THURSDAY, 29 FEBRUARY 2024

24 pages in 2 sections www.business-standard.com

MUMBAI
~13.00
VOLUME XXVIII NUMBER 169

THE MARKETS ON WEDNESDAY chg#

Sensex 72,304.9 q 790.3

Nifty 21,951.2 q 247.2

RIL, DISNEYINKPACT FOR PCIMPORTS FROM CHINA

Nifty Futures* 22,075.7 p 124.5
Dollar 82.9 ~82.9 **
Euro 89.6 ~90.0 **
Brent crude ($/bbl)
Gold (10 gm)###
82.8##
~61,886.0 q
*(February) Premium on Nifty Spot; **Previous close;
82.5 **
~136.0 $8.5 BN MEDIAGIANT UP OVER 11% IN DEC
# 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 DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION AND DISTRIBUTION,
DIRECTLY OR INDIRECTLY, OUTSIDE INDIA. THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON MAIN BOARD PLATFORM OF THE STOCK EXCHANGES IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (“SEBI ICDR REGULATIONS”)

EXICOM TELE-SYSTEMS LIMITED

(Please scan this QR
code to view the RHP)

Our Company was incorporated as “Himachal Exicom Communications Limited”, a public limited company under the Companies Act, 1956, pursuant to a certiicate of incorporation issued by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh situated at Jalandhar on May 9, 1994. Our ompany was
granted a certiicate of commencement of business on May 11, 1994, by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh situated at Jalandhar. The name of our Company was changed to “Exicom Tele-Systems Limited”, pursuant to a resolution passed by our Shareholders on August 6, 2008, and
a fresh certiicate of incorporation consequent upon change of name issued by the RoC on August 11, 2008. For details of the change in registered ofice of our Company, see “History and Certain Corporate Matters – Brief history of our Company” on page 252 of the red herring prospectus of our Company dated
February 20, 2024 iled with the RoC read with the corrigendum to the red herring prospectus dated February 26, 2024 (“Red Herring Prospectus” or “RHP”)
Corporate Identity Number: U64203HP1994PLC014541
Registered Ofice: 8, Electronics Complex, Chambaghat, Solan, 173 213, Himachal Pradesh, India; Tel: +91 179 2230 948, Corporate Ofice: 3rd Floor, Plot No. 38, Institutional Area, Sector 32, Gurugram 122 001 Haryana, India; Tel: +91 124 6615 200
Contact Person: Sangeeta Karnatak, Company Secretary and Compliance Oficer; Tel: +91 124 6615 200, E-mail: investors@exicom.in; Website: www.exicom.in

OUR PROMOTERS: NEXTWAVE COMMUNICATIONS PRIVATE LIMITED AND ANANT NAHATA

INITIAL PUBLIC OFFERING OF [●] EQUITY SHARES OF FACE VALUE OF ` 10 EACH (“EQUITY SHARES”) OF EXICOM TELE-SYSTEMS LIMITED (“COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ` [●] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM
OF ` [●] PER EQUITY SHARE) (THE “OFFER PRICE”) AGGREGATING TO ` [●] MILLION, COMPRISING A FRESH ISSUE OF UP TO [●] EQUITY SHARES AGGREGATING UP TO ` 3,290.00 MILLION (“FRESH ISSUE”) AND AN OFFER FOR SALE OF UP TO 7,042,200
EQUITY SHARES AGGREGATING TO ` [●] MILLION (“OFFER FOR SALE”) BY NEXTWAVE COMMUNICATIONS PRIVATE LIMITED (THE “PROMOTER SELLING SHAREHOLDER” AND SUCH EQUITY SHARES OFFERED BY THE PROMOTER SELLING SHAREHOLDER,
THE “OFFERED SHARES”) (THE “OFFER”). THE OFFER SHALL CONSTITUTE [●]% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

DETAILS OF THE SELLING SHAREHOLDER, OFFER FOR SALE AND WEIGHTED AVERAGE COST OF ACQUISITION
Name of Selling Shareholder Type Number of Equity Shares offered/ amount Weighted average cost of acquisition per Equity Share (in `)(1)
NextWave Communications Private Limited Promoter Selling Shareholder Up to 7,042,200 Equity Shares of face value ` 10 aggregating up to ` [●] million 31.43
(1)
As certiied by the Statutory Auditors, Khandelwal Jain & Co., Chartered Accountants, pursuant to certiicate dated February 20, 2024.

Exicom Tele-Systems Limited is a power management solutions provider operating under two business verticals (i) Critical Power Business and (ii) EV Charger Business.
The Offer is being made through the Book Building Process pursuant to Regulation 6(2) of the SEBI ICDR Regulations.
QIB Portion: Not less than 75% of the Offer | Non-Institutional Portion: Not more than 15% of the Offer | Retail Portion: Not more than 10% of the Offer.
PRICE BAND: `135 TO `142 PER EQUITY SHARE OF FACE VALUE OF `10 EACH.
THE FLOOR PRICE IS 13.5 TIMES THE FACE VALUE OF THE EQUITY SHARES AND THE CAP PRICE IS 14.2 TIMES THE FACE VALUE OF THE EQUITY SHARES.
THE PRICE TO EARNINGS RATIO AT THE FLOOR PRICE IS 39.94 TIMES AND THE CAP PRICE IS 42.01 TIMES BASED ON THE BASIC AND DILUTED EPS OF CONTINUING OPERATIONS.
BIDS CAN BE MADE FOR A MINIMUM OF 100 EQUITY SHARES AND IN MULTIPLES OF 100 EQUITY SHARES THEREAFTER.

