrazilis
leavingsomedoubt.InArgentina,
Jailed Russian opposition politician Alexei Navalny on Tuesday andhigherbiofuelmandates. 2024todropasdryplanting n Global palm oil abundantrainfalloverfarming
confirmed his arrival at what he described as a snow-swept Globalwheat,cornandsoybean conditionsandshrinkingreservoirs production likely to fall heartlandsislikelytoboost
prison above the Arctic Circle and said he was in excellent spirits prices-afterseveralyearsofstrong arelikelytocutyields.Worldrice next year productionofsoybeans,cornand
despite a tiring 20-day journey to get there. Navalny posted an gains-areheadedforlossesin2023 suppliestightenedthisyearalready wheatinoneoftheworld’slargest
update on X via his lawyers after his allies lost touch with him for oneasingBlackSeabottlenecksand aftertheElNiñoweatherphenome- n Argentina and Brazil are grainexportingnations.
more than two weeks while he was in transit with no fearsofaglobalrecession,although noncutintoproduction,prompting bright spots for agriculture Brazilissetfornear-recordfarm
information about where he was being taken. REUTERS pricesremainvulnerabletosupply India,byfartheworld'sbiggest supplies outputin2024,althoughthe
shocksandfoodinflationintheNew exporter,torestrictshipments.While country’ssoybeanandcorn
Year,analystsandtraderssaid. othergrainsmarketswerelosing productionestimateshavebeen
Barry Silbert steps down “Thesupplypictureforgrains
certainlyimprovedin2023with
value,ricepricesralliedtotheir
highestin15yearsin2023,with
asdomesticinventoriesatstate
warehouseshavedroppedtotheir
likelytopromptbuyers,including
ChinaandIndonesia,toseeklarger
reducedinrecentweeksduetodry
weather.Globalpalmoilproduction
as Grayscale chairman biggercropsinsomeofthekeyplaces
whichmatter.Butwearenotreally
quotationsinsomeAsianexporthubs
gaining40percent-45percent.
lowestinsevenyears.
ComingApril,farmersinAustralia,
volumesofwheatfromotherexporters
inNorthAmerica,Europeandthe
isalsolikelytofallnextyearduetodry
ElNiñoweather,supportingcooking
Grayscale Investments, operator of the world’s outofthewoodsyet,”saidOleHoue, India’snextwheatcropisalso theworld’sNo2wheatexporter,could BlackSearegion. oilpricesthatdroppedmorethan10
largest cryptocurrency trust, said Barry Silbert directorofadvisoryservicesat beingthreatenedbylackofmoisture, beplantingtheircropindrysoils,after “The(wheat)supplysituationin percentin2023.Thedeclinein
has resigned as chairman and will be agriculturebrokerageIKON whichcouldforcetheworld’ssecond- monthsofintenseheatcurbedyields thecurrent2023/24cropyearislikely outputcomesamidexpectationsof
succeeded by Mark Shifke. Grayscale didn’t CommoditiesinSydney. largestwheatconsumertoseek forthisyear’scropandendedathree- todeterioratecomparedtolast higherdemandformakingpalmoil-
cite a reason for the changes BLOOMBERG TheElNiñoweather importsforthefirsttimeinsixyears dreamrunofrecordharvests.Thisis season,”Commerzbankwroteina basedbiodieselandcookingoil.

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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

VOLUME XXX NUMBER 217 ILLUSTRATION: AJAY MOHANTY

NEW DELHI | WEDNESDAY, 27 DECEMBER 2023

Labour mobility
Demand in rich countries is an opportunity

T
he Government of India is aiming to enter into pacts with various devel-
oped countries to send people to work in sectors such as farm, construc-
tion, and manufacturing. As reported by this newspaper on Tuesday,
And yet, this caused no extra pressure on India’s
Greece has approached India with a demand for about 10,000 seasonal external account in 2023. Indeed, the country’s
workers to work in the farm sector. Italy is looking for people to staff municipal crude oil import bill in the first eight months of
bodies in different towns. India is already reported to have signed an agreement to 2023-24 fell to $87 billion, down by 23 per cent over
send over 40,000 workers — and that may be increased further — to Israel. Before the same period of 2022-23. This relief was unex-
the war with Hamas broke out, there were about 18,000 Indian workers in Israel, pected. The year saw geopolitical tensions at their
engaged mainly in caregiving. However, with the war continuing, it is looking to peak with the Russian invasion of Ukraine and
later the Israeli offensive in Gaza. In the past, any
fill in for about 90,000 Palestinians who used to work in Israel.
international crisis would lead to a spurt in crude
The government’s initiative must be welcomed for a variety of reasons. India oil prices and India’s oil import bill would soar.
is a labour-surplus country and has been exporting workers around the world Even as the average price of Brent crude oil (which
through both formal and informal channels over the years, and that is reflected India mostly uses) rose from $65 a barrel in 2006
to $72 in 2007 and further up to $97 a barrel in

The oil factor

in the level of remittances it receives every year. India has been advocating
labour mobility in its trade agreements with different trading partners. Given 2008, India’s oil import bill on this account rose
the ageing population in many developed countries, demand for imported labour from $48 billion in 2006-07 to $68 billion in 2007-
08 and to $77 billion in 2008-09. Something similar
is expected to increase, presenting an opportunity for India to fill the gap.
happened in 2010-11 and 2011-12, when Brent crude
Although there could be concern that labour migrating abroad could create oil prices had risen again.
shortages in India, most of the labour demand for now seems temporary in In spite of global uncertainties, India’s oil economy offers an But what happened in 2023 was quite unusual.
nature, which means people will come back with international experience. Since Of course, average Brent crude oil prices fell from
wages in developed countries are much higher, they are also likely to return opportunity to usher in reforms in the petroleum sector $101 a barrel in 2022 to $83 a barrel in 2023. But
with savings, which can be used to build real assets in India. Some workers, to along with that came the Russian oil bonanza.

A
be sure, would want to stay back, but given the vast pool of surplus labour, it is s 2023 comes to an end, it is customary to keeping the deficit in check. Their combined fiscal Russian Urals for many months of 2023 accounted
look back at the year that is going by and deficit in 2022-23 was 2.8 per cent of GDP, the same for more than a third of India’s total crude oil
unlikely to create shortages in India. In this context, what India needs to do any-
try to draw from it the right lessons that figure as was reached in 2021-22. Additionally, the imports. Thus, India’s total oil import bill fell
way is to improve the ecosystem for skilling in different sectors. should hopefully help us negotiate the challenges Centre as well as the states has done well by sharply in 2023. In the recent past, crude oil prices
However, from the policy point of view, it is important to recognise that this of 2024. increasing capital expenditure, whose healthy rise have always been a major source of worry for man-
will not solve the unemployment or under-employment problem India is facing The Indian economy in 2023 performed rea- has helped in keeping the economy’s growth agers of the Indian economy. In 2023, those appear
and should not be seen as an answer to the Indian economy’s inability to create sonably well. Its gross domestic engine in good shape at a time the pri- to be less of a concern even though the world has
enough well-paid jobs. According to the latest annual Periodic Labour Force product, or GDP, grew by 6.1 per cent, vate sector’s investment has not yet been in turmoil.
Survey, for example, over 57 per cent of the workforce was self-employed. This is 7.8 per cent, and 7.6 per cent in the seen the expected pace of revival. Tax As a result, India’s oil economy is enjoying a
not an indication of entrepreneurship, but people engaged in some economic first three quarters of 2023, respec- revenues have also seen a healthy rate relative calm. The government is not unduly wor-
tively. And if the Reserve Bank of of growth for both the Centre and the ried by any additional pressure on its oil subsidy
activity to sustain themselves because not doing anything is not an option. Over India’s (RBI’s) projection of 6.5 per states. This too has helped improve bill, except a little bit of a rise in its subsidies for
18 per cent of the labour force was engaged as helpers in household enterprises, cent growth for the fourth quarter of government finances. fertilisers. Oil companies continue to enjoy a
while more than 21 per cent identified themselves as casual workers. It is widely 2023 is any indication, the full year The track record in managing infla- decent gross refining margin. In the first half of
accepted that India needs to create gainful employment for its rising workforce. will have seen an average growth rate tion in 2023 has been mixed. While 2023-24, it is lower than the level that prevailed in
It is thus worth reiterating that India’s unemployment and under-employment of 7 per cent. wholesale prices rose marginally in 2022-23, but it is still higher than what it was in
problem will not be solved by sending labour to rich countries. Nonetheless, the There will always be legitimate the first three months of the year, they 2021-22. Post-tax profits of state-controlled down-
country must take up such opportunities because it will benefit in the long run. questions on the nature of this smart
recovery and whether this growth
RAISINA HILL kept falling in the following seven
months before registering a small
stream oil companies (marketing) in the first half
of 2023-24 have skyrocketed to over ~57,000 crore,
Since the government is actively pursuing this route, there are at least two
should have given a bigger boost to A K BHATTACHARYA increase of less than 1 per cent in compared to just about ~1,100 crore in the whole
important things that must be kept in mind. First, the kind of workforce being employment in the country, even November. In contrast, the retail of 2022-23. Although the post-tax profits of state-
discussed here is not particularly highly educated and savvy. It is, therefore, though the latest job numbers, put out by the inflation rate consistently stayed above the target controlled upstream/midstream and standalone
important that people are shortlisted transparently with trusted third-party government, show an improvement on all key of 4 per cent in all the 11 months of 2023, but refineries have dipped significantly in the same
involvement, if necessary. Second, as the number of Indian workers goes up in parameters. There are also questions on whether showed signs of moderation. However, in only four period, they are still earning profits.
various countries over time, India should consider increasing its diplomatic the recovery is fuelled principally by the organised of these months (January, February, July, and But this situation should not lull the govern-
presence to ensure difficulties faced by Indians are swiftly addressed. sector, while the large unorganised sector may have August), the retail inflation rate was above the ment into complacency. Remember that India’s
neither gained much from the revival nor contribut- upper band of tolerance, set at 6 per cent. This is domestic crude oil production has remained flat
ed to it. But even otherwise, a GDP growth rate of why the RBI’s Monetary Policy Committee has and is hovering at 27-28 million tonnes in the last
7 per cent in a year of turmoil is a commendable maintained a pause on any further hike in interest two years. There are no signs of a pickup in domes-
Grappling with politicians achievement for a large economy like India. rates since it last raised the repo rate to 6.5 per cent
Government finances have been kept under con- in February 2023.
tic crude oil production in 2023 as well and the
policy of encouraging oil exploration has not yet
trol. The Centre’s fiscal deficit was to be reined in In many ways, all these parameters for the yielded results. This is the right time for a fresh
Govt move to suspend WFI is timely at 6.4 per cent of GDP for 2022-23, down from 6.7 Indian economy are not surprising. The big sur- review of why such policies have not made an
per cent in 2021-22. When the actual numbers came prise of 2023 is the way the international crude oil impact so far. This is also an opportunity for the

T
he government has spared the Indian sporting world’s blushes by mov- out, the deficit for last year turned out to be lower market has behaved during this year. Note that government to introduce much-needed pricing
ing swiftly to suspend the new Wrestling Federation of India (WFI). at 6.36 per cent, partly because of a higher nominal India’s dependence on international crude oil has reforms in this sector. State-owned oil-refining and
This follows a travesty of an election that saw 13 of the 15 seats in the size of the economy. The performance in the first been on the rise and imported crude oil met as distribution companies enjoy pricing freedom only
half of 2023-24 has been better. Against the annual much as 88 per cent of the country’s total con- on paper. Now that all of them are earning profits,
governing body’s committee filled with associates of Brij Bhushan
target of 5.9 per cent, the deficit at the end of sumption during the first eight months of the government should give them pricing freedom.
Sharan Singh, the Bharatiya Janata Party’s (BJP’s) Member of Parliament (MP) September 2023 was estimated at 4.9 per cent. 2023-24. This was 87 per cent in 2022-23 and lower That will also help revive the idea of privatising a
from Kaiserganj in Uttar Pradesh. Mr Singh is fighting a court case against alle- Even the states have performed creditably by at 85 per cent in 2021-22. few of the state-controlled oil companies.
gations of sexual harassment brought by six women wrestlers. The new panel
won 40 of the state wrestling federation votes against seven for the challenger,
Commonwealth Gold medallist Anita Sheoran. The government’s contention
was that the new WFI remained under the control of the former office bearers
and that its business was being conducted out of the site of some of the alleged
incidents. The new (and now suspended) president, Sanjay Kumar Singh, who
Connecting India, connecting with India
I
describes his predecessor as an “elder brother”, had announced that the Under- t is the holiday season and one third of and challenging logistics. Even getting to the air- of which is so widely visible in all parts of the air-
15 and Under-20 nationals would take place in Uttar Pradesh’s Gonda, which is Consumer India is on an aircraft. Most likely port through city traffic and navigating the entry line; or can we attribute it to what the button on
Mr Singh’s turf. Now, the government has suggested that the Indian Olympic seven of 10 travellers are taking an IndiGo and security check queues is harrowing. DigiYatra their uniform says: “girl power”?
Association (IOA) constitute an ad hoc committee to manage the WFI. flight. This column is a year-end salute to an Indian is great until it randomly refuses to recognise you. IndiGo experiments all the time, titrating ser-
The government’s action, permitted under the national sports code, was brand that is amazing at so many levels — even Will this “efficiency contract” we make with IndiGo vices offered as if it’s all one giant laboratory exper-
though it does sometimes feel like it is in the hos- hold if they start flying late or signalling “we don’t iment. For example, till recently, “fast forward”
long overdue. It came after the government conspicuously distanced itself from
tility business, making us stand caged in buses know” behaviour like announcing endless creeping fees made your luggage come first. But after too
the months-long public protests by some of India’s star wrestlers, including while they finish cleaning their aircraft. delays in half an hour slots (as experienced last many malfunctions in different airports, it got
Olympic bronze medallist Sakshi Malik and Bajrang Punia, alleging serial sexual Real brands like IndiGo exist beyond the narrow week)? In all probability we will revolt. replaced with the benefit of “anytime boarding”.
harassment by Brij Bhushan Sharan Singh, the powerful politician who had held confines of their industry boundaries and shape IndiGo also understands the Indian psyche very In the old days, consumers lauded consistency and
the post of WFI president since 2012. Ms Malik has announced her decision to the larger world they live in. For starters, IndiGo well, and has shown how the Indian mentality of saw frequent changes as an irritant but now we
retire from the sport after the latest elections. These moves, while addressing an has actually managed to discipline wanting the moon for six pence can are an action-craving culture and see it as a sign
immediate controversy, are unlikely, however, to solve the deeper problem that an undisciplined, argumentative, be tackled. Deal making is in the of constant effort at forward movement. On a
afflicts sports administrations in India — the deep-seated nexus with powerful queue-cutting people into a com- DNA of both Brand IndiGo and recent delayed flight, they experimented with food
pliant, rule-obeying lot. And they Indian consumers. We love the pre- thalis served to each passenger where they were
politicians that makes various federations cesspools of corruption and under- have done it, not with force and sumed bargaining power that seated. Forgoing on-board sales and offering free
performance. Today, for instance, six of the 12 major sporting federations are muscle but with staff that is mostly comes with deal making. Excess food were a first for IndiGo! When asked how come,
headed by politicians or their close relatives. The football federation is a good mild, young, and largely female. baggage booked in advance gets a the staff replied “of course we had to, Mumbai air
example of the problem. In 2022, the body had attracted censure from the global Queues are orderly and rule-abid- much lower rate than at the check- traffic delayed you so much”. Uncle Scrooge adds
governing body Fédération Internationale De Football Association (Fifa) after ing. No amount of pleading can in counter. They provide price-ben- a heart at Christmas time to his brand image,
the Nationalist Congress Party’s Praful Patel outstayed his term as president waive excess baggage fees. “Jaante efit (performance) options galore while being teflon!
without fresh elections. After elections were held, a BJP politician became the hain hum kaun hain” doesn’t cut and we feel empowered and spoilt We teach MBA students the brand laddering
any ice. Passengers in emergency RAMA BIJAPURKAR for choice. Extras like leg space, framework of “attributes laddering into conse-
president, although he passes muster as a former footballer.
exit rows are calmly harangued shorter queues, out-of-turn board- quences laddering into values”. Lower-order brands
This state of affairs attracted little attention earlier, when India was a minor and disciplined by a young crew member to look ing, and guaranteed meal choices come with indi- stop at attributes or consequences. The old favourite
sporting nation on the global stage. Now, as the country grows more prosperous, up from their gadgets until the briefing is done, vidual price tags. It is a “no frills” airline offering example used to be Nirma — cleans well and eco-
Indians become consequential participants in a range of international sporting and verbally answer (nodding won’t do) questions frills to those who want frills. But knowing what a nomically (attribute), balances my budget and makes
events. As a result, these weaknesses are proving damaging in more ways than on language for the briefing and willingness to frill is and what a functionality is is their speciality, me a sensible housewife (consequence), is messiah
one. Wrestlers have been among standout performers in international events and help in an emergency and comprehension. I dread unlike many multinationals that consequently of the masses (value). Today it is IndiGo. Gets you
the country has taken pride in the successes of its women wrestlers. But as an that one day a quiz may follow. burnt their fingers. We witnessed a passenger ask- there efficiently/cheaply flies from even small places
What gives the brand such power distance? ing for a “fragile” sticker to be put on his bag. The (attributes) — makes me more productive to earn
investigation report of their allegations against the Kaiserganj MP revealed, the
(Power distance, a concept articulated by Dutch young lady behind the counter looked him in the more/now even I can fly (respective consequences)
association did not even have the mandatory sexual harassment complaints com- anthropologist Geert Hofstede, being the extent to eye and seriously explained that they did not do — is messiah of aspiring India (value).
mittee. This is true of most sporting federations. With the government’s timely which those without power accept the right of fragile stickers any more because “we treat every Hopefully, like many Indian brands, the com-
move, the ball is now in the court of the IOA and former athlete P T Usha, its first those with power to have it.) It is the “efficiency bag as fragile and handle it with care”. A co-traveller plexity of scaling and the speed at which they are
female head, to ensure that the WFI fulfils its primary function of nurturing sporting contract” that users make with it, voluntarily hand- wryly observed that not printing fragile stickers doing it do not make them lose their centering.
talent in a safe and non-toxic environment. Meanwhile, the government would do ing over to them the power to enforce our good was their latest cost-saving ploy. Probably true, but
well to update the sports code, barring politicos from sporting bodies. behaviour in exchange for the benefits of efficiency they deserve an A+ for such a brand-reinforcing The writer is a business advisor in the area of
we get in return. IndiGo has consistently been an story and for training the troops in storytelling. Is customer-based business strategy, a thought leader,
island of high efficiency in a world of exhausting there some secret sauce in their training, the magic and a researcher on India’s consumer economy

The pioneering prose of a New Journalist
demonstrates. As she points out in The
World According to Joan Didion, it
takes an astute, silent observer and
immense control of one’s craft to
transform a piece titled “San Francisco
Job Hunt,” slated “to be intended as a
BOOK REVIEW self-help/travel piece for young
women interested in West Coast,” into
SAURABH SHARMA “an investigation of gender inequity”.
Ms McDonnell, a Californian like
bend in the river where the
cottonwoods grow’. As it happened, I
did not grow up to be the kind of
woman who is the heroine in a
Western, and although the men I have
known have had many virtues and
have taken me to live in many places I
have come to love, they have never
been John Wayne, and they have never
taken me to that bend in the river
ask questions.” Dissecting a classic
Didion sentence, “To sit by the Royal
pool and read The New York Review of
Books is to feel oneself an asp,
disguised in a voile beach robe,” Ms
McDonnell can’t
help but marvel at
her choice of words.
Hemingwayesque in
tone, Didion’s
Didion, then there’s not enough that’s
new in Ms McDonnell’s book; most of
the information is already supplied in a
documentary Didion’s nephew Griffin
Snake, etc, the book reveals the core of
the mythic Didion. Ms McDonnell’s
assessment of Didion is perceptive.
Though it’s undeniable that many
Dunne made for Netflix, The Center notice Didion’s style, her “belletrist”
Will Not Hold (2017). and rhythmic form of writing, it’s
Although there are many fresh crucial to underline that far too few
anecdotes in this book, it fails to people focus on the fact that she’s
captivate because the writer seeks to be desperately trying to locate herself.
defensive about For this neurotic writer, it was
The World According
to Joan Didion
Didion. On the essential to find order in the scheme of
other hand, things, which is why she wrote. Or as
Author: Evelyn when she Ms McDonnell puts it wonderfully:
McDonnell appears to be “She recorded what was in her mind,

