WEDNESDAY, 21 FEBRUARY 2024

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

NEW DELHI
~13.00
VOLUME XXX NUMBER 265

THE MARKETS ON TUESDAY chg#

Sensex 73,057.4 p 349.2

Nifty 22,196.9 p 74.7
Nifty Futures*
Dollar
Euro
22,217.2
~83.0
~89.6
p 20.3
~83.0 **
~89.4 **
INDIA INC MUST GET ITS ACT HINDALCO ARM NOVELIS
Brent crude ($/bbl)
Gold (10 gm)###
83.1##
~61,890.0 p
*(February) Premium on Nifty Spot; **Previous close;
84.7 **
~121.0 TOGETHER ON CAPEX: RBI PAPER FILES PAPERS FOR US IPO
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I M UL T A N E OU SL Y FRO M AHM ED AB AD , BE NG AL URU, B HO PAL , B HUB ANE SW AR , CHA NDI GAR H, CHE NNAI , HY D E R A B AD , K O CH I, K OL K A TA , L U CK N OW , M U MB AI , N E W D E L HI AN D P U N E
 2 COMMERCIAL
>.
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1

POSSESSION NOTICE PUBLIC NOTICE

(for immovable property) Notice Is Hereby Given That my clients
Whereas, intend to purchase a residential plot of land
The Authorized Officer of INDIABULLS HOUSING FINANCE LIMITED measuring 400 sq. yds., bearing No. 18, along
(“IHFL”) under the Securitisation and Reconstruction of Financial Assets and with the entire buildings and structures on it,
Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under situated on Street No. F-3, in the lay-out plan
Section 13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 of Vasant Vihar of the Government Servants’
issued Demand Notice dated 22.01.2022 calling upon the Borrowers NITISH Co-operative House Building Society Limited,
KUMAR ARORA AND COAST TOWN PLANNERS PVT. LTD. (GUARANTOR) Vasant Vihar, New Delhi, India (“Property”).
to repay the amount mentioned in the Notice being Rs.1,85,13,896.79 (Rupees Any person having or claiming any form of
One Crore Eighty Five Lakh Thirteen Thousand Eight Hundred Ninety Six right, title, claim, demand or interest in the
and Paise Seventy Nine Only) against Loan Account No. HHLDCP00492920 Property or any part thereof, by way of sale,
as on 15.01.2022 and interest thereon within 60 days from the date of receipt of transfer, exchange, assignment, Will, release,
the said Notice. Further the IHFL has assigned all its rights, title and interest of relinquishment, decree or order of any Court
the above loan account in favor of Assets Care & Reconstruction Enterprise of Law, award, encumbrance, mortgage,
Ltd. (“ACRE”) by way of an Assignment Agreement dated 27.06.2023 read with lease, lien, charge, maintenance, license,
Rectification Agreement dated 04.08.2023. gift, inheritance, undivided share, possession,
The Borrowers having failed to repay the amount, notice is hereby given to the easement, trust, bequest, sub-lease, tenancy,
Borrowers and the public in general that the undersigned has taken symbolic sub-tenancy, leave and license, lis pendens,
symbolic possession of the property described herein below in exercise of powers
or encumbrance of whatsoever nature or
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of the
otherwise howsoever, or under any
Security Interest (Enforcement) Rules, 2002 on 15.02.2024.
agreement, deed, document or power of
attorney or any objection/s of any manner
The Borrowers in particular and the public in general is hereby cautioned not to whatsoever is hereby required to inform the
deal with the property and any dealings with the property will be subject to the same in writing with notarized/certified true
charge of Assets Care & Reconstruction Enterprise Ltd. for an amount of copies of documentary proof in support
Rs.1,85,13,896.79 (Rupees One Crore Eighty Five Lakh Thirteen Thousand thereof, to the undersigned at under
Eight Hundred Ninety Six and Paise Seventy Nine Only) as on 15.01.2022 and mentioned address within 15 (fifteen) days
interest thereon. from the date of this notice, failing which it
The Borrower’s attention is invited to provisions of Sub-Section (8) of Section 13 will be presumed that the title of the owners
of the Act in respect of time available, to redeem the secured assets. to the Property is clear, valid and marketable
DESCRIPTION OF THE IMMOVABLE PROPERTY (IES) and no one has any right/ title/ interest/ claim/
demand whatsoever on the Property. Any
UNIT NO. R203NWEST0 0205/FLAT NO. 0205 HAVING SUPER AREA 2105
claims without supporting documents shall Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
SQUARE FEET ON 2ND FLOOR IN THE TOWER-A/NOVA WEST IN THE
not be entertained. Please mark your Security Interest Act, 2002 (The Act)
PROJECT “SUPER NOVA” CONSTRUCTED UPON PLOT NO 3, SECTOR-94,
envelope with the superscription Plot #18.
NOIDA – 201301, UTTAR PRADESH. S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
Date: February 21st, 2024 NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
Place: Delhi Sd/-
Adv. Kaustubh Rai 1 LOAN ACCOUNT NO. FLAT NO 205, 1ST FLOOR, 04.11.2022 Rs. 17,96,696.52
Sd/ HHLMER00224757 TOWER-M3, SUPERTECH GREEN (Rupees Seventeen Lakh
A-193, First Floor, Defence Colony,
Authorized oicer 1. KRISHAN GOPAL VILLAGE, AT MAIN HAPUR BYPASS Ninety Six Thousand Six
New Delhi – 110 024, Email ID:
Date : 15.02.2024 Assets Care & Reconstruction Enterprise Ltd. 2. KANTA ROAD, MEERUT - 250002, UTTAR Hundred Ninety Six And
kaustubh.rai@apogeelawoffices.com 3. RAMANDEEP KHURANA PRADESH Paise Fifty Two Only) as
Place: NOIDA (102-TRUST)
Tel. No.: +91 8765629295 on 07.02.2024
2 LOAN ACCOUNT NO. UNIT NO 2902, 29TH FLOOR, TOWER 09.09.2022 Rs. 15,42,601.81
HHLDIP00190167 H-1, ALBARIA ECO VILLAGE-1, (Rupees Fifteen Lakh
1. KOMAL BHATIA GH-08, SECTOR -1, GREATER NOIDA Forty Two Thousand Six
2.VIVEK BHATIA -201301, UTTAR PRADESH Hundred One And Paise
Eighty One Only) as on
Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of 07.02.2024
Security Interest Act, 2002 (The Act)
3 LOAN ACCOUNT NO. FLAT NO.-1803, 18TH FLOOR 09.01.2024 Rs. 33,94,772.39 (Rupees
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount HHLDCP00337893 TOWER-K2, SUPERTECH ECO- Thirty Three Lakh Ninety
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D) 1. KIRAN KUSHWAHA VILLAGE-1 PLOT NO.-08, SECTOR-1, Four Thousand Seven
1 LOAN ACCOUNT NO. UNIT NO. K-503, 5TH FLOOR, 09.11.2023 Rs. 12,79,813.34 (Rupees 2. SANTOSH KUMAR GREATER NOIDA, GAUTAM Hundred Seventy Two
HHLNOD00387047 TYPE-T2, TOWER - K, SPLS Twelve Lakh Seventy BUDDHA NAGAR-201303 UTTAR And Paise Thirty Nine
1. MANEV S BHANDARI AAWASIYA YOJNA, VILLAGE Nine Thousand Eight PRADESH Only) as on 05.02.2024
2. MEGHNA BHANDARI KUSHALIYA, PARGANA DASNA, Hundred Thirteen and 4 LOAN ACCOUNT NO. UNIT NO 1104, 11TH FLOOR, 06.04.2022 Rs. 14,40,767.68/-
GHAZIABAD - 201001, UTTAR Paise Thirty Four Only) HHLDCP00154318 TOWER-B25, ECO VILLAGE-3, PLOT (Rupees Fourteen Lakh
PRADESH as on 06.02.2024 1. BINOD KUMAR SHARMA NO-GH-06, SECTOR-16B, GR NOIDA, Forty Thousand Seven
2 LOAN ACCOUNT NO. FLAT NO. 0504, 5TH FLOOR, BLOCK/ 11.04.2022 Rs. 37,62,817.35 (Rupees 2. SAVITA GAUTAM BUDDHA NAGAR-201308, Hundred Sixty Seven And
HHLVAS00251449 TOWER T1, SUPERTECH AZALIA, Thirty Seven Lakh Sixty UTTAR PRADESH Paise Sixty Eight Only) as
1. MEGHA RAINA (THROUGH SECTOR 68, GOLF COURSE Two Thousand Eight on 07.02.2024
POA HOLDER ASEEM EXTENSION ROAD, Hundred Seventeen and 5 LOAN ACCOUNT NO. FLAT NO. 0511, 5TH FLOOR, 11.04.2022 Rs. 59,28,818/- (Rupees
DOGRA) GURUGRAM - 122101, HARYANA Paise Thirty Five Only) as HHLDCP00252080 ALBERIA, H2/ TOWER-H2, ECO Fifty Nine Lakh Twenty
2. ASEEM DOGRA on 07.02.2024 1. NARENDER KUMAR VILLAGE 1, PLOT NO. 08, SECTOR-1, Eight Thousand Eight
3 LOAN ACCOUNT NO. UNIT NO. H-0127, 1ST FLOOR, 11.04.2023 Rs. 18,48,010.18 (Rupees PANDEY GREATER NOIDA-201301, UTTAR Hundred Eighteen Only)
HHLVAS00209320 TOWER-H, SUPERTECH UP Eighteen Lakh Forty 2. NAVIN PANDEY PRADESH as on 07.02.2024
1. VIKRANT SINGH COUNTRY, TS-01, SECTOR 17A, Eight Thousand Ten and 3. ASHISH PANDEY
POSSESSION NOTICE 2. NITI YADAV YEIDA, GAUTAM BUDDHA NAGAR, Paise Eighteen Only) as 4. BINDU PANDEY
(for immovable property) GREATER NOIDA - 201303, UTTAR on 27.01.2024 6 LOAN ACCOUNT NO. PROPERTY NO. C-12/515, 2ND 04.02.2024 Rs. 40,30,521.29 (Rupees
Whereas, PRADESH HHLVAS00471069 FLOOR, BLOCK-C-12, PLOT NO. Forty Lakh Thirty
The undersigned being the Authorized Officer of INDIABULLS HOUSING 4 LOAN ACCOUNT NO. FLAT NO. J-2/2104, 21ST FLOOR, 09.06.2022 Rs. 40,97,203/- (Rupees 1. SUSHMA GUPTA 515, YAMUNA VIHAR, GHONDA Thousand Five Hundred
HHLDIP00204166 TOWER J-2, SUPERTECH ECO Forty Lakh Ninety Seven (CO-BORROWER, WIFE AS RESIDENTIAL SCHEME, SHAHDARA, Twenty One and Paise
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
1. ARUNODAYA RAWAT VILLAGE IV, PLOT NO. GH-01, Thousand Two Hundred WELL AS LEGAL HEIR OF DELHI - 110053 Twenty Nine Only) as on
and Reconstruction of Financial Assets and Enforcement of Security Interest Act, LATE ARUN KUMAR GUPTA) 07.02.2024
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3 2. NIDHI RAWAT SECTOR 16-B, GREATER Three Only) as on
NOIDA - 201308, UTTAR PRADESH 06.02.2024 2. VISHANT GUPTA
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated (CO-BORROWER, SON AS
5 LOAN ACCOUNT NO. HOUSE MNC NO. 105/2, KHASRA 04.01.2024 Rs. 27,16,672.41 (Rupees
30.11.2023 calling upon the Borrower(s) VINAY KUMAR PROPRIETOR VINAY HHLFRZ00527672 NO. 685, NAGLA VISHNU, MAUZA Twenty Seven Lakh WELL AS LEGAL HEIR OF
BUILDING MATERIAL AND GEETA ALIAS GEETA DEVI to repay the amount 1. IKHLAQ KHAN DATAUJI LINEPAR, Sixteen Thousand Six LATE ARUN KUMAR GUPTA)
mentioned in the Notice being Rs.15,42,948.84 (Rupees Fifteen Lakh Forty Two 2. SHAJIYA FIROZABAD - 283203, UTTAR Hundred Seventy Two 3. RISHIKA GUPTA
Thousand Nine Hundred Forty Eight and Paise Eighty Four Only) against Loan PRADESH and Paise Forty One (CO-BORROWER, DAUGHTER
Account No. HHLALI00428434 as on 29.11.2023 and interest thereon within 60 Only) as on 07.02.2024 AS WELL AS LEGAL HEIR OF
6 LOAN ACCOUNT NO. DDA FLAT NO.55 (LIG), 4TH FLOOR, 09.08.2023 Rs. 11,85,694.50 (Rupees LATE ARUN KUMAR GUPTA)
days from the date of receipt of the said Notice.
HHLRHN00252690 SECTOR G-2, POCKET-2 BLOCK-A8, Eleven Lakh Eighty That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
The Borrower (s) having failed to repay the amount, Notice is hereby given 1. PUSHPENDRA KUMAR NARELA, NEW DELHI - 110040 Five Thousand Six books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
to the Borrower (s) and the public in general that the undersigned has taken 2. RAKHI DEVI Hundred Ninety Four and Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
Symbolic possession of the property described herein below in exercise of Paise Fifty Only) as on been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
powers conferred on him under Sub-Section (4) of Section 13 of the Act read 05.02.2024 classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 16.02.2024 That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per the borrower.
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount. In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
The Borrower(s) in particular and the public in general is hereby cautioned not
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
to deal with the property and any dealings with the property will be subject to date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of 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 entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
Rs.15,42,948.84 (Rupees Fifteen Lakh Forty Two Thousand Nine Hundred is available to the Company in law.
the borrower.
Forty Eight and Paise Eighty Four Only) as on 29.11.2023 and interest In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
thereon. towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
The Borrower’s attention is invited to provisions of Sub-Section (8) of
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
Section 13 of the Act in respect of time available, to redeem the secured time frame, Borrower may not be entitled to redeem the property.”
assets. 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 In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
DESCRIPTION OF THE IMMOVABLE PROPERTY by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
HOUSE NO. 19/68 (OLD) AND 19/69 (NEW) ADMEASURING 174.37 SQUARE publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private the notice, without prior written consent of secured creditor.
YARDS IE. 145.80 SQUARE METERS SITUATED IN MOUJE GAMBHIR PURA, treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed Place: MEERUT/GREATER NOIDA/GAUTAM BUDDHA NAGAR/DELHI
TEHSIL KOLI, DISTRICT ALIGARH-202001, UTTAR PRADESH AND WHICH IS time frame, Borrower may not be entitled to redeem the property.” For Indiabulls Housing Finance Ltd.
BOUNDED AS FOLLOWS:- In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either Authorized Oicer
EAST :HOUSE OF MUKUL VARSHNEY by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
WEST :16 FEET WIDE ROAD the notice, without prior written consent of secured creditor.
NORTH :16 FEET WIDE ROAD Place: GHAZIABAD/GURUGRAM/GREATER NOIDA/FIROZABAD/DELHI
Sd/-
SOUTH :12 FEET WIDE ROAD For Indiabulls Housing Finance Ltd.
Date : 16.02.2024 Authorized Officer
. Authorized Oicer
Place : ALIGARH INDIABULLS HOUSING FINANCE LIMITED

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 WEDNESDAY, 21 FEBRUARY 2024
20 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 265

THE MARKETS ON TUESDAY chg#

Sensex 73,057.4 p 349.2

Nifty 22,196.9 p 74.7
Nifty Futures* 22,217.2 p 20.3 TAKE TWO P17 WORLD P8
Dollar
Euro
Brent crude ($/bbl)
~83.0
~89.6
83.1##
~83.0 **
~89.4 **
84.7 **
HOW FMCG BRANDS ARE LEAVING CAPITAL ONE TO BUY
Gold (10 gm)### ~61,890.0 p
*(February) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~121.0
CONSUMERS SPOILT FOR CHOICE DISCOVER FOR $35 BN
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I M UL T A N E OU SL Y FRO M AHM ED AB AD , BE NG AL URU, B HO PAL , B HUB ANE SW AR , CHA NDI GAR H, CHE NNAI , HY D E R A B AD , K O CH I, K OL K A TA , L U CK N OW , M U MB AI , N E W D E L HI AN D P U N E

NOT CUTTING DOWN ON

HIRING, BUT WANT
TO END WFH: TCS CHIEF
India Inc must get
TataConsultancyServices
(TCS)CEOandMD
KKrithivasanonTuesday
act together on
capex: RBI paper
ruledoutcuttingdownon
hiring,butsaidthe
companymayhaveto
pacehiringaccordingto
theevolvingdemand
scenario.“Wearenotforworkfromhome,
becausewebelievethatworkingfromofficeis Unsecuredloansrisedespitehigherriskweighting
therightwayofworking.Almost100percentof

Add momentum
ourcustomersarekeentogettheirworkforce MANOJIT SAHA
backtooffice,”hesaidataNasscomevent. PTI Mumbai, 20 February SALIENT

T
he Indian corporate sector must get OBSERVATIONS
AI FRAMEWORK TO BE PRESENTED
to your goals
its act together to take advantage of
n India Inc’s balance
BY JULY, SAYS CHANDRASEKHAR 2 > the lower borrowing cost to make
sheets healthyonthe
capital expenditure (capex) and
GEN-AI BUILT IN INDIA: ACCENTURE 5 > relieve the government of heavy lifting, backofhighprofits
according to the Reserve Bank of India’s n Pressure onnet interest
(RBI’s) state of the economy report margins of banks inthe
COMPANIES P2 released on Tuesday. comingdays
JSW group, Volkswagen The report, authored by RBI
staff, including Deputy Governor n Current liquidity
begin talks for EV tieup Michael Debabrata Patra, expects
the current liquidity conditions
conditions
to easewith
TheJSWgrouphasstartedtalks to ease with government spend- govtspending
withGermanautomajor ing, and inflation expectations to
VolkswagenAGonsupplying edge down, while observing that n Core inflation
technologyandcomponents unsecured loans continued to grow is atitslowest
forits~40,000crore despite an increase in risk weighting. sinceOctober2019
electric-vehicle(EV)projectin “Overall, the corporate sector must take
Odisha.TalkswithJSWcamewithindaysofthe advantage of the space ceded in financial mar- n Non-foodwholesale
Germancarmakerannouncingitwouldsupply kets by a lower budgeted borrowing pro- inflationremained
componentsforEVsandbatterycellsto gramme and the easing of borrowing costs inthenegative
Mahindra&Mahindra. that has already begun in response to the
Interim Budget for 2024-25, driven as it is by
capex and consolidation,” said the report. It RBI TURNED NET $ BUYER
THE SMART INVESTOR P10 clarified that views expressed in this article AFTER 4 MTHS IN DEC P4
India-listed arms of MNCs were those of the authors and did not repre-
sent the views of the RBI. Turn to Page 6 > > RELATED REPORTS
outclass parent valuations
Ananalysisof12-monthforwardprice-to-
earningsandprice-to-book(P/B)multiplesof
Prospects for pvt capex bright: FinMin
India-listedmultinationalcompaniesshows Anupturnintheprivatecapital saidinitsMonthlyEconomicReviewfor
thatmostquoteshaveapremiumranging expenditure(capex)cycle,improved January.Thegovernmentalsoexpects
from2.1xto6xthatoftheirparent.Similarly, businesssentiment,andhealthybalance inflationtofurtherreduceduetomeasures
P/B,inmostcases,issignificantlyhigherinthe
domesticmarket.Analystssuggestthatthis
sheetsofbanksandcompanies,along
withthegovernment’scontinuedthrust
announcedtoreininfoodprices. 4>
HDFC NIFTY200
CAIRN TO DOUBLE ANNUAL NFO Closes:
Momentum 30 Index Fund
trendcouldencouragemoreforeignfirmsto oncapex,signalbrightprospectsforcapex
firmuptheirplansforlistinginIndia. inIndia,theMinistryofFinance(FinMin) CAPEX TO $1 BN FOR 5 YRS P5
23rd Feb 2024
An open ended scheme replicating/tracking
NIFTY200 Momentum 30 Index (TRI)

Hindalco arm Novelis Holiairfareson

keyroutesgo
throughtheroof Why Invest?
files papers for US IPO Growth Potential: Endeavors to provide better risk-adjusted returns
INDIA JOURNEY February2009: Novelis than market cap weighted indices. Parent index NIFTY 200 consists
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Novelisfor$6bn
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wholly owned subsidiary of acquisitionofAlerisat$2.8bn staggeringincreasesof
the Aditya Birla group’s upto196percentonpopular
Hindalco Industries, on May2022: Announcesplans routescomparedtolastyear. Rules based & transparent: Stock selection and weightage
Tuesday announced that it tosetup$2.5bn Holiisthesecondlong determined by index methodology
has confidentially submitted greenfieldaluminium weekendoftheyear,
a draft registration statement rollingplant allowingpeopletoplan
with the Securities and short-haultripsonthe
Exchange Commission (SEC) February2024: Novelisups occasion,writeDeepakPatel
of the United States for an capexguidanceby65% &AksharaSrivastava 18 >
initial public offering (IPO). to$4.1bn Dynamic Strategy: NIFTY200 Momentum 30 Index adapts to changing
On successful comple- market conditions as stock market winners keep changing
tion of its IPO, Novelis will be
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of Indian companies to be REVENUES (~cr) PBIT (~cr) asitsbiggest
listed separately on foreign
bourses.
marketin10yrs
Common shares are Turbopropaircraftmaker Lower Cost: Ideal vehicle for long-term investment due to lower
expected to be offered by ATRexpectsIndiatobecome expense ratios
Novelis’ shareholders, the itslargestmarketwithinthe
company said in a statement. nextdecadeamidarising
Novelis said it will not demandforregionalairtravel
receive any proceeds from inthecountry,Jean-Pierre
the sale of common shares by Clercin,headofcommercial
its sole shareholder.
* FY24 figures have been arrived at by annualising the first nine months figures for
forAsiaPacific,tells SCAN TO INVEST
better comparison;
Turn to Page 6 > Sources: Capitaline, company report Compiled by BS Research Bureau DeepakPatel 2>
rusted

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Payments Interface (UPI). person in the know. Bill Payment System to the development said. 5 >
This comes amid concerns Turn to Page 6 >

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 2 COMPANIES NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024

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AI framework ATR sees India as its biggest mkt in 10 years

to be presented INDIA HAS THE
FASTEST-GROWING FLEET
DEEPAK PATEL
New Delhi, 20 February
blind not to see the importance of
India for us and aviation at large,”
Clercin noted.
do. What I can say is that there is a very
big necessity of growing connectivity
in the regions so all the different

by July: MoS IT OF ATR PLANES IN THE

WORLD. THE AVERAGE AGE
OF ATR PLANES IN INDIA IS
Turboprop aircraft manufacturer ATR
expectsIndiatobecomeitslargestmar-
ket within the next decade amid the
rising demand for regional air travel in
“In terms of the number of ATR
aircraft in a country, India is in the top
three. The number one country right
now is Indonesia with about 100 ATR
players (aircraft-makers) have a role to
play. The government is very adamant
that we need to boost connectivity in
the secondary cities with VGF (viability
SHIVANI SHINDE
Mumbai, 20 February
‘India’s AI mkt the country, Jean-Pierre Clercin, the
company’s head of commercial for
planes. Brazil and India hold the next
two positions with about 70 ATR
THE LOWEST... IT WOULD BE
SOMEWHAT BLIND NOT TO
gap funding provided under the
UDAN regional connectivity scheme).”

Calling out the need for a
global consultative approach
towards the creation of regu-
lations around artificial intel-
ligence (AI), Rajeev
Chandrasekhar (pictured),
minister of state for informa-
tion technology, said India
has taken the lead in framing
such regulations.
He also stated that these
frameworks will be presented
by June-July this year.
“India has taken the lead
in creating this draft paper.
We expect to have a draft
framework discussed and
set to touch
$17 bn by 2027’
India's AI market, growing at a
compounded annual growth
rate of 25-35 per cent is
projected to reach $17 billion by
2027, according to a report by
Nasscom.
The report, released on
Tuesday, says the growth is
fueled by multiple factors
including increasing
enterprise tech spending,
India’s growing AI talent base
and a significant increase in AI
Asia-Pacific, told Business Standard.
At present, 67 ATR planes are in
operation in India, with IndiGo oper-
ating 45, Alliance Air 20, and Fly91 2.
These aircraft, which have seating
capacities of 70 to 80 and a range of
1,500 km, are primarily used for
regional travel, connecting smaller
cities and towns.
ATR, a joint venture between
Airbus and Leonardo, currently has
around 1,400 aircraft operating
globally. “India has the fastest-growing
fleet of ATR planes in the world. The
average age of the ATR planes in India
is the lowest... It would be somewhat
planes each... If you ask me, what is
going to be the biggest market in the
next 10 years, my money would be on
India,” he further said.
When asked about the number of
turboprop planes India would need in
the next 10-20 years, Clercin esti-
mated: “If I look at our official esti-
mate, probably between 50 and 150
turboprop planes in the next 10 years.
If I were to follow my heart, I would
say it would be much more than that.”
ATR sees immense potential in
India’s regional aviation market.
“People want more convenience and
a faster way to go around. The other
SEE THE IMPORTANCE OF
INDIA FOR US AND
AVIATION AT LARGE
JEAN-PIERRE CLERCIN, HEAD OF
COMMERCIAL, ASIA -PACIFIC REGION, ATR
transport infrastructure (roads, rail, delivered. The company plans to
etc) is growing but isn't catching up deliver the remaining five by
with the pace of the demand. December this year.
Therefore, regional aviation has a When asked if ATR was in discus-
huge role to play,” he said. sion with IndiGo for another order,
IndiGo had ordered 50 ATR planes Clercin replied: “I think you should ask
in 2017, 45 of which have already been the airlines about what they want to
Clercin admitted that he did not
fully appreciate the depth of India
when he first visited the country and
travelled to major cities, such as Delhi,
Mumbai, and Hyderabad. “It is the
number of cities, including big cities,
and the wealth being created, the way
Indians are entrepreneurial by nature
-- these factors make me think there
is a space for more growth (than offi-
cially estimated),” he added.
Clercin expects ATR to supply 5-15
planes per year in India over the next
decade. In 2023, ATR supplied 36
planes worldwide, 5-6 of which were
delivered to Indian carriers.

JSW Group, Volkswagen

debated by June-July this investments. PTI
year. We will have a mid-year
Global partnership on
Artificial Intelligence (GPAI)
shape the way the world
thinks and cooperate in cre- Paytm doubles
down on bank
summit. Here, most countries ating a framework that har-

begin talks on EV tieup

and especially the Global nesses the potential of AI. It
South, who normally get should also have a cooperative
excluded from any debate mechanism that protects all
about the future of tech, will
participate,”
Chandrasekhar. He was
speaking at the 32nd
said
consumers,” he added.
He also said the approach
to regulating AI in India
would be similar to the Project is being set up by private entities of the Jindal family
partnerships
Nasscom Technology way the government AJINKYA KAWALE
and Leadership
Forum in Mumbai.
has introduced rules
around the Internet.
DEV CHATTERJEE & ANJALI SINGH
Mumbai, 20 February JOINING Mumbai, 20 February PayPal registers
“We have the “We want to have FORCES One97 Communications, the with FIU under
T anti-money
opportunity and transparency he JSW group has started talks with operator of the Paytm brand,
respon- around the pro- German auto major Volkswagen n Talks with JSW came is intensifying its focus on
sibility
to
cess for AI,”
he added.
AG on supplying technology and
components for its ~40,000 crore electric-
after VW announced it
would supply
partnerships with banks to
transfer its Bharat Bill
laundering law
vehicle (EV) project in Odisha. components to M&M Payment System (BBPS) from PayPal has registered its
Talks with JSW came within days of Paytm Payments Bank (Paytm operations with the
the German carmaker announcing it n Looking for JV PB) and concentrate on acquir- Financial Intelligence Unit
would supply components for EVs and partners for battery, ing new merchants through of India (FIU), about six years
battery cells to Mahindra & Mahindra. supply chain, etc these collaborations, accord- after a protracted legal battle
IN BRIEF Mahindra is planning to launch electric
sport-utility vehicles in December with n India sold a little
ing to people close to the
development.
ensued between the two
entities. Sources said that the
components from Volkswagen’s MEB plat- more than 100,000 The company is moving company has completed the
NHRC notice to DGCA over form and unified cells.
A source close to the development
electric vehicles
in 2023
swiftly to finalise these part-
nerships after the Reserve
formal procedure of being
designated as a reporting
octogenarian’s death said a high-level team of Volkswagen AG
made a presentation to the JSW group
Bank of India (RBI) extended
the deadline for restrictions on
entity under the Prevention
of Money Laundering Act
The NHRC has sent a notice to the Directorate General of Civil brass, including Chairman Sajjan Jindal refrain from providing comments on mar- According to industry estimates, the deposit and credit transac- recently and has submitted
Aviation (DGCA) over reports that an 80-year-old and scion Parth Jindal, on Tuesday ket rumours and speculation,” the spokes- price difference between electric cars and tions of Paytm PB to March 15 the requisite documents to
man died at the Mumbai airport after he was about the technology developed by the person said. ICE (internal combustion engine) vehicles last week. The banking the FIU. PayPal also
refused a wheelchair despite prior request to German car major. “There will be separate JVs for cars, bat- is almost 30 per cent. The group plans to regulator men- appointed a principal
an airline and forced to walk. Reportedly, the The EV project of the group is being set tery manufacturing and other compo- bring the two categories on a par, said a tioned that cus- officer for conducting
US-based Indian-origin man collapsed after up by private entities of the Jindal family nents with the JSW group,” said a source. source in the group. The cars would be tomers and official
walking for about 1.5 km on the way to the and does not include any listed entities. The Odisha project consists of a 50 Gwh priced at around ~20 lakh. merchants communication with
immigration area, the National Human Rights The group would also look at inviting EV battery plant, EVs, a lithium refinery, China sold 10 million EVs and India a might need “a the FIU while the
Commission said in a statement. PTI financial investors for projects in the a copper smelter and manufacturing little more than 100,000 in 2023. little more time appointment of a
future, said the source. related components. The project will man- According to Jindal, China has set up to make alter- director, as envisaged
When contacted, a Volkswagen group ufacture both commercial vehicles and a 2,000 Gw battery plant but India has not native arrange- under the same law, is
CCI approves Minda Corp’s spokesperson declined to comment. “We passenger cars. set up a 1 Gw plant. ments”.
“There is a revised
in process, they said. PTI

stake purchase in Pricol deadline in place, and the

company is looking to accel- final approval from the bank-
The Competition Commission of India (CCI) said it has approved
Minda Corporation's proposed 8.79 per cent stake purchase in
Pricol. Minda Corporation caters to Original Equipment
Manufacturers and Tier-I in various segments in India. The
Flipkart BBD spurs Walmart sales erate the finalisation of bank-
ing partnerships since the
deadline is less than a month
away. It is in talks with HDFC
ing regulator to operate as the
Bharat Bill Payment Operating
Unit (BBPOU) last year.
“As an entity under BBPS,
proposed combination relates to an acquisition of up to 8.79 per PEERZADA ABRAR in Q4 compared to $27.6 billion Bank, Axis Bank, and others our associate bank has
cent of the equity share capital of Pricol by Minda, according
to a release. PTI
Bengaluru, 20 February
Flipkart looking to buy Dunzo a year ago. However, its gross
profit rate saw a decrease of 39
for these partnerships. This
includes arrangements for
received the final authorisa-
tion to conduct bill payment
Walmart International’s sales Flipkart has held discussions over potentially acquiring the on- basis points (bps) during the BBPS, and more focus on and aggregation business as a
growth during the fourth demand delivery platform Dunzo, TechCrunch reported, citing quarter. This was “due to the acquiring merchants,” a per- BBPOU,” the company had
Pocket FM to invest $40 mn to quarter was led by India's
Flipkart, Mexico's Walmex, and
three people familiar with the matter. While talks are still
ongoing, complexities surrounding Dunzo’s ownership
timing shift of Flipkart's The
Big Billion Days event” from
son in the know said.
Paytm did not respond to
stated in a blog dated January
17, 2023.
boost online reading platform China with a strong perform-
ance during festive events
structure have impeded the two parties from coming to an
understanding over a deal, the report said.The retail arm of
the previous quarter.
The international arm’s
queries sent by Business
Standard until the time of
Meanwhile, in a report,
brokerage firm Bernstein
Pocket FM said it will invest $40 million in its online reading service across markets, according to an Reliance Industries, which picked up a 26 per cent stake in operating expenses as a per- going to press. noted a 10 per cent drop in
Pocket Novel with an aim to build India’s largest earnings report of the US firm. Dunzo in 2022 for $200 million, has not approved the deal yet, centage of net sales decreased BBPS is an integrated bill application (app) traffic, stat-
online reading platform and make it the default Walmart International com- the report added. Dunzo, in an emailed response to Reuters, by 410 bps. This was driven by payment system that offers ing that it expected limited
destination for the Indian writers’ community. prises the retail giant's opera- denied having "any conversation with any player for an “approximately three-fourths interoperable bill payment damage to the long-term
Pocket FM said it is dedicated to building diverse tions outside the US, including acquisition of the business". REUTERS of leverage due to lapping last services to customers through user/merchant base.
portfolios across multiple entertainment retail websites. “Overall and e- year's one-time costs incurred a network of agents, enabling With a merchant base of
categories and formats, placing a strategic commerce sales growth was Days (BBD) event, which earnings presentation. for the ownership separation of multiple payment modes, over 40 million customers,
emphasis on the creation and development of an positively affected by the tim- shifted from Q3 last year to Q4 Walmart International’s net Flipkart and PhonePe and according to the RBI. Paytm has around 600,000
Intellectual Property playbook. AYUSHMAN BARUAH ing of Flipkart’s The Big Billion this year,” said Walmart, in its sales increased to $32.4 billion restructuring in Africa.” The company received live merchant loans.

