FRIDAY, 23 FEBRUARY 2024

22 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 267

THE MARKETS ON THURSDAY chg#

Sensex 73,158.2 p 535.1

Nifty 22,217.4 p 162.4

GRASIM PAINTS ~10K CR SALES ROADS & RENEWABLES: KKR

Nifty Futures* 22,243.3 p 25.8
Dollar ~82.9 ~83.0 **
Euro ~89.9 ~89.6 **
Brent crude ($/bbl)
Gold (10 gm)###
83.2##
~61,906.0 q
*(February) Premium on Nifty Spot; **Previous close;
83.4 **
~103.0 TARGET IN 3 YRS FOR BIRLA OPUS TO RAISE INFRA BET IN INDIA
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DAB AD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HY D E R A BA D, K O CH I, K O L K A TA , L U C K N O W , MU M BA I , N E W DE L HI A N D P U N E
2 COMMERCIAL
>.
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1
FRIDAY, 23 FEBRUARY 2024
22 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 267
THE MARKETS ON THURSDAY
Sensex 73,158.2
Nifty 22,217.4
Nifty Futures* 22,243.3
Dollar
Euro
Brent crude ($/bbl)
~82.9
~89.9
83.4##
Gold (10 gm)### ~61,906.0
*(February) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
Roads & renewables: KKR
to raise infra bet in India
Major portion of $6.4 billion Asia-Pacific fund set to be routed to India
DEV CHATTERJEE
Mumbai, 22 February
K
KR & Co is planning to
invest a significant por-
tion of its new $6.4 bil-
lion Asia-focused fund
in the Indian infrastructure sector,
including roads, highways, and
renewables. The New York-based
private equity major has
already invested $3 billion in the
Indian infrastructure space as part
of its total $10 billion investment
in the country.
The Asia Pacific Infrastructure
Investors II Fund, which closed on
February 1, has identified India,
South Korea, Southeast Asia,
Japan, Australia, and New
Zealand for the deployment of
funds. “Our first Asia fund
invested approximately 30 per
cent of its $3.9 billion corpus in
the Indian infrastructure sector,
and we plan to follow a similar pat-
tern as India continues to be our
focus area,” said Hardik Shah,
partner at KKR & Co, in a select
media briefing here. Shah, who
‘WILL WITHHOLD BUT
DISAGREE’: X ON GOVT
ORDER TO SUSPEND A/CS
Social media platform X on Thursday
expressed disagreement with the
government's order to block accounts
and posts related to the ongoing
farmers' protests and called for
extending freedom of expression to the
affected posts. The Ministry of
Electronics and IT has ordered social
media platforms to temporarily block
177 accounts that were linked to farmers'
protests on request of the Ministry of
Home Affairs, according to sources. 4>
Govt: MSP turmoil won’t
impact wheat buying
The food ministry is hopeful the impasse
concerning the minimum support price (MSP)
will be sorted out before the start of wheat
procurement, which has been advanced by a
month, and there will not be any impact on
purchases. “Of the big states, Uttar Pradesh
has indicated it will start procurement on
March 1,” Food Secretary Sanjeev Chopra told
reporters on Thursday.
SKM FORMS PANEL TO COORDINATE
WITH PROTESTING FARMERS
Ikea to shut down
store at Mumbai mall
Furniture retailer Ikea India on
Thursday said it will shut down its store in
Mumbai’s R City Mall by the middle of this
year and explore omnichannel formats in the
city. The company’s plan to shut down the
store illustrates the concerns surrounding
the viability of running a small-format store,
given the soaring rentals, sources said.
Bungalow in Lutyens’ Delhi
on the block for ~325 crore
ANEEKA CHATTERJEE & SANKET KOUL
Bengaluru/New Delhi, 22 February
It is not every day that a bungalow
in Lutyens’ Delhi is up for sale.
Home to the who’s who of India
and the heart of the country’s
power centre, this is, after all,
one of the most coveted
addresses.
One sprawling bungalow
here has recently been put on
the block and is being sold
through Sotheby's
International Realty. The asking
price is ~325 crore.
With seven bedrooms, seven
bathrooms (plus a smaller one), a
swimming pool, an expansive driveway
and multiple family lounges, this
property boasts a total area of over one
acre: 13,670 sq ft (0.3 acres) internally
and 34,412 sq ft (0.79 acres) externally.
While Sotheby’s refused to reveal the
chg#
p 535.1
p 162.4
p 25.8 COMPANIES P2 BACK PAGE P20
~83.0 **
~89.6 **
83.4 **
MAKE AMUL WORLD’S LARGEST FARES ON 12 MUMBAI ROUTES
q
~103.0
DAIRY COMPANY: MODI SPIRAL DUE TO FEWER FLIGHTS
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
WEARELOOKING
BIG BETS ATMOREROAD,
TopPEinvestments HIGHWAYAND
(in $ bn)
EXPRESSWAY
PROJECTSININDIA
ASTHESEPROJECTS
HAVEACLEAR
VISIBILITYONCASH
FLOWSANDARE
50 INFLATION-
25 17 PROTECTED”
10
Source:
Hardik Shah
Company
Blackstone Brookfield Temasek KKR statements Partner,
KKR & Co
joined KKR’s infrastructure verti- note wrote that India is likely to
cal from Canada’s Brookfield in contribute a fifth of the global
2019, noted that China is not a incremental growth for the next
focus for the new fund because 5-7 years and the country can be
the private equity sees more the one of the largest investment
opportunity in other markets. arenas to deploy capital in Asia if
Further stressing KKR’s bull- it continues to stay the course on
ishness on India, Henry H McVey, its current reform-minded
the PE major’s head of global approach.
macro and asset allocation, in a Turn to Page 6 >
Grasim paints ~10K cr sales
target in 3 yrs for Birla Opus
AKSHARA SRIVASTAVA
PHOTO: COMPANY
Panipat, 22 February
Grasim Industries, the flagship company of Aditya
Birla Group, launched its paints business under the
‘Birla Opus’ brand, here on Thursday. The company
expects the new business to turn profitable once it
clocks ~10,000 crore in gross revenue within three
years of completing full-scale operations.
It aims to become the second-biggest player in
the ~80,000 crore Indian decorative paints market,
which is currently dominated by Asian Paints. The
group has made investments of ~10,000 crore for
the business. “India today is teeming with dyna-
mism, audacity, and a penchant for innovation,
which finds a reflection in our paints venture Birla
Opus. Aditya Birla Group’s deep insight into the
building materials ecosystem, built over the years,
Aditya Birla Group Chairman offers us a unique vantage point,” said Kumar
K M Birla said “Birla Opus is Mangalam Birla, chairman, Aditya Birla Group, at
poised to transform the paint the launch of the brand. He also inaugurated three
industry with a 40% addition facilities in Panipat (Haryana), Ludhiana (Punjab),
to current capacity.” and Cheyyar (Tamil Nadu). Turn to Page 6 >
4>
INDIA TOUGHEST
Google looks to ship 10 mn MARKET FOR
4> made-in-India Pixels in ’24 UBER, SAYS CEO
UberCEODara
Alphabet Inc’s Google told suppliers to start making Khosrowshahion
its Pixel smartphones in India by next ThursdaysaidIndiawas
quarter at the earliest, as part of its plan to
ship more than 10 million Pixel phones
oneofthetoughest
marketstogrow.Uberis
this year, the Nikkei newspaper
reported on Thursday. Google’s flag-
nowlookingtoboost
expansionintothe
ship Pixel 8 will be available in 2024, it cheaperbutpotentially
said last October. The tech giant will larger
prepare production lines for its Pixel marketfor
8 Pro smartphones in the coming two-and
weeks and start producing phones three-
in the April-June quarter, the wheelerrides
report added. REUTERS inIndia.
2> 2>
Given their scarcity, JLL
projects properties in
Lutyens Bungalow Zone will
come up for sale only once a
year over the next 4 to 5 years
ILLUSTRATION: BINAY SINHA
consultancies do not easily
open up about uber-premium
properties such as those in the
Lutyens Bungalow Zone (LBZ).
Deals get known only after they
are done and dusted –
sometimes after a new owner
has moved in. Potential buyers
are first vetted for their profile
before any action is taken on a sales
enquiry.
identity of its owner, a QR code on the ad There is a reason for this.
leads to the address on Firozeshah The LBZ, a 2,800-hectare (6,919-acre)
Road. Enquires indicate it belongs to an enclave in Lutyens' Delhi, houses
industrialist with links to a prominent government residences and offices.
cricketer. Around 254.5 acres are privately owned.
Realtors and real estate Turn to Page 6 >
2 COMPANIES NEW DELHI | FRIDAY, 23 FEBRUARY 2024

STOCKS > Mahindra Lifespace Developers

Achieves over ~800 cr
> Larsen & Toubro
Bags order to construct
> Royal Orchid Hotels
Launches new hotel
> Rail Vikas Nigam
JVbecomesL1bidderfor132
> Gujarat Mineral Development Co
Board approves
IN THE NEWS in sales at a residential residential towers at Regenta Place Morni Hills Kv&220Kvtransmission ~3,041 cr capital
project in Mumbai Thane, near Mumbai at Tikkar Taal linesconstruction outlay for FY25
~604.3 CLOSE ~3,364.1 CLOSE ~423.0 CLOSE ~261.6 CLOSE ~415.3 CLOSE
p0.5% UP* p2.1% UP* p0.5% UP* p0.4% UP* p3.5% UP*
*OVER PREVIOUS CLOSE

>

ED upgrades LC
against Byju’s CEO
PRESS TRUST OF INDIA
New Delhi, 22 February
The Enforcement Directorate
(ED) has upgraded its lookout
circular (LC) issued against
Byju’s Founder and Chief
Executive Officer (CEO) Byju
India one of the toughest In a first, Ikea
to shut down
Raveendran
won’t attend
markets for Uber: CEO Mumbai store
‘Expectation of consumers for more services with lower spend a challenge’
EGM today PEERZADA ABRAR views open source tech stacks with a lot of Outlet’s format, soaring rentals
Edtech giant Byju’s said
that its chief executive
Bengaluru, 22 February interest and recognises the opportunities
they bring for everyone.
may be among reasons

Raveendran in connection
with a Fema probe, seeking to
stop him from going abroad.
The earlier such alert
meant that immigration
authorities had to just intimate
the agency about his move-
ments through various ports.
Official sources said the over a
year old LC was revised some-
time back in light of investors’
concerns and ongoing adjudi-
cation of a Fema contraven-
tion case against Raveendran
and some others.
Byju’s did not comment
on the development.
Raveendran is currently stated
to be in Dubai.
The ED has asked the
Bureau of Immigration to
upgrade the LC against
Raveendran so that he is
not allowed to go
abroad from any Indian
land, air or land port
before the investigating
officer (IO) of the case
is informed.
Under the
new LC, it
will be
IN BRIEF
VinFast to break ground for
officer and founder Byju
Raveendran will not
attend the extraordinary
general meeting (EGM)
called by select investors
on Friday, February 23, as
it is invalid. The current
board of Byju's parent,
Think and Learn, inclu-
ding Raveendran, his wife
and Byju's co-founder
Divya Gokulnath, and his
brother Riju Ravindran
will also not attend.
PEERZADA ABRAR
the decision of the IO to either
totally stop his foreign travel
or allow him to do so after ask-
ing some questions and
getting assurances, the
sources said.
The LC in opera-
tion till now against
Raveendran stipu-
lated the immigration
authorities to inform
the ED about his
entry and exit
from India.
U
ber Chief Executive Officer (CEO) Uber India reported a 54 per cent SHARLEEN D’SOUZA
Dara Khosrowshahi sees India as increase in revenue at ~2,666 crore in the
IKEA INDIA
Mumbai, 22 February
one of the toughest markets and a financial year ended March 2023 (2022-
standard to succeed in any other part of
the world. One of the biggest challenges
23). This was driven by strong demand in
its ride-hailing business and growth in the
Furniture retailer Ikea India on
Thursday said it will shut down FOOTPRINT
for the ride-hailing firm, according to support and services functions. its store in Mumbai’s R City Mall R-City, Mumbai
Khosrowshahi, is the expectation of Indian Uber India's net loss during the period by the middle of this year and Opened in 2022
consumers for more services at lower increased to ~311 crore from ~197 crore dur- explore omnichannel formats Employees: 100
spending. “India is one of the toughest ing 2021-22. The firm’s business slowed in the city.
markets out there. The Indian customer is down during the pandemic lockdowns in The store at R City Mall,
Size: 72,000 sq ft
so demanding and doesn’t want to pay for 2020 and 2021 and has since recovered. which is spread across 72,000 sq Firm says all
anything (laughs),” Khosrowshahi told Khosrowshahi, who arrived in the US ft, opened in June 2022 to employees will
Infosys co-founder and Aadhaar architect INDIAISTHEGATEWAYTOTHE as an Iranian refugee when he was nine test the viability of small- be offered
Nandan Nilekani during a fireside chat
WORLDFORUS.IFWESUCCEED years old, has a bachelor’s degree in engi- format stores. opportunities in
event on Thursday in Bengaluru. neering from Brown University. He was The company’s plan to shut Mumbai and
He spoke about the subject ‘Building HERE,THATSETSTHESTANDARD previously the CEO of the travel firm down the store illustrates the other units
population-scale technology’. FORUSTOSUCCEEDINSOMANY Expedia. He took over as CEO of Uber in concerns surrounding the viabil-
“India is the gateway to the world for OTHERMARKETS 2017. However, after the outbreak of the ity of running a small-format Hyderabad
us. If we succeed here, that sets the stan- pandemic, the mobility business faced a store, given the rising rentals.
DARA KHOSROWSHAHI Opened in 2018
dard for us to succeed in so many other huge threat. In the R City store, the com-
markets,” said Khosrowshahi. CEO, Uber Khosrowshahi said that Uber was los- pany has not been able to pro- Employees: 600
Despite the challenges, Khosrowshahi ing $3 billion in terms of profits during the vide customers the complete Size: 400,000 sq ft
said that this is the best time for Uber in UBER’S INDIA RIDE pandemic. This led him to lay off employ- Ikea experience due to limita- Navi Mumbai
India, and he is proud of the team here. n FY 22 n FY 23 (~ cr) % chg ees and exit various businesses. tions in layout, design, and loca- Opened in 2020
One of the biggest strategic opportunities “We lost 85 per cent of our volumes, tion, a source said.
Employees: Over 400
that Uber has identified to succeed and Revenue 1,726 54 and that required a lot of soul-searching. Mumbai is a key market for
grow in India is to expand into the low- 2,666 We were a company that was completely Ikea in India, and it will continue Size: 503,000 sq ft
cost segment. The firm plans to expand
Net loss 197
59
focusing on expanding, but we had to to invest in the market to reach Worli City Store
its low-cost service segments, particularly 311 retrench. It forced us to decide what is the several customers across Opened in 2021
two-wheeler, three-wheeler, and bus serv- core value of the company and what is Mumbai and other parts of
Employees: Over 100
ices in India. In the past, the company had not,” said Khosrowshahi. Maharashtra, the source said.
mainly focused on four-wheelers, and the for us to expand our services to a wider All our other units in India Size: 80,000 sq ft
core business came from the luxury sector. swathe of the population. We don’t just Partnership with ONDC remain unaffected and will con- Bengaluru
“If you look now, for us, the single biggest want to be an upper-middle-class product. The company will be looking into tapping tinue to deliver the best experi- Opened in 2022
opportunity that we are passionate about We want to be available to everybody.” into the digital public infrastructure poten- ence to its customers, the Employees: 650
is lower-cost products; three-wheelers and Khosrowshahi also said that com- tial in India through platforms like ONDC source added.
Size: 460,000 sq ft
two-wheelers, and we are building high- panies and governments around the world (Open Network for Digital Commerce), Going forward, the Swedish
capacity vehicles like Uber bus that work
for longer distances,” said Khosrowshahi.
can learn from the scale and ambition of
India’s digital public infrastructure. He
Unified Payments Interface, DigiLocker,
and Aadhaar to enable seamless mobility
retailer plans to open a store in
Pune and ramp up its online
Source: Company

$2 bn EV plant on Sunday “It is also an extraordinary opportunity added that as a technology company, Uber services in India. presence across Maharashtra.
“This strategic decision is at
Vietnameseelectric-vehicle(EV)makerVinFastAutoLtdwillbreak the back of the learnings we have
groundforits$2billionintegratedEVmanufacturingsitein had in terms of customer experi-
Thoothukudi,TamilNadu,onFebruary25.TheThoothukudiproject
aimstoevolveintoaEVproductionhubintheregion,withan
annualcapacityofupto150,000units.Duringthefirstphaseofthe GenAI will be disappointing in ence and aligned to our vision of
creating a leaner and faster retail
business in the country. It allows

the short term, says Noshir Kaka

project,thecompanyisplanningtoinvestaround$500million.A
sourceawareofthedevelopmentsaidthisispartofalargerstrategy
todeveloptheregionasoneofthebiggestindustryclustersinthe
state,whichalreadyhasthepresenceofplayerslikeYamahaand
Bosch.TheestablishmentofVinFast’sintegratedEVfacilityinTamil
Naduisanticipatedtogenerate3,000-3,500employment
opportunitieslocally. SHINE JACOB
Vi board to mull fundraising
proposals on February 27
VodafoneIdea(Vi)onThursdaysaiditsboardwillmeetonFebruary
27toconsiderfundraisingproposals.Inastatutoryfiling,Visaidthe
boardofdirectorswillconsiderandevaluateallproposalsfor
“raisingoffundsinoneormoretranchesbywayofarightsissue,
furtherpublicoffer,privateplacementincludingpreferential
allotment,qualifiedinstitutionsplacementorthroughanyother
permissiblemodeand/orcombination”.Thefundraisingcouldbe
throughequityordebtinstruments,theBSEfilingsaid.Thecapital
raisecouldbebywayofissueofequitysharesorbywayofany
instrumentsincluding“securitiesconvertibleintoequityshares,
GlobalDepositoryReceipts,AmericanDepositoryReceiptsorbonds
includingforeigncurrencyconvertiblebonds,convertible
debentures,warrants,and/ornon-convertibledebentures.
Bajaj Auto enhances stake in
Yulu Bikes, invests ~45.75 cr
BajajAutoonThursdaysaidithasinvestedanadditional~45.75
croreinelectricbike-sharingplatformYuluBikes.Afterthefresh
investment,thecompany’sshareholdinginYuluBikesstandsat
18.8percentofthepaidupequitysharecapitaloftheelectricbike-
sharingplatform,BajajAutosaidinaregulatoryfiling.In2019,Bajaj
Autoannouncedaninvestmentof$8million(around~66crore)in
YulutoboostelectricvehicleadoptioninIndia.
SHIVANI SHINDE
Mumbai, 22 February
Generative artificial intelligence (GenAI)
is a double-edged sword and even as the
buzz around it grows, its short-term
impact will be disappointing due to a mis-
match of talent and business expectations,
said Noshir Kaka, senior partner and co-
lead of global technology, media & tele-
communications practice, McKinsey
& Company.
“In the short term, there will be disap-
pointment with GenAI. Everyone’s seeing
this incredible productivity lift in the
pilots. But, we're seeing very few com-
panies scale it to production. This delay is
not about technology, it’s because of
humans. Human learning and that tran-
sition is almost always going to slow the
speed of technology,” Kaka told Business
PTI Standard on the sidelines of the Nasscom
Technology Leadership Forum.
“In an environment that is more
demand-constrained, companies want to
win large deals and in order to win, many
want to price in the productivity gains of
generative AI. Companies are pricing in a
future potential when it is still not enabled
to scale. That's why in the short term, it’s a
double-edged sword,” he said.
Foundationally, GenAI as a technology
is going to change the operating model of
the IT services companies, he said, adding
PTI that this goes beyond productivity gains.
COMPANIESWANTTOWINLARGEDEALS
ANDINORDERTOWIN,MANYWANTTOPRICEIN
THEPRODUCTIVITYGAINSOFGENERATIVEAI.
COMPANIESAREPRICINGINAFUTUREPOTENTIAL
WHENITISSTILLNOTENABLEDTOSCALE.
THAT'SWHYINTHESHORTTERM,IT'SA
DOUBLE-EDGEDSWORD
NOSHIR KAKA
Senior partner and co-lead of global technology,
media & telecommunications practice,
McKinsey & Company
“This will impact how the manage-
ment team interacts, how decisions are
taken, and finally, the talent. The devel-
oper's experience with GenAI increased
by 80 per cent. Any company that doesn't
have that today will actually be at a signif-
icant loss,” said Kaka.
On the IT budgets, Kaka said the out-
look for the industry continues to be
uncertain. “Our research shows that dis-
cretionary spending is coming under
increasing pressure. Second, the number
of large deals that are getting re-bid is
much earlier than the original tenure. And
the incumbent is losing 25 to 30 per cent
of these deals. As a result, the core is com-
ing under pressure,” he said.
Last year Tata Consultancy Services
(TCS) announced that it's contract with
Transamerica, in its eighth year, has been
terminated. The US insurance firm
decided to move its IT needs in-house. The
original period of the deal was 10 years.
In another case, clients have backed
out of a masters agreement. In December
of 2023, Infosys in a regulatory filing said
that a deal worth $1.5 billion that was
signed in September got cancelled.
Despite some of the headwinds, Kaka
says that both GenAI and technology is a
long term play. According to McKinsey
research, the total addressable market
(TAM) of new service lines from generative
AI is about $60 to $70 billion, Kaka said.
“We think within the existing service
lines the TAM is about $120 to $140 billion,
much of this will have to be restructured
to get a GenAI flavour,” he added.
us to consolidate our Mumbai
operations to Ikea Worli, Ikea
Navi Mumbai, and our online presence while exploring newer
opportunities for future growth,” Ikea said in a statement.
“The focus on Mumbai remains robust as we explore newer
omnichannel formats for the city,” it said.
Delhi HC tells Airline raises
SpiceJet to ~316 cr, total
return engine reaches ~1K cr
The Delhi High Court on SpiceJet announced on
Thursday asked low-cost Thursday that it had raised a
carrier Spicejet to return second tranche of ~316 crore
engine leased to Engine under the preferential issue
Lease Finance BV, in Brussels, of equity and warrants,
Belgium, at its own expense which was approved by
by March 10 after settlement shareholders in early Janu-
talks between the parties ary. On January 26, the first
failed. The court told SpiceJet tranche of ~744 crore was
Chairman and Managing infused. On January 11, the
Director Ajay Singh to file an beleaguered airline's share-
affidavit in a week holders gave their approval
guaranteeing the engine's
delivery by the specified
to raise a total of ~2,241.5
crore through the issuance of
date. The court also told
Singh to adhere to the
equity and warrants —
~1,591.5 crore by issuing
deadline without seeking equity to 58 entities and ~650
any more extension. crore by issuing warrants on a
SpiceJet told the court it preferential basis to five
was ready to return the other entities. The remaining
engine but it was yet to ~1,181.5 crore is yet to be
obtain customs clearance for infused in the airline by the
the delivery. BHAVINI MISHRA investors. DEEPAK PATEL

At Amul’s golden jubilee , Modi calls for making it biggest dairy firm globally
SHARLEEN D’SOUZA
Mumbai, 22 February
PrimeMinister(PM)NarendraModion
Thursdayurgedstakeholderstomake
theGujaratCooperativeMilkMarketing
Federation(GCMMF),theapex
organisationthatmarketsproducts
underthe‘Amul’brand,theworld’s
largestdairycompany.
Modimadethepitchwhile
addressingnearly100,000peopleatthe
NarendraModiStadiuminAhmedabad,
tocelebratethegoldenjubilee
celebrationoftheGCMMF.
Theco-operative,whichbegan
operationsin1973-74,sawitsrevenues
touch~72,000croreinFY23.Ithasits
sightssetonbecominga~1trillion
companybyFY25-26,andcurrently
exportstomorethan50countries.
“Atpresent,Amul(GCMMF)isthe
world'seighth-biggestdairysector
company.Youallneedtomakeitthe
world'slargestdairycompany.My
governmentiswithyouinthis
endeavouranditisModi'sguarantee,”
thePMsaidinhisaddress. supplychainfromfarmertothe
GivinganoverviewofIndia's
boomingdairysector,hesaiditis DAIRY DOYENS Major global dairy firms
(in $ bn)
consumerandallstakeholdersare
happy,”Sodhiadded.
growingatarateof6percentperannum HesaidthatGCMMFfocusedon
whiletheglobaldairysectorisgrowingat Company name Country Revenue buildingitsowndistributionnetworkin
2percent. Danone SA France 29.9 the1980sbecauseitsmilkwasearlier
JayenMehta,GCMMFmanaging Inner Mongolia Yili Industrial China 18.0 distributedbysuperstockists.
director,toldBusinessStandard:“Amul Inthenextdecade,theco-operative
fullysupportsthehonourablePrime Fonterra Co-operative Group New Zealand 15.2 wentontobecometheNo.1icecream
Minister’svisionofbecomingtheworld’s China Mengniu Dairy Co China 13.8 brand.
largestdairycompany.Wealready Saputo Inc Canada 12.8 GCMMF’sbiggestmilestonewasto
expectourrevenuestobemorethan takemilkproductionoutsideofGujarat
~80,000crorebytheendofthisfinancial GCMMF (Amul) INDIA 8.9 after2010.
year.Itisalreadytheworld’sstrongest Savencia SA France 7.3 Currently,theGCMMFhas18
dairybrand.” Almarai Co JSC Saudi Arabia 5.2 memberunionswithmorethan3.6
PMModiwasaccompaniedby millionfarmersacross18,600villagesin
GujaratGovernorAcharyaDevvrat, Emmi AG Switzerland 4.6 Gujarat. Overthepast50years,GCMMF
ChiefMinisterBhupendraPatel,and Megmilk Snow Brand Co Japan 4.3 hasplayedacriticalroleinmakingIndia
stateBJPpresidentCRPaatilattheevent. Bright Dairy & Food Co China 3.9 Prime Minister Narendra Modi at a gathering during the golden theworld’slargestmilkproducer,
“AmulwasestablishedastheKaira jubilee celebration of Gujarat Cooperative Milk Marketing accountingfor24percentofglobalmilk
Note: Data may not include all firms; revenue for Amul is FY23 figure;
DistrictCooperativeMilkProducers' rest trailing twelve month Sources: Bloomberg, Amul
Federation, in Ahmedabad on Thursday PHOTO: PTI production,itsaidinarelease.
UnionundertheguidanceofSardar GCMMFcameintoexistenceonJuly
VallabhbhaiPatelandlater,theGCMMF 9,1973,whensixdairycooperatives
cameintoexistence.TheGCMMFisa Indiahasbecometheworld'sbiggest havespent41yearsatAmul.WhenI “IhaveseenAmul’sjourneyto joinedhandsundertheleadershipof
modelthatshowcaseshowthe milkproducertoday,”Modiadded. joinedtheco-operativein1982,itthen becomeastrongfoodcompany.The socialentrepreneuranddairyengineer
cooperativesectorandgovernmentcan RSSodhi,theformermanaging hadaturnoverof~121croreandwhenI foundersoftheco-operativehaveput VergheseKurien,fondlyrememberedas
worktogether.Thankstothatmodel, directorofGCMMFsaid:“Iamluckyto left,itsturnovertouched~72,000crore.” togetheratremendousandefficient the‘MilkmanofIndia’.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
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.
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 COMPANIES 3 <

N PROTESTING THE ‘LOCALISATION’ PUSH FOR MNCSN

Fundraise via venture debt up 50%
Locals on rolls: K’taka Inc Crossed $1 billion mark in 2023; equity funding down 70%
ARYAMAN GUPTA
FUNDING LANDSCAPE Deal-wise sector split

bats for merit over politics

New Delhi, 22 February for venture debt
Venture capital Venture debt % of investments
At a time when equity fundraising Year Investments ($bn) Deals Investments ($bn) Deals Consumer
among Indian startups has nosedived Others
amid the so-called funding winter, ven-
2019 11.1 756 0.3 52-70
17
AYUSHMAN BARUAH ILLUSTRATION: BINAY SINHA those from North Karnataka, ture debt as an asset class grew steadily 2020 10 809 0.3 46-52 Health 34
care 7
& ANEEKA CHATTERJEE where high-quality educa- to cross the $1 billion mark in 2023.
2021 38.5 1,545 0.5 62-80
Bengaluru, 22 February tional institutions are scarce,” Indian startups cumulatively raised 9
said Pai. He added IT com- $1.2 billion in venture debt investments 2022 25.7 1,611 0.8 170-180 B2B 10 23

T
he Karnataka govern-
ment’s decision to ask
multinational com-
panies (MNCs) in the state to
disclose the number of
Kannadigas (locals) employed
there has faced criticism from
industry veterans who prior-
itise meritocracy over politics.
“This move to compel com-
panies to hire more locals is not
advisable,” said Venkatraman
Balakrishnan, chairman of
Exfinity Venture Partners and
former Infosys board member.
“Instead, the government
should promote and incentiv-
ise companies to generate
more high-end jobs with locals.
The information technology
(IT) industry is global, and such
Karnataka is home to over 5,500 IT and IT-enabled services firms
and nearly 750 MNCs, contributing to over $58 billion in exports
Comprehensive Development
(Amendment) Bill in the
legislative council earlier
this week, Karnataka’s
Minister of Kannada and
Culture Shivaraj Tangadagi
said MNCs must display the
man of Aarin Capital Partners
and former Infosys board
member, said this was a “mis-
guided move”. “If the
Karnataka government is gen-
uinely interested in providing
greater employment opportu-
panies and MNCs in Karnataka across around 175-190 deals last year, a
2023 8 1,085 1.2 175-190 SaaS
hire based on objective tests 50 per cent rise from $800 million raised Fintech
and interviews. Karnataka is across 170-180 deals in 2022, according Note: Venture capital refers to an equity investment made by a VC firm into a startup, whereas venture debt is a loan
home to over 5,500 IT and IT- to a report by alternative debt provider taken up by the startup to be repaid with interest during the loan tenure; B2B: Business-to-business;
Saas: Software as a service Source: Stride Ventures
enabled services companies Stride Ventures. The equity funding fell
and nearly 750 MNCs contrib- around 70 per cent from $25.7 billion in
uting to over $58 billion in 2022 to just $8 billion in 2023, it said. investments has gone up,” Apoorva Most of the debt funding went into the
exports, providing direct “The deals became more granular Sharma, managing director, Stride fintech sector in 2023, while the con-
employment to over 1.2 million last year. In 2023, the average cheque Ventures, told Business Standard. sumer sector witnessed the largest
professionals and creating over sizes went down from around The venture debt as a category is number of deals, the report said. The
3.1 million indirect jobs, $6 million earlier to $4 million. much smaller compared to equity fund- increased demand for debt financing
according to the Karnataka However, the number of deals has ing and has registered strong growth on has allowed firms like Stride Ventures
Economic Survey 2022–23. increased and the overall quantum of the back of a relatively smaller base. to increase their investments.
Rituparna Chakraborty, co-
founder of TeamLease, said,
“We keep seeing these spurts
of unreasonable protectionist
and populist moves at different
points in various states. Any
Space sector eyes Pixxeltolaunch
6satsbyJune,
$5 billion inflow
state economy not based on
meritocracy cannot improve its

ridingonPSLV
policies will not number of Kannadigas nities for Kannadigas, it would gross domestic product or the
benefit the sector,” he added. employed on notice boards on be better to invest more in per capita earnings of individ-
After the government
tabled the Kannada Language
their campuses.
T V Mohandas Pai, chair-
higher education and skill
development, particularly for
uals. However, that is com-
pletely ignored.”
on Cabinet move orSpaceXvehicle
SHINE JACOB satellite manufacturing and operation, SHINE JACOB
DPIIT PROPOSAL TO HIKE LOCAL CONTENT IN PUBLIC PROCUREMENT Chennai, 22 February satellite data products, and ground seg- Chennai, 22 February
ments and user segments. Beyond 74

Companies worried over steep goal
SURAJEET DAS GUPTA
New Delhi, 22 February
The Department for Promotion of
Industry and Internal Trade (DPIIT) has
proposed to raise the minimum local
content under public procurement order
in government contracts. But several local
suppliers and multinational companies
(MNCs) are saying such a steep target is
not attainable.
Class-I suppliers, whose goods, serv-
ices or works offered for procurement has
local content equal to or more than 50 per
cent may see it increased to 70 per cent,
while it may go up to 50 per cent from 20
per cent for Class-II suppliers. Local man-
ufacturers say the move to raise localisa-
tion will benefit foreign companies.
As the specialised components are not
manufactured in India, domestic players
will be ineligible under the scheme. The
component can then be procured only
through imports from foreign companies.
“It looks to support the ‘Make in India’
programme, yet practically in technology
products, reaching 50 per cent has been a
challenge” said N K Goyal, chairman
emeritus of the Telecom Equipment
Manufacturers Association, an association
of telecom equipment players. In mobile
phones, localisation is only 15-20 per cent.
India’s space industry on Thursday wel- per cent, these activities fall under the
comed the Union Cabinet’s decision to government route. In addition, for the
liberalise the sector, asserting the move development of launch vehicles and
would attract invest- associated systems, and
Google-backed space startup Pixxel is set
to come out with one of the largest satellite
projects outside the Indian Space Research
Organisation (Isro) by launching six of its
“Hence such a high PLI would make all ments to the tune of up the creation of space- satellites in June. This is part of a total con-
The action may
manufacturers ineligible,” Goyal added. to $5 billion across sub- ports for launching and stellation of 18 satellites due for launch
also open the
Ministries like the Department of sectors like satellite receiving spacecraft, FDI next year. The first set of satellites will be
doors for the
Telecommunications (DoT) have asked manufacturing, launch under the automatic launched this year either through Polar
launch of vehicle
stakeholders, such as telecom equipment vehicles, ground seg- route has been fixed at Satellite Launch Vehicle (PSLV) or a
makers and those who participate in gov- ment solutions, and
businesses of 49 per cent. According to SpaceX launch vehicle or a combination.
ernment trades, to furnish comments by associated services over SpaceX and the companies involved The announcement comes almost a
March 12. MNCs reckon that DPIIT targets the next five years. Virgin Galactic in the Indian space sec- year after the Alphabet-owned
are ambitious, but they echo the concerns The policy cleared by tor, the move could also company became part of a $36-million
of local manufacturers. “The proposed the Union Cabinet open the doors for the funding round. This was one of the first
increase will place significant pressure on ensures 100 per cent foreign direct launch of vehicle businesses such as major foreign investments in India after
the supply chain as specialised compo- investment (FDI) in the manufacturing SpaceX, Virgin Galactic, Starlink, the government introduced its privatisa-
nents and materials are not readily avail- of components and systems or sub-sys- Amazon: Blue Origin, Airbus Defence tion policy. The Bengaluru-based space-
able or manufactured in India at compet- tems for satellites, ground segments, and Space, RocketLab, Maxar tech firm is one of the largest funded space
itive prices,” said a top executive of a and user segments. On the other hand, Technologies, and Eutelsat-OneWeb, startups in India, with a total funding of
telecom gear maker. 74 per cent FDI has been permitted for among others. around $71 million.