J
oan Didion, who died on December
23, 2021, is the pioneering figure of
“New Journalism” era in America.
But she was also a fashion icon, who
often wore big sunglasses on her
petite frame, and who once posed for
the photographer Julian Wasser
rather expressionlessly standing
before a Corvette Stingray, holding a
cigarette in her right hand, looking
remarkably angelic.
But Didion was so much more than
the sum of these parts, as this latest
biography by Evelyn McDonnell,
Didion, brings her distinct feminist
sensibilities to recreate the time
Didion inhabited or helped shape.
Often mimicking Didion’s style (which
occasionally irks), Ms McDonnell takes
the reader through Didion’s agrarian
roots, her fear of snakes, and her
obsession and dream to be with
someone tender yet masculine— such
as John Wayne.
About Wayne, Didion famously
wrote, “Heard him tell the girl in a
picture called War of the Wildcats that
he would build her a house, ‘at the
where the cottonwoods grow. Deep in
that part of my heart where the
artificial rain forever falls, that is still
the line I wait to hear.” That’s vintage
Didion, leveraging memories as
material and desires as lede to
formulate an argument, present a
picture, and begin a story that would
unfold as she writes it.
Ms McDonnell seeks to deconstruct
the writer for her fans. She notes that
though Didion would “retreat behind a
screen of pages” the reporter in her
surfaced soon enough to “look around,
prose was chiselled Publisher: Fourth critiquing not her reality. ‘Remember what it was
to uncover “a Estate, an imprint of Didion, her to be me: that is always the point.’” This
deeper, and often HarperCollins arguments are is why for writers this book will still
unstable, core”, Ms lubricated with unfold differently. The word on the
McDonell says.
Pages: 243 contemporary, street is that Didion is a writer’s writer.
Often emotive, Price: ~599 self-serving “Narrative was her expertise and her
her sentences were wokeness. enemy,” as Ms McDonnell writes. That
framed to exercise What does sounds hard to accept for someone
the brute freedom that writers have work in Ms McDonnell’s favour, who “chose every word with
to impose “oneself upon other people, however, is the structure of this book. machinelike precision” and had
of saying listen to me, see it my way, Divided into 14 chapters, all of which mastered the “functional economy
change your mind, as she wrote in are titled with things, beings, and of public prose”. But that was Didion
Why I Write. words associated with Didion, for for you: An unsettling dual-natured
If, like me, you are obsessed with example, Gold, Notebook, Stingray, beast of a writer.
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EM Strategy, Goldman Sachs

Active funds set to flex muscles BEL hits 52-week high,

joins top 50 mcap club
on broad-based profit growth DEEPAK KORGAONKAR
Mumbai, 26 December
IN ELITE COMPANY
Bharat Electronics
Active largecap funds post improved performance in 2023; mid and smallcaps stumble (mcap in ~ cr)
Shares of public sector enterprise
140,000
ABHISHEK KUMAR
Mumbai, 26 December
TAKING STOCK Bharat Electronics (BEL) surged to
a 52-week high of ~184.5 apiece on
133,001
Average active fund returns vs index 120,000
Tuesday after it received plum

46.2
Return (%) n 1-year n 3-year n 5-year

A
ctively managed funds, espe- orders worth ~678 crore. 72,550

43.2
100,000

40.1
cially those with greater flex- The government-owned aero-

37.2

36.3
ibility to invest in stocks across space and defence electronics com-

34.2
80,000

30.8
sectors and market capitalisations — pany finally closed at ~181.95 on the

28.8
such as multicap and flexicap — can BSE, an impressive 4.1 per

25.6
60,000

23.3

22.5

21.8
21.9
20.9
outperform other schemes in 2024 if cent increase. Dec 26,’22 Dec 26,’23

19.0
18.8
the prevalent trend in corporate earn- The stock had a trading volume

ings and profit growth sustains,
according to analysts.
“Corporate profits are mean-revert-
ing to higher levels. Also, the decade-
long trend of profit concentration is
reversing. For investors, opportunities
of alpha creation go up with relatively
undiscovered names garnering larger
profit shares,” ASK Private Wealth said
in a recent report.
In the last one year, flexicap funds
have delivered 27 per cent return on
an average. Multicap funds have gen-
erated 33 per cent return. However,
their performance was overshadowed
by smallcap and midcap funds. The
two offerings have garnered the
majority of flows in 2023 on the back
of their performance.
Performance-wise, the key high-
light of 2023 was the comeback of
active largecap fund managers,
who managed to deliver improved per-
formance on the back of a broad-
based rally.
Active largecap funds, which have
the toughest job in terms of outper-
forming the benchmark, did better in
2023 as their bets in the mid and small-
cap stocks paid off.
During the one-year period, almost
50 per cent of the active largecap
schemes have delivered higher returns
N LISTING WRAP N
ILLUSTRATION: AJAY MOHANTY
than the most popular passive offering
in the largecap space — Nifty 50 index
funds and ETFs.
“With earnings growth back to a
larger cross-section of companies and
sectors, the opportunity to generate
alpha has gone up. Run up in stocks of
sectors like industrials, capital goods
and hospitality, which are under-rep-
resented in the index due to poor per-
formance over the past decade, gave a
leg up to fund managers. They had
allotted higher weighting to these sec-
tors ahead of time due to high convic-
tion,” said Sailesh Raj Bhan, chief
investment officer (CIO), equity,
Nippon India MF.
Active largecap fund managers face
bigger challenges in their pursuit of
alpha compared to those managing
smallcap or midcap schemes. Among
them are a limited set of stocks, negli-
gible pricing anomalies or information
16.3
16.1
Active BSE 100
largecap TRI
funds
Source: Value Research
asymmetry that help certain fund
managers make outsized gains.
However, in 2023, it is the active
midcap and smallcap funds that
have lagged.
Experts attribute the underper-
formance to multiple factors such as
the underperformance of largecap
allocations and a sharp rally in some
sections of the market where active
fund managers have limited exposure.
Passive funds tracking the Nifty
Midcap 50 and Nifty Smallcap 50 have
topped the one-year returns chart (as
of December 24) of the respective cat-
egories. They have delivered 48 per
cent and 60 per cent returns, respec-
tively. Compared to the broader index
S&P BSE 150 MidCap Total Return
Index (TRI), 28 per cent of the active
funds have outperformed. In the
smallcap space, 41 per cent of the
active funds have done better than the
Active BSE 150 Active
midcap MidCap Smallcap
funds TRI funds
S&P BSE 250 SmallCap TRI, shows
data from Value Research.
“Alpha generation is typically cycli-
cal in nature over the shorter run. In
CY23, we have seen very broad-based
performance across mid and smallcap
stocks. This has primarily led to under-
performance of mid and smallcap
funds in general as the fund portfolios
are typically smaller in terms of cov-
erage of the segment,” said Harsha
Upadhyaya, CIO-Equity, Kotak
Mahindra AMC.
Overall, the smallcap space, fol-
lowed by midcaps, delivered the high-
est return. Some analysts expect the
momentum to shift towards largecap
stocks next year.
“Largecaps can be the flavour of the
market in 2023 followed by midcaps,
if the foreign flows remain strong,”
said Mukesh Kochar, national head of
wealth at AUM Capital.
of 3.78 million shares on the BSE.
With the above orders, BEL has
cumulatively received orders to the
tune of ~26,613 crore in this financial
year. With Tuesday’s gains, BEL
BSE 250 stock is up over 83 per cent in the
SmallCap past year and has joined the top 50
TRI most-valued listed companies in
terms of market capitalisation
(mcap). With ~1.33 trillion, BEL is the
49th largest company in terms of
mcap, according to BSE data, ahead
of Hindustan Zinc, Hindalco, Power
Finance, IRFC, Britannia, Tech
Mahindra and IndusInd Bank.
Reliance Industries tops the list
with a mcap of ~17.43 trillion.
Out of the orders that BEL
bagged on Tuesday, the company
signed a contract valued at ~445
crore with the Uttar Pradesh govern-
ment for the next generation UP Dial
112 project.
The remaining ~233 crore worth
of orders pertains to
Communication Display Units,
Thermal Imaging cameras and other
miscellaneous spares and services.
The company said this will have the
participation of electronics and
associated industries including
MSMEs, which are sub-vendors of
BEL. The equipment manufactured
by BEL is part of the ‘Atmanirbhar
Bharat’ programme. The company
has also received additional orders
Infosys stock declines after
$1.5 bn AI deal termination
AGENCIES
26 December RIPPLE EFFECT
Infosys intraday (Price in ~)
Shares of Infosys fell as Change 1,570
much as 2.6 per cent on 1,562.0 -1.1% 1,560
Tuesday after the com-
pany said that an 1,544.5 1,550
unnamed global com- 1,540
pany, which had signed a
$1.5 billion deal focused 1,530
on artificial intelligence 1,520
solutions, decided to ter- Dec 22,’23 Dec 26,’23
minate its memorandum Source: Bloomberg
of understanding (MoU)
with the IT giant.
The reason for the cancellation of the deal was not
disclosed by the company. Infosys said it had plans to
enhance digital experiences and provide business oper-
ation services, utilising the company’s platforms and
artificial intelligence (AI) solutions.
Recently, Infosys announced that it had won a five-
year deal from auto parts distributor LKQ Europe.
Its other recent large deals include a $1.64 billion
deal with London-based Liberty Global for five years.
The cancellation of the deal highlights the uncertain
economic condition in the global economy, which has
impacted the IT sector’s performance.
This comes just two weeks after Nilanjan Roy, the
company’s former CFO, resigned.
Its other recent large deals include a $1.64 billion
deal with London-based Liberty Global for a five-year

AT ~4,643 CRORE, FUNDRAISING VIA worth ~86.15 crore on miscellaneous

spares and services.
period. The total contract value that Infosys signed in
Q2 FY24 was $7.7 billion. Though the TCV’s of all the

Motisons sizzles; SME IPOs HITS RECORD HIGH IN 2023 The order pipeline remains
strong in defence, non-defence
and exports, ICICI Securities said in
major IT firms have been growing well, the transforma-
tion into strong revenue growth was not evident.
Shares of the IT giant had gained about 6.7 per cent

Muthoot, Suraj The initial public offerings of small and

medium enterprises (SME IPO) hit a new record
in 2023. This year, 181 companies raised ~4,643
and Investment Services. Ambareesh Baliga,
an independent equity analyst, said many SME
IPOs this year have become multi-baggers.
a note. during the quarter and 1.8 per cent year-to-date.

Estate fizzle
BS REPORTER
Mumbai, 26 December
Motisons Jewellers made a
strong debut on the bourses on
Tuesday, while stocks of Suraj
Estate Developers and
Muthoot Microfin ended the
session at a discount to their
issue price.
Motisons Jewellers opened
the session at ~104, an 89 per
cent premium to its issue
price. The stock ended the ses-
sion at ~101.2, an 84 per cent
gain. Post listing, the company
has a market capitalisation of
~996 crore.
The ~151 crore initial public
offering (IPO) saw subscrip-
tions worth 173 times. The
company priced its issue
between ~52 and ~55 per share.
The company raised ~36
crore from anchor investors.
Motisons plans to utilise
the funds raised through this
IPO to repay debts and fund
its working capital require-
ments. Meanwhile, Suraj
Estate Developers made a
tepid debut on the bourses.
The stock was listed at ~343.8,
a decline of 4.5 per cent and
ended the session at ~334.3 a
drop of 7 per cent. The ~400
crore IPO was subscribed 16.5
times. Suraj Estate is a real
estate developer focusing on
projects in the South Central
Mumbai region.
It focuses on value luxury,
Innova Captab
IPO subscribed
55x on last day
The initial public offer (IPO) of
integrated pharmaceutical
company Innova Captab
received 55.26 times
subscription on the last day of
bidding on Tuesday.
The ~570 crore initial share
sale got bids for 50,16,67,683
shares against 90,78,010
shares on offer, according to
NSE data. PTI
luxury, commercial segments
and redeveloping tenanted
properties. Since the compa-
ny’s inception in 1986, it has
completed 42 projects and 13
ongoing projects.
The stock of Muthoot
Microfin, which had the big-
gest issue size amongst the
three listed firms on Tuesday,
ended its debut session at an
8.5 per cent discount.
The ~960 crore IPO com-
prised a fresh issue portion of
~760 crore and an offer for sale
of ~200 crore. The IPO was
subscribed 12.3 times.
A part of the Muthoot
Pappachan Group, Muthoot
Microfin focuses on
providing microloans to
female customers.
crore through the SME IPO route, according to "Those who invested in this segment had
Markets rally for 3rd Sebi bars five
data sourced from Prime Database.
The previous all-time high was in 2018,
made good money in the last 12-18 months, it
was natural for other investors to flock to this
ex-staffers
day on firm trend
when 141 companies raised ~2,287 crore. space,” said Baliga.
The record-breaking number of SME IPOs in
2023 is attributed to retail enthusiasm
To bring down speculative activity, SME
stock exchanges came with graded of Fedders
bolstered by strong after-listing surveillance measures (GSM) and
performances. The high net-worth
individuals (HNIs) and savvy
introduced new guidelines for those
seeking to move to the mainboard. in Asian equities Electric from
investors initially shifted their focus The SME platform was securities mkt
to SME IPOs because the mainboard introduced in 2012, operates PRESS TRUST OF INDIA
IPOs had dried up at the beginning separately from the mainboard, Mumbai, 26 December
WINNING RUN Capital markets regulator
of the year. and adheres to different rules. Sensex intraday Securities and Exchange
While there were no mainboard The minimum application size for Stock markets closed with 71,500 Board of India (Sebi) has
IPOs in the first two months of this year, the SME issues is around ~1 lakh, compared to gains on Tuesday, extending 71,107.0 imposed a penalty of over ~4
71,400
SME exchanges saw 21 issues during the same ~15,000 for the mainboard issues. The higher the winning run to the third crore on five former officials
period. The returns delivered by SME IPOs ticket size was intended to discourage retail day on the trot after 71,300 of Fedders Electric and
attracted more investors. investors, but it has ceased as a deterrent as buying in HDFC Bank and 71,336.8 71,200 Engineering Ltd (FEEL) and
The BSE SME IPO index, gauge tracking most investors are comfortable placing bids Reliance Industries. 0.3% barred them from the secu-
71,100
companies in the BSE SME platform, has risen worth ~1 lakh or more. The 30-share BSE Sensex Change rities market for two years in
93 per cent on a year-to-date (YTD) basis. “The number of people applying for SME climbed 229.84 points or 0.32 71,000 a case of malpractices and
According to data from Prime Database, 59 IPOs was smaller in the past because of the per cent to settle at 71,336.80. Dec 22,’23 Dec 26,’23 manipulations in the compa-
Source: Bloomberg, exchange
of the 181 SME IPOs are trading at 100 per cent minimum lot size. But it is increasingly ceasing During the day, it jumped Compiled by BS Research Bureau ny’s accounts. Also, they
premium of their issue prices as of Friday. And to be a deterrent. Investors should tread this 364.33 points or 0.51 per cent have been restrained from
109 are trading 20 per cent above their issue space carefully as one is doubtful how many of to 71,471.29. ing in anticipation of aggres- holding position of a director
price. "If you got allotment, the chances of these companies will generate long-term Index heavyweights sive US Fed rate cuts in 2024. or key managerial personnel
money doubling or tripling is very high," said wealth for investors,” Baliga added. HDFC Bank and Reliance And Indian equities too are in any listed company.
Arun Kejriwal, Founder of Kejriwal Research SUNDAR SETHURAMAN Industries contributed experiencing a surge despite Individually, the six individ-
around 120 points to the premium valuations driven uals penalised by Sebi are —
AT A NEW PEAK 181 rally. The broader Nifty by reversed FIIs inflows amid Akhter Aziz Siddiqi, who was
advanced 91.95 points or 0.43 global risk-on,” said Vinod CFO-cum-whole time direc-
n No. of SME IPOs n Issue amount (~ cr)
per cent to 21,441.35 with 41 Nair, Head of Research, tor, member of the audit
141 of its constituents ending in Geojit Financial Services. committee (AC) and in-
133
109 the green and nine closing Among the Sensex firms, charge of finance and
with losses. NTPC rose the most by 2.44 accounts at FEEL; Sham
In the three sessions to per cent. Mahindra & Sunder Dhawan, who was
67 59 Tuesday, Nifty gained 291 Mahindra advanced by 1.65 whole time director and
43 51 points or 1.37 per cent while per cent, Wipro by 1.59 per signed financials of FEEL for
35 40
27 Sensex rose by 1.17 per cent cent, Kotak Mahindra Bank 2007-08 to 2016-17, Bindu
14 or 830 points. by 1.35 per cent, Tata Steel by Dogra and Ritushri Sharma
Power, utilities, banking, 1.27 per cent, and Asian — who were independent
oil and gas and commodities Paints by 1.24 per cent. directors of FEEL and were
102 335 267 260 537 1,679 2,287 624 159 746 1,875 4,643 shares attracted buying Bharti Airtel, Power Grid, part of the AC for 2013-14 to
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 while IT and tech shares suc- Titan, Reliance Industries 2017-18 — and Bharat Raj
Source: Prime Database cumbed to selling. and HDFC Bank also Punj, who was part of pro-
“Global markets are rally- advanced. moters of company. PTI