India’s gamers play to win with homegrown AAA titles
ARYAMAN GUPTA
New Delhi, 20 February
Even as the Indian real-money gaming
(RMG) sector is feeling the strain of the
newly imposed goods and services tax
(GST), the country’s game developers are
eyeing rising online gamer segments by
creating home-grown big-budget titles.
Last month, Mayhem Studios, a
Mobile Premier League-backed game
developer, announced the closed beta
launch of its battle royale game,
Underworld Gang Wars (UGW). The
game, which has been in the works for
the past 18 months and has already
amassed 7 million pre-registrations, will
be India’s first-ever AAA game — a clas-
sification that signifies high-budget,
high-profile games typically distributed
and produced by large publishers.
Popular AAA games include titles like
Minecraft, Grand Theft Auto V, Call of
Duty, and Fortnite, among others.
“We believe that the launch of this
game (UGW) will not only introduce a
battle royale game rooted in India with
realistic lore but also play a major role in
strengthening India’s position in the
global gaming industry,” Ojas Vipat, chief
executive officer (CEO) of Mayhem
Studios, told Business Standard.
More recently, Pune-based gaming
studio SuperGaming also rolled out the
beta for its own battle royale game, Indus
Battle Royale, on Google Play for Android
users, garnering an immense 8.5 million
pre-registrations. The mobile game,
much like UGW, features India-inspired
map design and characters and will be
expanded to personal computers and
consoles as well.
The release of these big-budget gam-
ing titles will allow India’s nascent gam-
ing industry to better compete with
global counterparts. However, the devel-
opment of AAA games typically requires
a lot of capital, which could pose a chal-
lenge for indigenous developers.
“I think we have a lot of talent in India,
but most of the current AAA games are
coming out of Western markets, and
Asian markets like Japan and Korea,”
said Trivikraman Thampy, co-CEO and
co-founder of gaming unicorn
Games24x7.
Crafting a successful AAA game tai-
lored for the Indian market would entail
incorporating elements aligning the
game’s content, storyline, and characters
with the preferences of local audiences.
Refining technical aspects, including
optimising the game for various devices,
geographies, and navigating variable net-
ILLUSTRATION: BINAY SINHA
nascent gaming market due to its high
margins. As of 2022-23, the RMG segment
had a market share of 84 per cent in the
online gaming industry, according to a
report by consulting firm EY. This is
LEVEL UP expected to go down to 75 per cent by
2027-28 (FY28).
n Lastmonth,Mayhem garnering 8.5 mn According to industry watchers, as
Studios announced the pre-registrations the country’s gaming industry matures,
and consumers get acclimatised to digital
closed beta launch of its
n Thesewill be among transactions, gamers will migrate
battle royale game
India’s first AAA-rated towards other segments like casual or
Underworld GangWars, mid-core games. Moreover, advertising
games, featuring India-
with 7 mn pre-registrations revenue and in-app purchases from these
inspired map design and
n Earlierthismonth, characters casual and mid-core games are expected
to drive most of the growth for the coun-
SuperGaming rolled out
n Expertsforeseemany try’s gaming sector.
the beta for Indus Battle The Indian gaming market, valued
indigenous AAA titles in
Royale for Android users, at $3.1 billion, is expected to hit the $7.5
the near future
billion valuation mark by FY28, growing
at a 20 per cent compound annual
work conditions, are pivotal. revenue. While the margins of gaming growth rate, according to a recent report
These developments become espe- firms operating in RMG space have taken by Lumikai.
cially significant at a time when India’s a significant hit, the release of home- The popularity of titles like PubG, Free
gaming sector has been reeling from a grown AAA games signals an impending Fire, and Battlegrounds Mobile India
newly imposed 28 per cent GST. paradigm shift for the industry. indicates the robust demand for big-
The GST Council, in July last year, “We need to see more studios built in budget games among Indian gamers.
decided to impose a blanket tax of 28 per India for India,” said Salone Sehgal, The coming years might see a substantial
cent on online gaming. Skill gaming plat- founding general partner, Lumikai — a rise in refined, home-grown gaming
forms earlier paid 18 per cent GST on the gaming-focused venture capital fund. titles, as long as developers can acquire
platform fees, also known as gross gaming RMG found initial success in India’s sufficient funding.

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 4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1

India opposes China-led N RBI BULLETIN N

Prospects for
investment facilitation
proposal at WTO RBI net $ buyer after 4 mths capex bright,
SHREYA NANDI
New Delhi, 20 February
also not part of it.

Customs duty on Ecommerce

India opposes the move led by
countries such as China to
push a proposal on investment
facilitation at the World Trade
ANJALI KUMARI
Mumbai, 20 February
appreciation,” said Indranil
Pan, chief economist at YES
Bank. In December, the rupee Flows into NRI says FinMin
T
India will oppose the contin- he Reserve Bank of appreciated by 0.2 per cent. RUCHIKA CHITRAVANSHI
uation of the exemption of
Customs duties on e-com-
merce or electronic transmis-
India (RBI) became a
net buyer of the US
dollar in the spot foreign
For 2023, the Indian currency
experienced a marginal
depreciation of 0.6 per cent
deposits up 73% New Delhi, 20 February

An upturn in the private

Organization (WTO), a senior sion at the ministerial meet- exchange market after four against the greenback, mark- capital expenditiure
government official said on ing. “We are not in favour of months in December last ing the least volatility seen in (capex) cycle, improved
Tuesday. an extension. We want policy year, according to the central nearly three decades. business sentiment, and
This is because invest-
ment, as a subject, falls outside
space for imposing Customs
duty on digital goods. There is
bank’s monthly bulletin.
The RBI reported a net
“They (RBI) have been
building reserves. They sold
healthy balance sheets of
banks and corporates,
HEALTH CHECK
the mandate of the WTO. a need to look at the subject purchase of $2.06 billion around 83.30 per dollar, and along with the govern- > Outlook for a
Besides, India is fundamen- from a development dimen- worth of the greenback. now they are building ment’s continued thrust on reasonably low headline
tally against plurilateral pacts sion and not from the eye of During that month, it reserves,” said a foreign capex, signal bright pro- inflation positive
on multilateral platforms such Big Tech companies,” a senior bought $31.73 billion and exchange dealer at a state- spects for capital forma- > Measures announced in
as the WTO. government official said. sold $29.67 billion of the owned bank. tion in India, the finance the Interim Budget to
A China-led group of 130 Another government offi- American currency. The headline foreign ministry said in its support India’s growth
countries is pushing for the cial said that India believes In contrast, the RBI had exchange reserves, excluding Monthly Economic Review
journey ahead
Investment Facilitation for that there is a need for a clear recorded a net sale of $1.9 the forwards book, stood at ABHIJIT LELE rose by $2.42 billion to $146.9 bil- for January 2024 released
Development (IFD) proposal. definition of goods under elec- billion in the spot market in $623.2 billion as of the end of Mumbai, 20 February lion at the end of December 2023, on Tuesday. > Amid changing spending
The proposal will be binding tronic transmission. November. December. These reserves up from $144.48 billion in The government also pattern of government,
for only the signatory
members. Since India has
opposed it, it won’t be appli-
Electronic transmission in
global trade would include
items such as software down-
The central bank also
altered its stance in the
rupee forwards market, tran-
expanded by approximately
$60 billion in 2023.
As of December 30, 2022,
M oney flowing into non-res-
ident Indians’ (NRIs’)
deposits rose 72.7 per cent to
November 2023. This marked an
increase from $134.48 billion at
the end of December 2022.
expects inflation to further
reduce due to measures
announced to rein in food
fiscal consolidation
not compromised
> Healthy rabi harvesting,
cable to it. “We are against that loads, digital books, and video sitioning to a net buyer after India's foreign exchange $9.33 billion in April-December FCNR deposits were at $22.81 prices.
also,” the official said. games, the official said. two months. reserves amounted to 2023, from $5.40 billion in the billion in December 2023, nearly The Review notes a sustained manufacturing
India has opposed it as that In 1998, WTO members By the end of December, $562.8 billion. same period a year ago. a $1 billion increase from $21.86 “reprioritisation in govern- profitability to
would dilute the multilateral agreed not to impose Customs net outstanding forward In the current financial Flows into foreign currency billion in November 2023. This ment spending, reflected support economic activity
nature of the WTO. duties on e-commerce, and purchases amounted to $2.1 year, the rupee has depreci- non-resident (FCNR) accounts was significantly higher than the in an improvement in the in 2024-25
This will be discussed at the moratorium has been peri- billion, a significant shift ated by 1 per cent, so far. It surged nearly fivefold to $3.45 bil- $17.55 billion at the end of capital outlay to revenue
the WTO’s crucial 13th minis- odically extended at succes- from the net outstanding fell 7.8 per cent in the pre- lion in the April-December 2023 December 2022. Non-resident expenditure ratio”. ing service resilience
terial meeting scheduled to sive ministerial conferences. forward sales of $11.9 billion vious financial year (FY23). period, compared to an inflow of external (NRE) deposits were at “Despite rising capex, would support economic
begin in Abu Dhabi next week. In the previous ministerial in November. The local currency had $640 million in 2022, according $97.69 billion in December 2023, necessary expenditures to activity in FY25.
The IFD was first mooted in meeting in June 2022, “They (RBI) certainly appreciated by 0.16 per cent to data from the Reserve Bank of up from $96.79 billion in protect the people from the However, the Review
2017 by China and other coun- there was an 18-month exten- bought (in the forwards mar- in the first six months of the India (RBI). November and $94.46 billion at impact of uncertainties adds that continued
tries that depend heavily on sion of the moratorium on ket) in order to curb further calendar year 2023. Outstanding NRI deposits the end of December 2022. have not been compro- attacks in the Red Sea and
Chinese investments, and Customs duty. mised. The government’s supply disruptions or more
countries with sovereign India and South Africa inclusive approach to eco- persistent underlying
wealth funds are party to that have been making several joint nomic growth is high- inflation in the developed
pact. Among major countries,
the US is also sitting out of the
submissions at the WTO, high-
lighting the adverse impact of
Govt debt to GDP Net FDI inflows Outward LRS lighted in a slew of initia-
tives announced for the
world could extend tight
monetary conditions.
agreement. the moratorium on developing may fall in contrast down 55% at remittances up poor, women, youth, and “This could impact the
Sri Lanka and Pakistan are countries.
to global trend $9.6 bn in Apr-Dec 20% in Apr-Dec farmers,” the finance mini-
stry said.
expected recovery in global
demand, thereby affecting
A strategic realignment of government The net foreign direct investment Outward remittances under the The capex budget allo- the prospects for India’s
spending is expected to lead to a (FDI) into India, inflows minus the Reserve Bank of India’s (RBI’s) cation has risen from ~4.1 exports,” the January
IN BRIEF decline of the general government outflows, declined sharply by 55.2 per Liberalised Remittance Scheme (LRS) trillion in 2020-21 to ~11.1 report added.
debt-GDP ratio to 73.4 per cent by cent to $9.69 billion in April- surged by 20.22 per cent to $24.80 trillion in 2024-25 (FY25). The Review highlights
Greek PM to hold bilateral 2030-31 from an estimated 81.6 per
cent in 2023-24, according to a report
December 2023, from $21.63 billion in
the corresponding period in 2022,
billion in the April-December period
of 2023–24 (FY24), driven by healthy
In the Interim Budget
tabled on February 1, the
that given persisting
uncertainties for global
with Modi during 2-day visit by the Reserve Bank of India which is in
contrast to advanced and emerging
mainly due to a rise in repatriation of
equity capital.
growth across segments.
The outflows under the scheme
Centre increased the capex
target by 16.9 per cent for
output and trade growth,
finding ways to enhance
Greek Prime Minister Kyriakos Mitsotakis will arrive in India for a economies where the ratio is expected According to Reserve Bank of were mainly driven by the FY25 to ~11.1 trillion over the competitiveness and
two-day trip on Wednesday. Mitsotakis will also be the chief guest to go up. The general government debt India’s February 2024 bulletin, FDI international travel segment, equity the Revised Estimates for attractiveness of India’s
and deliver the keynote address at the 9th edition of the Raisina to GDP ratio is 81.6 per cent of GDP on into India was $19.23 billion and and debt investments, maintenance 2023-24 (FY24). exports is both urgent and
Dialogue on Wednesday. Prime Minister Narendra Modi will 2023-24 (BE). This projection stands outflows were $9.54 billion during of close relatives, among others. “Not only has the outlay important.
inaugurate the event. Mitsotakis will be accorded a ceremonial notably lower than the IMF's estimate the April-December 2023 period. According to the latest RBI data, for key social schemes The Review suggests
welcome at Rashtrapati Bhawan. Mitsotakis will also hold of 78.2 per cent. During the corresponding period of the amount remitted under LRS stood increased but there is also that overall, the outlook for
bilateral discussions with Modi. SUBHAYAN CHAKRABORTY The report highlighted the 2022, FDI inflows stood at $32.68 at $24.80 billion in the 9-month a rise in the share of spend- the Indian economy
contrasting global trends, revealing an billion, while outflows touched $11.05 period ended in December 2023, ing on social services in appears bright.
expected increase in the debt-GDP billion. compared to $20.63 billion in the total expenditure,” the “The Reserve Bank of
Farmers gear up to resume ratio for advanced economies from 112.1
per cent in 2023 to 116.3 per cent in 2028,
Repatriation/disinvestment by
those who made direct investments
same period last year.
Outward remittances rose by 7.89
finance ministry said.
The finance ministry
India has forecast
India’s real gross domestic
'Delhi Chalo' march today and for emerging and middle-income
countries from 68.3 per cent to
in India surged to $32.26 billion in the
nine months of FY24,
per cent year-on-year (Y-o-Y) in the
third quarter of FY24 to $6,457.72
review indicates that
healthy rabi harvesting,
product to grow at 7 per
cent in FY25, with
Protesting farmers were set to begin their 'Delhi Chalo' march 78.1 per cent in the same period. up from $22.81 billion in April- million from the Q3 FY23. sustained manufacturing risks evenly balanced,” it
again on Wednesday from two points on the Punjab-Haryana ANJALI KUMARI December 2022. ABHIJIT LELE AATHIRA VARIER profitability, and underly- added.
border. This comes after the failure of four rounds of talks with the
Centre over a legal guarantee on minimum support price (MSP) for
crops. Haryana Police on Tuesday asked its Punjab counterparts to
seize bulldozers which they said protesting farmers from Punjab
had brought with them. PTI
Asia disinflation on track: RBI dy guv Panagariya warns against
To keep prices in check, onion ANJALI KUMARI
Mumbai, 20 February
pitfalls of import substitution account for over a third of global
GDP, he said.
export banned till March 31 Asia will continue to stay on course
While varying in income levels,
these countries are generally high-
INDIVJAL DHASMANA
New Delhi, 20 February
India but the intellectual support for
this policy remains strong here.
The ban on export of onion will continue till its previously with disinflation, and signs are point- saving economies, with an average “And there are hardly any cham-
announced deadline of March 31 as the government is keen to ing towards alignment with central saving rate of 37 per cent and an Trade economist and 16th Finance pions of an outward export-focussed
keep prices under check and ensure domestic availability, a top bank targets, said Reserve Bank of investment rate of 36 per cent of com- Commission Chairman Arvind orientation. I fear that for India, exit-
official said on Tuesday. On December 8, 2023, the government India (RBI) Deputy Governor Michael bined GDP, highlighting the signifi- Panagariya (pictured) has cautioned ing this new phase of import substi-
had banned export of onion till March 31. "Ban on onion exports Debabrata Patra (pictured). cance of domestic resources in fuel- against import-substitution policies tution is going to be a challenge,” he
has not been lifted. It is in force and there is no change in the While speaking at the 59th ing growth. and batted for export-oriented pol- warned. He said between 1963 and
status," Consumer Affairs Secretary Rohit Kumar Singh said. PTI Southeast Asian Central Banks “The SEACEN group of countries icies to enable India to tread on the 1973, South Korea grew rapidly, and
(SEACEN) Governors’ Conference on is also a powerhouse of international path of high economic growth in line exports had been a big part of the
February 15, the text of which was unsettled global environment is one trade. It accounted for 31 per cent of with what China growth, but the import-GDP ratio was
CBI books former DPIIT secy released by the RBI on Tuesday, he
said, “Overall, Asia will likely contrib-
of sustained growth with stability.”
He said that the SEACEN mem-
world exports of merchandise in 2022
according to the World Trade
achieved in the past.
At a recent event
even higher at around 25 per cent,
which is when the temptation to
for ‘illicitly’ amassing assets ute about two-thirds of global growth
in 2024, a carryover of its blockbuster
bership represents 45 per cent of the
world’s population, with its econ-
Organization, attesting to its interna-
tional competitiveness and its central
of the Foundation
for Economic
reduce imports by industrial target-
ing of heavy and chemical industries
The CBI on Tuesday searched the premises of former secretary of performance in 2023. Another note- omies’ contribution to global gross position in global supply chains. The Development (FED), started. In the end, growth fell by 2-3
Department for Promotion of Industry and Internal Trade (DPIIT) worthy development is that disinfla- domestic product (GDP) increasing SEACEN group also absorbs 28 per Panagariya said the percentage points, he said.
Ramesh Abhishek after registering an FIR alleging that he enriched tion is expected to remain on track in from 9 per cent at the start of the cen- cent of world imports of merchan- temptation of import- “The difference is that they (South
himself “illicitly” after retirement by receiving “huge amounts” as Asia, and convergence with central tury to 27 per cent in 2023. dise, thereby underscoring the vital substituting indus- Korea) realised it quickly and, by 1979,
consultation fee from private companies whose matter he had bank targets is being sighted. Thus, In terms of purchasing power par- role it plays in boosting net global trial policy is exited the (import- substituting)
dealt while in service, officials said Tuesday. PTI the outlook for Asia in a stormy and ity, SEACEN members collectively demand,” Patra said. not unique to industrial policy,” Panagariya said.

Russian crude traders come up with ways to sidestep US sanctions

S DINAKAR
Amritsar, 20 February
Russian traders are exploring options to
circumvent US’ secondary sanctions on
Russian crude oil which aim to disrupt
the burgeoning oil trade between India
and Russia, according to officials from
both countries and ship-tracking data.
External Affairs Minister S Jaishankar,
speaking in Munich this week,
reaffirmed India’s stand on buying
Russian oil for energy security. Also, Oil
Secretary Pankaj Jain told reporters in
Goa that while Russian barrels are not
sanctioned, India cannot purchase ship-
ments delivered on vessels that have
come under scrutiny. Indian refining
officials told Business Standard that
banks object to paying for cargoes deliv-
ered on sanctioned vessels.
Washington, Indian officials said,
has exploited this vulnerability by tar-
geting vessels supplying crude to India,
forcing participants in the trade, such as
shippers, insurers, and notably Indian
banks with operations in Washington
and dealing in US dollars, to reassess
their operations to process Russian
trade flows.
India is not the only country staring
down Washington’s sanction barrel.
Mounting trade barriers are beginning
to affect oil supplies and Russia's eco-
nomic relations with Türkiye, the
United Arab Emirates, and to a lesser
extent, China, according to industry
officials.
“While the US has every interest in
discouraging India-Russia bilateral
trade ties, and will use the threat of sec-
ondary sanctions, it is not likely that the
logic of ever-closer trade relations
between the two BRICS partners can be
thwarted by the Joe Biden administra-
tion easily,” said Tilak Doshi, London-
based energy expert.
A Russian consulate official stated
that Russian oil supplies to India will
continue unhindered, and suppliers
will devise ways to evade secondary
sanctions.
The latest US sanctions target ship-
ping companies. In late December,
Dubai-based Sun Ship Management, a
major shipper of major Russian grades
like Urals and Sokol to India on over 50
vessels in the past year, was sanctioned.
The Sun Ship fleet has special ice-class
vessels, required to transport a light,
sweet premium grade like Sokol from
Sakhalin-1 project, subject to extreme
weather conditions, and in which state-
run explorer ONGC has a 20 per cent
stake. Sokol, which is used by refiners to
blend with comparatively heavier,
higher sulphur Urals to make it more
palatable in Indian refineries, consti-
tuted around 8 per cent of India’s
Russian crude purchases in 2023. Urals
November but are a significant increase
OIL MIX RUSSIA NEVER HURT from none in December and January
when 10 Sokol-laden vessels, most
As % of total Russian oil imports INDIA’S INTERESTS, owned by Sun Ship, had to turn back en
nUrals nSokol SAYS JAISHANKAR route to India following fresh US sanc-
tions. None of the Sun Ship vessels are
78 77 79 External Affairs Minister S now directly delivering Sokol cargoes to
71 70 Jaishankar in an interview to India, according to refining officials.
German economic daily Sun Ship, Rosneft, and Indian Oil did
Handelsblatt daily said every not respond to queries.
country conducts a relationship “There are several STS (ship-to-ship)
based on past experiences. transfers happening,” said Viktor
"Russia has never hurt our Katona, an analyst for Kpler. “STS is not
interests. The necessarily a violation of sanctions but
10 6.3 might indicate one,” he added.
5.6 relations of
0 0 STS transfers can also be an
Europe, the US,
Oct ‘23 Nov ‘23 Dec ‘23 Jan ‘24 Feb ‘24 optimisation of routes for sanctioned
China or Japan vessels, Katona said, with clean drops to
Volumes (Feb 1-20 in mn barrels) with Russia, the destination.
they have all For instance, Stealth Maritime-
26.6 2.1 5 33.7 seen ups and
owned Jaguar delivered a Sokol parcel
downs," he on February 5 at Vadinar after receiving
Urals Sokol Others Total said. PTI the crude from a Sun Ship-owned ice-
Source: Kpler
class tanker Viktor Titov at a ship-to-
ship transfer point in Yeosu in South
Korea, according to Kpler. Leah
make up over 70 per cent. the Sokol grade, which may also be used Rosneft managed to send three Sokol Shipping-owned Seagull discharged a
These secondary sanctions target to ship Urals, is the use of non-sanc- cargoes totaling 2.1 million barrels of oil Sokol cargo at Mumbai on February 13,
ships carrying a variety of Russian tioned carriers for the final leg of the this month to be discharged at Vadinar, after loading at Yeosu STS oil from the
crudes, led by higher-priced grades like journey to Indian ports. Two Mumbai- Mumbai, and Visakhapatnam ports; two Sun Ship-owned Yuri Senkevich.
Sokol and cheaper Urals. based refining officials stated that banks more may be delivered at the end of Similarly, Rani, owned by Grand
Russian traders are now seeking typically examine the ship that dis- February at Visakhapatnam and Maritime, delivered a Sokol cargo to
ways to counter these sanctions, accord- charges the cargoes at the Indian port Jamnagar. Visakhapatnam this week, after receiv-
ing to refining officials. One such and do not investigate all the ships that Volumes still lag the 5 million barrels ing the cargo from Pavel Chernysh,
method adopted by Rosneft to supply transported the fuel from Russia. of Sokol received by Indian Oil in another Sun Ship tanker.

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 .
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 COMPANIES 5 <

Cairn to double annual capex to $1 bn RIL, Tata among firms in fray

for $26-bn nuclear investment
The oil and gas major plans to kick-start 12 projects in the country in FY25
SUBHAYAN CHAKRABORTY
New Delhi, 20 February
FOCUS AREAS ASSET CHECK REUTERS
20 February
with at least five private firms
including Reliance Industries
Power and Vedanta did not
respond to queries sent by
50,000 additional > Onland exploration in 63,851 sq km acreage (RIL), Tata Power, Adani Reuters.

C
airn Oil & Gas will spend about Gujarat across India The government will invite Power and Vedanta to invest With the investment, the
barrels per day expected
$1 billion in capital expenditure 294 wells dug till FY23 private firms to invest about around ~44,000 crores ($5.30 government hopes to build
(capex) annually for the next five > Rajasthan’s Mangala > Kaameshwari Deep gas $26 billion in its nuclear billion) each, the two sources, 11,000 megawatts (MW) of
years as it ramps up exploration across Barmer Hills, Shakti field in Rajasthan 201 wells hooked up energy sector to increase the who are directly involved in new nuclear power generation
12 key project areas. oil fields > 4 exploratory blocks across all assets amount of electricity from the matter, said last week. capacity by 2040, said the
This will be double the $500 million > Greater Ravva area across Assam, Arunachal 62 blocks where Cairn sources that don’t The federal sources, who did not want to
worth of capex incurred annually by the Pradesh, and Nagaland has an interest produce carbon Department of be identified as the plan is still
offshore Andhra Pradesh This is the first
company in the past couple of years, dioxide emissions, Atomic Energy and being finalised.
company officials told Business two government time the Centre state-run Nuclear NPCIL owns and operates
Standard during an interaction at the lion annually. In the past two-three company remains India’s largest private Moore, deputy chief executive officer at sources told is pursuing Power Corp of India India’s current fleet of nuclear
recently concluded India Energy Week. years, we were not doing too much oil and gas producer with a Cairn Oil & Gas, said at the same inter- Reuters. This is the private Ltd (NPCIL) have power plants, with a capacity
The announcement comes at a time exploration. It was more of study work, 25 per cent share of domestic crude pro- action. This includes three promising first time the gov- investment in held multiple of 7,500 MW, and has com-
when public-sector oil and gas producer and the focus was on fewer wells. Now, duction. areas in Rajasthan, the Kaameshwari ernment is pursu- nuclear power rounds of discus- mitted investments for
Oil and Natural Gas Corporation and with so many wells, $1 billion a year is Deep and Mangala Barmer Hill oil fields ing private invest- sions with the pri- another 1,300 MW.
Oil India have outlined major explora- not a high number,” said Hitesh Vaid, New projects eyed and Shakti, a heavy viscous oil field. ment in nuclear power, a vate companies in the past The private firms are
tion plans beginning 2024. chief financial officer, Cairn Oil & Gas. In FY25, the company will kick-start 12 “Some of it has uncertainties with it. non-carbon-emitting energy year on the investment plan, expected to earn revenue from
“For the past three-four years, we Cairn has undertaken this level of projects in the country to expand both But from these 12 projects, about 50,000 source that contributes less the sources said. the power plant's electricity
have been spending at least $500 mil- expenditure earlier as well, he said. The reserve and production volumes, Steve barrels per day is expected,” Moore said. than 2 per cent of India’s total The Department of Atomic sales and NPCIL would oper-
electricity generation. Energy, NPCIL, Tata Power, ate the projects for a fee, the
The government is in talks Reliance Industries, Adani sources said.

‘Whatever Generative AI platform we are APPOINTMENTS

creating, everything is built out of India’
Accenture has shown early signs of winning GenAI deals among IT strategy for the next 3-5 years? The difference about AI or talent transformation
services players. It has signed $350 million worth of such deals. AI is not new and we have been GenAI, when compared to training.
BHASKAR GHOSH, chief strategy officer, Accenture, speaks to working on that for years now. other technologies like Two, this investment will
Shivani Shinde on the sidelines of Nasscom Technology Leadership What has changed is GenAI. blockchain or metaverse, is completely transform
Forum in Mumbai, and shares India's role in driving the GenAI We believe that it has opened that it is much more broad- Accenture to be an AI-first
strategy. Edited excerpts: up a huge opportunity to based. Second, the technology company.
transform the business. has come to a stage that it is So, while 2023 was about
Accenture announced a $3 In terms of the investment, When it comes to more or less production ready. prototypes, this year will be
billion investment in AI. How a very large part of it will be on Accenture, we look at three From Accenture’s point, about scale.
significant is India’s share? the product development and things — the long-term impact we have announced a $3
Of the $3 billion a big chunk of that on the professional services billion investment. Why the How significant are
investment, a large happens in India. industry, what it means for us, $3 billion investment? acquisitions for Accenture as
part of the training and for the 700,000 Because we have a large scale it builds its AI capability?
dollar will be spent GenAI, so far, is all employees that we have. of people that need to undergo Acquisitions are a very
in India, because a about productivity important part of our strategy.
very large number BHASKAR GHOSH gains. How do you A lot of time, if you have to
of people are based Chief Strategy
in India. Within the Officer, Accenture
see GenAI being
used further?
AI IS NOT NEW AND WE build differentiated capability
and scale, it takes a long time,
Accenture world, Approximately 80 HAVE BEEN WORKING ON should you have to do it the
India is the per cent people THAT FOR YEARS NOW. WHAT organic way. We have found
innovation engine. Whatever today are talking about the that buying the right
Generative AI platform we are productivity gain. But 15-20
HAS CHANGED IS GENAI. WE company and integrating that
creating, everything is built per cent people are thinking BELIEVE THAT IT HAS OPENED UP is a much faster and better
out of India. A large part of that how exactly will this will A HUGE OPPORTUNITY TO way. We have mastered the art
development happens in help grow the business, and of integrating these
India and design happens in create a differentiated TRANSFORM THE BUSINESS“ companies.
India, and most of the large experience. We have a high acceptance
BHASKAR GHOSH,
engagement will have India for different skills, and
Chief Strategy Officer, Accenture
components. What is Accenture’s AI cultures.