New & Renewable Energy Development Corporation

of Andhra Pradesh Limited (NREDCAP)
(A State Government Company)
Regd. Off. #12-464/5/1, River Oaks Apartment, CSR Kalyana Mandapam
Road, Tadepalli, Guntur District, Pin: 522501. Tel: 08645-797162/797163
E-Mail: info@nredcap.in, pdse@nredcap.in, Website: www.nredcap.in
Ref: NREDCAP/Solar roof top/APTDC/42-214/2023, Dt:22-02-2024
NOTICE INVITING TENDER
E-tenders are invited for “Design, Engineering, Supply, Installation,
Testing & Commissioning of 430 KWp Grid Connected Solar Rooftop
System with 5 years Warranty at Sri Varaha Lakshmi Narasimha Swami
Vari Devasthanam, Simhachalam, Visakhapatnam in the State of
Andhra Pradesh”. Please visit website: https://tender.apeprocurement.
gov.in and NREDCAP website www.nredcap.in for tender details and
the tender document will be uploaded on 23-02-2024.
Sd/- VC & Managing Director

IN THE HON'BLE PRESIDING OFFICER, DISTRICT

CONSUMER DISPUTES REDRESSAL COMMISSION,
GUJARAT INTERNATIONAL FINANCE AT RAMANAGARA.
COMPLAINT No. 25/2023.
TEC-CITY COMPANY LIMITED (GIFTCL) BETWEEN : SRI. KIRAN KUMAR.P, s/o Puttaswamy R,
aged about 41 years, Residing at 64, Near IDBI Bank,
Abbanakuppe, Ittamadu, Bidadi Hobali, Ramanagara
Taluk & District, PIN-562 109. ...COMPLAINANAT
Notice for Invitation to Bid for Selection of Developer for the Development of the Residential AND: 1. GANPA
GANPATI TI INDUSTRIES, Rep. by it's Manager,
No.27, Next to Child Care Clinic, BB Nagar, Kodigehalli
Building Project in Dual Use Non-Processing Area of GIFT SEZ, GIFT City, Gandhinagar Main Road, Bengaluru-560 092. Head office situated at
2. M/S. GANPATI INDUSTRY, Rep. by it's Manager, E-
Gujarat International Finance Tec-City Company Limited, invites bids from reputed, qualified, experienced and 133 U/G-Floor, Pul Pehladpur, Tughlakabad, New-
Delhi-110044. ...OPPOSITE PARTIES.
financially sound Bidders for the development of Residential Building Project in Dual Use Non-Processing Area NOTICE UNDER ORDER V RULE 20 OF CPC, 1908
of GIFT SEZ, GIFT City, Gandhinagar. R/W SECTION 35 OF CONSUMER PROTECTION
ACT,, BY WAY OF PAPER
ACT PAPER PUBLICA
PUBLICATION
TION ,
To, OPPOSITE PARTY NO. 2
Online Last Date of Last Date of M/S. GANPATI INDUSTINDUSTRY,RY, Rep. by its Manager, E-
Name of Project availability of Online Bid Physical Bid 133 U/G-Floor, Pul Pehladpur, Tughlakabad, New-
Delhi-110044.
RFP Document Submission Submission Whereas, the complainant has filed the above
complaint, due to the both opposite parties deficiency in
Development of Residential Building on Building service, the complainant has suf
suffered
fered loss of income and
Footprint 26-C in the Dual Use Non-Processing Area 23.02.2024 to mental agony and therefore, the complainant is filed
21.03.2024 22.03.2024 seeking direction to the opposite parties to receive back
of GIFT SEZ, GIFT City (“Project”) 20.03.2024
up to up to the defected machine and direction to the opposite
up to parties to pay Rs 2,00,000/- (Rupees T Two
wo Lakhs Only) as
(RFP Reference No.: 15:00 hrs 15:00 hrs
17:00 hrs damages and compensation to the complainant.
GIFTCL/BD/RFP/SEZ/2024/01) Therefore, you are hereby summoned to appear before
this Commission on 18/3/24 at 10.30AM in person or
through advocate/pleader to answer the questions to
RFP document may be downloaded online from website at www.giftgujarat.in and https://tender.nprocure.com the same, failing which complaint will be heard and
Tender fee of RFP document is Rs.25,000/- payable in the form of Demand Draft / Banker’s Cheque / Pay Order determined ex- parte.
Given under my hand & seal of the court, this 20th day of
in favor of “Gujarat International Finance Tec-City Company Limited” payable at Ahmedabad. For further February 2024.
details and updates please log on to our Website www.giftgujarat.in By Order of the Commission
Sd/- ASST
ASST.. REGISTRAR, COM,
Contact Person: Sd/- Asst. Administrative Officer,
District Consumer Disputes Redressal Commission
Chief Operating Officer Managing Director & Group CEO Ramanagara District, Ramanagara-562159
Advocate for Complainant.
Tel: 079-61708300 E-mail: bd.query@giftgujarat.in MANJUNATH.B R,
NO. 69, OLD P.O ROAD, BYRAMANGALA, BIDADI
HOBALI, RAMANAGARA-562 109.
GUJARAT INTERNATIONAL FINANCE TEC-CITY COMPANY LIMITED (GIFTCL)
EPS Building No.49A, Block No. 49, Zone IV, Gyan Marg, GIFT City, Gujarat, INDIA. Pin-382355.
Tel.: +91 79 61708300, CIN:U75100GJ2007SGC051160
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1

N RAISINA DIALOGUE 2024 N

Private capital yet Multilateralism in a ‘logjam’: EAM

SUBHAYAN CHAKRABORTY bin Mohammed Gargash, Diplomatic

to embrace energy
New Delhi, 22 February Advisor to the President, United Arab

Union External Affairs Minister S

A LOT OF OUR Emirates, said the number of vetoes
implemented on the Ukraine crisis
Jaishankar on Thursday said the CHALLENGES TODAY shows the lack of consensus, and
global multilateral system is facing a
EMANATE FROM HOW global meetings to reconstruct the sys-

transition, says CEA

'logjam' and plurinational alliances
will forge their own realities.
Speaking at a panel discussion at
the Raisina Dialogues, he said global
rules pertaining to trade have been
tem will not realistically take place.
COUNTRIES HAVE USED IT "In reality, the system is being eroded
(RULES) FOR THEIR BENEFIT while our ability to introduce some-
thing new is diminishing," he said.
AT THE EXPENSE OF THE Minister of Foreign Affairs of

RUCHIKA CHITRAVANSHI
gamed. "A lot of our challenges today
emanate from how countries have
INTERNATIONAL SYSTEM” Netherlands Hanke Bruins Slot voiced
similar opinions, and called for more
New Delhi, 22 February used it (rules) for their benefit at the S JAISHANKAR inclusion of diverse nations in the UN.
expense of the international system," External Affairs Minister

P
rivate capital is not fully prepared to
embrace the risks and opportunities
associated with funding the energy
transition, according to Chief Economic
Advisor (CEA) V Anantha Nageswaran.
During his address at the Raisina Dialogue
2024 organised by the Observer Research
Foundation on Thursday, Nageswaran men-
tioned that explicit costs for further derisking
by multilateral agencies or sovereigns may have
to be factored in. While urging multilateral
development banks to act on the recommen-
dations of the independent expert group under
India’s Group of Twenty (G20) presidency to
mobilise private capital, the CEA added, “There
is a lot of talk about funding energy transitions
and climate change requirements. But, in truth,
much of the talk remains just that.”
Nageswaran said that the discount on the
yield of sovereign green bonds issued by India
is barely 1-2 basis points (bps).
“For all the effort and cost that goes into
identifying projects that satisfy the criteria for
green bonds and getting the rating, all of these
efforts have translated into 1-2 bps,” he said.
The CEA emphasised that, more than finan-
cial resources, the need of the moment is for
financiers and developed countries to go back
to the Paris Agreement and remember that it is
about common but differentiated responsibil-
ities. He also highlighted the need to accept that
there are economic trade-offs in terms of energy
transition versus securing energy availability
for our countries. Nageswaran also pointed out
that attracting private capital and getting actual
money is difficult, primarily because technol-
ogy has remained unproven on scale, and
dependence on one or a few countries for
resources is also a challenge. Stressing the need
for blended finance from multilateral institu-
tions and developed countries, Nageswaran
Jaishankar said. Fading western influence
While speaking about reform of the Speaking at the same panel, Former
United Nations, he said it is a common Bolivian President Jorge Quiroga said
sense proposition given that the "There is a logjam up there. So gress before we get to some kind of the US and Europe are closed for trade
number of UN members has grown 4x everybody is doing their own thing, landing point," he said. business, from a South American per-
since its birth with 50 member finding their own friends, making their The incremental plurinational spective.
nations. own groups, picking their own issues, arrangements championed by India On the issue of India's persisting
The minister said while multilater- and creating a new reality. It will be can help to build a new system that close ties with Russia a year and a half
alism is the 'lowest common denomi- much more fragmented, but it will still works for the global South, Tanzanian after its invasion of Ukraine,
nator', national interests, with the cal- be efficient," he said. Foreign Minister January Yusuf Jaishankar said India may not find
culations and competitions of Jaishankar said nations will have Makamba said: "Finding outcomes common ground with the United
countries, will exist side-by-side". to battle bit-by-bit to create groups that are fair, and works for us (Global States. “The idea that everybody
He added that the plethora of coun- which will push for change. "On many South), maybe that will be the building would agree on the most important
try groupings and global partnerships issues, you will get different combina- block of a new system that is fair and issues of the day is a bit of a fantasy.
launched in the previous decade show tions of countries and we'll have to live just," he said. The fact is competition is real. Camp
multilateralism is weakening. with a long period of incremental pro- Speaking at the same panel, Anwar politics is real,” Jaishankar said.
FOR ALL THE EFFORT AND COST
THAT GO INTO IDENTIFYING PROJECTS
SATISFYING THE CRITERIA FOR GREEN
Confident of India’s growth India should become exporter
BONDS AND GETTING THE RATING, ALL
OF THESE EFFORTS HAVE TRANSLATED
at 6-8% for 10 yrs: Vaishnaw of green energy by 2047: Kant
Union Minister Ashwini Vaishnaw on Thursday expressed confidence India should become an exporter of green energy by 2047 to attract
INTO 1-2 BPS that India will continue to demonstrate a 6-8 per cent consistent growth capital, the G20 Sherpa Amitabh Kant said on Thursday.
V ANANTHA NAGESWARAN rate over the next 10 years as he invited global players to the Addressing at the Raisina Dialogue 2024, Kant said today's
Chief Economic Advisor country to tap domestic and global markets. challenge is climate change and the World Bank needs to
India is open to the world, and to new ideas, Vaishnaw, become a climate bank.
the Minister of Railways, Communications and IT, said Further, he said in future, all investments are
said, “With all countries marching in lockstep while speaking at Raisina Dialogue 2024. “The Indian expected to flow into the renewable sector, and countries
on net zero is also a challenge as this problem economy is growing at a consistent clip at a very good will be able to attract capital once they go green.
gets compounded. Paradoxically, the availabil- rate. In the next 10 years, India will continue to grow at “By 2047, India should be an exporter of green
ity of private resources is even more difficult. 6-8 per cent consistent growth rate...I can say that with energy...The countries will be able to attract capital if
He said that a mechanism to decide who a high level of confidence,” Vaishnaw said.The they go green,” he said.
would bear the foreign exchange risk has not building blocks for this are already in place and the Kant noted that the Global South must take a
yet been evolved. results are visible, he said, outlining growth different path and each country needs to push
“Many of these questions of details have not initiatives taken by the government. PTI for renewals. PTI
been sorted out. When you begin to cost for
these things, some of the complaints about fos-
Ashwini Vaishnaw, Minister of Railways, Amitabh Kant, G20 Sherpa
sil fuels apply to alternatives as well.”
Communications and IT

IN BRIEF
RBI to conduct 13-day VRR
Will comply, but disagree: X SKM forms panel for
today to infuse ~1 trillion
The Reserve Bank of India (RBI) will conduct a 13-day Variable Rate
on govt order to block posts talks with other factions SANJEEB MUKHERJEE & AGENCIES ernment to accept farmers’ demands,
Repo (VRR) auction on Friday to infuse ~1 trillion into the banking
system. The liquidity deficit in the system widened to ~2.51 trillion
on Wednesday, according to the latest data by the central bank.
REUTERS
New Delhi, 22 February Focusing on improving Chandigarh/New Delhi, 22 February

The Samyukta Kisan Morcha (SKM),

Despite the slew of VRR auctions being conducted by the RBI since
February 8, the persistent liquidity deficit in the banking system
The government ordered X to
block certain accounts and posts
has been largely around ~2 trillion in the period. ANJALI KUMARI on the social media platform,
action that’s likely related to ongo-
ing farmer protests in the country.
Centre extends Interest X has complied with the order.
“However, we disagree with these
Equalization Scheme until July actions and maintain that freedom
of expression should extend to
The government has announced an extension of the Interest these posts”, its global government
Equalization Scheme for pre and post-shipment rupee export affairs team said in a statement on
credit until June 30, according to a notification by the RBI. Under Thursday.
this, Manufacturers and Merchant Exporters dealing with The statement did not give
specified 410 HS lines will benefit from a 2 per cent interest details of the blocked accounts, but
equalization rate. ANJALI KUMARI the action was likely linked to the
farmer protests that have been
underway in India for more than
10 days. Accounts of several
CCS okays ~19K cr deal to buy farmer leaders involved in the pro-
tests were inaccessible on
200 BrahMos missiles for Navy Thursday.
Farmer groups said on February
The Cabinet Committee on Security (CCS) has accorded 18 their accounts were blocked and
approval for procurement of more than 200 had requested the government
BrahMos supersonic cruise missiles and during talks to allow their social
associated equipment for the Indian Navy at a media accounts to operate. The
cost of around ~19,000 crore, people familiar with Ministry of Electronics and IT
the matter said on Thursday.The missiles will declined to comment when con-
largely be deployed on various warships to enhance overall tacted by Bloomberg News.
combat capabilities of the Navy, they said. PTI
lives of small farmers: PM
PRESS TRUST OF INDIA
Ahmedabad, 22 February
Amid farmers’ protest on the bor-
ders between Punjab and
Haryana, Prime Minister
Narendra Modi on Thursday said
his government was giving prior-
ity to every aspect linked to vil-
lages and also focusing on
improving the lives of small
farmers through various schemes
and initiatives.
The PM was addressing a
gathering of nearly 100,000
people, mostly cattle-rearers and
farmers, at the Narendra Modi
Stadium in Motera area of
Ahmedabad on the golden jubilee
celebration of the Gujarat
Cooperative Milk Marketing
Federation (GCMMF), which
owns the ‘Amul’ dairy brand.
Referring to the BJP govern-
ment’s ambitious plan of creating
10,000 FPOs or Farmer Producer
Prime Minister Modi said the
government wants to turn small
farmers into ‘agri entrepreneurs’
Organisations, Modi said his gov-
ernment was on a mission to turn
small farmers into “agri entrepre-
neurs and exporters”. He listed
many schemes meant for farmers
and village-dwellers, such as
Micro ATMs, GOBARdhan
scheme and Pradhan Mantri
Kisan Samridhi Kendras.
including a legal guarantee of MSP for
crops and a farm loan waiver.
The SKM (non-political) and KMM
which spearheaded agitation in 2020- leaders on Wednesday put their
21 against the three farm bills that march on hold for two days after the
have since been repealed, on death of farmer Subhkaran Singh.
Thursday formed a six-member The old SKM has also chalked out
committee that will hold talks with its a four-phase agitation programme
other former members to launch a that will start with a nationwide Black
united action plan Day on February 23 when
and press for the key
demands of the protesting SKM will observe
effigies of Home Minister
Amit Shah and others will
farmers. 'Black Day' on be burnt to protest the
The members of the Friday to protest death of Subhkaran.
panel are Hannan Mollah, the death of a The 21-year-old native of
Joginder Singh Ugrahan, protesting farmer Bathinda died amid clashes
Balbeer Singh Rajewal, between Haryana police
Yudhvir Singh, Darshan and Punjab farmers.
Pal, and Raminder Patiala. Farmer leaders have demanded
“We have left it to the panel a judicial inquiry and
members to decide whom they should ~1 crore in compensation to the
talk with to unite all farmer groups farmer's family.
which were part of the earlier SKM,” According to PTI, when asked
Avik Saha, National Convener of Jai whether the SKM will join the ongoing
Kisan Andolan and one of the promi- protest at two points on the Punjab-
nent voices of the farmers’ movement, Haryana border, farmer leader Balbir
told Business Standard. Rajewal said the SKM is holding its
The Samyukta Kisan Morcha (non- agitation independently.
political), a breakaway faction of SKM, The SKM, which led the 2020-21
and the Kisan Mazdoor Morcha farm agitation, is not part of the ongo-
(KMM) are spearheading the ongoing ing ‘Delhi Chalo’ agitation, but has
'Delhi Chalo' march to press the gov- extended support to it.

Govt allows onion exports
to 4 countries till March 31
The government on Thursday permitted traders to export 54,760
tonnes of onion to Bangladesh, Mauritius, Bahrain and Bhutan till
March 31. “We have allowed export of 50,000 tonnes of onion to
Bangladesh, 1,200 tonnes to Mauritius, 3,000 tonnes of Bahrain
and 560 tonnes to Bhutan with immediate effect," said Consumer
Affairs Secretary Rohit Kumar Singh. PTI
Bandhan Bank appoints
Rajeev Mantri CFO
Kolkata-based Bandhan Bank on Thursday announced the
appointment of Rajeev Mantri as the Chief Financial Officer (CFO)
and Key Managerial Personnel (KMP) effective from February 22,
2024. He will be taking over from the Interim CFO Abhijit Ghosh,
who is Head – Finance & Accounts of the bank. Ghosh took charge
as the Interim CFO from October 20, 2023, after Sunil Samdhani
resigned from the post of CFO effective September 30, 2023, to
explore opportunities outside the bank.
Farmers' stir common between
Greece and India: Greek PM
The ongoing farmers' protest at the Punjab-Haryana
borders found a reference in an address by Greek Prime Minister
Kyriakos Mitsotakis on Thursday when he said the agitation was
among the several common things between India and Greece.
While addressing the 'India-Greece Business Forum' in New Delhi,
Mitsotakis talked about various sectors where the two
countries had a lot in common. "We have one more thing in
common. We have farmers protesting both in Greece and
India...," he said. PTI
No impact of MSP turmoil on wheat buying: Food secy
SANJEEB MUKHERJEE
New Delhi, 22 February
The food ministry is hopeful the
impasse concerning the minimum
support price (MSP) will be sorted out
before the start of wheat procure-
ment, which has been advanced by a
month, and there will not be any
impact on purchases.
Wheat procurement usually starts
on April 1 in most parts of the country
but in the coming season the govern-
ment has given the freedom to states
to advance the dates. Most states are
planning to start procurement
between March 1 and 15.
“Of the big states, Uttar Pradesh
has indicated it will start procure-
ment on March 1,” Food Secretary
PTI Sanjeev Chopra told reporters on
Thursday.
He said the protests would not
affect operations.
The bulk of the farmers on Delhi
borders are from Punjab and
Haryana, which are among the
largest contributors of wheat to the
central pool.
Western Uttar Pradesh, where the
agitation is gaining traction, is also a
big wheat-producing zone.
“The central government has
given an offer to the agitating farmers
(the guaranteed purchase of three oil-
seeds, maize, and cotton at the MSP
from those willing to shift from wheat
and paddy) and is willing to explain
the proposal more as has been spelled
out by the agriculture minister as
well. We feel the issues can be
resolved through proper communi-
cation,” Chopra said.
He said the wheat crop conditions
were excellent with no impact of pre-
mature warming.
“If the weather continues to
remain so for the next 10-15 days we
can expect a bumper harvest,”
Chopra said.
The government has targeted
annual wheat production of 114 mil-
lion tonnes in 2024 and is in the pro-
cess of deciding in the next few days
how much to purchase.
“UP, Bihar and Rajasthan are
focused areas for raising wheat pro-
curement this season and we are try-
ing to open more procurement cen-
tres in those areas where arrivals and
production are more,” Chopra said.
In the rabi marketing seasons
from 2019-20 (April-March) to 2021-
22, wheat procurement showed an
increasing trend and reached a
record of 43.3 million tonnes in 2021-
22.
However, procurement rang up a
steep decline in 2022-23 and reached
a record low of 18.8 million tonnes
but increased by about 40 per cent
to 26.2 million tonnes in 2023-24.
FRP OVER THE YEARS
*as per sugar season which runs from October to September** In ~ / quintal for the average recovery for
that season
Food prices
On food prices, the secretary said
wheat flour (atta) prices had stabil-
ised after the launch of Centre’s
“Bharat” while in the case of rice, the
expectation was the same with the
launch of the same brand earlier this
month.
“We are trying to sell around 1.5
million tonnes of ‘Bharat’ atta and
rice over the next four to five months.
Of that till now around 350,000
tonnes of atta and 30,000-40,000
tonnes of rice have been sold,”
Source: Government of India
Chopra said.
He said in the next few months
there was no possibility of any spike
in the prices of any food items
because the harvest was about to
enter the markets.
Chopra said the 20 per cent
export duty on parboiled rice had
been extended till further orders
because traders were hoarding it,
expecting a relaxation in the export
tax.
The duty on export of parboiled
rice was to expire in March 2024.
Sugarcane FRP
Chopra said the fair and remunerative
price (FRP) for sugarcane, which was
raised by a sizable 8 per cent for the
2024-25 (October-September) season,
was part of a series of measures being
taken by the government to support
sugarcane farmers. The FRP hike was
the second-highest since 2014-15
He said the government had for
the first time facilitated a price of
~4,263 per tonne for potash derived
from molasses (PDM), which had
been agreed upon by sugar mills and
fertiliser companies. This would be
an additional revenue stream for mills
and would help them make timely
payments to farmers.
PDM is a potassium-rich fertiliser
derived from ash in molasses-based
distilleries and is a byproduct of the
sugar-based ethanol industry.
Meanwhile, on the FRP, farmer groups
said the increase was inadequate.
The Cabinet on Wednesday raised
the FRP to ~340 per quintal and it
would be paid at the base recovery of
10.25 per cent.
The Indian Sugar Mills
Association, in its reaction to the FRP
increase, said the government should
collect 4-5 million tonnes of sugar
every year from the industry, based
on the minimum support price rec-
ommended by the Commission for
Agricultural Costs and Prices.
 .
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 5 <

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT. THIS DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO
SECURITIES. THIS PUBLIC ANNOUNCEMENT IS NOT INTENDED FOR RELEASE PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA.

ATMASTCO LIMITED
ATMASTCO LIMITED CORPORATE IDENTIFICATION NUMBER: U29305DL2002PLC116354
(Please scan QR Code to
view Offer Documents)
Our Company was originally incorporated as “Atmastco Private Limited” on April 07, 1994 at Bhilai, Chhattisgarh (then Madhya Pradesh) as a Private Limited Company under the Companies Act, 1956 with the Registrar of Companies, Madhya Pradesh & Gwalior bearing Registration Number 10-08234 of 1994. Subsequently, our Company was converted into a
Public Limited Company pursuant to a Special Resolution passed by the shareholders of our Company at Extra-Ordinary General Meeting held on March 22, 2016 and the name of our Company was changed to “Atmastco Limited” and a fresh certificate of incorporation consequent upon conversion of the company from Private Limited Company to a Public Limited
Company dated May 10, 2016 was issued by the Registrar of Companies, Chhattisgarh at Bilaspur. The Corporate Identification Number of our Company is U29222CT1994PLC008234. For details of change in the name of our Company and address of registered office of our Company, see “History and Certain Corporate Matters” on Page No. 174 of the
Prospectus dated February 09,, 2024 filed with the RoC
Registered Office: 157-158, Light Industrial Area, Nandini Road, Opp. Karuna Hospital, Bhilai, Durg – 490 026, Chhattisgarh, India; Contact Person: Mr. Venkataraman Ganesan, Chief Financial Officer; Tel: +91 94252 35807; E-mail: cfo@atmastco.com; Website: www.atmastco.com; Corporate Identity Number: U29222CT1994PLC008234

OUR PROMOTERS: MR. SUBRAMANIAM SWAMINATHAN IYER, MR. VENKATARAMAN GANESAN, MRS. JAYASUDHA IYER AND APEX STEEL & TECHNOLOGY (INDIA) PRIVATE LIMITED
“THE ISSUE IS BEING MADE IN ACCORDANCE WITH CHAPTER IX OF THE SEBI ICDR REGULATIONS (IPO OF SMALL AND MEDIUM ENTERPRISES) AND THE EQUITY SHARES A. Allocation to Market Maker (After Technical Rejection & Withdrawal): The Basis of Allotment to the Market Maker, at the issue price of Rs. 77/- per Equity Share, was finalised in
ARE PROPOSED TO BE LISTED ON SME PLATFORM OF NATIONAL STOCK EXCHANGE OF INDIA LIMITED (NSE EMERGE).” consultation with NSE. The category was subscribed 1.0 times. The total number of shares allotted in this category is 3,66,400 Equity Shares.
Total No. Number of
BASIS OF ALLOTMENT No. of
of Ratio of
Serial
successful
Total No.
Shares Number of Proportionate
Allocation per Number % of % Surplus/
INITIAL PUBLIC OFFERING OF UP TO 73,05,600 EQUITY SHARES OF FACE VALUE OF ` 10/- EACH (“EQUITY SHARES”) OF ATMASTCO LIMITED (“OUR COMPANY” OR “THE Sr. % to
applied for applications
% to Shares
shares
allottees
to Shares of
applicants
to Deficit
No. total total applied in Applicant to (after
ISSUER”) FOR CASH AT A PRICE OF ` 77/- PER EQUITY SHARE INCLUDING SHARE PREMIUM OF ` 67/- PER EQUITY SHARE (“OFFER PRICE”) AGGREGATING UP TO (Category received available total allocated/
Qualifying total [14]-[7]
each applicants rounding
` 5,62,531.20 THOUSANDS (THE “OFFER”) COMPRISING A FRESH OFFER OF UP TO 54,80,000 EQUITY SHARES AGGREGATING UP TO ` 4,21,960.00 THOUSANDS BY OUR wise)
category
allotted
applicants
off)
COMPANY (THE “FRESH OFFER”) AND AN OFFER FOR SALE OF UP TO 18,25,600 EQUITY SHARES BY MR. SUBRAMANIAM SWAMINATHAN IYER AND MR. VENKATARAMAN Before After
GANESAN AGGREGATING UP TO ` 1,40,571.20 THOUSANDS (“THE SELLING SHAREHOLDER”) (“SUCH EQUITY SHARES OFFERED BY THE SELLING SHAREHOLDERS, THE [1] [2] [3] [4] [5] [6] [7] rounding rounding [10] [11] [12] [13] [14] [15] [16]
“OFFERED SHARES”) (SUCH OFFER FOR SALE BY THE SELLING SHAREHOLDERS, THE “OFFER FOR SALE” AND TOGETHER WITH THE FRESH OFFER , “THE OFFER”). OUT off [8] off [9]
1 3,66,400 1 100.00 3,66,400 100.00 3,66,400 366400.00 366400 1 1 1 100.00 3,66,400 100.00 0.00
OF WHICH 3, 66,400 EQUITY SHARES AGGREGATING TO ` 28,212.80 THOUSANDS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE OFFER (THE
GRAND TOTAL 1 100.00 3,66,400 100.00 3,66,400 1 100.00 3,66,400 100.00 0.00
“MARKET MAKER RESERVATION PORTION”). THE OFFER LESS MARKET MAKER RESERVATION PORTION I.E., OFFER OF UPTO 69, 39,200 EQUITY SHARESAGGREGATING
TO ` 5, 34,318.40 THOUSANDS (“NET OFFER”). THE OFFER AND THE NET OFFER WILL CONSTITUTE 29.53 % AND 28.05 %, RESPECTIVELY OF THE POST ISSUE PAID UP B. Allocation to Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Retail Individual Investor, at the Issue Price of Rs. 77/- per Equity Share,
was finalised in consultation with NSE. The category was subscribed by 17.19 times. The total number of shares allotted in this category is 39,16,800 Equity Shares to 2,448
EQUITY SHARE CAPITAL OF THE COMPANY.
successful applicants.
In terms of Regulation 253(2) of the SEBI (ICDR) Regulations, as present issue is a fixed price issue ‘the Allocation’ in the Net Offer to the Public category is made as follows:
The category wise details of the Basis of Allotment are as under:
(a) minimum 50% to Retail Individual Investors; and
S. No No. of Number of % Total No. of % Proportionate Allocation per Ratio of Serial Number of % Total No. % to Surplus/
(b) Remaining to: (i) individual applicants other than retail individual investors; and (ii) other investors including corporate bodies or institutions, irrespective of the number of Shares applications to Shares to shares Applicant allottees to Number successful to of total Deficit
applied received total applied in total available applicants of applicants total Shares [14]-[7]
specified securities applied for for each Qualifying (after allocated/
Provided that the unsubscribed portion in either of the categories specified in (a) or (b) above may be allocated to the applicants in the other category. (Category category applicants rounding allotted
wise) off)
If the retail individual investor is entitled to more than allocated portion on proportionate basis, accordingly the retail individual investors shall be allocated that higher percentage. [1] [2] [3] [4] [5] [6] [7] Before After [10] [11] [12] [13] [14] [15] [16]
For further details, please refer to chapter titled “Issue Structure” beginning on page 266 of the Prospectus. In this IPO, retail individual investor category was allotted extra 4,47,200 rounding rounding
off off
Equity Shares as a spillover from Other than Retail Individual Investors. [8] [9]
1 1,600 42,071 100.00 6,73,13,600 100.00 39,16,800 2448 42071 2,448 100.00 93.10
39,16,800 1600
100.00 0.00
THIS ISSUE IS BEING MADE IN TERMS OF REGULATION 229(2) OF CHAPTER IX OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
GRAND TOTAL 42071 100.00 6,73,13,600 100.00 39,16,800 2,448 100.00 39,16,800 100.00 0.00
REQUIREMENTS) REGULATIONS, 2018 [“THE SEBI (ICDR) REGULATIONS”] AS AMENDED READ WITH RULE 19(2)(b)(i) OF THE SECURITIES CONTRACTS (REGULATION)
RULES, 1957 AS AMENDED. THIS IS AN OFFER FOR AT LEAST 25% OF THE POST – ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. THIS OFFER IS BEING MADE C. Allocation to Non Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to Other than Retail Individual Investors, at the issue price of Rs.
THROUGH A FIXED PRICE OFFER AND ALLOCATION IN THE NET OFFER TO THE PUBLIC WILL BE MADE IN TERMS OF REGULATION 253 OF THE SEBI ICDR REGULATIONS. FOR 77/- per Equity Share, was finalised in consultation with NSE. The category was subscribed by 17.19 times. The total number of shares allotted in this category is 30,22,400
FURTHER DETAILS, PLEASE REFER CHAPTER TITLED “OFFER PROCEDURE” BEGINNING ON PAGE NO. 337 OF THE PROSPECTUS Equity Shares to 1,234 successful applicants.
The category wise details of the Basis of Allotment (on sample basis) are as under:
THE FACE VALUE OF THE EQUITY SHARES IS ? 10/- EACH AND THE OFFER PRICE IS ? 77/- PER EQUITY SHARE No. of Shares Number of % to Total No. of % to Proportionate Allocation per Applicant Ratio of Serial Number of % to Total No. % to Surplus/Deficit
THE OFFER PRICE IS 7.70 TIMES OF THE FACE VALUE OF THE EQUITY SHARE applied for applications total Shares total shares allottees to Number of successful total of shares total (14)-(7)
(Category wise) received applied in available applicants Qualifying applicants allocated/
OFFER OPENED ON: Thursday, February 15, 2024 each applicants (after alloted
OFFER
category rounding)
PROGRAMME OFFER CLOSED ON: Tuesday, February 20, 2024 (2) (3) (4) (5) (6) (7) Before After (10) (11) (12) (13) (14) (15) (16)
Rounding off Rounding
PROPOSED LISTING: Friday, February 23, 2024* (8) off (9)
Offer Opened on Thursday, February Initiation of Unblocking of Funds / Thursday, February 22, 2024 3200 3169 62.88 10140800 19.52 589904.57 186.15 1600 369 3169 369 29.90 590400 19.53 495.43
15, 2024 refunds (T+2 day) 4800 340 6.75 1632000 3.14 94935.73 279.22 1600 59 340 59 4.78 94400 3.12 -535.73
6400 298 5.91 1907200 3.67 110944.50 372.30 1600 69 298 69 5.59 110400 3.65 -544.50
Offer Closed on (T Day) Tuesday, Credit of Equity Shares to demat account Thursday, February 22, 2024 8000 152 3.02 1216000 2.34 70736.43 465.37 1600 44 152 44 3.57 70400 2.33 -336.43
February 20, 2024 of Allottees (T+2 day) 9600 101 2.00 969600 1.87 56402.99 558.45 1600 35 101 35 2.84 56000 1.85 -402.99
Finalisation of Basis of Allotment Wednesday, Commencement of Trading of Equity Shares On or about Friday, 11200 71 1.41 795200 1.53 46257.90 651.52 1600 29 71 29 2.35 46400 1.54 142.10
12800 145 2.88 1856000 3.57 107966.13 744.59 1600 67 145 67 5.43 107200 3.55 -766.13
with the Designated Stock Exchange February 21, 2024 on the Stock Exchange (T+3 days) February 23, 2024
14400 232 4.60 3340800 6.43 194339.03 837.67 1600 121 232 121 9.81 193600 6.41 -739.03
/ Allotment of Securities (T+1 day)
16000 143 2.84 2288000 4.40 133096.17 930.74 1600 83 143 83 6.73 132800 4.39 -296.17
Timelines for submission of Application (T is the Offer Closing Date) 17600 36 0.71 633600 1.22 36857.40 1023.82 1600 23 36 23 1.86 36800 1.22 -57.40
19200 32 0.63 614400 1.18 35740.51 1116.89 1600 22 32 22 1.78 35200 1.16 -540.51
Application submission by Investors Application Modification: From Offer Opening Date to 5:00 P.M. on T 20800 10 0.20 208000 0.40 12099.65 1209.97 1600 8 10 8 0.65 12800 0.42 700.35
Electronic Applications (Online ASBA through 3-in-1 accounts) – Upto 5:00 P.M. on T day day 22400 10 0.20 224000 0.43 13030.39 1303.04 1600 8 10 8 0.65 12800 0.42 -230.39
Electronic Applications (Bank ASBA through online channels like Internet Banking, Mobile Banking and Validation of Application details with Depositories: From Offer 24000 24 0.48 576000 1.11 33506.73 1396.11 1600 21 24 21 1.70 33600 1.11 93.27
Syndicate UPI ASBA) – Upto 4:00 P.M. on T day Opening Date to 5:00 P.M. on T day 25600 16 0.32 409600 0.79 23827.01 1489.19 1600 15 16 15 1.22 24000 0.79 172.99
Electronic Applications (Syndicate Non-Retail, Non-Individual Applications) – Upto 3:00 P.M. on T day UPI Mandate acceptance time: T day – 5:00 P.M. 27200 20 0.40 544000 1.05 31645.24 1582.26 1600 1 1 20 1.62 32000 1.06 354.76
Physical Applications (Bank ASBA) – Upto 1:00 P.M. on T day Offer Closure 49600 2 0.04 99200 0.19 5770.60 2885.30 3200 1 1 2 0.16 6400 0.21 629.40
T day - 4:00 P.M. for QIB and NII categories 52800 1 0.02 52800 0.10 3071.45 3071.45 3200 1 1 1 0.08 3200 0.11 128.55
Physical Applications (Syndicate Non-Retail, Non-Individual Application of QIBs and NIIs) - Upto 12:00 P.M.
54400 1 0.02 54400 0.10 3164.52 3164.52 3200 1 1 1 0.08 3200 0.11 35.48
on T day and Syndicate members shall transfer such applications to banks before 1:00 P.M. on T day T day - 5:00 P.M. for Retail and other reserved categories
56000 3 0.06 168000 0.32 9772.80 3257.60 3200 1 1 3 0.24 9600 0.32 -172.80
The Equity Shares offered through the Prospectus are proposed to be listed on NSE EMERGE, in terms of the Chapter IX of the SEBI (ICDR) Regulations, 2018, as amended from time 57600 1 0.02 57600 0.11 3350.67 3350.67 3200 1 1 1 0.08 3200 0.11 -150.67
to time. Our Company has received an In-Principle approval letter bearing Ref. No. NSE/LIST/3116 dated January 29, 2024 from National Stock Exchange of India Limited (“NSE”) 59200 1 0.02 59200 0.11 3443.75 3443.75 3200 1 1 1 0.08 3200 0.11 -243.75
for using its name in the offer document for listing of our shares on the NSE EMERGE. It is to be distinctly understood that the permission given by NSE should not in any way be 60800 1 0.02 60800 0.12 3536.82 3536.82 3200 1 1 1 0.08 3200 0.11 -336.82
deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer 72000 1 0.02 72000 0.14 4188.34 4188.34 4800 1 1 1 0.08 4800 0.16 611.66
75200 1 0.02 75200 0.14 4374.49 4374.49 4800 1 1 1 0.08 4800 0.16 425.51
Document. The investors are advised to refer to the Prospectus for the full text of the “Disclaimer Clause of the NSE EMERGE Platform” on page 318 of the Prospectus. For the
76800 2 0.04 153600 0.30 8935.13 4467.56 4800 1 1 2 0.16 9600 0.32 664.87
purpose of this issue, the Designated Stock Exchange will be the National Stock Exchange of India Limited. The trading is proposed to be commenced on or about February 23,
78400 1 0.02 78400 0.15 4560.64 4560.64 4800 1 1 1 0.08 4800 0.16 239.36
2024* 80000 8 0.16 640000 1.23 37229.70 4653.71 3200 1 1 8 0.65 25600 0.85 -11629.70
*Subject to receipt of listing and trading approval from the National Stock Exchange of India Limited. 0 0 0 0 0 0 0 1600 7 8 7 0.57 11200 0.37 11200.00
All Applicants have participates in the issue through APPLICATION SUPPORTTED BY BLOCKED AMOUNT (“ASBA”) process including through Unified Payment Interface (“UPI”) 81600 2 0.04 163200 0.31 9493.57 4746.79 4800 1 1 2 0.16 9600 0.32 106.43
mode, as applicable in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the “SCSBs”) / Sponsor Bank as the case may be. 88000 2 0.04 176000 0.34 10238.17 5119.08 4800 1 1 2 0.16 9600 0.32 -638.17
89600 1 0.02 89600 0.17 5212.16 5212.16 4800 1 1 1 0.08 4800 0.16 -412.16
RISK TO INVESTORS 99200 1 0.02 99200 0.19 5770.60 5770.60 6400 1 1 1 0.08 6400 0.21 629.40
1. Our Equity Shares has never been traded and may experience price and volume fluctuations following the competition of the Issue. Further, our Equity shares may not result in 102400 1 0.02 102400 0.20 5956.75 5956.75 6400 1 1 1 0.08 6400 0.21 443.25
an active or liquid market and the price of our Equity Shares may be volatile and you may be unable to reself your Equity Shares at or above the Issue Price or at all. 104000 1 0.02 104000 0.20 6049.83 6049.83 6400 1 1 1 0.08 6400 0.21 350.17
107200 1 0.02 107200 0.21 6235.97 6235.97 6400 1 1 1 0.08 6400 0.21 164.03
2. The weighted average cost of acquisition of Equity Shares by our Selling Shareholders are as follows:
108800 1 0.02 108800 0.21 6329.05 6329.05 6400 1 1 1 0.08 6400 0.21 70.95
DETAILS OF OFFER FOR SALE BY THE SELLING SHAREHOLDERS 112000 1 0.02 112000 0.22 6515.20 6515.20 6400 1 1 1 0.08 6400 0.21 -115.20
131200 4 0.08 524800 1.01 30528.35 7632.09 6400 1 1 4 0.32 25600 0.85 -4928.35
NAME OF THE SELLING SHAREHOLDER TYPE NUMBER OF SHARES OFFERED WEIGHTED AVERAGE COST OF ACQUISITION 0 0 0 0 0 0 0 1600 3 4 3 0.24 4800 0.16 4800.00
PER EQUITY SHARE (IN ? )* 144000 1 0.02 144000 0.28 8376.68 8376.68 8000 1 1 1 0.08 8000 0.26 -376.68
Mr. Subramaniam Swaminathan Iyer Promoter Up to 10,95,360 Equity Shares aggregating ? 84,342.72 Thousands 14.95 248000 1 0.02 248000 0.48 14426.51 14426.51 14400 1 1 1 0.08 14400 0.48 -26.51
260800 2 0.02 521600 1.00 30342.20 15171.10 14400 1 1 2 0.16 28800 0.95 -1542.20
Mr. Venkataraman Ganesan Promoter Up to 7,30,240 Equity Shares aggregating ? 56,228.48 Thousands Nil 0 0 0 0 0 0 0 1600 1 2 1 0.08 1600 0.05 1600.00
3. Track record of the Past issues handled by the Lead Manager are as under: 268800 1 0.02 268800 0.52 15636.47 15636.47 16000 1 1 1 0.08 16000 0.53 363.53
292800 1 0.02 292800 0.56 17032.59 17032.59 17600 1 1 1 0.08 17600 0.58 567.41
TRACK RECORD OF PAST ISSUES HANDLED BY LEAD MANAGER I.E., AFFINITY GLOBAL CAPITAL MARKET PRIVATE LIMITED 296000 1 0.02 296000 0.57 17218.74 17218.74 17600 1 1 1 0.08 17600 0.58 381.26
308800 1 0.02 308800 0.59 17963.33 17963.33 17600 1 1 1 0.08 17600 0.58 -363.33
+/- % change in
+/- % change in +/- % change in 323200 1 0.02 323200 0.62 18801.00 18801.00 19200 1 1 1 0.09 19200 0.64 399.00
closing price, [+/- 324800 1 0.02 324800 0.63 18894.07 18894.07 19200 1 1 1 0.09 19200 0.64 305.93
Issue Opening closing price, [+/- closing price, [+/-
Issue Size % change in 416000 1 0.02 416000 0.80 24199.30 24199.30 24000 1 1 1 0.09 24000 0.79 -199.30
Sr. Price Listing price on % change in closing % change in closing 640000 1 0.02 640000 1.23 37229.70 37229.70 36800 1 1 1 0.09 36800 1.22 -429.70
Issue Name (` in closing
No. (In Date listing date benchmark] benchmark] – 180th 808000 1 0.02 808000 1.56 47002.49 47002.49 46400 1 1 1 0.09 46400 1.54 -602.49
Thousands.) th benchmark] –
`) (In `) 30 calendar days calendar days from 6939200 1 0.02 6939200 13.35 403663.00 403663.01 403200 1 1 1 0.09 403200 13.33 -463.00
90th calendar days GRAND TOTAL 5040 100.00 51956800 100.00 3022400.00 1234 100.00 3022400 100.00 0.00
from listing* listing***
from listing** The Board of Directors of the Company at its meeting held on February 21, 2024 has taken on record the Basis of Allotment of Equity Shares, as approved by the Designated Stock
Main Board Exchange viz., NSE EMERGE and has authorised the corporate action for the allotment of the Equity Shares in dematerialised form to various successful applicants.
- - - - - - - - - The CAN-cum-Refund Orders and Allotment Advice and/or Notices are being dispatched to the email id’s and address of the applicants as registered with the depositories / as filled
SME Board in the application form on February 22, 2024 . Further, the instructions to Self-Certified Syndicate Banks for unblocking the funds being processed on February 22, 2024. In case the
1 Auro Impex & 2,70,700.00 78/- May 23, 2023 78/- (-6.01%) (-12.41%) (-10.23%) same is not received within Four (4) days, investors may contact the Registrar at the address given below. The Equity Shares allocated to successful applicants are being credited to
Chemicals Limited 2.30% 5.69% 7.54% their beneficiary accounts subject to validation of the account details with the depositories concerned. The Company shall file the listing application with NSE on or before February
22, 2024. The Company is in the process of obtaining the listing & the trading approval from NSE and the trading is expected to commence on or about Friday, February 23, 2024.
2 Jiwanram 1,70,700.00 23/- September 18, 30/- (-30.87) (-42.63%) N.A.
Sheoduttrai 2023 (-2.29%) 6.57% Note: All capitalized terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus dated February 09, 2024
Industries Limited INVESTORS PLEASE NOTE
Sources: All share price data is from www.nseindia.com
* 30th calendar day has been taken as listing day plus 29 calendar days
The details of the allotment made has been hosted on the website of Registrar to the Offer, Cameo Corporate Services Limited at www.cameoindia.com.
** 90th calendar day has been taken as listing day plus 89 calendar days All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicants, Serial number of the Application Form ,
*** 180th calendar day has been taken as listing day plus 179 calendar days number of Equity Shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:
Note:
1. In case where the security is not traded on 30th, 90th and 180th day, the previous working day has been considered. Cameo Corporate Services Limited
2. In case where 30th, 90th and 180th day is holiday, closing price on NSE of the previous trading day has been considered for benchmark and security purpose. Subramanian Building" 1 Club House Road, Chennai- 600 002.
3. The Benchmark index is Nifty as the securities have been listed on NSE EMERGE. Tel: +91 40 4002 0700;
4. N.A. – Period not completed E-mail: priya@cameoindia.com
5. “Closing Price” on the listing day of respective scrips is taken as “Base Price” for calculating % Change in Closing Price of the respective issue on 30th / 90th / 180th Calendar Investor Grievance e-mail: investor@cameoindia.com;
days from listing.
Website: www.cameoindia.com
6. “Closing Benchmark” on the listing day of respective scrips is taken as “Base Benchmark” for calculating % Change in Closing Benchmark on 30th / 90th / 180th Calendar
Contact Person: K. Sreepriya;
days from listing.
SUBSCRIPTION DETAILS SEBI Registration No.: INR000003753