THE COMPASS

Bharat Forge rides on diverse product mix, customer base
KRISHNA KANT
Base=100
140
Bharat Forge, the Pune-based
Bharat Forge automotive component
maker, has been one of the
top-performing companies in
120
its segment.
The company’s stock price is up
Sensex 39.3 per cent since the beginning of
the 2023 calendar year, surpassing
100 other leading automotive
component makers such as Bosch
and Samvardhana Motherson
International.
80 The stock also outperformed
Dec 30,‘22 Dec 26,’23
the benchmark BSE Sensex, which
Source: Exchange is up 17.3 per cent year to date so far.
Compiled by BS Research Bureau The rally has been driven by
investors’ expectations of
continued growth in Bharat
Forge's bread-and-butter business
of automotive forgings and a faster
ramp-up of volumes in its
relatively newer segments such as
defence, mining, and aerospace.
Analysts believe Bharat Forge's
diverse product portfolio and
customer base provide it with
better growth visibility compared
to many of its automotive-focused
peers. “With its diverse presence,
Bharat Forge is better placed than
in its previous cycles to benefit
from the ramp-up in domestic and
export of passenger and
commercial vehicles, and a
Y-o-Y to 17.8 per cent of revenues in
the second quarter, benefitting
from lower metal prices.
healthy outlook for industrials demand commentary was mixed. overseas subsidiaries,” wrote an In comparison, the company's
with strong order wins in The outlook for the India analyst at Motilal Oswal Financial standalone net profit was up 29 per
segments such as defence, business remains positive while Services post the company's cent Y-o-Y to ~346 crore in Q2FY24,
aerospace, mining, and overseas business growth is Q2FY24 results. while net sales were up 20.7 per
agriculture,” wrote analysts at Yes anticipated to remain flattish. Analysts at Prabhudas cent Y-o-Y to ~2,250 crore during
Securities post the company's This is significant as nearly Lilladher cut their FY24E earnings the quarter.
results for the July-September two-thirds of Bharat Forge's for Bharat Forge by 7 per cent due The operating margins at its
2023 quarter. revenues either come from exports to a miss on revenue and margins standalone business were up
The brokerage expects a from its Indian operations or its at its overseas subsidiaries. around 70 basis points Y-o-Y to
healthy ramp-up in its defence subsidiaries in the European Bharat Forge's consolidated net 28.8 per cent in the second quarter.
business during the rest of FY24. Union, North America, and China. profit was up 55.7 per cent to Bharat Forge is currently
While the company's This has led brokerages to trim ~227.23 crore, driven by higher trading at a trailing price-to-
standalone volumes were up at a their forward earnings. volumes and nearly a 150 basis earnings multiple of 85.3X and a
healthy 15 per cent year-on-year “We cut our Bharat Forge points improvement in operating price-to-book value of 8X, making
(Y-o-Y) in Q2FY24, and earnings per share estimate for margins due to gains from lower it one of the most expensive stocks
consolidated net sales were up 22.7 FY24 and FY25 by 8 per cent and 3 metal prices. in the automotive space, given its
per cent Y-o-Y in the quarter, per cent respectively to factor in a The consolidated operating subpar returns on its equity of
brokerages say that the overall slower-than-expected ramp-up in margins were up 150 basis points 9.5 per cent.
 NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 STOCKS 11 <

IN THE
> STOCK
> J Kumar Infraprojects > Bharat Dynamics > Solara Active Pharma Sciences

NEWS Top gainer amongst

A group of
Hits new all time
high on BSE at
Trading volume
jumps 16x over OF THE DAY
companies ~1,725 2-week average AstraZeneca
~494.4 PREVIOUS CLOSE ~1,573.1 PREVIOUS CLOSE ~330.4 PREVIOUS CLOSE Pharma India
~593.2 CLOSE ~1,694.2 CLOSE ~376.2 CLOSE Hits new all-time high at
p 20.0% UP p 7.7% UP p 13.9% UP ~5,740, Up 71 per cent YTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
26 Dec ’23 Chg (%) Con Std 26 Dec ’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 2865.5 2.0 0.9 133.6 158.6 ITC 456.5 0.3 5.8 29.7 28.5 BSE NSE price price (%) price price (%)
Adani Ports 1028.8 0.1 0.8 35.1 280.2 JSW Steel 852.3 -0.4 1.2 22.5 24.0 2,400 1,400 MOST BULLISH MOST BEARISH
Mazagon Dock 2332.1 2288.7 8.0 2332.1 2483.0 RBL Bank 259.6 260.6 -4.4 209.9 131.6
Apollo Hosp 5633.2 1.7 0.6 98.9 82.5 Kotak Mah Bank 1886.9 1.4 2.8 21.8 29.0 Tata Chem 1101.9 1094.2 7.0 1101.9 1110.9 Zomato 124.3 125.0 -2.7 98.6 44.4

2,341

1,320
Asian Paints 3383.4 1.3 1.6 64.1 65.1 1,800 1,050 Delta Corp 146.3 145.3 0.7 Britannia 5210.1 5236.0 -0.5 Aarti Inds 635.0 633.2 5.8 635.0 635.0 Manapp Finance 170.3 171.9 -2.7 125.3 101.2
L&T 3490.1 0.3 4.9 39.1 51.4
Axis Bank 1094.3 0.5 3.2 31.2 28.6 India Cement 262.5 261.3 0.4 Hero MotoCorp 4051.6 4067.5 -0.4 Cochin Ship 1390.0 1374.4 5.5 1390.0 1390.0 PVR Inox 1656.0 1657.5 -2.5 1567.0 1336.5
LTIMind 6259.7 0.5 0.6 41.8 42.9

1,626

902
Bajaj Auto 6464.6 1.5 0.8 26.7 28.5 Mah & Mah 1662.3 1.7 1.7 20.1 22.2
1,200 700 Oberoi Relty 1406.7 1400.8 0.4 Chola Inv 1241.3 1245.3 -0.3 Laurus Labs 436.5 435.4 4.9 436.5 436.5 Bank of India 109.1 109.5 -2.1 86.4 66.1
Jubilant Fd 572.5 570.2 0.4 Colgate 2449.8 2456.0 -0.3 Divis Lab 3898.3 3861.6 4.5 3898.3 3949.0 Jubilant Fd 569.3 570.3 -1.9 486.1 412.2
Bajaj Fin 7162.3 -1.8 2.0 38.5 38.4 Maruti Suzuki 10270.7 0.5 1.4 37.8 27.8
Bajaj Finsrv 1645.3 -1.6 1.1 35.4 223.9
600 350 GMR Infra 74.3 74.0 0.4 Au Small Fin 767.7 769.6 -0.2 HAL 2830.0 2822.1 4.4 2850.0 2850.0 Sun TV Net 709.1 711.1 -1.8 577.6 394.0
Nestle India 25562.1 0.8 0.9 - 83.0
Bharti Airtel 999.9 1.0 2.6 74.5 - Adani Green En 1630.0 1599.9 4.3 1699.4 2185.3 Bajaj Fin 7147.5 7163.0 -1.8 6937.2 5487.3
NTPC 309.6 2.2 1.5 17.8 16.6 0 0 BSE NSE HPCL 392.1 384.2 4.1 396.0 396.0 Muthoot Finance 1446.3 1450.5 -1.6 1170.1 911.4
BPCL
Britannia
451.6
5236.0
1.1 0.5 46.0 3.6
1.5 0.6 49.7 53.9
ONGC 207.4 1.7 1.1 7.4 8.4 Advance Decline Advance Decline Index Stock Index Stock PUT-CALL RATIO Bharat Elctn 184.5 182.0 4.1 184.5 184.5 PAYTM 630.0 631.7 -1.6 592.9 502.7
Power Grid 233.4 0.7 1.1 14.1 14.2 Deepak Nitrt 2487.6 2474.4 4.0 2487.6 2487.6 LIC India 780.1 781.4 -1.5 597.7 530.2
Cipla 1245.0 0.8 0.7 29.1 34.0
Reliance Ind 2578.1 0.5 9.1 25.5 40.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
India Cement 262.0 261.3 3.8 275.4 275.4 Bajaj Finsrv 1638.0 1647.7 -1.4 1521.1 1216.1
Coal India
Divis Lab
366.1
3863.5
0.8 0.9 8.0 15.0
4.6 0.5 56.2 77.9
SBI 638.1 0.2 2.5 8.3 9.2 BSE MIDCAP BSE SMALLCAP Contracts
Open Int.(000)
931
7
-
-
437322
20399
3042573
8689507
Market 2769.7 4545.0 0.6 IOC 128.5 128.0 3.5 128.5 128.5 Piramal Entp 900.0 902.8 -1.3 851.4 630.2
SBI Life Ins 1395.3 0.1 0.6 - 75.8 80 480 NMDC 204.9 201.8 3.3 204.9 204.9 Oracle Fin 4147.0 4159.0 -1.3 3870.0 2959.7
Dr Reddys 5632.2 0.1 0.7 18.5 24.5 Shares(In Mn) - - 15.1 5279.8 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1247.5 0.3 1.4 35.0 407.1 Chambal Fert 372.4 371.3 3.3 372.4 372.4 Chennai Petr 676.3 681.7 -1.3 475.2 199.0
Eicher Motor 4040.4 0.9 0.6 30.9 33.7 60 360 Value(~ crore) 69 - 39725 241277

275
414
Tata Consumer P 1007.4 1.5 0.6 73.4 89.9 Bajaj Auto 1.3 Ipca Labs 0.2
Grasim Ind 2069.6 1.1 0.8 20.0 90.8
Tata Motors 719.6 -0.7 1.3 15.6 54.2 67 240
OPTIONS
Shree Cement 1.1 Dalmia Bharat 0.2
* Ranked on the basis of percentage gain/loss on previous close