NOTICE OF POSTAL BALLOT

Members of Prime Focus Limited (the "Company") are hereby informed that pursuant to
the provisions of Sections 108, 110 and other applicable provisions of the Companies Act,
2013, (hereinafter referred to as the "Act"), including any statutory modification(s) or re-
enactment thereof for the time being in force and other applicable provisions, if any, of the
Act and Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014
(the "Rules") as amended from time to time, read with General Circular No. 14/2020 dated
April 8, 2020; General Circular No. 17/2020 dated April 13, 2020; General Circular No.
22/2020 dated June 15, 2020; General Circular No. 33/2020 dated September 28, 2020;
General Circular No. 39/2020 dated December 31, 2020; General Circular No. 10/2021
dated June 23, 2021 and General Circular No. 20/2021 dated December 08, 2021,
General Circular No. 3/2022 dated May 5, 2022, General Circular No. 11/2022 dated
December 28, 2022 and General Circular No. 9/2023 dated September 25, 2023 (the
"Relevant Circulars") issued by Ministry of Corporate Affairs ("MCA"), Regulation 44 of
Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('Listing Regulations') and Secretarial Standard - 2 on
General Meetings ("SS-2") issued by the Institute of Company Secretaries of India and
other applicable laws and regulations, if any, including any statutory modification(s) or
re-enactment(s) thereto for the time being in force, the Company has completed dispatch
of Postal Ballot Notice dated February 13, 2024 along with the explanatory statement on
February 20, 2024 only through electronic mode to all those Members of the Company
whose email addresses are registered with the Company's Registrar and Share Transfer
Agent i.e. Linkintime India Private Limited or with the Depositories/Depository Participant
as on Tuesday, February 13, 2024 ("Cut-off Date"). The requirement of sending physical
copy of the Postal Ballot Notice, Postal Ballot Forms and pre-paid business reply envelopes
has been dispensed with, vide the Relevant Circulars. Mr. Mehul Raval, Practicing
Company Secretary (Membership No.: ACS-18300, CP No.:24170), has been appointed
as the Scrutinizer for conducting the Postal Ballot through remote e-voting process only in
a fair and transparent manner.
In this regard, the members are informed that:
1. The special business as set out in the Postal Ballot Notice is to be transacted through
Postal Ballot by voting through electronic means only ("remote e-voting") through remote
e-voting platform provided by Central Depositories Services (India) Limited ("CDSL").
2. The remote e-voting period shall commence on Wednesday, February 21, 2024 (9:00
a.m. IST) and end on Thursday, March 21, 2024 (5:00 p.m. IST). Members may cast their
vote electronically during the aforesaid period. The remote e-voting module shall be
disabled at 5:00 p.m. on Thursday, March 21, 2024 and remote e-voting shall not be allowed
beyond the same. The procedure of remote e-voting by a Member is given in the notes
forming part of Notice of Postal Ballot. Once, the vote is cast by Member, the same
cannot be changed subsequently. Voting rights of the Members shall be in proportion to
the shares held by them in the Paid-up Capital of the Company as on Cut-off date.
3. Only those Members, whose names appeared in the Register of Members of the
Company/ List of Beneficial Owners maintained by the Depositories as on the cut-off
date i.e. Tuesday, February 13, 2024, are eligible to cast their votes on the resolutions
set out in the Notice through remote e-voting only. A person who is not a Member as on
the cut-off date should treat the Notice for information purpose only.
4. Members who have not received Postal Ballot Notice may write to
rnt.helpdesk@linkintime.co.in/ ir.india@primefocus.com and obtain the same.
5. For any query or grievances connected with the facility for voting by electronic means
may be addressed to Mr. Rakesh Dalvi, Sr. Manager, (CDSL) Central Depository
Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill
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helpdesk.evoting@cdslindia.com or call at toll free no.1800 22 55 33.
Postal Ballot Notice is available on the Company's website www.primefocus.com,
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Members who have not registered their email address are requested to register the
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2. For Demat shareholders - Please update your email id & mobile no. with your
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For Prime Focus Limited
Sd/-
Parina Shah
Place : Mumbai Company Secretary & Compliance Officer
Date : February 20, 2024 ACS 18061

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 6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1

After PMO review, India to study proposal for FORMAL JOB

CREATION AT
Brics currency, minus China
India makes likely SUBHOMOY BHATTACHARJEE
New Delhi, 20 February
3-MTH HIGH
IN DECEMBER
final push for UK FTA
SHIVA RAJORA
The central government has decided to New Delhi, 20 February
ask a cluster of think tanks to study the
proposal for a Brics (founding five: Brazil, The labour market recovered
Russia, India, China, and South Africa) slightly in December as fresh
Officials head to London for ironing out pending issues currency. The proposal will debate if
India and Russia could agree on a com-
formal job creation touched
a three-month high, latest
SHREYA NANDI mon currency arrangement but exclude payroll data released by the
New Delhi, 20 February China. Top-level government sources Employee Provident Fund
have described the move as significant Think tanks will examine the plan to resolve contentious issues before Organisation (EPFO) on

I
n what may turn out to be a
last push before the Lok
Sabha elections, a team of
officials from the commerce
department, headed by secre-
tary Sunil Barthwal, will be trav-
elling to London to iron out
sticky issues pertaining to the
proposed trade deal between
India and the United Kingdom
(UK). The timing remains crucial
since the poll panel can
announce the model code of
conduct (MCC) for the general
elections any time now. And,
both the countries are trying to
conclude the free-trade agree-
ment (FTA) before that, people
aware of the matter said.
Barthwal’s visit comes days
after the Prime Minister’s Office
(PMO) reviewed the progress
of the much-awaited deal
on Friday.
Last month, a UK delegation
led by Chief Economic Adviser
Douglas McNeill met top govern-
ment officials, including those
from the PMO, Commerce and
Industry Minister Piyush Goyal,
Finance Minister Nirmala
Sitharaman and Economic
Affairs Secretary Ajay Seth in
New Delhi. There were discus-
sions on the proposed FTA and
an investment treaty.
If the negotiations are not
wrapped up at the earliest, dis-
cussions will have to be taken
forward after the elections,
depending on the priorities of
the new government. After that,
UK elections are expected to be
held in the second half of 2024.
FTA negotiations between
India and the UK were launched
over two years ago — January 13,
2022. Till now, as many as 14
rounds of negotiations have
taken place. Some of the conten-
tious issues include the UK's
demands for lower tariffs on
whisky and automobiles, includ-
ing electric vehicles. It is also
ahead of the Kazan summit. Brics summit negotiations in Kazan this October ILLUSTRATION: BINAY SINHA Tuesday shows. In December
Last year in July, India’s External 2023, the number of new
Affairs Minister S Jaishankar categori- The RBI, it is understood, has advised Mikhailovich, deputy chairman of the monthly subscribers under
cally ruled out any proposals for India that it would be prudent to study the State Duma. the Employees’ Provident
to contemplate any such common cur- issues extensively before offering any He said that Russia, along with Brics Fund (EPF) increased by
rency. He said this in a press conference, advice on the same. The government has nations and some African countries, nearly 10 per cent to 840,584.
and the reasons were clear. accepted the suggestion. were considering the creation of a new It was 762,513 in November,
For India, a currency common with Consequently, plans are afoot to rope currency to challenge the dominance of the data shows. Earlier in
China is a big anathema, primarily in a reputed international think tank, the US dollar. September 2023, 950,527 sub-
because of the adversarial position preferably from the Global South, to con- Russia has assumed the chairman- scribers had joined the EPF.
Beijing has pursued politically and sider all the issues. ship of the Brics bloc from January this Only the formal workforce
economically with India, which has Unlike other economic themes, the year. It plans a summit in the Russian enjoys social security bene-
only hardened. Indian government does not wish to ask city of Kazan in October. The timeline fits and is protected by labour
India cuts import duty on some While those concerns have not any one of the multilateral agencies like gives India just the space needed to com-
changed at all, Russia has renewed the World Bank or the Asian mission and obtain a study on a com-
laws. Of the total 840,584 new
EPF subscribers in
fresh, processed food items extensive talks with India on the Development Bank, given the prepon- mon currency.
need for a common currency, principally derant role of China in them. Given the size of the Brics
December, the share of
young people belonging to
India has cut import duty to 5-10 per cent on some fresh and to ward off the impact of sanctions on The RBI did not reply to an email economies (there are now 10 members), the 18-28 age group slightly
processed food items, a move that is set to help the United the former. from Business Standard for the same. experts agree that such a currency increased to 67.17 per cent
States (US) get a greater market for products such as fresh, “We have not changed our position The study will offer space for the could potentially challenge the dollar’s (564,630) from 67.02 per cent
frozen, dried and preserved cranberries and blueberries, as at all, but there is no harm in a study,” Indian government in its negotiations pre-eminence. (511,093) in the previous
well as frozen turkey. The duty cut came into effect from informed a source. with Russia about imports of crude oil The Brics nations account for month. Subscribers in this
Tuesday, according to a finance ministry notification. Currently, To get a sense of the arguments, the and other minerals. The proposal for a about 30 per cent of the global gross age group are usually first-
these items attract import duty of around 30-45 per cent. Indian government reached out to the common currency was floated in April domestic product and nearly half of the timers in the labour market,
While the tariff will be applicable to all countries, the Reserve Bank of India (RBI) for its views. 2023 by Babakov Alexander world’s population. thus reflecting its robustness.
decision was taken five months ago. It was as part of the
larger trade dispute settlement between New Delhi and
Washington at the World Trade Organization (WTO). Fresh,
frozen, as well as dried cranberry and blueberry will attract 10
per cent import duty. The levy on preserved blueberries will 10 states, 2 UTs Japan commits ~12K cr Union Bank to raise
now be 10 per cent. For frozen turkey and preserved
cranberries, the tax will be 5 per cent. The tariff cut is unlikely raise ~28K cr at for 9 projects in India ~ 3,000 cr via QIP
to hurt the domestic market since this is an exclusive market
that caters to a limited segment that wants to buy interna-
tional products. The decision with respect to India agreeing to
bond auction The finance ministry on Tuesday said that the Japanese govern-
ment has committed a loan of 232.209 billion yen (about ~12,800
State-owned Union Bank of India on Tuesday
approved a ~3,000 crore share sale proposal to
reduce import tax on some food items was first revealed by Ten states governments and two crore) for nine projects in various sectors in India. fund its business growth.
the United States Trade Representative (USTR) on the sidelines Union Territories on Tuesday The projects included North East Road Network The Committee of Directors for Raising
of the G20 Leaders’ Summit in September. SHREYA NANDI collectively raised ~28,200 crore Connectivity, Project for Promoting Start-up and Innovation in Capital Funds, in its meeting held on Tuesday,
through state government securities, Telangana, Project for the Construction of Chennai Peripheral cleared the proposal for raising of funds for an
falling approximately 20 per cent Ring Road, Project for Promoting Sustainable Horticulture in amount not exceeding ~3,000 crore through the
seeking more opportunities in an advanced stage, and both short of the indicated ~30,200 crore. Haryana and Project for Climate Change Response and issue of equity shares via Qualified Institutions
the telecommunications, legal sides are working to iron out dif- The Gujarat government did not ecosystem Services Enhancement in Rajasthan. The road Placement (QIP), the bank said in a
and financial services sectors in ferences on the remaining accept any amount for 8 and 10 year network connectivity projects aim to improve infrastructure regulatory filing.
India. Other sticky areas include issues. He added that the nego- paper in the bond auction. development in the north-east region, while the Chennai This is subject to the requisite regulatory or
chapters on rules of origin and tiations are taking time because The weighted average cut-off of peripheral ring road project aims to alleviate traffic congestion statutory approvals, it said. The committee also
intellectual property rights. the government wants to safe- the state securities was unchanged at and strengthen connections to the southern part of the state. approved the floor price of ~142.78 per equity
Similarly, India is bargaining guard India's interest. “India 7.46 per cent from last week, despite a The agreement was signed between Vikas Sheel, Additional share for the issue, it said. The bank may offer a
hard to seek a resolution on should commercially gain out of mild decline in the weighted average Secretary, Department of Economic Affairs, and Suzuki discount of not more than 5 per cent on the
London's plan to roll out carbon it and we should also be able to tenor to 13 years from 14 years during Hiroshi, Ambassador of Japan to India. floor price to be decided in consultation with
border tax on its imported goods safeguard the interests of our the same period. The spread between “The project in Nagaland will help develop tertiary level the book-running lead managers, it added. The
from 2027 and an inclusion of a farmers and production-linked the cut-off yield on the 10-year state medical service delivery by developing a medical college decision for allotment of shares to Qualified
social security agreement. incentive (PLI) scheme goods. government securities and the 10- hospital contributing towards universal health coverage. A Institutional Buyers to be taken on February 23,
Last week, Barthwal had told So, we are there to see that the year central government security unique project in Telangana will help discover entrepreneurial 2024, by the Committee of Directors for Raising
reporters that negotiations are at deal is fair,” he had said. stood at 41 basis points. ANJALI KUMARI skills with focus on women and rural population. PTI Capital Funds, it added. PTI

Took conscious call > FROM PAGE 1

while taking the TPAP route, it is
anticipated that the existing VPA will
remain functional for some time after
public offering after the SEC com-
pletes its review process, subject to
market and other conditions,” the
in FY23. Similarly, Novelis
accounted for 56.3 per cent of
Hindalco’s consolidated profit
the same period, Novelis’ PBIT
and assets have grown at a
CAGR of 16.8 per cent and 13.1

to shun high-cost India Inc... March 15,” the person said.

The RBI report noted India Inc’s bal-
Paytm, according to the sources,
is in talks with Axis Bank, HDFC
statement said.
Novelis’ statement came after the
market hours of the Indian stock mar-
before interest and taxes (PBIT)
in 9MFY24 worth ~19,950 crore,
similar to its share in FY23.
per cent, respectively, com-
pared to 15.5 per cent and 6.9
per cent CAGR growth reported

deposits: HDFC Bank

Move resulted in slower growth in Dec period
MANOJIT SAHA & AATHIRA VARIER
Mumbai, 20 February
ance sheets were healthy on the back
of high profits, with leverage remain-
ing constant or improving and the
return ratio at a multi-year high. The
report pointed out fixed asset growth
was evident in the oil and gas sector
and in chemicals. In sectors such as
(ON PAYTM PB) WHATEVER HAS steel and automobiles, for which
Bank, and State Bank of India (SBI)
for UPI services partnership.
Neither the RBI nor Paytm
responded to queries from Business
Standard until press time, and NPCI
declined to comment.
Currently, Paytm users can make
UPI payments with their VPAs ending
kets. Hindalco shares closed at ~511
apiece on Tuesday, giving it a total
valuation of ~1.15 trillion. Novelis did
not give any details on the dilution
by its promoter or the proposed val-
uation of the company.
Hindalco had acquired Novelis in
2007 for $6 billion in one of India Inc’s
Novelis reported a PBIT of
~11,237 crore during the April-
December 2023 period, com-
pared to a full-year PBIT of
~14,543 crore in FY23.
Novelis also accounted for
62 per cent of Hindalco's con-
solidated assets and 66 per cent
by Hindalco's other segments.
Novelis' return assets and
net worth are, however, on the
lower side compared to other
segments. The division
reported return on equity of 14.4
per cent in 9MFY24 against
other segments’ RoE of 16.9 per

HDFC Bank has been conscious in

not accepting high-cost deposits,
which have resulted in slower growth
in October-December, said
Sashidhar Jagdishan, managing
director and chief executive officer,
during an interaction with Goldman
Sachs on Monday.
He said during times of tight
liquidity, short terms hardened, as
was the case in October-December.
“Not only did we participate, but
we also gave up which came up for
maturity,” he said.
HDFC Bank shares came under
pressure after the October-December
earnings numbers due to slower than
HAPPENED IS RATHER stock returns have exceeded index
returns, fixed asset additions have,
UNFORTUNATE, SO OBVIOUSLY however, been underwhelming.
THERE IS A CERTAIN LITTLE BIT OF “Expectations for a fresh round of
capex by the corporate sector to take
AN UNKNOWN. I KNOW the baton from the government and
NOTHING MORE THAN WHAT fuel the next leg of growth are mount-
YOU, OR ANYONE ELSE IN THIS ing,” the report said.
According to the report, the power
ROOM, KNOWS” sector’s capex plans are the most
Sashidhar Jagdishan ambitious, but leverage is high
MD & CEO, HDFC Bank among distribution companies.
“Even so, India has made big
strides in the green energy sector over
the past decade, with renewable
power constituting 43 per cent of the
total installed power capacity. The
corporate must seize this to expand
ILLUSTRATION: AJAY MOHANTY
in @paytm, thanks to the payments
bank licence issued to Paytm
Payments Bank (Paytm PB) in 2017.
This licence enabled it to become a
PSP. A PSP bank, either through its
own app or a TPAP, onboards and reg-
isters customers on UPI, linking cus-
tomers’ bank accounts to their respec-
tive UPI IDs. A TPAP is a service
provider that participates in UPI
through a PSP bank, according to the
NPCI website. The NPCI runs the UPI
ecosystem in India.
There are 22 TPAPs operational,
including Amazon Pay, PhonePe, and
Google Pay. Multiple banks, such as
Axis Bank, HDFC Bank, SBI, and
ICICI Bank, support fintech com-
biggest acquisitions then. Later in
2020, Novelis acquired Aleris Corp, a
US-based firm, at an enterprise val-
uation of $2.8 billion.
Although things may have
changed in the past 7-8 months, in a
note dated May 29, 2023, on Hindalco
after its March 2023 quarter results,
analysts at Centrum Broking had
arrived at an mcap of ~80,121 crore for
Novelis, translating into about $9.7
billion at current INR/$ rate of 82.9.
Analysts said the move by the
Aditya Birla group to list Novelis is a
positive step and one has to wait and
watch to see how Hindalco plans to
use the proceeds. “This will unlock
the value for Hindalco shareholders
of all its liabilities in 9MFY24.
In the past seven years —
since Hindalco began to pro-
vide separate numbers for
Novelis — the company's reve-
nue has grown in line with the
rest of Hindalco's business but
its earnings and assets have
grown at a faster clip. In the past
seven years, Novelis’ revenue
have grown at a CAGR of 11.1 per
cent against 11.5 per cent growth
reported by other segments. In
> BS SUDOKU
cent. The RoE calculation is
based on PBIT rather than net
profit. The lower returns are
because Novelis is largely a con-
verter of aluminium into value-
added products. Hindalco on
the other hand is among the
cheapest producers of the white
metal due to captive mines
and power.
With inputs from Amritha Pillay
and Krishna Kant
# 4210

expected growth in deposits and
compression in the net interest mar-
gin. The share price recovered in the
past one week and closed at ~1,453.75
on Tuesday, up 2.6 per cent from the
previous close.
“That (letting away deposits) will
mean it will be way below expecta-
tions …. as we say one swallow does
not make a summer – it was said in a
positive aspect, (but) I am saying it
in the reverse aspect. It does
now mean we have a problem,”
Jagdishan said.
In the third quarter, the largest
private-sector bank’s deposits grew
by ~40,000 crore as compared to ~1.1
trillion in the second quarter this
financial year.
Banking-system liquidity, which
was surplus for a long period, turned
deficit by the middle of September
and stayed that way during Q3.
Slower accretion to deposits will
not affect the bank’s profitability,
Jagdishan said.
He said the bank has been adding
50-60 basis points of incremental
share in deposits a year. That trans-
lates into 15-20 per cent quarterly
growth, which is higher than the
deposit market share, now 10-11
per cent.
The liquidity coverage ratio (LCR)
of the lender sharply declined to 110
per cent in Q3FY24 from 120 per cent
in Q2FY24, which caused concern
among investors.
Jagdishan said an LCR of 110-120
capex, especially with the target of
tripling renewable energy capacity to
500 gigawatts by 2030,” it said.
The report highlighted the bank-
ing and financial sector maintained
strong growth in profitability on the
back of the still burgeoning credit
demand in the economy and lower
provisioning costs.
In this context, the report said
banks’ unsecured loans grew in spite
per cent was respectable and healthy, of the hit on capital due to increase
given the size of the bank. in risk weightings.
During the quarter ended In November, the RBI increased
December 2023, the loan-deposit risk weightings for unsecured loans
ratio (LDR) of the bank stood at 110 like personal loans and consumer
per cent. The pre-merger LDR levels durables from 100 per cent to 125 per
were 85-90 per cent, which the bank cent. While risk weighting for credit
expects to maintain. cards of banks was increased from 125
He said the merger of the two per cent to 150 per cent, it was raised
entities — HDFC Ltd and HDFC Bank to 125 per cent for non-banking finan-
— advanced the timing of loan cial companies (NBFCs). The regu-
growth for the lender. lator has also increased risk weight-
To the question on the bank’s rela- ings on bank loans to higher rated
tion with Paytm and the recent regu- (A and above) NBFCs by 25 percent-
latory action against Paytm age points.
Payments Bank, Jadgishan said,
“Whatever has happened is rather
unfortunate so obviously there is a
certain little bit of an unknown.”
Paytm...
He said the fintech had a good Another person close to this develop-
tech platform, which is the reason ment explained that the company
why the bank (HDFC Bank) had a was expecting its virtual payment
partnership with it. address (VPA) ending in @paytm to
He said HDFC Bank had a reason- remain functional beyond March 15.
able FASTag market share, which A VPA is a unique identifier that cus-
may get distributed among other
players following the ban on FASTags
tomers can use to send and receive
money on UPI.
of Paytm Payments Bank. “As the company partners PSPs
panies via the TPAP route.
For instance, customers using
PhonePe to transact on UPI have their
VPAs issued through financial insti-
tutions, such as YES Bank, ICICI
Bank, and Axis Bank. Their UPI han-
dles end in @ybl, @ibl, or @axl.
As of January 2024, Paytm PB was
the third-largest platform for UPI pay-
ments, after PhonePe and Google Pay.
The platform processed 1,570 million
transactions amounting to ~1,92,614
crore during the month.
Last week, Paytm shifted its nodal
account to Axis Bank from Paytm PB
to ensure continuity and seamless
merchant settlements.
On the same day, the central bank
extended the deadline for restrictions
on deposit and credit transactions of
Paytm PB to March 15, stating that
customers and merchants might
require “a little more time to make
alternative arrangements”. The ear-
lier deadline was February 29.
The RBI clarified in a list of FAQs
that merchants can accept payments
using a Paytm QR code, soundbox, or
PoS terminal even after March 15, if
the receipt or transfer of funds are
linked to any banks other than Paytm
PB. However, merchants cannot
transact after March 15 if the QR code,
PoS, and soundbox are linked to
Paytm PB.
Novelis...
“Novelis expects to complete the
in Novelis as it forms a substantial
part of Hindalco,” said an analyst.
Novelis has recently revised its
capital expenditure in the US to $ 4.1
billion —up 65 per cent — and said
the commissioning of the Bay
Minette facility is delayed by a year.
The Bay Minette facility is now likely
to be commissioned in the second
half of 2026, and would take around
18-24 months to fully ramp up.
The management recently cited
an increase in civil and structural
costs for the rise in capex guidance.
At the same time, Hindalco revised
the return expectations to lower dou-
ble-digits when compared to the mid-
teens projected earlier due to the
anticipated delay and higher capital
costs. There could be a further risk of
inflationary pressure, and this capex
would be a key monitorable going for-
ward. A vast majority of the capex is
expected to be incurred in FY25 and
SOLUTION TO #4209
FY26, the company said in the recent
earnings call. Easy:
Novelis’ IPO, however, should
fetch Hindalco a handsome amount

as the US subsidiary is the biggest
component of Hindalco's consoli-
Solution tomorrow
HOW TO PLAY
dated business.
In the first nine months of FY24, Fill in the grid so that
Novelis accounted for 62.7 per cent of every row, every col-
Hindalco's consolidated revenue of umn and every 3x3
~1.6 trillion, down marginally from its box contains
65.4 per cent share in FY23. Novelis the digits 1 to 9
reported ~1 trillion in revenue in the
first nine months of FY24, compared
to its full-year revenue of ~1.48 trillion

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 >
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 ECONOMY & PUBLIC AFFAIRS 7

BJP SUBMITS MEMORANDUM TO KOVIND PANEL ON ‘ONE NATION, ONE POLL’

BEFORE THE NATIONAL COMPANY LAW TRIBUNAL
DIVISION BENCH – II, CHENNAI APPOINTMENTS
CP (CAA)/2(CHE) 2024
IN
CA (CAA)/52(CHE) 2023

‘Hold Lok Sabha, Assembly, In the matter of Section 230 read with Section 232 of the Companies Act, 2013; And
In the matter of Scheme of Amalgamation and Arrangement between
RITE STEEL INDUSTRIES PRIVATE LIMITED (“Transferor Company”) and
SUMANGALA STEEL PRIVATE LIMITED (“Transferee Company”)
and their Respective Members & Creditors
RITE STEEL INDUSTRIES PRIVATE LIMITED

panchayat polls together’ Registered Office: NO.D.P.NO.101-A & 101-B, Sidco Industrial Estate,
Kakkalur 602003, Tiruvallur Taluk, Chengai District,
Represented by its Director Mr. Vaidyanathan

SUMANGALA STEEL PRIVATE LIMITED

Registered Office: 45 Chamiers Road, Chennai 600028
…1st Petitioner /Transferor Company

ARCHIS MOHAN Representation of the People Act, 1951, and sions. The party said that elections to civic Represented by its Managing Director Mr. Rajendran Sabanayagam
New Delhi, 20 February the Delimitation Act, 1951. The party bodies and panchayats, organised by the …2nd Petitioner /Transferee Company
expressed hope that the high-level com- state Election Commission, could be con-
NOTICE OF PETITION

I
n its suggestions submitted to the mittee led by former President Ram Nath ducted with the LS and Vidhan Sabha elec-
A Joint Company Petition under sections 230 read with Section 232 of the Companies Act,
high-level committee for Kovind would build consensus tions in the second phase. However, the
2013 for sanctioning the Scheme of Amalgamation proposed to be made between RITE
‘one nation, one election’ Once election dates on the issue. BJP insisted that all elections should be STEEL INDUSTRIES PRIVATE LIMITED (“Transferor Company”) and SUMANGALA STEEL
on Tuesday, the Bharatiya are known, all During their appearance held based on a common electoral roll. PRIVATE LIMITED (“Transferee Company”) and their respective members & creditors was
Janata Party (BJP) said that political parties take before the committee on The party said that simultaneous LS, presented before the Hon’ble NCLT, Division Bench – II, Chennai on 13.01.2024 and was
elections to the Lok Sabha “short-term and Tuesday evening, BJP National Assembly, and panchayat polls could still admitted on 24.01.2024. The Hon’ble NCLT, Division Bench – II, Chennai, on 24.01.2024
(LS), legislative Assemblies, populist decisions, President J P Nadda and Union be held over several days, as is currently upon hearing the CP(CAA)/ 2(CHE)2024 has fixed the date of next hearing for the said
petition on 06.03.2024. Any person desirous of opposing the said petition should send to
and panchayats should be instead of policy- Minister Bhupender Yadav the case, but synchronised to be conduct- the Petitioner’s Counsel, notice of his intention, signed by him or his Advocate, with his
held simultaneously on the oriented decisions,” proposed that the Election ed across the country at one juncture. The name and address, so as to reach the Petitioner's Counsel not later than two days before the
basis of a common electoral the BJP said Commission of India, at least BJP argued that the multiplicity of elec- date fixed for hearing of the Petition. Where he seeks to oppose the petition, the grounds of
roll for all three. in the first phase, should target tions leads to the wastage of public money. opposition or a copy of his affidavit shall be furnished with such notice. A copy of the Petition
The BJP said implementing ‘one synchronising elections to the LS and According to the party, “Once election will be furnished by the undersigned to any person requiring the same on payment of the
nation, one election’, “an idea whose time Assemblies. To hold simultaneous LS and dates are known, all political parties take prescribed charges for the same.
Dated at Chennai this 21st day of February, 2024
has come”, would require amending the Assembly polls, the BJP suggested a short-term and populist decisions” instead CS PANKAJ MEHTA
provisions of the Constitution of India, the review of constitutional and legal provi- of policy-oriented ones. Partner,
A K JAIN & ASSOCIATES
Company Secretaries in Practice
Counsel for Petitioners, No. 2, Raja Annamalai Road,
Purasaiwalkam, Chennai – 600 084, Tamil Nadu

SC declares ‘defeated’ AAP

candidate Chandigarh mayor
PRESS TRUST OF INDIA
20 February
The Supreme Court on Tuesday
overturned the result of the
Chandigarh mayoral poll in which
the BJP candidate had emerged an
unlikely winner, and declared
defeated AAP-Congress alliance can-
didate Kuldeep Kumar as the new
city mayor.
It also ordered prosecution of the
returning officer for the poll, Anil
Masih, a BJP leader, for his “misde-
meanour”, after finding serious
faults in the conduct of the January
30 election.
The apex court made it clear that
it was not quashing the entire elec-
toral exercise and restricting itself
to dealing with the wrong-doings in
Maharashtra
the counting process which led to
invalidation of eight votes cast in
Kumar’s favour. TOP COURT'S
A Bench headed by Chief Justice
D Y Chandrachud said it was KEY ACTIONS
evident that Masih made deliberate > Sets aside poll result
attempt to deface eight ballot that declared Manoj
papers. The BJP had won the may- Sonkar of BJP mayor
oral poll defeating the comfortably Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati
placed AAP-Congress alliance can- > Ordered prosecution of Bapat Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811
didate after the returning officer returning officer Anil
declared as invalid eight votes of the
Masih for allegedly > Noted that in Record Date for Distribution
coalition partners, drawing accusa- eight ballot papers,
making false statement
tions of tampering with ballots. which were
Manoj Sonkar of the Bharatiya
before the court NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have approved Friday, Febru-
invalidated by
Janata Party (BJP) had defeated Masih, the votes ary 23, 2024*, as the Record Date for declaration of distribution under the Income Distribution cum Capital
>Said the result declared
Kuldeep Kumar after polling 16 were duly cast Withdrawal (IDCW) option in the following schemes, subject to availability of distributable surplus on the Record
votes against his rival's 12 to bag the
by the returning officer, a
nominated councillor, was in favour of AAP’s Date:
mayor’s post. Sonkar, however,
clearly contrary to the law Kuldeep Kumar
resigned subsequently, while three Quantum of Distribution NAV as on
AAP councillors defected to the BJP. Name of the Scheme Plans/Option per unit# on face value of February 19,
Rs. 10/- per unit 2024 (Rs.)
Regular Plan
~32K cr booster: PM launches Aditya Birla Sun Life Arbitrage Fund
(An open ended scheme investing in
– IDCW
0.0703 11.2484

passes Maratha Jammu Aiims, other projects arbitrage opportunities)

Direct Plan
– IDCW
0.0718 11.4940

reservation Bill Prime Minister Narendra Modi on Tuesday

The Maharashtra legislature on
Tuesday unanimously passed a Bill
providing 10 per cent reservation for
the Maratha community in education
and government jobs.
Chief Minister Eknath Shinde
tabled the Maharashtra State Socially
and Educationally Backward Bill
2024 in the legislative
assembly during
the day-long spe-
cial session of the
legislature
Maratha quota.
The Bill, stated
that the Marathas
launched multiple development projects,
of projects worth ~13,500 crore across the
country. These projects include Indian
Aditya Birla Sun Life Balanced
Advantage Fund
Regular Plan
– IDCW
0.157 25.11
including for education, railway, aviation Institutes of Technology (IITs), Indian
and road sectors, in Jammu and Institutes of Management (IIMs) and (An open ended Dynamic Asset Direct Plan
Kashmir worth over ~32,000 crore. central universities. Modi distrib-
Allocation fund) 0.176 28.10
Modi inaugurated the All India uted appointment letters to about – IDCW
Institute of Medical Sciences 1,500 newly recruited govern-
(Aiims), saying the people of ment employees of Jammu Aditya Birla Sun Life Manufacturing Regular Plan
1.372 19.60
Jammu will no longer have to and Kashmir and also interacted Equity Fund – IDCW
leave for Delhi to avail specialised with the beneficiaries of various
medical treatment. schemes as part of the (An open ended equity scheme Direct Plan
From Jammu, the prime
1.480 21.14
Viksit Bharat, Viksit Jammu following the Manufacturing theme) – IDCW
minister also launched or programme.
laid foundation stone PTI Aditya Birla Sun Life ELSS Tax Saver
on Fund
Regular Plan
13.480 192.57
Sonia, Nadda, Vaishnaw among (An open ended Equity Linked Saving
Scheme with a statutory lock-in of 3
– IDCW

years and tax benefit)

com- prise 28 per cent of the
total population of Maharashtra. A
substantial number of castes and
groups are already placed in the
reserved category, getting about 52
per cent of reservations altogether. It
would be completely inequitable to
place the Maratha community in the
OBC category, it said. The backward-
ness of the Maratha class is distinct
and different from backward classes
and, more particularly, OBC in the
sense that it is more pervasive in
terms of its coverage, it differs in its
penetration and further regressive in
character, the bill said. PTI
41 elected unopposed to RS
A total of 41 candidates were elected
unopposed to the Rajya Sabha (RS) on
Tuesday, with elections set to be held for
15 vacancies — 10 in Uttar Pradesh, four
in Karnataka and a lone seat in Himachal
Pradesh — on February 27.
Congress Parliamentary Party
Chairperson Sonia Gandhi, Bharatiya
Janata Party (BJP) National President
J P Nadda, Union Minister Ashwini
Vaishnaw and former Maharashtra chief
minister Ashok Chavan were among the
41 candidates elected unopposed to the
Aditya Birla Sun Life Interval Income Institutional Plan
The entire distributable 10.1698^
RS on Tuesday, the last date for the Fund - Quarterly Plan - Series I – IDCW
withdrawal of nominations. The
surplus at the completion
elections were announced to fill 56 (An Interval Income Scheme. A relatively of the interval period shall
Regular Plan
vacancies that will arise by April 3. Of the low interest rate risk and moderate be distributed 10.1698^
seats where elections will be held, the BJP – IDCW
credit risk)
has fielded Harsh Mahajan against
Congress’ Abhishek Manu Singhvi for the ^ NAV as on February 16, 2024
lone vacancy in Himachal Pradesh. Given
its strength in the Himachal assembly, The NAV of the schemes, pursuant to pay out of distribution would fall to the extent of payout and
the Congress should win the seat but the statutory levy (if applicable).
BJP leadership believes the “discontent”
within the ruling party could help its #As reduced by the amount of applicable statutory levy. *or the immediately following Business Day if that day
candidate win. ARCHIS MOHAN is a non-business day.
Aditya Birla Sun Life Interval Income Fund - Quarterly Plan - Series I ('the Scheme')

EOU can exit under EPCG scheme The Specified Transaction Period (STP) for the Scheme is on February 22, 2024 and February 23, 2024. The
following shall be applicable for applications received during the STP:

for CG procured from DTA also a. For Subscriptions/Purchases including Switch-in:

CHATROOM
T N C RAJAGOPALAN
We want to exit from the EOU
scheme. We want to apply for
EPCG scheme for the
imported CG as well as the
CG procured from the DTA.
From Para 6.17 of the FTP or
the provisions of the HBP, it
is not clear whether we can
ask for EPCG authorisations
for CG procured from DTA.
Please clarify quoting the
specific provision, if any.
Yes. You can ask for EPCG
authorisations for CG pro-
cured from DTA also. As you
mention, the FTP or HBP
does not make this position
Business Standard invites readers’ SME queries related to GST, export and import matters. You can write to us at smechat@bsmail.in
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very clear. However, please
see the guideline at 2(f) at
form ANF-5A that mentions
about submitting the NOC
from the DC for the imported
as well as the indigenous
CG. It is on the basis of
this guideline that you can ask
for EPCG authorisations for
CG procured from DTA also,
at the time of exit from the
EOU scheme.
In anticipation of issue of
EPCG authorisation, we had
asked our supplier to ship
the goods to us but due to
some unexpected issues, the
issue of the EPCG authorisa-
tion is delayed. Is it necess-
ary that we should have the
EPCG authorisation before
the goods are imported
into India?
No. Para 2.12 of the FTP says
that goods already
imported/shipped/arrived, in
advance, but not cleared from
Customs may also be cleared
against an Authorisation
issued subsequently.
However, this Para (quite
unnecessarily, in my view)
says that such goods already
imported/shipped/arrived, in
advance are first warehoused
against bill of entry for ware-
housing and then cleared for
home consumption against
an Authorisation issued sub-
sequently. My opinion is
that where the EPCG autho-
risation is obtained before
filing the bill of entry for
home consumption, there
ought to be no issue in
clearance of the goods under
the authorisation.
We refer to Para 6.09 of FTP
and Para 6.19 of HBP
regarding exports by EOU
through other parties. We, an
EOU, have received an order
from a merchant exporter,
who wants us to charge him
0.1% IGST under the
notification 41/2017-IT
(Rate) dated 23rd October
2017. Will we have to reverse
In respect of valid applications received till 3.00 p.m. on the aforesaid Record date, the ex-IDCW NAV** of
the day of receipt of application will be applicable for processing such subscription/switch-in requests and
the BCD paid on the inputs
used in the manufacture of
such investors shall not be eligible for IDCW, if any, on the aforesaid record date.
the goods in accordance with
Para 6.07(a)(ii) of the FTP?
**Pursuant to the SEBI circular SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020, read with SEBI
In my opinion, if you dis- circular SEBI/HO/IMD/DF2/CIR/P/2020/253 dated December 31, 2020 with effect from February 01, 2021, in
patch the goods directly to respect of purchase of units of mutual fund schemes (except liquid and overnight schemes), closing NAV of the
the port, you need not day shall be applicable on which the funds are available for utilization irrespective of the amount, subject to
reverse the BCD paid on the
provisions of uniform cut-off timings for applicability of NAV.
inputs, as the matter falls
squarely within the require-
ments mentioned at Para 6.19
b. For Redemptions/Sales including Switch-out:
of the HBP and therefore, In respect of valid applications received till 3.00 p.m. on the aforesaid Record date, the ex-IDCW NAV of the
qualifies as export through
third party. However, this day of receipt of application will be applicable for processing such redemption/switch-out requests and
issue is not specifically dealt the investors will be eligible to receive the IDCW, if any, on the aforesaid record date.
with in any of the provisions
and therefore, it is far from All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the IDCW option of
certain that the authorities the said schemes as at the close of business hours on the Record Date shall be eligible to receive the distribution
would raise no disputes so declared.
(which, in my opinion, will
go in your favour). A safer
option you may consider is
BCD payment. You may indi- For Aditya Birla Sun Life AMC Limited
cate that in the invoice and (Investment Manager for Aditya Birla Sun Life Mutual Fund)
ask the merchant exporter to Sd/- Date : February 20, 2024
claim drawback of the same
through brand rate route. In Authorised Signatory Place : Mumbai
any case, I think you should
seek a clarification from the Mutual Fund investments are subject to market risks, read all scheme
DGFT on this matter. related documents carefully.
 8 WORLD
>
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024

IN BRIEF THE BIGGEST MERGER GLOBALLY THIS YEAR SO FAR

LockBit gang
Neuralink’s first human
patient can control mouse
Capital One to buy Discover for $35 bn, disrupted by
creating consumer lending colossus global police
through thinking: Musk
REUTERS Musk said in a Spaces event on The two combined will surpass JPMorgan Chase, Citigroup by US credit-card loan volume operation
20 February social media platform X.
Musk said Neuralink was LIANA BAKER & MATTHEW MONKS
BIGGEST DEALS IN CREDIT CARD SECTOR GLOBALLY Officer Richard Fairbank said in the The hacker group had
The first human patient now trying to get as many 20 February statement.
implanted with a brain-chip mouse button clicks as pos- Acquirer Target Deal value Year Discover rose as much as 18 per recently attacked MOFSL
from Neuralink appears to sible from the patient. Capital One Financial agreed to buy ($ bn) cent in premarket trading on
have fully recovered and is Neuralink did not immedi- Discover Financial Services in a $35 Capital One Discover Financial $35.3 2024 Tuesday. Shares in Capital One were WHAT IS LOCKBIT
able to control a
computer Initial goal of the
ately reply to
Reuters’ request
billion all-stock deal to create the
largest US credit card company by Bank of America MBNA (100%) $35.19 2005
down about 3.4 per cent.
Capital One holders will own
CYBERCRIME GANG?
mouse using firm is to enable for further details. loan volume, giving the combined Existing shareholders Synchrony Financial (84.6%) $21.63 2015 about 60 per cent of the combined
their thoughts, people to control The firm suc- entity a stronger foothold to com- Existing shareholders Discover Financial Services (100%) $21.25 2007 company and Discover holders the
the startup's a computer cessfully implanted pete with Wall Street’s behemoths. remainder, according to the state-
Shinhan Financial Group LG Card (78.58%) $7.2 2006
founder Elon cursor using a chip on its first Capital One will pay 1.0192 of its ment. The acquisition will generate
Note: Deal value includes debt Source: Dealogic
Musk said late their thoughts human patient last own shares for each Discover share, pre-tax synergies of $2.7 billion.
on Monday. month, after recei- a 26.6 per cent premium to the clos- “The main rationale is the fixed
“Progress is good, and the ving approval for human trial ing price on February 16, the $34 billion acquisition by Bloomberg costs of technology that result in
patient seems to have made a recruitment in September. McLean, Virginia-based company of software developer Intelligence. The deal bigger being better,” said Jay Ritter,
full recovery, with no ill effects Neuralink has said that the said in a statement. The transac- Ansys announced will also give Capital finance professor at the University
that we are aware of. Patient is initial goal is to enable people tion, first reported by Bloomberg in January. One a foothold in the of Florida. “This fact has been
able to move a mouse around to control a computer cursor News, is expected to complete in It brings together world of payment net- reshaping many industries for It is a notorious ransomware gang that
the screen by just thinking,” using their thoughts. late 2024 or early 2025, pending reg- two storied consumer- works. many years, and I see no reason to makes money by stealing sensitive data
ulatory and shareholder approvals finance brands, a combi- It’s a “singular oppor- think that the trend toward fewer, and threatening to leak it if victims fail to
of both firms. nation that will surpass tunity” to bring together but larger, firms will end.” pay an extortionate ransom
Indonesia brings rule to make The purchase of Discover ranks
as the biggest merger globally this
rivals JPMorgan Chase and
Citigroup by US credit-card loan
two companies that can com-
pete with the largest payment net-
Historically, Capital One has had
to rely on Visa or Mastercard to issue How does it Who are its
Big Tech pay for media content year, surpassing Synopsy’s roughly volume, according to data compiled works, Capital One Chief Executive its credit cards. BLOOMBERG operate?
Through malicious
victims?
It has wide variety
Indonesian President Joko Widodo said on Tuesday he had ransomware that of targets, from
signed a regulation requiring digital platforms to pay media enables them to small businesses
Bitcoin’s mkt
Israel’s Rafah deadline
outlets that provide them with content, a move aimed at lock victims out of and individuals to
levelling the playing field between the media industry and big their networks big corporations
tech companies. Digital platforms in Indonesia include Meta
Platforms' Facebook, Alphabet's "The spirit of the regulation is... value exceeds REUTERS
to ensure a fair cooperation between media and digital
$1 trillion after 20 February
platforms, provide clearer cooperation framework between
them," said Jokowi, as the president is popularly known. REUTERS
keeps UNSC occupied over two yrs Lockbit, a notorious cybercrime gang that
holds its victims’ data to ransom, has been
disrupted in a rare international law
20 year high poverty rate hits Arabs put resolution for ceasefire to vote; US proposes another motion Bitcoin mcap ($ trillion) enforcement operation, the gang and US
and UK authorities said on Monday.
57% of Argentina’s population ASSOCIATED PRESS
20 February
The operation was run by Britain
National Crime Agency, the US Federal
Poverty levels skyrocketed to 57.4 per cent of Argentina's 46 Bureau of Investigation, Europol and a

T
million people in January, the highest rate in 20 years, according he US proposed a UN Security coalition of international police
to a study by the Catholic University of Argentina. Council resolution warning agencies, according to a post on the gang
The findings quickly unleashed accusations between Argentina's against an Israeli assault on extortion website.
former Vice President Cristina Fernández de Kirchner and the Rafah in the southern Gaza Strip and “This site is now under the control of
government of President Javier Milei, who came to power calling for a temporary cease-fire, the National Crime Agency of the UK,
announcing a series of shock measures aimed at tackling the according to a copy of the draft text working in close cooperation with the FBI
country's severe crisis. About 27 million people in Argentina are seen by Bloomberg. and the international law enforcement
poor and 15 per cent of those are mired in “destitution” REUTERS “Under current circumstances a task force, Operation Cronos,” the post
Source: Coinmarketcap.com
major ground offensive into Rafah said. An NCA spokesperson and a US
would result in further harm to civil- Department of Justice spokesperson con-
S Arabia sets up industrial ians and their further displacement
including potentially into neighbour-
Bitcoin is riding high.The
world's largest
firmed that the agencies had disrupted
the gang and said the operation was
robotics unit with SoftBank ing countries, which would have
serious implications for regional peace
cryptocurrency has leapt 22
per cent this year to $52,005,
“ongoing and developing”.
Officials in the US, where Lockbit has
Saudi Arabia’s new $100 billion investment firm announced a and security,” the draft says. “Such a pushing it past a market hit more than 1,700 organisations in
string of deals Tuesday, including a partnership with SoftBank major ground offensive should not value of $1 trillion mark for the nearly every industry from financial serv-
Group Corp., aimed at transforming the kingdom into an indust- proceed under current circum- first time since its record ices and food to schools, transportation
rial and manufacturing powerhouse. The new vehicle, Alat, and stances.”The proposal follows previous Palestinians take cover after an Israeli strike on a residential building in heyday of late 2021. and government departments, have
SoftBank will invest up to $150 million to establish a fully-autom- signals from the US, which holds coun- Rafah, on Monday. Israel has ordered new evacuations in northern Gaza, Its resurgence has described the group as the world’s top ran-
ated manufacturing and engineering hub in Riyadh, according cil veto power, that it would likely where the UN says 1 in 6 children is malnourished PHOTO: AP electrified the broader crypt- somware threat. A representative for
to a statement. The venture will build industrial robots based on block a more forceful push from ocurrency market, including Lockbit did not respond to messages from
intellectual property developed by SoftBank and its affiliates, Algeria demanding an immediate scale invasion of the city. The goal, he The UN’s Under-Secretary-General ether and other digital coins, Reuters seeking comment but did post
with the first factory set to open in December. BLOOMBERG humanitarian cease-fire, saying this says, is to finish dismantling the for Humanitarian Affairs and which has now exceeded messages on an encrypted messaging app
could jeopardise ongoing negotiations Hamas forces based there as well as Emergency Relief Coordinator Martin $2 trillion, as per data from saying it had backup servers not affected
for a pause in the war. That vote could free Israeli hostages. Griffiths said last week an invasion CoinGecko. The sector has by the law enforcement action.The FBI
come as soon as Tuesday. Also, Arab nations are putting to a would be “catastrophic.” been bolstered by the US did not immediately respond to requests
Assange starts final UK legal The US has so far been reluctant to
back cease-fire proposals in the four-
vote a UN resolution demanding an
immediate humanitarian cease-fire in
Washington said Israel should not
attack Rafah unless it allows civilians
regulatory approval of several
spot bitcoin exchange-trad-
for comment.
Two days ago, Motilal Oswal Financial
battle to avoid extradition month old conflict, though it has tried
to broker a deal under which Hamas
Gaza, knowing it will be vetoed by the
United States but hoping to show
to leave first. Netanyahu has pledged
that will happen, but it’s unclear how
ed funds (ETFs), from Black-
Rock and Fidelity among
Services (MOFSL) became victim of this
gang, which claimed to have gained access
Lawyers for Julian Assange will make one last attempt to would release hostages from Gaza in broad global support for ending the feasible that is. Rafah is close to Gaza’s others, which allow access to to “confidential data”,according to a report
block his extradition to the US, where he faces decades in return for a pause in fighting. Israel-Hamas war. border with Egypt, but Cairo has said the crypto coin vis regular by TechCrunch. The attack potentially
prison over spying charges in the long-running battle that’s Frustration in the West and Arab Rafah’s population has swelled it won’t take in Palestinian refugees en stock exchanges. The US spot risked the information of over six million
spanned more than a decade. The Wiki- states has grown with Prime Minister from some 250,000 to more than 1 masse. And more northern parts of the ETFs added 60,000 bitcoin clients of MOFSL and could also jeopar-
Leaks founder asked a London judge for Benjamin Netanyahu, who has sig- million as Palestinians from across Gaza Strip are largely destroyed or still in the first month of dise company data for its other busi-
permission to appeal the UK’s 2022 naled he will move ahead with a full- the territory have sought refuge there. active fighting zones. their launch. REUTERS nesses, including asset management.
decision to extradite him to the US
where he’s charged with criminal
espionage for leaking classified docu-
INTERNATIONAL DEBUT FOR CHINA’S FIRST HOMEGROWN AIRCRAFT
ments. His lawyers argue that sending
him to the US would breach his human
rights while other supporters China’s challenger to
Walmart’s earnings shine;
say it would be an attack on
free speech. BLOOMBERG
Airbus and Boeing's
passenger jets, the to buy Vizio for $2.3 bn
narrow-body C919 Walmart kicked off US retailers' wark against the broad slowdown in
manufactured by the reporting season on Tuesday with discretionary spending, analysts say.
Khan slams election process, Commercial Aircraft
Corporation of China
robust fourth quarter results after
inflation-squeezed shoppers
The company's efforts to spruce
up its massive stores, expand its
calls it ‘mother of all rigging’ (COMAC), has made its
first trip outside Chinese
flocked to its stores, and said it
would buy smart-TV maker Vizio
selection of online merchandise and
offer more pickup and delivery
Jailed former Pakistan prime minister Imran Khan on Tuesday territory, staging a for $2.3 billion. options helped it drive more trans-
slammed the powerful establishment and his political opponents fly-by at the Singapore Shares in the retail giant rose 6 actions in stores and volumes and
by terming the country's election process as the ‘Mother of All Airshow on Sunday. per cent to a record high of $180.31 pass $100 billion in global e-com-
Rigging' and demanded that the people's mandate that was China has invested in early trading after it also gave an merce sales in 2023 for the first time,
"stolen" from his party must be returned. Speaking to reporters heavily in its attempt to upbeat annual sales forecast and Walmart CEO Doug McMillon said
outside the Adiala Jail in Rawalpindi after meeting her brother break the hold of the two announced a 9 per cent rise in its on a conference call.
Imran Khan, Aleema conveyed his message, saying Imran has dominant Western dividend, the biggest increase in Walmart reported a 3.9 per cent
called for an immediate stop to pre-poll and post-poll rigging planemakers on the more than a decade. Walmart's rise in comparable sales, excluding
and that he wants that the mandate of the people must be resp- global passenger bigger focus on groceries than rivals fuel, for its fourth quarter ended
ected to “salvage the country's reputation internationally.” PTI market PHOTO: REUTERS such as Target has provided a bul- January 31. REUTERS

Wife, protector and now political heir: Yulia Navalnaya rallies Russians
NEIL MACFARQUHAR
20 February
It was August 2020, and Yulia
Navalnaya, the wife of Russia’s
most famous opposition leader,
was striding through the
battered, gloomy hallways of a
provincial Russian hospital,
looking for the room where her
husband lay
in a coma.
Aleksei A Navalny had
collapsed after being given what
German medical investigators
would later declare was a near-
fatal dose of the nerve agent
Novichok, and his wife, blocked
by menacing policemen from
moving around the hospital,
turned to a cellphone camera
held by one of his aides.
“We demand the immediate
release of Aleksei, because right
now in this hospital there are
more police and government
agents than doctors,” she said
calmly in a riveting moment
later included in an Oscar-
winning documentary,
“Navalny.”
There was another such
moment on Monday, when
under even more tragic
circumstances, Navalnaya faced
a camera three days after the
Russian government
announced that her husband
had died in a brutal Arctic
maximum-security penal
colony. His widow blamed
President Vladimir V. Putin for
the death and announced that
she was taking up her husband’s
cause, calling on Russians to
join her.
“In killing Aleksei, Putin
killed half of me, half of my
heart and half of my soul,”
Navalnaya said in a short,
prerecorded speech posted on
social media. “But I have
another half left — and it is
telling me I have no right to give
up.” For more than two decades,
Navalnaya has shunned any
open political role for herself,
saying that her purpose in life
was to support her husband and
to protect their two children. “I
see my task is that nothing
changes in our family: The
children were children, and the
home is a home,” she said in a
rare interview in 2021 with the
Russian edition of Harper’s
Bazaar. That changed on
Monday.
Navalnaya faces a distinct
challenge in trying to rally a
disheartened opposition
movement from abroad, with
hundreds of thousands of its
adherents driven into exile by
an increasingly repressive
Kremlin that has responded to
any criticism of its invasion of
Ukraine two years ago with
harsh jail sentences. Her
husband’s political movement
and his foundation, which
exposed corruption in high
places, were declared extremist
organisations in 2021 and
barred from operating in Russia.
While not dismissing the
difficulties, friends and
associates believe that
DO NOT RECOGNISE THESE
ELECTIONS (RUSSIA'S
PRESIDENTIAL POLLS IN
MARCH. A PRESIDENT WHO
ASSASSINATED HIS MAIN
POLITICAL OPPONENT CANNOT
BE LEGITIMATE BY DEFINITION
YULIA NAVALNAYA,
Wife of Aleksei Navalny
Navalnaya, 47, has a shot at
succeeding through what they
call her combination of
intelligence, poise, steely
determination, resilience,
pragmatism and star power.
©2023 The New York Times News Service
Musk’s X briefly
blocks acccount
of Navalny’s wife
Yulia Navalnaya’s account on Elon
Musk’s X social-media service was
briefly suspended, a day after it was
used to help her challenge Russian
President Vladimir Putin over the
death of her husband.
The widow of Opposition leader
Aleksei Navalny accused Putin of
killing him in a video posted on her
X account on Monday. That came as
she announced she was taking over
Navalny’s role as opposition leader
after his death in a remote Russian
prison colony on Friday. BLOOMBERG

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OPINION 9
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VOLUME XXX NUMBER 265

NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024

Opportunity lost The NDA approach to PSUs

Farmers’ rejection of govt scheme is disappointing The Modi govt’s equity contribution to public sector units has of 10 years. This is contrary to the general perception
of how the two governments dealt with the public
risen even as their capacity to generate resources has taken a hit

T
he rejection by farmers’ representatives of the government’s proposal to sector. The United Progressive Alliance (UPA) was
buy the marketable surplus of five non-wheat/non-rice crops over the seen as more friendly towards PSUs, providing them
ILLUSTRATION: BINAY SINHA more financial support and, at the same time,
next five years at their minimum support prices (MSPs) is a lost opportu-
remaining ambivalent towards sale of government
nity to find middle ground between the strikers’ maximalist demands stakes in many state-owned enterprises. In contrast,
and the Centre’s fiscal capabilities. The government’s latest offer entailed buying the National Democratic Alliance (NDA) was seen
masoor (lentil), urad (black gram), arhar (pigeon pea), maize, and cotton over the to be focused more on disinvestment and privatisa-
next five years at their declared MSPs from those farmers who would switch to tion, while refraining from providing any special
these crops from wheat and paddy. The purchases under this scheme were open- financial support to PSUs.
ended — there were no quantitative restrictions — and would be done by the The reality is quite different. The share of gov-
National Agricultural Cooperative Marketing Federation of India (Nafed) and ernment equity for PSUs in the total public sector
Cotton Corporation of India (CCI), under contractual agreements. Apart from partly capital outlay was 15.8 per cent during the
Manmohan Singh years, but it almost doubled to
meeting the legitimate demands of farmers in Punjab and Haryana, the two states
30.33 per cent during the 10 years of Narendra Modi.
at the centre of the farmers’ agitation, for a guaranteed relatively risk-free return
In the last two decades, just about four key sectors
on their produce, the scheme would have gone some way towards addressing a — Indian Railways, public-sector bank recapitali-
looming crisis: Chronic over-cropping of paddy in the north, which has taken a sation, National Highway Authority of India (NHAI)
heavy toll on the water table and degraded the soil with heavy fertiliser use. At the and Air India — accounted for almost 80-90 per
same time, it would have enabled acreage to be diversified to crops that consume cent of total equity provided by the government.
less water and fertiliser and promote a healthier diet; the scheme would also have Interestingly, public sector bank recapitalisation
addressed domestic supply shortages in lentils and gram and met the needs of accounted for a significant chunk of total equity
biofuels and livestock feeds. Though not perfect, the scheme offered the chance to infused by the governments in this period. Such

E
address multiple issues with one solution. very year, through the Union Budget, the cent of the total Budget expenditure and they rose capital infusion accounted for almost 14 per cent of
Centre releases data on investments made to 23 per cent during 2014-24. Similarly, PSUs’ cap- the total PSUs’ equity in the 2004-14 period and
Leaders of a faction of the coalition that led the farmers’ protests in 2020-21
by public sector undertakings (PSU) and the ital outlays as a percentage of GDP moved up about 17 per cent in the subsequent 10 years. The
have rejected this offer on two grounds. The first is linked to its key demand for resources generated or mobilised by them. For marginally from 3.05 per cent to 3.32 per cent in difference in the Modi government years was that
an open-ended legal guarantee of MSP for 23 crops. The leaders quoted some instance, this month’s Interim Budget shows that the same period. this period saw a sharper increase in equity infusion
experts as saying that MSPs for all 23 crops would cost the exchequer ~1.75 trillion. capital investments to be made by as many as 169 The big change was with respect to the govern- into infrastructure-sector entities like the Indian
They contend that the government already spends this amount to import palm PSUs (including the Indian Railways) in the current ment’s contribution to the equity of these PSUs, Railways, NHAI and Bharat Sanchar Nigam Limited.
oil, which is harmful to the environment and human health, from Malaysia and year are estimated at ~8.4 trillion, up which during the Modi era rose over In other words, the sharp rise in the government’s
Indonesia. It could spend the same amount on the MSP for oilseeds and save on 15 per cent over such expenditure in six times to ~19.93 trillion, compared capital expenditure in the post-Covid years resulted
import. There is merit in this observation, but the figure quoted for all 23 crops 2022-23. Ten years ago, there were to ~3.15 trillion in the Manmohan in higher equity infusion into state-owned entities
is certainly an underestimate. Government and independent estimates suggest 147 such entities, whose capital out- Singh years. Their share in both GDP operating in the infrastructure sector.
lays in 2013-14 were estimated at and government Budget expenditure A worrying trend has been the steady decline in
that the annual cost of procuring all 23 crops in 2024-25 would be an unsustainable
~3.32 trillion. more than doubled to 1 per cent and the pace of internal resources generation by PSUs
~10-15 trillion. Though the government announces MSPs for 23 crops, its pro- If you look at these numbers from 7 per cent, respectively. in the last 10 years. Even as their recourse to bonds
curement is mostly limited to wheat and paddy, which includes purchases for a broader perspective, you will get a Equally significant was the and external commercial borrowing has increased,
the foodgrain buffer stock. In 2022-23, the government spent a substantial ~2.28 better sense of the PSUs’ perfor- change with respect to PSUs’ internal the rise in the amount of internal resources
trillion on foodgrain purchases alone. mance regarding their capital invest- resources generation and their abil- mobilised by PSUs to fund their investment plans
That said, the farmers have a valid argument in suggesting that limiting ments, the extent of the financial ity to rustle up other resources. has begun to slow from 2014 onwards.
the scheme to those who switch from paddy and wheat cultivation will distort support they received from the During the Manmohan Singh years, The dichotomy is too stark to be ignored. The
Centre and the state of their capacity internal resources raised by PSUs Modi government so far has contributed more to
the market for those who grow these five crops. The fact that it will take place
under agencies that have limited experience in large-scale procurement is to generate resources on their own. RAISINA HILL were estimated at ~9.67 trillion (or 10 PSU equity than in the previous 10 years, but the
And that exercise should impart a per cent of the Union Budget expen- resources generated by PSUs for their own invest-
also unlikely to raise confidence in it. As things stand, suggestions from respect- A K BHATTACHARYA
fresh understanding of those trends diture and 1.5 per cent of GDP). ment plans have ceased to grow at the same pace.
ed agricultural economists such as price-deficiency payments (paying farmers
if you compare such PSU investments made in the During the 10-year period that followed, PSUs’ inter- And this at a time when the Modi government has
the difference between the MSPs and the market price of a crop), and loosening 10-year period of the Manmohan Singh govern- nal resources rose by only 84 per cent to ~17.8 trillion. seen a trebling of disinvestment receipts during the
stock limits and arbitrary export bans are all in the mix as a way out of the ment with those made during the subsequent 10 And their share in Budget expenditure and GDP fell 2014-24 period, compared to the ~1.6 trillion
impasse. But this latest rejection suggests that lasting solutions are becoming years when Prime Minister Narendra Modi was at to 6.25 per cent and 0.9 per cent, respectively. mobilised through equity sale by the Manmohan
increasingly elusive. the helm in New Delhi. A broadly similar trend continued even for PSUs’ Singh government between 2004 and 2014. Of
So, what does such a decadal comparison show? total resources generated for their investments, even course, as a percentage of GDP, both the govern-
On capital outlays by PSUs, the Modi government though the reliance on bonds and external commer- ment’s disinvestment receipts during these two

Caring for the elderly has done well. Such investments during the 10 cial borrowing increased during the Modi years.
years between 2014-15 and 2023-24 (at ~65.71 tril- Total resources earmarked for investments by PSUs
lion) rose more than three times over those made rose from ~17.45 trillion in 2004-14 to ~41.38 trillion
decades remained the same at around 0.25 per cent
each. But it is time to recognise the Modi govern-
ment’s approach to PSUs. It has spent more to infuse
Longevity dividend can be both a burden and an opportunity in the 10-year period between 2004-05 and 2013- in 2014-24. However, their share in Budget expen- equity in PSUs even as the internal resources gen-
14 (at ~19.92 trillion). diture and GDP fell from 18 per cent and 2.67 per eration capacity of these entities has failed to show

S
ights of dying Italian villages populated only by the elderly and empty But this will appear to be a relatively small cent, respectively, to 14.5 per cent and 2.09 per cent. any significant improvement.
apartment blocks in China being demolished tell us a lot about the grim increase when you compare them as a per cent of What are the key takeaways? The Modi govern- It is time reforming the PSU managements and
challenge of unfavourable demographics. In India too, an ageing popu- the total size of the Centre’s Budget or even of India’s ment has contributed significantly higher amounts revamping their ownership pattern through appro-
lation, coupled with a decreasing fertility rate and increased life gross domestic product (GDP). PSUs’ capital outlays for equity infusion into PSUs compared to the priate methods received the government’s
expectancy, is set to offset the country’s demographic dividend in the years to during the Manmohan Singh era were 20.58 per Manmohan Singh government in a similar period utmost priority.
come. Senior citizens, ie people aged 60 years and above, comprise a little over
10 per cent of the population, translating into about 104 million. By 2050, how-
ever, the elderly population is projected to rise to 319 million, approximately
19.5 per cent of the total. In this context, a recent position paper released by the
NITI Aayog on senior care reforms in India does a remarkable job at contextu-
alising the needs of the senior population, and also identifies the deficiencies
The smart shifts in video
H
in regulatory provisions, accessibility, and poor implementation of services in ow often do you watch YouTube or Reels A bulk of the TV sets sold in India are smart. It ative experiments and the like might go out of the
senior care. Population ageing in India is associated with a shifting disease bur- on your TV at home? If you do, you are is only a matter of time before all the 210 million window — especially for ad-supported OTTs.
den, rising dependency ratios, evolving family structures, altered consumption among the 200 million Indians that use a TV homes, or about 900 million viewers, will have What is common to both sets of players, however,
patterns, and structural changes in labour markets. The rise of nuclear family connected TV — that is a smart TV with a broad- access to streaming in their living room. is that monetisation improves. The price advertisers
systems and increased medical expenditure, for instance, add to the vulnerability band connection for streaming videos. The baffling This is changing both streaming and broadcast- pay to reach every thousand viewers on connected
of the elderly. deluge of choices online means that, according to ing. For streaming video players, it has brought sta- TV is twice that for reaching them on a mobile
Nielsen data, most viewers spend an average of 11 bility, appointment-viewing and the ability to play phone. That is because when streaming took off,
The paper emphasises some of the disturbing realities of India’s senior
minutes trying to decide what to watch. Many break around with more genres. Shark Tank India, now advertisers lost access to premium audiences, which
care industry. Close to 75 per cent of the elderly suffer from one or more chronic this loop by either watching some random film or in its third season, has so far drawn a combined went behind a paywall. The growing reach of con-
diseases, while one in three have depressive symptoms and complain of low video that is already streaming when they switch audience estimated at 95 million on Sony LIV and nected TV offers them an opportunity to reconnect
life satisfaction. The high disease burden is aggravated by lack of proper geriatric on the TV or they go to YouTube. These are the Sony Entertainment Television. This doesn’t with affluent audiences — even if it is just on the
illness management. Additionally, their lives are made difficult by inaccessible default options. include people who watch it on YouTube after the landing or opening screen of the TV.
physical infrastructure, weak and fragmented social safety nets, deficient finan- Almost 80 per cent of the 510 season ends. It was more viewed Samsung, LG, Xiaomi, among the manufactur-
cial planning, food insecurity, and loneliness. For instance, 54 per cent of the million people online (Comscore online than on regular broadcast ers that sell smart TVs are leveraging the opening
elderly women are widows, and 9 per cent of them reside alone. At the same data) are regular viewers of Google’s television, according to media buy- screen to create additional revenue streams.
time, 78 per cent of the elderly live without a pension while only 18 per cent are YouTube. More than 45 per cent of ers. Roughly half its online video Samsung, for example, offers 118 TV channels such
the total time they spend online is views for season two came from as The Movie Club or South Station on the home
covered by health insurance.
devoted to YouTube. Not surprising- people watching it on a connected page under Samsung TV Plus. The firm doesn’t
There are important lessons to be learnt here. An average Indian worker ly, the world’s (and India’s) largest television. That is up from one- share how many viewers these channels — called
receives less than eight years of education. The process of educating a population streaming video brand is the bell- third for season one. “Connected Free Ad-Supported Streaming Television (FAST)
takes time, and is generational. Tackling social attitudes that favour boys over wether and the biggest gainer of the TV is bringing habit to OTT (over- — have. Globally, advertisers spent an estimated
girls is even more difficult. India has not done well in either, and this does not growth of connected TVs. It has been the-top) consumption,” says $10 billion on FASTs in 2023, with the bulk of it
augur well for the country’s growing elderly population. On the health front, YouTube’s fastest growing “surface” Danish Khan, executive vice-pres- in the US.
the paper calls for better wellness and therapeutic interventions to strengthen
physical and mental health services and emergency response infrastructure.
in the last five years.
That is because, in this period,
MEDIASCOPE ident and business head, SonyLIV
and StudioNext.
The growth of FASTs raises the fear that these
TV manufacturers could become the cable or DTH
Integrating technology with health care through the use of wearable devices, the installed base of smart TVs in VANITA KOHLI-KHANDEKAR On the other hand, “YouTube is operators of the future — charging a fee to place
India has hit 50 million, going by the opposite of appointment view- say Zee5 before Netflix on the screen. Already,
artificial intelligence-based smart housing, and a well-developed telemedicine
IDC data. Not all of these are con- ing. It is about serendipity, discov- deals are being struck to embed an app or a service
market have a huge potential to transform the lives of seniors. Increasing the
nected. Often people buy an internet capable ery. We see that coming to the living room as well,” on to a TV.
coverage of pensions, geriatric health insurance plans, goods and services tax smart TV but use it to watch linear TV through a says Ishan John Chatterjee, managing director, What should be a bigger worry but isn’t, is the
reforms on senior care products, and encouraging the “reverse mortgage” mech- direct-to-home or cable connection. Only 35-40 YouTube, India. lack of authenticated third-party data. Not every
anism can bring the elderly within the ambit of formal financial institutions. million of all smart TV homes are estimated to be This puts broadcasters and traditional OTTs like brand allows Comscore to tag it. If JioCinema tells
Private-sector and non-profit voluntary organisations need to step in to fulfil connected to the internet. That translates into an Netflix or Zee5 in a different bracket from YouTube you it reaches 100 million people, advertisers simply
these needs. In most countries, the care economy is run by private agents, and audience of roughly 200 million — over a fourth or Meta in terms of what works for their audience. have to accept that number. This puts both digital
that includes both paid and unpaid work related to supporting people. Increased of the reach of television and just under half of For YouTube, it continues to be about user-gener- and CTV in the same room as radio, out-of-home
life expectancies also call for a transition to more flexible working models where those browsing online. ated programming. It has no interest in entering or print where metrics have been missing. Media
rigid employment careers are no longer necessarily the rule. Instead, the gov- Note that there are many overlaps between these the whole premium original programming space. planners complain, but the fact is that digital has
audiences — you may own a smart TV, yet watch For traditional OTTs, the focus will be more on now become a seller’s market with the trio of Google
ernment and the private sector must rethink the retirement age to unlock the
video on a cable connection and surf online on your non-fiction/reality shows like Shark Tank India (YouTube, search), Meta (Instagram, Facebook and
longevity dividend. It not only keeps people young for longer, but is also fiscally mobile. Put it all together, and you have a roughly and sports, not just fiction. More than 90 per cent WhatsApp) and Amazon (video, audio, shopping)
sustainable. After all, the exchequer benefits from higher income-tax revenues ~1.3 trillion market at stake. That is how much mon- of Indian TV homes choose to have only one tele- in complete control.
and improved labour market incentives. ey TV and digital made in advertising and pay rev- vision set. This means programming will be driven
enues in 2022. by “family viewing”. Some of the risqué stuff, cre- http://twitter.com/vanitakohlik