The Net Offer has received 48,862 applications before technical rejections for 12,27,10,400 Equity Shares (including Market Maker Application of 3,66,400 Equity Shares)
For and on behalf of Board of Directors
resulting in 22.14 times subscription.
ATMASTCO LIMITED
The details of the applications received in the issue from Retail Individual Applicants, Non Individual Applicants and Market Maker (before and after technical rejections & Sd/-
withdrawals) are as follows: Subramaniam Swaminathan Iyer
Sl. Number of Equity Shares Number of times Place: Bhilai Managing Director
Category Number of Applications Number of Equity Shares applied
No. reserved as per Prospectus subscribed Date: February 22, 2024 DIN: 01243936
1 Retail Individual Applicants 43,761 7,00,17,600 34,69,600 17.19
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS
Other than Retail Individual Applicants
2 5,100 5,23,26,400 34,69,600 17.19 PROSPECTS OF ATMASTCO LIMITED.
(Non Institutional Applicants)
3 Market Maker 1 3,66,400 3,66,400 1.00 Disclaimer: ATMASTCO LIMITED has filed the Prospectus dated February 09, 2024 with the ROC and thereafter with SEBI and the Stock Exchange. The Prospectus shall be made
48,862 12,27,10,400 73,05,600 available on the website of the SEBI at www.sebi.gov.in as well as on the website of the LM i.e., Affinity Global Capital Market Private Limited at www.affinityglobalcap.in, the website
of the NSE Emerge at www.nseindia.com. Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to same, see “Risk Factors”
SUMMARY OF VALID APPLICATIONS beginning on page 32 of the Prospectus.
Gross Less: Rejections Valid The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws in
Sl. No Category No. of No. of Equity No. of No. of Equity No. of No. of Equity the United States, and may not be offered or sold within the United States or to, or for the account or benefit of ”U.S. persons” (as defined in Regulation S of the Securities Act),
Applications Shares Applications Shares Applications Shares except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Equity Shares will be offered and sold (i)
1 Retail Individual Applicants 43,761 7,00,17,600 1,690 27,04,000 42,071 6,73,13,600 within the United States only to persons reasonably believed to be “Qualified Institutional Buyers” (as defined in Rule 144A of the Securities Act) under Section 4(a) of the Securities
Other than Retail Individual Applicants Act and (ii) outside the United States in offshore transaction in reliance on Regulation S under the Securities Act and the applicable laws of the jurisdiction where those offer and
2 5,100 5,23,26,400 60 3,69,600 5,040 5,19,56,800
(Non Institutional Applicants and QIBs) sales occur.
3 Market Maker 1 3,66,400 0 0 1 3,66,400 The Equity Shares have not been and will not be registered , listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Application may
Total 48,862 12,27,10,400 1,750 30,73,600 47,112 11,96,36,800 not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1

MONETARY POLICY COMMITTEE MINUTES Fresh formal jobs

Caution stays in last leg of inflation fight created last year
Premature move may
undermine success
Treading carefully fell nearly 10%
achieved so far: Das EPFO data shows 10.78 mn new users
MANOJIT SAHA joined compared to 11.93 mn in 2022
Mumbai, 22 February
ILLUSTRATION: BINAY SINHA

RISE AND FALL

M
ost of the six members of the
Reserve Bank of India’s
(RBI’s) monetary policy
committee (MPC), in the February
New EPFO subscribers over
the years (in mn)
“As markets are “Monetary policy must “Any change at “A real interest rate “I vote for status quo “Deceleration in food

11.93
review meeting on credit policy, front-running central remain restrictive and this stage could of 2% creates the very on rates though inflation would be key

11.75
banks in anticipation maintain downward

10.78
8.16
decided not to drop their guard be a misstep real risk of turning headline inflation to bringing down the

against inflation, basing themselves
on the thinking that the last mile to
achieve the target of 4 per cent rate
could be the most challenging.
The minutes of the meeting,
released on Thursday, showed the
rate-setting panel kept the policy repo
rate unchanged at 6.5 per cent for the
sixth consecutive time while main-
taining the withdrawal of the “accom-
modation” stance. All members
except Jayanth Varma voted in favour
of both the resolutions.
As the minutes showed, RBI
Governor Shaktikanta Das said “At
this juncture, monetary policy must
remain vigilant and not assume that
our job on the inflation front is over.”
“We must remain committed to
successfully navigating the ‘last mile’
of disinflation, which can be sticky.
As markets are front-running central
10.47
of policy pivots, any pressure on inflation
premature move may while minimising the and an undoing growth pessimism into projections for FY25 headline inflation to
of the gains made a self fulfilling at 4.5% gives room the target on a
undermine the success output costs of
achieved so far” disinflation” so far” prophecy” to cut” sustained basis”
SHAKTIKANTA DAS MICHAEL D PATRA RAJIV RANJAN JAYANTH R VARMA ASHIMA GOYAL SHASHANKA BHIDE
Governor, RBI Deputy governor, RBI Executive director, RBI External member External member External member
banks in anticipation of policy pivots, Patra said it was only when the descent of inflation is the most chal- translates into a real rate of 2 per cent.
any premature move may undermine inflation rate subsided and stayed lenging part of the journey and the I do not believe that such a high real 2019 2020 2021 2022 2023
the success achieved so far,” Das said, close to the target lastingly that policy history of past 100 inflation episodes rate is required at this stage to drive Source: EPFO
adding price and financial stability restraint could be eased. The central teaches us that inflation shock, in inflation down to the target of 4 per
were essential to sustain a long haul bank’s target is to keep the inflation general, tends to be persistent,” cent,” he said. Stating that there was SHIVA RAJORA slowdown, indicates a market
of high growth. Deputy Governor M rate at 4 per cent, within the range of he added. no evidence the economy was over- New Delhi, 22 February correction after the pan-
D Patra spoke of the importance of 2-6 per cent. Rajiv Ranjan, another External member Varma, who heating, he said: demic, as the earlier surge in
restraining inflation for growth to be internal member, cautioned the mar- voted for a rate cut of 25 basis points, “The majority of the MPC worry Nearly 10 per cent fewer fresh hirings represented a tempo-
inclusive and sustained. kets went overboard if they saw a rate along with a change in stance to that the output gap has already formal jobs were created in rary uptick.
“… private consumption, which cut coming and this made managing “neutral”, warned of high real interest closed, and that the projected growth 2023 compared to the pre- “Although there is a slight
accounts for 57 per cent of GDP, is lan- inflation tougher. “Markets are cur- rates. rate of 7 per cent for 2024-25 exceeds vious year, reflecting a sharp recovery in the job market in
guishing under the strain of still rently running ahead of policy makers “Inflation is projected to average the growth potential of the Indian slump in the pace of formal December 2023, with new
elevated food inflation. This is par- worldwide including India,” he said. 4.5 per cent in 2024-25, and, therefore, economy. I do not think that such job creation, according to a formal job creation reaching
ticularly telling in rural areas,” he said. “Successfully managing the final the current policy rate of 6.5 per cent growth pessimism is warranted.” Business Standard analysis of a three-month high, the
the latest payroll data. overall decline is a market
The data released by the correction. Navigating these
Employees’ Provident Fund challenges of economic

‘IMEC has the GDP growth may TRAFFIC Organisation (EPFO) indi-
cates that 10.78 million new
uncertainties and shifts in
market demands requires a

weaken to 6.5% in HANDLED BY subscribers joined

Employees’ Provident Fund
the comprehensive strategy that
embraces innovation, fosters

potential to FY25: India Ratings MAJOR PORTS (EPF) between January and
December 2023. This figure
skill development, and
creates an enabling environ-

HIT 5-YR HIGH stood at 11.93 million in the ment for job creation,” he

create more India’s gross domestic product (GDP)

IN JANUARY
growth is expected to moderate to 6.5
percent in 2024-25 (FY25) from 7.3 per
corresponding period of the
preceding year.
This is crucial, as only the
added.
Furthermore, the data
shows that the number of

opportunities’
cent estimated by the first advance India’s major ports in January handled 72.5 million tonnes formal workforce enjoys new female subscribers
estimates, said India Ratings and (mt) of goods, which is the highest since at least February Petroleum, coal social security benefits and is declined by nearly 11 per cent
Research on Thursday. The forecast
is a notch below the Reserve Bank of
2019, shows the data collated from the Ministry of Ports,
Shipping, and
dominate protected by labour laws.
The monthly payroll data
to 2.8 million in 2023 from
3.14 million in 2022.
SUBHAYAN CHAKRABORTY India’s estimate of 7 per cent GDP Waterways; and the Shipping lanes Traffic for major ports
(in million tonnes)
released by the EPFO is part This deterioration in the
New Delhi, 22 February growth projection in FY25. Centre for Monitoring Ports traffic over the year (in mt) of the government’s effort to quality of employment comes
The credit rating agency in its Indian Economy (CMIE). Jan ‘23 Jan ‘24 track formal sector employ- in the wake of the lowest
Albania has robust transport linkages in place to the report said that despite the base This represents a ment using payroll as an unemployment rate recorded
Petroleum, oil 20.0
Northern Balkans and the Central European regions, effect, the sequential GDP growth nearly 60 per cent gain instrument. in the country in the past six
and lubricants 21.5
Albanian Foreign Minister Igli Hasani told indicates that the economic recovery from pandemic lows of The data also reveals that years.
Business Standard on Thursday. is on track due to the sustained gov- 45.45 million tonnes in Other liquids 2.9 the number of new young The recently released
Hasani, who is in the national capital to attend the ernment capital expenditure, healthy May 2020. 2.2 subscribers belonging to the annual periodic labour force
Raisina Dialogue, said the India Middle-East corporate performance, deleveraged The 12 major ports, Iron ore 5.4 18-28 age group declined by survey (PLFS) showed that
Economic Corridor (IMEC) has the potential to create corporate sector balance sheet, con- under the control of the 6.8 9.2 per cent to 7.2 million in the unemployment rate had
more market opportunities. tinued softness in global commodity Centre, are in Mumbai, Fertiliser and fertiliser 1.5 2023 from 7.93 million in the dropped to a six-year low of
Sources: CMIE, Ministry of Ports, Shipping,
“The opportunities that prices and the prospect of a new pri- Chennai and Kolkata, and Waterways raw material 1.2 corresponding period of the 3.2 per cent in July–June
can come from Albania, and vate capex cycle. SHIVA RAJORA among other cities. The Coal: thermal 9.9 preceding year. This is crucial 2022–23 from 4.1 per cent in
Albania’s foreign the region, are vast. There are remaining non-major ports are controlled by the state because subscribers in this July–June 2021–22.
minister said and steam 11.1
possibilities connected to governments or private players. Non-major ports’ cargo Coal: coking and 5.7 age group are usually first- Labour economist
these routes were tourism, infrastructure and handled grew 11.1 per cent to 61.6 million tonnes. timers in the labour market, Santosh Mehrotra says the
others 5.7
mechanisms that
could only be
our need for a skilled work
force that might shape these
Regulations for The growth in cargo handled by major ports has been
slowing down. It grew 3.2 per cent year-on-year (Y-o-Y) in
Containerised cargo 15.3
reflecting its robustness.
Ramesh Alluri Reddy,
EPFO payroll data does not
reflect a clear picture of
seen from the
perspective of
opportunities well together,”
the minister said.
Trustee Bank, January 2024, which was 12.3 per cent in the year ago period.
Non-major ports had also shown faster Y-o-Y growth (8.1 per Other miscellaneous 9.5
14.6 chief executive officer of
TeamLease, says that the dip
employment generation in
the country, as it forms only
national interest Albania may need to
choose between IMEC and an CRA amended cent) in December 2023 than major ports (Y-o-Y growth of 0.7
per cent). ASHLI VARGHESE
cargo
Source: CMIE
9.2 in job creation in 2023, stem-
ming from the economic
a minuscule proportion of the
labour force in the country.
alternative route that Turkish President Recep Tayyip Pension Fund Regulatory and
Erdogan has said his country is working on. Development Authority (PFRDA) has
“We are looking at all opportunities and possibil- amended regulations for Trustee Bank,
ities that might usher in more prosperity for our
people. These (corridors) are mechanisms that can
only be seen from the perspective of national interest,”
and Central Recordkeeping Agency.
The amendments to Trustee Bank
(TB) Regulations simplify and
India on track to become $10 trn economy: WEF prez
he elaborated. strengthen the provisions related to PRESS TRUST OF INDIA In an exclusive video inter- Geneva-based WEF, which political recession, a very frag-
implementation of fraud prevention New Delhi, 22 February view with PTI, Brende also said describes itself as an interna- mented and polarised world,
Petroleum exports and mitigation policy, compensation that the WEF hopes to come tional organisation for public- but still there are areas where
While India’s exports to the European nation have his- to the subscriber, invitation of appli- India is on track to become a back to the country with the private cooperation, holds its we can collaborate and it is
torically been minuscule, the diesel shipments to the cation for new registration and sur- $10 trillion economy in coming WEF India Summit in collabo- annual meeting in the Swiss important to find those areas,”
country have shot up to nearly $989 million in the render of certificate of registration, an years and grab the third- ration with Government of ski resort town Davos every he said.
first nine months of FY24 (2023-24), up from $279.3 official statement said on Thursday. largest slot soon, World India when the time is ripe. year in January. Brende said it is necessary
million in FY23. The oil exports now represent almost Amendments to Central Economic Forum (WEF) “The Indian economy is the Brende said Indian Prime to underline that the economic
the entire share of the $1.06 billion exports from India Recordkeeping Agency (CRA) President Borge Brende said fastest growing among all large Minister Narendra Modi is growth is not so bad, especially
to the country situated on the western part of the Regulations simplify and strengthen on Thursday as he described economies of the world. We “always very, very welcome to in the case of India where “we
Balkan Peninsula. the provisions related to the govern- the country as a place with saw in Davos this year that Davos”. “When you come to are seeing 7 per cent economic
The country has close maritime supply chains in ance of CRA in line with Companies optimism not seen elsewhere there was a huge interest in India, you feel some optimism growth and the world’s largest WEF president Borge
place in its immediate neighbourhood, the Act, 2013 and enhanced disclosure of in a very fragmented and India and I think this will only which is not the case all over economy, the US, which is also Brende said there is a
minister said. information by CRA, it said. PTI polarised world. continue,” Brende said. the world. We are facing a geo- doing very well. certain optimism for India

and highways sector, the KKR-
> FROM PAGE 1 backed Highway Infrastructure
Trust acquired 12 road projects
generation assets of the Vedanta
group to renewable energy,” he
said. Serentica Renewables, a
transform the paint industry
with a 40 per cent addition to
current capacity,” Birla said.
expected to be in single digits.
“Demand for paints is very
strong and it is a high growth
High demand, coupled with
central location, elevates prices.
The average price in this zone
> BS SUDOKU # 4212

KKR...
Globally, KKR & Co is planning
to double its roughly $553 bil-
lion asset-management busi-
ness by focusing on infrastruc-
ture and climate, as well as
other markets, such as private
wealth and the Asia-Pacific
region. The firm has $59 billion
of assets under management in
the infrastructure sector alone,
worldwide.
Like KKR, other global pri-
vate equity companies are
investing heavily in India
across health care, information
technology, real estate, and
infrastructure sectors. US-
based Blackstone Inc is the
largest PE investor in India,
with $50 billion of investments
in health care, warehousing,
and the real estate sector.
Singapore’s Temasek has
invested $17 billion in India, so
far, and plans to invest another
$9-10 billion in India in the next
three years in the health care,
IT, SaaS, and fintech sectors,
revealed its executives in July
last year. Canada’s Brookfield
Asset Management is also a
large investor in India’s telecom
tower infrastructure, realty, and
renewable energy sectors, with
bets worth $25 billion.
In January, in one of the big-
gest acquisitions in the roads
from PNC Infratech and PNC
Infra Holdings at an enterprise
value of ~9,005.7 crore. “We are
looking at more roads, high-
ways, and expressway projects
in India as these projects have
clear visibility on cash flows
and are inflation-protected.
With almost 99 per cent of the
toll road revenues moving to
FASTags, there is no pilferage,
fewer security issues (with cash
lying at toll booths), and no pro-
cess issues, hence we think
roads and highways are a good
investment in India,” Shah said.
“We think there is a lot of
potential in state-government
transmission companies for
investments,” he said.
McVey, citing “conversa-
tions in New Delhi”, in the note
said as much as $4-5 billion of
annual infrastructure transfers
from government to the private
sector in each of the next five
years lies ahead. At the same
time, heavy investment in data
centres is helping India to
better harness its 900 million
internet users, McVey noted.
India’s renewable power sec-
tor is also on KKR’s radar, with
Shah noting that the PE major
working with the Vedanta group
and helping it transition from
coal-based electricity produc-
tion to renewable power gener-
ation. “We plan to transition
most of the coal-based power
decarbonisation platform, is
driving the firm’s plans in the
energy transition sector. In 2020,
KKR launched Virescent
Infrastructure, a platform to
acquire renewable energy assets
in India. In September 2022,
KKR invested $450 million in
Hero Future Energies to bet on
renewable assets.
Shah said that in the past 15
years, the Indian market has
matured in terms of the avail-
ability of assets and clarity in
policies, leading to investors’
confidence. "Fifteen years ago,
there were not that many oper-
ating assets available. So, there
was a large amount of capital
chasing a few assets. Since then
investors have also matured
and they have learnt what
works and what does not.
There's more certainty in gov-
ernment policies in terms of
their decision-making,” he
added.
Grasim...
The company will continue to
add capacity with the commis-
sioning of a fourth plant in
Chamarajanagar (Karnataka)
by Q1FY25, a fifth plant in
Mahad (Maharashtra) by
Q2FY25, and a sixth plant in
Kharagpur (West Bengal) by
Q4FY25.
“Birla Opus is poised to
The company is eyeing a capac-
ity of 1,332 million litres per
annum (mlpa) – bigger than the
second, third, and fourth
players combined.
“Additionally, we will increase
our capacity by 500 mlpa over
the coming five years,” he said.
The company aims to clock
in a revenue market share of
high single digits by the end of
the next financial year. It also
aims to have a distribution net-
work of 50,000 by leveraging its
existing dealer network in the
white cement business to push
growth. Grasim Industries aims
to expand its distribution to all
towns with a population of
100,000 by July this year and
further expand it to 6,000
towns by the end of FY25.
In recent years, JSW Group
entered the paints business in
2019 with JSW Paints and
Pidilite forayed into this sector
in 2023. Grasim first
announced its entry into this
space in 2021
JSW Paints revenue has
touched ~2,000 crore in the cur-
rent financial year and the con-
glomerate expects its paint
business’s revenue to reach
~2,200 crore by the end of FY24.
It has already broken even at an
operating level during the year
and its Ebitda (earnings before
interest, tax, depreciation and
amortisation) margins is
sector that can accommodate
more players. Margins and RoE
(return on equity) are also
better in the paints business.
But with competition heating
up in the segment, margin
expansion could become a
challenge for existing players,”
said Sachin Bobade, vice-pres-
ident at brokerage firm Dolat
Capital.
Talking about advertising
and marketing spends, Rakshit
Hargave, chief executive officer,
Birla Opus, said that to help
drive growth, the brand’s
investments will be in line with
the market leader.
Responding to a question
on Vodafone Idea, Birla said,
“We remain very committed to
Vodafone Idea. And we have
said in the public domain,
efforts are on to get outside
investors.”
(With inputs from Sharleen
D’Souza)
Bungalow...
There are no more than 950 to
1,000 bungalows in LBZ, of
which less than 10 per cent are
in private hands.
Real estate consultant JLL
says the value of these bunga-
lows ranges from ~200 crore to
over ~1,000 crore, driven by
exclusivity, limited supply and
strict development regulations.
is around ~8 lakh to ~10 lakh per
square yard (that’s 9 sq ft).
“Given the exclusive nature
of the LBZ and the prestige
associated with living in this
area, property owners often
have the liberty to quote their
desired price when selling or
renting out their bungalows,”
says Ritesh Mehta, senior direc-
tor and head (North and West),
Residential Services and
Developer Initiative, JLL India.
Prominent locations in
Lutyens, such as Amrita
Shergill Marg, Aurangzeb Road,
Prithviraj Road, Bhagwan Das
Road and Tilak Marg, and Golf
Links, have complexes ranging
between 375 to 6,000 square
yards and 2.36 to 3.75 acres.
Anticipating a scarcity of
available properties, JLL proj-
ects that these sought-after
Lutyens properties will be SOLUTION TO #4211
offered for sale only once a year
over the next four to five years. Hard:
That is, no more than one prop- ««««
erty will likely come up for sale
in a year.
Solution tomorrow
Among LBZ’s current res- HOW TO PLAY
idents are Sunil Bharti Mittal
(chairperson, Airtel), KP Singh
Fill in the grid so that
(chairman emeritus, DLF every row, every col-
group), the Burmans (Dabur umn and every 3x3
group), the Jindals (Jindal box contains
group), Laxmi Mittal (executive the digits 1 to 9
chairman, ArcelorMittal), and
CK Birla (chairman, Hyderabad
Industries Ltd).
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 POLITICS & PUBLIC AFFAIRS 7

HC revokes part of order (A Scheduled Commercial Bank)

CIN No. U65923KA2006PLC040028
Regd Office : The Fairway Business Park #10/1, 11/2, 12/2B, Of Domlur,
Koramangala Inner Ring Road, Next to EGL, Challaghatta, Bengaluru 560071

including Meiteis in ST list

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2023

Quarter Ended
(` in 000s)
Previous GOVERNMENT OF TAMIL NADU
Year Ended
Particulars
31-12-2023 31-12-2022 31-03-2023
FINANCE DEPARTMENT,
Total Income from Operations
(Unaudited)
1,17,75,402
(Audited)
97,89,033
(Audited)
3,69,98,750
CHENNAI-9
Net Profit / (Loss) for the period (before Tax, 13,46,442 11,93,410 25,59,713 Auction of 10 year Tamil Nadu
Says paragraph is in conflict with Supreme Court Constitution Bench’s stance Exceptional and/or Extraordinary items)
Net Profit / (Loss) for the period before tax (after 13,46,442 11,93,410 25,59,713 Government Stock (Securities)
Exceptional and/or Extraordinary items)
PRESS TRUST OF INDIA detailed in the Ministry of Tribal Affairs’ Net Profit / (Loss) for the year (after tax) 13,46,442 11,93,410 25,59,713
1. Government of Tamil Nadu has offered to sell by auction the dated
(after exceptional and/or Extraordinary items) securities for an amount of Rs.2000 crore with Ten year tenure.
Imphal, 22 February 2013-14 report, the court highlighted the
CASE HISTORY need for alignment with the Supreme
Paid up Equity Share Capital
Reserves (excluding Revaluation Reserve)
7,36,322
2,36,30,828
5,49,787
1,38,87,348
5,49,787
1,47,22,765
Securities will be issued for a minimum nominal amount of Rs.10,000/-
and multiples of Rs.10,000/- thereafter. Auction which will be yield

T
he Manipur High Court has
ordered removal of a paragraph
from a March 2023 order that urged
the state to consider including the Meitei
community in the Scheduled Tribe (ST)
list, saying the paragraph was in conflict
with the Supreme Court’s Constitution
Bench stance.
The March 27, 2023 directive, believed
to be a catalyst in the ethnic unrest that
claimed over 200 lives, was rescinded by
a single-judge Bench of Justice Golmei
Gaiphulshillu during a review petition
hearing on Wednesday.
The contentious paragraph from last
year’s verdict, instructing the state to
expedite consideration of Meitei commu-
nity inclusion, was deemed for deletion.
The paragraph of the last year verdict
stated the state government “shall con-
sider the case of the petitioners for inclu-
sion of Meetei/Meitei community in ST
list, expeditiously, preferably within a
period of four weeks” from the date of
receipt of the order.
Justice Gaiphulshillu’s ruling on
February 21 emphasised the necessity of
removing the directive, pointing to the
Government of India’s stipulated proce-
dure for ST list amendments.
Justice Gaiphulshillu said,
“Accordingly, the direction given at para
no. 17(iii) needs to be deleted and is
 March 2023 order urged the
state for including the
community in the ST list
 The March 2023 directive was
rescinded by a single-judge Bench
of Justice Golmei Gaiphulshillu
 The High Court’s 19-page
verdict underlined the legislative
limitations on judicial
interference concerning
Scheduled Tribe classifications, as
outlined by a
Constitution
Bench ruling of
Nov 2000
ordered accordingly for deletion of the
para no. 17(iii) of the judgment and order
dated March 27, 2023...”.
Referring to the constitutional protocol
Court’s constitutional interpretation.
“...I am satisfied and of the view that
the direction given at Para no. 17(iii) of
the single judge dated March 27, 2023...
which is impugned herein needs to be
reviewed, as the direction given at para
no. 17(iii) of the single judge is against the
observation made in the Constitution
Bench of the Supreme Court,” the high
court said in its 19-page verdict. The high
court’s detailed 19-page verdict under-
lined the legislative limitations on
judicial interference concerning
Scheduled Tribe classifications, as out-
lined by a Constitution Bench ruling in
November 2000.
“Courts cannot and should not
expand jurisdiction to deal with the ques-
tion as to whether a particular caste, sub-
caste; a group or part of tribe or sub-tribe
is included in any one of the Entries men-
tioned in the Presidential Orders issued
under Article 341 and 342 particularly so
when in Clause (2) of the said Article, it
is expressly stated that said orders cannot
be amended or varied except by law
made by Parliament” the verdict of
Supreme Court’s Constitution Bench in
November 2000 said.
The Constitution Bench had eluci-
dated that courts should not overstep
their jurisdiction in determining such
categorisations.
Networth (Tier I Capital) 2,71,88,690 1,71,37,135 1,79,72,552
based under multiple price format will be conducted by Reserve Bank
Paid up Debt Capital / Outstanding Debt 5,36,08,231 5,64,57,120 6,27,74,600
Outstanding Redeemable Preference Shares Nil Nil Nil
of India at Mumbai Office (Fort) on February 27, 2024.
Capital Adequacy Ratio (%) 16.27% 15.83% 15.57% 2. The Government Stock up to 10% of the notified amount of the sale
Debt Equity Ratio 1.97 3.29 3.49 will be allotted to eligible individuals and institutions subject to a
Earnings Per Equity Share (face value of ₹ 10 per share)
maximum limit of 1% of its notified amount for a single bid as per the
1. Basic (₹) 18.30 22.28 47.47
Revised Scheme for Non-competitive Bidding facility in the Auctions of
2. Diluted (₹) 14.84 20.58 42.64
State Government Securities of the General Notification (Annexure II).
Notes :
Under the scheme, an investor can submit a single bid only through a
1. The above publication is an extract of the detailed financial results filed with the Stock Exchange under Regulation 33
and Regulation 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. bank or a Primary Dealer.
2. The above results of the Bank have been reviewed and recommended by the Audit Committee and approved by
the Board of Directors at their meeting held February 22, 2024. 3. Interested persons may submit bids in electronic format on the
3. Previous period/ year figures have been regrouped/ reclassified, wherever necessary to conform with the current Reserve Bank of India Core Banking Solution (E-Kuber) System as
period/ year presentation.
stated below on February 27, 2024.
4. The full format of financial results are available on Bombay Stock Exchange website www.bseindia.com
a) The competitive bids shall be submitted electronically on the
Bengaluru For and on behalf of the Board of Directors
February 22, 2024 Ajay Kanwal Reserve Bank of India Core Banking Solution (E-Kuber) System
Managing Director & Chief Executive Officer
between 10.30 A.M. and 11.30 A.M.
b) The non-competitive bids shall be submitted electronically on
the Reserve Bank of India Core Banking Solution (E-Kuber) System
between 10.30 A.M. and 11.00 A.M.
4. The yield percent per annum expected by the bidder should be
expressed up to two decimal points. An investor can submit more than
Imagicaaworld Entertainment Limited one competitive bid at different rates in electronic format on the
CIN: L92490MH2010PLC199925
Registered Office: 30/31, Sangdewadi, Khopoli-Pali Road, Reserve Bank of India Core Banking Solution (E-Kuber) System.
Taluka Khalapur, District Raigad 410 203, Maharashtra, India However, the aggregate amount of bids submitted by a person should
Corporate Office: 201, 2nd Floor, Landmark Building, New Link Road,
Andheri (West), Mumbai 400 053, Maharashtra, India, Tel: +91 22 6984 0000 not exceed the notified amount.
Email: compliance@imagicaaworld.com Website: www.imagicaaworld.com 5. The result of auction will be displayed by Reserve Bank of India on
NOTICE OF THE EXTRAORDINARY GENERAL MEETING its website on February 27, 2024. Successful bidders should deposit
Notice is hereby given that the Extraordinary General Meeting No. 01/2023-24 the price amount of Stock covered by their bids by means of a Bankers'
(“EGM”) of Imagicaaworld Entertainment Limited (“the Company”) will be held Cheque or Demand Draft payable at Reserve Bank of India, Mumbai
on Monday, March 18, 2024 at 11:30 a.m. through Video Conferencing (“VC”)/
Other Audio Visual Means (“OAVM”) without any physical presence of Members in (Fort) or Chennai on February 28, 2024 before the close of banking
compliance with the applicable provisions of the Companies Act, 2013 (“the Act”) hours.
and Rules made thereunder read with General Circular 9/2023 dated September
25, 2023 issued by the Ministry of Corporate Affairs and the relevant circulars 6. The Government Stock will bear interest at the rate determined by
issued in this regards (“the Circulars") and the provisions of the SEBI (Listing Reserve Bank of India at the auction and interest will be paid half yearly
Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing
Regulations”) to transact the businesses as set out in Notice of EGM.
on August 28 and February 28. The Stock will be governed by the
In compliance with the above Circulars, the Company has sent Notice of EGM
provisions of the Government Securities Act, 2006 and Government
through electronic mode on February 22, 2024 to all the Members whose email Securities Regulations, 2007.
IDs are registered with the Company or Depository Participants (“DPs) or Link 7. The stocks will qualify for ready forward facility.