33
HCL Techno 1458.2 -0.3 1.6 25.6 34.1 40 Contracts 1847087 - 430938490 6846128
Hindalco 1.1 Apollo Tyres 0.3
Tata Steel 135.2 1.2 1.1 - 67.4
HDFC Bank
HDFC Std Life
1682.5
638.0
0.7 13.1 27.8 24.5
-0.3 0.7 100.3 93.6 TCS 3795.6 -0.7 3.9 31.1 33.2 20 120
Open Int.(000)
Shares(In Mn)
1466
-
- 642913
- 15080.1
6671714
9284.0
UltraTech 1.0 Page Inds 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1282.0 0.5 0.8 34.8 41.8 Nestle India 1.0 SBI Life Ins 0.3
Hero MotoCorp 4067.5 3.3 0.5 28.9 23.6 Value(~ crore) 132922 - 36394552 551386 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 579.9 1.6 0.9 12.9 46.9 Titan Company 3656.7 0.8 1.6 99.9 95.4 0 0 BSE+NSE BSE+NSE
UltraTech 10018.7 0.5 1.2 50.8 52.1 Advance Decline Advance Decline 1 Reliance Ind 1743854.0 BS200 DOWN 7 DAYS
HUL 2584.8 0.4 2.4 60.0 59.3 (~ crore) (Mn shrs)
ICICI Bank 995.1 0.1 7.1 20.5 18.7 UPL 586.1 0.8 0.3 23.7 33.0 ACTIVE CALLS ACTIVE PUTS Mazagon Dock 2054.3 9.1
2
3
TCS
HDFC Bank
1388482.1
1277809.5 UP 7 DAYS Indergri Fin -27.8
IndusInd Bank 1570.8 0.5 1.1 - 14.7 Wipro 470.1 1.6 0.7 21.1 26.3 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Voltas 13.1 Envair Ele -23.4
HDFC Bank 1542.5 9.2 4 ICICI Bank 697973.1
Infosys 1544.0 -1.2 5.7 25.8 26.4 Nifty 50 21441.4 0.4 100.0 24.7 28.5 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ICICI Bank 1439.7 14.5 5 Infosys 641035.5 DOWN Peeti Sec -15.3
INDEX PE SHRS TRDS 1 YR Index Index 6 HUL 607547.8 SBI Life Ins -5.1 NECC -13.5
Wipro 1378.0 29.5
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Finance
26/12/23
26/12/23
21300
21250
1386.2
1380.7
9.8 479.0
8.5 811.9
Nifty Finance
Nifty Finance
26/12/23
26/12/23
21250
21200
1380.6
1216.3
10.2
7.6
1292.2
412.4
IREDA 1105.5 107.8
7
8
SBI
ITC
569344.9
569074.5
UP 3 DAYS JMD Ventures -13.2
SENSEX 25.7/29.3 7.7 203 23 7 17.8 Infosys 1095.9 7.1 Hind Copper 18.6 Manaksia Coat M -13.2
Asian Paints 3383.0 1.2 1.8 64.1 65.1 Maruti Suzuki 10273.7 0.6 1.6 37.8 27.8 Nifty Finance 26/12/23 21350 687.3 4.4 266.5 Nifty Finance 26/12/23 21150 577.8 3.5 230.0 9 Bharti Airtel 561868.8
Axis Bank 1094.3 0.6 3.7 31.2 28.6 NIFTY 50 24.7/28.5 219.5 5698 42 8 19.0 Chambal Fert 12.7 Sunshine Cap -13.1
Nestle India 25558.5 0.8 1.1 - 82.9 Nifty Finance 26/12/23 21400 451.6 4.4 76.3 Nifty Finance 26/12/23 21100 393.9 3.7 126.9 Bharat Elctn 1029.3 56.5 10 LIC India 494235.5
C = CONSOLIDATED; S = STANDALONE Laurus Labs 12.3
Bajaj Fin 7163.0 -1.8 2.3 38.5 38.4 NTPC 309.7 2.3 1.7 17.8 16.6 Nifty Finance 26/12/23 21200 384.7 1.9 40.0 Nifty Finance 26/12/23 21300 331.8 2.2 115.3 Reliance Ind 986.3 3.8 UP 3 DAYS
11 L&T 479608.0
Bajaj Finsrv 1647.7 -1.4 1.2 35.4 224.3 Power Grid 233.3 0.7 1.3 14.1 14.2 Cochin Ship 12.3 Starteck Fin 72.8
CASH DERIVATIVES Stock Stock Castrol 924.2 52.9 12 Bajaj Fin 442670.3
Bharti Airtel 999.5 1.0 3.0 74.4 - Reliance Ind 2577.5 0.5 10.5 25.5 40.4 TURNOVER BSE NSE BSE NSE IOC 28/12/23 130 87.5 8.3 -11.6 Vodafone Idea 28/12/23 13 64.3 61.9 -1.7 13 HCL Techno 395663.7 GAIL 11.8 Brady & Morr 40.6
Bajaj Fin 905.7 1.3
HCL Techno 1458.1 -0.3 1.8 25.6 34.1 SBI 638.0 0.2 2.9 8.3 9.2 VALUE(IN ~ CRORE) 6419 80435 132991 37226940 Vodafone Idea 28/12/23 14 69.2 111.1 -3.8 IOC 28/12/23 125 17.8 3.7 8.0 14 Kotak Mah Bank 374919.6 Deepak Nitrt 11.7 Gallantt Ispat 37.2
IRFC 876.6 89.5
HDFC Bank 1683.1 0.7 15.1 27.8 24.5 SHARES(IN MN) 912.0 3782.2 - 29659.0 Bharat Elctn 28/12/23 185 59.9 4.2 199.2 Wipro 28/12/23 460 17.5 2.0 -42.7 15 Axis Bank 337390.1 Tata Chem 10.7
Sun Pharma 1246.4 0.2 1.6 35.0 406.8 Cochin Ship 871.7 6.4 Valson Inds 32.2
HUL 2585.8 0.4 2.7 60.0 59.3 TRADES(000) 3880 30643 - 105476 Vodafone Idea 28/12/23 13 58.0 38.5 -10.9 Wipro 28/12/23 450 17.1 3.4 73.2 16 Adani Enter 327043.2 DOWN
Tata Motors 719.7 -0.7 1.5 15.6 54.3 Tata Chem 850.0 7.9 Wonder Electric 31.2
ICICI Bank 995.1 0.1 8.3 20.5 18.7 Bharat Elctn 28/12/23 180 55.2 3.3 -36.3 SBI 28/12/23 640 16.8 2.1 -18.1 17 Titan Company 324557.5 PVR Inox -5.1
Tata Steel 135.2 1.3 1.3 - 67.4 Kotak Mah Bank 845.4 4.5 Balmer Lawr 28.5
IndusInd Bank 1571.4 0.6 1.2 - 14.7 MARKET-CAP (~ CR) TRADED TOTAL 18 Asian Paints 324492.6 Bajaj Fin -4.4
Infosys 1544.5 -1.1 6.6 25.8 26.4 TCS 3794.6 -0.8 4.6 31.1 33.2
HFCL 817.4 96.2 19 Maruti Suzuki 310346.4 Themis Medi 28.0
Tech Mahindra 1281.2 0.5 1.0 34.7 41.7 BSE 35,873,713 36,585,491 Others
ITC 456.2 0.2 6.7 29.7 28.5
JSW Steel 851.4 -0.4 1.4 22.5 24.0 Titan Company 3655.8 0.9 1.8 99.9 95.4 NSE 35,469,669 36,212,791 SPURT IN VOLUMES RBL Bank
GAIL
744.7
731.8
27.8
47.3
20
21
NTPC
Sun Pharma
300305.9
299036.8
UP 7 DAYS
DOWN 3 DAYS
Maagh Advertisi -14.3
UltraTech 10021.1 0.6 1.4 50.8 52.1 DERIVATIVES 24,094,793 24,094,793 Times Gurnty 130.4
Kotak Mah Bank 1886.4 1.3 3.3 21.8 29.0 Company Days 2-week Avg Change Close *Price 22 UltraTech 289297.7
BHEL 725.5 39.9 Kesar India -14.3
L&T 3489.2 0.4 5.7 39.1 51.4 Wipro 470.1 1.6 0.8 21.1 26.3 Volume Volume % price %chg 23 Bajaj Finsrv 262882.6 Utcrfs2Dmp 94.8
Mah & Mah 1661.7 1.6 2.0 20.1 22.2 BSE SENSEX 71336.8 0.3 100.0 25.7 29.3 TRADING ACTIVITY Solara Active P 4375656.0 84848.9 5057.0 376.1 13.9
Bharat Dyn
NLC India
719.3
701.5
4.3
28.9
24 Avenue Supermar 261723.6 Shree Hari C 54.2 HCP Plastene -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 ONGC 260726.3 Evertex 40.7 Bajel -14.2
Laxmi Cotspin 3370588.0 72398.1 4555.6 28.1 15.2 NMDC 679.1 33.6
Equity Debt Equity Debt 26 Adani Green En 253429.0 Omnitex Ind 40.6 Shuubham Poly -14.2
Net Net Net Net S K S Textiles 153000.0 4333.3 3430.8 13.1 -0.8 SBI 667.2 10.4 27 Nestle India 246434.6
WORLD INDICES On 22 Dec -576 2240 - - Indo-National 192424.0 7106.5 2607.7 840.5 19.8 Axis Bank 630.2 5.8 28 Wipro 245537.7
BN Holdings
Aayush Food
40.6
40.6
Howard Htl
Yash Innoventur
-14.2
-13.4
On 21 Dec -1311 453 2047 -1522 Simbhaoli Sugar 6392886.0 302859.9 2010.8 33.6 19.4 IRCTC 627.6 7.2 29 Tata Motors 239103.7
Indices Close % Chg* Indices Close % Chg*
On 20 Dec 2007 156 3773 -1691 Themis Medi 1198254.0 72070.0 1562.6 218.9 20.0 30 Coal India 225586.7 (T+2) cycleStocks which rose/fell continuously
HAL 621.8 2.2
Americas Asia/Pacific (Dec 26,23) On 19 Dec 1860 1252 950 276 Alkyl Amines 988992.0 63725.1 1452.0 2567.6 11.4
S&P/ TSX Composite (Dec 22) 20881.2 0.6 Taiwan Taiex 17751.7 0.8 On 18 Dec 1787 2156 1209 -1256 Chemcon Sp Chem 1327486.0 95087.1 1296.1 302.8 8.2
Dec till date 46993 17876 21181 -6712
Nasdaq Composite (Dec 22)
Dow Jones (Dec 22)
14993.0
37386.0
0.2
-0.1
Jakarta Composite (Dec 22)
Stock Exchange of Thai
7237.5
1413.5
0.4
0.3 2023 till date 162766 67487 171679 -88630
Max India
Goa Carbon
1089661.0
814887.0
80366.2
61122.9
1255.9
1233.2
160.8
561.5
10.8
0.9
BOARD MEETINGS INTRA-DAY
Europe/Africa Kospi 2602.6 0.1 Group meeting of the pany is sched- deeds and 5. Any other
DAX (Dec 22) 16706.2 0.1 Straits Times 3140.0 0.0 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company Board of uled on things as may business with
Purpose Directors of the 27/12/2023 be required in the permission
IBEX 35 (Dec 22) 10111.9 0.1 Kuala Lumpur Comp 1450.8 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock DECEMBER 27 Company is inter alia to con- connection with of the chair
FTSE 100 (Dec 22) 7697.5 0.0 Shanghai Se Comp 2898.9 -0.7 NET Net Fut OI Opt OI OI Alfred Herbt: scheduled on sider and ap- the issue or incidental and
HIGH *IOC . . . . . . . . . . . . . . . 128.5 *Mercury Labs . . . . . . 1000.0 *CPSE-ETF . . . . . . . . . . . 66.6
CAC 40 (Dec 22) 7568.8 0.0 Volatility BS 200 Others Rajapal Mill . . . . . . . . . 938.0 ALFRED HER- 27/12/2023 prove To discuss allotment of ancillary to
On 22 Dec 13934 7402 0.3 4.2 2.9 LOW
Asia/Pacific (Dec 26,23) CBOE S&P 500 (Dec 22) 13.8 5.8 On 21 Dec -23215 -1872 0.3 3.6 2.9 LTIMind . . . . . . . . . 6290.0 *Benares Htl . . . . . . . 8940.0 *NESCO . . . . . . . . . . . . 923.0 BERT (INDIA) inter alia to con- about the issue equity shares on the above busi-
BS 200 LTD.has sider and ap- of Warrants to preferential ness.
Nikkei 225 33305.9 0.2 CBOE Dow Jones (Dec 22) 11.9 -1.6 On 20 Dec -38840 6419 0.3 4.4 3.0 *Hero MotoCorp . . . . 4077.0 *Bayer CropSn . . . . . . 5746.4 *AGI Infra . . . . . . . . . . . 900.8
NONE informed BSE prove the the tune of Rs. basis to non- South Ind Bk:
Hang Seng (Dec 22) 16340.4 -1.7 * Change over previous close On 19 Dec 10518 -853 0.3 5.1 2.9 *HDFC AMC . . . . . . . 3289.0 *Astrazen Ph . . . . . . . 5740.0 *Brady & Morr . . . . . . . 866.8
Others that the alteration of the 100 Crores Con- promoters SOUTH
On 18 Dec -20640 -1420 0.3 4.9 2.9 Deepak Nitrt . . . . . . . 2487.6 *Inox Wind Energ . . . 5375.1 *Indo-National . . . . . . . 842.2
*Paushakltd . . . . . . . 5649.0 meeting of the object clause of vertible into 2. To provide an INDIAN BANK
*ABB Power India . . . 5273.9 Intell Des Aren . . . . . . . 829.7
MAJOR INDICES Dec till date
2023 till date
-337040
-812064
14607
28941
-
-
-
-
-
-
*Colgate . . . . . . . . . . . 2465.6
*Torrent Phar . . . . . . . 2288.2 *Dynamatic T . . . . . . . 5188.0 *Gandhi SpTbs . . . . . . . 795.1
*HDFC Liquid . . . . . . . 1000.0 Board of Direc- the company Equity shares update on the LTD.has in-
*Ravalgaon S . . . . . . . . 942.7 tors of the Com- and other nec- Kings Infra: visit of Kings formed BSE that
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Cummins (I) . . . . . . . 2045.5 *Bharat Bijle . . . . . . . 4674.1 *NDR Auto Co . . . . . . . 787.5
Wherrelz IT Sol . . . . . . 120.7 pany is essary agendas Kings Infra Team to Shang- the
*Cochin Ship . . . . . . . 1390.0 Gujarat Fluoro . . . . . . 3655.0 *Praveg Communic . . . 783.5
*Innokaiz India . . . . . . . 91.2 scheduled on mentioned in Ventures hai and Zhanji- meeting of the
S&P BSE Sensex 71,107.0 71,097.8 71,471.3 71,012.1 71,336.8 229.8 0.3 *Tata Consumer P . . . 1017.0 *Kalyani Inv . . . . . . . . 3550.0 *Godawari Pwr . . . . . . 743.6
SEL Mfg . . . . . . . . . . . . . . 72.6 27/12/2023 the attached no- Limitedhas ang Board of
*Voltas . . . . . . . . . . . . . 968.7 *Keltech Enrgy . . . . . 3191.5 *Gulf Oil Lub . . . . . . . . . 739.0
S&P BSE Sensex 50 22,345.3 22,355.8 22,488.1 22,331.7 22,451.8 106.5 0.5 S&P BSE SECTORAL INDICES *Macrotech Devlp . . . . 954.9 *BEML . . . . . . . . . . . . . 2896.0 *WAA tech . . . . . . . . . . 730.4
*Adhbhut Infra . . . . . . . . 53.8
09Agg . . . . . . . . . . . . . 47.3
inter alia to con- tice. informed BSE 3. To discuss the Directors of the
*Birlasoft . . . . . . . . . . . 746.0 *Aurionpro Sl . . . . . . . 2279.2 *Axiscades Engg . . . . . 690.8 sider and ap- GHCL: GHCL that the Business plan Company is not limited permitted or a lotment of Con- alia to consider 28/12/2023 inter
S&P BSE-100 21,976.7 22,005.8 22,120.0 21,974.0 22,087.6 111.0 0.5 Prev cls Close % Chng Ad-Manum . . . . . . . . . . . 40.1
*Sun TV Net . . . . . . . . . 731.9 *Endurance Tech . . . . 1864.9 *Tiger Logistic . . . . . . . 687.0 prove LIMITED has in- meeting of the and Launch date scheduled on through Rights combination vertible equity and approve Issue alia to consider
S&P BSE-200 9,452.9 9,469.6 9,516.7 9,455.5 9,502.6 49.6 0.5 Raj Rayon . . . . . . . . . . . . 20.2 Appointment of formed BSE Board of of King Bento 27/12/2023
Auto 40,478.2 40,847.4 0.9 *DLF . . . . . . . . . . . . . . . 723.0 *Waaree Renewabl . . 1845.0 *Kirloskar Oil . . . . . . . . 672.3 Issue/Public thereof) share warrants and Allotment of and approve Inti-
*Octal Credit . . . . . . . . . 15.0 Mr. Ashish Pod- about Board Directors of the 4. To discuss inter alia to con-
S&P BSE-500 30,123.5 30,191.2 30,316.6 30,141.2 30,277.2 153.7 0.5 Bankex 53,550.0 53,851.9 0.6 Aarti Inds . . . . . . . . . . . 635.0 *Bharat Dyn . . . . . . . . 1725.0 *MSTC . . . . . . . . . . . 670.7 Issue/Private Titan Intech: DECEMBER 28 960000 equity mation under
*Dhruv Wellness . . . . . . 13.1 dar as an Ad- Meeting to be Company is and take neces- sider and ap-
Cons. Durables 49,247.4 49,561.3 0.6 Hindalco . . . . . . . . . . . . 580.9 *JB Chemicals . . . . . . 1639.8 *Surya Roshni . . . . . . . 665.0 Placement/Pref- Titan Intech Kapil Cotex: shares on prefer- Regulation 29 of
S&P BSE IPO 12,502.8 12,521.7 12,521.7 12,396.6 12,437.4 -65.4 -0.5 Miragee Hangse . . . . . . 13.0 ditional held on 27 Dec scheduled on sary steps ap- prove a
Cap. Goods 54,342.9 54,786.2 0.8 Wipro . . . . . . . . . . . . . . 475.7 *Newgen Soft Tec . . . 1509.3 *Banco Prod . . . . . . . . . 664.5 erential Issue Ltdhas informed KAPIL COTEX ential basis SEBI (Listing Obli-
*SICL . . . . . . . . . . . . . . . . 8.6 Director (Non- 2023 to consider 27/12/2023 prove ratify and proposal to aug-
FMCG 19,837.9 19,965.9 0.6 Laurus Labs . . . . . . . . . 436.5 *Caplin Point . . . . . . . 1428.9 *Strides Pharma . . . . . 662.0 and/or Qualified BSE that the LTD.has Panorama Studio: gations and Dis-
S&P Dollex-30 7,021.6 - - - 7,040.2 18.6 0.3 GACM Techno . . . . . . . . . . 7.8 Executive Inde- ESOP. inter alia to con- complete the ment capital by
Healthcare 30,748.7 31,095.1 1.1 Chambal Fert . . . . . . . . 372.4 Tide Water . . . . . . . . . 1420.0 *Shyam Metalics . . . . . 627.3 Institutional meeting of the informed BSE that Panorama Stu- closure
*Kallam SPG . . . . . . . . . 7.3 pendent GV Films: GV sider and ap- formalities for way of issue of
Nifty 50 21,349.4 21,365.2 21,477.2 21,329.5 21,441.4 91.9 0.4 Infra 464.6 470.1 1.2 *Coal India . . . . . . . . . . 371.8 *Intern Comb . . . . . . . 1414.7 *NINtec Sys . . . . . . . . . 622.0 Placement Board of the dios International Requirements)
Manipal Fin . . . . . . . . . . . . 6.0 Director) FILMS LTD.has prove the equity shares or
IT 36,201.9 36,013.8 -0.5 *Hind Copper . . . . . . . . 238.2 *Tega Inds . . . . . . . . . 1219.0 *Assoc.Cerami . . . . . . . 605.3 (QIP)/Further Directors of the meeting of Ltdhas informed Regulations 2015 -
Nifty next50 51,944.0 52,201.1 52,483.3 52,113.2 52,434.9 490.9 0.9 *Kaarya Faciliti . . . . . . . . 4.0 Ascensive Edu: informed BSE 1. To constitute disbursement of any other secu-
Metal 25,935.9 26,176.2 0.9 *NMDC . . . . . . . . . . . . . 204.9 *Dolphin Off. . . . . . . . 1208.4 *J Kumar Infr . . . . . . . . 593.2 Public Offer Company is the Board of BSE that the Board Meeting of
Bansisons Tea . . . . . . . . . . 3.8 Ascensive Edu- that the a Committee enhanced facil- rities and to de-
Nifty 500 19,054.7 19,095.0 19,173.8 19,059.4 19,148.9 94.2 0.5 Oil & Gas 22,485.8 22,811.6 1.4 Bharat Elctn . . . . . . . . . 184.5 *Dhanuka Agri . . . . . . 1088.6 *W H Brady . . . . . . . . . 591.0 (FPO) or any scheduled on Directors of the meeting of the Directors sched-
*Ambition Mica . . . . . . . . 3.5 care Ltdhas in- meeting of the and to delegate ities from Pun- termine the
Power 5,693.2 5,762.8 1.2 *Manapp Finance . . . . 177.6 *Control Prnt . . . . . . . 1008.9 *KPT Indu . . . . . . . . 583.8 other permis- 27/12/2023 inter Company is Board of Directors uled to be held on
India VIX 13.7 13.7 15.0 13.7 14.7 1.0 7.1 *Muzali Arts . . . . . . . . . 0.9 formed BSE that Board of Direc- the powers to jab National mode of issue
PSU 15,106.5 15,324.5 1.4 *GAIL . . . . . . . . . . . . . . 157.8 *Mirae -ET . . . . . . . 1000.0 *Fmcgietf . . . . . . . . . 577.9 sible mode/ap- alia to consider scheduled on of the Company is Thursday i.e. 28th
Nifty CPSE 4,732.2 4,764.1 4,841.0 4,757.5 4,819.7 87.5 1.8 Realty 6,028.5 6,045.1 0.3 the tors of the Com- do all such acts Bank. (including but propriate route and approve Al- 28/12/2023 inter scheduled on December 2023
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
85 per cent of the volume of categories of information are 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 (598.2) (598.5) (4761.3) (4759.0)
m ~50 H ~2 Open 600.1 600.0 4744.7 4771.4
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 635.0 635.0 4823.7 4824.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 600.0 599.4 4744.7 4747.3
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 633.2 633.1 4768.9 4771.4
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 144K 4809K 3645 121K
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 51.6 51.5 83.6 83.6
company name is followed by shares traded, and also the 52 Wk H/L 635/438 635/438 4953/2663 4957/2663
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 22952 22950 101053 101105
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Adani Power Aditya Bir Fa m H m mH H  « « « « m m « H
(22578.2) (22604.0) (2091.1) (2090.8) (2807.4) (2808.4) (1027.6) (1027.5) (511.8) (512.5) (219.8) (219.8)
O 22552.7 22600.0 2097.1 2099.9 2817.0 2817.0 1036.0 1034.1 518.0 515.5 220.5 220.7 O O
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w 22250.0 22239.1 2093.4 2092.6 2799.7 2800.1 1026.2 1026.1 510.0 510.1 219.5 219.5 w w
22445.4 22452.6 2113.3 2113.6 2868.8 2865.5 1028.0 1028.8 512.2 511.7 220.8 221.1
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44.1 44.1 33.0 33.0 133.8 133.6 35.0 35.1 9.6 9.6 - -
W 24725/19900 24744/19900 2488/1594 2488/1592 3899/1017 3898/1017 1102/395 1102/395 589/133 589/132 293/184 293/184 W W
M 47696 47712 39686 39690 327043 326661 222053 222225 197533 197360 20952 20981 M M

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(6365.8) (6372.1) (7295.3) (7295.3) (1671.4) (1672.1) (2499.4) (2501.6) (388.8) (388.9) (234.8) (234.8) (223.6) (223.6) (1623.4) (1620.9) (582.5) (583.2) (174.9) (174.8) (1201.6) (1201.8) (989.3) (989.5) (178.3) (178.3) (246.2) (246.3) (740.8) (741.2) (21621.9) (21633.9) (446.4) (446.6) (5159.4) (5161.1)
O 6372.4 6379.9 7302.1 7325.0 1671.1 1675.0 2507.4 2510.0 391.9 391.4 235.6 236.0 O 222.4 222.9 1619.2 1620.9 585.4 586.0 178.4 178.0 1200.0 1205.1 996.3 995.0 O 179.9 179.5 247.7 248.0 744.0 742.4 21631.6 21644.4 447.1 448.0 5159.4 5155.0
6478.8 6475.0 7344.1 7344.0 1683.6 1684.0 2550.0 2552.7 391.9 392.0 237.2 237.2 226.7 226.7 1625.0 1626.7 589.0 589.0 184.5 184.5 1230.0 1230.0 1002.6 1002.5 184.3 184.3 252.1 252.0 746.0 746.0 21926.1 21998.0 456.4 456.5 5242.7 5244.5
w 6370.1 6370.1 7147.5 7145.3 1638.0 1637.1 2495.4 2486.7 387.1 387.3 233.2 233.1 w 222.4 222.9 1608.1 1608.6 582.6 582.4 178.0 178.0 1200.0 1202.1 989.8 989.7 w 178.8 178.7 247.7 247.8 730.3 730.0 21605.0 21563.0 444.4 444.5 5150.4 5146.0
6463.7 6464.6 7163.0 7162.3 1647.7 1645.3 2514.5 2514.9 388.5 388.3 235.4 235.0 225.2 225.4 1617.9 1619.5 588.1 587.8 182.0 182.0 1225.3 1227.0 999.5 999.9 182.3 182.2 250.9 250.7 734.5 734.7 21878.0 21905.9 452.0 451.6 5236.5 5236.0
5731 302K 29898 1226K 41547 1296K 1581 130K 39492 1379K 177K 6304K 830K 9215K 9274 198K 14517 510K 3780K 52736K 70739 769K 28166 2461K 2120K 37757K 109K 3586K 39425 1545K 651 10747 282K 11488K 5031 574K
26.7 26.7 38.4 38.4 35.4 35.4 48.5 48.5 16.6 16.6 14.9 14.9 6.9 6.9 71.5 71.5 70.4 70.4 40.2 40.2 47.9 48.0 74.4 74.5 1441.3 1440.9 60.4 60.4 53.5 53.5 30.4 30.4 3.6 3.6 49.7 49.7
W 6485/3522 6487/3520 8190/5487 8192/5486 1742/1216 1741/1215 2680/1912 2683/1909 486/350 486/349 272/182 272/182 W 230/147 230/147 1770/1381 1771/1381 679/440 680/439 185/87 185/87 1230/744 1230/744 1046/736 1046/736 W 190/66 190/66 280/192 280/192 746/250 746/250 22300/16366 22244/16366 482/314 483/314 5269/4154 5270/4153
M 182895 182921 442670 442630 262883 262508 48604 48613 7835 7831 37913 37848 M 116433 116536 20793 20814 68555 68520 133002 133002 57050 57127 561869 562094 M 63460 63443 30117 30093 20252 20259 64518 64601 98050 97963 126146 126134

BSEH Can Fin HomeH Canara Bank CDSL 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
(-) (2319.9) (764.5) (764.5) (426.1) (426.0) (-) (1836.9) (301.6) (301.8) (359.6) (359.8) (1250.3) (1250.8) (1235.3) (1235.6) (146.6) (146.4) (363.2) (363.3) (1302.7) (1301.4) (6289.0) (6290.2) (2405.9) (2406.6) (833.2) (832.4) (1230.1) (1231.1) (2013.0) (2013.2) (529.3) (529.3) (2193.9) (2194.2)
O - 2333.0 770.0 774.0 426.3 428.0 - 1852.0 303.8 303.0 361.4 361.0 O 1251.4 1250.0 1238.7 1240.0 146.5 146.0 363.9 363.8 1308.0 1307.8 6292.2 6300.0 O 2406.0 2406.7 836.5 835.0 1250.1 1231.1 2014.0 2013.2 530.0 530.0 2235.2 2220.2
- 2362.4 783.6 784.0 430.7 430.6 - 1872.6 304.4 304.6 372.4 372.3 1260.9 1262.2 1250.8 1250.0 150.1 150.1 371.8 371.8 1390.0 1390.0 6341.5 6342.7 2465.6 2464.9 852.3 852.4 1267.0 1266.4 2045.5 2044.9 534.6 534.8 2262.8 2263.8
w - 2300.1 769.6 769.1 424.7 424.6 - 1838.0 299.5 299.2 359.5 359.2 w 1237.6 1235.0 1231.9 1231.9 146.0 145.8 362.5 362.5 1287.6 1292.7 6244.9 6245.0 w 2400.0 2397.4 831.2 831.0 1227.9 1227.4 2005.9 2004.2 528.9 529.0 2203.6 2201.6
- 2310.6 774.6 775.0 425.1 425.4 - 1851.1 300.1 300.0 371.3 371.2 1244.9 1245.3 1245.4 1245.0 148.9 149.0 366.1 366.1 1374.4 1374.5 6273.4 6276.1 2455.9 2456.0 841.7 841.8 1262.1 1263.2 2026.6 2027.2 530.5 530.6 2240.5 2239.1
- 684K 23228 631K 368K 3498K - 577K 28026 1367K 163K 4920K 14640 1136K 94664 820K 345K 3845K 799K 11910K 437K 5990K 4637 257K 5518 189K 60819 876K 11443 175K 9062 551K 63318 1655K 3730 259K
- 43.2 15.7 15.7 5.8 5.8 - - 45.1 45.1 12.2 12.2 34.5 34.6 29.1 29.1 11.7 11.7 8.0 8.0 38.8 38.8 56.1 56.2 56.9 56.9 43.6 43.6 18.4 18.4 42.5 42.5 53.5 53.6 40.6 40.6
W -/- 2595/406 905/509 910/509 455/269 455/269 -/- 1988/881 350/251 349/251 372/249 372/248 W 1284/658 1273/658 1283/852 1284/852 182/120 182/120 372/208 372/208 1390/411 1390/410 6529/3565 6530/3565 W 2466/1435 2465/1435 879/555 880/555 1288/839 1267/838 2045/1353 2045/1350 597/504 597/504 2429/1675 2431/1672
M - 31286 10313 10319 77110 77173 - 19343 19212 19206 15454 15448 M 104522 104555 100543 100511 11028 11031 225587 225587 18078 18080 38688 38704 M 66799 66803 51282 51288 37155 37189 56176 56193 94005 94022 42021 41993

N H « H H H  M « « H Glenmark« GMDCH GMR Airports« GNFC « 

(838.5) (839.3) (407.5) (407.6) (74.7) (74.7) (731.4) (731.2)
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852.0 852.0 416.4 416.5 75.6 75.6 754.0 754.0
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843.4 844.0 411.2 411.4 74.0 74.0 750.3 750.7
27119 822K 120K 2755K 1301K 13692K 50403 995K
- - 13.0 13.0 - - 12.7 12.7
W W W 879/370 880/369 450/123 450/123 79/36 80/36 763/484
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12
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1
.
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 13 <

EMPLOYEES' PROVIDENT
FUND ORGANISATION
(MINISTRY OF LABOUR & EMPLOYMENT,
GOVT. OF INDIA)
HEAD OFFICE : Bhavishya Nidhi Bhawan, 14-Bhikaji Cama place, New Delhi-110066 www.epfindia.gov.in

E-tender for Appointment of Portfolio Managers for managing EPFO's Corpus.