In accordance with the recommendation of the commitee of Independent Directors of our Company, pursuant to their resolution dated February 21, 2024, the above provided price band is justiied based on quantitative factors/ KPIs disclosed in
the “Basis for Offer Price” section of the RHP vis-à-vis the weighted average cost of acquisition of primary and secondary transaction(s) disclosed in the “Basis for Offer Price” section on page 144 of the RHP.
IN MAKING AN INVESTMENT DECISION, POTENTIAL INVESTORS MUST RELY ON THE INFORMATION INCLUDED IN THE RED HERRING PROSPECTUS AND THE TERMS OF THE OFFER, INCLUDING THE RISKS INVOLVED AND NOT RELY ON
ANY OTHER EXTERNAL SOURCES OF INFORMATION ABOUT THE OFFER AVAILABLE IN ANY MANNER.
In relation to price band, potential Investors should only refer to this price band advertisement for the Offer and should not rely on any media articles/ reports in relation to the valuation of the Company as these are not endorsed, published or
conirmed either by the Company or by the BRLM.
Details of Pre-IPO Placement
OUR COMPANY, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS, HAS UNDERTAKEN A PRE-IPO PLACEMENT OF 5,259,257 EQUITY SHARES BY WAY OF A PRIVATE PLACEMENT PURSUANT TO SECTIONS 42 AND 62(1)(C) OF
THE COMPANIES ACT, 2013 AT AN ISSUE PRICE OF `135.00 PER EQUITY SHARE (INCLUDING A PREMIUM OF `125.00 PER EQUITY SHARE) FOR CASH CONSIDERATION AGGREGATING TO ` 710.00 MILLION.
Date Of Allotment Type of Security Number of Securities Issue Price per Share (`) Number of Allottees
January 03, 2024 Equity Shares 5,259,257 135 5
For further details, please refer to page no 2.
RISK TO INVESTORS
1. Loss incurred in the past: Our proit/(loss) from continuing operations for the six months ended September 30, 2023 and
September 2022 and the Financial Year ended March 31, 2023, March 31, 2022 and March 31, 2021 was ` 274.63 million, Weighted Cap Price is ‘x’ times Range of acquisition price: lowest
` (67.75) million, ` 310.31 million, ` 303.95 million and ` 126.76 million, respectively. We have recorded operating losses Period average cost of the weighted average price – highest price
of ` 107.91 million from continuing and discontinued operations for the Financial Year ended March 31, 2021. acquisition (in `) cost of acquisition (in `)
2. Negative cash low in the past: We have sustained negative cash low used in operating activities for the six months
ended September 30, 2022 and the Financial Year 2021 primarily due to losses, investments in growth development One year preceding the date of the 24.85 5.71 Nil-1,065
activities, higher debt and longer cashlow cycles. Red Herring Prospectus
3. Industry growth risk: The revenue from operations from the EV Charger Business has increased from ` 441.20 million, 18 months preceding the date of 24.85 5.71 Nil-1,065
representing 8.60% of our revenue from operations, in the Financial Year ended March 31, 2021 to ` 2,242.09 million, the Red Herring Prospectus
representing 31.67% of our revenue from operations, in the Financial Year ended March 31, 2023. Three years preceding the date of 24.85 5.71 Nil-1,065
Accordingly, our ability to remain proitable in the future depends on the growth of the EV industry in India, which is at a the Red Herring Prospectus
nascent stage and is characterized by rapidly changing technologies, changing consumer preferences and behaviors, #
As certiied by the Statutory Auditors, Khandelwal Jain & Co., Chartered Accountants, pursuant to certiicate dated February 20, 2024.
and governmental initiatives related to climate change and the environment generally (Source: CRISIL Report). For notes, see page 31 of the RHP
4. Customer concentration risk under Critical Power Business: Our ive largest customers by revenue under our Critical Floor Price and Cap Price vis-à-vis weighted average cost of acquisition (“WACA”) based on primary issuances/
Power Business contributed 57.10%, 39.80%, 51.02%, 81.77% and 72.60% of our total revenue from operations for the secondary transactions during the last three years.
six months ended September 30, 2023 and September 30, 2022 and Financial Years 2023, 2022 and 2021, respectively,
Floor Cap
The loss of one or more such customers could adversely affect our business and operations.
WACA price: Price:
5. Import of raw material risk: We are dependent on global suppliers for our key raw materials such as Li-ion cells and ` 135 ` 142
battery packs, semi-conductors, rectiier modules etc. from suppliers in China, Singapore, Hong Kong, South Korea
Weighted average cost of acquisition for last 18 months for primary / new issue 18.27 7.39 7.77
among others. The percentage of total purchases from global suppliers as a percentage of total cost of material was of shares (equity/ convertible securities), excluding shares issued under an
66.80%, 56.66%, 65.67%, 84.09% and 66.68% during the six months ended September 30, 2023 and September 30, 2022 employee stock option plan/employee stock option scheme and issuance of bonus
and Financial Years 2023, 2022 and 2021, respectively. Further, China accounted for 60.80%, 40.03%, 52.57%, 73.41% shares, during the 18 months preceding the date of iling of the Daft Red Herring
and 59.46% of the total cost of material during the six months ended September 30, 2023 and September 30, 2022 and Prospectus, where such issuance is equal to or more than 5% of the fully diluted
Financial Years 2023, 2022 and 2021, respectively. paid-up share capital of the Company (calculated based on the preissue capital
6. Customer sector concentration risk: Our ive largest customers by revenue belong to the Indian telecommunications before such transaction/s and excluding employee stock options granted but not
sector, being telecommunication companies and tower companies, which contributed 46.31%, 55.84%, 51.49%, 80.90% vested), in a single transaction or multiple transactions combined together over a
span of rolling 30 days
and 77.33% of our total revenue from operations for the six months ended September 30, 2023 and September 30, 2022
and Financial Years 2023, 2022 and 2021, respectively. Weighted average cost of acquisition for last 18 months for secondary sale/ 141.00 0.96 1.01
acquisition of shares equity/convertible securities), where promoter/ promoter
7. Dependence on third party suppliers: We are dependent on third party suppliers for our raw materials, such as Li-ion group entities or selling shareholders or shareholder(s) having the right to nominate
cells, printed circuit boards, cable assemblies, electronic components, switchgear components, plastic enclosures, director(s) or selling shareholder in the Board are a party to the transaction
mechanical components and bus bars. The cost of material consumed as a percentage of our total expenses was (excluding gifts), during the 18 months preceding the date of iling of the Red
77.08%, 64.60%, 74.94%, 80.56% and 75.79% during the six months ended September 30, 2023 and September 30, 2022 Herring Prospectus, where either acquisition or sale is equal to or more than ive
and Financial Years 2023, 2022 and 2021, respectively. per cent of the fully diluted paid-up share capital of the Company (calculated based
8. R&D related risk: Our operations are dependent on our continued research and development initiatives, and our on the preissue capital before such transaction/s and excluding employee stock
inability to identify and understand, or keep up with evolving industry trends, technological advancements, customer options granted but not vested), in a single transaction or multiple transactions
combined together over a span of rolling 30 days
preferences and develop new products to meet our customers’ demands may adversely affect our business.
For notes, see page 155 of the RHP.
9. Disruption of manufacturing facilities risk: We operate three manufacturing facilities in India, comprising our Solan
13. The Weighted average return on net worth (“RoNW”), as derived from the Restated Consolidated Financial Information is:
Facility situated at Solan, Himachal Pradesh, and Gurugram Facility I and Gurugram Facility II situated at Gurugram,
Haryana. The disruption, shutdown or breakdown of operations at our manufacturing facilities may have a material RoNW, from continuing RoNW, from
adverse effect on our business, inancial condition and results of operations. Financial Year and discontinued continuing Weightage
10. Utilisation of Net Proceeds risk: We intend to utilize a portion of the Net Proceeds towards part-inancing the cost operations (%) operations (%)
of setting up production/assembly lines at our planned manufacturing facility. While we have procured quotations FY ended March 31, 2023 2.75 13.38 3
from vendors in relation to the capital expenditure to be incurred towards the said production/assembly lines, orders FY ended March 31, 2022 2.32 13.72 2
constituting 72.97% of the total estimated cost are yet to be placed. FY ended March 31, 2021 1.62 5.94 1
11. The average cost of acquisition of Equity Shares held by the Promoter Selling Shareholder is ` 31.43 and the Offer Price Weighted Average 2.42 12.25
at the upper end of the Price Band is `142. For the six months ended September 30, 2022 (13.49) (3.32) -
12. The weighted average cost of acquisition for all Equity Shares transacted during the one year, eighteen months and three For the six months ended September 30, 2023 8.82 8.82 -
years preceding the date of the Red Herring Prospectus is: For notes, see page 146 of the RHP.
Continued on next page...
2 COMMERCIAL
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MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

...continued from previous page.