CBI searches
Intime India Private Limited, the Company’s Registrar and Share Transfer Agent

AAP, Cong set to clinch premises of

(“LIIPL”/“RTA”) and the same will also be made available on the Company’s
website at www.imagicaaworld.com, website of the Stock Exchanges i.e. BSE
Limited (“BSE”) at www.bseindia.com and National Stock Exchange of India
Limited (“NSE”) at www.nseindia.com and on the website of LIIPL at https://
instavote.linkintime.co.in.
8. For other details please see the notifications of Government of
Tamil Nadu Specific Notification No. 702(L)/W&M-II/2024 dated
February 22, 2024.
T.Udhayachandran

seat-sharing in 3 states ex-J&K guv In terms of Section 108 of the Act read with Rule 20 of the Companies (Management
and Administration) Rules, 2014, as amended from time to time and Regulation
44 of the SEBI Listing Regulations and Secretarial Standard on General Meetings
DIPR/ 195 /DISPLAY/2024
Principal Secretary to Government,
Finance Department, Chennai-9.

ARCHIS MOHAN
New Delhi, 22 February
With the Congress and Aam
Aadmi Party (AAP) set to clinch
seat-sharing agreements in
Delhi, Gujarat, Haryana and
Chandigarh, and negotiations
in final stages in Bihar,
Maharashtra and Tamil Nadu,
the constituents of the INDIA
bloc are on course to field a sin-
gle candidate on at least 300 of
the 543 Lok Sabha seats.
It would also mean that the
Congress is set to contest the
least number of seats since
Satya Pal Malik
The Central Bureau of
If negotiations with its allies come through, the Congress Investigation (CBI) conduct-
may contest at least 100 fewer seats than it did in 2019 ed searches at the premises
of former Jammu and
SHARING Jharkhand (14),
Maharashtra (48) and
Kashmir governor Satya Pal
Malik (pictured) and 29 other
(SS2) issued by the Institute of Company Secretaries of India, the Company is
pleased to offer to its Members the facility of “remote e-voting” provided by LIIPL to
enable them to cast their vote by electronic means on all the resolutions as set out
in the said Notice. The procedure to caste vote using e-voting system of LIIPL has
been described in the Notice of EGM.
The remote e-voting period commences on Thursday, March 14, 2024 at 09:00
a.m. (IST) and ends on Sunday, March 17, 2024 at 5:00 p.m. (IST). During this
period, Members of the Company, holding shares either in physical form or in
dematerialized form, as on the Cut-off date i.e. Monday, March 11, 2024 may cast
their vote by remote e-voting. The remote e-voting module shall be disabled by
LIIPL for voting thereafter. Once the vote on a resolution is cast by the Member,
the Member shall not be allowed to change it subsequently. The voting rights of
Members shall be in proportion to their share in the paid up equity share capital
of the Company as on the cut-off date. Any person, who acquires shares of the
Company and becomes Member of the Company after the dispatch of this Notice
and holds equity share(s) as on the cut-off date i.e. Monday, March 11, 2024, may
follow the instructions given in the Notice of EGM to cast their vote and attend the
EGM. Members, who are present in the EGM and have not casted their vote on
the Resolutions through remote e-voting shall be eligible to vote through e-voting
facility during the Meeting. Members who have voted through remote e-voting
prior to the EGM will be eligible to attend/ participate in the EGM but shall not be
eligible to vote again during the EGM.
Members are advised to register/update their e-mail address with their DPs in case
of shares held in electronic form and to the Company and/or its RTA in case of

1952. If its seat-sharing nego-
tiations with its allies come
through, the party may contest
at least a hundred fewer seats
than it did in 2019. In 2019, the
BJP contested 436 seats and
the Congress 421 seats.
The Congress and AAP,
sources in the two parties said,
have concluded their seat-
sharing understanding in
Delhi, Chandigarh, and
Gujarat, while discussions are
on to reach an agreement in
Haryana. A formal announce-
ment is likely soon.
Of Delhi’s seven seats, the
AAP will contest four and the
Congress three. Of Gujarat’s 26
seats, the AAP could contest
Bharuch and Bhavnagar seats.
In 2014 and 2019, the BJP swept
all of Delhi and Gujarat’s seats.
In Haryana, the AAP is
vying for one of the state’s 10
seats. While the parties have
ruled out any alliance for
Punjab, the Congress is set to
contest the Chandigarh Lok
SO FAR
Delhi (7): AAP and Cong
clinch seat-sharing; AAP to
contest 4 and Cong 3
Gujarat (26): AAP could
contest 2 seats
(Bhavnagar and Bharuch)
and Congress 24
Haryana (10): AAP vying to
contest one seat, Congress
to contest the rest
Chandigarh (1): Congress
to contest, AAP not to field
its candidate
Goa (2): AAP to support
Congress on both seats
Seat-sharing in Bihar (40),
Sabha seat, with the AAP
agreeing not to field a candi-
date.
Sources said the AAP sur-
rendered its earlier claim to
contest Congress’ sitting South
Tamil Nadu (39) in final
stages
 In 2024 LS polls, Congress
set to contest its least
number of seats since 1952
 SP-Congress seat sharing
for UP (80 seats)
announced on Wednesday
 INDIA set to field a single
candidate in at least 300 of
the 543 seats
 Congress contested 421
seats in 2019 and 464 in
2014, but it’s likely to contest
100 fewer seats in 2024
 BJP contested 436 seats in
2019 and 428 in 2014
Goa seat. In Goa, the Congress
and BJP shared a seat each.
The INDIA bloc alliances for
Maharashtra, Tamil Nadu and
Bihar are set to be announced
by the first week of March.
locations on Thursday in
shares held in physical form.
In case of any queries or issues regarding e-voting, members may refer the
connection with alleged cor- Frequently Asked Questions (‘FAQs’) and InstaVote e-Voting manual available
ruption in the ~2,200-crore
at https://instavote.linkintime.co.in, under Help section or may contact Mr. Ashish
Upadhyay, Associate – Technology at enotices@linkintime.co.in or contact on:- Tel
Kiru Hydropower project, : 022 - 4918 6000.
officials said.
For Imagicaaworld Entertainment Limited
Sd/-
The agency started its Place: Mumbai Reshma Poojari
Date : February 22, 2024 Company Secretary & Compliance Officer
operation in the morning,
with around 100 officers
mobilised to swoop down at
the 30 locations in Jammu,
Srinagar, Delhi, Gurugram,
Mumbai, Baghpat, Noida,
Patna, Jaipur, Jodhpur,
Barmer, Nagaur and
Chandigarh, the officials
said. “During searches
evidence of huge cash
deposits, investment in fixed
deposits, investment in prop-
erties in various cities, digital
and documentary evidence,
etc. have been recovered,” the
CBI spokesperson said in a
statement. Premises linked to
Malik at R K Puram, Dwarka
and Asian Games Village in
Delhi, besides those in
Gurugram and Baghpat, were
searched, officials said. PTI

Tejas flies with India-made digital

flight control computer for 1st time
Will connect older fighter’s analogue ports and cabling with new digital world
AJAI SHUKLA
New Delhi, 22 February
In 1993, when development
work began on the Tejas Mark-
1, the Bengaluru-based
Aeronautical Development
Agency (ADA) — the Defence
Research & Development
Organisation (DRDO) labo-
ratory set up to oversee the
Tejas light combat aircraft
(LCA) project — took on the
challenge of making the new
fighter highly manoeuvrable
and safe.
These conflicting features
were achieved through world-
class avionics that combined
an unstable design (which con-
tinuously tended to throw the
aircraft out of the sky); with a
quadruplex fly-by-wire flight
computer that continuously
stabilised the fighter.
The skills that went into this
sophisticated design had been
cultivated since the early 1960s
when Hindustan Aeronautics
Ltd (HAL) designed and built
the HF-24 Marut fighter
bomber. On Monday, this
avionics design capability was
DFCC was integrated and test-flown by the ADA on a Tejas
prototype on Monday, making it a significant step forward
for the Tejas Mark-1A programme
taken a step further. In a signif-
icant step forward for the Tejas
Mark-1A programme, a new
“Digital Fly by Wire Flight
Control Computer” (DFCC) was
integrated and test flown by
ADA on a Tejas LCA prototype.
On Tuesday, the Ministry of
Defence (MoD) announced
that the “DFCC has been
indigenously developed by
ADA for the Tejas Mark-1A.”
The Indian Air Force (IAF)
is buying no more than 40
Tejas Mark-1 fighters. After
that, it will buy 83 Tejas Mark-
1A fighters, for which it signed
PHOTO: X@SPOKESPERSONMOD
a contract with HAL in 2021.
The Mark-1A will be more
sophisticated and capable than
the Tejas Mark-1. The former is
being fitted with a highly
capable active electronically
scanned array (AESA) radar, an
electronic warfare suite with an
on-board jammer, a Combined
Interrogator and Transponder
and a digital map generator
that carries the complete digital
map data of South Asia.
The Mark-1A will also carry
the Advanced Short Range Air-
to-Air Missile (ASRAAM). With
a range of 60-70 kilometres, the
IAF bought the ASRAAM from
MBDA UK, for upgrading its
Jaguar fighters. Now each Tejas
Mark-1A will carry two
ASRAAMs on its outboard sta-
tions. Integrating these
weapons and avionics onto the
Tejas Mark-1A requires a more
powerful and capable mission
computer, with connections
that can connect the new digi-
tal world with the older Tejas
fighter’s analogue ports and
cabling. This will be the func-
tion of the DFCC. The MoD says
the new DFCC will feature a
Quadraplex Power PC-based
processor, high-speed autono-
mous state machine-based I/O
controller, enhanced computa-
tional throughput and complex
on-board software complied
with DO178C level-A safety
requirements.
Defence Minister Rajnath
Singh complimented the joint
teams from DRDO, IAF, ADA
and industries involved in the
development and flight testing
of this critical system for Tejas
Mk1A, terming it a major step
towards ‘Atmanirbharata’
(self-reliance).
8 WORLD
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024

PERFORMANCE REPORT

Nestlé sales miss

GenAI at the ‘tipping point’: Nikkei 225
parties like
forecasts as higher
prices hit demand
Nvidia revenue surges 265% it’s 1989
Scales new peak
Earnings in December quarter surpass expectations; company gives upbeat forecast
Nestle reported full-year biggest packaged food firms after 34 years
organic sales growth slightly
below expectations on
will struggle to woo cus-
tomers back to its top-selling
IAN KING
22 February
outstrip supply for the rest of the
year. Though supply is growing, MARKET MOVE
Thursday as the products like KitKat THE COMPANY HAS BEGUN demand isn’t showing any signs of Nikkei 225

N
world’s biggest and Nescafe coffee vidia surged in early trading SENDING SAMPLES OF NEW CHIPS slowing, he said.
packaged food com- even as it slows the after delivering another eye- THAT ARE COMPLIANT WITH Nvidia also has had to navigate
pany continued to pace of price increas- popping sales forecast, add- RESTRICTIONS TO CHINESE new export rules for chips headed to
hike prices, prompt- es this year. ing fresh momentum to a stock rally CUSTOMERS. THAT SHOULD HELP China, the largest market for semi-
ing some shoppers The Swiss firm that already made it the world’s most BUSINESS PICK UP AGAIN. WE’RE conductors. The company has
to turn to competing also said it expects valuable chipmaker. GOING TO DO OUR BEST TO scaled down the capabilities of its
brands. organic sales growth Revenue in the current period COMPETE IN THE MARKETPLACE products in order to continue to sell
Shares fell more of around 4 per cent will be about $24 billion, the com- AND SUCCEED to that region, which in the past has
than 4 per cent in early in 2024, and a “moderate pany said in a statement Wednesday. accounted for a quarter of revenue.
London trade to hit their increase” in its underlying Analysts had predicted $21.9 billion JENSEN HUANG, CEO, Nvidia Three months ago, Chief Financial
lowest in almost four years. trading operating profit on average. The world's largest semi- Officer Colette Kress told analysts Source: Bloomberg
Investors worry the world’s (UTOP) margin. REUTERS conductor company by value deliv- that the company’s projections
ered 265 per cent revenue growth in Huang said in the statement. Wednesday’s report into a highly would have been higher if it weren’t REUTERS
Rolls Royce Lenovo beats its fourth quarter.
The outlook extends a streak of
“Demand is surging worldwide
across companies, industries and
anticipated event for both Wall
Street and the tech world. And the
for the China rules. “We expect it to
stay in a similar range in the first
22 February

beats Street estimates Nvidia shattering expectations,

RollsRoyce reported higher-
than-expected profit as long-
haul air travel
rebounds and cost
cuts start taking
hold, prompting
the biggest stock
gain in almost seven months.
The company reported a
£1.6-billion ($2 billion) under-
lying operating profit in 2023,
exceeding the £1.4-billion
average estimate surveyed
by Bloomberg. BLOOMBERG
China's Lenovo Group, the
world's largest maker of per-
sonal computers, on
Thursday reported
October-
December reve-
nue of $15.72 billion,
up 3 per cent from the same
period a year earlier. The
result compared with the
$15.25 billion average of eight
analyst estimates compiled
by LSEG. Its revenue started
contracting in 2022. REUTERS
thanks to insatiable demand for its
artificial intelligence accelerators —
highly prized chips that crunch data
for AI models. The technology has
helped power a proliferation of chat-
bots and other generative AI servic-
es, which can create text and
graphics based on simple prompts.
“Accelerated computing and gen-
erative AI have hit the tipping point,”
Chief Executive Officer Jensen
Google pauses AI-made images
nations.” The shares jumped about
13 per cent in premarket trading on
Thursday following the announce-
ment. They earlier closed at $674.72
in New York, leaving them up 36 per
cent for the year. Nvidia’s market
capitalisation increased by more
than $400 billion this year — bring-
ing its valuation to $1.7 trillion — as
investors bet that the company will
remain the prime beneficiary of an
AI computing boom. That turned
numbers — along with the upbeat
tone from Huang. Shares of
Advanced Micro Devices, Broadcom
and Marvell Technology Inc. — three
other chipmakers expected to bene-
fit from AI growth — also gained in
late trading.
New cycle
On a conference call with analysts,
Huang said that demand for Nvidia’s
newest products will continue to
Disney leans on AI in
startup investments
quarter,” Kress said Wednesday. The
company has begun sending sam-
ples of new chips that are compliant
with restrictions to Chinese cus-
tomers, Huang said. That should
help business pick up again. “We’re
going to do our best to compete in
that marketplace and succeed in the
marketplace,” Huang said. Nvidia,
co-founded by Huang in 1993, got its
start as a provider of graphics cards
for computer gamers. BLOOMBERG
Japanese stocks raced to a record
peak on Thursday, breaking levels
last seen in 1989 during the hal-
cyon days of the bubble economy,
as cheap valuations and corporate
reforms lure foreign money look-
ing for alternatives to battered
Chinese markets.
The Nikkei share average rose as
high as 39,156.97 points, above the
previous intraday all-time peak of
38,957.44 points touched on the
final trading day of 1989. On that
day, the benchmark index closed at
38,915.87 while on Thursday the
Nikkei finished 2.19 per cent higher
at 39,098.68.

of people after race inaccuracies

IN BRIEF
Samir Shah appointed first
Indian-originchairmanofBBC
India-born media executive Dr Samir Shah was on Thursday
confirmed as the new BBC chairman after his
selection cleared the stages of scrutiny to be
approved by King Charles III this week. Shah,
who has worked in UK broadcasting for over
40 years, was picked as the government's
preferred candidate in December last year
and went on to be quizzed by cross-party MPs
of the House of Commons Media Culture, Media
and Sport Select Committee for his pre-
appointment scrutiny.
JAKE RUDNITSKY
22 February
Alphabet’s Google said it will
pause the image generation of
people for Gemini, a powerful
artificial intelligence model, after
criticism about how it was han-
dling race.
“We’re already working to
address recent issues with
Gemini’s image generation fea-
ture,” Google said in a post on X
on Thursday. “We’re going to
pause the image generation of
PTI people and will re-release an
improved version soon.”
The 34 years it has taken to
Walt Disney chose three companies work- regain its footing is a record, too, for
ing on artificial intelligence to be among
the five picked for its annual business incu-
a major market and is a decade
longer than Wall Street took to
The misstep comes as Google some historical image generation bator program. recoup losses from the 1929 crash
has increasingly focused on AI depictions.” The move came after
after progress by rivals Microsoft critics on X posted numerous
This year’s class includes AudioShake,
which uses AI to mix music tracks,
and Great Depression.
“For us traders, this marks the
and OpenAI
potentially threat-
examples from the
model that appeared to
ElevenLabs, which converts text to speech
using an AI voice generator, and Promethean
arrival of a new era," said Tsutomu
Yamada, senior market analyst at
The move came
ened its core inter- after critics on X feature historically AI, which searches digital archives to help Au Kabucom Securities in Tokyo.
net search busi- posted numerous inaccurate images in firms design prototypes for everything from “It feels like the stock market is tell-
ness. Advances in examples from regards to the race of video games to motorcycles. For 10 years, ing us that we’ve finally escaped
AI have led to con- the model that the subjects. Disney has used its Accelerator program to from deflation and a new world has
cerns that the showed historically The updated AI mentor and invest in young technology opened up.”
technology will inaccurate images model, called Gemini firms. Past participants include Epic Games, The index is up almost 17 per
enable deepfakes, 1.5 Pro, was released the Fortnite video-game maker in which cent this year after surging 28 per
misinformation last week to cloud cus- Disney agreed to invest $1.5 billion this year. cent in 2023, when it was the best
and bias. tomers and developers so they can The firms work with Disney employees performing Asian major bourse.
Earlier this week, Google said test its new features and even- and sometimes come up with products the The tech-heavy Nasdaq, by com-
it was aware Gemini was offering tually create new commercial entertainment giant can use, like 2015’s parison, soared 43 per cent last year
what it called “inaccuracies in applications. BLOOMBERG BB-8 toy droid. BLOOMBERG and is up 6 per cent so far in 2024.

US jobless claims decline to

the lowest level in a month EU FARMERS JOIN FORCES, Boeing replaces Major cellular
InitialapplicationsforUSunemploymentbenefitsfelltothelowest
AND TRACTORS, IN PROTEST
head of 737 Max outage hits US,
inamonth,underscoringcontinuedstrengthinthelabourmarket
despiteagrowingnumberofhigh-profilejobcutsatlarge
companies.Initialclaimsdecreasedby12,000to201,000inthe

programme key services hit

weekendingFebruary17,accordingtoLabourDepartmentdata
releasedonThursday.Thefigurewaslowerthaneconomists’
estimatesinaBloombergsurvey.Aproxyforthetotalnumberof
peoplereceivingunemploymentbenefits,droppedto1.86million
intheweekendingFebruary10,thelowestinamonth. BLOOMBERG BLOOMBERG A cellular outage early on Thursday hit thousands
22 February of AT&T users in the United States, disrupting calls
and text messages as well as emergency services in
Boeing ousted the head of its major cities including San Francisco.
Imran to ask IMF to stop 737 Max program, shaking up
management less than
More than 50,000 incidents were reported
around 7:00 a.m.
support to Pakistan two months after the midair
blowout that’s led to
ET, according to data from
outage tracking website
JailedformerprimeministerImranKhanonThursday withering scrutiny of man- Downdetector.com.
announcedthathewillwritetotheIMF,demandingtheglobal ufacturing quality at the US Users of Verizon, T-Mobile
lendertostopitssupporttocash-strappedPakistanuntilit planemaker. and UScellular also reported
seeksan“audit”oftheelectionsmiredincontroversies, Ed Clark, who helped The management changes disruptions, according to
includingvoterigging.Khan'smessagefromjailwasconveyed ramp up 737 production in are the first undertaken since Downdetector.
throughBarristerAliZafar,whomethimintheAdialaJail, Tractors queue up as farmers protest against the EU’s agricultural the aftermath of the Covid-19 the company was plunged T-Mobile said it did not
wherehehasbeenincarceratedsincelastyear. PTI policies, grievances at the Czech-Slovak border near Holic, pandemic, is stepping down into a crisis on January 5 experience an outage and that
Slovakia, on Thursday PHOTO: REUTERS immediately after nearly 18 its network was operating nor-
years at Boeing, the company planemaker’s quality opera- mally.
Czech farmers were driving their and on greenhouse gas emissions, said Wednesday. Katie tions council. "Downdetector is likely reflecting challenges our
Taliban carries out double tractors and other vehicles to sev-
eral border crossings on Thursday
limit their business and make their
products more expensive than non-
Ringgold (pictured) succeeds
him as vice president and
The management changes
are the first undertaken since
customers were having attempting to connect to
users on other networks," the company said in an
public execution at a stadium to meet their colleagues from
neighbouring countries and join
EU imports.
The farmers also complain
general manager of the 737
program and Boeing’s factory
the company was plunged
into crisis after a door plug
e-mailed statement.
AT&T did not immediately respond to multiple
The Taliban carried out a double public execution at a stadium in forces in their protests against about low prices for their products in Renton, Washington. exploded off a nearly new 737 requests seeking comment on the outage.
southeastern Afghanistan on Thursday as thousands watched European Union agriculture pol- and say grain and other agriculture Boeing also promoted pro- Max on January 5. US regu- The outage was impacting people's ability to
the killing of two convicted men as their victims’ relatives fired icies, bureaucracy and overall con- products coming from Ukraine duction chief Elizabeth Lund lators have sent teams of reach emergency services by dialing 911, a post on
the gunshot. The Taliban’s Supreme Court had ruled that the pair ditions for their business. and Latin America negatively to a new post as senior vice inspectors to Boeing’s fac- social media platform X from the San Francisco Fire
were responsible for the stabbing deaths of two victims in Farmers complain that the 27- affect the market. The farmers met president of quality at Boeing tories to review its quality Department said. "We are aware of an issue impact-
separate attacks, according to a court statement. It identified the nation EU’s environmental policies, their colleagues from Germany, Commercial Airplanes. She controls and those of the sup- ing AT&T wireless customers from making and
two as Syed Jamal from central Wardak province and Gul Khan such as the Green Deal, which calls Poland and Slovakia at a number will also serve on the execu- plier that makes most of the receiving any phone calls (including to 911)," the
from Ghazni. AP for limits on the use of chemicals of border crossings. AP tive committee as chair of the 737 Max’s fuselage. fire department said on the platform. REUTERS

Leaked files show secret world of China’s hackers for hire
PAUL MOZUR, KEITH BRADSHER,
JOHN LIU & AARON KROLIK
22 February
Thehackersofferedamenuof
services,atavarietyofprices.
Alocalgovernmentinsouthwest
Chinapaidlessthan$15,000for
accesstotheprivatewebsiteoftraffic
policeinVietnam.Softwarethat
helpedrundisinformation
campaignsandhackaccountsonX
cost$100,000.For$278,000Chinese
customerscouldgetatroveof
personalinformationbehindsocial
mediaaccountsonplatformslike
TelegramandFacebook.
Theofferings,detailedinleaked
documents,wereaportionofthe
hackingtoolsanddatacachessoldby
aChinesesecurityfirmcalledI-Soon,
oneofthehundredsofenterprising
companiesthatsupportChina’s
aggressivestate-sponsoredhacking
THE
MASTER
PLAN
efforts.Theworkispartofacampaign
tobreakintothewebsitesofforeign
governmentsandtelecommunications
firms.Thematerials,whichwere
postedtoapublicwebsitelastweek,
revealedaneight-yearefforttotarget
databasesandtapcommunications
inSouthKorea,Taiwan,HongKong,
Malaysia,Indiaandelsewherein
Asia.Thefilesalsoshoweda
campaigntocloselymonitorthe
Chinese ‘research’ ship arrives
in Maldives, sparks Indian
> Leaked documents
were a portion of the
> The materials revealed
an eight-year effort to
in top-down hacks, like
endeavouring to place
Chinesegovernmententitiesthat
sponsorhacking,includingthe Ocean security concerns
hacking tools by a target databases and tap code inside US core MinistryofStateSecurity,the
People’sLiberationArmyandChina’s "leverage the insights gained
Chinese security firm
called I-Soon
communications in
South Korea, Taiwan,
infrastructure
> Other information
nationalpolice.I-Soon did not
respond to emailed questions about
from these missions" for
deployment of naval forces, a
> Leak revealed that
Hong Kong, Malaysia, included internal email the leak. Parts of China’s government claim Beijing calls part of a
I-Soon was working for a India and elsewhere services or intranet access still engage in sophisticated top- concocted image-smearing
range of Chinese in Asia for multiple Southeast down hacks, like endeavouring to "China threat" narrative.
government entities that > Parts of China’s Asian government place code inside US infrastructure. Xiang Yang Hong 03,
sponsor hacking government still engage ministries Among the information hacked owned by a research institute
was a large database of the road PHOTO: MARINE TRAFFIC that reports to China's
network in Taiwan, an island demo- A Chinese research ship natural resources ministry,
activitiesofethnicminoritiesin sayhastargetedAmerican cracy that China has long claimed arrived in the Maldives on made a port call in the
Chinaandonlinegamblingfirms. companiesandgovernment and threatened with invasion. Other Thursday, global ship- Maldives capital of Male, data
Takentogether,thefilesoffereda agencies.“Wehaveeveryreasonto information included internal email tracking data showed, just from MarineTraffic showed..
rarelookinsidethesecretiveworldof believethisistheauthenticdataofa services or intranet access for three months after a similar Prior to its arrival, the civilian
China’sstate-backedhackersforhire. contractorsupportingglobaland multiple Southeast Asian vessel visited the Indian ship had spent more than
TheyillustratedhowChineselaw domesticcyberespionageoperations government ministries, including Ocean and sparked New three weeks surveying waters
enforcementanditspremierspy outofChina,”saidJohnHultquist, Malaysia’s foreign and defense Delhi's security concerns. outsidetheexclusiveeconomic
agency,theMinistryofStateSecurity, thechiefanalystatGoogle’s ministries and Thailand’s national The visit follows January zones of India, the Maldives
havereachedbeyondtheirownranks MandiantIntelligence. intelligence agency. comments by a US think tank and Sri Lanka, the ship-trac-
totapprivate-sectortalentina Hultquistsaidtheleakrevealed that China's navy could king data showed. REUTERS
hackingcampaignthatUSofficials thatI-Soonwasworkingforarangeof ©2023 The New York Times News Service

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OPINION 9
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VOLUME XXX NUMBER 267 ILLUSTRATION: BINAY SINHA

NEW DELHI | FRIDAY, 23 FEBRUARY 2024

The Nato conundrum

TABLE 1: TRANSPARENCY INTERNATIONAL’S CORRUPTION
A possible Trump presidency is bad news PERCEPTION INDEX FOR INDIA: 2012-2023

T
he second anniversary of Russia’s invasion of Ukraine approaches on India TI Score TI Rank India TI Score TI Rank
February 24 but all eyes in Kiev, Moscow, and Brussels, headquarters 2012 36 94 2018 41 78
of the European Union (EU) and North Atlantic Treaty Organization 2013 36 94 2019 41 80
(Nato), will be focused on the US presidential election in November. 2014 38 85 2020 40 86
Donald Trump, the near-certain Republican nominee, appears to have a strong 2015 38 76 2021 40 85
chance of returning to the White House. That Mr Trump’s victory would be the 2016 40 79 2022 40 85
worst possible outcome for the EU and Ukraine was underlined on February 10,
2017 40 81 2023 39 93
when he stated that under him the US would not defend a Nato country that
spends less than 2 per cent of its gross domestic product (GDP) on defence. On
the contrary, he asserted, he would tell the Russians “to do whatever the hell
they want”. This statement, which predictably loomed large over the Munich
Security Conference last weekend, violates Article 5, the operating fulcrum of
A thumbs up for TABLE 2: CITIZEN SURVEY OF CORRUPTION IN

Country
INDIA AND SELECT ASIAN COUNTRIES
Had contact
with govt Paid a
Don’t
know/

transparency
the 75-year-old agreement, which posits that an attack on one Nato member is official, didn't bribe refused
pay a bribe
construed as an attack on all. It is also, by implication, bad news for Ukraine,
which is struggling with an acute shortage of defence equipment against a resur- Japan 98% 2% 0%
gent Russia, worsened by a resistance in the Republican-dominated Lower House Nepal 88% 12% 0%
of the US Congress to renew military and civilian aid. Ukraine is not a full Nato Vietnam 85% 15% 0%
member but part of its decade-old “enhanced opportunity partner interoperability The Supreme Court’s verdict on electoral bonds is very welcome, Sri Lanka 84% 16% 0%
programme”, which means it cooperates closely with the group. Military setbacks Thailand 76% 24% 0%
to Ukraine would threaten European security. but corruption remains a huge challenge for India Bangladesh 76% 24% 0%
Under-spending by Nato members has been an issue that irked Mr Trump and China 72% 28% 0%

T
he Supreme Court of India’s decision to exaggerated calculations on the amounts involved,
Presidents before him. But his latest threat — which The Economist has described Indonesia 70% 30% 0%
rescind electoral bonds should be celebrated. corruption under UPA undoubtedly remained high.
as a “mobster’s racket” — ignores the fact that the 2 per cent investment guideline Electoral bonds, introduced by the Narendra The National Democratic Alliance (NDA) government India 61% 39% 0%
is not a binding commitment. It was a pledge first made in 2006 by Nato defence Modi government in 2018 just before the 2019 elec- now claims it has reduced corruption hugely. Total 81% 19% 0%
ministers as a means of smoothing burden-sharing arrangements and was reiterated tions, made donations to political parties — earlier Transparency International, a reputable international Source: Global Corruption Barometer: Asia 2020, Transparency
in 2014, when Russia annexed the Crimea. Though the Trump administration had paid as bribes — legitimate and legal. Since the body measuring corruption, shows that India’s cor- International (2021)

a valid point about most Nato members ignoring this commitment — in 2014, only names of the donors or the recipient party were not
three members spent 2 per cent or more of GDP on defence — the situation has disclosed, with only the State Bank of India (a gov-
changed since then because Europe fears an attack by Russia soon. By this year, 18 ernment-owned bank) keeping the information, it
of Nato’s 31 members are expected to meet this target. The Baltic countries, which was an opaque system that benefitted the party in
power. These purchases were not even known to the
form the first line of defence in the event of a Russian attack, have started building
Election Commission. The pay-for-play scheme
a network of trenches and fortifications along their eastern border. Given the asym- essentially legislated what is known as Grand
metries in both conventional and nuclear weapons between Europe and Russia, it Corruption. The Supreme Court’s decision puts an
is unclear how far Nato can muster an effective deterrent without US military end to this. The Court has also direct-
support. Analysts suggest that Europe will have to spend much more. ed the government to make a full dis-
For India, the question is how it should respond to a possible Nato-minus- closure of which party received the
US configuration. The alliance has been the centre of the post-war security archi- money under this scheme.
tecture. It is worth noting that in June last year, India rejected feelers from the Whether this will affect election
US that it (India) should explore a Nato-plus engagement focused on China. The funding for the upcoming general
group includes Nato plus five US allies — Australia, New Zealand, Japan, Israel, election remains to be seen. However,
over the longer term, the question
and South Korea. Though this informal grouping could offer security cover in
remains: What will come in its place?
its territorial tensions with China, the foreign ministry’s position was that joining Will we go back to the old system of
it would have limited New Delhi’s strategic autonomy, particularly given India’s suitcases full of cash and the various
participation in the Shanghai Cooperation Organization (SCO). New Delhi’s
diplomatic balancing acts have stood it in good stead. Any alterations in transat-
scams parties in power used to raise
money for election campaigns? Or can IF TRUTH BE TOLD
lantic relations should invite a similar approach. India develop a better system not only AJAY CHHIBBER
to deal with election-related corrup-
tion but corruption in general, which
Recalibrating spend has been a bane of our economic and political system.
The government has issued a White Paper that
tries to paint the previous United Progressive Alliance
RBI paper redefines the capex-revenue debate (UPA) government as riddled with corruption. The
ruption score did improve once the NDA came to
power. The TI corruption score, which is based on
perceptions of business and experts, on a scale from
0-100 (where 100 means no corruption), improved
from 36 in 2013 to 41 in 2018 (see Table 1). However, it
has since deteriorated to 39 in 2023, falling below
the global average score of 43. India scores better on
this index than several G20 middle-income countries
such as Brazil, Mexico, Indonesia,
and Turkey, but lags behind China
and Vietnam. India’s TI Corruption
rank in the world improved from
94th in 2013 to 78th in 2018 but has
fallen back to the 93rd rank among
180 countries. Corruption was
reduced initially, when the NDA
came to power, but the gains have
been reversed to some extent.
In addition to the perceptions of
businesses and experts, it is crucial
to consider the viewpoint of the
common citizen, the aam aadmi.
The NDA government claims that
corruption has reduced due to better
delivery of various services and subsidies directly to
citizens, without intermediaries siphoning off a part
of their benefits. The widespread use of e-services,
with Aadhaar authentication, it says has minimised
having to pay bribes in 2020 (Table 2), with 39 per
cent reporting that every time they dealt with an offi-
cial, they had to pay a bribe, much worse than even
South Asian neighbours like Bangladesh, Nepal, and
Sri Lanka. Corruption has become a way of life in
India. Judicial and police corruption is rampant and
often in plain sight on roads and in court offices, and
the poor tend to suffer more than the well-off.
However, many countries have reduced corruption
over time — so must India. The way forward involves
more transparency, minimising officials’ discretion,
and greater competition in the availability of services.
Strong enforcement against corruption is also a part
of the solution, but only if it’s not used selectively and
does not appear to be a political tool. The era of the
Tax Inspector Raj must come to an end. Some countries
have used Corruption Commissions to address cor-
ruption, but their record is mixed. It’s clear that dra-
conian one-off measures such as demonetisation or
the legalisation of corruption through mechanisms
like electoral bonds are not sustainable solutions.
Instead, a more systematic approach is required to
streamline government processes and untangle the
web of laws that inadvertently contribute to corruption.
Having delivered a significant verdict, the
Supreme Court must also consider prioritising the
improvement of the corrupt judicial system at the