The Employees' Provident Fund Organisation (EPFO) invites electronic tenders/e-bids from
Portfolio Managers registered with the Securities and Exchange Board of India (SEBI) for
appointment as Portfolio Managers for managing EPFO's corpus. Interested Parties, which
satisfy the eligibility criteria, are requested to submit their bid(s) electronically in the prescribed
proforma alongwith the necessary enclosures as detailed in the Request for Proposal (RFP).
Complete details of the tender are available on www.epfindia.gov.in at tender section as well as
https://gem.gov.in/.
Last date of submission of e-bids is 15.01.2024 upto 11:00 a.m.
Sd
(Vipin Kumar Sharma)
Add. Central P.F. Commissioner (IMC)
Email id query.imc@epfindia.gov.in
CBC 23109/12/0002/2324
14
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1
Punjab State Container and Warehousing Corporation Ltd.
(CONWARE): Chandigarh
E-TENDER NOTICE
REFERENCE NO. CONWARE/CFS/Plot 2/ Repairs/2023-24/01
Punjab State Container and Warehousing Corporation Ltd. (CONWARE) invites e-Tenders
(Terms of Reference) by way of single stage, two cover system from experienced and
professional entities for procurement of 'Project Development and Management
Consultancy Services' for repairs/maintenance of existing Container Freight Station (CFS)
situated at Dronagiri Node, Plot 2, Sector 2, Navi Mumbai, Maharashtra State.
Closing Date and Time: Upto 1500 Hours on 18.01.2024
For details log onto: http://eproc.punjab.gov.in
Note: Any corrigendum/s to the e-Tender Notice shall be published on the above website
only.
ACCTS/12/3/2023/30950 Managing Director

PUBLIC NOTICE
Notice is hereby given to the public at large that mr
sudershan kumar Malhotra s/o late Shri mulkh raj
malhotra resident of B4/78 Safdarjung enclave New
Delhi-29 and owner of plot no C-71 south city-II
Gurgaon had expired on 16 November 2021 leaving
behind Ms Asha malhotra, Mr Sanjay Kumar malhotra
and Mrs Sana baktoo only legal heirs,however
members of public are hereby notiied that if anyone
having any adverse claim in respect of said plot of
whatsoever nature are hereby advised to place their
claim within one month from present publication and
contact B4/78 Safdarjung enclave New Delhi-29 with
appropriate written evidences. Please note that
claims received without written evidences will not be
considered.
SANJAY MALHOTRA
9810153359
.
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 15 <

Whereas,
The undersigned being the Authorized Officer of the YES BANK Limited (“the Bank”) under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest [Act], 2002 (54 of 2002)] and in exercise of powers conferred under section 13 (12) read with Rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice dated June 21st, 2023 calling upon the borrower and mortgagor M/s. ATS Realworth Private Limited,(“Borrower/
Mortgagor”) to repay the amount mentioned in the notice being Rs. 1,125,588,199.82/- (Rupees One Hundred and Twelve Crores Fifty Five Lacs Eighty Eight
Thousand one Hundered and Ninety Nine and Eighty Two Paisa), as on June 19, 2023 with future interest, charges, cost and incidental expenses, thereon at the
contractual rates upon footing of compound interest until payment/ realization, within 60 days from the date of receipt of the said notice.
The Borrower/Mortgagor having failed to repay the amount, notice is hereby given to the Borrower/Mortgagor and the public in general that the undersigned has
taken possession of the property as described herein below, in exercise of powers conferred upon him under sub-section (4) of Section 13 of the Act, read with rule
8 of the Security Interest (Enforcement) Rules, 2002 on this 21st day of December of the year 2023.
The Borrower/Mortgagor and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the
charge of the Bank for an amount of Rs. 1,125,588,199.82/- (Rupees One Hundred and Twelve Crores Fifty Five Lacs Eighty Eight Thousand one Hundered and
Ninety Nine and Eighty Two Paisa), as on June 19, 2023 with future interest , charges /costs and incidental expenses thereon at the contractual rates upon footing
of compound interest till the date of inal payment is made to the Bank.
The Borrower’s/Mortgagor’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
FREEHOLD UNDER CONSTRUCTION GROUP HOUSING PROJECT NAMELY Project Phase I-”ATS Grandstand” and Phase 2 “Rainbow Park” at Sector-99 A, Gurgaon*,
total land admeasuring 14.026 acres located at sector - 99A, Village Gopalpur, Gurugram, Haryana. Hereinafter be referred as the said property.
Sr. Extent/
Kanal Marla Description Boundaries
No Area
1. 56,665 10.00 19.25 Khewat/Khata No- 280/331, Mu No-46, Kila No- 25/2, Khewat/Khata No-223/ 257, 291/342, 303/354, Mu No-
Sq/ mt 48, 1/2, 1/3, 10/1, 11, 12/2, 18/3, 10/2 and 19/1 total admeasuring to 10 Kanal and 19.25 Marla located at Village
(approx) Gopalpur, TehsiI/District Gurgaon/Gurugram
11.00 5.25 Khewat/Khata No- 281/332, Mu No 48, Kila No- 12/3, 12/4, 12/5, 18/2, Khewat/Khata No- 223/257, 291/342,
303/354, Mu No- 48, Kila No- 1/2, 1/3, 10/1, 11, 12/2, 18/3, 10/2, 19/1 total admeasuring to 11 Kanal and 5.25
Marla located at Village Gopalpur, Tehsil/District Gurgaon/Gurugram
0.00 10.00 Khewat/Khata No- 287/338- Mu No 46, Kila No- 23/2/2, 24/3, 25/4 total admeasuring to 0 Kanal and 10
Marla located at Village Gopalpur, Tehsil/District Gurgaon/Gurugram
2.00 2.62 Khewat/Khata No- 223/257, 291/342, 203/354, Mu No- 48, Kila No- 1/2, 1/3, 10/1, 12/2, 18/3, 10/2, 19/1,
Khewat/Khata No- 283/334 Mu No 47, Kila No- 21/2, Khewat/Khata No. 225/259, Mu No- 48, Kila No- 1/1, Mu
No-49, Kila No- 5/3 total admeasuring to 2 Kanal and 2.62 Marla at village Gopalpur, Tehsil/ District Gurgaon/
North: Vacant Land,
Gurugram Yes Bank Limited
Regd.Off: Yes Bank House, Off Western Express Highway,
13.00 10.00 Khewat/Khata No- 58/62, Mu No- 46, Kila No- 21, 22/1/1 total admeasuring to 13 Kanal and 10 Marla located South: Internal Road Santacruz East, Mumbai–400055
at village Gopalpur, Tehsil/District Gurgaon/Gurugram Branch Office: Plot No. 85 to 88, First Floor, Chawri Bazar,
West: Vacant Land Delhi-110006 website: www.yesbank.in
7.00 0.25 Khewat/Khata No- 223/257, 291/342, 303/354- Mu No- 48, Kila No- 1/2, 1/3, 10/1, 11, 12/2, 18/3, 10/2 and 19/1
total admeasuring 7 Kanal and 0.25 marla at Village Gopalpur, Tehsil/District- Gurgaon/Gurugram
East: Vacant Land Sale notice for sale of immovable properties
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction
7.00 11.00 Khewat/Khata No- 285/336- Mu No46, Kila No- 24/2, 25/1 total admeasuring to 7 Kanal and 11 Marla at of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8 (6)
of the Security Interest (Enforcement) Rules, 2002
Village Gopalpur, TehsiI/District Gurgaon/Gurugram Notice is hereby given to the public in general and in particular to the Borrower (s) and
12.00 8.00 Khewat/Khata No- 286/337- Mu No49, Kila No- 4/2, 3 and 4/1 total admeasuring 12 Kanal and 8 Marla at Guarantor (s) that the below described immovable property mortgaged/charged to the Secured
Creditor, the physical possession of which has been taken by the Authorised Officer of Yes Bank
Village Gopalpur, Tehsil/ District Gurgaon/Gurugram Ltd. i.e.Secured Creditor, will be sold on “As is where is”, “As is what is” on January
12,2024, for recovery of Rs. 1,41,68,416.79/- (Rupees One Crore Forty One Lakh Sixty
7.00 3.00 Khewat/Khata No- 77/86, Mu No- 46, Kila No- 20, Khewat/Khata No- 59/ 63, Mu No- 46, Kila No- 11/2, 12/1/2, Eight Thousand Four Hundred Sixteen and paise Seventy Nine Only) due on August 27,
19/2 total admeasuring to 7 Kanal and 3 Marla at Village Gopalpur, Tehsil/District Gurgaon/Gurugram 2022 subject to further interest and charges at contracted rate, due to the Secured Creditor from
(1) M/s Kashish Paper Distributor (Borrower),through its Proprietor Mr. Sanjay Jain (2) Mr.
8.00 8.00 Khewat/Khata No- 297/348, Mu No 46, Kila No- 19/1, Khewat/Khata No- 279/330, Sanjay Jain (Guarantor & Mortgagor) (3) Mrs. Shikha Jain (Guarantor & Mortgagor). The
Mu No- 46, Kila No- 12/2, 13/1, 13/2, 19/2 total admeasuring 2 Kanal and 16 Marla located at Village Gopalpur, reserve price will be Rs. 61,57,000/- (Rs. Sixty One Lakh Fifty Seven Thousand Only) and
the earnest money deposit will be Rs. 6,15,700/- (Rs. Six Lakh Fifteen Thousand Seven
Tehsil/ District Gurgaon/Gurugram Hundred Only).
2.00 16.00 Khewat/Khata No- 297/348, Mu No-46, Kila No- 19/1, Khewat/Khata No- 279/330, Description of property
Mu No- 46, Kila No- 12/2, 13/1, 13/2 total admeasuring 2 Kanal and 16 Marla located at Village Gopalpur, Residential Flat No. 201, Second Floor, consisting one D/D, three bedrooms, Two
Toilets/bathrooms, kitchen & balcony having super covered area 1708 Sq. Ft. Approx. in “Himalaya
Tehsil/ District Gurgaon/Gurugram Tower” in Khasra No. 537, situated at Mohiuddinpur, Kanwani, Pargana Loni, Tehsil Dadri, Dist.
0.00 14.00 Khewat/Khata No- 287/338- Mu No-46, Kila No- 23/2/2, 24/3, 25/4 total admeasuring 0 Kanal and 14 Marla Gautam Budh Nagar (U.P)
Date and time of e-auction: January 12, 2024 11 am to 2 pm with extension of 5 minutes each
at village Gopalpur, Tehsil/District Gurgaon/Gurugram Last date for submission of bid: January 10,2024 till 3.00 pm
Date and time of inspection of property: January 02, 2024 from 11:00 am to 2:00
Khewat/Khata No- 223/257, 291/342, 303/354 Mu No- 48 Kila No- 1/2, 1/3, 10/1, 12/2, 18/1, 10/2,19/1, Khewat/ For detailed terms and conditions of the sale, please refer to the link provided in
Khata No- 225/259, 283/334 Mu No- 48, Kila No- 1/1, Mu No- 49, Kila No- 5/3, Mu No 47, Kila No 21/2, Khewat/ http://10.0.49.5/about-us/media/auction-property-- Secured Creditor’s website i.e. .
21.00 1.875 www.yesbank.in.
Khata No- 286/337 Min, Mu No- 46, Kila No- 18/1, 23/2/1, 24/1 total admeasuring to 21 Kanal and 1.875 Marla In case of any difficulty in obtaining Tender Documents/ e-bidding catalogue or Inspection of the
located at Village Gopalpur, Tehsil/District Gurgaon/Gurugram Immovable Properties / Secured Assets and for Queries, Please Contact Concerned Officials of YES
BANK LTD., Mr. Kamal Arora on +919560524443 or E-mail: kamal.arora@yesbank.in and Officials of
6.00 15.00 Khewat/Khata No- 282/333- Mu No 47, Kila No- Mu No- 46, Kila No25/3 admeasuring 6 Kanal and 15 Marla at M/s. e-Procurement Technologies Limited (Auction Tiger) Ahmedabad, Web Portal Address
Village Gopalpur, Tehsil/District Gurgaon /Gurugram https://sarfaesi.auctiontiger.net Bidder Support Numbers: +91 9265562821/18 & 9978591888,
079- 68136880/68136837. E-mail: support@auctiontiger.net and ramprasad@auctiontiger.net.
106.00 124.25 Admeasuring to 56,665 Sq.mt (approx) Contact person: Mr. Ram Sharma -9978591888.
As contemplated U/s.13(8) of the Act, in case if the total dues together with all costs, charges and
* The project has now been bifurcated into 2 parts and is renamed (from ‘ATS Grandstand’) as below: expenses incurred by us are tendered at any time before the publication of the auction/sale notice,
then secured asset shall not be sold or transferred by us, and no further step shall be taken by us
For Phase-I (Tower 2&3)- “ATS Grandstand” For Phase-II (Balance Towers)- “Rainbow Park” for transfer or sale of that secured asset.
SALE NOTICE TO BORROWER/GAURANTORS
The above shall be treated as Notice U/r. 9(1) read with 8(6) of Security Interest (Enforcement)
Rules, 2002, to the Obligants to pay the same within 15 days from the date of publication.
Date : 21-December-2023 Sd/- Authorized officer,
Place : : Delhi/NCR For YES BANK Limited
16
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1

HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

E-Procurement Notice
INVITATION FOR BIDS (IFB)
1. The Executive Engineer, HPPWD Kotkhai, Distt. Shimla, H.P. on behalf of Governor
of H.P. invites the online bids on item rate, in electronic tendering system, in 2 Cover
System of the under mentioned work from the eligible and approved contractors / firms
registered with HPPWD Department.
Sr. Name of Work Estimated EMD Cost of Time Eligible
No.Cost Tender class of
contractor
1. C/o Divisional Office Building of Rs. Rs. Rs. 12 Class B &
HPPWD Kotkhai, Distt. Shimla, 2,57,66,942/- 5,15,400/- 5000/- Months Class A
H.P. (SH:- C/o, Building Portion,
Water supply and Sanitary
Installation, Site Development,
Rain Harvesting tank boundary
wall and supply of office tables)
Tender document and other instruction scan be downloaded or viewed online from the portal
https://hptenders.gov.in by the firm / individual registered on the website which is free of cost.
Key Dates:-
1. Date of Online Publication 04-01-2024 1100 HRS
2. Document Download Start and End Date 04-01-2024 1130 HRS upto
17-01-2024 1730 HRS
3. Bid Submission Start and End Date 04-01-2024 1130 HRS upto
17-01-2024 1800 HRS
4. Physical Submission of EMD and Cost of
Tender Document 18-01-2024 upto 1030 HRS
5. Date of Technical Bid Opening 18-01-2024 1100 HRS
6. Evaluation of Technical Bid flowed by
Opening of Financial Bid. Date to be announced
Executive Engineer,
(B&R) Division HPPWD,Kotkhai.
4595/2023-2024 On behalf of Governor of Himachal Pradesh

SAVITON METPLAST PRIVATE LIMITED

CIN: U74999DL1998PTC094798
Registered Office: - House No. 115, Block-3, Single Storey,
Ramesh Nagar, West Delhi-110015.
PUBLIC NOTICE
Form No. INC-26
[Pursuant to Rule 30 of the Companies (Incorporation) Rules, 2014]
Advertisement to be published in the newspaper for change of registered office of the
Company from one state to another
Before the Central Government
Regional Director, Northern Region
In the matter of sub-section (4) of Section 13 of Companies Act, 2013 and clause (a)
of sub-rule (5) of rule 30 of the Companies (Incorporation) Rules, 2014
AND
In the matter of SAVITON METPLAST PRIVATE LIMITED having its registered office at
House No. 115, Block-3, Single Storey, Ramesh Nagar, West Delhi-110015
…………… Petitioner
Notice is hereby given to the general public that the Company proposes to make an
application to the Central Government under section 13 of the Companies Act, 2013
seeking confirmation of alteration of the Memorandum of Association of the Company in
terms of the Special Resolution passed at the Extra Ordinary General Meeting held on
November 17, 2023, to enable the Company to change its registered office from the “State
of NCT of Delhi” to the “State of Haryana”.
Any person whose interest is likely to be affected by the proposed change of the registered
office of the company may deliver either on the MCA-21 portal (www.mca.gov.in) by
filing an investor complaint form or cause to be delivered or send by registered post of his/
her objections supported by an affidavit stating the nature of his/ her interest and grounds
of opposition to the Regional Director (Northern Region), at the address B-2 Wing, 2nd
floor, Pt. Deendayal Antyodaya Bhawan, 2nd floor, CGO Complex, New Delhi - 110003,
within fourteen days of the date of publication of this notice with a copy to the Applicant
Company at its registered office at the address mentioned:- House No. 115, Block-3,
Single Storey, Ramesh Nagar, West Delhi-110015.
For and on behalf of
SAVITON METPLAST PRIVATE LIMITED
Sd/-
Paltan Jaiswal
Place : New Delhi Director
Date : 26.12.2023 DIN:00654717
 UNDELIVERED DEMAND NOTICE .
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 17 <