14. Price to earning ratio, at higher end of the Price Band Details of Pre-IPO Placement:
P/E ratio at the higher end of Number Price per Purchase
Particulars the Price Band Earning per Share
S.
Name of Allottee of Equity Equity Share Consideration Date of Allotment
(based on Diluted EPS) No.
Shares (`) (` in million)
Exicom Tele-Systems Limited (from continuing and 1. Belgrave Investment Fund 1,851,851 135.00 250.00 January 3, 2024
205.80 0.69
discontinued operations)
Exicom Tele-Systems Limited (from continuing operations) 42.01 3.38 2. Shaurya Vardhan Sonthalia 333,333 45.00
Average of Industry Peers (as on 25th January, 2024) 147.63 2.02 3. Rajyavardhan Sonthalia 333,333 45.00
15. Market capitalization to total revenue from operations ratio (“Market Cap/Total Revenue Ratio”) in relation to the Price 4. Rare Enterprise 2,000,000 270.00
Band of ` 135 to ` 142 per Equity Share (through Sunil Jugalkishor Anandpara
From continuing and discontinued and Hemal Dinesh Shah)
From continuing operations
operations
5. Monika Garware 740,740 100.00
Market Cap/Total Market Cap/Total Market Cap/Total Market Cap/Total Total 5,259,257 - 710.00 -
Particulars Revenue Ratio at Revenue Ratio at Revenue Ratio at Revenue Ratio at the
the lower end of the the higher end of the the lower end of the higher end of the The size of the Fresh Issue has been reduced by `710.00 million and accordingly, the revised size of the Fresh
Price Band Price Band Price Band Price Band Issue is up to `3,290 million. The relevant investors that have subscribed to the Equity Shares pursuant to the
(number of times) (number of times) (number of times) (number of times)
Pre-IPO Placement have, prior to the allotment of Equity Shares, been informed that there is no guarantee that
Based on market the Offer may come through or the listing may happen and accordingly, the investment was done by the relevant
capitalization and investors solely at their own risk.
total revenue from
1.74 1.83 1.86 1.96 Set out below are the details of the secondary transaction by Vinsan Brothers Private Limited, a member of our
operations for the
inancial year ended Promoter Group, in favour of one our Promoters, NextWave Communications Private Limited:
March 31, 2023 Transfer
Name of Name of Number of Equity
16. The 3 BRLMs associated with the Offer have handled 19 public issues in the past three inancial years, out of which 2 Date of Number of Price per
issue closed below the Offer price on listing date: Transferor/ Transferee/ Nature of Shares held post
Transaction/ Equity Shares Equity
Selling Acquirer/ Transfer completion of the
Issues closed below Transfer Transferred Shares
Shareholder Allottee transfer
Name of BRLMs Total Issues IPO Price as on listing (in `)
date 87,40,685
Monarch Networth Capital Limited 1 Nil (aggregating
Vinsan
NextWave Secondary to 8.95 % of
Unistone Capital Private Limited* 15 1 December Brothers
Communications transaction the pre-Offer 141 42,51,619
26, 2023 Private
Systematix Corporate Services Limited** 3 1 Private Limited (sale) Equity Share
Limited
Total 19 2 capital of the
*has handled 6 Main Board and 9 SME Public issues. ** has handled 2 Main Board and 1 SME Public issues. Company)

BID/OFFER PERIOD CLOSES TODAY(1)

(1)
UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date.
An indicative timetable in respect of the Offer is set out below:
Event Indicative Timelines

Finalisation of Basis of Allotment with the Designated Stock Exchange On or about Friday, March 1, 2024

Initiation of Refunds for Anchor Investors/Unblocking of Funds from ASBA Account On or about Monday, March 4, 2024

Credit of Equity Shares to Depository Accounts On or about Monday, March 4, 2024

Commencement of Trading of the Equity Shares on the Stock Exchange On or about Tuesday, March 5, 2024

THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON MAIN BOARD PLATFORM OF BSE AND NSE.

ASBA
# #
Applications Supported by Blocked Amount (“ASBA”) is a better way of applying to Issues by simply blocking the fund in the bank account. For
Simple, Safe, Smart way of Application!!! further details, check section on ASBA. Mandatory in public issues.No cheque will be accepted.

UPl-Now available in ASBA for all individual investors applying in public issues where the application amount is up to `500,000, applying through Registered Brokers, Syndicate, CDPs & RTAs. Retail Individual Bidders
and Non-Institutional Bidders also have the option to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and bank account. Investors are required to ensure
that the bank account used for bidding is linked to their PAN. Bidders must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notiication dated February 13, 2020 and read with press release
dated September 17, 2021 and CBDT circular no. 7 of 2022, dated March 30, 2022, read with press release dated March 28. 2023.
ASBA has to be availed by all the investors except Anchor Investors. UPI may be availed by UPI Bidders. For details on the ASBA and UPI process, please refer to the details given in the Bid Cum Application Form and abridged prospectus and also please refer to the section “Offer Procedure” on page 414 of the RHP. The process is also available on the website of
Association of Investment Bankers of India (“AIBI”) and Stock Exchanges and in the General Information Document. The Bid Cum Application Form and the Abridged Prospectus can be downloaded from the websites of BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, and together with BSE, the “Stock Exchanges”) and can be obtained from
the list of banks that is displayed on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 and https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, respectively as updated from time to time. For the list of UPI apps and banks live on IPO, please refer to the link: www.sebi.gov.in. UPI
Bidders Bidding using the UPI Mechanism may apply through the SCSBs and mobile applications whose names appear on the website of SEBI, as updated from time to time. HDFC Bank and Axis Bank have been appointed as the Sponsor Banks for the Offer, in accordance with the requirements of SEBI circular dated November 1, 2018 as amended. For Offer related
queries, please contact the Book Running Lead Managers (“BRLMs”) on its email ID as mentioned below. For UPI related queries, investors can contact NPCI at the toll free number: 18001201740 and mail Id: ipo.upi@npci.org.in.