A marked life
large part of the population and
reduces the Dalit world to a jumble of
percentages and quotas.
That, however, is the glib answer.
The truth is that caste is corrosive and
invasive. It slips soundlessly into
everyday routines and institutionalises
BOOK REVIEW an unjust and unequal way of life.
Caste, like racism, poisons the roots of
ARUNDHUTI DASGUPTA society and, as this book lucidly
illustrates, the two follow similar
one’s caste. Editors, K Satyanarayana be free from the tangle of Another story by Omprakash Valmiki such acts of concealment are not
(Department of Cultural Studies, EFL discriminatory practices around translated by Joel Lee (“Dread”) is set in a located in the distant past. They are
University, Hyderabad) and Joel Lee their existence. middle-class colony of workers found even today—whether it is among
(Department of Anthropology and The stories in the book, some somewhere in North India and it talks the Dalit community, Muslims,
Sociology, Williams College, autobiographical and some fictional, about a family that is desperate to belong transgenders and other minority/
Massachusetts) use a mix of fictional detail how Dalits want to erase their in a neighbourhood of Brahmins and marginalised poor in the country. Many
and non-fictional narratives to trace caste identity to Kshatriyas. They are being forced to discard or hide their
the impact of concealment and escape bigotry, CONCEALING CASTE: abandon their old true identities to escape harassment
illustrate how it mimics the practice of prejudice and Passing and gods, abjure time- and at times, a fate worse than death.
“racial passing” in American society. violence. A story by Personhood in honoured old For those cocooned in the safety of
Passing is a term that emerged out of Baburao Bagul, Dalit literature sacrificial rituals of an urban, privileged existence, caste
American literature (from the 1929 translated by Jerry Authors: their community may be a relic of the past and they may
novel Passing by Nella Larsen, about a Pinto for this K Satyanarayana and give up eating struggle to find the connections with
light-skinned African American), collection (“When I and Joel Lee meat. Until one racism. But outside such blinkered
which in turn, draws upon a slave-era hid my caste”), Publisher: Oxford day, it all gets too existences, there is no escaping the

C
aste is among the ugliest and
most stubborn stains on Indian
democracy. It is reform-resis-
tant and dehumanising and despite
the abhorrent nature of its practice,
caste still looms ominously over all
aspects of social and political life in
the country.
What does it mean to live in the
shadow of caste, especially in a country
that calls itself one of the most
advanced civilisations of the world? It
ends up negating the experiences of a
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
trajectories in the way they were
perpetrated and resisted.
Back in 1946, Bhimrao Ambedkar is
said to have written to American civil
rights activist, W E B DuBois that,
“There is so much similarity between
the position of the untouchable in India
and the position of Negroes in America
that the study of the latter is not only
natural but necessary.”
Living in a caste-ridden society has
many consequences. One that this
book focuses on is the act of concealing
practice of issuing passes that let slaves
travel alone. The “pass” was seen as a
ticket to freedom by slaves and it lives
on as a symbol of White supremacy
today. Passing describes a practice
whereby an individual deliberately
keeps one’s identity a secret from the
outside world and is, therefore,
perceived as someone belonging to a
different social or racial class than the
one to which they truly belong. Caste
concealment is similar and it was also
developed by the Dalit community to
about railway
workers in newly
independent India
holds a mirror to the
brutality that dogs
Dalit existence in the country.
The protagonist hides his Dalit
status by dressing and speaking like
other “upper caste” workers but not
only does he live in constant fear of
being found out, he is also beaten
within an inch of his life when his
“true” identity is discovered.
University Press much for the likenesses. This is not to say that caste
Pages: 196 matriarch of the and race are the same. There are
household. She differences and Messrs Satyanarayana
Price: ~1,895
declares her desire and Lee write that their intention is not
to conduct a puja to dismiss the huge variance in context
the way her ancestors did, sacrificing a and culture that mark the two trends
pig to the goddess and cooking a royal and neither do they want to “package
feast of meat dishes. What may have the less-studied phenomenon (caste
been a joyous occasion otherwise, turns concealment) to fit the analytical
into a painful ordeal of playing hide- framework the better-known (racial
and-seek with the neighbours and, not passing) has generated.” Even so, it
surprisingly, ends tragically. would be criminal to ignore the
The stories are chilling, because resemblance.
 QUICK TAKE: REGULATORY HURDLES FOR GLENMARK PHARMA
The Smart
“Our base case remains that equities will end
the year higher than the current level, but

Investor
(Share price in ~) The stock of Glenmark Pharmaceuticals is up 12 per cent we do not expect it to be a straight
940 path. We are looking for a bit of
893.9 in trade since its low this month. Nuvama Research
900 a pullback in the near term,
has a ‘cautious’ stance on it. While the injectable and which would provide better
NEW DELHI | 860
respiratory pipeline in the US holds promise, we stay levels to reset long positions”
WEDNESDAY, 21 FEBRUARY 2024 855.8 820 cautious amid regulatory issues, and also due to Ichnos MOHIT KUMAR
780 outlicensing remaining uncertain, the brokerage said
Jan 1,’24 Feb 20,’24 Chief Economist, Jefferies International

India-listed multinational arms ETF turnover tops

~1 trn for second
outclass parent firms’ valuations
Trend may draw foreign companies to India listing, while existing players assess potential of monetising stakes year on the trot
SUNDAR SETHURAMAN & SAMIE MODAK ILLUSTRATION: AJAY MOHANTY capitalisation was ~3.6 trillion (or $43.5 billion)
Mumbai, 20 February according to its Tuesday closing price, which SAMREEN WANI & ABHISHEK KUMAR
is pointedly higher than Suzuki Motor New Delhi/Mumbai, 20 February

I
t’s not only the Indian markets that com- Corporation at $22 billion. Considering that
mand a valuation premium over their the Japanese parent holds a 58.19 per cent The value of exchange-traded funds
global peers; shares of subsidiaries of stake in the Indian arm, the same is worth over (ETFs) changing hands on the
India-listed multinational companies (MNCs) $25 billion. Furthermore, FMCG giants National Stock Exchange (NSE)
also trade at rich valuations compared to their Hindustan Unilever and Nestlé India com- surpassed ~1 trillion in the first
parent companies. mand a P/E nearly 3x and 4x that of their par- nine months of financial year 2023-
An analysis of 12-month forward price-to- ent firms. To be sure, the Indian MNCs have 24 (FY24), and for the second year
earnings (P/E) and price-to-book (P/B) multi- always traded at a rich valuation multiples to in a row.
ples of domestically listed MNCs shows that their parents. However, the valuation pre- The traded value has touched SURGE IN TRADED VALUE
most quotes have a premium ranging from mium has widened on account of the sharp ~1.19 trillion so far in FY24, which is ( ~ trillion)
2.1x to 6x that of their parent. Similarly, P/B, rally seen in the domestic markets in the past already twice the pre-pandemic vol-
in most cases, is significantly higher in the one year. Experts say the lofty valuation mul- umes, as per the Nifty Passive In-
2016-17 0.26
domestic market. Analysts suggest that this of $38.3 billion, just 5.2x its estimated 12- greater transparency, lifting the profile of the tiples are due to high growth rates in India. sights report. The data for December 2017-18 0.34
trend could encourage more foreign com- month forward earnings. automotive industry. Other MNCs should take “In the developed world, earnings growth has been released with a lag. 2018-19 0.44
panies to firm up their plans for listing in India. Meanwhile, analysts estimate Hyundai cue from this,” said Seshadri Sen, head of rates are in single digits, if at all. These econ- An analysis of additional data
Additionally, existing players may contem- Motor India’s valuation to be between $22 bil- research at Emkay Global Financial Services. omies either have a recession or 2-3 per cent from Capitaline shows around 2019-20 0.51
plate monetising stakes to capitalise on the lion and $28 billion. The country’s second- “Better valuations and availability of larger growth, considered good growth. These firms’ ~0.37 trillion in trades since 2020-21 0.66
buoyant market sentiment, they add. largest passenger carmaker is expected to post pool of investors make India an attractive des- profit or top line growth is in the low single December. This would take the total 2021-22 0.87
Recent news reports indicate that the an operating profit of $1.1 billion in 2023-24. tination. There is a growth premium attached digits. In India, profits are growing at high for FY24 to ~1.6 trillion.
South Korean automotive giant Hyundai is “Hyundai Motor India’s proposed IPO is a to India, reflecting MNCs listed here,” added teens or double-digit numbers. Therefore, the ETFs typically consist of 2022-23 1.20
working on a $3 billion initial public offering positive event for the market and benefits all Pranjal Srivastava, partner-investment bank- difference in growth rates has to be factored securities which typically move in 2023-24* 1.19
(IPO), which would be the largest ever for the parties concerned. It allows listed market ing, Centrum Capital. somewhere. That is the reason for high val- line with the movement of a chosen *Data until December 2023 Source: NSE
Indian market. On Tuesday, American home investors to take exposure to a market leader Tokyo-listed Suzuki Motor Corporation uations. Typically, most MNCs outside their index. They allow for investors to
appliance maker Whirlpool Corporation off- in one of the biggest growth industries. Hyu- trades at a 12-month forward P/E of 11 times, home countries have a tiny market share, take exposure to a given basket of
loaded nearly a 24 per cent stake in its Indian
arm for ~3,881 crore. Seoul-listed Hyundai
ndai gets the opportunity to tap into a large
investor base and be a part of one of the world’s
while Maruti Suzuki commands a P/E of
25 times and is also valued at 2x the parent.
whereas, in India, they are a dominant force,”
explains U R Bhat, co-founder of Alphaniti
underlying assets through units
bought and sold on the stock
UPTICK IN NUMBER
Motor Company has a market capitalisation hottest stock markets. This will also drive Interestingly, Maruti Suzuki India’s market Fintech. exchange. OF ETFs
The number of ETFs have also 190 200
doubled from 87 in FY20 to 190 in
FY24 (till December). The number 160
PREMIUM PLAY nIndian arm nParent of equity ETFs has increased from
68 to 141 and debt from 8 to 24 in 63 120
P/E P/B Mcap ($ bn) the same period. Gold ETFs have
risen from 11 in FY20 to 15 in FY24.
80

370.6
66.3

67.9
64.7

Meanwhile, total assets under 40

management of ETFs has touched
69.7

Mar ‘17 Dec ‘23

60.7
56.8

57.0

297.6

~6.5 trillion so far. This is over

50.2
48.6

four times the pre-pandemic figures VALUE OF ASSETS CROSSES

46.2

in FY20.
~6.5 TRILLION
36.6

A break-up of the assets shows

146.1
~5.1 trillion, over 90 per cent, came
29.7

Assets under management

127.4
25.1

from corporates, 6 per cent from (~ trillion)

23.7

23.3
21.1
19.0

high net-worth individuals, and

85.2
16.9

6.5 8
67.6

68.7
14.5
15.2

2 per cent from retail. Retail inves-

13.0

50.4
10.9

10.4

43.5
10.2
9.5

30.4
8.5

tors however accounted for 98 per

29.2

6
6.2
4.6

7.1

22.0
5.9

7.1
4.9

19.0
5.5

11.5

cent of the total ETF folios. A folio

2.5
0.8

8.4

6.5
1.3

4.3
3.3

is an investment account. 0.5 4

Palmolive

Palmolive

Palmolive

Retail investors are larger in

Bayer AG

Bayer AG

Bayer AG
Colgate-

Colgate-

Colgate-
Siemens

Siemens

Siemens
Unilever

Unilever

Unilever

2
Motors

Motors

number, translating into more

Suzuki

Suzuki

Suzuki
Nestlé

Nestlé

Nestlé
Motor
P&G

P&G

P&G
ABB

ABB

ABB

investor accounts, though the

3M

3M

3M

0
amounts invested can be smaller Mar ‘17 Dec ‘23
P/E: Price-to-earnings, P/B: Price-to-book Source: Bloomberg
than corporate entities. Source: NSE

N IN BRIEFN
‘Investors should have Indices sustain winning SBI MF among buyers of Whirlpool of India stake
balanced portfolio via run, Nifty hits record high Whirlpool of India promoters on Tuesday offloaded nearly 24 per cent stake in the
company for ~3,881 crore. It sold 30.39 million shares at ~1,227 apiece. Among the

flexicap, multicap funds’

buyers were SBI Mutual Fund (bought ~1,168 crore), Nippon India MF (~102 crore),
ON AN UPSWING PRESS TRUST OF INDIA
Mumbai, 20 February
the domestic market is once
again poised to approach
Aditya Birla Sun Life MF (~114 crore) and ICICI Prudential MF (~83 crore). Shares of
Whirlpool India fell 3.2 per cent to close at ~1,288. Following the share sale, the
Nifty intraday record highs. The latest promoter shareholding in the company will drop to about 51 per cent. BS REPORTER
The largecap space has valuation comfort but the earnings momentum is stronger Benchmark Sensex spurted by upward trajectory is bolstered
in the midcap and smallcap segments, says TRIDEEP BHATTACHARYA, president & 349 points while Nifty scaled a by gains in the banking sector,
chief investment officer (CIO) — equities, Edelweiss Mutual Fund. In an interview
with Abhishek Kumar in Mumbai, Bhattacharya says investors should go for a
fresh lifetime high on the sixth
straight day of gains on Tue-
with private banks witnessing
a rebound from a recent sharp
Zee shares settle 8% higher Vibhor Steel
balanced portfolio among large, mid and smallcap stocks. Edited excerpts: sday, driven by buying in bank- correction,” Vinod Nair, Head amid reports of Sony merger Tubes zooms
What are the key factors that will upside. On a net basis, earnings will
ing and select FMCG shares.
The 30-share BSE Sensex
of Research, Geojit Financial
Services, said. Shares of Zee Entertainment Enterprises Ltd (ZEEL) 193% on debut
guide the market this year? remain resilient over the next 2-3 reversed its early losses and Among Sensex gainers, settled 8 per cent higher on Tuesday after media Vibhor Steel Tubes had a stellar
Calendar 2024 will likely be a year of years. Fourth area is defence, where closed higher by 349.24 points Power Grid jumped the most giant Zee and Sony Pictures Networks (India) were market debut on Tuesday, with
transitions. In 2023, the debate in companies' order books are full for a or 0.48 per cent at 73,057.40 in by 4.16 per cent after its board reportedly working to salvage their $10 billion its shares ending the day with
the market was mostly around the decade. IT services is the dark horse a volatile trade. As many as 18 approved an investment of merger. Later in the day, the entertainment a huge premium of 193 per
completion of interest rate hike as earnings estimates are basing out Sensex shares closed in the ~656 crore in transmission company denied having any merger revival talks cent, against the issue price of
cycle, but this year it's about elec- and demand is likely to pick up. green while 12 settled in the projects. Private lenders HDFC with Sony. The scrip of the company surged 8.03 per ~151. The stock made its debut
tions. Almost 50 per cent of the top NBFCs, too, are well placed, given red. The broader Nifty of the Source: NSE Bank, Axis Bank, Kotak Bank, cent to close at ~193 apiece on the BSE. On the NSE, at ~421, reflecting a rally of
Compiled by BS Research Bureau
20 nations are going into elections. the valuation comfort. NSE rose further by 74.70 IndusInd Bank and ICICI ZEEL stock jumped 6.67 per cent to end at ~190.40 178.81 per cent from the issue
There will be a lot of political noise points or 0.34 per cent to close Bank were also among lead per piece. The shares of the entertainment company price on the BSE. Finally, it
and we will have to navi- From the valuation at a new record level of barometers reverse losses and gainers. NTPC, Nestle and zoomed 15 per cent — hitting its upper circuit limit — settled at ~442, reflecting a rally
gate through it. Secondly, standpoint, is there 22,196.95. Intraday, the 50- closed in the green for the sixth Hindustan Unilever also on the bourses. In volume terms, 85.3 million equity of 192.72 per cent. On the NSE,
we expect the global eco- scope for further upside share index touched lifetime consecutive session. ended the session with gains. shares were traded on the NSE, while 6 million shares of Vibhor Steel Tubes
nomic growth to bottom in these sectors? high of 22,215.60. In six days, Nifty jumped IT pack continued to shares changed hands on the BSE during the day. listed at ~425, climbed 181.46
out this year and grad- Returns from here on will The key indices opened 580 points while Sensex ral- decline with TCS being the big- Sony on January 22 said it terminated the deal per cent from the issue price
ually enter the rebound depend on earnings lower but renewed buying in lied 1,984 points. gest loser among Sensex sha- accusing ZEE of not meeting closing conditions even and later closed at ~446.25 per
phase in 2025. The rather than valuation re- private lenders helped the “Amidst market volatility, res, dropping by 1.75 per cent. after extending their closing period by a month.PTI piece. PTI
impact of the rate hikes ratings. At present, stocks
will be evident this year. are either at par with 10-
We will also see a transi- year average or expen-
tion from inflation to dis- sive, leaving little scope THE COMPASS
inflation. Rates will start for a further valuation re-
to come down and will rating. If we look at var-
have implications on
asset allocation and port-
folios. India's reliance on
ious segments of the mar-
ket, there is some
divergence. There is
NMDC poised for gains from demand triggers, expansion
domestic growth drivers some valuation comfort DEVANGSHU DATTA (43 per cent Q-o-Q). The reported further price hikes in Q4FY24 of commissioned by FY25.
— as opposed to exports in the largecap space but net profit was ~1,490 crore and Base=100 around ~650/ tonne aggregated. The pellet plant at Jagdalpur is
250
— bodes well for the TRIDEEP the earnings comfort is in NMDC reported a strong adjusted for extraordinary items This would push up realisation. being enhanced from 2 mtpa to 6
economy at a time when BHATTACHARYA smallcaps and midcaps. standalone revenue at ~5,410 of ~252 crore, it was ~1,740 crore, NMDC NMDC’s prices are at a mtpa. Doubling of the Kirandul-
global growth is set to Also, PSUs are better crore, rising 45 per cent year-on- higher by 96 per cent Y-o-Y and 200 historically steep discount to Kothavalasa railway line and a
President and
slow down. CIO – Equities, valued than their private year (Y-o-Y) and 35 per cent 69.8 per cent sequentially. global import parity ore prices. rapid wagon loading system is
Edelweiss MF peers in most sectors. quarter-on-quarter (Q-o-q) in line Management said FY24 sales Capex for capacity expansion targeted for completion by the
How have you positioned However, we are still not with consensus. volume guidance of 47 million 150 can be funded through internal FY24 end. Good operational
your portfolios to stay on in a situation where stock Iron ore sales at about 11.4 tonnes is achievable, provided 2.3 accruals. In 9MFY24, capex was capacity, excellent net cash
the right side of the market? picking has become difficult. Pockets million tonnes (MT) grew 18.9 per mtpa capacity expansion at the ~1,500 crore with another ~300 position, capacity expansion
We are taking a bottom-up of value remain. cent Y-o-Y (19 per cent Q-o-Q). Kumaraswamy mine can be 100 crore slated in Q4FY24. plans are all positives.
approach. The focus is on areas Realisation stood at ~4,679 per completed. The company is Sensex FY25 capex will get enhanced There could be an additional
where there is earnings resilience Investor interest is shifting tonne, higher by 22 per cent Y-o-Y awaiting environmental 50
to ~2,100 crore, focused on 10 per cent–15 per cent of long-
and also upgrades. One theme we towards largecap and flexicap (12.9 per cent Q-o-Q). The clearance. The 9MFY24 sales Jan 31,‘23 Feb 20,’24 capacity expansion (67 mtpa by term revenue from non-iron ore
have been positive on over two years funds from smallcaps. Is that the operating profit at ~2,030 crore volume grew 23.7 per cent Y-o-Y to FY25 and 100 mtpa by FY30). segments like gold, magnetite,
now is the ongoing capex cycle. The right thing to do? jumped 77.5 per cent Y-o-Y (70.1 32 MT implying that Q4FY24 Source: Exchange Cash and cash equivalent at and lithium mining prospects in
momentum may pick up further As mentioned previously, there is per cent Q-o-Q), which was above volume will be 15 MT. This is a Compiled by BS Research Bureau the end of FY25 is expected to be at Australia. Crude steel production
post the elections as the capacity earnings momentum at one end and consensus. The operating profit record production for NMDC. ~12,900 crore hence capex can be in India was up by 13 per cent Y-o-
utilisation of India Inc has surged valuation comfort at the other. In for the PSU undertaking was The January sales of 4.6 possible volume of 55 mtpa in funded through internal accruals. Y for 9MFY24.
beyond 75 per cent. The second area such a case, stock selection becomes above consensus. million tonnes was higher by 19 FY25 based on current enviro- The repayment of ~2,200 crore All steel majors in India are
is the power sector. India is grad- the key rather than avoiding one Royalty costs at ~2,320 crore per cent Y-o-Y and 9 per cent M-o- nmental clearance of 50 mtpa. inter-corporate loan to NMDC planning to double capacity by
ually moving to a power deficit segment of the market completely. rose by 24.2 per cent Y-o-Y (54 per M. The blast furnace at NMDC Realisation will improve Steel and receipt of ~1,800 crore FY30-31 with anticipated demand
mode, and hence, companies in the Investors should have a balanced cent Q-o-Q), due to higher ore Steel is fully operational. NMDC further in Q4FY24. balance due from Karnataka SPV from the government thrust in
sector will have strong earnings portfolio, which is possible through production up by 14.6 per cent Y- Steel is expected to break even by Realisation in Q3 stood at monitoring committee could infrastructure. Analysts are
coming through. The third area we flexicap and multicap funds. The o-Y (38 per cent Q-o-Q). Q2FY25. Legally 5-star mines may ~4,679 per tonne, aided by two boost cash reserves. A screening positive on the stock and its listed
like is real estate, which is in an latter has a better balance between Operating profit per tonne was operate at 110 per cent of rated price hikes taken in Q3FY24. plant at Kirandul and a slurry downstream subsidiary NMDC
upcycle. While the builder stocks large, mid and smallcap stocks. ~1,781, higher by 49 per cent Y-o-Y capacity, which translates to a The company has made two pipeline are expected to be Steel.
have already delivered, ancillary
companies have further scope for More on business-standard.com

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NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 THE SMART INVESTOR 11

Sona BLW shifts gear with Deduct members’ salaries from

order boost from EV space HUF income to lower its tax bill
HUFs can also claim tax benefits on home loan repayments,
Firm’s efforts to broaden portfolio will bolster earnings growth: Analysts insurance premiums, and other tax-saving investments
RAM PRASAD SAHU
Mumbai, 20 February UPWARD BINDISHA SARANG
SAVE TAX BY TRANSFERRING PROPERTY TO HUF
TRAJECTORY A Hindu Undivided Family (HUF) is a Income source Mr A's income Mr A's income HUF's

F
rom its lows this
month, the stock of
Sona BLW Precision
Forgings is up 10 per cent on
better-than-expected results.
The stock rose by 4 per cent
in the trading session on
Tuesday after Japan’s Nikkei
Group said the Indian auto-
motive component major has
topped its rankings in terms
of competitive advantage.
The rankings are based on
sales, profit margin,
capital expenditure, research
and development, and
market capitalisation.
The near-term trigger
for the stock is the better-
than-expected operating
performance in the October-
December quarter of 2023-24
and the trend of strong order
wins, with a majority of
them in the electric vehicle
(EV) space.
The company reported
consolidated revenue of ~780
crore, a 13 per cent year-on-
year (Y-o-Y) increase on the
back of new order execution.
However, its performance on
a sequential basis was
impacted by the United Auto
Workers union strike in the
US. The strike in October last
year had an impact of
~25 crore, and the impact is
expected to partially reverse
in the January-March
quarter.
The company outper-
formed on the revenue
growth front in key markets
due to the scale-up of revenue
from new programmes. The
company indicated that the
light vehicle market in the US
and the European Union
remains healthy, even as the
Indian automotive segment
remains volatile.
EV revenue saw a growth
of 7 per cent on a sequential
basis, and the share of EVs in
overall revenue was at 28 per
cent for the nine months
ended December.
This is expected to
improve as new EV order
wins constitute 79 per cent of
the net order book.
Analysts Ronak Mehta
and Vivek Kumar of JM
Financial Research expect a
strong net order book at
~24,000 crore and consistent
expansion in the product
portfolio to aid growth.
The brokerage believes
that the company is one of
the best plays in the EV space,
given a diversified revenue
base, increasing share of EVs,
and a strong order book. It
expects Sona BLW to post a
28 per cent revenue growth
and a 36 per cent earnings
growth over 2022-23 (FY23)
through 2025-26 (FY26). It has
a ‘buy’ rating with a target
price of ~740 per share.
However, Nuvama
Research expects revenue
growth to moderate to 22 per
cent over FY23-26 after grow-
ing at 30 per cent over 2019-
20 through FY23.
“Despite the large order
book of ~24,000 crore, we
expect growth to moderate
owing to marginal growth in
the underlying industry,
delays in order ramp-ups,
and slower global EV
penetration,” says analyst
Raghunandhan N L of the
brokerage.
Growth prospects are
moderating for underlying
global light vehicles for North
America, Europe, and Asia
regions with the expectation
of marginal growth (<2 per
cent) over calendar years
2023 through 2025, he adds.
While revenue growth in
the third quarter was in
line, margin performance
was strong. Gross margins
expanded 330 basis points
(bps) year-on-year (Y-o-Y) to
59.1 per cent, compared
to estimates which are 200
bps lower.
The gains were on the
back of a better product mix
and falling input costs.
The gains on the gross
margin front were offset by
Sona BLW Precision Forgings
Sensex 160
142
140
120
123
100
BASE = 100 80
Jan 31,’23 Feb 20,’24
higher-than-estimated
employee expenses, which
were up 240 bps Y-o-Y as a
percentage of sales (due to
the employee stock owner-
ship scheme), resulting in an
operating profit margin of
29.3 per cent, up by 210 bps.
Given the lower raw
material costs, the company
expects margins to be around
the 28 per cent mark in the
near term.
Motilal Oswal is positive
on the prospects of the com-
pany and highlights that after
a challenging FY23, Sona
BLW is firmly back on a
growth trajectory, led by the
recovery in underlying mar-
kets and a strong order book.
Further, its focus on broad-
ening the product portfolio,
expanding global scale, and
cultivating a diverse customer
base should translate into
strong earnings growth and
healthy capital efficiency, say
analysts Amber Shukla and
Aniket Desai of the brokerage.
They, however, have a ‘neu-
tral’ rating as valuations at 49x
2024-25 earnings largely
factor in the positives.
legal and financial arrangement that is
found only in India. The defining
characteristic of an HUF is that it is
taxed separately from its members. By
allowing income to be spread across an
additional entity (the HUF), and
through its ability to claim deductions
and exemptions under the Income-Tax
(I-T) Act, a HUF can serve as a valuable
tool for reducing a family’s tax burden.
Kunal Savani, partner, Cyril
Amarchand Mangaldas, says, “HUF, a
uniquely Indian entity, is for large joint
families and is governed by Hindu
personal laws. As a distinct taxable
entity, it needs to apply for its own
permanent account number (PAN) and
file its own tax returns, separately
from its members.”
How HUF works
Besides Hindu, Jain, Sikh, or Buddhist
families may also form a HUF. HUF
comprises members of a family with a
common ancestor. Karta, the head of
the family, manages the family assets
and makes decisions on behalf of the
HUF. “Both individual taxpayers and
the HUF can claim deductions and
benefits under the I-T Act,” says Aditya
Tiwari, associate, SKV Law Offices.
Rishab J., an advocate at Shivadass
& Shivadass Law Chambers,
explains that HUF income is
taxed at slab rates specified in
the Finance Act or according
to the new tax regime outlined
in Section 115BAC. He adds
that the residential status of
the HUF needs to be
determined for taxation YOUR
purposes.
MONEY
Tax benefits HUF can avail of
Like individuals, HUFs also get the
benefit of several tax deductions and
exemptions. Savani says, “Individuals
can reduce their overall tax burden by
transferring their income-generating
ancestral property to a HUF. HUFs
enjoy an exemption limit of ~3 lakh
under the new regime and ~2.5 lakh
before creating after creating income
HUF (~lakh) HUF (~lakh) (~lakh)
Salary 25 25 -
Standard deduction on the salary 0.5 0.5 -
Income from salary (a) 24.5 24.5 -
Property rent 10 – 10
Standard deduction on the property 3 – 3
Income from property (b) 7 – 7
Total taxable income (a+b) 31.5 24.5 7
Section 80C 1.5 1.5 1.5
Net taxable income 30 23 5.5
Tax payable 7.41 5.23 0.23
Total tax paid by Mr A & HUF 5.46
Tax savings after creating HUF 1.95
Source: Accord Juris LLP
under the old regime.” linked savings schemes (ELSS). “HUFs
A HUF is also eligible for tax cannot open a Public Provident Fund
deduction under sections 80C, 80D, (PPF) account, but can claim
and 80G of the I-T Act, 1961. Keshav deductions under Section 80C by
Singhania, private client leader, paying into its members’ PPF
Singhania & Co., says, “If an individual accounts,” says Alay Razvi, partner,
has exhausted their 80C limit, the HUF Accord Juris LLP. A HUF can leverage
has the option to purchase life Section 80D to pay individual
insurance or pay a premium on behalf members’ health insurance premiums
of its members for additional and claim tax benefits. Currently, the
deductions.” A HUF can also take out upper limit for claiming deduction
home loans and claim tax benefits under this section is ~25,000 for non-
under sections 24 and 80C on seniors and ~50,000 for seniors. This
interest and principal limit applies to all members combined.
repayments respectively. Razvi says, “Note that both a member
Tiwari says, “This is separate and the HUF cannot claim deduction for
from the deductions available the same investment or expense.”
to individual members for Singhania explains that a HUF can pay
their respective home loans.” salaries to its contributing members and
Often, individuals have to deduct these expenses from its revenue,
make mandatory reducing its taxable income.
contributions, such as to
Employee Provident Fund, Points to note
which exhaust their Section A HUF managed from outside India
80C limit. “In such a scenario, you can might be treated as a non-resident for
pay the premiums from your HUF tax purposes. Savani says, “Such
account and claim the tax benefit,” says structures may also face heightened
Rajarshi Dasgupta, executive director, scrutiny under anti-avoidance
AQUILAW. provisions.” Finally, a HUF must
A HUF can avail of tax deductions in maintain proper documentation and
its name by opening tax-saving fixed comply with the prescribed conditions
deposit accounts or investing in equity- to avail of tax benefits.