T
he government’s commitment to rein in the fiscal deficit and limit bor- current government claims to have reduced corrup- leakages and corruption. While some of these claims lower levels, over which it presides. A Swachh Bharat
tion and leakages under the rubric of “Maximum may be true, the common citizen still complains does not only mean clean streets and toilets, it must
rowing from abroad was re-emphasised in the Interim Budget earlier
Governance and Minimum Government.” There is about the bane of widespread petty corruption. also encompass a cleaner and more transparent gov-
this month. A gross fiscal deficit of 5.1 per cent of gross domestic product no doubt that the previous UPA government was Whether you want a ration card, register any docu- ernance system.
(GDP) has been budgeted for in FY25, reflecting a consolidation of 71 plagued by corruption. Even if some claims of scams ment, or are paying taxes, some side payment is need-
basis points over FY24 (Revised Estimate). The tax-GDP ratio has also increased during its tenures were outrageous and incorrect, as ed. This has been verified in a global survey done by The writer is distinguished visiting scholar, George
from 10.1 per cent in FY14 to 11.7 per cent in FY25 (Budget Estimate), along with in the case of the telecom scam when the then Transparency International, which revealed that Washington University, and co-author of Unshackling
improvements in tax-revenue buoyancy. At the same time, restrained growth in Comptroller and Auditor General Vinod Rai made India ranked the worst in Asia in terms of citizens India, HarperCollins 2021
revenue expenditure, coupled with the impetus provided to capital expenditure,
signifies that a greater share of the borrowing is now directed towards financing
capex. Notably, the secular decline in the ratio of revenue expenditure to capital
outlay indicates the government’s efforts to improve the quality of expenditure,
while remaining on the path of fiscal consolidation.
In this context, a recent research article published by the Reserve Bank of
A self-driving car ride
T
India does well to examine the linkages between economic growth and fiscal he future car is likely electric, shared and self- tainable lithium-ion battery supply chain. It was fol- summed up by BNEF’s most recent outlook: “Prices
consolidation in the country. Interestingly, the paper redefines capex and looks driving. You may have heard this statement lowed by China, US, Germany, Finland and South of solar modules are at record lows, and supply of com-
at developmental expenditure (DE) instead — it is broader in scope as it includes before, but the truth is, it is not a car of the Korea. India jumped five spots to 13th this year. ponents is plentiful. End-user markets are booming
social and economic expenditure, covering allocations for health, education, future; it is here today. while manufacturers struggle to make a profit.”
skilling, digitisation, and climate-risk mitigation. The purpose is to capture com- Earlier this month, I rode in a Waymo cab in San Liveable planet India is expected to be the third-largest market
ponents of revenue expenditure that can actually result in physical and human Francisco. The self-driving vehicle whizzed through The World Bank Group — the biggest provider of for solar installations in the world, with the US and
capital formation, while discarding parts of capital expenditure that are not the streets of the city, changed lanes, manoeuvred climate finance to developing countries — is aiming China ahead of it, and Brazil and Germany trailing it.
tricky turns and brought us to our destination with- to raise annual financing to $40 billion next year. Meanwhile, the ambitions to localise solar supply
strongly growth-inducing. As against capex, which is budgeted to account for
out much fuss. Invisible hands turned the steering The interesting thing is that this will be split equally chains will collide with the reality of low prices, and
3.4 per cent of GDP in FY25, DE is set to be around 4.2 per cent in the same year. wheel — a contraption that will probably not be a between mitigation (actions to reduce or avoid emis- low or non-existent margins. This would mean many
It is commonly believed that lower government spending depresses economic part of self-driving cars for long. Waymo’s fleet is sions) and adaptation (to adjust to climate change). proposed factories in Europe, the US and other coun-
growth in the short run. But fiscal consolidation can boost growth in the long run made up entirely of fully electric “There is no science to that num- tries will never be built. India auctioned almost 23
through lowering of long-term interest rates, which crowds in private investment Jaguar I-Pace models, and the ser- ber, and I don’t know if it is right,” gigawatts of solar last year in alternating current
and, at the same time, creates the fiscal space for more productive expenditure such vice is expanding to other cities. The World Bank President Ajay Banga terms, which reflects the capacity of the inverters
as public investment in physical and human capital and targeted social spending. cost of the service is in the same told BNEF in an interview. The equal or grid connection — setting a new record that was
To this end, measures suggested by the paper include the reskilling and upskilling bracket as Uber and Lyft. split is to make sure that the con- more than the total capacity auctioned in the pre-
of the labour force, investing in digitisation, and attaining energy efficiency. BloombergNEF still views these cerns of the global South as well as ceding two years.
so-called autonomous vehicles as a the global North are addressed.
Employing a macroeconometric framework, the paper concludes that a 1 per cent Money flow
“wildcard” that could either upend This is in line with the World
rise in real DE can have a cumulative multiplier impact that produces a 5 per cent
the way we commute or remain lim- Bank’s new vision to create a world There are two key highlights from BNEF’s review of
rise in GDP over four years. A uniform 5 per cent rise in employment (including ited to select pockets in a few cities. free of poverty on a liveable planet. investments in the low-carbon energy transition in
training and skilling) in sectors with high labour productivity (such as chemicals, The outlook is clearer on electric The latter would mean more climate- 2023: For the first time, electrified transport was a
financial services, and transport) for one year can contribute more than 1 percentage vehicles, though it is changing. Global VANDANA GOMBAR linked investments. Climate projects bigger chunk of investment ($634 billion) than
point rise in GDP growth over the period 2024-31. Similarly, digitisation and reduced sales of electric passenger cars could received $38.5 billion last year. renewable energy ($623 billion).
energy intensity can raise growth in the medium term by enhancing labour and rise 20 per cent this year, with some 16.7 million vehi- Mr Banga’s priority projects include a $15 billion Total investment jumped 17 per cent to reach $1.8
capital augmenting technology growth. There are short-term pains (as seen in a cles being shipped. Accompanying this rise is frenetic plan to provide renewable energy to 100 million trillion — a number which remains distant from what
sharp rise in the debt-GDP ratio), but the long-run gains more than offset the short- activity in the batteries and metals space. “What is people in Africa, a multi-country effort to monetise is needed to meet global decarbonisation targets.
run costs, indicating strong complementarities between judicious fiscal consolidation certain is long-term demand growth,” said Allan Ray carbon credits at premium pricing, a scheme to limit India was among the top 10 economies leading
Restauro, BNEF’s metals and mining analyst. However, methane emissions and to support green hydrogen investment in the energy transition, investing more
and growth. Recalibrating government expenditure towards DE can reduce the gen-
prices have been under pressure as additional capacity infrastructure in India. than $30 billion.
eral government debt-GDP ratio to 73.4 per cent by 2030-31, contrary to the led to surplus volumes. Nickel prices were down about The outlook for 2024 depends on how the interest
International Monetary Fund’s projection that general government debt would 47 per cent in 2023. Despite the price slump in lithium, Solar shine rate cycle turns. Since investment is frontloaded for
exceed 100 per cent of GDP in the medium term. Recent announcements made in Exxon Mobil Corp said last week that it would proceed Solar power will hit another record in 2024, with renewable energy projects, a softening of rates is
the Interim Budget, including the ~1 trillion corpus for scaling up research and inno- with its project in Arkansas. over 520 gigawatts expected to be installed this year typically positive for the sector.
vation in sunrise domains and the “Rooftop Solarisation” scheme, are steps towards Canada topped BNEF’s Global Lithium-Ion — almost a 30 per cent growth from last year. As
improving the quality of government outlay. Battery Supply Chain Ranking of 30 countries based many as 37 markets will add more than a gigawatt The writer is New York-based senior editor — global policy
on their potential to build a secure, reliable and sus- of capacity. The current state of the market is best for BloombergNEF, vgombar@bloomberg.net

Propaganda vs facts much zeal as it did until a few years back,

with jibes of hum paanch hamare
pachees. The propaganda lost its edge
after population experts persuasively
established, analysing Census data, that
the Muslim fertility rate is declining at
BOOK REVIEW an accelerated rate.
But the debate is set to shapeshift to
ARCHIS MOHAN another aspect of population increase —
a demographic challenge in India’s land
journals, such as Panchjanya and
Organiser, have run cover stories of
proselytisation in Punjab and Muslims
settling in Uttarakhand’s deserted villages
along the Indo-Nepal border.
This book by three journalists
proffers “simple facts to counter viral
falsehoods” on such right wing
propaganda as love jihad, population
jihad, forced conversions and Muslim
appeasement. The book has an
exhaustive list of endnotes. Even if late
by a few years, it is a welcome addition
Diwali than on Eid. From 2018 onwards,
when the BJP was in power in Lucknow,
electricity supplied on Eid outstripped
the supply on Diwali. During the SP’s
to tabulate “cow-related violence” to
discover one instance between 2009
and 2014, but 136 such attacks between
2014 and 2023, in which 66 were killed
who convert to Christianity but do not
declare their religious persuasion to the
government lest they lose government
benefits, especially reservations in the
rule, Eid fell in the monsoon months of and 284 injured, and at least 70 per cent case of Scheduled Castes (SC). Several
July and August, while in the BJP years, of the victims were Muslims. BJP-ruled states have passed laws to
Eid shifted to the The book ban fraudulent conversions, but the
warmer months of LOVE JIHAD AND OTHER details the poor data on such conversions is specious.
May and June. The
FICTIONS: Simple Facts socio-economic As the authors of this book
authors also bust
To Counter Viral
Falsehoods and educational demonstrate, the conversion to
myths about conditions of Christianity, especially among
expenditure on UP’s Authors: Sreenivasan Muslims in India, Scheduled Tribes, is a fact of life.
Muslim graveyard Jain, Mariyam Alavi, and not just during Research shows that tribal families,
Supriya Sharma

T
he Hindu right wing has worked
hard in recent years at keeping its
propaganda germane to the polit-
ical narrative. By the time its ideological
rivals believe they have marshalled and
disseminated the facts to dispel a set of
myths it propagates, the Hindu right
wing shapeshifts to stoke public rage or
sympathy for another strand.
Take the growth of the Muslim and
Christian populations. After decades,
the Hindu right wing has accepted,
when countered with Census data, that
the Christian population plateaued after
the British left and marginally declined
from 2.35 per cent in 1951 to 2.3 per cent
in 2011. No longer does the Hindu right
wing mock Muslims, at least not with as
and coastal borders, villages and states.
On February 1, Finance Minister Nirmala
Sitharaman announced that the
government will form a high-powered
committee to extensively consider the
challenges of fast population growth and
demographic changes.
A day later, the Rashtriya
Swayamsevak Sangh (RSS) social media
handles posted excerpts of speeches of its
prachar pramukh (publicity chief), Arun
Kumar. According to Kumar, wealthier
Muslims from the Maldives, scared that
climate change would submerge their
islands, were buying land in coastal
Karnataka. He flagged Christian
missionary activity in India’s villages on its
international borders. Right wing
and could do with an updated version.
The authors have compiled some
fascinating insights backed with ground-
level reporting. In February 2017, in the
run-up to the Uttar Pradesh Assembly
polls, some Bharatiya Janata Party
leaders insinuated that the state’s
Samajwadi Party government supplied
less electricity during Diwali and Holi
than during Ramzan and Eid. UP Chief
Minister Yogi Adityanath said in 2019
that the SP government provided
electricity during Eid but not Diwali.
The data from Power System
Operation Corporation Limited, a central
monitoring agency, was “startling”.
Between 2013 and 2017, under the SP,
more electricity was supplied in UP on
scheme or the
Centre’s allocation
for madrasa
education.
According to
available data, less
than four per cent of
Muslim students study in madrasas.
However, the bogey of madrasa
education has lent credence to
promoting Hindu religious education in
schools and colleges.
The authors counter myths on the
“pink revolution”, or the slaughtering of
cows for meat exports, and the
propaganda contributing to increased
incidents of anti-Muslim violence. The
authors said they tracked media reports
the last 10 years.
Publisher: Aleph “The Hindu Right
Book Company has it backwards.
Pages: 183 Far from being
Price: ~799 pampered by the
Congress, Muslims
are at the bottom
of the heap. If the Congress is guilty of
anything, it is of failing to uplift
Muslims despite enjoying the longest
stints in power,” the authors write. Here
again, the debate in 2024 has moved on
with the BJP arguing that all castes and
religions, whether Hindus, Muslims or
any other, are beneficiaries of the
welfare schemes of its governments.
On proselytisation, the right wing
now talks of “crypto Christians”, those
particularly women, frequent church
for the healthcare and education that it
promises for their families, for
persuading their men to abjure alcohol,
in the process raising the family income
and engendering equitable gender
relations. The right wing is at a loss to
counter their social service.
Contrary to the Justice Ranganath
Mishra Commission’s view that Dalit
Christians and Dalit Muslims should
benefit from reservations, the
government told the Supreme Court in
2022 that the report was myopic. It
announced a new commission to study
the issue, while the Sangh Parivar
advocates denying government
benefits to tribals who have converted.
 QUICK TAKE: GROWTH, EV TRIGGERS FOR CIE AUTOMOTIVE “Some investors have been scared to buy Nvidia

The Smart Corp because they think the stock is too expensive,

Investor
(Share price in ~) The stock of CIE Automotive India is down 6 per cent but that’s been a huge mistake. Every
time it reports results, the P/E shrinks
since its monthly high. Axis Capital has an ‘add’ because the earnings end up being so
rating on the stock. The brokerage expects it to much stronger than people expect”
NEW DELHI | outperform industry growth in India, which coupled
FRIDAY, 23 FEBRUARY 2024 with improving traction on electric vehicles in JAMES DEMMERT
Europe, is positive from a medium-term perspective Chief Investment Officer,
Main Street Research

FPIs trim fin exposure: Jefferies sees India mcap

Lowest in six yrs at 29% touching $10 trn by 2030
BLOOMBERG to ignore,” the report added.
22 February INDIA MARKET One of world’s fastest rates

At its peak in Dec 2019, foreign portfolio investors held 41% in BFSI stocks India’s stock market value is set
CAPITALISATION of economic growth has made
India an attractive market for
to more than double to $10 tril- ($ trillion) global investors, especially for
5
SUNDAR SETHURAMAN lion by 2030, going by its history those looking to pivot away
Mumbai, 22 February of delivering double digit returns
4.5 4 from China. The South Asian
and expectations of continued 3 nation’s gross domestic pro-

F
oreign portfolio investor (FPI) economic reforms, according to 0.3 duct has risen by 7 per cent
exposure to financial services Jefferies Financial Group Inc. 2 CAGR over the past decade to
stocks has fallen to 28.97 per cent, The nation’s market, cur- 1 $3.6 trillion, helping the econ-
the lowest since 2018, according to data rently the world’s fifth largest at 0 omy jump from the eighth-
provided by PRIME Infobase. At their $4.5 trillion, briefly overtook Feb ‘04 Feb ‘24 largest to the fifth biggest.
peak in December 2019, nearly 41.2 per Hong Kong last month. Still, its Source: Bloomberg Jefferies expects India’s
cent of FPI assets under custody (AUC) weight in global stock indexes GDP to touch $5 trillion by 2027,
were in the banking, financial services is below 2 per cent, leaving putting the nation’s economy
and insurance stocks. ample scope for foreigners to “This should change as mar- ating annual returns of 10 per ahead of Japan and Germany
The current allocation is also below ILLUSTRATION: BINAY SINHA ramp up investments, analysts ket free-float rises and some cent in dollar terms over the thanks to tailwinds of demo-
the sector’s weighting of 33 per cent in including Mahesh Nandurkar weight anomalies get sorted past two decades holds up, graphics, institutional strength
the benchmark National Stock Exchange LOSING INTEREST and Chris Wood wrote in a out,” Jefferies said. If the India’s market will be “impos- and improvement in govern-
Nifty 50 Index. However, it is largely in FPI allocation to financials stocks has slipped below 30% February 21 note. nation’s track record of gener- sible for large global investors ance standards.
line with that in the Nifty 500. FINANCIAL SERVICES — Total assets under custody (AUC) is ~61.99 trn*
Given the availability of large and  AUC (~ trillion)  Allocation (%)
liquid names, overseas funds have his-
torically held a huge overweight on the
financial sector. However, due to their
sharp underperformance after the pan-
demic, FPIs have shifted their bets to
9.61 12.38 13.47 15.71 15.12 18.42
IT stocks lift Nifty to record high
40.37
other sectors such as automotive, cap-
ital goods, and power. Also, cashing out 35.83 36.24 Benchmark indices TOP NIFTY GAINERS NEW MILESTONE
Nifty intraday
32.79 32.85
of the FPI space is relatively easier, 29.71 swing over 1.6% As on Feb 22,’24 Price (~) 1-day chg (%)
22,217.5
22,400
given the interest of institutional inves- Bajaj Auto 8,498.5 3.2
tors, experts point out. in intraday trade HCLTech 1,686.4 3.1
22,055.1 22,200
“Traditionally, FPIs have maintained 0.7%
a large weighting in the banking sector, BS REPORTER Eicher Motors 3,951.4 3.0 Change 22,000
as these stocks also constitute a major Jan ‘19 Jan ‘20 Jan ‘21 Jan ‘22 Jan ‘23 Jan ‘24 Mumbai, 22 February Coal India 445.2 2.8
portion of the index. Also, whenever they
*As on January 2024 Source: PRIME Infobase ITC 414.5 2.8 21,800
have to sell, finance is one sector they The benchmark Nifty 50 fin-
Source: Bloomberg, NSE Feb 21,’24 Feb 22,’24
will look at,” said Andrew Holland, chief ished at a new record high, its Compiled by BS Research Bureau
executive officer of Avendus Capital HDFC Bank and Kotak Mahindra Bank. December 2023 quarter earnings. The fifth in 2024, propelled by
Public Markets Alternate Strategies. We are witnessing the banks trading at recent peak allocation towards financial gains in information technol-
Market players said the sharp reduc- higher valuations than their historical stocks was 34.2 per cent in April 2023. ogy (IT) stocks and ITC. The market value and has been a buoyed by an impressive earn- Barring one, all sectoral
tion in FPI allocation can median, except for two The AUC since then has increased by 50-share index finished at big driver of US stock market ings report from US tech indices of BSE gained.
be attributed to their aver- large banks, HDFC Bank 33 per cent to ~62 trillion. The sharp drop 22,218, with a gain of 162 points gains this year. Indian IT stocks. The broader market Tech stocks gained the
sion to two marquee In the past one and Kotak Bank. The in allocation but an increase in AUC or 0.7 per cent. After swinging majors TCS rose 2.4 per cent, showed resilience as India’s most, and its sectoral index
names — HDFC Bank and month alone, sharp correction in these underscores the sectoral rotation at play. 1,175 points, or 1.63 per cent, Infosys by 1.5 per cent, and economic activity continued on BSE rose 1.8 per cent.
Kotak Mahindra Bank. FPIs have pulled two banks led to “While all these FPIs will be open to Sensex ended the session at HCLTech by 3.1 per cent. expanding in February, with The India Vix index fell
Over the past year, shares ~39,000 crore valuation comfort, and buying some stakes in the future, as of 73,158, with a gain of 535 points ITC rose after media service and manufacturing 4.6 per cent to close at 15.2.
of HDFC Bank are down ($4.7 billion) out earnings upgrades are now, there are not many takers for some or 0.7 per cent. This was the reports said the fast-moving PMI improving. Consequently, The Nifty Midcap 100 index
11 per cent, and those of of financial stocks likely to bring investor private bank majors. The sentiment seventh gain in the last eight consumer goods company it resulted in outperformance outperformed with a gain of
Kotak Mahindra Bank are sentiment back,” said Ajit towards other finance stocks too has trading sessions for the bench- would buy a 47 per cent stake in discretionary stocks and 1 per cent.
up 1.3 per cent. In com- Kabi, research analyst at taken a hit due to the selloff in some mark indices. in Prataap Snacks. capital goods,” said Vinod Yesterday’s gains came
parison, the Nifty50 is up 27 per cent and LKP Securities. large private banks,” said U R Bhat, IT stocks gained as Nvidia The Nifty IT index rose the Nair, head of research at Geojit despite net outflows of ~1,410
Bank Nifty is up 17 per cent. In the past month alone, FPIs have co-founder of Alphaniti Fintech, add- Corp’s robust sales forecast most at 1.94 per cent followed Financial Services. crore from overseas investors.
“Nifty Bank has underperformed in pulled out ~39,000 crore ($4.7 billion) ing that high credit deposit ratios and fanned a surge in tech stocks by Nifty auto at 1.64 per cent. The market breadth was Domestic funds, however,
the past year, mainly driven by the poor from financial stocks. The selloff was margin disappointments are key con- across the globe. The company “The domestic market mixed, with 2,102 stocks were net buyers to the tune of
stock performance of heavyweights triggered by HDFC Bank’s weak cerns for investors. is likely to surpass Alphabet in recovered from the day’s low, advancing and 1,815 declining. ~1,824 crore.

IN BRIEF N BROKERAGE BETSN

Sebi orders attachment of bank,
demat a/cs of DHFL’s ex-promoters
The Securities and Exchange
Board of India (Sebi) has
ordered the attachment of
bank accounts as well as
shares and mutual fund
holdings of Dheeraj
Wadhawan and Kapil
Wadhawan, the former
promoters of Dewan Housing
Finance Corp Ltd (DHFL), to
recover dues totalling over
~22 lakh. This came after the
brothers failed to pay the
fine imposed on them by the Sebi in July last year in a case
concerning the flouting of disclosure norms. In two separate
attachment notices issued on Tuesday, the markets regulator
has ordered the attachment of bank, demat accounts, and
mutual fund folios of the Wadhawans to recover the pending
dues. The pending dues of ~10.6 lakh each from Wadhawans
comprise the initial penalty amount, interest, and recovery cost,
it added. In July 2023, the regulator imposed a penalty of ~10 lakh
each on Wadhawans, who were promoters of DHFL (now known
as Piramal Finance), for flouting disclosure norms. PTI
Angel One to raise GPT Healthcare
~2,000 crore via IPO subscribed
preferential issue 37% on Day 1
Broking firm Angel One plans The initial share sale of GPT
to raise ~2,000 crore to tap Healthcare Ltd, which oper-
opportunities in the fintech ates and manages mid-sized
space. The proposed fund
raise could be done through
preferential issue, further
multi-specialty hospitals
under the ILS Hospitals
brand, received 37 per cent
public offer (FPO) or by qual- subscription on the first day
ified institutions placement of offer on Thursday. The
(QIP), the company said in a initial public offering (IPO)
filing. The stock broker plans received 7,243,360 bids for
to move beyond equity and shares against 19,763,327
mutual funds and will offer shares on offer, according to
distribution of credit and NSE data. The category for
fixed income products. It said retail individual investors got
that these offerings would subscribed 66 per cent, while
strengthen the company on the quota for non-institut-
its superapp and boost ional investors received
growth. BS REPORTER 18 per cent subscription. PTI
PSU opportunities limited CLSA recommends ‘sell’ on
after rally for a yr: Bernstein OMCs, expects 37% price fall
PUNEET WADHWA
New Delhi, 22 February
After a stupendous rally in the
past year that saw the S&P BSE
PSU Index surge nearly 90 per
cent, compared to a 19 per cent
increase in the benchmark
National Stock Exchange Nif-
ty 50 during the same period,
fresh investment opportunities
in the stocks of public sector
undertakings (PSUs) remain
limited, suggests a recent note
by Bernstein.
Relative to historical aver-
ages, the PSU index, Bernstein
cautions, is trading at a steep
valuation of 11.2x forward
price-to-earnings (P/E) and
1.8x price-to-book (P/B), which
is one standard deviation
(+1SD) above historical average.
By definition, standard
deviation is the statistical mea-
sure of market volatility, meas-
Bajaj Finance: Seizing opportunity amid market correction
DEVANGSHU DATTA
The share price of Bajaj
Finance has dropped by over
7 per cent after the company
delivered its October–Dec-
ember quarter (Q3) results for
2023–24 (FY24) on January
29, after market hours. This
decline coincided with the
introduction of new Reserve
Bank of India (RBI) regula-
tions on risk-weight norms
and embargoes on EMI cards,
ON BERNSTEIN’S RADAR
Company 12-mth P/B
fwd P/E (x) (x)
BPCL 7 2
IOCL 7 1.5
Coal India 10 4.4
Oil India 7 1.2
ONGC 6 1.1
P/B: Price-to-book; P/E: Price-to-earnings
Note: Companies with high dividend yield or high momentum which are not high
volume and not too expensive; Data till Jan 31, 2024
uring how widely prices are di-
spersed from the average price.
“We find only limited
opportunities within the PSU
portfolio — the ones that have
high momentum or dividend-
yielding stocks with reasonable
valuations. However, we would
argue against chasing high-vol-
ume PSU stocks or the ones
that are simply value,” wrote
cating a potential upside of
over 30 per cent from
Thursday’s closing of
~6,673.95. Bajaj Finance
reported mixed numbers for
Q3FY24. While provisioning
remained elevated, there was
strong growth in net interest
income (NII) and assets
under management (AUM).
NII rose by 29.3 per cent
year-on-year (Y-o-Y), 6.4 per
cent quarter-on-quarter (Q-o-
Q), despite downward pres-
REX CANO
Mumbai, 22 February REPORT CARD
As on Feb 22 CMP (~) 1-day change (%)
Dividend Last 12 month Shares of Oil Marketing Companies (OMCs) —
Petronet LNG 284.0 1.2
yield (%) return (%) Hindustan Petroleum Corporation (HPCL),
Bharat Petroleum Corporation (BPCL), and GAIL India 182.2 1.0
8.4 44
Indian Oil Corporation (IOC) — slid up to 4 per RIL 2,963.4 0.9
6.8 77 cent in intraday deals on Thursday after CLSA
recommended a 'sell' on the sector.
BSE Oil & Gas 28,593.1 0.1
6 78
Analysts at CLSA believe OMCs are pricing Sensex 73,158.2 0.7
4.5 80
in much higher than historical marketing mar- Source: Bloomberg; Compiled by BS Research Bureau
4.1 72 gins, and a notable premium to the global peer
average EV (earnings value)/Ebitda multiple. sets the superior refining operations of these
Source: Bernstein report
A lack of retail fuel price changes in the last companies and possibly negates any reasons
two years has exposed the vulnerability of for IOC, BPCL, and HPCL to command any pre-
profits for the OMCs. mium to global peers.
analyst Rupal Agarwal of While expectations of a cut in petrol, and Based on the overall assumptions, CLSA
Bernstein in the note. diesel prices ahead of elections look slim, analysts have recommended a ‘sell’ call on all
Oil and Natural Gas the report warns that given the government’s three OMCs.
Corporation, Coal India, Indian focus on fiscal consolidation, it may look at They have set a downside target of ~115 for
Oil Corporation, Bank of avenues to raise fuel taxes post elections, adds IOC, down almost 37 per cent compared to
Baroda, and GAIL (India), the report. Wednesday's close.
are some of the stocks that Those apart, large global refining capacity Similarly, CLSA expects BPCL and HPCL to
Bernstein considers top picks additions may soon raise doubts over the con- fall up to 29 per cent and 34 per cent with down-
in the PSU pack. tinuation of current high margins.
CLSA argues that policy uncertainty in mar-
side targets set at ~450 and ~360, respectively.
Meanwhile, another report by CareEdge has
More on business-standard.com keting and limited non-fuel retail business off- also flagged concerns for the OMCs.
THE COMPASS
Base=100 increasing risk weight on con- over the past three quarters as tion costs, innovative pro-
140 sumer credit exposure for the a precautionary measure. The ducts, quick decisions, and
Bajaj Finance industry, from 100 per cent to management, however, is good service standards. They
130 125 per cent, had an impact of optimistic about growth pro- have leveraged the digital
290 bps on Bajaj Finance’s spects. The current focus is public infrastructure better.
120 capital to risk (weighted) on maintaining margins and Bajaj Finance has a big,
assets ratio. AUM grew by 35 curtailing risks. diversified loan portfolio, a
110 per cent Y-o-Y (7 per cent Q- The 2024–25 guidance is wide distribution network,
o-Q) on pick-up in two- for a new customer addition and effective execution. The
100 wheeler finance (12.3 per cent of 13–14 million over FY24. lender has focused on
Sensex Q-o-Q), small and medium- The gross stage 3 and net strengthening its digital plat-
90 sized enterprise lending (10.6 stage 3 ratios increased to 0.95 forms and product offerings.
Jan 31,‘23 Feb 22,’24 per cent Q-o-Q), and mort- per cent and 0.37 per cent, The investment cycle for this
Source: Exchange
gage (9.4 per cent Q-o-Q). respectively (versus 0.91 per digital transformation is

ADB to dole out $23mn to set up e-commerce loans, etc.