In case of any revision in the Price Band, the Bid/Offer Period shall be extended for at least three additional Working Days after such revision of the Price Band, subject to the
total Bid/Offer Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar circumstances, our Company and the Promoter Selling Shareholder,
may in consultation with the BRLMs, for reasons to be recorded in writing, extend the Bid/Offer Period for a minimum of three Working Days, subject to the Bid/Offer Period not
exceeding 10 Working Days. Any revision in the Price Band, and the revised Bid/Offer Period, if applicable, shall be widely disseminated by notiication to the Stock Exchanges
by issuing a press release and also by indicating the change on the respective websites of the BRLMs and at the terminals of the Members of the Syndicate and by intimation to
the Designated Intermediaries and the Sponsor Bank(s).
The Offer is being made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process,
in compliance with Regulation 6(2) of SEBI ICDR Regulations, wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualiied
Institutional Buyers (“QIBs” and such portion, the “QIB Portion”), provided that our Company and the Promoter Selling Shareholder may, in consultation with the BRLMs, allocate
up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis, in consultation with the BRLMs, in accordance with the SEBI
ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic
Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”) in accordance with the SEBI ICDR Regulations. In the
event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion)
(the “Net QIB Portion”). Further, 5% of the Net QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds,
subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other
than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not more than 15% of the Net Offer shall be available for
allocation to Non-Institutional Investors (“Non-Institutional Portion”) (out of which one-third of the portion available to Non-Institutional Investors will be available for allocation
to Bidders with an application size of more than ` 200,000 and up to ` 1,000,000 and two-thirds of the Non-Institutional Portion will be available for allocation to Bidders with an
application size of more than ` 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-
category of Non-Institutional Portion) and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Investors (“Retail Portion”), in accordance with the
SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders (except Anchor Investors) shall mandatorily participate in the Offer
only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using
UPI Mechanism) in which the Bid Amount will be blocked by the Self Certiied Syndicate Banks (“SCSBs”) or the Sponsor Bank. Anchor Investors are not permitted to participate
in the Anchor Investor Portion through the ASBA process. See ‘Offer Procedure’ beginning on page 434 of the RHP.
Bidders/ Applicants should ensure that DP ID, PAN, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) are correctly illed in the Bid cum Application
Form. The DP ID, PAN and Client ID provided in the Bid cum Application Form should match with the DP ID, PAN, Client ID available in the Depository database,
otherwise, the Bid cum Application Form is liable to be rejected. Bidders/ Applicants should ensure that the beneiciary account provided in the Bid cum Application
Form is active. Bidders/Applicants should note that on the basis of the PAN, DP ID, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) as provided
in the Bid cum Application Form, the Bidder/Applicant may be deemed to have authorised the Depositories to provide to the Registrar to the Offer, any requested
Demographic Details of the Bidder/Applicant as available on the records of the depositories. These Demographic Details may be used, among other things, for
giving Allotment Advice or unblocking of ASBA Account or for other correspondence(s) related to the Offer. Bidders/Applicants are advised to update any changes
to their Demographic Details as available in the records of the Depository Participant to ensure accuracy of records. Any delay resulting from failure to update the
Demographic Details would be at the Bidders’/Applicants’ sole risk. Investors must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT
notiication dated February 13, 2020 and press release dated June 25, 2021.
CONTENTS OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY AS REGARDS ITS OBJECTS: For information on the main objects of the Company, please see
the section “History and Certain Corporate Matters” on page 252 of the RHP. The Memorandum of Association of the Company is a material document for inspection in relation to
the Offer. For further details, please see the section titled “Material Contracts and Documents for Inspection” on page 480 of the RHP.
LIABILITY OF THE MEMBERS OF THE COMPANY: Limited by shares.
AMOUNT OF SHARE CAPITAL OF THE COMPANY AND CAPITAL STRUCTURE: As on the date of the RHP, the authorised share capital of the Company is
` 1,300,000,000 divided into 130,000,000 Equity Shares of face value ` 10 each. The issued, subscribed and paid-up share capital of the Company is ` 976,555,010 divided into
97,655,501 Equity Shares of face value of `10 each. For details, please see the section titled “Capital Structure” beginning on page 99 of the RHP.
NAMES OF SIGNATORIES TO THE MEMORANDUM OF ASSOCIATION OF THE COMPANY AND THE NUMBER OF EQUITY SHARES SUBSCRIBED BY THEM: The initial
signatories to the Memorandum of Association are Himachal Futuristic Communications Limited, Himachal Telematics Limited, Mahendra Nahata, Vinay Maloo, Deepak Malhotra,
Yeshwant Singh Choudhary and Baburaj E who subscribed to 200, 200, 100, 100, 100, 100 and 100 equity shares, respectively, bearing face value of `10. For details of the share
capital history and capital structure of our Company, please see the section entitled “Capital Structure” beginning on page 99 of the RHP.
LISTING: The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the BSE and the NSE. Our Company has received in-principle approvals
from BSE and NSE for listing of the Equity Shares pursuant to their letters dated January 9, 2024 and January 10, 2024, respectively. For the purposes of the Offer, NSE shall be
the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and the Prospectus shall be iled with the RoC in accordance with Section 26(4) of the Companies
Act, 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus up to the Bid /Offer Closing Date, see “Material
Contracts and Documents for Inspection” beginning on page 480 of the RHP.
DISCLAIMER CLAUSE OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”): SEBI only gives its observations on the Offer documents and the does not
constitute approval of either the Offer or the speciied securities or the Offer document. The investors are advised to refer to page 411 of the RHP for the full text of the disclaimer
clause of SEBI.
DISCLAIMER CLAUSE OF NSE (DESIGNATED STOCK EXCHANGE): It is to be distinctly understood that the permission given by NSE should not in any way be 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 Document. The
investors are advised to refer to page 413 of the RHP for the full text of the disclaimer clause of NSE.
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the RHP has been cleared
or approved by BSE nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 414 of the RHP for the full
text of the disclaimer clause of BSE.
GENERAL RISKS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Offer unless they can afford
to take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Offer. For taking an
investment decision, investors must rely on their own examination of the Issuer and the Offer, including the risks involved. The Equity Shares have not been recommended
or approved by SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of the Red Herring Prospectus. Speciic attention of the investors is invited to
“Risk Factors” beginning on page 32 of the RHP.

BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER COMPANY SECRETARY AND COMPLIANCE OFFICER
Sangeeta Karnatak
Company Secretary and Compliance Oficer
Tel.: +91 124 6615 200, E-mail: investors@exicom.in
Monarch Networth Capital Limited Unistone Capital Private Limited Systematix Corporate Services Limited Link Intime India Private Limited
4th Floor, B Wing, Laxmi Towers, A/ 305, Dynasty Business Park, Andheri-Kurla Road, The Capital, A-Wing No. 603-606, 6th Floor, Plot No. C-70 C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg,
G Block, Bandra Kurla Complex, Bandra I, Mumbai – 400 051 Andheri East, Mumbai – 400 059, India. G-Block, BKC, Bandra (East), Mumbai- 400 051, Maharashtra, India Vikhroli (West) Mumbai, Maharashtra- 400083 Investors may contact the Company Secretary and Compliance Oficer
Telephone Number: +91 22 66476400 Telephone Number: +91 22 4604 6494 Telephone Number: +91 22 6704 8000 Telephone Number: +91 810 811 4949 or the Registrar to the Offer in case of any pre-Offer or post-Offer related
E-mail: projectcharge@mnclgroup.com Email: mb@unistonecapital.com E-mail: mb.ipo@systematixgroup.in E-mail: exicom.ipo@linkintime.co.in grievances including non-receipt of letters of Allotment, non-credit of
Investor Grievance E-mail: mbd@mnclgroup.com Investor grievance email: compliance@unistonecapital.com Investor grievance e-mail: investor@systematixgroup.in Investor Grievance Email: exicom.ipo@linkintime.co.in Allotted Equity Shares in the respective beneiciary account, non-receipt
Website: www.mnclgroup.com Website: www.unistonecapital.com Website: www.systematixgroup.in Website: www.linkintime.co.in of refund orders or non-receipt of funds by electronic mode, etc. For all
Contact Person: Saahil Kinkhabwala/Aayushi Poddar Contact Person: Brijesh Parekh Contact Person: Jinal Sanghvi Contact Person: Shanti Gopalkrishnan Offer related queries and for redressal of complaints, Investors may also
SEBI Registration No.: MB/INM000011013 SEBI registration number: INM000012449 SEBI registration No.: INM000004224 SEBI Registration No.: INR000004058 write to the BRLM.
Availability of the RHP: Investors are advised to refer to the RHP and the “Risk Factors” beginning on page 32 of the RHP, before applying in the Offer. A copy of the RHP is Private Limited, HDFC Securities Limited, ICICI Securities Ltd., IIFL Securities Ltd., JM Financial Services Ltd., Jobaputra Fiscal Services Ltd., KJMC Capital Market Services
available on website of SEBI at www.sebi.gov.in and is available on the websites of the BRLMs, i.e. Monarch Networth Capital Limited at www.mnclgroup.com, Unistone Capital Ltd., Kotak Securities Ltd., LKP Securities Limited, Prabhudas Lilladher Pvt. Ltd., R R Equity Brokers Pvt. Ltd., SBICap Securities Ltd., Sharekhan Ltd., SMC Global Securities
Private Limited at www.unistonecapital.com and Systematix Corporate Services Limited at www.systematixgroup.in, respectively and on the websites of BSE and NSE at www. Ltd. and Yes Securities (I) Ltd.
bseindia.com and www.nseindia.com, respectively. Bankers to the Offer
Availability of the Abridged Prospectus: A copy of the abridged prospectus shall be available on the website of the Company, the BRLMs and the Registrar to the Offer at www. Escrow Collection Bank, Refund Bank and Sponsor Bank: HDFC Bank Limited
exicom.in, www.mnclgroup.com, www.unistonecapital.com and www.systematixgroup.in and www.linkintime.co.in Public Offer Account Bank and Sponsor Bank: Axis Bank Limited
Availability of Bid-cum-Application Forms: Bid-cum-Application Forms can be obtained from the Registered Ofice of the Company Exicom Tele-Systems Limited, UPI: UPI Bidders can also bid through UPI Mechanism.
Tel: +91 124 6615 200 the BRLMs: Monarch Networth Capital Limited, Tel: +91 22 66476400, Unistone Capital Private Limited, Tel: +91 22 4604 6494 and Systematix
All capitalized terms used herein and not speciically deined shall have the same meaning as ascribed to them in the RHP.
Corporate Services Limited, Tel: +91 22 6704 8000 at the select locations of the Sub-Syndicate Members (as given below), SCSBs, Registered Brokers, RTAs and CDPs
participating in the Offer. ASBA Forms will also be available on the websites of BSE and NSE and the Designated Branches of SCSBs, the list of which is available at websites of For on behalf of Exicom Tele-Systems Limited
the Stock Exchanges and SEBI. Sd/-
Syndicate member: Systematix Shares and Stocks (India) Limited Place: Gurugram, Haryana Sangeeta Karnatak
Sub-syndicate members: Alankit Assignments Ltd., Anand Rathi Share & Brokers Ltd., Axis Capital Ltd., Bonanza Portfolio Ltd., Centrum Broking Ltd., Finwizard Technology Date: February 28, 2024 Company Secretary and Compliance Oficer
Exicom Tele-Systems Limited is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer of its Equity Shares and has iled the DRHP dated September 27, 2023 with SEBI on September 28, 2023 and the RHP dated February 20, 2024 with the RoC. The RHP is available on the website
of the Company at www.exicom.in, SEBI at www.sebi.gov.in, as well as on the websites of the BRLMs, i.e. www.mnclgroup.com, www.unistonecapital.com and www.systematixgroup.in and the websites of National Stock Exchange of India Limited and BSE Limited at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note
that investment in equity shares involves a high degree of risk and for details relating to such risk, please see “Risk Factors” of the RHP, on page 32. Potential investors should not rely on the DRHP for making any investment decision.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and applicable U. S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in “offshore transactions” as deined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made.
Adfactors
THURSDAY, 29 FEBRUARY 2024
24 pages in 2 sections
MUMBAI
~13.00
VOLUME XXVIII NUMBER 169
THE MARKETS ON WEDNESDAY
Sensex 72,304.9
Nifty 21,951.2
Nifty Futures* 22,075.7
Dollar
Euro
Brent crude ($/bbl)
82.9
89.6
82.8##
Gold (10 gm)### ~61,886.0
*(February) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
KKR LOOKS TO UNLOAD
53.8% STAKE IN
$3 BILLION JB PHARMA
KKRisexploringoptions
includingsellingitscontrolling
stakeinJBChemicals&
Pharmaceuticals amidinterest
frompotentialbuyers,according
topeoplefamiliarwiththematter.Theprivate
equityfirmislookingtohirefinancialadvisers
tohelpevaluateasaleofits53.8percentstake
intheMumbai-basedfirm,thepeoplesaid,
askingnottobeidentified.Otherbuyoutfirms
andindustryplayershaveshownpreliminary
interestinbuyingKKR’sstake,theyadded. 2 >
ECONOMY & PUBLIC AFFAIRS P4
Restore WTO dispute
settlement body: India
India on Wednesday, at the 13th Ministerial
Conference (MC13) in Abu Dhabi, pushed for
the restoration of the World Trade
Organization’s (WTO’s) appellate body — the
highest adjudicating authority — as the
‘top-most priority’ of any reform process in
the global trade body.
ECONOMY & PUBLIC AFFAIRS P4
Economists split over
poverty decline claims
FollowingthereleaseoftheHousehold
ConsumptionExpenditureSurvey(HCES)
reportafter11years,thedebateonthepoverty
lineestimateshasgainedgroundaftertheNiti
AayogandtheStateBankofIndia(SBI)
claimedasignificantdeclineinthe
headlinepovertyrate.
COMPANIES P2
Byju's rights issue fund
to go into escrow a/c
TheNCLThasdirectedByju'stokeepfunds
receivedfromtherightsissueinanEscrow
account,untilthedisposaloftheoppression
andmismanagementpleafiledagainstthe
firmbyfourinvestors.Escrowreferstoathird
partythatholdsmoneyoranassetonbehalfof
theothertwopartiesinatransaction.
ECONOMY & PUBLIC AFFAIRS P6
$/~ forward premiums
fall to near 3-mth low
Premiumsonone-yeardollar/rupeeforward
contractsfelltotheirlowestlevelin11weeks on
Wednesdayto1.65percent.Premiumshave
beenfallingforthepastfewtradingsessionsas
ratecutexpectationsbytheUSFederalReserve
isbeingpushedback,andtradersaretaking
positionsaheadofthe$5billiondollar-rupee
sell/buyswapmaturingonMarch11.
BACK PAGE P18
Flight delays ease in
Mum after cancellations
Delaysinflightarrivalshavereducedatthe
Mumbaiairportfollowingthecongestion-
inducedcancellationsthatwereeffective
February15onwards,theMinistryofCivil
AviationsaidonWednesday.Theministryhad
directedtheMumbaiInternationalAirport
Limitedtocancelacertainpercentageofflights.
POLITICS & PUBLIC AFFAIRS P7
BJP had 77% of national
parties’ FY23 income
Accordingtotheannualauditedreportsofthe
six‘nationalparties’for2022–23,theBJP’stotal
declaredincomeaccountedfor76.73percentof
thetotalincomeof~3,076.88crorereceivedby
theseparties.TheincomesoftheCongress,
CommunistPartyofIndia(Marxist),and
BahujanSamajParty(BSP)declinedin
2022–23comparedto2021–22.
India likely to see sharpest rise in ultra-rich numbers in 5 yrs
RAGHAV AGGARWAL
New Delhi, 28 February
Between2023and2028,India
willwitnessthehighestgrowth
foranycountryinthenumberof
ultrahighnetworthindividuals
(UHNWIs),withanetworthof
$30millionormore,according
toareportreleasedon
Wednesday.
AccordingtoKnightFrank’s
flagshipstudy,‘TheWealth
Report2024’,thenumberof
ultra-richIndianswillriseby
50.1percentto19,908in2028
from13,263in2023.
Indiawillbefollowedby
China(47percent),Türkiye(42.9
percent),andMalaysia(35per
cent).LiamBailey,globalheadof
researchatKnightFrank,told
BusinessStandardthatthemain
reasonbehindthishighgrowth
rateinIndiaisitsrobustgross
www.business-standard.com
chg#
q 790.3
q 247.2
p 124.5 COMPANIES P3 WORLD P8
~82.9 **
~90.0 **
82.5 **
SUNILMITTALCONFERRED APPLEUNPLUGSELECTRICCARPROJECT
q
~136.0
HONORARYKNIGHTHOOD AFTERDECADE-LONGEFFORT
P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E
RIL, Disney ink pact for
A MONTH AFTER IT HARDWARE IMPORT
MANAGEMENT SYSTEM WENT LIVE...
PC imports from
$8.5 bn media giant China up over 11%
RIL to invest $1.4 bn in JV; “THISISALANDMARK “INDIAISTHEWORLD’SMOST
AGREEMENTTHATHERALDSA POPULOUSMARKET,AND
Nita Ambani named NEWERAINTHEINDIAN WEAREEXCITEDFORTHE ASIT RANJAN MISHRA
SHIPPING IN
chairperson, Uday ENTERTAINMENTINDUSTRY.
WEHAVEALWAYS
OPPORTUNITIESTHATTHIS
JOINTVENTUREWILL
New Delhi, 28 February
PC imports (2023)
Shankarvice-chairperson RESPECTEDDISNEYAS PROVIDETOCREATE After a month’s gap, the
import of personal com-
(in$mn)
THEBESTMEDIAGROUP LONG-TERMVALUEFOR nTotal nChina
DEV CHATTERJEE puters, including laptops
Mumbai, 28 February
GLOBALLY..." THECOMPANY" and tablets, from China
Figuresinbracketis
Y-o-Ychange in%
MUKESH BOB IGER, surged 11.3 per cent
M
ukesh Ambani-owned AMBANI, CEO, The Walt to $276 million in
525 (-25.7)
Reliance Industries, Chairman & MD, Disney December. This occurred August
Viacom18 Media and The when total imports of such 354 (-37)
Reliance Company
Walt Disney Corporation on Industries items contracted by 0.8 per 715 (41.8)
Wednesday entered an agreement to form cent, according to the latest September 555
a joint venture that would merge the tele- data from the commerce (33.2)