BRANCH:- PARLIAMENT STREET, Hauz Khas Branch,

17, PARLIAMENT STREET, NEW DELHI-110001 D-65, Hauz Khas New Delhi 110016 (India)
Email: P582@indianbank.co.in Phone: +91-11-26961524 (D) / 26963242 /
26969614 E-mail: indhau@bankofbaroda.com
POSSESSION NOTICE
[Under Rule 8(1) of Security Interest (Enforcement) Rules, 2002] POSSESSION NOTICE (For Immovable Property) [See rule 8(1)]
The undersigned, being theAuthorized Officer of INDIAN BANK (e-ALLAHABAD BANK) Whereas the undersigned being the Authorized officer of the Bank of Baroda under the
for Branch situated at BRANCH: Ground Floor, 17 PARLIAMENT STREET, NEW DELHI Securitization and Reconstruction of Financial Assets and Enforcement of Security
under the Securitization and Reconstruction of Financial Assets and Enforcement of Interest Act, 2002 and in exercise of the power conferred under Section 13(12) read with
Security Interest Act, 2002 (Act No. 54 of 2002) and in exercise of powers conferred under Rule 3 of the Security Interest (Enforcement) Rules 2002 issued a demand notice dated
section 13(12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a 05.10.2023 calling upon them M/s Bajpai Refrigeration & Bakers Company
Demand notice dated 07.02.2023 calling upon the borrower / Mortgager & Guarantor(s)
Regd. Office C-25, Lajpat Nagar, New Delhi 110024 also at Plot No. 37 to 40, IDEB
A/C- 20302796431 Mrs.Seema Panchal W/o Sh. Ashish Panchal &
Mr. Ashish Panchal S/o Mr. Jugal Kishore (BORROWER AND MORTAGAGER) to Industrial Estate, Projet Phase I, Bearing Khasra No. 565, Village Mahuwakhje Ganj,
repay the amount mentioned in the notice being Rs. 6,23,059/- (Rupees Six Lakhs Tehsil Kashipur, District Udham Singh Nagar, Uttrakhand 244713. Partners/Guarantors
Twenty Three Thousand & Fifty Nine Only) within 60 days from the date of receipt of the Mr. Mahesh Chandr Bajpai S/o Ram Sewak Bajpai & and Mr Akash Bajpai as Legal
said notice along with future interest and cost thereon in respect of various credit facilities Heir of Late Mrs Sandhya Bajpai & Guarantor of M/s Bajpai Refrigeration & Bakers Co.
allowed to you. You have failed to repay the amount mentioned in the said notice with future Residing at D-24, Sector 30, Noida Uttar Pradesh 201303 to repay the amount mentioned
interest and incidental charges. in the notice being Rs. 17,15,52,155.88 (Rupees Seventeen Crore Fifteen Lakh
The borrower having failed to repay the amount, notice is hereby given to the borrower/ Fifty-Two Thousand One Hundred Fifty-Five and Eighty-Eight Paise Only) plus
UNION BANK OF INDIA, Stressed Asset Management Branch Guarantor/Mortgager and the public in general that the undersigned has taken possession interest and other charges within 60 days from the date of notice.
603 B, Konnectus Tower, Bhav Bhuti Marg, New Delhi – 110001 of the property described herein below in exercise of powers conferred on him/her under The Borrower/ Guarantor having failed to repay the amount, notice is hereby given to the
E-mail: ubin0906069@unionbankofindia.bank section 13(4) of the saidAct read with rule 3 of the said rule on this 22.12.2023. Borrower/ Guarantor and the public in general that the undersigned has taken possession
Contact No. – 98996 55255, 99714 20066 The Borrower/Mortgager and Guarantor in particular and the public in general is hereby
of the properties/ assets described herein below in exercise of powers conferred on him
cautioned not to deal with the property and any dealing with the property will be subject to
OR/SAMB/DEL/ 1949 /2023-24 Date: 22.12.2023 the charge of the INDIAN BANK (e-ALLAHABAD BANK) for BRANCH: GROUND under Section (4) of Section 13 of the Act read with rule 8 of the Security Interest
Appendix IV [Rule - 8(1)] POSSESSION NOTICE (For immovable property) FLOOR, 17- PARLIAMENT STREET, NEW DELHI for an amount of Rs. 6,23,059/- (Enforcement) Rules, 2002 on this 20.12.2023.
Whereas the undersigned being the authorized officer of Union Bank of India, Stressed Asset Management Branch situated at (Rupees Six Lakhs Twenty-Three Thousand & Fifty Nine Only) along with future The Borrower/ Guarantor in particular and the public in general is hereby cautioned not to
603 B, Konnectus Tower, Bhav Bhuti Marg, New Delhi-110001 [India] under the Securitization and Reconstruction of Financial Assets interest expenses and other charges thereon. ZONE - DELHI ZONE-I, SIDDHARTHA ENCLAVE, deal with the said Property/ assets and any dealings with the property/ assets will be
and Enforcement Security Interest Act, 2002 (Act No.54 of 2002) and in exercise of powers conferred under Section 13(12) read with rule The borrower’s attention is invited to provisions of sub section (8) of section (13) of the Act, ASHRAM CHOWK, NEW DELHI-110014 subject to the charge of the Hauz Khas Branch, New Delhi 110016, Bank of Baroda for
3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice dated 02.09.2023 calling upon the borrower/ guarantors/ in respect of time available, to redeem the secured assets. CORRIGENDUM an amount of Rs. 17,15,52,155.88 (Rupees Seventeen Crore Fifteen Lakh Fifty-Two
mortgagor/legal heirs M/s Harish Chandra India Ltd, Shri Shailesh Gupta, Late Smt. Shanti Devi w/o Late Shri Phool Chand Gupta DESCRIPTION OF THE IMMOVABLE PROPERTY The General Public is hereby informed that in Thousand One Hundred Fifty-Five and Eighty-Eight Paise Only) plus interest and
(Since, deceased represented through her Legal heirs, including amongst others, one of the legal heir namely Late Shri Vijay Gupta DESCRIPTION OF PROPERTY – BUILT UP SECOND FLOOR (WITH ROOF RIGHT) e-auction Notice i.e. SALE NOTICE FOR SALE OF
other charges within 60 days from the date of notice.
BEARING PROPERTY NO. 59, SECOND FLOOR, POCKET 12, SECTOR-20, ROHINI, IMMOVABLE PROPERTIES published on
(Since deceased represented through his legal heirs), Smt. Rajni Gupta, Shri Ajay Gupta, Shri Ashok Gupta, Smt. Meena Gupta, The borrower’s attention is invited to provisions of Sub- Section (8) of section 13 of the Act,
DELHI-110085 AREA MEASURING 48.00 SQ. MTRS IN ROHINI RESIDENTIAL 15.11.2023 in English Newspaper- “BUSINESS
Shri Abhishek Gupta, Smt. Rita Gupta, Smt. Manju Gupta, Shri Siddharth Gupta, M/s Gables (India) Pvt. Ltd through its directors, in respect of time available, to redeem the secured assets.
SCHEME, DELHI-110085. STANDARD” (Page No.21) & in Hindi Newspaper-
M/s R.K Motels (India) P Ltd through its directors, M/s Seth Daulat Ram Sri Ram Pvt. Ltd through its Directors, M/s Paramount “BUSINESS STANDARD” (Page No14) at Sr. No.1 Described of the Immovable Property:
Plastic Industries through its Directors, to repay the amount mentioned in the notice being Rs.309,85,44,987 (Rupees Three Hundred BOUNDARIES - East :- Entry North :- Plot No.58
West :- Service Lane South:- Plot No. 60 to 4 (in Loan A/C M/s Usha Shriram Pvt. Ltd) are Equitable Mortgaged of Leasehold rights Residential Property D-24, admeasuring
Nine Crore Eighty Five Lakh Forty four Thousand Nine hundred Eighty Seven rupees Only) along with further interest within not available for sale now. These properties have 310 Sq. Mtrs. Situated at Sector 30, Noida Uttar Pradesh owner of the property Mr. Mahesh
60 days from the date of receipt of the said notice. Hypothecated/Charged assets : NIL
been withdrawn by the bank from E-auction Chandr Bajpai & Legal heirs of late Mrs. Sandhya Bajpai, Mr. Mahesh Chandr Bajpai &
The borrower/guarantors/mortgagor/legal heirs having failed to repay the amount, notice is hereby given to the borrower/guarantors and Date: 22.12.2023, Place: New Delhi Authorised Officer, Indian Bank process to be held on 28.12.2023. Rest of Mr.Akash Bajpai.
the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred Copy to:- e-auction notice remains same.
1.1 Borrower: Smt. Seema Panchal W/o Sh. Ashish Panchal Bounded As: East : Plot No. D-25, West : Plot No. D-23,
on him/her under Section 13(4) of the saidAct read with rule 8 of the said rules on 22.12.2023. North : Plot No. D-16, South : Road
Address: House No.A-709, Sector-2, Rohini, Delhi-110085 Date: 26.12.2023 Authorised Officer
The borrower/guarantors/mortgagor/legal heirs in particular and the public in general is hereby cautioned not to deal with the property Place: New Delhi Punjab & Sind Bank
1.2 Also at : Address: House No. 59, Second Floor, Pocket 12, Sector-20, Rohini, Delhi-110085. DATE: 20.12.2023, Authorized Officer,
and any dealings with the property will be subject to the charge of the Union Bank of India for an amount Rs.309,85,44,987 (Rupees 1.2 Also At: Address:- House No. 72, Pocket-9, Sector-21, Rohini, Delhi-110085 PLACE: Uttar Pradesh Bank of Baroda
Three Hundred Nine Crore Eighty Five Lakh Forty four Thousand Nine hundred Eighty Seven rupees Only) and interest thereon. 2.1 Borrower: Sh.Ashish Panchal S/o Sh. Jugal Kishore
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available to the Address: House No.A-709, Sector-2, Rohini, Delhi-110085
borrower to redeem the secured assets. 2.2 Also at : Address: House No. 59, Second Floor, Pocket 12, Sector-20, Rohini, Delhi-110085
Description of Immovable Property 2.3 Also At: Address:- House No. 72, Pocket-9,Sector-21,Rohini, Delhi-110085
3. Guarantor: Mr.Jahawar Lal
Sl. No. DETAILES OF PROPERTY MORTGAGOR Address 22/172, BSES Colony, Janakpuri, Delhi
1. Pari-passu First Charge by way of EMG of farm house building bearing at Mrs. Meena Gupta, Mrs. Manju Gupta, 4. Guarantor:- Mr. Mahinder Singh
various khasra No. Alipur Narela Road, Village Alipur, Delhi- 110036 Mrs. Rajni Gupta, Mrs. Rita Gupta, Address: D/58, Nangloi Extn-2, Delhi-110041
Hauz Khas Branch,
admeasuring 12.06 acres Mr.Ajay Gupta
D-65, Hauz Khas New Delhi 110016 (India)
Note: This is for your information and record that earlier possession notice dated 12.12.2023 bearing ref no. OR/SAMB/DEL/1595/2023-24 Phone: +91-11-26961524 (D) / 26963242 /
issued u/s 13(4) of SARFAESIA2002 hereby stands withdrawn due to technical reasons. 26969614 E-mail: indhau@bankofbaroda.com
Date: 22.12.2023, Place: New Delhi AUTHORISED OFFICER, UNION BANK OF INDIA POSSESSION NOTICE (For Immovable Property) [See rule 8(1)]
Whereas the undersigned being the Authorized officer of the Bank of Baroda under the
Securitization and Reconstruction of Financial Assets and Enforcement of Security
UNION BANK OF INDIA, Stressed Asset Management Branch UNION BANK OF INDIA, Stressed Asset Management Branch Interest Act, 2002 and in exercise of the power conferred under Section 13 (12) read with
603 B, Konnectus Tower, Bhav Bhuti Marg, New Delhi – 110001 603 B, Konnectus Tower, Bhav Bhuti Marg, New Delhi – 110001 Rule 3 of the Security Interest (Enforcement) Rules 2002 issued a demand notice dated
E-mail: ubin0906069@unionbankofindia.bank E-mail: ubin0906069@unionbankofindia.bank 05.10.2023 calling upon them M/s Bajpai Refrigeration & Bakers Company Regd.
Contact No. – 98996 55255, 99714 20066 Contact No. – 98996 55255, 99714 20066
Office C-25, Lajpat Nagar, New Delhi 110024 also at Plot No. 37 to 40, IDEB Industrial
OR/SAMB/DEL/ 1950 /2023-24 Date: 22.12.2023 OR/SAMB/DEL/1948/2023-24 Date: 22.12.2023 Estate, Project Phase I, Bearing Khasra No. 565, Village Mahuwakhje Ganj, Tehsil
Appendix IV [Rule - 8(1)] POSSESSION NOTICE (For immovable property) Appendix IV [Rule - 8(1)] POSSESSION NOTICE (For immovable property) Kashipur, District Udham Singh Nagar, Uttrakhand 244713. Partners/ Guarantors
Whereas the undersigned being the authorized officer of Union Bank of India, Stressed Asset Management Branch situated at Whereas the undersigned being the authorized officer of Union Bank of India, Stressed Asset Management Branch situated at Mr. Mahesh Chandr Bajpai S/o Ram Sewak Bajpai & and Mr Akash Bajpai as Legal
603 B, Konnectus Tower, Bhav Bhuti Marg, New Delhi-110001 [India] under the Securitization and Reconstruction of Financial Assets 603 B, Konnectus Tower, Bhav Bhuti Marg, New Delhi-110001 [India] under the Securitization and Reconstruction of Financial Assets Heir of Late Mrs Sandhya Bajpai & Guarantor of M/s Bajpai Refrigeration & Bakers Co.
and Enforcement Security Interest Act, 2002 (Act No.54 of 2002) and in exercise of powers conferred under Section 13(12) read with rule and Enforcement Security Interest Act, 2002 (Act No.54 of 2002) and in exercise of powers conferred under Section 13(12) read with rule Residing at D-24, Sector 30, Noida Uttar Pradesh 201303. to repay the amount mentioned
3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice dated 02.09.2023 calling upon the borrower/ guarantors/ 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice dated 02.09.2023 calling upon the borrower/ guarantors/ in the notice being Rs. 17,15,52,155.88 (Rupees Seventeen Crore Fifteen Lakh
mortgagor/ legal heirs M/s Harish Chandra India Ltd, Shri Shailesh Gupta, Late Smt. Shanti Devi w/o Late Shri Phool Chand mortgagor/legal heirs M/s Harish Chandra India Ltd, Shri Shailesh Gupta, Late Smt. Shanti Devi w/o Late Shri Phool Chand Gupta Fifty-Two Thousand One Hundred Fifty-Five and Eighty-Eight Paise Only) plus
Gupta (Since, deceased represented through her Legal heirs, including amongst others, one of the legal heir namely Late Shri Vijay (Since, deceased represented through her Legal heirs, including amongst others, one of the legal heir namely Late Shri Vijay Gupta interest and other charges within 60 days from the date of notice.
Gupta (Since deceased represented through his legal heirs),Smt. Rajni Gupta, Shri Ajay Gupta, Shri Ashok Gupta, Smt. Meena (Since deceased represented through his legal heirs), Smt. Rajni Gupta, Shri Ajay Gupta, Shri Ashok Gupta, Smt. Meena Gupta, The Borrower/ Guarantor having failed to repay the amount, notice is hereby given to the
Gupta, Shri Abhishek Gupta ,Smt. Rita Gupta , Smt. Manju Gupta , Shri Siddharth Gupta , M/s Gables (India) Pvt. Ltd through its Shri Abhishek Gupta, Smt. Rita Gupta, Smt. Manju Gupta, Shri Siddharth Gupta, M/s Gables (India) Pvt. Ltd through its directors, Borrower/ Guarantor and the public in general that the undersigned has taken possession
directors, M/s R.K Motels (India) P Ltd through its directors, M/s Seth Daulat Ram Sri Ram Pvt. Ltd through its Directors, M/s R.K Motels (India) P Ltd through its directors, M/s Seth Daulat Ram Sri Ram Pvt. Ltd through its Directors, M/s Paramount of the properties/ assets described herein below in exercise of powers conferred on him
M/s Paramount Plastic Industries through its Directors , to repay the amount mentioned in the notice being Rs.309,85,44,987 Plastic Industries through its Directors, to repay the amount mentioned in the notice being Rs.309,85,44,987 (Rupees Three Hundred under Section (4) of Section 13 of the Act read with rule 8 of the Security Interest
(Rupees Three Hundred Nine Crore Eighty Five Lakh Forty four Thousand Nine hundred Eighty Seven rupees Only) along with (Enforcement) Rules, 2002 on this 22.12.2023.
Nine Crore Eighty Five Lakh Forty four Thousand Nine hundred Eighty Seven rupees Only) along with further interest within
The Borrower/ Guarantor in particular and the public in general is hereby cautioned not to
further interest within 60 days from the date of receipt of the said notice. 60 days from the date of receipt of the said notice.
deal with the said Property/ assets and any dealings with the property/ assets will be
The borrower/guarantors/mortgagor/legal heirs having failed to repay the amount, notice is hereby given to the borrower/guarantors and The borrower/guarantors/mortgagor/legal heirs having failed to repay the amount, notice is hereby given to the borrower/guarantors and
subject to the charge of the Hauz Khas Branch, New Delhi 110016, Bank of Baroda for
the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred an amount of Rs. 17,15,52,155.88 (Rupees Seventeen Crore Fifteen Lakh Fifty-Two
on him/her under Section 13(4) of the saidAct read with rule 8 of the said rules on 22.12.2023. on him/her under Section 13(4) of the saidAct read with rule 8 of the said rules on 22.12.2023. Thousand One Hundred Fifty-Five and Eighty-Eight Paise Only) plus interest and
The borrower/guarantors/mortgagor/legal heirs in particular and the public in general is hereby cautioned not to deal with the property The borrower/guarantors/mortgagor/legal heirs in particular and the public in general is hereby cautioned not to deal with the property other charges within 60 days from the date of notice.
and any dealings with the property will be subject to the charge of the Union Bank of India for an amount Rs.309,85,44,987 (Rupees and any dealings with the property will be subject to the charge of the Union Bank of India for an amount Rs.309,85,44,987 (Rupees The borrower’s attention is invited to provisions of Sub- Section (8) of section 13 of the Act,
Three Hundred Nine Crore Eighty Five Lakh Forty four Thousand Nine hundred Eighty Seven rupees Only) and interest thereon. Three Hundred Nine Crore Eighty Five Lakh Forty four Thousand Nine hundred Eighty Seven rupees Only) and interest thereon. in respect of time available, to redeem the secured assets.
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available to the borrower to The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available to the borrower to Described of the Immovable Property:
redeem the secured assets. redeem the secured assets. Equitable Mortgaged of Industrial Property Plot No. 37, 38, 39, & 40, bearing Khasra
Description of Immovable Property Description of Immovable Property No. 565, admeasuring area 0.8092 Hectare i.e. 8092 Sq. Mtrs. Situated at IDEB
Sl. No. DETAILES OF PROPERTY MORTGAGOR Sl. No. DETAILES OF PROPERTY MORTGAGOR Industrial Estate Kashipur Project Phase 1, Village Mahuwakhera Ganj, Tehsil Kashipur,
1. Pari-passu First Charge by way of EMG of Residential house at M – 117, Mr.Ashok Gupta, Mr.Ajay Gupta 1. Pari-passu First Charge by way of EMG of Residential house at A-42, Kailash Mr.Ashok Gupta, Mr.Ajay Gupta district Udham Singh Nagar, Uttrakhand Owner of the property M/s Bajpai Refrigeration
Greater Kailash, New Delhi built on plot area 522 sq yards Mr.Vijay Gupta, Mr. Shailesh Gupta. Colony, New Delhi (Land Measuring 9450 Sq. ft.) Mr.Shailesh Gupta, Mr. Siddharth Gupta & Bakers Company.
Bounded As: East : Plot No. 36, West : Green Belt and Road IDEB,
Note: This is for your information and record that earlier possession notice dated 12.12.2023 bearing ref no. OR/SAMB/DEL/1593/2023-24 Note: This is for your information and record that earlier possession notice dated 12.12.2023 bearing ref no. OR/SAMB/DEL/1594/2023-24 North : Plot No. 41, 42, 43 & 44, South : Road IDEB
issued u/s 13(4) of SARFAESIA2002 hereby stands withdrawn due to technical reasons. issued u/s 13(4) of SARFAESIA2002 hereby stands withdrawn due to technical reasons.
DATE: 22.12.2023, Authorized Officer,
Date: 22.12.2023, Place: New Delhi AUTHORISED OFFICER, UNION BANK OF INDIA Date: 22.12.2023, Place: New Delhi AUTHORISED OFFICER, UNION BANK OF INDIA PLACE: Uttrakhand Bank of Baroda