However, it remains an ana-
fintech institute at GIFT City lyst favourite with many ‘buy’
calls and few ‘sell’/’reduce’
The Asian Development Bank (ADB) has approved a $23 million recommendations.
loan to improve access to fintech education, research and According to Bloomberg,
innovation at the Gujarat International Finance Tec-City (GIFT 24 of the 30 analysts polled
City). The project involves setting up of an international fintech in the past month have a
institute (IFI) inside the GIFT City. The IFI will offer fintech training ‘buy’/‘add’/‘outperform’/
programmes aligned with industry and international standards. ‘overweight’ rating, three
“ADB’s assistance will help strengthen the country’s fintech have a ‘sell’, two are ‘neutral’,
education to ensure that digital and financial services become and one is not rated.
more efficient and accessible in the future,” said Kanupriya Their average one-year
Gupta, Economist, ADB. BS REPORTER target price is ~8,762.3, indi-
sure on net interest margin
(NIM), which dropped 10
basis points (bps) Q-o-Q to
10.2 per cent. NIM continued
to see the lagged effect of the
cost of finance increase,
which was at 7.76 per cent, up
from 7.67 per cent Q-o-Q.
The cost-to-income ratio
remained almost flat Q-o-Q
at 34 per cent. The pre-provi-
sion operating profit grew by
5.3 per cent Q-o-Q (versus 5.2
per cent Q-o-Q in the second
Compiled by BS Research Bureau
quarter of FY24).
Credit cost increased to 1.7
per cent (versus 1.5 per cent
Q-o-Q) due to higher slip-
pages in the business-to-con-
sumer (B2C) segment. The
company reported a 22 per
cent Y-o-Y (2.5 per cent Q-o-
Q) expansion in profit after
tax to ~3,639 crore.
The company estimates
that the RBI’s action of
New loans booked rose by
26 per cent Y-o-Y to 9.9 mil-
lion, and the customer base
rose to 80.4 million from 66
million Y-o-Y. The third qua-
rter saw the highest-ever cus-
tomer addition of 3.85 mil-
lion. The management
guided for a credit cost of
1.75–1.85 per cent and said the
trajectory should normalise
towards pre-pandemic levels.
Bajaj Finance has deliber-
ately cut back B2C growth
cent and 0.31 per cent Q-o-Q),
due to higher slippages in the
B2C segments. The provision
coverage ratio on stage 3 ass-
ets was reduced to 62 per cent
(versus 66 per cent Q-o-Q).
Non-banking financial
companies like Bajaj Finance
have outpaced banks due to
their better understanding of
regional dynamics and clever
customisation of products
and services. Their character-
istics include lower transac-
nearly complete. But there is
intense competition, and the
bad loan risk in retail unse-
cured loans (where the
growth and yield are high) is
significant, as the Q3 results
indicate. The attitude of the
RBI could also be a cause for
concern. However, the share
price correction could have
brought valuations to attrac-
tive levels; the stock was
being recommended even at
much higher levels.
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024
Apollo’s prescription for
profit through expansion
Rising revenue per bed may spin profits for hospital major over next 2 yrs
RAM PRASAD SAHU
Mumbai, 22 February
T
he stock of the country’s largest
listed hospital company, Apollo
Hospitals Enterprise, is up over 20
per cent since January 1, and half of these
gains have come over the past fortnight.
Better-than-expected performance in
the October-December quarter (Q3) of
2023–24 (FY24) has led to earnings
upgrades, while capacity expansion and
rising revenue per bed could translate
into strong revenue and profit growth
over the next two years.
While overall revenues saw a 13.8 per
cent growth year-on-year (Y-o-Y) to
~4,850 crore, the hospital segment,
which accounts for just over half of
consolidated revenues, saw growth of
12 per cent to ~2,463 crore.
Despite a seasonality effect and a
cyclone in the December quarter, the
company’s hospital revenue growth was
better than estimates.
While 7.7 per cent of the gains on the
top line were on account of volume
growth, the rest came from price/case
mix. Operating metrics for the hospital
major, which has 7,911 hospital beds, were
healthy. While occupancies were up 100
basis points (bps) over the previous year
at 66 per cent, they were 200 bps lower
on a sequential basis due to seasonality.
Average revenue per operating bed
was up 10 per cent over the year-ago
period at ~56,368, while sequentially it
was down 2 per cent.
The company is eyeing an expansion
of 2,000 beds over the next four
years, with a capital expenditure of
~3,000 crore.
Overall operating profit margins for
the company expanded by 80 bps Y-o-Y
to 12.7 per cent on the back of lower
employee costs and other expenses,
which were down 40–60 bps as a per-
centage of sales. Some of the gains on
this front were offset by an increase in
raw material costs.
Within segments, hospital margins
saw a contraction of 95 bps Y-o-Y to 23.8
per cent, given the investments in the
cost of clinicians and marketing.
The Health Co., comprising the offline
HEALTHY GROWTH
(Base = 100)
Source: Exchanges
and online pharmacy arms as well as
Apollo 24/7 and accounting for 42 per
cent of sales, turned positive at the oper-
ating profit level in the December
quarter. This was on account of cost opti-
misation and growth in operational reve-
nue from pharmacy distribution, accord-
ing to the company.
The total count of stores after the 119
added in Q3FY24 stood at 5,790. The
gross merchandise value of Apollo 24/7
was ~660 crore, which was up 21 per cent
Y-o-Y, although it fell on a sequential
basis by 9 per cent.
After turning The Health Co. profit-
able earlier than expected, the company
is aiming to turn the digital business pos-
itive at the operating profit level as well.
Further, it is eyeing digital thera-
peutics, insurance distribution, applica-
tion, and website monetisation to drive
top line and reduce cash burn.
Equity research analyst Aashita Jain
of Nuvama Research said that this is
encouraging, given that it would ease
margin pressures in the medium term.
The sustained offline pharmacy uptick
(management is confident of growing at
20 per cent) with steady margin calls for
premium multiples. The brokerage has
retained a ‘buy’ rating on the stock.
Motilal Oswal Research has raised
its earnings estimate by 2–3 per cent
over the next two years, factoring in the
faster turnaround of the Apollo 24/7
business, initiatives aimed at enhancing
occupancy rates, and tariff hikes in the
institutional patient category. It has a
‘buy’ rating on the stock and expects
revenue to grow by 15 per cent and oper-
ating to rise by 23 per cent over FY24
through 2025-26.
Reasonable valuations, potential
US rate cuts bode well for tech funds
Mitigate inherent volatility with limited exposure and a long horizon
SARBAJEET K SEN
After sustaining a category average loss
of 23 per cent in 2022, technology funds
were up 30 per cent in 2023. Their
robust performance over the past three
months — they have gained 16.8 per
cent on average — appears to indicate
that these funds are on a comeback
trail. Three new fund offers (NFOs) of
tech schemes were announced
recently — by Edelweiss, Kotak and
Nippon India Mutual Fund.
“Considering reasonable
valuations, anticipated bottoming out
of earnings growth over the next four
quarters, and the ongoing structural
integration of technology across
industries, we perceive tech funds to be
a compelling thematic addition to
investors’ portfolios,” says Trideep
Bhattacharya, senior vice president &
chief investment officer (CIO)-equities,
Edelweiss Mutual Fund.
Mahesh Patil, CIO, Aditya Birla Sun
Life Asset Management Company
(AMC), too, believes tech is a good long-
term bet. “The technology
sector is a structural
investment opportunity. Over
a longer period (five-year
rolling), returns from the tech
sector have outpaced the
broader market,” he says.
A diverse mix YOUR
The listed Indian technology
space has a wide variety of
MONEY
companies: software services,
products, tech-enabled new-age
companies, business process
outsourcing, and so on.
“A tech fund should encompass not
only traditional IT services stocks but
also new-age tech companies
leveraging technology for business
advancement. Additionally, the
inclusion of US technology leaders
allows exposure to broader tech
segments and the expanding
integration of technology across
diverse industries,” says Bhattacharya.
Tech companies stand to benefit
from the disruption caused by
new-age technologies. “Investors
underestimate the growth
opportunities that come with artificial
intelligence (AI), especially generative
THE SMART INVESTOR 11
RETURNS HAVE AVERAGED 35% OVER PAST YEAR
Returns n1-year n3-year n5-year (in %)
29.9
26.3
25.9
23.4
21.5
35.1
33.8
ICICI Prudential Tata Digital
Technology India
Fund
12,249 9,702
Returns are for direct plans of five largest active funds by assets under management (AUM)
AI. Other sub-themes like cloud
computing, fintech payments,
software as a service, and the Internet
of Things (IoT) provide further
opportunities in India and worldwide,”
says Ravi Kumar TV, founder,
Gaining Ground Investment.
The Indian IT sector is
also known for its strong,
cash-rich businesses that
make regular dividend
payouts and also undertake
buybacks. Many are professi-
onally managed and known
for their high corporate
governance standards.
Growth drivers
The interest-rate hike cycle appears to
have ended. Rising interest rates were a
sentiment dampener for the IT sector.
This may change soon.
Rate cuts are expected to boost the
deal pipeline of Indian IT companies.
“With the US Federal Reserve signalling
potential rate cuts in the second half of
2024, it is expected that discretionary
tech spending will revive, benefiting
Indian IT services. This drives our
positive outlook on the sector on a one-
year basis,” says Patil.
Adds Bhattacharya: “The future
trajectory of tech stocks will be
influenced by several factors, including
the growth outlook of end-clients
worldwide, the movement of the rupee
51.2
26.6
25.7
25.2
22.8
23.2
21.2
17.3
ABSL Digital SBI Technology Franklin India
India Fund Opportunities Technology
Fund Fund
Funds
4,717 3,758 1,280
AUM (~ cr)
Source: Navigation RA
against the US dollar, and the
inclination towards outsourcing.”
Be prepared for volatility
While the future looks bright, taking
exposure to a sector fund can lead to
high volatility. “Tech funds entail risks
such as volatility, technological
obsolescence, regulatory changes,
cybersecurity threats, competition,
concentration risk, and susceptibility to
geopolitical tensions and economic
downturns,” says Bhattacharya.
Patil warns that a recession in the US
could impact firms within this sector.
A long-term play
Technology funds may be included in
investors’ satellite portfolios.
Bhattacharya advises having an
investment horizon of 5 to 10 years
when investing in these funds.
The diversified equity funds in your
portfolio will have some allocation to
the tech sector. Investors must figure
out how much exposure they already
have to the tech sector. Innovation-
themed schemes launched by fund
houses may also have some overlap
with technology schemes.
“Overexposure to any single sector
like technology can increase portfolio
risk. As a general rule, not more than
10-20 per cent of the equity portfolio
should be invested in sector/thematic
offerings,” says Ravi Kumar.
12 STOCKS
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1
IN THE
> STOCK
> Graphite India > ABB India > Prataap Snacks

NEWS Top gainer

amongst A group
Hits new all time
high on BSE
Trading volumes
jumps 21x over OF THE DAY
of companies at ~5,456 2-week average TVS Holdings
~544.4 PREVIOUS CLOSE ~4,989.3 PREVIOUS CLOSE ~1,174.5 PREVIOUS CLOSE Hits new all-time high at
~610.3 CLOSE ~5,431.5 CLOSE ~1,226.8 CLOSE ~9,498; Surged 103 per cent
p 12.1% UP p 8.9% UP p 4.5% UP in last 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
22 Feb ’24 Chg (%) Con Std 22 Feb ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3263.1 1.2 1.0 105.9 148.3 ITC 414.5 2.8 5.1 26.9 25.2 price price (%) price price (%)
Adani Ports 1311.0 1.5 1.0 39.2 216.6 JSW Steel 828.7 0.0 1.1 18.1 20.5 ABB India 5457.0 5431.5 8.9 5457.0 5457.0 IndusInd Bank 1463.8 1489.2 -1.9 1429.0 990.3
MOST BULLISH MOST BEARISH
Apollo Hosp 6769.2 0.1 0.7 118.8 97.5 Kotak Mah Bank 1724.8 -1.2 2.5 19.7 26.1 Hind Copper 264.8 264.0 7.4 306.8 306.8 PAYTM 380.5 388.2 -1.8 318.4 318.4
Asian Paints 3017.4 0.5 1.4 53.2 54.1 Vodafone Idea 16.4 16.3 0.6 Berge Paint 561.3 571.7 -1.8 YES Bank 27.4 27.2 6.3 32.8 32.8 IRFC 149.2 152.1 -1.4 74.2 25.5
L&T 3363.8 2.0 4.6 36.6 48.0
Axis Bank 1100.9 1.5 3.1 31.4 28.3 Chola Inv 1087.3 1082.5 0.4 Bajaj Auto 8383.6 8498.5 -1.4 Cummins (I) 2786.8 2766.1 6.1 2786.8 2786.8 Bank of India 136.5 139.2 -1.3 102.9 66.1
LTIMind 5486.8 1.2 0.5 35.4 36.2
Persistent S 8595.2 8560.2 0.4 Nat Alum 159.6 161.6 -1.2 NBCC 146.3 146.2 4.9 176.5 176.5 IOC 175.4 179.7 -1.3 100.1 75.8
Bajaj Auto 8498.5 3.2 1.1 32.5 34.5 Mah & Mah 1910.4 2.7 1.9 23.1 23.2 Tata Comm 1829.3 1822.0 0.4 Ashok Leyland 171.9 173.0 -0.7 Jio Financial 305.3 303.1 4.5 305.3 305.3 HDFC Bank 1412.4 1419.8 -1.3 1363.5 1363.5
Bajaj Fin 6675.0 -0.2 1.8 35.8 34.1 Maruti Suzuki 11657.8 1.7 1.5 44.6 30.7 L&T Tech Ser 5371.8 5351.1 0.4 Bosch 28343.7 28444.1 -0.4 Oberoi Relty 1383.7 1378.5 4.3 1586.2 1586.2 BPCL 611.1 626.3 -1.1 400.9 314.1
Bajaj Finsrv 1592.6 0.4 1.0 32.6 216.9 Nestle India 2563.2 0.8 0.9 - 82.4
Bharti Airtel 1135.6 -0.4 2.9 76.1 141.5 Indian Hotel 583.0 578.9 4.0 583.0 583.0 Kotak Mah Bank 1714.9 1726.5 -1.1 1691.1 1644.2
NTPC 339.6 1.0 1.6 19.5 18.1 BSE NSE GMDC 420.0 415.3 3.5 505.0 505.0 Bata India 1410.5 1418.5 -1.1 1394.0 1380.9
BPCL
Britannia
625.9
4957.0
-1.2 0.6 63.7 4.7
0.7 0.6 55.3 56.6
ONGC 274.7 0.6 1.4 9.8 11.7 Index Stock Index Stock PUT-CALL RATIO Adani Power 565.0 560.1 3.4 589.3 589.3 Biocon 268.1 271.1 -1.1 231.4 191.6
Power Grid 282.6 0.9 1.3 17.0 16.9 Bharat Elctn 196.2 195.0 3.4 196.3 196.3 Mazagon Dock 2034.0 2059.6 -1.0 1960.8 612.8
Cipla 1453.3 0.4 0.8 31.6 34.6
Reliance Ind 2963.5 1.0 10.1 28.7 44.9 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 445.2 2.8 1.0 9.3 17.6 Contracts 2466 - 524239 1477121 Bajaj Auto 8541.0 8505.3 3.4 8650.0 8650.0 IRCON Intl 220.3 225.7 -0.9 157.5 50.2
SBI 765.9 -0.7 2.9 10.7 12.0 Market 2843.3 5173.0 0.5 RBL Bank 267.6 266.5 3.2 300.5 300.5 APL Apolo Tb 1417.0 1421.3 -0.9 1306.0 1046.6
Divis Lab 3645.4 -0.1 0.5 53.1 71.0 Open Int.(000) 15 - 18631 8460878
SBI Life Ins 1509.7 0.5 0.7 - 81.3 HCL Techno 1691.8 1686.8 3.1 1696.0 1696.0 Abbott India 28728.8 28876.0 -0.9 21983.4 19908.7
Dr Reddys 6364.0 0.2 0.8 20.3 26.7 Shares(In Mn) - - 17.7 3152.3 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1558.1 0.9 1.7 42.0 385.5 Eicher Motor 3967.0 3953.1 3.1 4201.7 4201.7 Voltas 1085.7 1098.1 -0.8 811.5 131.0
Eicher Motor 3951.4 3.0 0.5 28.2 30.8 Value(~ crore) 186 - 47464 126334
Tata Consumer P 1159.5 -0.1 0.7 91.9 101.9 Cadila Healt 1.4 Shree Cement 0.2
Grasim Ind 2201.2 0.3 0.8 21.2 97.9 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 932.3 1.2 1.6 16.0 36.6 ABB India 1.3 GNFC 0.3
HCL Techno 1686.4 3.1 1.8 29.2 38.9 Contracts 17468580 - 539089113 6684125
Tata Steel 145.9 1.4 1.2 - 41.3 Bank of Baroda 1.1 Balkrishna I 0.3
HDFC Bank
HDFC Std Life
1419.6
574.7
-1.4 10.6 23.4 19.1
-0.5 0.6 90.3 81.5 TCS 4087.1 2.4 4.1 33.3 35.6
Open Int.(000)
Shares(In Mn)
11335
-
- 611564
- 24947.8
7404680
9773.9
Mah & Mah 1.0 Metropolis Heal 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1328.1 2.4 0.8 46.1 56.9 Indian Hotel 1.0 Page Inds 0.3
Hero MotoCorp 4495.2 -0.9 0.6 32.0 23.6 Value(~ crore) 1272696 - 56831494 584030 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 521.2 1.8 0.8 11.6 37.6 Titan Company 3652.1 -0.1 1.5 99.8 92.9 BSE+NSE BSE+NSE
UltraTech 9961.2 -0.1 1.1 44.8 46.0 1 Reliance Ind 2004910.7 BS200 Bhatia Communic 46.7
HUL 2388.1 -0.8 2.1 55.4 54.7 (~ crore) (Mn shrs)
ICICI Bank 1062.7 1.0 7.4 21.9 19.0 UPL 492.3 0.0 0.2 - 35.0 ACTIVE CALLS ACTIVE PUTS HDFC Bank 3686.9 26.0
2
3
TCS
HDFC Bank
1495272.9
1078451.7 UP 7 DAYS Pan Electronics 44.3
IndusInd Bank 1489.2 -1.9 1.0 - 13.4 Wipro 531.1 1.9 0.7 24.6 31.1 Mah & Mah 16.0 DOWN 7 DAYS
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Reliance Ind 2785.3 9.5 4 ICICI Bank 746496.2
Infosys 1681.4 1.6 6.0 28.6 28.3 Nifty 50 22217.5 0.7 100.0 25.4 30.0 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Jio Financial 2382.2 79.6 5 Infosys 697394.5 UP 3 DAYS PLANTER POLYSAC
Unifinz Capital
-30.2
-29.8
INDEX PE SHRS TRDS 1 YR Index Index 6 SBI 683579.7 ABB India 20.9
ABB India 2334.9 4.4
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
22/02/24
22/02/24
22200
22100
1812.2
1473.4
9.8 -30.1
8.1 -13.0
Nifty
Nifty
22/02/24
22/02/24
22000
21900
1134.3
1111.2
9.5 22.1
7.4 12.6
YES Bank 1967.3 747.8
7
8
LIC India
Bharti Airtel
672948.4
639009.5
Jio Financial
HFCL
10.6
7.1
IGC Inds.
Rasandk Engg
-27.5
-25.3
Asian Paints 3018.6 0.6 1.6 53.2 54.2 Maruti Suzuki 11675.5 1.8 1.8 44.7 30.7 SENSEX 26.2/30.7 9.1 248 21 9 22.5 NHPC 1733.1 189.3
Nifty 22/02/24 22250 1437.6 20.1 194.0 Nifty 22/02/24 21950 961.3 7.0 171.0 9 HUL 561061.0 Indian Hotel 6.7 Ashok Alco -23.2
Axis Bank 1100.7 1.5 3.6 31.4 28.3 NIFTY 50 25.4/30.0 343.5 8624 36 14 26.6 Axis Bank 1628.2 14.8
Nestle India 2562.5 0.6 1.1 - 82.4 C = CONSOLIDATED; S = STANDALONE Nifty 22/02/24 22150 1275.9 3.8 -34.7 Nifty 22/02/24 21800 846.1 5.8 -16.9 10 ITC 517009.1 Oberoi Relty 6.0 SAL Steel -13.2
Bajaj Fin 6674.0 -0.2 2.2 35.8 34.1 NTPC 339.6 1.0 1.9 19.5 18.1 Nifty 22/02/24 22000 1217.6 3.9 -32.4 Nifty 22/02/24 22050 736.6 6.1 210.9 Olectra Greente 1514.4 7.1 11 L&T 462439.1 Indowind En -13.2
Glenmark 5.9
Bajaj Finsrv 1593.8 0.5 1.2 32.6 217.0 Power Grid 282.6 0.9 1.5 17.0 16.9 CASH DERIVATIVES Stock Stock SBI 1492.0 19.5 12 HCL Techno 457724.9 UP 3 DAYS
TURNOVER BSE NSE BSE NSE
DLF 5.2
Bharti Airtel 1135.3 -0.4 3.4 76.1 141.4 Reliance Ind 2963.4 0.9 11.8 28.7 44.9 Vodafone Idea 29/02/24 16 545.7 142.7 -15.4 Vodafone Idea 29/02/24 15 174.2 65.5 -4.4 13 Bajaj Fin 412450.1 Walchand Ppl 45.3
ICICI Bank 1426.3 13.5 DOWN
HCL Techno 1686.8 3.1 2.1 29.2 38.9 SBI 766.0 -0.7 3.4 10.7 12.0 VALUE(IN ~ CRORE) 8132 101694 1272882 57589323 Vodafone Idea 29/02/24 17 445.1 137.4 -6.3 Vodafone Idea 29/02/24 16 115.8 54.9 -2.3 14 Sun Pharma 373751.0
TCS 1216.6 3.0 Hero MotoCorp -7.4 Accelerate 45.2
HDFC Bank 1419.8 -1.3 12.5 23.4 19.1 SHARES(IN MN) 972.7 4665.0 - 37891.7 Vodafone Idea 29/02/24 15 201.0 85.0 -4.5 Vodafone Idea 29/02/24 14 84.4 68.4 1.2 15 Adani Enter 371993.4
Sun Pharma 1557.8 0.9 2.0 42.0 385.4 Bharti Airtel 1211.2 10.8 Biocon -6.8 Reliable Vnt 34.3
HUL 2387.9 -0.8 2.5 55.4 54.7 TRADES(000) 3966 35872 - 139948 Vodafone Idea 29/02/24 18 150.6 120.3 -6.6 Power Fin 29/02/24 390 34.2 4.5 149.7 16 Maruti Suzuki 367077.7
Tata Motors 932.1 1.2 1.9 16.0 36.6 Zomato 1159.2 72.4 Federal Bank -5.8 Lancor Hold 32.7
ICICI Bank 1063.7 1.3 8.6 21.9 19.0 Tata Steel 29/02/24 150 63.7 38.8 -3.1 SBI 29/02/24 760 31.1 3.2 -10.3 17 ONGC 345769.0
Tata Steel 145.9 1.4 1.4 - 41.2 Eurekaforbe 1143.1 22.6 Enginers Ind -5.5 Elixir Cap 29.8
IndusInd Bank 1489.2 -1.9 1.1 - 13.4 MARKET-CAP (~ CR) TRADED TOTAL 18 Kotak Mah Bank 343169.5
Infosys 1680.3 1.5 7.0 28.6 28.3 TCS 4086.5 2.4 4.8 33.3 35.6 Angel One -5.2 IM+Capitals 29.7
Kotak Mah Bank 1078.2 6.3 19 Axis Bank 339578.0
Tech Mahindra 1327.3 2.3 1.0 46.0 56.9 BSE 39,251,741 39,886,320 Mazagon Dock -4.8 Hind Adhes 28.3
ITC
JSW Steel
414.3
828.5
2.7 6.0
0.0 1.3
26.9 25.2
18.1 20.5 Titan Company 3651.8 0.0 1.8 99.8 92.9 NSE 38,798,057 39,467,382 SPURT IN VOLUMES Coal India
Infosys
1011.3
1003.1
23.1
6.0
20
21
NTPC
Titan Company
329250.4
324206.8 Chola Inv -4.5 DOWN 3 DAYS
UltraTech 9960.1 -0.1 1.3 44.8 45.9 DERIVATIVES 25,866,287 25,866,287
Kotak Mah Bank 1726.5 -1.1 2.9 19.7 26.1 Company Days 2-week Avg Change Close *Price 22 Tata Motors 309760.1 Others Jaipan Inds -21.2
PAYTM 912.6 23.3
L&T 3364.1 2.1 5.4 36.6 48.0 Wipro 531.3 1.9 0.9 24.6 31.1 Volume Volume % price %chg 23 Adani Green En 304466.4 UP 7 DAYS Uniroyal Ind -19.2
Mah & Mah 1908.6 2.6 2.2 23.1 23.2 BSE SENSEX 73158.2 0.7 100.0 26.2 30.7 TRADING ACTIVITY Eurekaforbe 22580124.0 216535.5 10327.9 492.0 -3.5
BPCL
HFCL
891.2
876.7
14.4
76.9
24 Asian Paints 289539.3 Narbada Gem 109.4 S P Cap Fin -18.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 UltraTech 287536.7 Jubilant Ind 61.4 Novartis -15.2
Kotakbketf 115510.0 1768.5 6431.4 477.5 -0.1 L&T 853.5 2.6
Equity Debt Equity Debt 26 Adani Ports 283314.5 Arihant Fond 59.6 Urja Global -14.1
Net Net Net Net Prataap Snacks 1514070.0 55475.8 2629.2 1226.8 4.5 Vodafone Idea 824.0 520.2
WORLD INDICES On 21 Feb 394 -497 - - Agro Tech Fd 843867.0 32889.7 2465.7 1046.3 17.5 Graphite 813.3 13.7
27
28
Wipro
Coal India
277578.1
274488.0
Aananda Lak Spg
Bharat Agri Fer
52.7
47.9
Majestic Ato
JSL Inds
-13.9
-13.1
On 20 Feb 2974 1839 - - SecUR Credentia 2468911.0 134141.0 1740.5 20.9 4.9 SAIL 811.7 63.0 29 Power Grid 262788.5
Indices Close % Chg* Indices Close % Chg*
On 19 Feb 173 191 751 -38 Rudrabhishek En 377042.0 21612.1 1644.6 223.7 13.2 30 Bajaj Finsrv 254282.8 (T+2) cycleStocks which rose/fell continuously
Asian Paints 806.9 2.7
Americas (Feb 21,24) Asia/Pacific (Feb 22,24) On 15 Feb 1143 858 1563 -3465 Khaitan Ind 297670.0 19364.0 1437.2 79.6 20.0
Dow Jones 38612.2 0.1 Shanghai Se Comp 2988.4 1.3 On 14 Feb -2628 -114 2907 -571 Tarmat 5394755.0 356579.8 1412.9 110.3 20.0
S&P/ TSX Composite
Nasdaq Composite
21172.4
15580.9
-0.2
-0.3
Taiwan Taiex
Stock Exchange of Thai
18852.8
1402.5
0.9
0.6
Feb till date
2024 till date
-1976
-28087
15500
36563
12255
35324
-29324
-50830
MAS Fin Ser
Niesspl
1953050.0
198393.0
132863.5
13762.3
1370.0
1341.6
339.0
0.6
3.4
-9.7
BOARD MEETINGS INTRA-DAY
Europe/Africa (Feb 21,24) Kospi 2664.3 0.4 Group thorised Share sults of the mendation of other matter as
DAX 17338.7 1.3 Straits Times 3222.9 0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company Capital of the company for the final div- Board of Direc-
Purpose Company and the Quarter idend for the tors of the
CAC 40 7875.1 0.8 Jakarta Composite 7339.6 -0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock consequent al- and Financial year ended De- Company may
IBEX 35 10159.2 0.5 Kuala Lumpur Comp 1545.5 -0.5 NET Net Fut OI Opt OI OI FEBRUARY 23 teration of Year ended as cember 31, decide during
HIGH *KPI Green Energ . . . 1719.8 *eMudhra . . . . . . . . . . . 579.0 *Diamond Power . . . . 319.4
FTSE 100 7676.1 0.2 Volatility (Feb 21,24) BS 200 *WAA tech . . . . . . . . . 1677.8 *Windlas . . . . . . . . . . 557.7 *Tulive Develop . . . . . . 315.7 AGI Infra: To Capital Clause on 31st De- 2023 3. Trading the course of
On 21 Feb -14165 -176 0.3 3.3 3.6
Asia/Pacific (Feb 22,24) CBOE Dow Jones 13.5 -2.2 *Maruti Suzuki . . . . 11692.4 *Assoc.Cerami . . . . . . 1361.5 *Integrated Inds . . . . . 557.1 *Ind Hum Pipe . . . . . . . 314.4 transact the of Memoran- cember 2023. Window Clo- meeting.
On 20 Feb -17150 -1538 0.3 4.8 3.6
Nikkei 225 39098.7 2.2 CBOE S&P 500 14.2 -7.5 *Apollo Hosp . . . . . . . 6871.3 *Ebbetf0430 . . . . . . . 1347.0 *NIIT Learning . . . . . . . 553.0 *Zaggle . . . . . . . . . . . 301.9 following busi- dum of Associ- ESAF SMF: To sure Rain Inds: To
On 19 Feb -24704 -2536 0.3 4.5 3.6
*NIBE . . . . . . . . . . . . . 1327.5 *Avg Logistics . . . . . . . 552.8 *Eastern Logica . . . . . 293.6 ness: 1. To ap- ation of the consider and Prime Inds: To consider and
Hang Seng 16743.0 1.5 * Change over previous close On 16 Feb -4857 1411 0.3 4.1 3.6 *ABB India . . . . . . . . . 5457.0
Epigral . . . . . . . . . . . . 1275.0 *Manbro Inds . . . . . . . . 552.0 *Omega Intera . . . . . . . 285.0 prove the Company To approve the consider and approve the
On 15 Feb -76961 -2766 0.3 3.1 3.5 *Siemens . . . . . . . . . . 4584.0
contents of cir- approve of No- proposal to approve 1. To Annual Audited
MAJOR INDICES Feb till date
2024 till date
-248853
-914995
-11287
-17683
-
-
-
-
-
-
*Cummins (I) . . . . . . . 2786.8
*Grasim Ind . . . . . . . . 2245.0
*Jubilant Ind . . . . . . . 1177.7
*Ahluwalia Co . . . . . . 1174.0
*Quick Heal . . . . . . . . 552.0
*Capfin India . . . . . . . . 547.0
*Walchand Ppl . . . . . . . 279.0
*Dynavision . . . . . . . . . 277.7 cular or circu- tice of Postal raise funds by consider a pro- Financial Re-
*Jai Balaji . . . . . . . . . . 1140.9 Kwality Pharma . . . . . . 545.0 *Kiduja India . . . . . . . . 274.3 lar in the form Ballot and way of issu- posal for fund sults (Stand-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Olectra Greente . . . 2222.0
*Agro Tech Fd . . . . . . . 1068.3 Assam Entrade . . . . . . 541.6 *Worth Invest & . . . . . 268.3 of advertise- other related ance of Non- raising by way alone
*Mah & Mah . . . . . . . . 1917.0
ment (DPT-1) matters Convertible of issue of Consolidated
S&P BSE Sensex 72,623.1 72,677.5 73,256.4 72,081.4 73,158.2 535.1 0.7 *Sun Pharma . . . . . . . 1561.0 *TechNVision Ven . . . 1003.4 Hind Adhes . . . . . . . . . . 538.8
LOW for inviting thereto; Debentures equity and Segment)
*Varun Bever . . . . . . . 1500.0 *Mirae -ET . . . . . . . 1000.0 *Ahasolar Techno . . . . 525.3
S&P BSE Sensex 50 23,118.5 23,149.9 23,332.3 22,943.2 23,300.3 181.8 0.8 S&P BSE SECTORAL INDICES *Indian Hotel . . . . . . . . 583.0 *Gulf Oil Lub . . . . . . . . . 996.3 *Lorenzinl App . . . . . . . 507.5
BS 200
NONE
Fixed Deposits
as per Com-
BLS Infotech:
Meeting of the
(Tier ll Bonds)
on Private
shares/con-
vertible war-
for the Quarter
and Financial Financial re- December 2023 period Ended rants of the nance India
S&P BSE-100 22,948.3 22,986.3 23,163.7 22,795.9 23,134.3 186.1 0.8 *Jio Financial . . . . . . . . 305.3 *Dynacons Sys . . . . . . . 952.3 *Chemfab Alkl . . . . . . . 506.6
Prev cls Close % Chng Others panies Act Board of Direc- Placement rants and Year ended De- sults. and recom- 31st December, face value of Limited [(Non-
*HFCL . . . . . . . . . . . . . . 116.4 *Eyantra Ve . . . . . . . 935.7 *Patels Airt . . . . . . . . . . 489.0
S&P BSE-200 9,962.0 9,983.2 10,056.2 9,901.5 10,044.8 82.8 0.8 Whirlpool . . . . . . . . . . 1228.1 2013. 2. Any tors of the basis. or/any other cember 31 Sangal Paper: mend of div- 2023 & proposal Rs.10 each to Banking Finan-
Auto 46,564.9 47,426.8 1.9 Others *BF Utilities . . . . . . . . . 876.6 *Savita Oil . . . . . . . . . . 473.9
Hinduja Glb . . . . . . . . . 911.0 other Business Company to Foseco: To con- instruments 2023. RAIN IN- Meeting of In- idend if any for for Buyback of M/s Ruani cial Company
S&P BSE-500 31,818.7 31,896.0 32,104.9 31,634.1 32,072.1 253.4 0.8 Bankex 53,373.5 53,351.3 0.0 *TVS Holdings . . . . . . 9480.0 *IM+Capitals . . . . . . . 860.0 *Electrotherm . . . . . . . 464.5
*Polyplex Crp . . . . . . . . 886.4 with the per- consider and sider and ap- through prefer- DUSTRIES LIM- dependent Di- the Financial fully paid equity Media Service (NBFC)].
Cons. Durables 50,953.3 51,047.5 0.2 *Neuland Lab . . . . . . . 7323.8 *Rolcon Engg. . . . . . . . 835.3 *Valiant Comm . . . . . . 447.5
SG Finserve . . . . . . . . . 440.0 mission of the approve for ap- prove 1. To ential issue ITED has rectors Year ended 31st shares of the Private Limited Tcc: To consider
S&P BSE IPO 13,865.0 13,928.7 13,981.9 13,755.9 13,962.8 97.8 0.7 Cap. Goods 55,078.2 56,071.1 1.8 *Tata Invest . . . . . . . . 7115.0 *Master Trust . . . . . . . 826.0 *Alphageo (I) . . . . . . . . 445.0
Virat Ind . . . . . . . . . . . . 145.0 Chairman. pointment of approve and subject to the informed BSE Sanofi India: To December 2023. Company. 2. Allotment and approve a)
FMCG 19,438.3 19,622.9 0.9 *Kovai Medicl . . . . . . 4100.2 *Sundaram Brk . . . . . . 787.5 *K P Energy . . . . . . . . . 424.1 BFL AFL: To non executive take on record approval of the about Board
S&P Dollex-30 7,187.3 - - - 7,243.7 56.4 0.8 Suraj Ind . . . . . . . . . . . . . 91.3 consider and Shervani Ind: To Sri Adhikari: To upto 1000000 Proposal for
Healthcare 35,599.5 35,715.3 0.3 *Thermax . . . . . . . . . . 3756.4 *Archean Chem . . . . . . 779.6 *Fischer Chemic . . . . . 397.3 consider and director the Audited Fi- shareholders of Meeting to be
Niesspk . . . . . . . . . . . . 33.0 approve the Au- consider and consider and Equity Shares raising of funds
Nifty 50 22,055.1 22,081.6 22,252.5 21,875.3 22,217.5 162.4 0.7 Infra 563.9 572.1 1.5 *Kesar India . . . . . . . . 3072.1 *Panorama Studio . . . 773.7 *Ecoplast . . . . . . . . . . . 388.0 approve and Enkei Wheel: nancial Results the Company held on 23 Feb
*Sanmit Infra . . . . . . . . . 23.6 dited Financial approve Stand- approve the fol- and 6000000 by way of issue
IT 37,990.3 38,685.7 1.8 *Godfrey Ph . . . . . . . . 2781.0 *Veritas . . . . . . . . . . . . 718.2 *MAS Fin Ser . . . . . . . . 387.7 make recom- To transact the of the Com- and such regu- 2024 to con-
Nifty next50 58,386.5 58,638.5 59,080.4 58,006.9 58,999.0 612.5 1.0 *Fut Sup Chain . . . . . . . . 8.4 Statements alone & Con- lowing: 1. Allot- Convertible of equity shares
Metal 27,128.5 27,486.8 1.3 *Ethos . . . . . . . . . . . . 2721.2 *Jindal Stan . . . . . . . . . 653.3 *Garg Furnace . . . . . . . 362.8 mendation to following busi- pany for the latory/stat- sider financial
*Gayatri Bio . . . . . . . . . . . 5.5 (Standalone & solidated ment upto Warrants of the through Private
Nifty 500 20,128.3 20,179.3 20,308.9 20,004.1 20,284.0 155.6 0.8 Oil & Gas 28,574.7 28,593.1 0.1 *Share India Sec . . . . 2026.0 *Salzer Elec . . . . . . . . . 620.0 *Duroply In . . . . . . . . 339.0 the share- ness: 1. To quarter and utory approvals statements for
*Manipal Fin . . . . . . . . . . . 5.4 Consolidated) Unaudited Fi- 4000000 Equity face value of Placement/Pref
Power 6,519.6 6,609.6 1.4 *Mkventures Cap . . . 1890.7 *Shalibhdra F . . . . . . . . 608.0 *Tine Agro . . . . . . . . . . 328.7 holders of the consider & ap- year ended De- as may be re- the period
India VIX 15.9 15.9 16.2 15.1 15.2 -0.7 -4.6 *Nouveau Global . . . . . . . 0.5 for the Quarter nancial Result Shares and Rs.10 each to erential Issue or
PSU 18,635.2 18,781.7 0.8 *SML Isuzu . . . . . . . . . 1753.4 *Ceinsys Tech . . . . . . . 604.7 *Zuari Industrie . . . . . . 327.4 Company for prove audited cember 31, quired in this ended De- and Financial for the quarter 11000000 Con- M/s Sera In- such other
Nifty CPSE 5,762.2 5,796.8 5,871.8 5,679.8 5,855.9 93.8 1.6 Realty 7,142.9 7,187.9 0.6 m m w w increase in Au- financial re- 2023 2. Recom- regard. 2. Any cember 2023. Year ended 31st & Nine Month vertible War- vestments & Fi- methods

> 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 (687.2) (687.4) (4989.3) (4984.7)
m ~50 H ~2 Open 685.6 689.9 5200.5 5200.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 694.9 694.9 5457.0 5450.0
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 678.3 678.1 5084.6 5081.6
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 683.2 683.3 5431.5 5425.0
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 36454 1384K 175K 4223K
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 57.1 57.1 95.2 95.1
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 5457/3056 5450/3053
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 24766 24768 115093 114956
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 «
(29124.2) (29131.3) (2665.5) (2666.8) (3223.4) (3223.2) (1291.5) (1291.0) (541.4) (540.8) (1020.5) (1021.0)
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(1084.2) (1084.2) (8229.0) (8232.3) (6687.9) (6688.8) (1586.4) (1586.9) (2257.3) (2257.8) (380.8) (381.0) (200.6) (200.6) (275.3) (275.1) (1434.1) (1431.9) (572.3) (572.3) (188.6) (188.7) (1124.1) (1123.3) (1139.8) (1139.9) (222.0) (221.9) (274.0) (274.0) (795.2) (796.4) (28068.7) (28054.3) (633.3) (633.2)
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W 1152/814 1152/814 8650/3625 8650/3626 8190/5487 8192/5486 1742/1216 1741/1215 2794/1912 2796/1909 486/350 486/349 W 272/182 272/182 281/153 281/153 1770/1381 1771/1381 679/458 680/458 196/90 196/90 1330/744 1330/744 W 1201/736 1201/736 243/66 243/66 307/192 307/192 862/250 862/251 29200/17491 29200/17480 688/314 688/314
M 339578 339655 240853 240659 412450 412512 254283 254091 44068 44079 7691 7694 M 32798 32806 142574 142522 18230 18219 66620 66637 142505 142358 52745 52755 M 639010 639178 79582 79565 32548 32512 22580 22562 83945 83882 135849 135773

Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH
(4923.1) (4923.0) (786.4) (786.1) (567.8) (567.3) (290.4) (290.3) (365.5) (366.0) (1085.4) (1085.6) (1447.5) (1447.3) (133.8) (133.8) (433.0) (433.0) (831.2) (830.8) (6544.9) (6546.0) (2535.4) (2535.6) (993.2) (991.9) (1083.8) (1085.4) (2607.9) (2607.9) (545.9) (546.3) (2084.8) (2086.9) (2326.8) (2326.8)
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.
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 13
<

PUBLIC NOTICE
Notice is hereby given to the public at large that
Mr.Pawan Kumar Gupta S/o Late Shri Harswaroop
Bansal, resident of J-3, Second loor, Jagat Ram
Park, Laxmi Nagar, 110092 had expired as of 6th
May 2021 leaving behind Mrs Vandana Gupta
(Elder Daughter), Mr Vivek Bansal(Son) and Ms
Deepika Gupta(Younger Daughter) only legal
heirs, however members of public are hereby
noticed that if anyone having any adverse claim
in respect of Bank Account and locker in Indian
Overseas Bank(Karkardooma Branch)
whatsoever nature are hereby advised to place
their claim within one week from present
publication and contact Branch Manager with
appropriate written evidences. Please note that
claims received without written evidences will
not be considered.
Branch Manager
Indian Overseas Bank
Karkardooma Branch
Delhi

HIMACHAL PRADESH
PUBLIC WORKS DEPARTMENT
INVITATION FOR BIDS (IFB)
The Executive Engineer, Palampur Division, HPPWD, Palampur on behalf of Governor of
Himachal Pradesh, invites the item rate bids, in electronic tendering system from the eligible
class of contractors registered with HPPWD for the works as detailed in the table:-
Sr. Name of work Estimated Starting Earnest Deadline Time
No. Cost date Money for limit GOVERNMENT OF TAMIL NADU
(In Rs.) for down- ( In Rs.) submi-
loading ssion
FINANCE DEPARTMENT,
Bid of bid CHENNAI-9
1 Construction of Veterinary 26,89,990.00 27.02.2024 53,800.00 04.03.2024 Nine Dated: February 22, 2024
Dispensary Building at Month
Badehar in Tehsil Palampur PRESS COMMUNIQUE
Distt. Kangra (HP) (SW:- It is notified for general information that the outstanding balance
Construction of Main of 7.91% TAMIL NADU UDAY BOND 2024 issued in terms of the
building i/c WS & SI
Government of Tamil Nadu, Finance Department, Notification
Septic Tank and RWHS)
No.112/Uday/W&M-II/2017, dated March 22, 2017 will be repaid at
The bidders are advised to note other details of tenders from the department website par on March 22, 2024 with interest due up to and including March
WWW.hptenders.gov.in 21, 2024. In the event of a holiday being declared on the aforesaid
date by any State Government under the Negotiable Instruments Act,
Executive Engineer, 1881, the loan will be repaid by the paying offices in that State on the
HPPWD, Division, Palampur PIN-176061, Tel. 01894-230561,
previous working day. No interest will accrue on the loan from and
e-mail:-ee-pal-hp@nic.in
6246/2023-2024 On behalf of Governor of H.P. after March 22, 2024.
2. As per sub-regulation 24(2) and 24(3) of Government
Securities Regulations, 2007 payment of maturity proceeds to the
registered holder of Government Security held in the form of
Subsidiary General Ledger or Constituent Subsidiary General Ledger
account or Stock Certificate shall be made by a pay order
incorporating the relevant particulars of his bank account or by credit
to the account of the holder in any bank having facility of receipt of
funds through electronic means. For the purpose of making payment
in respect of the securities, the original subscriber or the subsequent
holders of such a Government Securities, as the case may be, shall
submit to the Bank or Treasury and Sub-Treasury or branch of State
Bank of India, where they are enfaced / registered for payment of
interest, as the case may be, the relevant particulars of their bank
account.
3. However, in the absence of relevant particulars of bank
account/mandate for receipt of funds through electronic means, to
facilitate repayment on the due date, holders of 7.91% TAMIL NADU
UDAY BOND 2024, should tender their securities at the Public Debt
Office, 20 days in advance. The securities should be tendered for
repayment, duly discharged on the reverse thereof as under:-
“Received the Principal due on the Certificate”.
4. It should be particularly noted that at places where the
treasury work is done by a branch of the State Bank of India, the
securities, if they are in the form of Stock Certificates, should be
tendered at the branch of the bank concerned and not at the Treasury
or Sub-Treasury.
5. Holders who wish to receive payment at places other than
those where the securities have been enfaced for payment should
send them duly discharged to the Public Debt Office concerned by
Registered and Insured Post. The Public Debt Office will make
payment by issuing a draft payable at any Treasury/Sub-Treasury or
branch of State Bank of India conducting Government Treasury work
in the State of Tamil Nadu.
T.Udhayachandran
Principal Secretary to Government,
DIPR/ 194 /DISPLAY/2024 Finance Department, Chennai-9.
14
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1
.
NEW DELHI | FRIDAY, 23 FEBRUARY 2024
MUTHOOT HOUSING FINANCE COMPANY LIMITED
Registered Office: TC NO.14/2074-7, Muthoot Centre, Punnen Road, Thiruvananthapuram - 695 034,
CIN NO – U65922KL2010PLC025624 Corporate Office: 12/A 01, 13th floor, Parinee Crescenzo, Plot No. C38 & C39,
Bandra Kurla Complex-G block (East), Mumbai-400051 TEL. NO: 022-62728517, Authorised Officer
Email ID: authorised.officer@muthoot.com,
Contact Person: - Govind Ram Balram Sharma - 9212443181..
PUBLIC NOTICE – AUCTION CUM SALE OF PROPERTY
SaleOfImmovableAssetsUnderSecuritizationAndReconstructionOfFinancialAssets&EnforcementOfSecurityInterestAct,2002
In exercise of powers contained in the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, the Authorized
Officer of the Muthoot Housing Finance Company Ltd., (hereinafter referred to as the “Company”) has taken the possession of under mentioned properties
(hereinafter referred to as “Secured Asset”) and held as security in respect of HOUSING Loan facilities granted to below mentioned customers (hereinafter
referred to as “Borrowers”) and further It has been decided to sell the Secured Asset on “as is where is”, “as is what is”, “whatever there is” and “no
recourse” basis/conditions by inviting sealed tenders from public in respect of the secured debt amounting to amount in below with further interest and
expenses thereon till final payment of the overdue from Borrowers.
Sr. Possession Type & Total O/s Amount (Rs.) Reserve
Name of Borrower/s & LAN EMD
No Date Future Interest Applicable Price
LAN No.: MHFLCONKOT000005000616 Symbolic Possession - Rs.9,68,408/- Rs. Rs.
1.
1. Surendra Singh Jhala, 2. Sarita Kanwar 15-February-2024 as on 22-February-2024 18,00,000/- 1,80,000/-
Description of Secured Asset(s) /Immovable Property (ies) - ALL THAT PART AND PARCEL OF THE PROPERTY BEING PLOT NO 10, KHASRA NO
872, SITUATED AT DHANPURA MOHALLA, JHALAWAR, DISTT – JHALAWAR, RAJASTHAN - 326001, ADMEASURING 1000 SQUARE FEETS., BOUNDARY OF
PLOT ARE: - EAST: - ROAD 20 FEET, WEST: - PLOT NO -9, NORTH: - OTHER LAND, SOUTH: - ROAD 20 FEET .
Inspection Date & Time: 11-March-2024 & 12-March-2024 at 10.00 AM to 05.00 PM
Auction Date: 28-March-2024 10.00 AM to 03.00 PM & Last date for Submission of Bid: 27-March-2024
Place of Sale: 1D-10/45, Ground Floor,Sri Ashapura Enclave, Chitrakoot, Opp. Pratap Stadium, Jaipur, Rajasthan - 302021
Intending bidders may inspect the properties on the date and time as mentioned above.
Terms & Conditions of public auction:- 1)Sale is strictly subject to the terms and conditions mentioned hereunder as per extant guidelines under
SARFAESI Act, 2002 & also the terms and condition mentioned in the offer/ tender document to be submitted by the intending bidders. 2)The
property will be sold on “As is where is” and “As is what is” “whatever there is” and “no recourse” condition, including encumbrances, if any. 3)The
properties under auction can be inspected on the date & time specified above. For any queries with regards to inspection of properties or
submission of tenders, kindly establish contact to The Authorised Officers at respective locations on above mention contact numbers. The interested
buyers may send theirs offers for the above property in a sealed cover along with Demand Draft Payable at Mumbai favoring “Muthoot Housing
Finance Company Limited”, towards earnest money deposit (EMD) 10% of Reserve Price. 4)Along with offer documents, the intending bidder shall
also attach a copy of the PAN card issued by the Income Tax department AND bidder’s identity proof and the proof of residence such as copy of the
Passport, Election Commission Card, Ration Card, Driving license etc. 5)In no eventuality the property would be sold below the reserve price. 6)The
bidders present in the auction would be allowed to increase their offer multiples of Rs.10000/- in addition to Reserve Price fixed. 7)All dues and
outgoings, i.e., Municipal Taxes, Maintenance / Society Charges, Electricity and water taxes or any other dues including Stamp Duty, Registration
Charges, Transfer Charges and any other expenses and charges in respect of the registration of the Sale Certificate in respect of the said properties
shall be paid by the successful bidder/purchaser. 8)The successful bidder/purchaser shall have to pay 25% of the final bid amount (after adjusting
10% of the E.M.D. already paid) within next working days from the acceptance of the offer by the Authorized Officer in respect of the sale, failing
which, the earnest money deposit will be forfeited. 9)The balance 75% of the Sale price shall have to be paid within 15 days of conveying the
confirmation of the sale to the successful Purchaser by the Authorized Officer or such extended period as agreed upon in writing by and solely at the
discretion of the Authorized Officer. 10)The Authorized Officer reserves his right to vary any of the terms and condition of this notice for sale, without
prior notice, at his discretion.11)The Authorized Officer reserves the right to reject any/all bids without assigning any reason. All the bids received
from the prospective bidders shall be returned to them without any liability / claim against M/s Muthoot Housing Finance Company Ltd. 12)The
borrower’s attention is invited to the provisions of sub section 8 of section 13, of the SARFAESI Act, in respect of the time available, to redeem the
secured asset. 13)Public in general and borrower(s)/ mortgagor(s) in particular please take notice that if in case auction scheduled herein fails for
any reason whatsoever then secured creditor may enforce security interest by way of sale through private treaty.
The borrower(s)/guarantor(s)/mortgagor(s) are hereby given STATUTORY 30 DAYS NOTICE UNDER RULE 8(6) & 9 of The Security Interest
(Enforcement) Rules of SARFAESI ACT. Borrower/s are also requested to remove their uncharged belongings from the property within 30 days’ time
else it will be removed from property on their risk and cost.
Place: Rajasthan , Date : 23-February-2024 Sd/- Authorised Officer - For Muthoot Housing Finance Company Limited
15 <
Timex Group India Limited
CIN : L33301DL1988PLC033434
Regd. Office: E-10, Lower Ground Floor, Lajpat Nagar- III, New Delhi-110024
Tel: 011-41021297, Email: investor.relations@timex.com, Website: www.timexindia.com
NOTICE OFPOSTAL BALLOT
FOR THE ATTENTION OF MEMBERS OF THE COMPANY
Notice is hereby given that pursuant to Section 110 read with Section 108 of the Companies Act, 2013,
read with Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014 (“the Rules”)
and other applicable provisions of the Act and the Rules, General Circular Nos. 14/2020 dated April 8, 2020,
17/2020 dated April 13, 2020, 22/2020 dated June 15, 2020, 33/2020 dated September 28, 2020, 39/2020
dated December 31, 2020, 10/2021 dated June 23, 2021, 20/2021 dated December 8, 2021 03/2022 dated
May 5, 2022, 11/2022 dated December 28, 2022 and 09/2023 dated September 25, 2023, issued by the
Ministry of Corporate Affairs (“MCA Circulars”), SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standards on General Meeting (SS-2) issued by the Institute of Company
Secretaries of India (“ICSI”) and other applicable laws and regulations, as amended from time to time
( including any statutory modification(s) or re-enactment thereof for time being in force), the approval
of the Members of TIMEX GROUP INDIA LIMITED (“the Company”) is being sought for the following
resolutions by way of Postal Ballot through remote e-voting process only through the platform provided
by National Securities Depositories Limited (NSDL):
1. Appointment of Mr. Marco Zambianchi (DIN: 10457688) as Director of the Company by way of an
Ordinary Resolution;
2. Appointment of Ms. Meeta Makhan (DIN: 07135150) as an Independent Director of the Company by
way of a Special Resolution;
3. Appointment of Ms. Dhanashree Ajit Bhat (DIN: 10477919) as an Independent Director of the
Company by way of a Special Resolution;
4. Appointment of Mr. Sanjeev Kumar (DIN: 02524617) as an Independent Director of the Company by
way of a Special Resolution;
5. Increasing the overall borrowing limits of the Company by way of a Special Resolution; and
6. Creation of charge and/or mortgage on all or any of the movable and/or immovable properties of the
Company by way of a Special Resolution.
Members are hereby informed that:
a) The Company has completed the dispatch of Postal Ballot Notice on February 21, 2024 to all the
shareholders whose name appear in the register of members of the Company or in the List of
Beneficial Owners as provided by depositories as on the cut-off date i.e. February 16, 2024, only
through electronic mode. Accordingly, physical copy of the Notice along with Postal Ballot Form and
pre-paid business envelope has not been sent to the members for this postal ballot.
b) E-voting facility will be available at the link https://www.evoting.nsdl.com/.
c) The remote E-voting period shall begin on Saturday, February 24, 2024 at 09.00 AM (IST) and end on
Sunday, March 24, 2024 at 5.00 PM. (IST). During this period, shareholders of the Company, holding
shares either in physical form or in dematerialized form, as on February 16, 2024 (Cut-off date), may
cast their vote electronically. The e-voting module shall be disabled by NSDL for voting thereafter.
A person who is not a shareholder on the Cut-off date should treat this notice for information purpose
o nl y .
d) The Board of Directors has appointed Mr. Neelesh Kumar Jain, Proprietor, M/s N.K.J & Associates,
Practicing Company Secretaries, New Delhi (Membership No. FCS 5593, CP No. 5233), as the
Scrutinizer for conducting the remote e-voting process in fair and transparent manner.
e) Result of Postal Ballot will be declared by the Chairman or any other person authorized by the Chairman
on or before Tuesday, March 26, 2024, at 5 p.m. (IST) at the registered office of the Company and
intimated to the BSE Ltd. and displayed along with the Scrutinizer’s report on the Company’s website
i.e., www.timexindia.com.
f ) Process for those shareholders whose email ids are not registered for procuring user id and password
and registration of e-mail ids for e-voting for the resolutions set out in this Postal ballot notice:
i. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned
copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card),
AADHAR (self-attested scanned copy of Aadhar Card) by email to investor.relations@timex.com.
ii. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16
digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN
(self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card)
to investor.relations@timex.com.
iii. Alternatively, shareholder/members may send a request to evoting@nsdl.com for procuring user
id and password for e-voting by providing above mentioned documents.
i v . In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed
Companies, Individual shareholders holding securities in demat mode are allowed to vote through
their demat account maintained with Depositories and Depository Participants. Shareholders are
required to update their mobile number and email ID correctly in their demat account in order to
access e-Voting facility.
The postal ballot notice and instructions for voting are also available on the website of the Company
at https://www.timexindia.com/wp-content/uploads/2024/01/Postal-Ballot-Notice-2024.pdf, website of
NSDL at www.evoting.nsdl.com and on the website of the Stock Exchange on which the equity of the
Company are listed i.e. BSE Limited at www.bseindia.com. Members who do not receive the Postal Ballot
notice may download it from any of the abovementioned websites.
For any grievances / queries relating to voting by postal ballot or by electronic means, shareholders are
requested to contact Mr. J K Singla, Alankit Assignments Limited, 4E/2 Alankit House, Jhandewalan
Extension, New Delhi – 110055, Tel: 011-42541234, E-mail: rta@alankit.com or Ms. Pallavi Mhatre (Senior
Manager), NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower
Parel, Mumbai - 400013, Email: evoting@nsdl.com, call on: 022 - 4886 7000 and 022 - 2499 7000 or refer
to the Frequently Asked Questions (FAQs) for shareholders and e-voting user manual for shareholders
available at the download section of www.evoting.nsdl.com.
For TIMEX GROUP INDIA LIMITED
Sd/-
Dhiraj Kumar Maggo
PLACE : Noida VP - Legal, HR & Company Secretary
DATE : 22/02/2024 ICSI Membership No. F7609
16
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1

HIMACHAL PRADESH Government of Jammu and Kashmir

Jal Shakti DEPARTMENT
Educomp
TM

Office of the Superintending Engineer PMGSY Circle Baramulla

CORRIGENDUM
On line tender, for the work Antifreezing Remodeling of Water Supply Scheme to Village
Kaza in GP Kaza in Tehsil Kaza Distt. Lahaul & Spiti (H.P) (SH:- C/O Pump attendant
room, C/O 100 KL Storage Tank with Earth Cushion, Drilling & Lowering Bore well 60 mtr
deep, Laying, Jointing & testing of GMS tube 65 mm Diameter (HG) Bore-1 to Storage
NOTICE INVITING e-TENDERS EDUCOMP SOLUTIONS LIMITED
Fresh E-NIT NO: 20/SE/PMGSY/Bla/e-tendering of 2023-24 Dated 20-02-2024 CIN: L74999DL1994PLC061353
For and on behalf of the Government of Jammu & Kashmir, Superintending Engineer PMGSY Circle Baramulla invite e- Regd. Office: L - 314 (Ground and First floor), Gali No. - 7, Mahipalpur, New Delhi-110037
tenders on Percentage Basis from the eligible & approved contractors of J&K Govt. CPWD, Railways and other
E-mail: investor.services@educomp.com, Website: www.educomp.com
States/Central Governments for the following works including their maintenance under DLP as defined in SBD.
Tendered Cost including STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED DECEMBER 31, 2023

Cost of documents
S. Name of Work

opening of tenders
Time and Date of
Earnest Money

online(Technical
(Rs. In Lakhs)

(Bid Security)
tank from RD 0 to 2200 = 2200 Rmt and Bore- 2 to Storage tank from RD 0 to 2235 = 2235 GST (Rs in Lacs.)

(Rs in Lacs)

(Rs in Lacs)
No with Package

Contractor
Class of
Maintenance

Tender Call
Rmt , Laying, jointing and testing of HDPE pipe with Multilayer thermal insulation =12350 No. and Name Sl. Quarter Ended Nine Month Ended Year Ended

Construction

completion

Bid)
Particulars

Total cost

Time of
of work
Rmt. & Supplying,Installation & testing of Solar Submersible Pump with Solar Structure of Division No. 31/12/2023 30/09/2023 31/12/2022 31/12/2023 31/12/2022 31/03/2023

Part
Part
= 3 Nos) invited vide NIT No. EE-JSD-KAZA -E-Tender/2023-24 - 9419-9479 Dated:-12- (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
02-2024 which was scheduled to be opened on 23-02-2024 and now same will be opened 1. Total Income from operations (net) 88.37 129.29 100.26 356.13 268.94 398.23
on 28-02-2024 at 11.30AM due to administrative reason. The online bid submission end 1 2 3 4 5 6 7 8 9 10 11 2. Net Profit/(Loss) for the period before tax, (304.84) (1,355.58) (1,818.51) (1,785.72) (8,138.26) (8,023.37)
date will be 27-02-2024 at 5.00PM. 1 Construction & 174.64 20.96 195.60 0.06 3.91 90 1st 12-03-2024 “A” Class in exceptional items and extraordinary item
Maintenance of Days 10:30: AM PWD or 3. Net Profit/(Loss) for the period before tax but (304.84) (1,355.58) (1,818.51) (1,785.72) (8,138.26) (8,023.37)
Other terms and condition will be remained unchanged. road from At Equivalent in after exceptional items and extraordinary item
Limber to CPWD/
Executive Engineer Budrali (Balance 4. Net Profit/(Loss) for the period after tax, (304.84) (1,355.58) (1,818.51) (1,785.72) (8,138.26) (8,023.37)
Railways and
6217/2023-2024 Jal Shakti Division Kaza Work) Stage exceptional items and extraordinary item
other state
2nd, Package Governments. 5. Total Comprehensive income (304.84) (1,355.58) (1,818.51) (1,785.72) (8,138.26) (8,023.50)
No. JK03-147, 6. Paid up Equity share capital 2,449.34 2,449.34 2,449.34 2,449.34 2,449.34 2,449.34
Length 5.55 (Face Value Rs.2/- each)
Kms, PMGSY 7. Reserve excluding revaluation reserves (3,12,182.94) (3,11,878.10) (3,10,511.99) (3,12,182.94) (3,10,511.99) (3,10,397.22)
Division Uri 8. Securities Premium Account 1,02,403.24 1,02,403.24 1,02,403.24 1,02,403.24 1,02,403.24 1,02,403.24
1. Date of release of Invitation for bids through e-procurement: 20-02-2024. 9. Net worth (3,04,499.53) (3,04,184.29) (3,02,818.17) (3,04,499.53) (3,02,818.17) (3,02,703.41)
2. Cost of Bid Form: Rs. 6000/- per package (non-refundable) only in form of online Payment mode 10. Paid up Debt Capital/outstanding debt 2,65,391.47 2,65,161.19 2,64,444.57 2,65,391.47 2,64,444.57 2,64,057.84
3. The payment of Bid security and cost of Bid document is to be done online on e-tendering website alongwith the 11. Outstanding Redeemable Preferences Shares - - - - - -
submission of Bids.
12. Debt Equity Ratio (0.87) (0.87) (0.87) (0.87) (0.87) (0.87)
4. Availability of Bid Document and mode of submission: The bid document is available online and bid should be submitted
online on website www.pmgsytenders.gov.in. The bidder would be required to register in the web-site which is free of 13. (Loss)/ Earning Per Share
cost. For submission of bids, the bidder is required to have valid Digital Signature Certificate (DSC) from one of the (before and after extraordinary items)
authorized Certifying Authorities (CA). “Aspiring bidders who have not obtained the user ID and password for (not annualized)
participating in e-tendering in PMGSY may obtain the same from the website: www.pmgsytenders.gov.in. Digital (a) Basic (0.25) (1.11) (1.48) (1.46) (6.65) (6.55)
signature is mandatory to participate in the e-tendering. Bidders already possessing the valid digital signature issued (b) Diluted (0.25) (1.11) (1.48) (1.46) (6.65) (6.55)
from authorized CA scan use the same in this tender. 14. Capital Redemption Reserve - - - - - -
5. The Bidding documents can be downloaded from the website http://pmgsytendersjk.gov.in from 22-02-2024 (11:00AM) 15. Debenture Redemption Reserve - - - - - -
to 11-03-2024 upto (5:00 PM).
6. The Bids shall be deposited in electronic format on the website http://pmgsytendersjk.gov.in from 26-02-2024 (11:00
16. Debt Service Coverage Ratio (1.05) (8.30) (13.23) (3.05) (20.26) (14.67)
AM) to 11-03-2024 upto 5:00 PM. The bids uploaded on the Web Site up to due date and time will be opened online 17. Interest Service Coverage Ratio (1.10) (8.35) (13.30) (3.10) (20.32) (14.73)
on 12-03-2024 at 10:30 AM in the presence of the bidders who wish to attend. If the office happens to be closed on Note:
the date of opening of the bids as specified, the bids will be opened on the next working day at the same time and The above results is an extracts of the detailed format of Unaudited Financials Results for the quarter and Nine month ended 31st December, 2023
venue. filed with Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of
7. The complete bidding process will be on line. the quarter and Nine month ended is available on the Stock Exchange Website namely, BSE Limited, (www.bseindia.com) National Stock
8. The advertised rates are exclusive of GST. The bidder shall quote %age (above or below) for the construction Exchange of India Limited, (www.nseindia.com) and on the Company's Website (www.educomp.com).
component only. The deductions on account of GST / income tax will be at the prevailing rates and will be deposited For Educomp Solutions Limited
with concerned quarters. In case of change of these rates, the extra burden will be borne by the allottee contractor. Sd/-
9. A Pre-bid meeting will be held on 24-02-2024 at 11:00 AM in the Office of Superintending Engineer PMGSY (JKRRDA) MAHENDER KHANDELWAL
Circle Baramulla PWD (R&B) Complex Baramulla to clarify the issues and to answer questions on any matter that may TAKEN ON RECORD
be raised at that stage as stated in Clause 9 of instruction to bidders of the Bidding documents. The intending Bidders, CARETAKER RESOLUTION PROFESSIONAL OF
before attending the Pre-bid meeting, are advised to visit the site of work and acquaint themselves with the site Place : New Delhi EDUCOMP SOLUTIONS LIMITED
conditions. It has been made mandatory for all the intending bidders to participate in the pre-bid meeting on the Date : 22/02/2024 REGISTRATION NUMBER:-IBBI/IPA-001/IP-P00033/2016-17/10086
scheduled date and time.
10. Availability of Bid Document and mode of submission: The bid document is available online and bid should be
submitted online on website www.pmgsytenders.gov.in. The bidder would be required to register in the web-site which
is free of cost. For submission of bids, the bidder is required to have valid Digital Signature Certificate (DSC) from
one of the authorized Certifying Authorities (CA). “Aspiring bidders who have not obtained the user ID and password
for participating in e-tendering in PMGSY may obtain the same from the website: www.pmgsytenders.gov.in.
11. The bidder is not required to quote his rate for routine maintenance. The rates to be paid for routine maintenance are
indicated in the Bill of Quantities. Further, the payment for routine maintenance to the contractor shall be regulated
based on his performance of maintenance activities.
12. The bids for the work shall remain valid for acceptance for a period not less than ninety days after the deadline date
for bid submission.
13. Bidders may bid for any one or more of the works mentioned in the Table above. To qualify for a package of contracts
made up of this and other contracts for which bids are invited in the same NIT, the bidder must demonstrate having
experience and resources sufficient to meet the aggregate of the qualifying criteria for the individual contracts.
14. The site for the work is available.
15. The Hard Copy of original instruments in respect of original copy of affidavits and credit facility must be delivered by
the first lowest bidder in the office of Superintending Engineer PMGSY (JKRRDA) Circle Baramulla PWD (R&B)
Complex Baramulla on a date not later than three working days after the opening of financial qualification part of the
bid either by Registered Post or by hand failing which the bids shall be declared non-responsive.
16. The bidders are advised to upload the required documents/information strictly as per the formats given in Section 3-
Qualification Information. The bidder who fails to comply with the said instructions shall be declared as non responsive.
17. The date and time of opening of Financial-Bids shall be notified on Web Site http://pmgsytendersjk.gov.in. This is
conveyed to the bidders automatically through an e-mail message on their e-mail address. The Financial-bids shall
be opened accordingly online on same Web Site at the Office of Superintending Engineer PMGSY (JKRRDA) Circle
Baramulla PWD (R&B) Complex Baramulla.
18. Other detail scan be seen in the bidding documents. The Employer shall not be held liable for any delays due to
system failure beyond its control. Even though the system will attempt to notify the bidders of any bid updates, the
Employer shall not be liable for any information not received by the bidder. It is the bidders ’responsibility to verify and
check the website for the latest information related to the tender. Corrigendum (if any) will be posted on the
https://pmgsytendersjk.gov.in. All future correspondence/ corrigendum shall be published on the same website which
should be regularly monitored by the intending tenderer.
Note:-The intending bidders are advised to study the entire bidding document before preparation and submission of their
bids. This includes clause 3 (Eligible Bidders), 4 (Qualification of Bidders) of ITB (Instruction to Bidders), Appendix to
ITB, Section 3 (Qualification Information), Contract Data to G.C.C. & Section 7 of Bidding Document. Sd/-
No:-SE/PMGSY/Bla/e-Tendering/3118-44 Superintending Engineer
Dated: 20-02-2024 DIPK-16823/23 PMGSY Circle Baramulla

CAN FIN HOMES LTD.

1st Floor, Above Rewari Co-operative Bank, Near Hanuman
Mandir, Sohna Road, Dharuhera (Dist : Rewari), Haryana
PH: 01274-242381, Mob.: 7625079165
E-mail : dharuhera@canfinhomes.com, CIN: L85110KA1987PLC008699
POSSESSION NOTICE [Rule 8(1)] [For Immovable Property]
The undersigned being the Authorised Officer of Can Fin Homes Ltd. under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 and in
exercise of the powers under the said Act and Security Interest (Enforcement) Rules, 2002,
issued a demand notice dated 01/12/2023 calling upon the borrowers Mr. Zakir Ansari S/o
Mr. Rajjak Ansari and (Guarantor) Mr Mohammad Umar Faruq S/o Mr. Mohammad
Manwar Hussain to repay the amount mentioned in the notice being Rs. 9,97,980/-
(Rupees Nine Lakhs Ninety Seven Thousand Nine Hundred Eighty Only) with further
interest at contractual rates, till date of realization within 60 days from the date 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 under Section 13(4) of the said Act read with
Rule 8 of the Security Interest Enforcement) Rules, 2002 on this the 19th day of February of
the year 2024.
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.
The borrower in particular and the public in general is hereby cautioned not to deal with the
property and any dealings with the property will be subject to the charge of CFHL for an
amount of Rs. 9,97,980/- (Rupees Nine Lakhs Ninety Seven Thousand Nine Hundred
Eighty Only) and interest thereon.
Description of immovable property
Flat No. D - 804, 8th Floor, Tower – D, Block – D3, “Delight Residences”, Village Tapukara
Alwar Tijara Road, Tehsil Tijara, District Alwar, Rajasthan – 301707.
The boundaries of the property are as under:
North: Open/Internal Road South: Entrance/Flat No - 801
East: Flat No - 805 West: Flat No - 803
Date: 22.02.2024 Sd/-
Place: Dharuhera Authorized Officer, Can Fin Homes Ltd.
.
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 17 <

bykgkckn ALLAHABAD

BANK OF BARODA, B-25, NEW KRISHNA PARK,

VIKAS PURI, NEW DELHI-110018
Ref: BOB/SARFAESI/2023-24/06 Date: 02-02-2024
NOTICE TO BORROWER
[UNDER SUB-SECTION (2) OF SECTION 13 OF THE SARFAESI ACT, 2002]
To,
1. M/s Jagdamba Fabrics, Proprietor- Shri Utsav Jain
Regd Office at 9/6308, Ground floor Jain Mandir Gali, Gandhi Nagar East Delhi – 110031 (Borrower)
2. M/s Jagdamba Fabrics, Proprietor- Shri Utsav Jain, 9/6047, Shivaji Gali, Gandhi Nagar, East Delhi-110031, 9810231714 (Borrower)
3. Shri Utsav Jain (Proprietor), 1/6327, Gali No 5 East Rohtash nagar Shahdra Delhi 110032
Dear Sir/s
Re: Credit facilities with our New Krishna Park Branch.
1. We refer to our Letter dated 19.08.2023 bearing No. BOB/ADV/VJKRPA/145/2023-24/ conveying sanction of various credit facilities
and the terms of sanction. Pursuant to the above sanction you have availed and started utilizing the credit facilities after providing security
for the same, as hereinafter stated. The present outstanding in various loan/credit facility accounts and the security interests created for
such liability are as under:
Nature & Type of Limit Rate of Interest Outstanding (Contractual Dues) as Security Agreement with brief
Facility Rs. on date of notice (including interest description of securities.
(In lacs) up to date of notice)
OD under Baroda 73.20 ROI at the rate of Principal: Rs 72,07,361.51 EM of Residential immovable property
Property Pride 1.65% + one Interest up to 30.01.2024 @ rate of bearing no 9/6308 (old No 534, Plot No 63 &
(76660400000024) year BRLLR+ SP 11.05% 64 out of khasra no 605/326, khewat no 82,
i.e 11.05% + Unapplied Interest- Rs 68,537.84 khata no 260, village seelampur) behind jain
Penal Interest @ Un-serviced Interest- Rs 1,90,826.99 mandir gali, Gandhi Nagar, illaqa Shahdara,
2% (as applied Total–Rs 74,69,468.34 Delhi 110031 measuring 24 sq yards In the
by the system) Compounding Interest- Rs 2,742/- name of Smt Kusum jain Boundaries:
(Rupees Seventy Four Lakh Sixty Nine North: Mona Fashion, South: Angel
BANK OF BARODA, B-25, NEW KRISHNA PARK, Thousand Four Hundred and Sixty Eight Fashion, East: Gali, West: Portion of the
and Paisa Thirty Four Only) said property.
VIKAS PURI, NEW DELHI-110018
BGECL 13.92 ROI at the rate of Principal: Rs 3,33,746.42 EM of Residential immovable property
Ref: BOB/SARFAESI/2023-24/02 Date: 02-02-2024 (76660600000628) 0.10% + one Interest up to 30.01.2024 @ rate of bearing no 9/6308 (old No 534, Plot No 63 &
NOTICE TO GUARANTOR year BRLLR i.e. 9.25% 64 out of khasra no 605/326, khewat no 82,
[UNDER SUB-SECTION (2) OF SECTION 13 OF THE SARFAESI ACT, 2002] 9.25% + Penal Unapplied Interest- Rs 175.96 khata no 260, village seelampur) behind jain
To, Interest @ 2% Un-serviced Interest- Rs 2,655/- mandir gali, Gandhi Nagar,illaqa Shahdara,
1. Smt Kusum Jain (as applied by Compounding Interest- Rs 7/- Delhi 110031 measuring 24 sq yards In the
1/6327, Gali No 5, East Rohtash Nagar, Shahdra, Delhi 110032 the system) Total–Rs 3,36,584.38 name of Smt Kusum Jain. Boundaries:
Dear Madam, (Rs. Three Lacs Thirty Six Thousand North: Mona Fashion, South:Angel Fashion
Five Hundred and Eighty Four and East: Gali, West: Portion of the said property
Re: Notice under Section-13(2) of The SARFAESI Act, 2002
Paisa Thirty Eight Only)
1. As you are aware, you have by an Agreement of Guarantee dated 21.09.2020 & 31.08.2020 guaranteed payment on demand of all
moneys and discharge all obligations and liabilities then or at any time thereafter owing or incurred to Bank of Baroda by Total 87.12 Rs 78,06,052.72
M/s JAGDAMBA FABRICS Proprietor Shri UTSAV JAIN for aggregate credit limits of Rs.87,12,000/- (Rupees Eighty Seven Lakhs 2. In the Letter of Acknowledgement of Debt dated 21.02.2023 you have acknowledged your liability to the Bank to the tune of
Twelve Thousand only) with interest thereon more particularly set out in the said Guarantee document. Rs. 63,19,826.67/- (Rs Sixty Three Lakh Nineteen Thousand Eight Hundred Twenty Six and Paisa Sixty Seven Only) as on
2. We have to inform you that the Borrower has committed defaults in payment of its liabilities and consequently, the account has been 21.02.2023. The outstanding stated above include further drawings and interest up to 31.01.2023.
classified as non-performing asset. A Copy of the Notice dated 02.02.2024 under Section 13(2) of the Securitization and 3. As you are aware, you have committed defaults in payment of interest on above loans/out standings for the month ended 31.01.2024.
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 sent by us to the Borrower is enclosed. Since the You have also defaulted in payment of installments of term loan/demand loans which have fallen due for payment on 30.12.2023 and
Borrower has committed defaults, in terms of the guarantee, you have become liable to pay to us the outstanding amount of thereafter.
loan/credit facilities aggregating Rs 78,06,052.72/- (Rs. Seventy Eight Lakh Six Thousand and Fifty Two and Paisa Seventy 4. Consequent upon the defaults committed by you, your loan account has been classified as non-performing asset on 30.01.2024 in
Two only) as on 30.01.2024 plus further interest thereon from 30.01.2024 at the contractual rate with monthly rests plus penal accordance with the Reserve Bank of India directives and guidelines. In spite of our repeated requests and demands you have not
interest with costs, charges and expenses till payment and call upon you to pay the said amount within 60 days from the date of this repaid the overdue loans including interest thereon.
notice. Please note that interest will continue to accrue at the rates specified in Para 1 of the Notice dated 02.02.2024 served on the 5. Having regard to your inability to meet your liabilities in respect of the credit facilities duly secured by various securities mentioned in
Borrower (copy enclosed). para 1 above, and classification of your account as a non-performing asset, we hereby give you notice under sub-section (2) of section
13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and call upon you to
3. We further wish to inform you that in regard to the personal guarantee provided by you to secure your guarantee obligations for the
pay in full and discharge your liabilities to the Bank aggregating Rs 78,06,052.72 (Rs. Seventy Eight Lakh Six Thousand and Fifty
due repayment of the loans and advances by the Borrower, this notice of 60 days may please be treated as notice under sub-section Two and Paisa Seventy Two only) as stated in para 1 above, within 60 days from the date of this notice. We further give you notice
(2) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. We that failing payment of the above amount with interest till the date of payment, we shall be free to exercise all or any of the rights under
further give you notice that failing payment of the above amount with interest upto the date of payment, we shall be at liberty to sub-section (4) of section 13 of the saidAct, which please note.
exercise all or any of the rights under sub-section (4) of section 13 of the saidAct, which please note. 6. Please note that, interest will continue to accrue at the rates specified in para 1 above for each credit facility until payment in full.
4. We invite your attention to sub-section (13) of section 13 of the said Act in terms of which you are barred from transferring any of the 7. We invite your attention to sub-section 13 of the said Act in terms of which you are barred from transferring any of the secured assets
secured assets referred to in Para 1 of the Notice dated 02.02.2024 served on the Borrower (copy enclosed) by way of sale, lease or referred to in para 1 above by way of sale, lease or otherwise (other than in the ordinary course of business), without obtaining our prior
otherwise (other than in the ordinary course of business), without obtaining our prior written consent. We may add that non- written consent. We may add that non-compliance with the above provision contained in section 13(13) of the said Act, is an offence
compliance with the above provision contained in section 13(13) of the saidAct, is an offence punishable under section 29 of theAct. punishable under section 29 of theAct.
5. We further invite your attention to sub section (8) of section 13 of the saidAct in terms of which you may redeem the secured assets, if 8. We further invite your attention to sub section (8) of section 13 of the said Act in terms of which you may redeem the secured assets, if
the amount of dues together with all costs, charges and expenses incurred by the Bank of Baroda is tendered by you, at any time the amount of dues together with all costs, charges and expenses incurred by the Bank is tendered by you, at any time before the date
before the date of publication of notice for public auction / inviting quotations / tender / private treaty. Please note that after of publication of notice for public auction/inviting quotations/tender /private treaty. Please note that after publication of the notice as
publication of the notice as above, your right to redeem the secured assets will not be available. above, your right to redeem the secured assets will not be available.
6. Please note that this demand notice is without prejudice to and shall not be construed as waiver of any other rights or remedies 9. Please note that this demand notice is without prejudice to and shall not be construed as waiver of any other rights or remedies which
which we may have, including without limitation, in the right to make further demands in respect of sums owing to us. we may have, including without limitation, the right to make further demands in respect of sums owing to us.
Yours faithfully,
Yours faithfully
Chief Manager, Authorized Officer.
Chief Manager, Bank of Baroda
18
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1