— TENDER CARE — — Advertorial

ABB India Limited
CIN: L32202KA1949PLC032923
Registered Office: Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage,
Peenya Industrial Area IV, Peenya, Bengaluru - 560 058,
Phone: +91 (80) 22949451, 22949150 - 22949153, Fax: +91 (80) 22949148
Website: www.abb.co.in, E-mail: investor.helpdesk@in.abb.com
Extract of audited results for the quarter and year ended
December 31, 2023
Sl.
Particulars
No.
1 Total income from operations
2 Net Profit / (Loss) for the period (before Tax,
Exceptional and / or Extraordinary items)
3 Net Profit / (Loss) for the period before Tax
(after Exceptional and / or Extraordinary items)
4 Net Profit / (Loss) for the period after Tax
(after Exceptional and / or Extraordinary items)
5 Total Comprehensive Income for the period
[Comprising Profit / (Loss) for the period (after tax)
and Other Comprehensive Income (after tax)]
6 Equity Share Capital
(Face value per share ` 2/- each)
7 Earnings per share (of ` 2/- each)
(for continuing operations) -
1. Basic
2. Diluted
8 Earnings per share (of ` 2/- each)
(for discontinued operations) -
1. Basic
2. Diluted
Note:
The above is an extract of the detailed format of Quarterly and Annual Audited Financial Results filed with the Stock Exchanges
under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly
and Annual Audited Financial Results are available on the Stock Exchange websites: www.nseindia.com and www.bseindia.com and
company’s website: www.abb.co.in
Place : Nashik
Date : February 20, 2024
HON'BLE PM DEDICATED REC RECEIVES 'INNOVATIVE
TRANSMISSION SYSTEMS FOR TECHNOLOGY DEVELOPMENT
RENEWABLE ENERGY IN RAJASTHAN AWARD' AT IIT MADRAS
Hon’ble Prime Minister Shri Narendra Modi dedicated the Trans- REC Limited, a Maharatna CPSE under the Ministry of Power and
mission System Strengthening Scheme for evacuation of power a leading NBFC, has been honoured with the 'Innovative
from SEZ in Rajasthan (8.1 GW) under Phase-II PartAand Trans- Technology Development Award' at the 'Building India 2047:
mission System for providing connectivity to RE projects at Technology for Better Tomor-
Bikaner (PG), Fatehgarh-II & Bhadla–II on Friday 16th February row', an IIT Madras CSR
2024. These have been built by Power Grid Corporation of India Summit. The award was con-
Limited (POWERGRID) a Maharatna CPSU under Ministry of ferred in recognition of REC's
Power, Government of CSR initiative of installation of
India.India has an ambi- 2 MW Roof Top Solar plant in
tious target of establish- IIT Madras. The solar plant
ing 500 GW renewable generates around 3.15 million units of clean energy every year
energy capacity by 2030, and thus helping IIT Madras reduce carbon footprint.
which includes 100 GW Smt Taruna Gupta, Executive Director (CSR) and Smt Thara
from solar and 60 GW from wind. This includes solar generation Ramesh, CPM, REC, Regional Office Chennai, received the award
potential of about 20 GW in Rajasthan. The transmission system on behalf of REC. The ceremony, was graced by the presence of
strengthening scheme for evacuation of power from solar ener- Dr. Palanivel Thiaga Rajan, Hon'ble Minister of IT and Digital
gy zones in Rajasthan (11.1 GW – 3 GW through intra state) Services of Tamil Nadu, and Prof. V. Kamakoti, Director, IIT Madras
under Phase II, inter-alia includes evacuation of 1.05 GW in who applauded REC's commitment to sustainable development
Bhadla complex, 2.2 GW in Fatehgarh complex, 1.9 GW in goals.
Ramgarh and 2.95 GW in Bikaner.
During the event, Hon’ble Prime Minister also dedicated the LAUNCHING PSB IGNITE:
transmission system for providing connectivity to RE projects at PUNJAB & SIND BANK TO EMPOWER
Bikaner (PG), Fatehgarh-II & Bhadla–II. The 9000 MVA capacity MSME ENTREPRENEURS!
project includes extension of 765/400/220 kV Fatehgarh-II PS
(Jaisalmer) (1x1500 MVA 765/400 kV, 5x500 MVA 400/220 kV Punjab & Sind Bank has launched its one-of-a-kind MSME train-
ICTs, 9 no. 220 kV Line Bays); 765/400/220 kV Bhadla-II PS ing program, “PSB IGNITE,” designed with their MSME customers
(Jodhpur)(1x1500 MVA765/400 kV, 5x500 MVA400/220kV ICTs, at its heart. The official launch event was held at the Punjab & Sind
(` in Crores) 9 no. 220 kV Line Bays) and the 400/220 kV Bikaner (PG) (2x500 Bank corporate office on 12th February, 2024 and was graced by
Corresponding MVA 400/220 kV ICTs) Substation. the presence of honourable dignitary Dr. Vivek Joshi, Secretary,
Figures for the
Quarter ended quarter ended The total transmission assets of POWERGRID and its subsidiaries DoFS, Ministry of Finance, Government of India. PSB IGNITE, a
current year ended
December 31, 2023 December 31, 2022 in as on January 31, 2024, include 1,76,762 circuit km of transmis- transformative MSME training program, signifies a major step to-
December 31, 2023
the previous year sion lines, 276 substations and transformation capacity of 5,20,546 wards fostering entrepreneurship and financial literacy. MSME
2,757.49 10,446.52 2,426.91 MVA. With the use of state-of-the-art maintenance techniques, customers of Punjab & Sind Bank can attend this course online
automation and digitization, POWERGRID has maintained trans- from the comfort of their factories or business spaces, without
453.73 1,658.89 400.23
mission system availability more than 99.8%. affecting their business hours. "This program is in line with our
vision of strengthening our presence in Punjab and beyond. Banks
453.73 1,658.89 400.23
are prominent stakeholders in the MSME ecosystem and as a
GAIL ORGANISES CBG WORKSHOP FOR
345.20 1,248.18 305.91 bank, it’s our duty to enable this segment further. We believe PSB
STAKEHOLDERS UNDER AEGIS OF MoPNG
IGNITE will address this challenge and we welcome Poornatha
VISIT TO CBG PLANT ALSO ORGANISED
329.11 1,238.29 282.82 on-board as our knowledge partner for this program”, said Shri
Under the aegis of Ministry of Petroleum and Natural Gas, GAIL Swarup Kumar Saha, MD&CEO of Punjab & Sind Bank, on the
(India) Limited organized a CBG Workshop here which was event’s sidelines. This online educational program aims to
42.38 42.38 42.38
attended by bank officers, LOI holders, Compressed Bio Gas empower the Indian MSME ecosystem into a growth path.
(CBG) producers, technology providers, representatives from
World Bank, Indian Biogas
16.29 58.90 14.44 Association members, Oil and LIC OF INDIA LAUNCHES
16.29 58.90 14.44 Gas Marketing Companies, NEW PRODUCT LIC’S AMRITBAAL
Haryana Renewables Energy
DevelopmentAgency (HREDA),
(0.31) (0.29) (0.33) Punjab Energy Development Agency (PEDA) and various
(0.31) (0.29) (0.33) Ministries and Departments representatives.
The CBG Workshop was graced by Dr Sangita M Kasture,
Scientist G, Ministry of New and Renewable Energy (MNRE),
Shri Karanjit Singh, Director, Department of Drinking Water and
Sanitation (DDWS), Shri Arun Kumar, Director (Gas Projects),
MoP&NG and Shri Chakradhar Vishwanathrao Chimote,Assis-
tant Commissioner (M&T), Department ofAgriculture & Farmers
For ABB India Limited
Welfare (DA&FW). During the CBG Workshop, Shri S N Yadav, LIC of India launched a new product LIC’sAmritbaal at the hands of
Sd/-
Sanjeev Sharma Executive Director (CBG) GAIL and Shri Akash Bhawan, Dr. Vivek Joshi, Secretary, Dept of Financial Services, MOF, GOI
Managing Director General Manager (Chandigarh Zone) were also present along alongwith Shri Siddhartha Mohanty, Chairperson, and other Senior
DIN: 07362344 with their team members at the workshop. officials of LIC of India.

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 12 STOCKS
>
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1
IN THE
> STOCK
> Allcargo Logistics > Jindal Stainless > Bajaj Auto

NEWS Top gainer

amongst A group
Hits new all time
high on BSE at
Snaps 8 days of
winning streak OF THE DAY
of companies ~652 Thermax
~75.0 PREVIOUS CLOSE ~635.3 PREVIOUS CLOSE ~8,510.5 PREVIOUS CLOSE Hits new all-time high
~85.2 CLOSE ~642.9 CLOSE ~8,292.6 CLOSE at ~3,562, Up 74 per cent
p 13.6% UP p 1.2% UP  -2.6% DOWN in a year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
20 Feb ’24 Chg (%) Con Std 20 Feb ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount
Adani Enter 3228.6 -0.9 1.0 104.8 146.7 ITC 406.1 -0.8 5.0 26.4 24.7 BSE NSE price price (%) price price (%)
Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low

Adani Ports 1300.5 -0.5 0.9 38.9 214.9 JSW Steel 821.2 0.1 1.1 18.0 20.3
2,025 1,270 Zee Enter 199.9 193.0 8.0 299.5 299.5 Federal Bank 150.0 154.3 -5.3 139.4 120.9
MOST BULLISH MOST BEARISH
Apollo Hosp 6759.5 1.5 0.7 118.7 97.3 Kotak Mah Bank 1762.5 1.8 2.6 20.1 26.7 PAYTM 376.5 376.5 5.0 926.7 998.3 Hero MotoCorp 4654.1 4661.2 -4.0 3328.9 2246.8
1,980 1,155

2,007
SAIL 131.1 130.4 0.6 Berge Paint 555.8 563.4 -1.3

1,205
Power Grid 288.8 288.0 4.2 289.5 289.5 Coal India 441.2 446.6 -3.2 328.9 207.7

1,908
Asian Paints 3011.7 0.5 1.4 53.1 54.0 L&T 3356.8 0.5 4.6 36.5 47.9
Axis Bank 1088.6 2.4 3.1 31.0 28.0 BPCL 661.3 657.6 0.6 Bajaj Auto 8217.7 8295.2 -0.9 Glenmark 905.0 893.9 3.6 922.3 922.3 Biocon 279.9 281.5 -3.2 231.4 191.6
LTIMind 5504.4 -0.2 0.5 35.5 36.4 1,935 1,040 Ashok Leyland 173.9 173.0 0.5 Nat Alum 158.9 160.3 -0.8 Deepak Nitrt 2366.0 2357.4 3.3 2520.0 2520.0 Birlasoft 801.5 806.8 -3.0 600.3 250.4
Bajaj Auto 8295.2 -2.5 1.0 31.7 33.7 Mah & Mah 1853.7 0.3 1.8 22.4 22.5

1,038
Syngene Intl 758.5 755.1 0.5 Bosch 28948.8 29148.4 -0.7 HUDCO 201.2 198.7 3.0 227.0 227.0 Chola Inv 1091.1 1099.8 -2.9 1084.9 709.9
Bajaj Fin 6763.6 0.8 1.9 36.3 34.6 Maruti Suzuki 11446.5 -0.3 1.5 43.8 30.1 1,890 925 Jubilant Fd 509.9 507.7 0.4 Cummins (I) 2618.5 2629.3 -0.4 HFCL 113.3 110.8 3.0 113.3 113.3 Bajaj Auto 8241.1 8292.6 -2.6 5650.1 3625.1
Bajaj Finsrv 1602.9 -1.1 1.0 32.8 218.3 Nestle India 2539.4 1.0 0.9 - 81.7
Jio Financial 289.5 281.6 2.8 295.7 295.7 Apollo Tyres 516.1 518.2 -2.5 414.0 303.4
Bharti Airtel 1144.0 0.2 2.9 76.6 142.4 NTPC 345.7 2.1 1.6 19.8 18.4 1,845 810 BSE NSE Swan Energy 756.0 750.0 2.6 764.0 764.0 SJVN 121.9 123.1 -2.5 75.3 30.4
BPCL 657.6 0.8 0.7 66.9 4.9 ONGC 276.6 0.7 1.4 9.8 11.8 Advance Decline Advance Decline PUT-CALL RATIO
Britannia 4921.2 -0.1 0.6 54.9 56.2 Index Stock Index Stock HDFC Bank 1457.0 1453.8 2.6 1721.7 1757.8 Angel One 3133.3 3150.3 -2.5 2845.2 1000.0
Power Grid 287.9 4.2 1.3 17.4 17.2 Tata Techno 1167.3 1152.1 2.6 1400.0 1400.0 JP Power 20.4 20.4 -2.3 12.2 5.2
Cipla 1451.7 -1.3 0.8 31.6 34.5
Reliance Ind 2942.1 -0.2 10.0 28.4 44.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 446.5 -3.1 1.0 9.4 17.7
SBI 760.1 0.1 2.9 10.6 11.9 BSE MIDCAP BSE SMALLCAP Contracts 1228 - 364513 1147604
Market 2907.9 5117.9 0.6
Jubilant Fd
BHEL
515.0
233.8
508.0
231.0
2.5
2.3
586.4
243.3
586.4
243.3
Adani Power
NHPC
553.0
94.2
554.9
94.8
-2.3
-2.3
380.1
52.2
132.6
37.8
Divis Lab 3712.8 -0.3 0.5 54.1 72.3 68 400 Open Int.(000) 15 - 17510 8280227
SBI Life Ins 1513.6 1.7 0.7 - 81.5 Axis Bank 1090.0 1088.3 2.3 1151.5 1151.5 Metropolis Heal 1730.2 1746.8 -2.3 1450.1 1176.1
Dr Reddys 6376.0 -0.6 0.8 20.3 26.7 Shares(In Mn) - - 10.5 2312.5

398
Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1538.7 0.6 1.7 41.5 380.7 51 300 Zomato 163.9 161.0 2.3 163.9 163.9 Enginers Ind 224.4 225.8 -2.3 141.9 70.1

61
Eicher Motor 3828.1 -1.9 0.5 27.3 29.8 Value(~ crore) 95 - 31237 98185
Tata Consumer P 1154.4 -0.1 0.7 91.5 101.4 Cadila Healt 1.2 Balkrishna I 0.2
Grasim Ind 2192.3 1.1 0.8 21.1 97.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close

281
Tata Motors 926.4 -0.7 1.6 15.9 36.3 34 200 Trent 1.2 Shree Cement 0.2
HCL Techno 1663.1 -0.7 1.7 28.7 38.4 Contracts 1165302 - 539923299 5488019
38
Tata Steel 141.1 -0.6 1.1 - 39.6 Bank of Baroda 1.1 JK Cement 0.3
HDFC Bank
HDFC Std Life
1454.3
588.0
2.6 10.9 24.0 19.6
0.5 0.6 92.4 83.4 TCS 4030.7 -1.8 4.0 32.9 35.1 17 100
Open Int.(000)
Shares(In Mn)
1252
-
-
-
619536
18050.1
7406313
7866.2
Bosch 1.0 Coromndl Int 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1320.6 0.8 0.8 45.8 56.6 DLF 1.0 Dabur India 0.3
Hero MotoCorp 4663.4 -3.9 0.6 33.2 24.5 Value(~ crore) 85505 - 44125314 482252 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 511.6 -0.1 0.7 11.4 36.9 Titan Company 3686.7 -0.2 1.5 100.7 93.8 0 0 BSE+NSE BSE+NSE
HUL 2404.1 0.7 2.1 55.8 55.1 UltraTech 9979.0 0.8 1.1 44.9 46.0 Advance Decline Advance Decline (~ crore) (Mn shrs)
1 Reliance Ind 1989617.3 BS200 Silverok Comm 40.7
ICICI Bank 1048.8 0.5 7.3 21.6 18.7 UPL 498.1 0.1 0.3 - 35.4 ACTIVE CALLS ACTIVE PUTS Whirlpool 4626.4 36.2
2
3
TCS
HDFC Bank
1474599.0
1104239.4 UP 7 DAYS NDA Sec 40.6
IndusInd Bank 1504.2 1.4 1.0 - 13.5 Wipro 532.0 -0.7 0.7 24.6 31.1 UPL 9.0 Precision El 40.6
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg HDFC Bank 4230.5 29.3 4 ICICI Bank 736042.6
Infosys 1685.3 -0.9 6.0 28.7 28.4 Nifty 50 22197.0 0.3 100.0 25.3 29.9 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Zee Enter 1751.1 91.3 5 Infosys 698996.4 DOWN
DOWN 7 DAYS
Jasch Ind -30.1
INDEX PE SHRS TRDS 1 YR Index Index 6 SBI 678358.8 UP 3 DAYS
Jio Financial 1658.5 58.6 MIL -30.0
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Finance
20/02/24
20/02/24
20800
20750
1880.2
1005.4
13.4
3.5
294.8
108.8
Nifty Finance
Nifty Finance
20/02/24
20/02/24
20700
20750
997.1
856.8
6.4 5596.8
8.114449.3
NHPC 1448.3 149.9
7
8
LIC India
Bharti Airtel
658400.9
643577.5
PAYTM
MCX
15.7
7.3
IGC Inds. -27.6
Asian Paints 3012.4 0.5 1.6 53.1 54.0 Maruti Suzuki 11446.1 -0.3 1.7 43.8 30.1 SENSEX 26.1/30.6 7.7 230 19 11 20.4 Zomato 1432.2 89.0 Hiliks Tech -22.1
NIFTY 50 25.3/29.9 295.7 6329 26 24 24.4 Nifty Finance 20/02/24 20850 729.6 6.7 313.7 Nifty Finance 20/02/24 20800 546.1 7.821797.3 9 HUL 564561.9 Grasim Ind 5.3
Axis Bank 1088.3 2.3 3.6 31.0 28.0 Nestle India 2538.8 1.0 1.1 - 81.6 Kotak Mah Bank 1356.5 7.7 Kaushalya I -18.4
C = CONSOLIDATED; S = STANDALONE Nifty Finance 20/02/24 20900 628.2 5.4 138.1 Nifty Finance 20/02/24 20650 535.7 3.0 1537.6 10 ITC 506713.9 Titagarh 4.9
Bajaj Fin 6768.7 0.8 2.2 36.3 34.6 NTPC 345.7 2.0 1.9 19.8 18.4 Nifty Finance 20/02/24 20700 480.4 1.7 -29.6 Nifty Finance 20/02/24 20600 507.7 4.2 305.5 Coal India 1316.4 29.4 Ashok Alco -18.3
11 L&T 460988.9 Mah & Mah 4.9
Bajaj Finsrv 1603.5 -1.0 1.2 32.8 218.3 Power Grid 288.0 4.2 1.5 17.4 17.2 CASH DERIVATIVES Stock Stock Power Grid 1284.9 44.9 12 HCL Techno 451239.3 Hemadri Cem -18.3
TURNOVER BSE NSE BSE NSE
Bosch 4.2 UP 3 DAYS
Bharti Airtel 1144.2 0.2 3.4 76.6 142.4 Reliance Ind 2940.8 -0.2 11.8 28.4 44.5 Vodafone Idea 29/02/24 17 235.5 139.2 2.9 Vodafone Idea 29/02/24 16 76.0 57.2 1.3 13 Bajaj Fin 418302.6
ICICI Bank 1197.1 11.4 Zomato 4.0
HCL Techno 1662.9 -0.7 2.1 28.7 38.4 Vodafone Idea 29/02/24 16 216.4 171.8 -2.1 Vodafone Idea 29/02/24 14 74.3 64.8 -7.2 14 Sun Pharma 369180.3 TCONS E-Solutio 60.8
SBI 760.1 0.1 3.4 10.6 11.9 VALUE(IN ~ CRORE) 10824 93158 85600 44736988 YES Bank 1136.1 422.3 DOWN
HDFC Bank 1453.8 2.6 12.8 24.0 19.6 Vodafone Idea 29/02/24 18 71.5 128.7 -1.0 Vodafone Idea 29/02/24 15 73.8 66.5 -7.7 15 Adani Enter 368066.1 Sanblue Corp 53.2
Sun Pharma 1538.7 0.6 2.0 41.5 380.7 SHARES(IN MN) 849.8 4320.3 - 28239.4 Reliance Ind 1075.9 3.7 YES Bank -8.3
HUL 2402.8 0.6 2.5 55.8 55.0 TRADES(000) 4120 34458 - 128727 Vodafone Idea 29/02/24 19 68.0 75.5 7.0 Vodafone Idea 29/02/24 13 31.3 66.6 -9.3 16 Maruti Suzuki 359863.8 Accelerate 51.8
Tata Motors 926.4 -0.7 1.9 15.9 36.3 HFCL 1016.5 92.1 Birlasoft -4.4
ICICI Bank 1048.8 0.5 8.5 21.6 18.7 GMR Infra 29/02/24 95 63.7 21.1 11.4 Federal Bank 29/02/24 150 22.3 4.1 -19.0 17 Kotak Mah Bank 350444.3 Narbada Gem 45.2
Tata Steel 141.1 -0.6 1.3 - 39.6 SBI 971.1 12.8 REC -3.3
IndusInd Bank 1504.4 1.5 1.2 - 13.5 MARKET-CAP (~ CR) TRADED TOTAL 18 ONGC 348033.4 One Global Ser 44.6
Infosys 1684.2 -0.9 7.0 28.7 28.3 TCS 4030.0 -1.7 4.7 32.9 35.1 Union Bank -3.2
Axis Bank 961.5 8.9 19 Axis Bank 335767.8 Reliable Vnt 43.1
Tech Mahindra 1319.7 0.8 1.0 45.8 56.6 BSE 39,179,434 39,824,007 Canara Bank -3.1
ITC 406.1 -0.8 5.9 26.4 24.7
JSW Steel 820.6 0.1 1.3 18.0 20.3 Titan Company 3682.4 -0.3 1.8 100.6 93.6 NSE 38,734,003 39,403,821 SPURT IN VOLUMES Oil India
Bajaj Fin
830.4
794.7
13.8
1.2
20
21
NTPC
Titan Company
335165.4
326923.5 Suzlon Energy -2.6
09Agg
DOWN 3 DAYS
33.1

UltraTech 9983.8 0.8 1.3 44.9 46.1 DERIVATIVES 25,803,936 25,803,936

Kotak Mah Bank 1763.1 1.8 3.0 20.1 26.7 Company Days 2-week Avg Change Close *Price 22 Tata Motors 307865.9 Can Fin Home -2.3 PLANTER POLYSAC -14.2
IOC 696.0 37.2
L&T 3353.5 0.4 5.4 36.4 47.8 Wipro 531.8 -0.6 0.9 24.6 31.1 Volume Volume % price %chg 23 Adani Green En 305385.1 Others Nalin Lease Fin -14.2
Mah & Mah 1852.0 0.2 2.2 22.4 22.5 BSE SENSEX 73057.4 0.5 100.0 26.1 30.6 TRADING ACTIVITY Whirlpool 36163704.0 46321.5 77971.2 1287.7 -3.2
BPCL
NTPC
694.3
689.3
10.7
20.1
24 Asian Paints 288944.6 UP 7 DAYS Unifinz Capital -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 UltraTech 288222.3 Utcrfs2Dmp 77.2 Padmanabh Al -14.2
Dspamc - Dspgol 200636.0 4530.3 4328.7 61.7 -0.1 Deepak Fert 663.8 12.5
Equity Debt Equity Debt 26 Adani Ports 280808.7 Jubilant Ind 69.6
Net Net Net Net Allcargo Log 53837857.0 1619181.7 3225.0 85.2 13.6 Khandel. Ext -13.7
IRFC 649.7 40.9 27 Wipro 277862.8
WORLD INDICES On 19 Feb 173 191 - - Airo Lam 724182.0 24343.4 2874.9 190.3 20.0 Infosys 642.1 3.8 28 Coal India 275196.7
Pee Cee Cos
Promax Power
61.7
47.4
Sanchay Fin.
Ace Engitech
-13.0
-12.3
On 15 Feb 1143 858 1563 -3465 Repro India 412556.0 14355.1 2773.9 892.5 13.7 Bharti Airtel 640.3 5.6 29 Power Grid 267810.8
Indices Close % Chg* Indices Close % Chg*
On 14 Feb -2628 -114 2907 -571 MOSL Quality 144426.0 6487.2 2126.3 173.6 -0.6 30 IOC 266750.2 (T+2) cycleStocks which rose/fell continuously
ITC 600.5 14.8
Americas (Feb 19,24) Asia/Pacific (Feb 20,24) On 13 Feb 234 692 575 -2215 Sheetal Cool 626794.0 34415.4 1721.3 448.0 20.0
S&P/ TSX Composite (Feb 16) 21255.6 0.2 Kuala Lumpur Comp 1555.6 1.1 On 12 Feb 220 729 1466 -3661 TVS Supply Chai 7770958.0 525440.2 1378.9 200.2 5.3
Feb till date -5343 14158 10554 -30735
Dow Jones (Feb 16)
Nasdaq Composite (Feb 16)
38628.0
15775.7
-0.4
-0.8
Jakarta Composite
Taiwan Taiex
7352.6
18753.2
0.8
0.6 2024 till date -31454 35221 33623 -52241
Premier Poly
Deepak Fert
757175.0
12535438.0
52310.3
900681.6
1347.5
1291.8
198.2
514.4
-2.5
4.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Feb 19,24) Straits Times 3244.1 0.6 Group 2023. Board Meeting Placement Reetech Int:
CAC 40 7792.2 0.3 Shanghai Se Comp 2922.7 0.4 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company Bhatia Com- Intimation for (QIP) received Meeting of the
Purpose munic: To evaluating & from share- Board of Di-
IBEX 35 9970.4 0.3 Stock Exchange of Thai 1381.1 -0.5 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock FEBRUARY 21 consider and approving the holders on rectors of the
FTSE 100 7730.6 0.0 Kospi 2657.8 -0.8 NET Net Fut OI Opt OI OI Ador Fontech: approve best 7 most November 30 Company
HIGH *Kirloskar Inds . . . . . 4314.2 *Gulf Oil Lub . . . . . . . . . 956.9 Sonal Mercant . . . . . . . 123.0
DAX 17057.1 -0.2 Volatility (Feb 19,24) BS 200 *Sundaram Fin . . . . . . 4200.4 *Bondada . . . . . . . . . 933.0 *Omaxe . . . . . . . . . . . . 121.4 Meeting of the 1. To increase suitable 2023. Sarveshwar
On 19 Feb -24704 -2536 0.3 4.5 3.6
Asia/Pacific (Feb 20,24) CBOE S&P 500 (Feb 16) 15.4 4.4 On 16 Feb -4857 1411 0.3 4.1 3.6 *Bosch . . . . . . . . . . . 29200.0 *Anand Rathi Wea . . . 3772.2 *Glenmark Life . . . . . . 900.0 *BGR Energy . . . . . . . . 119.5 Board of the Authorized alternative for Rajnish We- Food: To
Hang Seng 16247.5 0.6 CBOE Dow Jones (Feb 16) 11.4 - On 15 Feb -76961 -2766 0.3 3.1 3.5 *Dixon Tech . . . . . . . . 6929.0 *Triton Valve . . . . . . . 3595.0 *Eyantra Ve . . . . . . . 899.4 *HDFC Grth ETF . . . . . . 118.6 Directors of Share Capital fund raising lines: To con- consider and
On 14 Feb 40732 68 0.3 3.1 3.5 *Apollo Hosp . . . . . . . 6782.5 *Thermax . . . . . . . . . . 3562.0 *Allsec Tech . . . . . . . . . 895.0 *I Bright St . . . . . . . . . . 118.3 the Company of the Manjeera Cns: sider and approve
Nikkei 225 38363.6 -0.3 * Change over previous close
On 13 Feb -7147 3228 0.3 4.3 3.5 *Dr Reddys . . . . . . . . . 6464.0 *Utcrfs2Dmp . . . . . . 2946.0 *Chalet Hotels . . . . . . . 890.7 *Archana Soft . . . . . . . 116.7 to consider Company and Quarterly Re- approve to 1. the proposal
*Phoenix Mill . . . . . . . 2886.6 *Sonata Soft . . . . . . . . 865.2 *Batliboi . . . . . . . . . . . . 116.5 and approve the consequent sults consider and for raising of
MAJOR INDICES Feb till date
2024 till date
-217538
-883680
-9573
-15969
-
-
-
-
-
-
*Cummins (I) . . . . . . . 2687.9
*Grasim Ind . . . . . . . . 2221.3 *Cupid Ltd . . . . . . . . . 2287.1 *ASM Tech . . . . . . . . . . 846.9 AVT Natl . . . . . . . . . . . . 113.6 re-appoint- amendments in Marble City: approve the funds
*Cipla . . . . . . . . . . . . . 1484.1 *Sasken Comm . . . . 1814.3 *Senco Gold . . . . . . . . 843.9 *Jhandewalas Foo . . . . 111.4 ment/exten- Memorandum To consider following 2. to increase
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Voltas . . . . . . . . . . . . 1113.0 *KPI Green Energ . . . 1630.8 *Jin Poly Inv . . . . . . . . . 841.0 *Aayush Food . . . . . . . . 109.5 sion of term of Association and approve items: the Authorized
S&P BSE Sensex 72,708.2 72,727.9 73,130.7 72,510.2 73,057.4 349.2 0.5 *Zydus Lifescien . . . . . 912.9 *Eastern Logica . . . . 1619.0 *Strides Pharma . . . . . 838.1 *Simplex Infr . . . . . . . . 108.0 of Mr. H P of the Unaudited 1. To approve Share Capital
Aarti Inds . . . . . . . . . . . 710.0 *Netweb Technolo . . 1584.8 *Shervani Ind . . . . . . . . 800.0 *Markobenz . . . . . . . . 108.0 Ledwani as Company; Financial the Postal of the Com-
S&P BSE Sensex 50 23,191.8 23,200.3 23,291.9 23,119.5 23,268.7 76.9 0.3 S&P BSE SECTORAL INDICES *Indian Hotel . . . . . . . . 551.3 *WAA tech . . . . . . . . . 1525.4 *Rolcon Engg. . . . . . . . 757.7 *Arihant Fond . . . . . . . . 104.5 Managing 2. To consider Results for the Ballot Notice pany and
*NTPC . . . . . . . . . . . . . . 346.1 *Advait Infra . . . . . . . 1495.0 *Supreme Petroch . . . 757.5 *HB Stock . . . . . . . . . . . 103.9 Director & and evaluate Quarter ended along with consequent Issue of the Rights approve Raising of the and take on
S&P BSE-100 23,040.8 23,056.3 23,130.7 22,974.7 23,109.3 68.5 0.3 Prev cls Close % Chng
*ONGC . . . . . . . . . . . . . 281.1 Fairchem Organi . . . . 1495.0 *Master Trust . . . . . . . 750.1 CEO the proposal to on 31st De- Explanatory amendments including the Issue. of funds Company for record the
S&P BSE-200 10,011.1 10,021.8 10,042.3 9,985.1 10,033.6 22.5 0.2 LOW Arshiya: To raise funds by cember 2023 Statements. in Memoran-
Auto 47,164.1 46,779.3 -0.8 *Zomato . . . . . . . . . . 163.9 *Frontier Spr . . . . . . . 1435.0 *Archean Chem . . . . . . 749.0 specific terms Taneja Aero: To through issue of the quarter transfer of
BS 200 consider, inter the Company Medplus 2. To appoint dum and
S&P BSE-500 31,997.7 32,041.2 32,071.6 31,925.1 32,046.8 49.2 0.2 Bankex 52,792.1 53,441.4 1.2 *HFCL . . . . . . . . . . . . . . 113.3 *Gensol Engg . . . . . . . 1377.1 *Shree Gan Rem . . . . . 736.0 of the Rights consider and equity shares Ended on 31st shares of M/s.
NONE alia, the to accelerate Health: To Scrutinizer for Articles of
Cons. Durables 51,322.5 51,181.0 -0.3 *GMR Airports . . . . . . . . 94.3 *Assoc.Cerami . . . . . . 1308.8 *Lincoln Pha . . . . . . . . . 717.0 Issue such as approve the convertible December, 2023, VJTF Infras-
S&P BSE IPO 13,999.6 14,089.8 14,093.4 14,000.4 14,032.1 32.5 0.2 Others Un-audited business consider and Postal Ballot Association of
Cap. Goods 55,650.1 55,766.7 0.2 Others *Blue Star . . . . . . . . . . 1295.0 *Veritas . . . . . . . . . . . . 690.3 the determina- allotment of warrants or any as per IND-AS chool Services
Matrimony.com . . . . . . 499.0 Standalone and growth and to approve to process under the Company
FMCG 19,470.7 19,451.8 -0.1 *Sanofi India . . . . . . . 9254.7 *Sanghvi Mov . . . . . . 1232.3 *Enkei Wheel . . . . . . . . 675.0 tion of the equity shares such securities pursuant to reg- (Mumbai)
S&P Dollex-30 7,191.3 - - - 7,232.2 40.9 0.6 *DP Wires . . . . . . . . . . . 452.0 Consolidated augment the discuss the section 110 of if any
Healthcare 35,669.1 35,741.6 0.2 *TVS Holdings . . . . . . 9219.3 Ebbetf0425 . . . . . . . . 1188.0 *Deccan Cem . . . . . . . . 668.0 Rights Issue of the Com- VJTF Eduser: To ulation 33 of the Private Limited
Yash Innoventur . . . . . . . 24.1 Financial long-term management the Companies South Ind Bk:
Nifty 50 22,122.3 22,099.2 22,215.6 22,045.9 22,197.0 74.7 0.3 Infra 573.0 573.8 0.1 *Inox Wind Energ . . . 6944.0 *Bharat Paranter . . . . 1159.0 *Jindal Stan . . . . . . . . . 651.9 price and pany to M/s. consider and SEBI (Listing to M/s. Witty
Dhyaani Tile . . . . . . . . . . 20.0 Results of the financial recommenda- Act 2013. To consider
IT 38,941.2 38,583.2 -0.9 *GRP . . . . . . . . . . . . . . 6124.7 *Ahluwalia Co . . . . . . 1087.3 *Oil India . . . . . . . . . . . 630.0 related Asscher Enter- approve Obligations and Education Pri-
Nifty next50 58,650.3 58,702.4 58,767.2 58,428.3 58,706.4 56.1 0.1 *Taaza Intern . . . . . . . . . 6.7 Company for resources of tion to not 3. Any other and approve
Metal 27,380.2 27,177.0 -0.7 *Force Motors . . . . . . 6118.0 *Alembic Pharma . . . 1060.0 *JUNIOR BEES . . . . . . 627.1 payment mech- prises Limited 1. To consider Disclosure Re- vate Limited.
*Danube Inds. . . . . . . . . . 5.8 the Quarter the Company proceed with Matter with various
Nifty 500 20,241.1 20,242.7 20,285.8 20,190.7 20,271.9 30.8 0.2 Oil & Gas 29,000.8 29,091.3 0.3 *CRISIL . . . . . . . . . . . . 5250.0 *Jubilant Ind . . . . . . . 1023.0 *Sudarsh Chem . . . . . . 610.7 anism rights on a preferen- and take on quirements) 3. Any other
*Gayatri Bio . . . . . . . . . . . 5.7 and nine Inter Glob F: the approval the permission matters in con-
Power 6,577.1 6,629.5 0.8 *Sarasw.Comm. . . . . 4589.0 *Remsons Ind . . . . . . . 969.0 *Swastik Inv . . . . . . . . . 604.9 entitlement tial basis. record the Regulation, matter with
India VIX 16.0 16.0 16.4 14.2 16.1 0.1 0.3 *Nouveau Global . . . . . . . 0.5 months ended To consider for Qualified of the nection with
PSU 18,866.2 18,918.0 0.3 *Nuvama . . . . . . . . 4543.4 *TechNVision Ven . . . . 964.7 *Selan Explor . . . . . . . . 592.0 ratio the record Variman: To Unaudited Fi- 2015. the permission
Nifty CPSE 5,850.2 5,863.4 5,921.2 5,828.8 5,897.7 47.6 0.8 Realty 6,927.5 7,005.9 1.1 31st December, and approve Institutional Chairman. the Rights date and timing consider and nancial Results 2. To consider of chair.
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 (689.4) (689.0) (4491.6) (4488.9)
m ~50 H ~2 Open 681.1 682.4 4515.0 4514.8
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 710.0 709.0 4545.0 4547.0
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 681.1 682.0 4468.8 4461.6
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 704.4 703.9 4522.1 4524.5
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 162K 2197K 6018 169K
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 58.8 58.8 79.3 79.3
company name is followed by shares traded, and also the 52 Wk H/L 710/438 711/438 4984/3056 4990/3053
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 25533 25516 95823 95874
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 Adani Total Gas« m H m mH H  « « « « m m «
(29537.3) (29526.7) (2669.6) (2670.5) (3258.2) (3258.8) (1307.1) (1307.0) (567.8) (567.7) (1011.5) (1011.7)
O 29472.7 29487.8 2699.8 2674.0 3263.1 3267.0 1310.0 1311.0 570.0 570.0 1014.6 1017.0 O O
29506.0 29519.0 2715.0 2715.0 3268.4 3269.8 1313.0 1312.9 573.8 570.9 1019.0 1018.0
w 29056.9 29070.0 2659.6 2657.2 3211.3 3210.2 1293.6 1293.7 553.0 552.0 1004.3 1004.0 w w
29197.4 29191.1 2688.1 2686.7 3228.7 3228.6 1300.0 1300.5 554.9 553.7 1012.5 1012.1 D D
402 7538 27642 460K 101K 1468K 135K 1857K 184K 1193K 47165 2593K
54.2 54.1 31.0 31.0 104.8 104.8 38.8 38.9 9.2 9.2 - -
W 29628/19909 29639/19900 2760/1594 2746/1592 3309/1103 3309/1104 1327/534 1327/534 589/133 589/132 1260/522 1259/522 W W
M 62044 62031 50479 50454 368066 368060 280809 280928 214002 213539 111349 111305 M M