vision and digital streaming businesses of
Viacom18 and Star India and create an
THE JOINT VENTURE (in%) department.
The same month witnessed a October
648 (29.7)
462 (11.9)
entertainment giant in India. A joint state- decline in the import of personal com-
ment pointed out that the value of the JV
16.34 46.82 36.84 puters from countries/regions like 225 (-17.1)
at ~ 70,352 crore ($8.5 billion) was on post- Singapore and Hong Kong, which saw November
money basis, excluding synergies. RIL Viacom18 Disney a decrease of 66.1 per cent and 41.8 per
186 (-14)
As part of the transaction, the media cent, respectively. These marginal
undertaking of Viacom18, a RIL group com- players accounted for $11.6 million December 308
276
(-0.8)
pany, will be merged into Star India Private,
a Disney-owned firm, through a court
Reliance-Disney INDIA'S LEADING and $13.6 million worth of shipments
to India in December.
(11.3)
MEDIA FIRMS
Source: Commerce department
approved scheme of arrangement. RIL
would invest ~11,500 crore ($1.4 billion) into
impact: Add to China’s share in total shipments
of these items to India stood at 89.4 after the industry expressed serious
the JV to fund its growth strategy post-clos- your watch list Company
Google India
Revenue FY23 (~crore)
28,040
per cent in December. It was 76.4 concerns over the decision — which
ing. Nita M Ambani will be the chairperson per cent for the April-December was originally aimed at reducing
of the venture while media veteran Uday As CEO of Star India from 2007 to 2020, Reliance-Disney 23,321 period of FY24. import dependence on China and
Shankar will be the vice-chairperson. Uday Shankar took the company In November, when the govern- ensuring a trusted supply chain — the
The JV will be controlled by RIL, owned from ~1,600 crore in revenues to Meta 18,308 ment’s online monitoring system for government deferred the implemen-
16.34 per cent by RIL directly and another ~18,000 crore. In 2018, when Walt Zee Entertainment 8,087 the import of electronic hardware tation until November 1.
46.82 per cent by Viacom18. Disney will Disney Company bought Star’s items became operational, imports In a further step-down, the govern-
own the remaining 36.84 per cent. parent Fox’s entertainment assets, Times Group 8,000** from China contracted by 14 per cent, ment announced that it would not
Mukesh Ambani, RIL chairman and
MD, called it a landmark agreement her-
the India business was valued at $13-
15 billion.Shankar, 61, is part of a
Culver Max 6,684
while the overall decline was
17 per cent.
restrict the import of such electronic
products from any territory, while also
alding a new era in the Indian entertain- group of investors that now gets Star
Entertainment (Sony)
On August 3 last year, the central introducing a new contactless import
ment industry. “We have always respected India at a valuation that analysts peg Tata Play 4,530 government announced plans to cat- authorisation system.
Disney as the best media group globally at a third of that. Shankar would be Sun Network 3,772 egorise products in the information With the import monitoring system
and are very excited at forming this strate- vice-chairperson of the technology hardware segment, such now in place, the government is able
gic joint venture that will help us pool our entertainment giant that would Airtel TV 2,945 as laptops, tablets, all-in-one personal to collect data about specific products
extensive resources, creative prowess, and emerge from the coming together of Super Cassettes (T-Series) 2,371* computers, ultra-small form factor coming in from different sources.
market insights to deliver unparalleled Reliance Industries and Walt Disney, computers, and servers, under the India’s key trading partners have
content at affordable prices to audiences announced on Wednesday. *FY2022; **estimated “restricted” label. expressed concerns over the online
across the nation,” he said. Turn to Page 6 > VANITA KOHLI-KHANDEKAR writes 2> Sources: Annual reports, Registrar of Companies, industry estimates This announcement led to a surge monitoring system at the World Trade
in the import of laptops and tablets in Organization. Turn to Page 6 >
September (by 41.8 per cent) and
Froth in small, midcap space, MARKETS
October (by 29.7 per cent), amid fears
of licensing requirements. However,
INDIA SLOWLY TAKING EXPORT
MARKET SHARE FROM CHINA P4
LOG BIGGEST
protect investors: Sebi to MFs
DECLINE IN
Folios added in 1 year A MONTH Drug cos back in business
ABHISHEK KUMAR
SMALLCAP
ayrafterregulatoryaction
Mumbai, 28 February 7.5 million
The Securities and Exchange STORY Average
1-year return 59% Base=100
Board of India (Sebi) wants Strong
mutual funds (MFs) to put in performance is Number of schemes: 27 SHINE JACOB & SOHINI DAS gradually getting back on track after
place an investor protection Chennai/Mumbai, 28 February implementing corrective measures.
framework for those investing in
attracting
investors to this
Largest scheme:
Nippon Smallcap Fund In Andhra Pradesh, for instance,
smallcap and midcap funds
amid a build-up of “froth” in this
space, even as
concerns are
AUM ~2.5 trillion
(~45,900 cr) In February 2023, Chennai-based
Global Pharma Healthcare found
seven companies received suspen-
sion orders. Suspension orders to six
space. Following directions from Top 5 schemes manage itself in the crosshairs of regulators of those companies have now been
the markets regulator in this
regard on Tuesday, the industry
building around One-year
valuation bubble growth 92% ~ 1.3 trillion after the US Centers for Disease
Control and Prevention (CDC)
revoked while the last one is in the
process of being lifted, sources
body Association of Mutual issued a warning to con- close to the development
Funds in India (Amfi) has sent a
letter to MF trustees, asking Sebiconsidersdisclosure sumers using its eye
drops sold in the
told Business Standard.
In Tamil Nadu,
them to ensure “appropriate and
proactive measures”.
exemptionsformoreFPIs Domestic equities
American market, citing
potential bacterial con-
authorities issued sus-
pension orders to six
The Sebi directive comes TheSecuritiesandExchangeBoardofIndia(Sebi)hasproposed posted their biggest tamination. Now, nearly companies after the
after the initial round of stress furtherexemptionsofgranulardisclosuresforselectforeign decline in more than a a year later, the company CDSCO initiated a drive to
tests on smallcap and midcap portfolioinvestors(FPIs)and,inthecaseofstockswithno month as investors took has been given the all-clear keep poor manufacturing
schemes with large assets under
management (AUM) to see if
identifiedpromoter.Undertherecentlyintroducedadditional
disclosurerequirement,FPIswithmorethan50percentoftheir
money off the table
ahead of the release of
by India’s Central Drugs
Standard Control Organisation
practices in check. The aim
was to ensure that manufacturers
they can manage huge redemp- assetsinasinglecorporategrouphavetofurnishgranulardetailsof key US economic data. (CDSCO), following quality checks adhere to the good manufacturing
tions in the event of a market theirultimatebeneficiariesandeconomicinterest. II,1 > The Nifty50 index and corrective measures, according practices (GMP) norms. The last such
downturn. ended the session at to government sources. inspection took place in 2016-17.
Sebi has recommended the first-mover advantage of downturns and the resultant 21,951, a decline of 247 This isn't an isolated incident. The orders in the state have now
measures like putting restric- redeeming investors. surge in outflows, the first set of points, or 1.1 per cent, Several pharmaceutical companies been revoked, with the companies
tions on inflows, portfolio rebal- According to industry investors shouldn’t be at an the biggest fall since that faced regulatory scrutiny as part undergoing corrective and preven-
ancing, and creating a frame- experts, Sebi is looking to ensure advantage to those staying January 23. II,1 > of the government's risk-based tive action (CAPA) processes.
work to protect investors from that during phases of market invested. Turn to Page 6 > inspections across the country are Turn to Page 6 >
domesticproduct(GDP)growth. Top investments Rise in number UHNWIsroseby4.2percentto
“Theprimaryreasonisthe RICH PICK by ultra-rich (in%) of ultra-rich (in%)
626,619.Theseultra-richIndians
PHILANTHROPY GROWS
outlookfortheIndianeconomy. areoptimisticabouttheirwealth
Weuseeconomicforecastsin
termsofGDPgrowthforeach
n 10-yearpricechange
n2022-23 n2023-28 growingin2024.
“NinetypercentofIndian
BUT RICH MORE GIVING
countrythatwecover.And
there,theviewisthattheIndian
l 12-monthpricechange
India
6.10 UHNWIsareexpectingan
increaseintheirwealththis
THAN UBER WEALTHY
economyissettooutperform 50.10 year,”thereportsaid.Around63 India’s super-rich who boast businesses
5 11
overthenextfiveyears.Thatis percentoftheseUHNWIsexpect worth over ~1,000 crore tend to give less to
thebiggestdriver,”hesaid. 138 anincreaseofmorethan10per charity than the rich with a net worth of
2.60
Baileyaddedthatitslarge centintheirwealthin2024. ~5-1,000 crore, according to the “India
105 Asia Philanthropy Report 2024” by Bain &
diasporaalsoensuresahigh 8 38.30 AccordingtoShishirBaijal,
levelofinnovationandstrong chairmanandmanaging Company on trends in philanthropy. Among
connectivitywithoutside directoratKnightFrankIndia, other findings about family philanthropy is
businessesandcountries. 37 thelandscapeofaffluencein that women give a larger share of their
4.20
Thereportalsohighlighted World Indiais“vibrantanddynamic”. wealth than men; now generation wealth
Watches Art Jewellery
thatAsiawilldominatetherise 28.10 “Whileglobaluncertainty creators (first generation of wealth creators)
inthenumberofultra-rich.In Asset class prevails,easingdomestic give more than inter-generation funders
Asia,thenumberofultra-richis Source: Knight Frank's The Wealth Report 2024 inflationaryrisksandthe (current generation of family
expectedtoriseby38.3percent likelihoodofratecutswill philanthropists); and professionals —
inthenextfiveyears.Globally, economicgrowthinthepast15– continuing,”hesaid.Baileyalso Thereportalsohighlighted furtheraccentuatethegrowthof generally C-suite executives in private
thenumberofultra-richislikely 20years. saidthatAsiaislikelytobe thatin2023,Indiasawanannual theIndianeconomy,andthe companies —donate more than business
toriseby28.1percent. “Thecentreofgravityofthe followedbyWestAsiaandNorth riseof6.1percentintheUHNWI reflectionofthissentimentis folk. SURAJEET DAS GUPTA writes 18 >
BaileysaidthatAsiahasbeen worldeconomyhasmoved Americaintermsofgenerating populationovertheprevious echoedbywealthyIndians,”
astandoutregionintermsof towardsAsia,andtheprocessis ultra-richby2028. year.Globally,thenumberof hesaid. Turn to Page 6 >
2 COMPANIES MUMBAI | THURSDAY, 29 FEBRUARY 2024