bykgkckn ALLAHABAD SAM Large Branch Delhi,

First Floor, 17, Parliament Street, New Delhi
Phone : 011-23342168, Email : armbdelhi@indianbank.co.in
Letter to Borrower Communicating the Decision / Orders of Wilful Defaulter Screening Committee
Classifying as Wilful Defaulter
To, Date: 04.12.2023
1. Smt. Priti Rani (Borrower & Guarantor), H No 453, sector 18 Faridabad Haryana 121002
2. Shri. Vijay Kumar alias Shri. Vijay Kumar Madan (Borrower & Guarantor), H No 453, sector 18 Faridabad Haryana 121002
3. Shri. Jitender Madan (Borrower & Guarantor), H No 453, sector 18 Faridabad Haryana 121002
Dear Sir,
Smt. Priti Rani, Shri. Vijay Kumar alias Shri. Vijay Kumar Madan & Shri. Jitender Madan have availed Housing Loan facility of
Rs. 1.115 Crore from our old Faridabad Branch. The account turned into NPA on 20.09.2017 The total outstanding balance as on
30.09.2023 is Rs. 2.12 Cr In view of the default committed by the borrower, the case was examined by the Wilful Defaulter Screening
Committee (WDSC) on 23.05.2023, with a view to ascertain Wilful Default on the part of the Borrowers as per the guidelines laid down by
the RBI. The Committee observed prima facie that irregularities/defaults meets the criteria to be classified as Wilful Defaulter and
accordingly approved to issue Show Cause Notice (SCN) to classify the Borrowers Smt. Priti Rani, Shri. Vijay Kumar alias Shri. Vijay
Kumar Madan & Shri. Jitender Madan as Wilful Defaulter.
The Show Cause Notice, (SCN) duly informing the ground of the Wilful default, was sent to the Borrowers Smt. Priti Rani, Shri. Vijay
Kumar alias Shri. Vijay Kumar Madan & Shri. Jitender Madan vide letter dated 16.06.2023, as to why they should not be classified as
“Wilful Defaulter” by specifying the following grounds / allegations of wilful default.
Grounds of Wilful Default:
Action of the unit/company, which Reason & evidence which proves the action of the unit/company & also support
is/are out of the four actions set justification for declaration as wilful Defaulter
out by Reserve Bank of India for
Declaration as Wilful Defaulter
2.1.3(b): Diversion of Funds: The Following are observed in the NIT V Police Station complaint letter ref FBD/Adv/2016-17/31
Sub-Clause 2.2.1(b): dated 18.08.2017:
Deploying borrowed funds for * Our Bank has sanctioned Housing Loan under All Bank Aashina Scheme of Rs. 1.115 crores to
purposes / activities or creation of Smt. Priti Rani, Shri. Vijay Kumar alias Shri. Vijay Kumar Madan & Shri. Jitender Madan vide
assets other than those for which the sanction letter dated 11.01.2013. The Bank had disbursed a sum of Rs. 1.00 crores.
loan was sanctioned. * In order to secure the repayment of said loan, Smt. Priti Rani and Shri. Vijay Kumar alias
Sub-Clause 2.2.1(d): Shri. Vijay Kumar Madan had equitably mortgaged 1st floor of house no. 167 sector 21 B Urban
Routing of funds through any bank Estate Faridabad by depositing original sale deed no. 21929 dated 11.01.2013 Bahi No. 1 Jild
other than the lender bank or No. 0 on page no 25 additional Bahi no. 1 Jlid no 2 on page no 91 to 93 with joint sub registrar
members of consortium without prior
Faridabad on 11.01.2013 and had executed mortgage deed dated 12.01.2013. The said sale
permission of the lender.
deed is executed by Smt. Latesh Madan (close relative of Priti Rani)
* During investigation, it is observed that Smt. Latesh Madan had already executed mortgage
deed dated 24.02.2011 and equitably mortgaged the property bearing house no. 167, sector
21B, Faridabad and deposited original title/ sale deed bearing regd no. 2811 dated 01.05.2008
registered on Book no. 1 Volume no. 1 page no. 76 and pasted on Additional book no. 1 volume
no. 33 page no. 4 to 6, with NIT Branch for the loan account of M/s. Shree Ji Infrastructure
(Rs. 4.75 crores disbursed).
* Further, in the year 2013, Smt. Latesh Madan in connivance with Smt. Priti Rani and Shri.
Vijay Kumar alias Shri. Vijay Kumar Madan hatched a conspiracy to create a title deed to avail
fresh loan on pretext of fresh deed regarding first floor of the property i.e., House no. 167,
Sector-21-B, UE Faridabad. (The property comprising of 3 floors is already mortgaged with NIT
Branch in the account of M/s. M/s. Shree Jee Infrastructure)
Thus, the Borrowers Smt. Priti Rani, Shri. Vijay Kumar alias Shri. Vijay Kumar Madan & Shri.
Jitender Madan has cheated the Bank with defective title deeds (concealing prior mortgage)
and misutilized the bank finance & thereby siphoned off the funds to the tune of Rs. 1.00 crores.
SCN Issuance and its response:
The Show Cause Notice (SCN) was issued to the aforesaid borrowers vide letter dated 16.06.2023. Show Cause notices sent to the
borrowers returned undelivered hence branch has published in the Hindi and English edition of newspaper Business Standard on
20.06.2023.
In response to the show cause notice no reply was received from the borrowers against the SCN issued.
Wilful Defaulter Screening Committee Meeting held on 07.10.2023:
The facts & evidences placed before the Wilful Defaulter Screening Committee (WDSC) in support of Bank’s charge / allegation for
declaring the Borrowers as wilful defaulter are perused, analysed & examined.
The Wilful Defaulter Screening Committee recorded that as the Show Cause Notices was not delivered to the borrower, the same was
published in Two Newspapers. The borrowers did not reply to the Show Cause Notice, it indicates that they are not interested to present
their views for not declaring them as Wilful Defaulter and it also tantamount to acceptance of the allegations mentioned in the Show Cause
Notice. Since the Borrowers did not provide any reply to Show Cause Notice, the necessity of giving opportunity of Personal Hearing
does not arise.
Thereafter, after due deliberations and going by the records, Wilful Defaulter Screening Committee has unanimously passed an order
declaring the Borrowers Smt. Priti Rani, Shri. Vijay Kumar alias Shri. Vijay Kumar Madan & Shri. Jitender Madan as wilful defaulter for
Siphoning of Funds in terms of clause 2.1.3(c) of RBI Master Circular on Wilful Defaulter dated 01.07.2015.
In view of the above, we hereby inform you the decision taken by WDSC to classify you all as “Wilful Defaulter”.
The Borrowers, if aggrieved, by this order, may submit their representation in writing before Wilful Defaulter Review Committee (WDRC)
headed by the MD & CEO of the bank within a period of 15 days from the date of receipt of this order.
Yours faithfully,
Branch Manager
On behalf of Wilful Defaulter Screening Committee
18 TAKE TWO
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1

‘We are making so many films,

[but] the margins are so low’
Itisonlyonceinabluemoonthatyougeta
lottery,saysBhushan Kumar,chairmanand profitability and go to the market, I can
raise a lot of money. But I don’t want that.
managingdirectorofT-Series,India’slargest
You have always been against this, why?
musiccompany,whokeepsatightleashon I don’t need it. For the work I need to do,
budgets.IsAnimal,aT-Seriesproduction,that I have everything.

lottery?Editedexcerptsfromaninterview And you also have control. Is that

I used to make films (Baby, Airlift), people
used to say arrey yeh to music label hai,
paisa laga rahi hai (this is a music label
investing in films). Now, I am happy when
people say T-Series is a studio. We are
BHUSHAN KUMAR doing premium films: Bhool Bhulaiya 3,
CMD, T-Series Spirit, Animal Park, Border, Aashiqui 3,
among others. We are fulfilling my
father’s vision and heading towards
becoming the leading studio for films,
apart from music.
What is T-Series? A studio, a music
label, or a content company?
T-Series is an entertainment company.
We entertain through films, through
music. There is no other target. Many
people say launch an app.
In 2021, you told me you were thinking
of launching one.
Nahi nahi (no, no). Ghoda ghaas se dosti
FORTHE karega to khaayega kya (if the horse
VANITA KOHLI-KHANDEKAR befriends the grass, what will it eat)? We
WORKI Mumbai, 26 December provide the ghaas (grass). If we
become the ghoda (horse) it
NEEDTODO, How is T-Series placed in all
its businesses?
becomes problematic. Many
people who have done this
IHAVE We always started everything with my have lost it. You can’t give me a CONTROLISVERY
father’s name and vision. The music single successful name in that. IMPORTANT…
EVERYTHING company I took over (in 1998) was doing
very well. My father also wanted to be a But entertainment TODAYALSOALL
big film producer. He made Aashiqui, companies today are at THESONGSINMY
Dil Hai Ki Maanta Nahin, among other
films. Some worked, some didn’t. (But)
another scale. The top four
are at ~14,000 crore and COMPANY,GOOD
all were musically successful. above. What is your ambition ORBAD,IAPPROVE
My target was to make my father’s
company a film production company like
when you say you are an
entertainment firm?
YRF (Yashraj Films) and others. Then I don’t work on numbers.
we were Asia’s number one music label, Today you can name so many
today we maintain that. In the last companies with net worth of ~50,000
six-seven years we started making crore, but profit is ~50 crore. So many
films full-time. have ~100,000 crore turnover but they
I am very happy with the numbers we are in debt. We are a very healthy and
have got for Animal. Six years back, when profitable company. If I take my
very important?
Control is very important. This is a
personalised business. That is why
whoever doesn’t have knowledge of
music, doesn’t run a label like my father
did or I do. Today also all the songs in my
company, good or bad, I approve.
You have always laid great emphasis
on this. How do you keep your music
sense relevant?
As and when we make music and it
becomes popular, it keeps changing.
Between the last time we met and now,
things have changed. You have to tune
your ears.
How?
It is not something that you get
with your ear sense and it NOWTHEBEST
works. In addition to that, you
need a vehicle to take that
VEHICLEISA
music to another level. SUCCESSFULFILM
Animal’s music is a big hit for
us. It is on the Spotify Top 5
ORTHATTHE
list. It has never happened that SINGERGETSINTO
all the Top 5 songs on Spotify ACONTROVERSY
are from one film.
On the Ormax list,
the Top 9 are from
Animal.
This is thanks to the film.
The music is good, sure. But
everything has taken off with a
vehicle called Animal, the
film. Very often there might
be very good music but if it
doesn’t have a vehicle, it gets
left behind. We make non-film
music, if it doesn’t get a
vehicle, it doesn’t go viral,
doesn’t go on a reel that
entertains people or
makes them laugh, then it can’t
be popular.
Earlier the vehicle was YouTube. Now
the best vehicle I am experiencing is that
either the singer gets into a controversy
Bhushan Kumar (centre) with Sandeep Reddy Vanga (right), the director of Animal,
and cast members (left) Suresh Oberoi, Anil Kapoor and Ranbir Kapoor
and his reach increases so
much that people want to
hear a song for reasons other
than his music. Or some
good singer dies, people
start listening. So some
vehicle is needed to make
the music big.
But discoverability has
always been a big thing.
Earlier YouTube was the best
platform. It would also
promote it and a good song would take
off. Of the 100 songs we would put, 65 to
70 songs would take off and
reach everywhere on other
streaming sites. Now we
search for that vehicle. Only
one out of 10 songs becomes a
WHATISWORKING
hit in non-film. That too only FOROTHERS…I
if it becomes very viral or after
two-three months of
KEEPANEYEON
promoting it continuously. If THATEVERYDAY
you are lucky, one reel will
become viral and hit 100
million streams. That is when
our song becomes popular.
The second thing is the film. I am
making so many films and in all of them
music plays a very important role.
Therefore, we attach music to film.
What are the two or three things you keep
an eye on regularly?
What is the music consumption on Apple,
Spotify, YouTube, Saavn, and on all
streaming platforms. I keep an eye on that
every day. What is working for others,
which are the good songs that are doing
well, and which are the not-so-good songs
that are doing well. I do this every day
with my team with a report. If a good song
works, there is no stress, it is bound to
run. And if it has a good vehicle, like
Shershah, where the film and
music both worked. Many
songs that have a vehicle are
bad. I judge these things
every day.
The second thing I keep an
eye out for is budgets. We are
making so many films, so I am
very strict on not going over
budget. The margins are so
low, 10 to 15 per cent. Once
in a blue moon you get a
lottery where you could get
100 per cent. That may be possible
with Animal.

— TENDER CARE — — Advertorial

CENTRAL BANK OF INDIA -
FOUNDATION DAY CELEBRATION
On the auspicious occasion of 113th Foundation Day of
Central Bank of India, under the leadership of Hon'ble
Managing Director of Central Bank of India, Shri M.V. Rao ji,
Central Office, Mumbai, a campaign to collect unused clothes
at all India level and hand them over to NGO institutions.
Accordingly, a Clothing Collection Bank was established on the
eve of the foundation day under the leadership of Honorable
Shri Ajay Kumar Singh, Honorable Zonal Head of Kolkata
NEW PALITANA BRANCH OF PUNJAB
NATIONAL BANK, DIVISIONAL OFFICE,
RAJKOT, INAUGURATED
The new Palitana branch of Punjab National Bank, Divisional
Office, Rajkot was inaugurated on 22.12.2023 by Mr. Yuvraj
Siddharth IAS, Mr. Mihit Baraiya (Deputy Superintendent),
Mr. Mahendra Singh Sarvaiya (BJP
State Vice President) and Zonal Chief
Mr. Dipankar Mahapatra. The ribbon
cut ceremony was held after lighting

ARCHANA
SOFTWARE LIMITED
CIN : L17120TN1994PLC029226
Regd. Office : "Land Marvel Nest', First Floor 3, First Main Road,
Indira Nagar, Adyar, Chennai-600 020. E-mail : archanasoftware@gmail.com
Website : www.archanasoftware.com
NOTICE OF POSTAL BALLOT E-VOTING
Members are hereby informed that pursuant to Section 110 and other
applicable provisions, if any of the Companies Act, 2013 (the Act) read with
Rule 22 of the Companies (Management and Administration) Rules, 2014 (the
Rules), Regulation 44 of the Securities and Exchange Board of India (Listing
obligation and Disclosure requirement) Regulation, 2015 (the SEBI Listing
Regulation) read with relevant Circulars issued by MCA in view of COVID-19
Pandemic, the Company has completed the dispatch of Postal Ballot Notice
dated 04th December 2023 on 26th December 2023 only through electronic
mode to all those members of the Company whose email address are
registered with the Company or with the Depositories as on 01st December
2023 (Cut-off date). The requirement for sending a physical copy of the Postal
Ballot Notice and Postal Ballot Form has been dispensed with MCAcirculars.
Members are hereby informed that
1 The Special business & ordinary business for approving
The items given in the postal ballot notice are transacted through postal
ballot via remote e-voting platform provided by Central Depository Service
(India) Limited (CDSL).
2 The e-voting commences on 27.12.2023 (Wednesday) at 9.00 am (IST) and
ends on 25.01.2024(Thursday) at 5.00 pm (IST) and thereafter, the remote
e-voting shall be blocked and voting shall not be allowed beyond the said
time.
3 Only those members whose names are recorded in the Register of
Members of the Company or in the Register of Beneficial Owners
maintained by the Depositories as a cut -off date, i.e., 01st December 2023
are entitled to cast their votes.
4 The Board has appointed Mrs. Lakshmmi Subramanian, Practicing
Company Secretary as Scrutinizer for the Postal Ballot.
5 Members who have not received the postal Ballot Notice may write to
archanasoftware@gmail.com and obtain the same.
6 If you have any queries or issues regarding e-voting, you may refer the
Frequently Asked Questions (FAQs) and e-voting manual available at
www.archanasoftware.com under help section or write an email to
helpdesk.evoting@cdslindia.com
7. All grievances connected with the facility for voting by electronic means may
be addressed to Central Depository Services (India) Limited, A Wing, 25th
Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower
Parel (East), Mumbai – 400013 or send an email to helpdesk.evoting@
cdslindia.com or call on 022-23058542/43.
In case of any queries, Members may write to the RTA at
surabhi.gangatirkar@linkintime.co.in.
The Postal Ballot notice is available on the Company website,
www.archanasoftware.com BSE website www.bseindia.com and on the
website of CDSL at www.evotingindia.com . Results of Postal ballot shall be
declared on or before Saturday, 27th January, 2024 and shall be communicated
to BSE Limited and shall be also placed on the Company website at
www.archanasoftware.com
For ARCHANA SOFTWARE LIMITED
Mr. Shaju Thomas
Place : Chennai Executive Director
Date : 26.12.2023 DIN: 06412983
KOLKATAMUNICIPALCORPORATION e-TENDER Zonal Office of Central Bank of India. Honorable Zonal Head
Respected Mr. Ajay Kumar Singh, Deputy Zonal Head
Respected Mr. P. Sampath Kumaran, Regional Head of
the lamp in front of Punjab Kesari Lal
Lajpat Rai ji. In the program, Division-
al Head Shri Alok Kapoor ji informed
Name of the Department: Town Planning & Development Regional Office North Mr. V. Devendra, Deputy Regional Head the customers about the new products
Department. Pre-tender meeting invited by Director General,
(TP&DD)/(TNP), S. S. Hogg Market, Top Floor, West Block, Ph-II, North Mr. Naveen Kumar Sharma, Deputy Regional Head South andschemesofPunjabNationalBank.
19, Nellie Sengupta Sarani, Kolkata - 700 087. Name of the Mr. Sanjay Kumar and a large number of Centralites. And the Deputy Zonal Head Shri Krishna Kumar, Bhavnagar MCC Chief
Work & Location: Construction of Road along the bank of Tolly's customers attended and cooperated/contributed. In the same Shri Prakash Aggarwal, CAC Rajkot Chief Shri Alok Viswas, Shri
Nullah from Usha Bridge to Masterda Surya Sen Metro Station sequence, a yoga camp was organized in the morning on the Shailendra Singh Senior Manager, Shri Mohit Garg Senior
by concrete Paver Block including allied beautiication work in foundation day, homage was paid to bank founder Rev. sir Manager and Palitana Branch Head Shri Mohan Meena were
connection with Pollution Abatement of Tolly's Nullah in Ward
No. 98, Br.-X under KMC. Estimated Amount: Rs. 1,10,60,081.00. Sorabji Pochkhanawala, five officers who did excellent work, present in the program. The program was conducted by Shri
Date, time and location of pre-tender meeting: 28.12.2023 at
3.00 p.m. in the Conference Room of Town Planning and
Mr. AK Singh Chief Manager, Mr. Firoz A. Tadvi Chief
Manager, Ms. Priyanka Mitra Chief Manager.
Meghendra Malvi (Chief-Manager).
Development Department, S. S. Hogg Market, Top Floor, West
Block, Ph-II, 19, Nellie Sengupta Sarani, Kolkata - 700 087. Pre- PRESIDENT OF INDIA INAUGURATES
tender meeting VC link: Meet with TPDD, KMC 12.00 - 1.00 p.m. 120 FEET TALL FLAG POST BUILT UNDER
Time zone: Asia/Kolkata, Google Meet joining info Video call link:
CENTRAL BANK OF INDIA, REGIONAL
https://meet.google.com/rvu-pxaa-tpx OFFICE AT BANKURA, CELEBRATES THE CSR INITIATIVE OF IIFCL
1168/23-24
113th FOUNDATION DAY
On the ocassion of 113th Foun-
dation Day of Central Bank of
India, its regional office at
Bankura celebrates it with great
devotion. It organized a function
for differently abled children at
"Bikash special school",
Bankura and donated 5
Wheelchairs to the school.
SBI LADIES' CLUB SPREADS CHRISTMAS
CHEER AND CELEBRATES WITH IIFCL under its CSR initiative, has built a 120 feet tall Flag Post
UNDERPRIVILEGED CHILDREN made of Teak Wood at Rashtrpati Nilayam, Hyderabad. The Flag
State Bank of India, the country’s largest lender, in a heartwarm- Post is a replica of the historic Flag Post at Rashtrpati Nilayam
ing celebration of compassion and festivity with SBI Ladies' Club which marked the integration of erstwhile Hyderabad state into
Mumbai, led by All India President Mrs. Anita Khara, arranged a the Union of India in 1948.
Christmas Carnival for 100 un- The Flag Post was inaugurated by Smt. Droupadi Murmu, Hon’ble
derprivileged children. With the President of India on 21st December, 2023
spirit of the season, the event
unfolded as a captivating
CANARA BANK, REGIONAL OFFICE,
experience for the children,
NORTH DELHI, ORGANISED CUSTOMER
who were treated to a myriad
SERVICE COMMITTEE MEETING
of activities. The festivities con-
tinued with buggy rides, games, a mesmerizing magic show, and Canara Bank, Regional Office, North Delhi organised Customer
photographs with Santa Claus. Each child was presented with gifts Service Committee Meeting on 15 December 2023 along with
and snack boxes contributed by the members of the SBI Ladies' 54 branches at their Region-
Club Mumbai. Reflecting on the event, All India President al Office. The Meeting was
Mrs. Anita Khara remarked, "The SBI Ladies' Club Mumbai is chaired by Regional Head
committed to making a positive impact on the lives of those less Mr. Sajal Sameer and Divi-
fortunate, especially during the holiday season. The Christmas sional Manager, Mr. Vijay
Carnival was not just an event; it was a collective effort to bring Pratap Singh.The customers
happiness and festive spirit to the hearts of these wonderful were invited from various
children. Our club is dedicated to such social and charitable branches of the region. The customers participated with enthu-
endeavors, and we find immense joy in contributing to the siasm. During the meet, our Regional Head interacted with the
community." The evening concluded with the lighting of the customers and discussed their concerns. Customers offered
Christmas tree and the melodious carols, echoing the true essence their feedback and suggestions wherein Regional Head assured
of Christmas. them to offer best banking services at our branches.
 NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 19
THE YEAR THAT WAS Politics & beyond