SALE NOTICE
FIRESTAR DIAMOND INTERNATIONAL PRIVATE LIMITED
(IN LIQUIDATION)
LIQUIDATOR: MR. SANTANU T RAY
Liquidator’s address: 144- B, 14th Floor, Mittal Court, Nariman Point, Mumbai 400021.
Email: liquidator.firestardiamond@aaainsolvency.com, assetsale1@aaainsolvency.in,
santanutray@aaainsolvency.com
Mobile: Mr. Puneet Sachdeva (8800865284) / Mr. Vaibhav Mohnot (022-42667394)/ Liquidator 9167086977
E-AUCTION
Sale of Assets under Insolvency and Bankruptcy Code, 2016
Date and Time of E-Auction: 29.03.2024 between 03.00 pm to 05.00 pm (With unlimited extension of 5 minutes each)
Last date for submission of Eligibility Documents by interested bidders with all the Annexures: 08.03.2024
Intimation by Liquidator’s team to the qualified Bidders: 13.03.2024
Last date for due diligence of assets of under auction: 20.03.2024
Last date for submission of EMD & additional documents on 27.03.2024 by the end of day.
Sale of Assets and Properties owned by Firestar Diamond International Private Limited (in Liquidation) forming part of Liq-
uidation Estate formed by the Liquidator, appointed by the Hon’ble National Company Law Tribunal, Mumbai Bench vide order
dated 26th February 2020. The sale will be done by the undersigned through the e-auction platform https://aaa.auctiontiger.net
Asset Reserve Initial EMD Incremental
Price (In Rs.) Amount (In Rs.) Value (In Rs.)
449 Equity Shares (99.77% stake) in the shareholding owned by Firestar Dia- Rs. Rs. Rs.
mond International Private Limited of Rhythm House Private Limited (“RHPL”). 53,16,25,000/- 5,31,62,500/- 5,00,000/
The details of all the assets along with any pending legal cases/ on-going litigations/ eviction notices have been disclosed in
the E-Auction process document and are to be mandatorily seen before participating in the auction.
NOTE:- 1) The Corporate Debtor holds 449 Equity Shares of Rhythm House Private Limited (subsidiary of Corporate Debtor),
hence, it forms part of the liquidation estate of Corporate Debtor.
2) Corporate Debtor has advanced a loan of Rs. 19,62,31,587/- to Rhythm House Private Limited as long-term loan to sub-
sidiary and the same is repayable by RHPL to FDIPL. The bidders are hereby informed that post the receipt of the total Sale
Consideration the amount equivalent to the loan shall be appropriated as repayment by RHPL to FDIPL and the Loan will be
assigned to the Buyer by way of a deed of assignment. The balance amount of the bid shall be taken as consideration
for the purchase of Shares of FDIPL in RHPL and the share transfer will be executed by the liquidator in favor of the buyer.
For the detailed information, please refer to the detailed E-Auction Process Document.
It is clarified that, this invitation purports to invite prospective bidders and does not create any kind of binding obligation on
the part of the Liquidator or the Company to effectuate the sale. The Liquidator reserves the right to cancel or modify the
process and / or not to accept and / or disqualify any interested party / potential investor / bidder without assigning any reason
and without any liability.
As per the Paragraph 12 of Schedule I of IBBI (Liquidation Process), Regulations, 2019,“On the close of the auction,
the highest bidder shall be invited to provide balance sale consideration within ninety days: Provided that payments
made after thirty days shall attract interest at the rate of twelve per cent.: Provided further that the sale shall be can-
celled if the payment is not received within the period provided under this clause
Inspection: Interested parties will have to take prior appointment via email by providing the details as mentioned in the process
documents for bidders to be eligible to participate in the auction. They will also have to provide the name, KYC and Author-
ization Letter in favor of not more than two persons who will visit the underlying assets for inspection. On receipt of the
mail and after verification of the documents, the liquidator’s team will give an appointment to the interested bidder for inspection
and the interested bidder must be present on the appointed date at the appointed time. It must be noted that no walk-in re-
quests will be entertained. No inspection would be granted after 20.03.2024.
The E-Auction will be conducted strictly on “AS IS WHERE IS’’, “AS IS WHAT IS” and “WHATEVER THERE IS BASIS’’ through
approved service provider M/S E-Procurement Technologies Limited (Auction Tiger). All the terms and conditions of the
auction are mentioned in a detailed document available at https://insolvencyandbankruptcy.in public-announcement/firestar-
diamond-international-private-limited/ and at the website of the e-auction service provider: https://aaa.auctiontiger.net.
SANTANU T RAY
Liquidator in the matter of Firestar Diamond International Private Limited IBBI Regn. No.: IBBI/IPA-002/IP-N00360/2017-2018/11055
Address: 144 B, 14th Floor, Mittal Court, Nariman Point, Mumbai – 400021.Email: liquidator.firestardiamond@aaainsolvency.com,
assetsale1@aaainsolvency.in, santanutray@aaainsolvency.com
Date: 22.02.2024 Contact Person: Mobile: 8800865284 (Mr. Puneet Sachdeva) /Mr. Vaibhav Mohnot
Place: Mumbai 022-42667394/ Liquidator 9167086977

— TENDER CARE — — Advertorial

GROUND BREAKING CEREMONY@4.0
GMDC BOARD APPROVES INR 3,041 CR
SETS STAGE FOR INVESTMENT AND
CAPITAL OUTLAY FOR FY25
EMPLOYMENT, UPSIDA TO BOOST
GMDC is proud to announce the Board's approval of an INR 3,041 INDUSTRIAL INVESTMENT IN THE STATE
cr capital outlay for the fiscal year 2025, reinforcing our commit-
ment to substantial growth and sustainable development in the Uttar Pradesh solidified its commitment to fostering investment
mineral sector. With a keen focus on advancing our strategic and employment opportunities with the inauguration of the
priorities, this budget allocation will propel GMDC into a new era Ground Breaking Ceremony@4.0, graced by the presence of
of innovation and industry leadership. Honorable Prime Minister Shri Narendra Modi on February 19th,
KRAZYBEE SERVICES PRIVATE LIMITED With a strategic allocation of INR 1,138 cr towards new lignit e proj- at the Indira
(CIN: U65100KA2016PTC086990) ects, GMDC reinforces its commitment to the cornerstone of our Gandhi Pratisthan
Regd. Ofce: 3rd Floor, No.128/9, Maruthi Sapphire, HAL Airport Road, mining operations. This investment will catalyze the enhancement in Lucknow.
Murgesh Palya, Bangalore, Karnataka, India, 560017 of our existing lignite projects while also facilitating the develop- The ceremony, a
Tel. No.: 080-41275009, Email: legal@krazybee.com, ment of new ventures, thereby ensuring our continued leadership hallmark event in
Website: www.kbnbfc.in
in the sector. Uttar Pradesh's
PUBLIC NOTICE GMDC dedicates INR 629 cr to expedite the operationalization journey towards
KrazyBee Services Private Limited (“Company”), is a non-deposit taking of the allotted coal blocks in Odisha. This initiative is pivotal in our economic prosper-
non-banking nancial company registered with the Reserve Bank of India (“RBI”) strategy to harness the potential of early mine development, there- ity, saw the initiation
in terms of certicate of registration dated 25th May, 2017 bearing no. N.02.00281 by contributing to the region's industrial prosperity and the nation's of various invest-
under Section 45-IA of the Reserve Bank of India Act, 1934. The registered ofce of energy security. ment projects
the Company is situated at 3rd Floor, No.128/9, Maruthi Sapphire, HAL Airport "Our approved capital outlay for the next five years is a testament aimed at bolstering the industrial landscape of the region. High-
Road, Murgesh Palya, Bangalore, Karnataka, India, 560017.
to GMDC's robust financial health and our optimistic outlook lighting the occasion, Honorable Chief Minister Shri Yogi
1. It is hereby communicated that the Company has received an approval from the
RBI for a change in shareholding of 26% or more of the paid-up equity capital of towards the future. These investments are pivotal in our journey Adityanath conducted the bhoomi pujan of Ashok Leyland's
the Company, involving the following corporate actions: towards achieving long-term growth, operational excellence, and forthcoming electric vehicle factory in the UPSIDA Industrial
(i) in-specie distribution of equity shares of the Company which are sustainability. We are confident that this strategic capital area Sarojini Nagar Extension-1 industrial area.
currently held by Finnov Private Limited (“Finnov”), to the existing allocation will create substantial value for our stakeholders”- said In attendance were esteemed dignitaries including Finance
shareholders of Finnov including shareholders listed in paragraph 2 below, Shri Roopwant Singh, IAS, Managing Director, GMDC. Minister Shri Suresh Kumar Khanna, Industrial Development
on account of the voluntary winding up of Finnov;
Minister Shri Nand Gopal Gupta Nandi, Industrial Development
(ii) seeking additional primary investment from the existing shareholders
of the Company; and THE FERTILISERS AND CHEMICALS Commissioner Manoj Kumar Singh, CEO UPSIDAShri Mayur
(iii) a secondary sale of equity shares of the Company. TRAVANCORE LIMITED Maheshwari, and representatives from the Hinduja Group.
2. The details of shareholders of Finnov currently holding more than 1% in Finnov who Chief Minister Shri Yogi Adityanath lauded the initiative,
will receive shares of the Company and the existing shareholders of the Company remarking, "The establishment of Uttar Pradesh's inaugural
receiving or purchasing the shares (i.e. the Shareholders) are listed below: electric vehicle plant through Ashok Leyland marks a signifi-
Sr. No. Name of Shareholder cant milestone for the state." He extended his congratulations
1 Madhusudan Ekambaram to UPCIDA and the Hinduja Group for their unwavering
2 Karthikeyan Krishnaswamy commitment to progress.
3 PI Opportunities Fund-1 Emphasizing Uttar Pradesh's investor-friendly policies, CM
4 New Quest Asia Fund IV (Singapore) Pte Ltd Yogi stated, "Our state prioritizes an environment conducive to
5 Alpine Opportunity Fund I, L.P. investment. He reaffirmed the government's dedication to
6 Alpine Opportunity Fund IV, L.P. Dr. K Jayachandran, Director (Technical) FACT, receiving the extending comprehensive support to investors and entrepre-
7 India Business Excellence Fund III M. K. K. Nayar Memorial Productivity Award for FACT in the neurs, extending the vision of prosperity beyond the borders of
8 Mirae Asset – Naver Asia Growth Investment Pte Ltd category of Very Large Industries from Shri S. Gopalakrishnan, Uttar Pradesh to encompass neighboring regions such as
9 Unitary Fund IAS, Director General, National Productivity Council. Shri Bihar, Madhya Pradesh, and Nepal
10 ICICI Bank Limited (Bahrain) R Manikuttan, FACT Executive Director (Production Coordina-
11 Malacca Global Investments Pte. Ltd. tion), Shri R Dileep, Chief General Manager, FACT Udyoga-
BANGIYA GRAMIN VIKASH BANK'S
12 ADM Capital Singapore Pte. Ltd. mandal Complex, Shri M Mohanchandran, Chief General
18th FOUNDATION DAY CELEBRATION
13 Wiseanya Limited dManager, FACT Cochin Division are also seen.
The reason for the change of shareholding beyond 26% is on account of voluntary Bangiya Gramin Vikash
winding up of Finnov resulting in an in-specie distribution of shares of the Company to BANK OF INDIA ELEVATES Bank celebrated its 18th
the shareholders of Finnov thereby becoming the direct shareholders of the Company FARMING FUTURES WITH EXCLUSIVE Foundation Day on
and additional primary investment from the existing shareholders. FESTIVE FINANCE OFFERS February 21, 2024, at the
This notice is issued by the Company, jointly with the Shareholders, in compliance Bank of India has launched an exciting festive offer on two im- Collectorate Club Com-
with requirement of Paragraph 42.3 of Reserve Bank of India (Non-Banking Financial pactful schemes – Farm Mechanization and Krishi Vahaan – valid munity Hall in Berham-
Company – Scale Based Regulation) Directions 2023 bearing reference no. until 31 March 2024. These initiatives are aimed at addressing a pore, Murshidabad. The
RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24, issued by RBI
significant challenge faced by farmers and agri entrepreneurs – event was a vibrant
dated October 19, 2023.
gaining access to essential financial aid. reflection of the bank's
Any clarication and/or objections in respect of the aforesaid change may be sent
within 30 (thirty) days from the date of this notice, addressed to the Company
The Krishi Vahaan and Farm Mechanization loans from the Bank commitment to rural
Secretary, at the registered ofce of the Company situated at 3rd Floor, No.128/9, offer a seamless term loan solution for financing various development and its significant contributions to various segments
Maruthi Sapphire, HAL Airport Road, Murgesh Palya, Bangalore, Karnataka, India, agricultural essentials, including farm machinery, implements of rural Bengal.
560017 or email at: legal@krazybee.com and transport vehicles. The Krishi Vahaan loan is particularly Shri Sumant Kumar, Hon’ble Director BGVB, Sri Raman Kumar
For KrazyBee Services Private Limited noteworthy, covering up to 90% of the ex-showroom price of the Singh, Hon’ble ACVO, PNB, Sri Kuldeep Singh Rana, Hon’ble
Sd/- vehicle and, importantly, requires no collateral for loans up to General Manager, Agriculture Division, PNB and Mr. Joseph
Vivek Veda INR25 lakh for farmers and up to INR1 crore for agri entrepre- Lawrence Tobias, Hon’ble Chairman, BGVB were some of the
Place : Bengaluru Director neurs. For farm machinery, loans are available up to 85% of the dignitaries, present during the event.
Date : 23.02.2024 DIN: 07560229 cost.
.
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 TAKE TWO 19 <

Bandhan’s micro challenge

The bank is addressing asset quality concerns, MANOJIT SAHA cent/2.21 per cent versus 7.32 per continued to be robust with advances
but the unsecured loan book is still heavy, and Mumbai, 22 February cent/2.32 per cent in Q2FY24.
Despite this, the stress pool was ITISNOTRIGHTTO
growing 7.7 per cent sequentially in
the third quarter and 18.7 per cent

I
then there is the matter of the CEO’s tenure t is 10 years since Bandhan
Financial Services became the
first microfinance institution
(MFI) to receive the universal
bank licence. A year later, in 2015, it
started operations.
Bandhan’s entry into banking was
seen as a vote of confidence by the
Reserve Bank of India (RBI) for the
country’s microfinance sector.
Subsequently, the RBI awarded small
finance bank licences to nine MFIs.
For any microlender that evolves
into a bank, the challenge is how to
quickly diversify the loan book to
include a higher share of secured
loan. Microloans are unsecured.
Conscious of this, the Kolkata-
based Bandhan acquired affordable
housing finance company Gruh
Finance in 2019 from what was then
HDFC Ltd. This helped it to increase
the share of its secured loan book.
The bank’s unsecured book,
however, is still heavy at 55.5 per
cent. Asset quality concerns
over these unsecured microloans
have returned.
Asset quality and
BANDHAN’S JOURNEY SO FAR NPA concerns
Before the Covid-19 pandemic
nBusiness nAdvances nDeposits (~crore)
struck, the bank’s gross non-per-
lGNPA(%) forming assets (NPAs), as a percent-
age of gross advances, were below
233,360
sticky at 14.4 per cent (QoQ), indi-
cating continuing forward flows,”
Elara Capital said in a note post the
October-December earnings.
EEB, which is essentially the
microloan portfolio, includes loans
to both groups and individuals. The
third quarter saw EEB slippages of
~993 crore, 45 per cent of which were
due to the migration to a new core
banking system platform in October.
Then came festival-related holidays,
which typically impact loan repay-
ment collections, the bank said.
During an interaction with ana-
lysts, Chandra Shekhar Ghosh, man-
aging director and chief executive
officer of Bandhan Bank, said the
slippages had reduced in November
and December. He assured that
these would decline further in the
months to come.
In a note after the Q3 earnings,
brokerage house Anand Rathi said,
“Slippages are a high ~13.9 billion (5.4
per cent of loans), of which ~9.9 bil-
lion stemmed from the EEB book.
[The] management stated that the
slippage run rate sharply improved
in December 2023, indicating lower
stress formation.”
EEB forms roughly 50 per cent of
Bandhan’s total loan portfolio —
down from 54 per cent in December
2022 and 65.4 per cent in December
COMMENTONTHEISSUE year-on-year to ~1.16 trillion as on
December 31, 2023. In fact, the loan
(EXTENSIONOFHIS book has more than doubled since
TERM).MYFOCUSIS FY19, from ~44,776 crore.
“Q3 saw better growth momen-
BUSINESS,COMPLIANCE, tum, with 8 per cent QoQ loan growth
MITIGATINGRISK,AND and better growth across segments.
Q4 being a strong quarter, expect
GOODGOVERNANCE growth momentum to improve,” the
Elara note said.
CHANDRA SHEKHAR
GHOSH The CEO’s term
MD and CEO, Bandhan Bank The one person who has been part
of the bank’s journey from the start-
ing line is Ghosh, its CEO. He has
led Bandhan since its inception, but
his term ends on July 9. Last year,
the board had approved his
reappointment for three years. The
RBI’s approval is awaited. This is
another aspect that investors are
tracking closely.
Broking firm Nirmal Bang had
said that clarity about the status of
an extension to Ghosh is a reason
why the stock of Bandhan Bank will
see an overhang in the near to
medium term.
In recent times, the regulator has
been strict about extending the term
to 26 per cent by 2026, mainly
of bank CEOs.
A few years back, the RBI
because of other loans recording extended then RBL Bank MD and
stronger growth. CEO Vishwavir Ahuja’s term for just
Geographical diversification is one year, sending a clear signal that

2 per cent. 2021. The bank has clarified that 85 also in focus, with the EEB portfolio the lender needed to find a new
2.04 1.48 6.81 6.46 4.87 7.0 During the pandemic years, the per cent of loans in the EEB book had from West Bengal and Assam falling leader. Last year, the term of
217,191

gross NPA ratio shot up: to 6.81 per been extended in FY24. Only 0.11 per below 45 per cent. IndusInd Bank’s MD and CEO was
195,669

cent in 2020-21 (FY21) and 6.46 per cent loans disbursed this financial extended by only two years though
cent in (FY22) from 1.48 per cent in year, it said, had slipped to the non- Focus on NIMs the board had approved a three-
2019-20 (FY20). performing category. Investors are also keeping a close eye year extension. And this year, the
165,015

115,940
117,420

The bank managed to bring it The days per due parameter had on net interest margins (NIMs) since RBI denied Federal Bank MD & CEO
108,069
109,122

down to 4.87 per cent in FY23. also shown signs of recovery. (Days the bank raised deposits at a higher Shyam Srinivasan’s extension for
99,338
96,331

This financial year, though, the per due is the number of days by rate amid tight liquidity in the bank- one year even if he was eligible.
128,928

87,043

gross NPAs are on the rise again. which a borrower has missed an EMI ing system. The liquidity of the bank- According to RBI’s recent norms, a
77,972
71,846

They shot up to 7.3 per cent towards payment.) Repayment overdue for ing system, which shifted to a deficit CEO can serve up to 15 years.
57,082

the end of September, before 61-90 days had fallen from ~720 in September, persisted throughout Srinivansan will complete 14 years
88,008
44,776
43,232

slipping slightly to 7 per cent by the crore in the June quarter to ~530 the October-December quarter. this year.
end of December, courtesy an NPA crore in December. Repayment over- “The incremental bulk deposits Asked whether the bank has
sale to asset reconstruction com- due also improved in the 1-30 days were raised at a higher rate of 8.1 per received any communication from
panies (ARCs). and 31-60 days categories between cent in 3QFY24 and the full impact the regulator on his extension, Ghosh
“Slippages were elevated (essen- the April-June and October- of the same is expected to be seen in told Business Standard: “It is not
tially in Emerging Entrepreneur December periods. 4QFY24,” broking house Nirmal right to comment on the issue. My
FY19 FY20 FY21 FY22 FY23 *FY24 Business, or EEB), with potential While the bank has brought down Bang said. focus is business, compliance, miti-
one-offs from system migration its dependence on the overall ECB The bank’s NIM remained largely gating risk, and good governance.”
10.43 8.12 7.78 8.17 7.21 7.20-7.30 issues, but sale to ARCs has pushed portfolio, within it, EEB group loans, stable on a sequential basis at 7.2 per A decade after it became a full-
NIM(%) down GNPLs/NNPLs (gross/net too, are expected to fall — from 33 cent in Q3FY24. fledged bank, Bandhan would want
*Apr-Dec; GNPA as of March 31, for FY24 GNPA is as of Dec 31 Source: Bandhan Bank non-performing loans) to 7 per per cent of the overall loan portfolio Loan growth for the lender has to be seen as a success story.

Branch: Modinagar Station Road;

Railway Road Modinagar Ghaziabad-201204, Email: m724@indianbank.co.in
APPENDIX- IV-A [See proviso to rule 8(6) and Rule 9(1)]
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
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) and Rule 9(1) of the Security Interest (Enforcement) Rules, 2002.
1-Borrower/mortgagors: Mr.Krishan Kumar Chauhan s/o Surender Kumar 2- Co-Borrower/mortgagors: Mr. Sachin Kumar s/o Surender Kumar
R/o H No-10, Modipon Colony Road, Bagh Colony, Modinagar, Dist-Ghaziabad Pin-201204 R/o H No-10, Modipon Colony Road, Bagh Colony, Modinagar, Dist-Ghaziabad Pin-201204
3- Guarantor: Mr. Kanvarasain s/o Ramachandra 4- Guarantor: Mrs, Jyoti Chauhan w/o Krishan Kumar Chauhan
a) R/o Modipon Colony Modinagar, District- Ghaziabad, UP, Pin-201204 R/o Vill H.no-10, Modipon colony, Modinagar, District- Ghaziabad, UP, Pin-201204
b) R/o 108 Bag Kaloni Tivada Rod Modinagar, District- Ghaziabad, UP, Pin-201204
Loan Account No.: 50192530875
Notice is hereby given to the public in general and in particular to the Borrower (s), Mortgagor (s) and Guarantor (s) that the described immovable property mortgaged/charged to the
Secured Creditor, the Physical Possession of which has been taken by the Authorised Officer of Indian Bank, Modinagar Branch, Secured Creditor, will be sold on “As is what is”,
and Whatever there is” on 12.03.2024 for recovery of Rs. 32,42,840/- (Rupees Thirty Two Lakh Forty Two Thousand Eight Hundred and Forty Only) as on 21.02.2024 plus
interest/cost thereon, due to the Indian Bank Modinagar Branch (erstwhileAllahabad Bank), Secured Creditor, from the above mentioned borrower and mortgagor(s)/guarantor(s).
The specific details of the property intended to be brought to sale through e-auction mode are enumerated below:
Detailed description of the Property All the part and parcel of property bearing Municipal No.101, Area 125Sq.Yards (104.51 Sq.mtrs), part of Khasra no 1679MI,
Vill. Begumabad-Budana, now situated at Mohalla Nehru colony, Tehsil Modinagar, Dist Ghaziabad-201204.
Bounded by: North :Aaraji Modi, Bhuja 50’ South : Makan Surendra, Bhuja 50’
East :Aaraji Modi, Bhuja 22’-6” West : Rasta 16’ wide, Bhuja 22’-6”
Encumbrances on property, if any NIL
Reserve Price Rs. 25,00,000/- (Rupees Twenty Five lakh Only)
EMD Amount Rs. 2,50,000/- (Rupees Two lakh Fifty thousand Only)
Bid incremental amount Rs. 25,000/- (Rupees Twenty Five Thousand Only)
Date and time of e-auction 12.03.2024 (from 11:00 AM till 05:00 PM)
Bidders are advised to visit the website (www.mstcecommerce.com) of our e auction service provider MSTC Ltd to participate in online bid. For Technical Assistance Please call
MSTC HELPDESK No. 033-22901004 and other help line numbers available in service providers help desk. For Registration status with MSTC Ltd, please contact
ibapiop@mstcecommerce.com and for EMD status please contact ibapifin@mstcecommerce.com.
For property details and photograph of the property and auction terms and conditions please visit: https://ibapi.in and for clarifications related to this portal, please contact help line
number ‘18001025026’ and ‘011-41106131’.
Date: 22.02.2023, Place: Modinagar AUTHORISED OFFICER, INDIAN BANK
20
>
NEW DELHI | FRIDAY, 23 FEBRUARY 2024 1

Fares on 12 Mumbai routes IPL RUNNERS-UP IN LEAGUE OF

spiral due to fewer flights BROADCASTING RIGHTS VALUE
SURAJEET DAS GUPTA
THE PRICE OF
DEEPAK PATEL
CONGESTION-LED CANCELLED
The broadcasting rights per match for the
prestigious Indian Premier League (IPL) are
10 EYEBALLS
New Delhi, 22 February the second most expensive among sporting nBroadcastingrightsvalue
SERVICES HIT MAJOR ROUTES league tournaments in the world. At US permatch(in$mn)

A
irfares have shot up in a matter $16.8 million per match, IPL is only behind
nNo.offlightslastweek nNo.offlightsthisweek 36.8 lBroadcastingrightsvalue
of days on routes hit by the the National Football League (NFL), but
cancellation of 200 weekly Flights cancelled within a week (in %) annually(in$bn)
ahead of the English Premier League (EPL),
flights linking Mumbai airport to 12 9.6 La Liga and the National Basketball 1.2 2.0 1.4 2.7 1.8
cities. The fares have soared as high
as 193 per cent following a recent gov- 552 Association (NBA) League, according to a 3.8
499 12.3
ernment order to cancel flights to ease report by Jefferies. The rights per match
“persistent congestion” in Mumbai 33.3 5.3 57.1 50.0 for the American NFL, featuring 32 teams,
316 277 16.8
that was causing delays. stood at $36.8 million.
84 56 187 177
Aside from the reduction in flights 14 6 12 6 IPL’s high value is helped by its duration
on 12 routes, two destinations — Hubli — the league is the shortest among those in 9.9
Mumbai- Mumbai- Mumbai- Mumbai- Mumbai- Mumbai-
and Jabalpur — have lost connectivity Bengaluru Chennai Trivandrum Goa Durgapur Kannur the list, with only 60 days featuring 74 5.2 4.6 1.1 0.8
with Mumbai since last week, accord- matches compared to NBA and Major League
ing to aviation analytics firm Cirium’s nAvgone-wayairfaresduringMarch18-22(in~)* 193.2 Baseball (MLB) — it packs in over 2,000 NFL IPL EPL LaLiga Bundesliga NBA MLB
data reviewed by Business Standard. nAvgone-wayairfaresduringMarch18-22(in~)** matches — football leagues such as EPL, La Source: Jefferies
IndiGo had been operating Mumbai- Liga and Bundesliga that hold more than

14,33
airfare increase (in %) 30.9
Hubli and Mumbai-Jabalpur flights 300 games and NFL with over 250 games
13.7
until last week. 47.1 every season. revenues have gone up 50 times from 60
26.5 24.7

8,911
IndiGo, India’s largest carrier, has

3,488
Secondly, IPL has been around for 16 million pounds per annum in 1992 to £3

6,808
been the worst affected by the conges-
years making it a much younger event billion currently. However, when it comes to

4,888
4,542

5,788
5,746

4,130
5,149

tion-induced cancellations. Over the
past week alone, it has cancelled 110
flights on nine routes connecting
Mumbai. This week, it is operating
2,451 flights to and from Mumbai.
Flights from Mumbai have been
reduced to 12 destinations — Benga-
luru, Chennai, Thiruvananthapuram,
Hyderabad, Aurangabad, Goa, Kol-
kata, Mangaluru, Tiruchirappalli, Dur-
gapur, Kannur, and Darbhanga. The
Mumbai airport, which was handling
a total of 6,417 flights per week until
last week, is handling 6,217 flights per
week right now, according to the data.
On February 14, the Ministry of
Civil Aviation said that it was com-
pelled to intervene and order the
reduction of flights because Mumbai
International Airport Limited (MIAL),
the airport operator, had not taken
necessary action to alleviate “persis-
tent congestion”, resulting in flight
delays of up to 60 minutes.
The Mumbai-Kannur route has
been the worst affected, with the nu-
mber of flights halving to six per week.
ROUTES SUSPENDED OVER
MUMBAI AIRPORT CONGESTION
The average airfare for travel between
March 18 and 22 has surged by 193.2
per cent to ~14,332 when tickets were
booked for February 12-14 compared
to the February 19-21 period, according
to travel website Ixigo’s data. This de-
crease in the number of flights was ini-
tiated from around February 15 fol-
lowing the government’s directive.
None of the major airlines — Air
India, AIX Connect, Vistara, IndiGo,
SpiceJet, and Akasa Air — responded
to queries from Business Standard.
The Adani Group-run MIAL also did
not respond to questions.
The Mumbai-Darbhanga route has
also seen a significant cut in its num-
3,966
3,934
compared to other global tournaments. annual broadcasting rights’ value among
Mumbai- Mumbai- Mumbai- Mumbai- Mumbai- Mumbai- According to Jefferies, overall broadcasting the top sports leagues IPL is down at seventh
Bengaluru Chennai Trivandrum Goa Durgapur Kannur rights’ values grow with years. That is place in the pecking order with NFL taking
* for tickets booked during Feb 12-14; **for tickets booked during Feb 19-21
reflected in the fact that EPL broadcasting top honours.
Source: Cirum, Ixigo
Mumbai-Hubli Mumbai-Jabalpur
ber of services, dropping to six flights ministry said: “While Mumbai airport
per week now from 14 last week. As a is running at its full capacity, it was
result, the average airfare between found that the persistent congestion
March 18 and 22 has risen by 30.9 per was caused due to (i) excessive slot dis-
cent to ~8,911, when comparing prices tribution with limited time margins
of tickets booked for February 12-14 to on behalf of the airport operator, (ii)
those booked for February 19-21. non-adherence of the slots on behalf
Three Tata Group-run airlines — of the airlines, and (iii) non-scheduled
Vistara, Air India, and AIX Connect — operations during peak hours. The air-
have cancelled 52, 25, and 13 flights port operator (MIAL), being the slot
per week, respectively. Moreover, Air provider as well as the manager of slots
India has not operated flights on the to the airlines, should have proactively
Mumbai-Aurangabad route since last taken steps to streamline and regulate
week. Akasa Air and SpiceJet have air traffic movements, to resolve this
cancelled 14 and two services per problem. However, since no such act-
week, respectively, in the past week. ion was initiated by them, the Ministry
On February 14, the civil aviation of Civil Aviation has had to step in.”

Airtel offers
in-flight
roaming
packages
SUBHAYAN CHAKRABORTY
New Delhi, 22 February

Bharti Airtel on Thursday

introduced in-flight roaming
packages that will allow its
subscribers to use the inter-
net and make online calls
during international flights
for the first time.
Airtel’s partnership with
UK-based Aeromobile, a mo-
bile service provider for the
aviation industry, will allow
high-speed voice calling for
both prepaid and postpaid
customers when flying on
any of its 19 partner airlines,
the company said. This inc-
ludes Emirates, Etihad, Luf-
thansa, Singapore Airlines,
Turkish Airlines and Cathay
Pacific, among others,
Aeromobile’s website shows.
The lack of an Indian car-
rier in the list would mean
that the new plans would not
work on domestic flights. Air-
tel’s primary rival Reliance
Jio had begun offering in-
flight connectivity on inter-
national routes back in 2020,
partnering with Aeromobile.
Starting at ~195 for 250
megabytes (MB) of data, the
plans include 100 minutes of
outgoing calls and 100 SMS
with a 24-hour validity. Apart
from the entry-level plan, a
~295 plan for 500 MB, and
~595 for 1 gigabyte (GB) was
announced. Customers sub-
scribed to roaming packs
priced at ~2,997 for prepaid
and ~3,999 for postpaid and
above will automatically
enjoy the in-flight roaming
benefit at no additional cost,
the company said.
Aeromobile is a subsidi-
ary of Panasonic Avionics
Corporation. AeroMobile’s
services are available for
installation either at the point
of aircraft manufacture (line-
fit) or on aircraft in service
(retrofit) across both Airbus
and Boeing aircrafts.
“Airtel has been at the
forefront of providing seam-
less mobile connectivity to
customers across the coun-
try. Today, we are thrilled to
bring the same service on-
board a flight through our in-
flight roaming packs that will
allow customers to enjoy
high-speed internet and
seamless voice calling that
will help them stay con-
nected with their loved ones
while on a flight,” Amit
Tripathi, director, customer
experience and marketing,
Bharti Airtel, said.