STOCKS > Aster DM Healthcare

494 Subsidiary acquires
> Bajaj Healthcare
365 Inks agreement with
> Thyrocare Technologies
690 Completes acquisition
> GE T&D India
895 Bags orders worth
> Texmaco Rail & Engineering
201 Board approves raising
IN THE NEWS 484 356 681 of Think Health
875 185
481 20.4 per cent stake in 350 UK/EU-based customers 660 850 ~370 crore from Power 194 up to ~150 crore via
475
Aasraya Healthcare LLP 320
for the supply of 15 APIs 641 Diagnostics Grid Corporation convertible warrants
468 335 630 869 805 194 187

474 ~484 CLOSE 326 320 ~356 CLOSE 614 600 ~681 CLOSE 780 760 ~875 CLOSE 182 180 ~185.8 CLOSE
455
Feb 2024 Feb Feb Feb 2024 Feb Feb Feb 2024 Feb Feb Feb 2024 Feb Feb Feb 2024 Feb Feb
27 28
p2.1% UP* 21 27 28 p11.2% UP* 21 27 28 p6.1% UP* 21 27 28 p0.7% UP* 21 27 28 q4.7% DOWN*
*OVER PREVIOUS CLOSE 21
>

Reliance-Disney impact: Add to your watch list

How will the coming together of Reliance and Walt Disney shape up, and how will it change the media industry?
VANITA KOHLI-KHANDEKAR
Pune, 28 February
As the chief executive officer of Star India
from 2007 to 2020, Uday Shankar took the
company from ~1,600 crore in revenues to
~18,000 crore. In 2018, when Walt Disney
Company bought Star’s parent Fox’s enter-
tainment assets, the India business was
valued at $13-15 billion.
Shankar, 61, is part of a group of inves-
tors that now gets Star India at a valuation
that analysts peg at a third of that. Shankar
would be vice-chairperson of the entertain-
ment giant that would emerge from the
coming together of Reliance Industries and
Walt Disney, announced on Wednesday.
“The most striking thing at this juncture
is the price,” says Daoud Jackson, senior
analyst, media and entertainment, at UK-
based Omdia. “If you had asked two years
ago the price of Disney’s India operations,
it might have been around four times. This
is a rapid turnaround to being worth less
than $5 billion dollars.”
The press release announcing the deal
Uday Shankar will be the vice-chairperson
of the Reliance-Disney merged entity
pegs the post-money value of the merged
entity at $8.5 billion. However, it is not clear
what portion of it is for Star India.
The second striking thing is the level of
consolidation it creates. The broadcast, dig-
ital, and studio assets of Disney-Star
include Star Plus and 70 other channels, a
large pay-streaming app in
BIG MEDIA'S BIG AUDIENCES
Google India (YouTube)
Meta (Facebook, Instagram, WhatsApp)
Disney-Viacom18 (Star, Disney, JioCinema, Colors, et al)
Zee Entertainment
Culver Max Entertainment (Sony)
Note: NA refers to not applicable; Facebook and Instagram have under 400 million users but WhatsApp has over 530 million
Sources: Annual reports, Comscore India, Lodestar UM, industry estimates
Disney+Hotstar, and movies such as Neerja
and Brahmastra. Combine these with the
58 news, entertainment, digital brands,
and films from Network18 and its subsidi-
ary, Viacom18 (Colors, Moneycontrol,
Drishyam 2, OMG2). You have a media con-
glomerate that would have a 32 per cent
share of all TV viewership in India.
If Voot, JioCinema and Disney+Hotstar
are merged into one entertainment app,
FY23 revenue
(~ cr)
28,040
18,308
23,321
8,088
6,684
the resulting streaming service will be at
255 million unique visitors (see chart). That
is about half the India reach of the world’s
largest streaming app, Google’s YouTube.
“The whole narrative will change from
TV is dying to TV-plus-digital is the future,”
says an industry observer. He reckons
Shankar will do what he did at Star – create
a content engine that feeds both digital and
TV and push up the value. Note that TV
Disney would have thought this through.
It might mean creating a holding company
structure or paring down businesses. For
example, both Viacom18 and Disney Star
are strong in Marathi, Hindi, and Kannada
television. This, analysts say, could lead to
rationalisation. “Some of the antitrust con-
cerns seemed to have abated, but they can
reappear,” says Jackson.
If it goes through, the Reliance-Disney
TV viewership Jan 2024 total unique combination would worry as well as thrill
(% share) vistors (in mn) advertisers. The thought of the combined
synergies of the firm that owns both the
NA 456 digital and linear TV rights for, say, the
NA 400 Indian Premier League is exciting. But it
32 255 will make both TV and digital a sellers’
market. Fragmentation has meant that the
17 57 media space in India has been a buyer’s
7 26 market for long. As a result, the ~2.1 trillion
Indian media and entertainment business
has been high on potential and low on
investor returns. The per-unit monetisa-
tion of everything from ad seconds to per
gets four times the ad rates digital does. subscriber revenues here are among the
With its dominance of linear (traditional) lowest in the world. “Average revenues per
television and digital, the Reliance-Disney user and revenue remain low by global
duo is well placed to leverage the rise of standards, which also contributes to the
smart TVs (connected to internet broad- volatility we have seen. If this deal goes
band), which is now bringing rates for through, it may help to puncture some of
streaming as well. that volatility,” says Jackson.
How would the Competition Will it create wealth and improve inves-
Commission of India react? Many within tor returns? That will become clear when
and outside the firms say Reliance and the JV raises its next round of capital.