BATTLE LINES
DRAWN
TheOppositionbloctakingshape
afteraCongresspush,BJP’ssweepin
theHindiheartland,andsuspension
ofMPsprotestingoverParliament
securitybreachsetthestageforan
intense2024showdown SMOKE IN THE HOUSE: A record 146 Opposition MPs were suspended for unruly behaviour during protests over a security
breach on December 13, the 22nd anniversary of the 2001 Parliament attack. Four people were arrested for opening yellow smoke
cans inside the Lok Sabha (pictured) and outside the complex. Two others were also taken into custody. According to their families,
those arrested were upset about not having jobs PHOTO: @DRSENTHIL_MDRD (DMK MP)

SEAT AT THE TABLE: Twenty-seven years after

it was first tabled, the Women’s Reservation Bill
A HOUSE FOR ‘NEW INDIA’: Amid religious rituals and Opposition boycott, became a law in September after Parliament passed
Prime Minister Narendra Modi inaugurated a state-of-the-art new Parliament it with near unanimity. It will provide one-third
complex in May. The project is part of the over ~20,000 crore Central Vista reservation to women in the Lok Sabha and state
initiative, aimed at revamping colonial-era buildings. Modi described the project Assemblies. The law will come into effect after
as “evidence of a self-reliant India” PHOTO: PTI India’s next Census PHOTO: @APRAJITASARANGI (BJP MP)
HOWDY, CONGRESS: Narendra Modi, the first Indian prime minister to address
the US Congress twice, received standing ovations over a dozen times from US
lawmakers in June. During the visit, he raised a toast to his hosts and to strong
India-US ties. Crucial defence and semiconductor deals were announced PHOTO: REUTERS

PHOTO: PTI

NOT IN HIGH SPIRITS: Delhi’s ruling Aam Aadmi

Party landed in trouble after the Enforcement Directorate
arrested former deputy chief minister Manish Sisodia and
Rajya Sabha member Sanjay Singh (pictured right) in
connection with the since scrapped Delhi Excise Policy
2021-22. Chief Minister Arvind Kejriwal and Bharat Rashtra
Samithi leader (pictured below) K Kavitha are also
under investigation PHOTO: PTI

ROAD(BLOC) TO 2024: A 28-party Opposition bloc named INDIA is working out seat-sharing and planning campaigns to take on the BJP in the 2024
polls. Some parties have proposed Congress President Mallikarjun Kharge as the alliance’s prime ministerial face, but differences persist among allies

LOGGED OUT:
In December, the
Lok Sabha expelled
Trinamool Congress
member Mahua Moitra
following an ethics
panel's findings that
she accepted bribes
from businessman
Darshan
Hiranandani to pose
questions targeting the
Adani group. Moitra has
CIVIL STRIFE: In Manipur, at least 180 people died and nearly 70,000 now moved the Supreme
were displaced in clashes between the majority Meitei and minority Court seeking relief
Kuki communities over equal privileges. The Opposition moved an PHOTO: PTI
unsuccessful no-confidence motion against Prime Minister
Narendra Modi over the Centre’s handling of the issue PHOTO: PTI

‘NOTES’ TO
REMEMBER:
In December, raids
on Congress MP
DIE IS CASTE:
A survey conducted by the
Dhiraj Sahu’s
Nitish Kumar-led Bihar
properties in
government revealed that
Jharkhand, Odisha
other backward and
and West Bengal
extremely backward
yielded ~351 crore and
classes make up 63.13% of
3 kg of gold — the
the state’s population. CANADA DREAM HALTED:
largest ever cash haul.
This finding has sparked Canada, the top destination for Indian
While the BJP
calls for a nationwide students, withdrew its diplomats after its
accused the Congress
caste Census Prime Minister Justin Trudeau (left) linked
of protecting the
that could have OUTSIDER, INSIDER: After completing a the murder of Sikh separatist Hardeep
corrupt, the
an impact on 4,080-km Kanyakumari-Srinagar Bharat Jodo Yatra Singh Nijjar to New Delhi. India retaliated
opposition party
the 2024 and reclaiming Lok Sabha membership following a with brief visa suspensions, and distanced
distanced itself
elections disqualification in the Modi surname defamation itself from an alleged plot to murder
from Sahu
case, Congress leader Rahul Gandhi is gearing up for another Sikh separatist, Gurpatwant Singh
PHOTO: PTI
PHOTO: PTI the second leg of his yatra ahead of 2024 polls PHOTO: PTI Pannun (right), in the US

THE OLD & THE NEW: Lalduhoma became the first

(Right to left) The year began with
BJP’s Manik Saha, NDPP’s Neiphiu Rio
and NPP’s Conrad Sangma retaining
Tripura, Nagaland and Meghalaya,
respectively, after Assembly polls.
Siddaramaiah returned for a second
term in Karnataka after the Congress
defeated the BJP. In Mizoram,
non-Congress, non-MNF CM. The
BJP dominated the Hindi heartland
with Vishnu Deo Sai, Mohan Yadav
and Bhajan Lal assuming charge
in Chhattisgarh, MP and Rajasthan,
respectively. In Telangana, Revanth
Reddy-led Congress dealt a blow
to ruling BRS
20
>
NEW DELHI | WEDNESDAY, 27 DECEMBER 2023 1

COVID SURGE IN WINTER

Vaccine makers’ stockpile runs low

Gennova has 1 mn doses of Omicron-specific vax; Serum’s Covovax available at vaccination centres, shows CoWIN

K’taka reports 32 JN.1 cases,

SOHINI DAS Meanwhile, SII is gearing up to apply
Mumbai, 26 December for licensing a vaccine for the JN.1 variant,
the company said.

V
accine makers in India have a lim- It now has an XBB1 variant vaccine that
ited stockpile of doses, even as is very similar to the JN.1 variant. In the
Covid-19 threatens to rear its head coming months, SII plans to obtain a
this winter season. licence for this vaccine in India.
Covid count in India at 4,170
Pune based Gennova Biopharma- Bharat Biotech does not have any
ceuticals has one million doses of its stockpile of Covaxin, its whole-virion
Gemcovac-OM (an Omicron-specific (an entire virus particle) inactivated Covid-
mRNA booster vaccine). The health mini- 19 vaccine. Its production had stopped
stry’s CoWIN portal shows stocks of Serum around April last year, and the stockpile
Institute of India’s (SII) Covovax (its vaccine was subsequently exhausted. Stocks for the
produced in partnership with Novavax) at intranasal vaccine iNCOVACC have also
some vaccination centres. However, run out.
sources revealed that SII does not have any An immediate response could not be
stockpile at a company level. elicited from Biological E on vaccine stock.
According to CoWIN data, only 73 vac- The Hyderabad-based company made
DELHI POLICE GETS CALL ABOUT
cination centres are currently active in Corbevax, which had got approval to be
India, of which 32 are govern- used as a mix-and-match
BLAST NEAR ISRAEL EMBASSY
ment-run. Most of the centres are booster after two doses of DelhiPoliceonTuesdayeveningreceivedacallaboutablastnearthe
offering Covovax vaccine. On There is low or Covaxin or Covishield. IsraelembassylocatedintheNewDelhidistrictbutnoexplosivehas
Tuesday, 58 vaccinations were almost no demand A vaccine industry beenfoundyet,officialssaid.Thesearchoperationwasunderway.
administered in India, of which for vaccines from source elaborated that the IsraeliembassyspokespersonGuyNirsaid,“Wecanconfirmthat
only one was a precautionary either the private or manufacturers were not around5:48pmtherewasablastincloseproximitytotheembassy.
dose taken by a senior citizen the public sector. gearing up to produce DelhiPoliceandthesecurityteamarestillinvestigatingthe
(aged above 60 years). Twenty- Secondly, all of these more doses because of two situation.”AccordingtoDelhiFireServicesofficials,theyreceiveda
eight vaccinations were adminis- vaccines have a reasons. callabouttheblastat5:45pmanditwastransferredfromtheDelhi
tered to people in the 18-59 years emergency use One is low or almost Police’spolicecontrolroom.Thefiredepartmentimmediatelysent
age group. authorisation status no demand for vaccines twofireenginestothespot.Policeandfiredepartmentofficialsare
An official of Gennova con- that does not allow from either the private or atthespotandasearchoperationisunderway,thefireofficialssaid.
firmed that the company has the manufacturers to the public sector. Secondly, Sourcessaidthecallertoldpolicethattherewasablastbehind
about one million doses of distribute them all of these vaccines have theembassy.AguarddeployedatHindiBhawantoldthemediahe
Gemcovac-OM, the first and only through pharmacies a EUA status that does SANKET KOUL headded. MaharashtraandTamil heardaloudnoisebehindtheembassyandinformedthepolice.
Covid-19 booster vaccine made not allow the manufac- New Delhi, 26 December ThiscomesaftertheUnion Nadusawminimalriseinfresh Policeofficialssaidtheyweresearchingeachandeverycornerofthe
available in India against the turers to distribute them healthministryhadconfirmed cases,withactivecaseload area.Noexplosivehasbeenfoundsofar.
highly transmissible Omicron variant to through pharmacies. IndiaonTuesdayreported 63casesofJN.1Covid-19sub- reaching168and139 PTI
have received the emergency use authori- “One cannot release the vaccine onto threedeathsinKarnatakaand variantbeingidentifiedin respectively.
sation (EUA) from the office of the Drugs the private market (through the pharmacy 116freshcasesacrossstates, IndiatillDecember24. Several state governments
Controller General of India (DCGI). or other distribution channels) as they have whichincreasedthenumberof Thecountryhasrecorded have now issued advisories to
The JN.1 sub-variant is a descendant of a EUA status. Vaccines have to be ordered
BA.2.86 (also known as Pirola), which itself either by the government or private centres
activecasesinthecountryto
4,170,accordingtodata
24deathssinceDecember18.
Ofthese,Keralahaswitnessed
local administrations to
increase testing in view of the
BOMB THREAT FOR RBI AND
is a sub-variant of the widely circulating registered with Co-WIN. So, unless orders
Omicron. are placed no one can produce doses and
updatedbytheMinistryof
HealthandFamilyWelfare.
16deaths,followedby
Karnatakawithsixdeaths,and
upcoming festival season. The
Himachal Pradesh health
OTHER LOCATIONS IN MUMBAI
“The booster vaccine helps in generat- create a stockpile,” said the source on KarnatakaonTuesday PunjabandRajasthanwithone department issued an advisory AthreatmailsenttotheReserveBankofIndiahereabout11bomb
ing antibodies and memory immune grounds of anonymity. confirmed32patientsofthe casualtyeach. to the chief medical officers in blastsinMumbaionTuesdaysentthepoliceintoatizzy,butno
responses specific to the Omicron variant, India SARS-CoV-2 Genomics JN.1Covidsub-variant,asthe Keralawitnessedadropin the state to test patients with suspiciousobjectwasfoundattheselocations,includingtheRBI
which can reduce the probability of infec- Consortium (INSACOG) Chief N K Arora statereported92freshcases activecasesonTuesday,with Covid-like symptoms and take centralofficebuildingandtwootherbanks.Thee-mailwassent
tion and hospitalization, and even prevent has said that no additional dose of vaccine totakeitstallyofactive thestaterecordingzerofresh necessary precautions. fromtheidkhilafat.india@gmail.comontheRBIgovernor’semailid
future waves of the pandemic,” the com- is required against JN.1 at the moment. caseloadto432. casesinthelast24hours.The TheDelhigovernmenthas ataround10:50amthreateningbombblastsattheRBI’snewCentral
pany said. Unlike other mRNA vaccines, According to him, precaution is required Speakingtothemedia, statereportedthat232patients advisedpeopletowearmasks Officebuilding,Fort,HDFCHouseinChurchgate,andICICIBankTower
Gemcovac-OM, launched in June this year, for those aged above 60 years, having co- KarnatakaHealthMinister weredischargedtillTuesday andavoidgatheringsamidthe inBandra-KurlaComplexat1:30pm,apoliceofficialsaid.
remains stable at 2-8 degree Celsius. morbidities or on drugs that suppress DineshGunduRaosaidthat morning,takingthestate’s freshriseincoronavirus Threateningexecutionofblasts,thesenderdemandedthat
“The vaccine is available at 50 centres immunity (like cancer patients). “In case therewere34casesoftheJN.1 activecasetallyto3,096. infectionsandtheupcoming FinanceMinisterNirmalaSitharamanandRBIGovernorShaktikanta
across major cities in India and can be these people have not yet taken their third variantofCovidandthata Thisisadropof32casesas NewYearcelebrations. Dasresignfromtheirpostsimmediatelyandreleaseafullstatement
obtained via the Co-WIN portal and vacci- dose, they are advised to take precaution,” majorityofcaseshadbeen comparedtothe3,128reported FourteenstatesandUnion aboutthedisclosureofthe“bankingscam”,accordingtotheFIR.
nator app. Gennova has also tied up with he said recently. reportedinBengaluru. onMonday.Keralastill Territorieshavereported Policeconductedsearchesatallthelocationsmentionedinthe
an agency that can vaccinate people at Going by the current scenario, demand “Weareadvisingpeopleto accountsfor74percentofthe zeroCovid-19casesinthe e-mailwithBombDetectionandDisposalpersonnel,butnothing
home,” the company said. is unlikely to rise anytime soon. maintainphysicaldistancing,” nationalactivecaseload. last24hours. suspiciouswasfoundatthesespots,theofficialsaid. PTI

A YEAR WHEN G20 HELPED INDIA SOLIDIFY ITS PLACE ON THE WORLD STAGE

When a soft power meant business

RUCHIKA CHITRAVANSHI
New Delhi, 26 December

OnSeptember9,asIndia
clinchedtheG20Leaders’
Declaration,manywereleft
surprisedbyitsdiplomatic
achievement.Thegrand
BharatMandapam,bedecked
andreadyforthiscelebration
daysinadvance,wasas
thoughawareofwhat
wascoming.
Thevenuebecamethe
nervecentrefromwherethe
consensuswasfinallyforged
amidcomplexglobal
circumstances,whichmade
India’staskallthemore
challenging.
Internationalaffairs
expertsfeelthatitwasthe
momentIndiabecameabig
stabilisingforceinahighly
dividedworld,andthis
elevateditsimageofasoft
powerthatmeansbusiness
likeneverbefore.
“Consensus-buildinghas
beenIndia’sforte,butnever
hasthecountrydoneitatthis
scale.Theworldwaswaiting
forasharedoutlookandwe
couldachieveit,”
saidSreeram
Chaulia,dean,
JindalSchoolof
International
Affairs.“G20has
silencedthe
criticswhowould
saythatIndiais
notateam
player.”
TheNew
STORY
DelhiLeaders’
Declaration,astheofficeof
chiefeconomicadvisor
recentlyputit,cameinthe
complexbackdropofthe
interlockingcrisesoffood,
fuelandfinance,emerging
globalchallenges,anda
fracturedgeopolitical
situation.
“Itwasnotaroutine
statement.TheNewDelhi
declarationrequireddeep
thinking,seriousnegotiations
andpersistentwork.This
wholebusinessofholding
eventsthroughoutIndia
burnishedourcredentialsas
ademocracy,”saidRajiv
Bhatia,formerambassador
anddistinguishedfellow,
GatewayHouse,aforeign
policythink-tank.
The New Delhi Leaders’ Declaration came against the complex backdrop of interlocking crises
Bringingleadersofthe
world’smostpowerful
nationsunderitsroof,Bharat
Mandapamalsolaidoutthe
redcarpetforthenewest
entranttotheG20
club—African
Union,amove
thathadIndia’s
bigpush.
“African
Union’sentryas
THE the21stnation
INDIA memberisseenas
animportant
achievementand
obviously
boostedIndia’s
influenceinAfrican
countries,”saidShyamSaran,
formerforeignsecretarywho
hasalsoservedastheprime
minister’sspecialenvoyfor
nuclearaffairsandclimate
change.“India’sroleasa
majoractorisreinforced.”
AstheG20focusedon
economicissues,therewas
alsoanexpectationthatit
wouldbecomeaproblem-
solvingclubtoaddress
geopoliticaltensions
surroundingtheRussia-
Ukrainewarfollowedbythe
Israel-Hamasconflict.The
languagearoundtheissue
hadbecomeamajor
roadblockforajoint
communique.
“HowIndiadealtwith
Ukrainehadtobeconsistent SecurityCouncilandseeking
withitsdomesticinterest. aseatatthetable.“Weare
Indiahadtosavethedignityof drummingupsupportbutwe
Russia.Itlookedlikean knowhowpolarisedtheworld
impossibletask.Itwas hasbecome,”Bhatiasaid.
complex,”Bhatiaadded. Somealsofeelthatwhile
Thatsaid,India’sfocusto Indiahasmounteda
bethevoiceoftheGlobal successfulevent,itwouldbe
Southhasearneditsupportin extremelydifficulttokeep
theregion.Someexperts thatmomentumgoing.
believeithasevenchanged “We cannot maintain the
thestructureoftheG20intoa same level of high… Some of
developmentorganisation the shine from the G20 has
andnotjustaneliteclub.
Fromstrengtheningthe
been taken away because of
the Pannun affair (the
multilateraldevelopment
banks,managingglobaldebt
alleged plot to kill pro-
Khalistan leader
vulnerabilitiesto Gurpatwant
regulatingcrypto India’s focus to be Singh Pannun).
assets,and the voice of the It is a setback,”
financingthe Global South has Saran
citiesof earned it support in pointed out.
tomorrow,the the region. Some Setbackor
agendafocused experts believe it not,muchofthe
onissuesthat has even changed perceptionabout
particularly the structure of India’sstrong
echoedwiththe the G20 into a globalpositionis
developing development drawnnotjust
world. organisation and fromhostingthe
“Itisabig not just an elite club G20butalsofrom
achievementfor itssuccessful
non-members.G20was economicperformance.
criticisedforelite Meanwhile, the glitzy
multilateralism…G20cannot Bharat Mandapam, which
ignorethemomentumIndia has come up where once
hasbuiltup,”Chauliaadded. other celebrated structures
CanIndiauseitsglobal stood, has become symbolic
positiontoitsadvantagenow? of an India breaking away
ExpertssaidthatIndiais from the past to forge a
pushingforreformsattheUN new course.