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NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1

SATIN HOUSING FINANCE LIMITED DEBTS RECOVERY TRIBUNAL, JAIPUR Avance Technologies Limited POSSESSION NOTICE
Registered Office: 5th Floor, Kundan Bhawan, Azadpur First Floor, Sudharma-II, Lal Kothis Shopping Center, Tonk Road, Jaipur-302015 (for immovable property)
CIN: L51900MH1985PLC035210 Whereas,
Commerial Complex, Azadpur, New Delhi-110033 Case No.OA/827/2023
Corporate Office: Plot No. 492, Udhyog Vihar, Phase-3, Regd. Off.: Office No. 226/227, Majestic Center, Second Floor, 144 Opera House, The undersigned being the Authorized Officer of INDIABULLS HOUSING
Summons under sub-section (4) of section 19 of the Act, read with sub-rule (2A) of Mumbai 400004. Phone: 9594988351
Gurugram, Haryana-122016 rule 5 of the Debt Recovery Tribunal (Procedure) Rules, 1993. FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
PUBLIC NOTICE FOR AUCTION CUM SALE Email: avancetechnologiesltd@gmail.com Web: www.avance.in and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
IDBI Bank Exh. No.11137
Pursuant to taking possession of the secured assets mentioned hereunder by the Authorized Officer of VS POSTAL BALLOT NOTICE 2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3
SATIN HOUSING FINANCE LIMITED under the Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act,2002 for the Recovery of amount due from borrower/s, offers Shri Shyoji Ram Jat NOTICE is hereby given that the Company is seeking approval of its members by way of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
are invited by the undersigned in sealed covers for purchase of immovable property as described To: of Ordinary/ Special Resolution in respect of the following matters: 30.11.2023 calling upon the Borrower(s) VINAY KUMAR PROPRIETOR VINAY
hereunder, which is in the physical possession, will be sold on 21.03.2024 “AS IS WHERE IS & AS IS (1) Shri Shyoji Ram Jat, D/W/S/o. Late Shri Kalyan Sahay Jat, 404, Nathar Valo Ki Dhani, • Increase in Authorized Share Capital and consequent amendment to the capital BUILDING MATERIAL AND GEETA ALIAS GEETA DEVI to repay the amount
WHAT IS”, particulars of which are given Below: - Bhomiya Ji Ki Dhani, Pachar, Tehsil Jaipur, Jaipur, Rajasthan. mentioned in the Notice being Rs.15,42,948.84 (Rupees Fifteen Lakh Forty Two
clause of the memorandum of association.
Borrower(s)/ Demand Notice Date & Description of the Reserve Price (2) Smt. Gulab, W/o. Late Shri Kalyan Sahay Jat, R/o. 404, Nathar Valo Ki Dhani, Bhomiya • To consider and approve the fund raising through issuance of convertible warrants Thousand Nine Hundred Forty Eight and Paise Eighty Four Only) against Loan
Guarantor(s) Amount Immovable Property Ji Ki Dhani, Pachar, Tehsil Jaipur, Jaipur, Rajasthan. Account No. HHLALI00428434 as on 29.11.2023 and interest thereon within 60
on a preferential basis.
Loan No.- Demand Notice Date: Built up shop bearing No.1,on Rs. 9,64,964/- (3) Shri Lakshmi Narayan Jat, S/o. Late Shri Kalyan Sahay Jat, R/o. 404, Nathar Valo Ki days from the date of receipt of the said Notice.
LAHEDEL06 9th april 2023 and Amount Ground loor, Khasra No.395/49 , (Rupees Nine lakh a) In this regard all the members are hereby informed that the Company has set out
18-00000072 Rs.9,64,964/- (Rupees Measuring 25 Sq. Yard , without roof sixty four thousand
Dhani, Bhomiya Ji Ki Dhani, Pachar, Tehsil Jaipur, Jaipur, Rajasthan. The Borrower (s) having failed to repay the amount, Notice is hereby given
notice to its members for aforesaid resolutions to be transacted through postal
& 1. Sajid Nine lakh sixty four right, Village - Babarpur in abadi of nine hundred sixty (4) Shri Jagdish Jat, S/o. Late Shri Kalyan Sahay Jat, R/o. 404, Nathar Valo Ki Dhani,
ballot by voting through remote e-voting platform provided by National Securities to the Borrower (s) and the public in general that the undersigned has taken
Sajid S/o thousand nine hundred 176, Main shani Bazar Road, Kabir four Only Bhomiya Ji Ki Dhani, Pachar, Tehsil Jaipur, Jaipur, Rajasthan.
Saed Ahamed sixty four Only) as on Nagar, Karadm puri, Shahdara, Depository Limited (NSDL) and by Postal Ballot Form. Symbolic possession of the property described herein below in exercise of
Earnest Money (5) Shri Ramchandra Jat, S/o. Late Shri Kalyan Sahay Jat, R/o. 404, Nathar Valo Ki Dhani,
2. Shabana 9th April 2023, along with Delhi - 110094.( Land Mark - Bhomiya Ji Ki Dhani, Pachar, Tehsil Jaipur, Jaipur, Rajasthan. b) The Company has completed dispatch of the Postal Ballot Notice to the Members powers conferred on him under Sub-Section (4) of Section 13 of the Act read
Shabana D/o Deposit (EMD)
future interest applicable opposite Indian Public School), with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 16.02.2024
Chote Khan from 09.04.2023 + MIsc./ Bounded as : East-other property, EMD: Rs.97,000/- SUMMONS through permitted mode on Tuesday, 20th February 2024.
other charges until west-30 feet wide road, North - (Rupees Ninety Whereas, OA/827/2023 was listed before Hon'ble Presiding Officer Registrar on 28/12/2023 c) The cut-off date for determining the eligibility to vote through remote e-voting The Borrower(s) in particular and the public in general is hereby cautioned not
payment in full other property, south-other property. seven thousand only) Whereas this Hon'ble Tribunal is pleased to issue summons/ notice on the said Application shall be Friday, 16th February 2024. to deal with the property and any dealings with the property will be subject to
1. Last Date of submission of sealed offers in the prescribed tender forms along with EMD is under section 19(4) of the Act, (OA) filed against you for recovery of debts of Rs.31,10,409/- d) Persons whose name is recorded in the register of beneficial owners maintained the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
08/03/2024 at the Corporate office. Address mentioned herein above. Tenders that are not filled up (application along with copies of documents etc, annexed). Rs.15,42,948.84 (Rupees Fifteen Lakh Forty Two Thousand Nine Hundred
or tenders received beyond last date will be considered as invalid Tender and shall accordingly be as on the cut-off date, only shall be entitled to avail the facility of e-voting.
In accordance with sub-section (4) of section 19 of the Act, you, the defendants are directed Forty Eight and Paise Eighty Four Only) as on 29.11.2023 and interest
rejected. No interest shall be paid on the EMD. e) The e-voting shall commence from Friday, 23rd February 2024 (09:00 AM IST)
2. Date of opening of the offers for property is 01.03.2024 at the above mentioned Corporate office as under:- thereon.
and concludes on Saturday, 23rd March 2024 (05:00 PM IST).
address at 11:00 AM. The Tender will be opened in the presence of Authorized Officer. (i) To show cause within thirty days of the service of summons as to why relief prayed for The Borrower’s attention is invited to provisions of Sub-Section (8) of
3. Date of inspection of the immovable property is 15.03.2024 between 11:00 AM to 16:00 PM. should not be granted; f) The remote E-voting module shall be disabled by National Depository Services
(India) Limited (“NDSL”) thereafter. Section 13 of the Act in respect of time available, to redeem the secured
4. Further interest will be charged as applicable, as per the Loan Agreement on the amount (ii) To disclose particulars of properties or assets other than properties and assets
outstanding in the notice and incidental Expenses, costs, etc. is due and payable till its realization. assets.
specified by the applicant under serial number 3A of the original application; g) Postal Ballot Form received after Saturday, 23rd March 2024, will be strictly treated
5. The notice is hereby given to the Borrower and Guarantor, to remain present personally at the time DESCRIPTION OF THE IMMOVABLE PROPERTY
of sale and they can bring the Intending buyers/purchases for purchasing the immovable property (iii) You are restrained from dealing with or disposing of secured assets or such other assets as if the reply from the member has not been received.
and properties disclosed under serial number 3A of the original application, pending hearing HOUSE NO. 19/68 (OLD) AND 19/69 (NEW) ADMEASURING 174.37 SQUARE
as described herein above. As per the particulars of Terms and Conditions of Sale. The results declared along with scrutinizer report within the prescribed period shall be
6. The Borrower(S) Guarantor(s) are hereby given 30 DAYS SALE NOTICE UNDER THE SARFASI and disposal of the application for attachment of properties; YARDS IE. 145.80 SQUARE METERS SITUATED IN MOUJE GAMBHIR PURA,
displayed on the Company’s Website and also communicated to the stock exchange.
ACT 2002 to pay the sum mentioned As above before the date of Auction failing which the (iv) You shall not transfer by way of sale, lease or otherwise, except in the ordinary course of TEHSIL KOLI, DISTRICT ALIGARH-202001, UTTAR PRADESH AND WHICH IS
immovable property will be auctioned and balance, if any, will be recovered with interest and costs.
Members are requested to note that in case you have any queries or issues regarding
his business any of the assets over which security interest is created and/ or other assets and BOUNDED AS FOLLOWS:-
If the Borrower pays the amount due to Satin Housing Finance Limited in full before the date of e-voting, you may refer to the Frequently Asked Questions (‘FAQs’) and e-voting manual
properties specified or disclosed under serial number 3A of the original application without the EAST :HOUSE OF MUKUL VARSHNEY
sale, auction Is liable to be stopped.
prior approval of the Tribunal; available at www.evoting.nsdl.com under help section or write an email to
7. The detail terms and condition of the auction sale are incorporated in the prescribed tender form. WEST :16 FEET WIDE ROAD
(v) You shall be liable to account for the sale proceeds realized by sale of secured assets or other evoting@nsdl.co.in or call on toll free no.: 1800 1020 990 and 1800 22 44 30 or
Tender forms are available at the Above Corporate office. send a request at evoting@nsdl.co.in. NORTH :16 FEET WIDE ROAD
8. The immovable property will be sold to the highest tenderer. However, the undersigned reserves assets and properties in the ordinary course of business and deposit such sale proceeds in the SOUTH :12 FEET WIDE ROAD
Sd/-
the absolute discretion to allow Inter se bidding, if deemed necessary. account maintained with the bank or financial institutions holding security interest over such assets. By Order of the Board Authorized Officer
Date
. : 16.02.2024
9. Company is not responsible for any liabilities upon the property which is not in the Knowledge of You are also directed to file the written statement with a copy thereof furnished to the applicant For Avance Technologies Limited INDIABULLS HOUSING FINANCE LIMITED
the company. Place : ALIGARH
and to appear before Registrar on 21/03/2024 at 10:30 A.M. failing which the application shall Sd/-
For Further details, contact the Authorised officer Mr Rajesh Kumar Dangi on his mobile no Date: 20th February 2024 Srikrishna Bhamidipati
9812394885, at the above mentioned Corporate office address. be heard and decided in your absence.
Given under my hand and the seal of this Tribunal on this date: 29/12/2023 Place: Mumbai Managing Director
Place: Gurugram Sd/- , Authorized Officer
Date: 20.02.2024 SATIN HOUSING FINANCE LIMITED Signature of the Authorized Office to issue Summons DIN: 02083384

  
     
     
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HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

E-Procurement Notice
INVITATION FOR BIDS (IFB)
The Executive Engineer, HPPWD Kotkhai, Distt. Shimla, H.P. on behalf of Governor of H.P. invites the online bids on percentage 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.
S. Name of Work Estimated EMD Cost of Time Eligible class
No. Cost Tender of contractor
1 Periodical Renewal on Kotkhai Deori Khaneti Road under AMP Rs. Rs. Rs. One All Class are
(Addl. Kms) for the year 2024-25 for MDR Roads (SH:- Maintenance 99,00,000/- 1,98,000/- 2000/- Month eligible
of WBM in patches and Mix Seal surfacing of 25mm thickness (Type-
A) in K.M. 0/00 to 5/00)
2. Periodical Renewal on Chandernagar Mahasu Road in K.M. 0/00 to Rs. Rs. Rs. One All Class are
9/00 under AMP (Addl. Kms) for the year 2024-25 for rural roads 44,62,000/- 89,300/- 2000/- Month eligible
(SH:- Maintenance of WBM in patches and Mix seal surfacing of
25mm thickness (Type-A) in K.M. 4/00 to 8/00)
3. Periodical Renwal on Gumma Tapri Bakhol road in K.M. 0/00 to 6/00 Rs. Rs. Rs. One All Class are
under AMP (Addl. Km) for the year 2024-25 for rural roads (SH:- 60,12,000/- 1,20,300/- 2000/- Month eligible
Maintenance of WBM in patches and Mix seal surfacing of 25 mm
thickness (Type-A) in K.M. 0/00 to 5/00)
4. Periodical Renewal on Gumma Baghi Narkanda Road (Portion Rs. Rs. Rs. One All Class are
Baghi to Narkanda ) under AMP-I for the year 2024-25 for rural roads 15,48,360/- 31,000/- 500/- Month eligible
(SH:- maintenance of WBM in patches and mix seal surfacing of 25
mm thickness (Type-A) in K.M. 37/500 to 38/500)
5. A/R & M/O Koku Nalla to Dharonk Road in K.M. 0/00 to 8/700(SH:- Rs. Rs. Rs. One All Class are
Maintenance of WBM G-III and Bitumen Macadam 50 mm thickness 20,39,808/- 40,800/- 500/- Month eligible
in various frost susceptible reaches between in K.M. 1/00 to 8/700)
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 18-02-2024 1100 HRS
2. Document Download Start and End Date 18-02-2024 1130 HRS upto 26-02-2024 1730 HRS
3. Bid Submission Start and End Date 18-02-2024 1130 HRS upto 26-02-2024 1800 HRS
4. Physical Submission of EMD and Cost of Tender Document 27-02-2024 upto 1030 HRS
5. Date of Technical Bid Opening 27-02-2024 1100 HRS
6. Evaluation of Technical Bid flowed by Opening of Financial Bid. Date to be announced
Note:- The works to be carried out with Hot Mix Plant, Paver, Vibratory Road Roller and Static Roller as such only those contractor would be
issued tender documents and allowed this work who produce the ownership of Hot Mix Plant-1No, Paver-1 No, Vibratory Road Roller-1 No and
Static Roller-1 No and Static Roller-1No. Executive Engineer,
(B&R) Division HPPWD, Kotkhai.
6116/2023-2024 On behalf of Governor of Himachal Pradesh

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 .
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 15 <

Himachal Pradesh Public Works Department

“Corrigendum”
UNDER PRADHAN MANTRI GRAM SADAK YOJNAPMGSY-III
e-Procurement CORRIGENDUM Notice
The two numbers tender under Pradhan Mantri Gram Sadak Yojna (PMGSY-III)
were invited vide this office letter No. SE/XI/WS-Tender (PMGSY-III) 2023-24- 14044-60
dated 15.02.2024 through e-procurement notice. The following amendments have been
made in the e-procurement notice due to some administrative reasons:
No. 1:- Changes in dates
Sr. Description Dates as mentioned Dates as
No. in previous Notice amended
1 Late date/ Time for receipt of bids 22.02.2024 at 26.02.2024 at
1700 hours 1700 hours
2 The technical bids will be opened on 23.02.2024 at 27.02.2024 at
1100 hours 1100 hours
Other terms and conditions shall remain unchanged.
Superintending Engineer
11th Circle, HP.PWD.,
6121/2023-2024 Rampur Bushahr.

PUBLIC NOTICE ON DISSOLUTION OF

MESSRS. J. M. BAXI & CO
Notice is hereby given that the Partnership Firm - Messrs. J. M.
Baxi & Co. (Registration No. B-36416), having its office at
901-A, Godrej Coliseum, Everard Nagar, Off. Somaiya Hospital
Road, Sion (E), Mumbai – 400 022 has been dissolved at will by
Mr. Vir Krishna Kotak, one of the Partners, with effect from
February 20, 2024, and thus no longer exists as a legal entity.
Notice of dissolution has been duly served to Messrs. J. M. Baxi
& Co. at its principal place of business at 901-A, Godrej
Coliseum, Everard Nagar, Off. Somaiya Hospital Road, Sion (E),
Mumbai – 400 022 and to the other partners, namely, Shri.
Krishna Bhagwan Kotak and Shri. Dhruv Krishna Kotak, as well
as to the Registrar of Firms, New Administrative Bhawan, 6th
Floor, Opp. Chetna College, Bandra (E), Mumbai 400 051.
Any person dealing with Messrs. J. M. Baxi & Co. or Shri.
Krishna Bhagwan Kotak and Shri. Dhruv Krishna Kotak in
relation to Messrs. J. M. Baxi & Co., shall be doing so entirely at
their own risk, cost and consequence and any transaction,
except for those giving effect to dissolution of J. M. Baxi & Co.
will be without any authority.
Sd/-
Shri Vir Krishna Kotak
PUBLIC TNOTICE
This is for notice of the general public that a
political party is proposed to be registered
by the name of YUVA DEVLOP PARTY,
(name of the Party). The office of the party
is located C/o-Suresh Ray, Near Baladas
Ghat, Tangaul, Hajipur, Vaishali, Bihar-
844101 (give full address). This Party has
submitted application to the Election
Commission of India, New Delhi for its
registration as Political Party under Section
29A of the Representation of People Act,
1951- Names/address of the office-bearers
of the Party are as follows:
President : Dheeraj Kumar Roy
General Secretary : Anirudh Kumar
Treasurer : Chandan Kumar
If any one has any objection to the
registration of YUVA DEVLOP PARTY,
(Name of the proposed Party) they may send
their Objection with reasons thereof, to the
Secretary (Political Party), Election
Commission of India, Nirvanchan Sadan,
Ashoka Road, New Delhi-110001 within 30
days of the publication of this notice.
POSSESSION NOTICE
(for immovable property)
Whereas,
The Authorized Officer of INDIABULLS HOUSING FINANCE LIMITED
(“IHFL”) under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under
Section 13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002
issued Demand Notice dated 22.01.2022 calling upon the Borrowers NITISH
KUMAR ARORA AND COAST TOWN PLANNERS PVT. LTD. (GUARANTOR)
to repay the amount mentioned in the Notice being Rs.1,85,12,823.79 (Rupees
One Crore Eighty Five Lakh Twelve Thousand Eight Hundred Twenty Three
and Paise Seventy Nine Only) against Loan Account No. HHLDPR00492914
as on 15.01.2022 and interest thereon within 60 days from the date of receipt of
the said Notice. Further the IHFL has assigned all its rights, title and interest of
the above loan account in favor of Assets Care & Reconstruction Enterprise
Ltd. (“ACRE”) by way of an Assignment Agreement dated 27.06.2023 read with
Rectification Agreement dated 04.08.2023.
The Borrowers having failed to repay the amount, notice is hereby given to the
Borrowers and the public in general that the undersigned has taken symbolic
symbolic possession of the property described herein below in exercise of powers
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of the
Security Interest (Enforcement) Rules, 2002 on 15.02.2024.
The Borrowers in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the
charge of Assets Care & Reconstruction Enterprise Ltd. for an amount of
Rs.1,85,12,823.79 (Rupees One Crore Eighty Five Lakh Twelve Thousand
Eight Hundred Twenty Three and Paise Seventy Nine Only)as on 15.01.2022
and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of Section 13
of the Act in respect of time available, to redeem the secured assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
UNIT NO. R203NWEST0305/FLAT NO. 305 HAVING SUPER AREA 2105
SQ. FT. ON 3RD FLOOR IN THE TOWER-A/NOVA WEST IN THE PROJECT
KNOWN AS “SUPER NOVA” CONSTRUCTED UPON PLOT NO.3, SECTOR-94,
NOIDA-201301, UTTAR PRADESH.

Sd/
Authorized oicer
Date : 15.02.2024 Assets Care & Reconstruction Enterprise Ltd.
Place: NOIDA (102-TRUST)

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 16
>
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1

R.G. Mall, Opp. Dharamkunj Apptt., Sector-9,
Rohini, Delhi-110085 Ph.: 011 27561596
Email: blyroh@bankofbaroda.com
POSSESSION NOTICE (For Immovable Property only)
[As per Appendix IV read with rule 8(1) of the Security Interest (Enforcement)
Rules, 2002]
Whereas, the undersigned being the authorized Officer of the BANK OF BARODA under
the Securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest Act 2002 (Act 3 of 2002) and in exercise of powers conferred under Section 13(12)
read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued demand notice
dated 12.12.2023 calling upon the borrower Mr. Ishan Chugh S/o-Satish Chugh and
Mrs. Rajni Chugh W/o-Mr. Satish Chugh both resident of B-121 Puru apartments
Sector 13 Rohini Delhi 110085 and Guarantor Suresh Kumar S/o Mr. Sohan Lal
(Since deceased Notice issued through legal representative) Mr. Rajesh Kumar
Bhandari S/o Mr. Suresh Kumar Resident of House No-13 Sant Nagar Karnal
Haryana-132001 and Mrs. Rajni Chugh D/o Mr. Suresh Kumar Resident of B-121 Puru
Apartment Rohini Sector-13 Delhi 110085 to repay the amount mentioned in the notice
being Rs. 7,56,013.42/- (Rupees Seven Lakh Fifty Six Thousand Thirteen and Forty
Two paisa Only) + Future Interest, Legal, Valuation and other charges Within 60 days from
the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower and
the public in general that the undersigned has taken possession of the property described
herein below in exercise of powers conferred on him / her under Section 13(4) of the said
Act read with rule 8 of the said rules on this 19th day of February of the year 2024.
The borrower/Guarantor/Mortgagor in particular and the public in general is hereby
cautioned not to deal with the property and any dealings with the property will subject to the
charge of the Bank of Baroda for an amount Rs. 7,56,013.42/- (Rupees Seven Lakh Fifty
Six Thousand Thirteen and Forty Two paisa Only) + Future Interest, Legal, Valuation
and other charges thereon at the contractual rate plus costs, charges and expenses till
date of payment.
The borrower’s attention is invited to provision of sun-section (8) of section 13 of the Act, in
respect of time available, to redeem the secured assets.
Description of the Immovable property: -
Securities Detail
Equitable Mortgage of Property located at House No 13 ad Measuring 1600.20 Sq. ft Sant
Nagar Karnal Tehsil and Distt Karnal Haryana in the name of Suresh Kumar (Guarantor)
Bounded as North: Road South: Part of House No 13
East: House No 14 West: Road
DATE: 19.02.2024 Authorized Officer,
PLACE: Delhi Bank of Baroda
Indian Bank (erstwhile Allahabad Bank)
Branch: Sector-51, Noida
Email: noida51@indianbank.co.in
APPENDIX–IV [Rule-8(1)]
POSSESSION NOTICE (for Immovable property)
Where as the undersigned being the Authorised Officer of the Indian 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 demand
notice dated 08.12.2023 Calling upon the Borrower M/s Raj Construction Prop.
Mr. Rajveer Singh s/o Mr. Sahab Singh and Mortgagor/ Guarantor Mr. Rajveer
Singh s/o Mr. Sahab Singh and Mrs. Geeta Yadav w/o Mr Rajveer Singh, with Indian
Bank, Sector-51 Noida Branch (erstwhile Allahabad Bank) to repay the amount
mentioned in the notice being Rs. 96,28,024/- (Rupees Ninety Six Lakhs Twenty
Eight Thousand and Twenty Four Only) and the said amount carries further NOTICE
interest/cost at the agreed rate from 07/12/2023 till date of repayment, within 60 days Dear Customers / Stakeholders,
from the date of receipt of the said notice.
SVC Co-operative Bank Ltd. (SVC Bank) is happy to inform you that
The borrower having failed to repay the amount, notice is hereby given to the borrower
and the public in general that the undersigned has taken possession of the property
our Nehru Place Branch & Regional Office, Delhi is shifting to new
described herein below in exercise of powers conferred on him under sub section (4) of premises, w.e.f. Monday, 26th February 2024, with the aim of providing
section 13 of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on you with enhanced customer service.
this the 19th day of February of the year 2024. Details are as follows:
The borrower in particular and the public in general is hereby cautioned not to deal with New Address of Branch & Regional Office: Ground & First Floor, E-25,
the property and any dealings with the property will be subject to the charge of the Indian East of Kailash, New Delhi – 110 065.
Bank for an amount of Rs. 96,28,024/- (Rupees Ninety Six Lakhs Twenty Eight
Earlier Branch Address: Ground Floor Shop No. G-1, 14, 15 and
Thousand and Twenty Four Only) as on 06.12.2023 and the said amount carries
portion of Basement Floor, Eros Apartment, Plot No. 56, Nehru Place,
further interest/cost at the agreed rate from 07/12/2023 till date of repayment
New Delhi – 110 019.
The borrower’s attention is invited to provisions of sub section (8) of section 13 of the
Act, in respect of time available, to redeem the secured assets. Earlier Regional Office Address: Ground Floor, Premises no. 25/36,
East Patel Nagar, New Delhi – 110 008.
DESCRIPTION OF THE IMMOVABLE PROPERTY
Description of property: All the part and parcel of property consisting of Flat No. We welcome you to visit us at our new premises to experience our
C-259, 3rd Floor, Block-1,Kendriya Vihar, Noida Sector-51, Gautam Budh Nagar, personalized service. By Order
Uttar Pradesh-201301 Sd/-
Bounded by: North : Staircase and thereafter Flat no. C-260, South : Flat no. C-252 Mr. Ravinder Singh
East : Open Road at ground, West : Open Road at Ground Managing Director
Date : 19.02.2024, Place : Noida Sd/-, Authorised Officer, Indian Bank Registered Office : SVC Tower, Jawaharlal Nehru Road, Vakola, Santacruz (E), Mumbai - 400 055

E-AUCTION
SALE NOTICE
ASSET RECOVERY BRANCH; Ground Floor, Siddhartha Enclave, Ashram Chowk, New Delhi-110014
E-mail: d0707@psb.co.in Ph. 011-26346827, 26349590
[APPENDIX-IV-A] SALE NOTICE FOR SALE OF IMMOVABLE PROPERTY
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower/ Guarantors that the below described immovable property mortgaged to the Secured Creditor, the
Possession of which has been taken by the Authorised officer of Punjab & Sind Bank, Secured Creditor, will be sold on ‘As is where is”, ‘As is what is”, and “whatever there
is” basis on 07.03.2024 for recovery of Rs. 17,41,49,407.98 (Rupees Seventeen Crore Forty-One Lac Forty-Nine Thousand Four Hundred Seven And Paisa Ninety
Eight Only) as on 31.12.2010 (Plus further interest, cost & expenses) due to the Secured Creditor from Borrower/ Guarantors- (1) M/s. Anjney Loys Pvt. Ltd. Regd. Office
at 6654/7, 2nd Floor, New Gadodia Market Khari Baoli, Delhi-110006 (2) Smt. Sona Goyal W/o Sh. Lalit Mohan Goyal, R/o- A-13, Plot No. 8, Shri Ram Road, Civil Line,
Delhi- Also at: R/o- 8/8, Shri Ram Road, Civil Line, Delhi- (3) Sh. Anand Kumar Bansal S/o Sh. Ram Chandra Bansal, R/o- B-140/13, Hanuman Kunj, Shanti Nagar,
Burari, Delhi-110009 (4) Sh. Pradeep Saxena S/o Sh. Hariday Narayan Saxena R/o- 4706, Deputy Ganj, Sadar Bazar, Delhi- (5) Sh. Lalit Mohan Goyal S/o Sh. Roshan Lal
R/o- A-13, Plot No. 8, Shri Ram Nagar Road, Civil Line, Dehli- Also at: R/o- 8/8, Shri Ram Road, Civil Line, Delhi- Description of Property, Reserve Price, Earnest Money and
other details are mentioned below against the property.
Description of Immovable Property Date and Time Last Date & Time of EMD Date and Time Reserve Price
& Status of Possession of Property Deposit of & EMD and
Inspection A/C Details E-Auction Bid Increase Amount
Double Storey Building/Plot bearing No. 9, Rajpura Road, Civil Lines, Delhi-54 05.03.2024 06.03.2024 upto 4.00 PM 07.03.2024 Rs. 24 crores
Measuring 2080 Sq. Yard. in the Name of M/s. Anjney Loys Pvt. Ltd. Through its at 11.00 AM with KYC Documents at 12.00 AM Rs. 2.40 crores
Director Sh.Lalit Mohan Goyal and Smt. Sona Goyal, W/O Sh Lalit Mohan Goyal. to 3.00 PM EMD A/c no. -06061100041730 to 3.00 PM Rs. 5 lakh (Each Bid)
Boundaries:- North:- Road Leading from Rajpur Road to 11 Rajpur Road, Beneficiary: Punjab & Sind Bank
South:- Annexe of Property No. 9, East:- Property No. 11 Rajpur Road, IFSC- PSIB0000612
West:- Rajpur Road. Encumbrances Known: Nil Physical Possession
For detailed terms and conditions of the sale, please refer https://punjabandsindbank.co.in/module/sarfaesi-list and Punjab & Sind Bank,
E-Bid training Process & Bid submission contact M/s C-1, India Pvt Ltd, Udyog Vihar, Phase-2, Gulf Petrochem Building No. 301, Gurugram, Haryana, Public Notice
Tel: +91-124-4302020/21/22/23/24, 9813887931, +91-7291981125, Email: support@bankeauctions.com; website: https://www.bankeauctions.com Notice is hereby given that the certificate for 5000
For more details contact Authorised Officer: Sh Prithvi Raj (Assistant General Manager), Mobile: 8094333353 / Sh. Pronoy Ghose (Chief Manager) Mob. No. 9015285882. Equity Shares under Certificate No. 2000917 having
DATE: 19.02.2024, PLACE: NEW DELHI AUTHORISED OFFICER, PUNJAB & SIND BANK Distinctive Nos. from 757006 to 762005 under Folio
No. BBE261728 of BANK OF BARODA standing in
the name of NIAGARA HOTELS & BUILDERS PRIVATE
LIMITED having its Registered Office at G - 6 & 7,
Vikram Tower, Rajindra Place, New Delhi-110008
Bank of Baroda, Morna Branch, B1-A/12, Sector 51, SALE NOTICE have been lost or misplaced and the Company is
Gautam Budh Nagar, UP -201301 FOR IMMOVABLE PROPERTIES applying to the Bank of Baroda to issue Duplicate
Certificate for aforesaid shares. Any person who has
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES “APPENDIX- IV-A [See proviso to Rule 9(1)] a claim in respect of the said shares should lodge
such claim with the Company at its Registered office
E-Auction Sale Notice for Sale of Immovable Assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with Baroda House, Near Mandvi, P.B.NO. 506, Vadodara,
proviso to Rule 6 (2) & 8 (6) of the Security Interest(Enforcement) Rules, 2002. Gujarat 390005 Tel. No. 02266985812 within 21
days from this date else the company will proceed
Notice is hereby given to the public in general and in particular to the Borrower, Mortgagor (s) and Guarantor (s) that the below described immovable property mortgaged/charged to issue Duplicate Certificate.
to the Secured Creditor, possession of which has been taken by the Authorized Officer of Bank of Baroda, Secured Creditor, will be sold on “As is where is”, “As is what is”, and
“Whatever there is” basis for recovery of dues in below mentioned account/s. The details of Borrower(s) /Mortgagor (s)/ Guarantor (s) /Secured Asset/s/Dues/Reserve Price/
e-Auction date & Time, EMD and Bid IncreaseAmount are mentioned below-
S. Name & address of Description of the immovable Total Dues. Date & Time of Reserve Price Status of Property Branch Name
EMD and Bid Possession Inspection and Contact
NOTICE
No Borrower/s / property with known encumbrances, E-auction An Annual General Meeting
Increase date & Time. Number
Guarantor/Mortgagors if any
Amount. (AGM) of Police City
11.03.2024 07.03.2024 & Morna Branch/
Sahakari Awas Samiti Ltd.
1. Borrower: Sh. Pawan Kumar S/o Sh. Address : Flat at Upper Ground Floor (Back Side), Rs 50,88,057.60 (Rupees Fifty Reserve price Physical
Siyaram Maharaj without roof rights bearing Property No. 17-B, with lacs eighty eight thousand fifty Timings 02.00 PM to Rs. 31,14,000/-, 10.00 AM to 8929163245 Ghaziabad U.P. will be held
Co-borrower: Smt. Babita Sharma W/o proportionate area measuring 103 sq yds, Out of seven and Paisa sixty only) as 06.00 PM EMD 2.00 PM on 25/02/2024 at 10:30 AM
Sh. Pawan Kumar
Khasra No. 642, Mohan garden, Village Nawada , on 10-09-2022 plus interest & Rs. 3,11,400/- to 1:30 PM at Milan
Both are R/o Flat at Upper Ground Floor, Bid increase amount
Back Side Property No. 17-B, Out of Uttam Nagar, New Delhi – 110059 in the name of
other charges thereon.
Rs. 10,000/- Banquets Kaushambi
Khasra No. 642, Mohan garden, Village Sh. Pawan Kumar S/o Sh. Siyaram Maharaj and G h a z i a b a d U . P. A l l
Nawada, Uttam Nagar, New Delhi – Smt. Babita Sharma W/o Sh. Pawan Kumar. members are required to
110059.
attend the AGM on
2. Borrower : Smt. Praful Lata Kushwaha Address : Buit up property no.21 admeasuring total Rs 24,97,341.44/- (Rupees 27.03.2024 from Reserve price Physical 22.03.2024 & Morna Branch/ scheduled date, time &
W/o Sh. Ram Swaroop Kushwaha area 95 Sq yards with roof rights falling under Twenty four lacs Ninty seven 02.00 PM to 6.00 PM Rs. 28,00,000/-,
Co-borrower: Sh. Ram Swarup EMD
10.00 AM to 8929163245
venue. Sd/-
Khasra no. 5/16/1 & 6/11, Village Razapur Khurd thousand Three hundred fourty 2.00 PM Secretary
Kushwaha S/o Shri Bhawani Singh one and Paisa Fourty four Rs. 2,80,000/-
Kushwaha
Hastsal, Colony known as Raksha Enclave Extn.,
Only) as on 06.06.2023 plus Bid increase amount (Shoraj Singh)
Both are R/o 47, Block –L, Mohan Part – II, Mohan Garden, Uttam Nagar, New Delhi – unapplied interest and other Rs. 10,000/- Police City Sahakari
Garden, Uttam Nagar, Delhi – 110059. 110059 in the name of Smt Praful Lata Kushwaha charges thereon. Awas Samiti Limited
W/o Sh. Ram Swarup Kushwaha. Regd Office:- flat No.96,
For detailed terms and conditions of sale, please refer to the link provided in https://www.bankofbaroda.in/e-auction.html and https://ibapi.in. Siddharth Niketan, Kaushambi,
Also, prospective bidders may contact the authorized officer on Mobile number mentioned in above table. Ghaziabad - 201010
Date: 20.02.2024, Place: Noida. AUTHORIZED OFFICER, BANK OF BARODA 9868723217-18 9810294105

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 .
NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 TAKE TWO 17 <

BRAND LAUNCHES
SINCE PANDEMIC
SHARLEEN D’SOUZA
Mumbai, 20 February
Amul
nAmul Organic atta

O
ver the past year, Amul has nAmul Organic basmati rice
undergone a transformative nAmul Organic toor dal
journey, evolving from a dairy- nAmul Organic chana dal
centric entity to a comprehen-
nAmul high protein buttermilk
sive foods company.
Since 2022, PepsiCo India, too, has nAmul high protein rose lassi
embarked on extensive launches in the nAmul high protein blueberry shake
food category. nAmul whey protein
Not to be left behind, ITC, which has nAmul peanut spread
been introducing an average of 100 fast-
moving consumer goods (FMCG) products
across categories every year, has also launc-
ITC
hed a number of packaged food items. nAashirvaad besan
The shelves in stores are nAashirvaad frozen breads
packed. The options on e-com- nA range of Dark Fantasy
merce platforms are dizzyingly
aplenty. The consumer is spoilt
centre fill cookies
for choice. Which flavour of oats nMaster Chef frozen snacks
to go for? What packet of chips nB Natural Nutrilite ABC
to pick? Should one reach out immunity juice
for those mouthwatering frozen nAashirvaad Svasti ghee
IMAGING: AJAY MOHANTY

snacks or think healthy and opt for atta nSunbean Beaten Caffe
(wheat flour) cookies?
nSunfeast millet cookies
Companies are pulling out all possible
goodies in the form of packed food. nAashirvaad millet mixes
It is a strategic shift initiated during nYiPPee! millet-based noodles
the pandemic and which has proven to be nCandyman Fantastik Chocosticks

a lasting trend. During the pandemic,
when other businesses were curtailing
expenses, food companies started launch-
ing new products as consumers turned to
packaged food.
Amul identified a growing preference
for purity during the pandemic, and realis-
ed that this preference was here to stay. The
company aggressively expanded its produ-
ct range, venturing beyond dairy into items
such as organic dal, atta, and basmati rice.
“We noticed that consumers were mov-
ing from unbranded to branded products,
and were increasingly seeking out those
that would boost their immunity,” says
Jayen Mehta, managing director, Gujarat
Cooperative Milk Marketing Federation.
Even later, as the world moved out of the
pandemic, the preference for packaged
foods continued.
Convenience foods, which had gained
prominence during the pandemic, sus-
tained their popularity. The widespread
adoption of modern retail formats, includ-
ing brick-and-mortar, e-commerce and
quick commerce, proved to be further
growth enablers for packaged foods.
These formats facilitate the display of
entire product ranges to a larger consumer
base, says brand expert Devangshu Dutta,
founder at Third Eyesight, and that helps.
Growing platter
Today, while Amul’s flagship product,
PACKAGE DEAL
The packaged food industry is leaving consumers spoilt for choice with new launches and fresh flavours
packaged milk, is recording double-digit
growth, Mehta says the company is also
focusing on premiumisation by introduc-
ing artisanal cheese and products such as
Amul High Protein Buttermilk, high pro-
tein lassi and shakes, and whey protein.
ITC’s diverse launches, meanwhile, inc-
lude lump-free Aashirvaad Besan, frozen
breads, Dark Fantasy centre-fill cookies,
and a variety of Master Chef frozen snacks
such as paneer pakoda and onion rings, B
Natural fruit juices, Aashirvaad Svasti ghee,
and so on.
Last year, as the focus turned to millets,
and 2023 was declared International Year
of Millets, the Kolkata-headquartered con-
glomerate saw a healthy business opportu-
nity. It launched ITC Mission Millet with
an array of millet-based products: Sunfeast
millet cookies, Aashirvaad millet mixes,
YiPPee! millet-based noodles, Candyman
Fantastik chocsticks with millets, and more.
“The company will continue with its
focus on consumer-centric innovation and
product launches across its portfolio,” says
Hemant Malik, executive director, ITC.
A finger on the consumer’s pulse, pro-
duct research and development through
ITC’s Life Sciences and Technology Centre,
and an extensive omnichannel distribution
infrastructure are helping the game.
PepsiCo India, too, is in the race to cap-
ture a growing share of the packaged food
market. How serious the company is about
this can be gauged from the fact that since
2022, its launches in the packaged food cat-
egory have been the highest since it enter-
ed the food space in 1995.
It is not even two months into 2024 and
PepsiCo has already launched three fla-
vours in oats: masala magic, herby cheese,
and mixed berries.
Last year, it had four launches and int-
roduced seven new flavours in Doritos and
Kurkure. And in 2022, it launched five new
products and eight new flavours in Doritos,
Quaker Oats and Lay’s.
In Lay’s, it went premium and launched
Lay’s Gourmet.
Sravani Babu, associate director and
category lead at Quaker Oats, says while
the category is nascent compared to other
FMCG segments, it is growing in double
digits. So, the three new flavours were a
considered call.
While “basic oats continue to be the
leading segment in the category,” she says,
with these new flavours, the company is
looking at oats as not just something one
eats for breakfast. With PepsiCo keen on
broadening the oats portfolio, the bowl is
expected to see even more variety in the
time to come.
Food in a jiffy
Quick commerce, which promises deliver-
ies within 10 minutes, has also accelerated
in-home consumption trends, said Saumya
Rathor, category lead of potato chips at
with millets
PepsiCo India
nQuaker Instant Oats (three flavours:
Masala Magic, Herby Cheese and
Mixed Berries)
nDoritos Dinamita (two flavours:
Fiery Lime and Chilli and Sizzlin’ Hot)
nKurkure Sizzling Hot Flavour
PepsiCo India, in an interview. nKurkure Chaat Fills (two flavours:
Consumer habits, she said, take dec- Papdi Chaat Twist and Bhel
ades to evolve, but the pandemic hastened
that shift. So, the convenience-driven tract-
Chutney Twist)
ion for packaged foods has persisted. E-co- nKurkure Playz (two flavours:
mmerce and quick commerce have only Puffcorn and Pastax)
expanded packaged snack penetration nDoritos Sizzlin Hot
across the country. nQuaker Oats Muesli (two flavours:
In response to the growing demand, Fruit & Nut and Berries & Seeds)
PepsiCo India has announced its first food
nLay’s Gourmet (three flavours: Lime
manufacturing plant in Nalbari, Assam,
with an investment of ~778 crore ($95 mil- & Cracked Pepper, Thai Sweet Chilli
lion). Scheduled to be operational in 2025, and Vintage Cheese & Paprika)
this expansive facility spans 44.2 acres and nQuaker Oats Multigrain
underscores the company's desire to make nLay’s Sizzlin Hot
the most of the rising consumption trends
in the foods sector.
Other food companies, including ITC Size of the packaged foods market
and Amul, have also embraced an assertive In 2022, India’s packaged food
stance, launching products strategically. market size was $2.7 billion and
The trajectory indicates a promising future it is projected to reach $3.4 billion
for India's packaged food sector. The by 2027, according to Statista
shelves are set to overflow.

ZUARI INDUSTRIES LIMITED

(Formerly ZUARI GLOBAL LIMITED)
CIN - L65921GA1967PLC000157
Registered Office - Jai Kisaan Bhawan, Zuarinagar, Goa-403726
Corporate Office - 5th Floor, Tower-A, Global Business Park, Sector-26 M.G. Road,
Gurugram, Haryana-122002
E-mail:ig.zgl@adventz.com: Website: www.zuariindustries.in Tel.:0832-2592180/81
NOTICE OF POSTAL BALLOT
NOTICE is hereby given to the Members of Zuari Industries Limited (Formerly Zuari Global
Limited) (“the Company”) pursuant to the provisions of Sections 108, 110 and other applicable
provisions of the Companies Act, 2013 ("Act"), Rules 20 and 22 of the Companies
(Management and Administration) Rules, 2014 (including any amendment(s), statutory
modifications or re-enactment thereof for the time being in force), read with General Circular
Nos. 14/2020 dated 8th April, 2020, 17/2020 dated 13th April, 2020 and subsequent circulars
issued in this regard latest being 09/2023 dated 25th September 2023,issued by the Ministry
of Corporate Affairs (“MCA Circulars”), Regulation 44 of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”), (including any statutory modification or re-enactment thereof for the time
being in force and as amended from time to time) and pursuant to other laws and regulations,
if any, that the Company has sent notice of the Postal Ballot (“ Notice”) on 20 February 2024
only through electronic mode to those members whose e-mail addresses are registered with
the Company/ Company’s Registrar and Share Transfer Agent, Zuari Finserv Limited (RTA”)/
Depository Participants and whose names appear on the Register of Members / List of
Beneficial Owners as received from the National Securities Depository Limited (NSDL) and
Central Depository Services (India) Limited (CDSL) as on the closure of business hours on
Friday, 16 February, 2024 (the “Cut-off date"). In compliance with the requirements of the
MCA Circulars, hard copies of Postal Ballot Notice along with Postal Ballot Forms and pre-
paid business envelope will not be sent to the members for this Postal Ballot and the
shareholders are requested to carefully read the instructions indicated in the Postal Ballot
Notice and communicate their assent (for) or dissent (against) through e-voting only.
The Notice of the Postal Ballot is also available on the Company’s website at
www.zuariindustries.in. and on the websites of the Stock Exchanges i.e. National Stock
Exchange of India Ltd and BSE Limited at www.nseindia.com and www.bseindia.com
respectively. A copy of the same is also available on the website of National Securities
Depository Limited (“NSDL”) at www.evoting.nsdl.com. The Company has engaged the
services of NSDL to provide the e-voting facility. The instructions for e-voting are given in the
Postal Ballot Notice. Ms. Aditi Gupta of M/s Aditi Agarwal & Associates, Practicing Company
Secretary (Membership No. F-9410) has been appointed as Scrutinizer for conducting the
Postal Ballot process in a fair and transparent manner.
The details pursuant to the provisions of the Companies Act, 2013 and the said Rules are given here
1. Date of completion of dispatch of notice by email: Tuesday, 20 February, 2024
2. Date and time of commencement of e-voting: Wednesday, 21 February, 2024 (09.00
A.M.)(IST).
3. Date and time of end of e-voting: Thursday, 21 March, 2024 (05.00 P.M.) (IST).
4. E-voting will not be allowed beyond 5.00 P.M.(IST) on Thursday, 21 March, 2024.
5. All members, whose names appear in the Register of Members/Beneficial owners as on
the cut-of f date i.e. Friday, 16 February, 2024 are eligible to avail the e-voting facility.
Any person who is not a member as on the cut-of f date should treat this notice for
information purposes only.
6. After the voting period, the e-voting module shall be disabled by NSDL and accordingly
voting shall not be allowed. Once the vote is cast by the Member, he/she shall not be
allowed to change it subsequently.
7. The resolutions, if passed by requisite majority, shall be deemed to have been passed on
Thursday, 21 March, 2024 i.e. last day of the e- voting period.
8. The results of the voting by Postal Ballot will be announced within two working days from
the conclusion of the postal ballot e-voting. The results declared along with the
Scrutinizer’s Report shall be placed on the Company’s website at www.zuariindustries.in,
and on the website of NSDL at www.evoting.nsdl.com immediately after the results are
declared by the Chairman or any other person so authorized by him, and the same shall
be communicated to the National Stock Exchange of India Limited and BSE Limited
where the equity shares of the Company are listed, within two working days from the
conclusion of the postal ballot e-voting. Additionally, the results shall be displayed on the
Notice Board at the Registered Office and Corporate Office of the Company.
9. In case of any queries or grievances connected with the facility for voting by electronic
means through NSDL e-voting system , members may refer the Frequently Asked
Questions (FAQs) for Members and e-voting user manual for Members available at the
download section of http://www.evoting.nsdl.com or call on : 022 - 4886 7000 and 022 -
2499 7000 or send a request to Ms. Pallavi Mhatre, Senior Manager, NSDL at
evoting@nsdl.com.
10. Eligible Members who have registered their email address and not received the Postal
Ballot Notice, User-Id and password for remote e-voting, may write an email to
ig.zgl@adventz.comwith subject as “Postal Ballot Notice” and obtain the same. Members
holding shares in electronic mode, who have not registered their email addresses are
requested to register their email addresses with their respective Depository Participants.
Members holding shares in physical mode are requested to update their email addresses
by sending Form ISR-1 duly completed along with the requisite documents mentioned in
the ISR-1 to our RTA. The contact details of our RTA are Zuari Finserv Limited Plot No.
2, Zamrudpur Community Centre, Kailash Colony Extension, New Delhi-110048. Email -
rta@advetz.zuarimoney.com, Tel No. - 011-46474000
For Zuari Industries Limited
(Formerly Zuari Global Limited)
Sd/-
Rakesh Kumar Singh
Date : 20 Feb 2024 Company Secretary
ADITYA BIRLA FASHION AND RETAIL LIMITED
CIN: L18101MH2007PLC233901
Regd. Ofice: Piramal Agastya Corporate Park, Building ‘A’, 4th and 5th Floor,
Unit No. 401, 403, 501, 502, L.B.S. Road, Kurla, Mumbai - 400 070;
Tel.: +91-86529 05000; Fax: +91-86529 05400; Website: www.abfrl.com E-mail: secretarial@abfrl.adityabirla.com
POSTAL BALLOT NOTICE
Notice is hereby given pursuant to the provisions of Section 108 and 110 and other applicable provisions, if any, of the Companies
Act, 2013 (“the Act”), read with Rule 20 and 22 of the Companies (Management and Administration) Rules, 2014 (“the Rules”),
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”), Secretarial Standard-2 on General Meetings issued by The Institute of Company Secretaries of India (“SS-2”)
including any statutory modiication(s) or re-enactment(s) thereof for the time being in force, read with applicable circulars on the
matters issued by Ministry of Corporate Affairs, Government of India and Securities and Exchange Board of India and subject
to other applicable laws and regulations, that the approval of Members is being sought by way of Postal Ballot through remote
e-voting for matters contained in the postal ballot Notice dated February 14, 2024.
The Postal Ballot Notice (“Notice”) has been sent on Tuesday, February 20, 2024, through electronic mode only, to those Members
whose e-mail ID’s are registered with the Company/ Link Intime India Private Limited (“RTA”)/ Depositories as on Friday, February
16, 2024 (“cut-off date”). The requirement of sending physical copies of the Notice has been dispensed with vide the Circulars.
Manner of registering email ID, Mobile Number and Bank Account details:
• Shareholders holding shares in Physical Mode: Register/ update their email ID, Mobile number and Bank Account details
by sending a request letter duly signed by the Shareholder(s) mentioning the Name of the Company, folio number, bank
account details, self-attested copy of PAN card and cancelled cheque leaf. In case the cancelled cheque leaf does not
bear the Shareholders name, please attach a copy of the bank passbook statement, duly self-attested to the Company at
secretarial@abfrl.adityabirla.com or the RTA at rnt.helpdesk@linkintime.co.in.
• Shareholders holding shares in Dematerialised Mode: Register/ update their email ID, Mobile number and bank account
details with their respective Depository Participant.
The e-copy of the Notice is also available on the website of the:
a) Company at www.abfrl.com;
b) Stock Exchanges i.e. BSE Limited (‘BSE’) and National Stock Exchange of India Limited (‘NSE’) at www.bseindia.com and
www.nseindia.com respectively and
c) RTA at https://instavote.linkintime.co.in
In terms of Section 108 of the Act read with Rule 20 of the Rules, as amended, Regulation 44 of the Listing Regulations and SS-2,
the Company is pleased to provide its Members with the facility to exercise their right to vote on the resolutions proposed to be
passed by Postal Ballot through remote e-voting.
The Company has engaged the services of the RTA for providing the e-voting facility for remote e-voting.
All documents referred to in the Notice will be available for electronic inspection without any fee by the Members from the date of
dispatch of the Notice up to Thursday, March 21, 2024. Members seeking to inspect such documents can send an email to the
Company Secretary at secretarial@abfrl.adityabirla.com.
Ms. Shivangini Gohel, (ACS 25740 & C.P. No. 9205) and failing her Mr. Dilip Bharadiya (FCS 7956 & C.P. No. 6740), Partners of
M/s. Dilip Bharadiya & Associates, Company Secretaries have been appointed as the Scrutinizer for conducting the Postal Ballot
only through remote e-voting process in a fair and transparent manner.
The Members are requested to note the e-voting instructions as follows:
(a) The Notice is being sent to the shareholders of the Company whose names appear on the Register of Members/List of
Beneicial Owners as received from the Depositories as on cut-off date. A person who is not a member as on the cut-off date
should treat this Notice for information purposes only.
(b) A person whose name is recorded in the Register of Members or in the Register of Beneicial Owners maintained by the
Depositories as on the cut-off date shall be entitled to vote on the Resolutions set forth in the Notice.
(c) The remote e-voting period will commence on Wednesday, February 21, 2024 at 9:00 a.m. and ends on Thursday,
March 21, 2024 at 5.00 p.m. The remote e-voting shall be disabled for voting thereafter by the RTA, and remote e-voting shall
not be allowed beyond the said date and time.
(d) During this period, Members of the Company as on cut-off date holding shares in physical or in dematerialised form, may
cast their votes through remote e-voting. Once the vote on a resolution is cast by the Member, the same cannot be modiied
subsequently by such Member.
(e) In case the Members have any queries or issues regarding the e-voting facility they may refer to the frequently asked questions and
e-voting manual available at https://instavote.linkintime.co.in (under help section) or contact Mr. Rajiv Ranjan at telephone no.
022-4918 6000 or write an e-mail to enotices@linkintime.co.in or secretarial@abfrl.adityabirla.com.
The Scrutinizer will submit the report to the Chairman/ Key Managerial Personnel as authorised by the Board for this purpose
after completion of scrutiny of the remote e-voting. The results shall be declared on or before Tuesday, March 26, 2024 and will
be displayed along with the Scrutiniser’s Report on the website of the Company i.e. www.abfrl.com, RTA i.e. https://instavote.
linkintime.co.in and Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com respectively.
Members are requested to carefully read all the Notes set out in the Notice and in particular the procedure of casting vote through
remote e-voting.
For Aditya Birla Fashion and Retail Limited

Sd/-
Date : February 20, 2024 Anil Malik
Place : Mumbai President & Company Secretary
An Aditya Birla Group Company

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NEW DELHI | WEDNESDAY, 21 FEBRUARY 2024 1

Big spike in airfares, demand A THIRD OF WITHDRAWN

INSOLVENCY PROCESSES
for hotels during Holi week FULLY SETTLED: IBBI
RUCHIKA CHITRAVANSHI
DEEPAK PATEL & AKSHARA SRIVASTAVA New Delhi, 20 February
New Delhi, 20 February
FLYING HIGH Visa applications to
beat pre-Covid levels IBC impact
I
f you are planning to travel around Over one-third of the corporate insolvency
resolution processes that were withdrawn
Holi this year, brace for sky-high
airfare. During the week of the fes- in 2024: VFS Global after admission resulted in full settlement
Caseswithdrawnfromcorporate
insolvencyresolutionprocess(CIRP)
tival next month, travellers are likely to ISHITA AYAN DUTT with the creditor who filed the insolvency
feel the pinch on popular routes as Kolkata, 20 February application, the latest data by the Insolvency 369 Fullsettlementwiththeapplicant
more than one-fifth of Indian carriers’ and Bankruptcy Board of India (IBBI) shows. A 56 Fullsettlementwithothercreditors
aircraft are grounded and demand VFS Global expects visa applications total of 1,035 applications have been 49 Agreementtosettleinfuture
remains robust. from India to surpass pre-pandemic withdrawn under the Insolvency and
In March, Indian carriers are slated 196.1 levels in 2024 with the easing of Bankruptcy Code (IBC) process after admission
304 Othersettlementswithcreditors
to operate 21,299 flights per week, rep- appointment availability. till December 2023. 244 Other
resenting only a marginal 0.5 per cent 4.5 n Avg one-way airfare between Vishal Jairath, head-South Asia,
16,362

March 2 and 8, 2023 (in ~) IBBI said that the credible threat of the
increase from the corresponding month VFS Global, said during a media
last year. Holi falls on March 25 this year, nAvg one-way airfare between interaction that based on indications
code that a company may change hands has Realisations by creditors
changed the behaviour of debtors. as % of admitted claims
13,667
13,077

whereas it was celebrated on March 8 March 19 and 25, 2024 (in ~) from the client governments in terms
last year. of appointment availability and the “Thousands of debtors are resolving
Fare increase (in %) 99.7 distress in early stages of distress. They are
According to data from travel web- resources deployed by them, visa
site Ixigo, the average airfare for the applications would surpass the pre- resolving when default is imminent…making
27.5 32.90 5.22 32

8,899
Delhi-Goa route during the Holi week 5.2 52.0 Covid levels by a healthy margin. best efforts to avoid consequences of the
(March 19-25) stands at ~16,362, marking 13.6 “We have geared up. We have resolution process,” IBBI said in its newsletter.
a staggering 196.1 per cent surge com- 6,441 looked at our infrastructure and The IBBI newsletter for the October-
5,902
5,525

Large cases Personal Resolution

5,438

December 2023 period said that more than

5,169

5,112

increased capacity in many

5,050

pared to the corresponding week last

4,500

guarantors plans
4,457
(admitted
3,883

year (March 2-8). locations,” he added. three-fourths of the Corporate Insolvency

The average airfare for the Mumbai-
Lucknow route around this Holi is
~6,441, which is 27.5 per cent more than
in the corresponding week last year.
Nearly 200 of the 789 aircraft of
Indian carriers are expected to be
In 2023, visa application volumes claims of over
Resolution Processes (CIRPs) withdrawn after
for VFS Global saw a 16 per cent year- ~1,000 cr)
admission had claims of less than ~10 crore.
Delhi-Mumbai Delhi-Goa Delhi-Patna Bengaluru-Lucknow on-year (Y-o-Y) growth compared to One per cent had claims of over ~1,000 crore. Source: IBBI; data as of December 2023
2022, taking it to 93 per cent of the
Delhi-Srinagar Mumbai-Goa Mumbai-Lucknow pre-pandemic level of 2019. VFS
Note: This entire data set is for tickets purchased 45 days Global provides front-end

grounded by the end of March due to
ongoing supply chain issues, aviation
consultancy firm CAPA India had said
in November. In November, 161-166 air-
craft were grounded. “More aircraft will
be on the ground than expected due to
serious supply chain issues, which were
supposed to improve but actually dete-
riorated,” it had noted.
India’s largest carrier, IndiGo,
announced earlier this month that it
had grounded about 75 aircraft due to
snags in the Pratt & Whitney engines.
As on December 31, the airline had 358
planes in its fleet.
Demand for hotels goes up
Falling on a Monday this year, the fes-
tival of colours is allowing the second
long weekend of the year after
Republic Day, allowing people to plan
short-haul trips.
“While the Holi long weekend is still
a month away, we are projecting a sub-
stantial uptick in queries and bookings,
estimating a surge of 30-35 per cent.
However, the real pattern would be clear
closer to the travel date,” said Sabina
before departure; Holi was on March 8 in 2023 and it will
be celebrated on March 25 this year
Chopra, co-founder and chief operating
officer, corporate travel, and head of
industry relations at travel platform
Yatra Online.
“The uptick would be mostly people
travelling to their hometown to Tier-II
and -III markets from metro cities. We
expect a surge in bookings for cities like
Agra, Mathura, Vrindavan, Varanasi,
Jaipur, and Amritsar. Business hubs
such as New Delhi, Chennai, and
Hyderabad are also poised for increased
activity,” Chopra added.
Source: Ixigo
At Six Senses Fort Barwara in
Rajasthan, the luxury offering by IHG
Hotels and Resorts, the current occu-
pancy levels for the long weekend are
80 per cent. “We are looking forward to
a full house,” said Rajat Gera, commer-
cial director at the resort.
The MRS Group of Hotels, which
operates brands like Suryagarh
Jaisalmer and Narendra Bhawan
Bikaner, too, has witnessed an
increased demand.
“The upcoming Holi weekend has
administrative visa services for 52
sovereign governments in India
through a network of 560 application
centres spread across 19 cities.
Jairath pointed out that the
number of appointments in 2022 was
limited. “The situation improved in
2023 and we anticipate that in 2024
the situation will improve further in
terms of appointment availability.”
The Covid-19 pandemic had
created a backlog of visas increasing
the wait time for appointments.
prompted a notable increase in book-
ings at our properties. Currently, 50 per
cent of our rooms are already sold out,
a testament to the strong demand from
both returning and first-time guests,”
said Siddharth Yadav, vice-president,
MRS Group of Hotels.
This early trend has also impacted
the average room rate. According to
Yatra Online, room rates are expected
to go up by 10-12 per cent in cities like
Agra, Mathura, Vrindavan, and
Varanasi.
Indo-USdefencesummitkicksoff
AJAI SHUKLA
New Delhi, 20 February
A two-day bilateral defence
cooperation meeting, called
the India-US Defence
Accelerator Ecosystem
(INDUS-X), kicked off in Delhi
on Tuesday marking a signifi-
cant milestone in collaboration
between the two countries in
defence innovation.
Launched in June 2023
during Prime Minister
Narendra Modi’s state visit to
the US, INDUS-X has driven
the expansion of bilateral ties
in defence innovation.
While being initially
greeted with little fanfare, this
US-India defence technology
initiative could prove crucial
for developing ways of deter-
ring China.
For the two-day INDUS-X
Summit, stakeholders from similar US-India cooperation
both nations have converged initiative called the Defence
in New Delhi to explore emerg- Trade and Technology
ing opportunities and chart the Initiative (DTTI) that was put
future trajectory of defence in place during the pres-
relations. idencies of George W Bush and
Organised by Barack Obama.
Innovations for Launched in June Like the DTTI,
Defence Excellence 2023 during Prime the INDUS-X is
(iDEX) under the Minister Narendra breaking informa-
Ministry of Defence Modi’s state visit tion silos, building
(MoD), and the US to the US, INDUS-X networks of cooper-
Department of has driven the ation and reducing
Defence (DoD), in expansion of bureaucratic and
conjunction with bilateral ties regulatory friction
the US-India between the two
Business Council (USIBC) and defence ministries.
Society of Indian Defence Two Washington-based
Manufacturers (SIDM), the scholars of US-India relations,
summit aims to drive strategic Sameer Lalwani and Vikram J
technology partnerships and Singh, wrote last week that
defence industrial cooperation INDUS-X could become one of
between India and the US. the most consequential US-
There is much in common India cooperation frameworks
between the INDUS-X and a in the days ahead.

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