KKR looking to cash out ‘Makes no sense

IN BRIEF
Reliance brews partnership
with Lanka’s Elephant House to bring plug-in
Reliance Consumer Products (RCP), the FMCG arm and wholly-
owned subsidiary of Reliance Retail Ventures (RRV), on Wednesday
announced that it had partnered with Sri Lanka-headquartered
Elephant House to manufacture, market, distribute and sell
beverages under the Elephant House brand across India. With this
53.8% stake in JB Pharma
BAIJU KALESH & MANUEL BAIGORRI
hybrid to India’
tie-up, RCP adds another brand to its beverage portfolio. It already
has brands such as Campa, Sosyo, and Raskik. Elephant House is
28 February
Kedaara close to raising CtrlS plans to invest Škoda Auto India recently announced it will have a compact SUV by
next year and is working on its electric vehicle (EV) strategy for the

K India’s biggest PE fund ~4,000 cr in Chennai

owned by Ceylon Cold Stores, a subsidiary of John Keells Holdings, KR & Co. is exploring options country. In a roundtable with the media in Mumbai, MARTIN JAHN,
which is Sri Lanka’s largest listed conglomerate. SHARLEEN D'SOUZA including selling its controlling a member of board of management for sales & marketing, Škoda
stake in India’s JB Chemicals & Kedaara Capital is set to raise $1.7 billion CtrlS Datacenters Ltd has unveiled their Auto a.s, said national policies for electric mobility are changing
Pharmaceuticals Ltd. amid interest from for what would be India’s biggest-ever upcoming data centre park in Chennai “very quickly” across the globe. Škoda aims to bring a volume EV in
Cognizant India staff asked to potential buyers, according to people
familiar with the matter.
private equity fund, two people
with direct knowledge of the
– their fifth hyperscale campus in
India following Mumbai,
India, he said. Edited excerpts:

work from office thrice a week The US private equity firm is looking
to hire financial advisers to help evaluate
matter said, highlighting huge
interest in the country’s fast-
Hyderabad, Noida, and
Bangalore. It will invest ~4,000
What is your plan for
participating in the EV
manufacturerswehaveto
beartheburdenofdouble
US-based IT firm Cognizant said it expects India a sale of its 53.8 per cent stake in the growing economy amid a shift crore in the Chennai data market in India? investmentsinboth
employees to work from the office at least thrice Mumbai-based company, the people said, away from China. The latest centre park, across phases.The Theexcitingannouncement technologiesforsometime
a week, according to a memo seen by Reuters, asking not to be identified as the matter is fund will be Kedaara's fourth and company is expected to create atthismomentisforthe andseehowtheworldwill
becoming the latest company to signal the end private. Other buyout firms and industry will be 54 per cent larger than its about 500 direct jobs and over 9,000 compactSUV,whichisavery develop.That'sthebiggest
of the pandemic-induced remote working era. players have shown preliminary interest previous one in 2021. REUTERS indirect jobs. SHINE JACOB importantmilestoneforusto challengewehaveinthe
Employers cited reasons such as better collaboration in buying KKR’s stake, the people said. growintheIndianmarket.As automotiveindustry;howto
and awareness of company culture for the move, but many Shares of the company, which is known fortheelectrificationfuture allocateinvestmentsand
workers have lamented on social media about the resultant loss of as JB Pharma, fell as much as 3.6 per cent been made, the people said, adding that family, along with making an open offer inIndia,Iamnotatlibertyto thatiswhywearealsovery
flexibility and work-life balance. REUTERS on Wednesday and touched the lowest KKR could choose not to pursue a deal. for an additional 26 per cent stake. giveyouanydetailsonthis cautious.
level in six weeks after the Bloomberg News A representative for KKR declined to Established in 1976, JB Pharma pro- becausenodecision
report. The stock has climbed 65 per cent comment, while JB Pharma didn’t imme- duces a range of pharmaceuticals in hasbeenmade.We Do you think it
Eli Lilly may launch obesity in the past 12 months, valuing the firm at
about $3 billion. Considerations are at an
diately respond to a request for comment.
KKR bought a controlling stake in JB
areas such as gastroenterology, hyperten-
sion, dermatology and diabetes, according
wanttobringa
volumeelectriccar
makes sense to
bring a plug-in
drug in India next year: CEO early stage and no final decisions have Pharma in 2020 from the founding Mody to its website. BLOOMBERG toIndiabuthow,
whenandinwhat MARTIN JAHN
hybrid to India?
Plug-inhybridsarea
US drugmaker Eli Lilly expects to launch Mounjaro, its diabetes formwearegoingto Memberofboard relativelyexpensive
drug and wildly popular obesity treatment, in India as early as
next year after it clears an ongoing regulatory review, Chief
Executive Officer David Ricks said on Wednesday.The market
PE/VC investments down but doitisnotdecided. ofmanagementfor
sales&marketing,
Whatkindofclarity ŠkodaAutoa.s
technologythathas
beensuccessful
withgovernment

exits up 36% at $25 bn in 2023

opportunity is huge in the world’s most populous country, which doyouseekfrom supportandtax
has high obesity rates, especially among women, and the second- governments? advantages.Butthe
highest number of people with type-2 diabetes globally. REUTERS Ihaveobservedthisglobally, governmentwillhaveto
thatthesepoliciesare decidewhatthebestwayto
ARYAMAN GUPTA changingveryquickly.The electrifyis.Ifoneusesboth
Telcos put ~10K cr extra capex New Delhi, 28 February
PE/VC INVESTMENTS
governmentsarechanging
themformanyreasons.We
anelectricandanICEengine,
thenitisanexpensive
in 2022-23 for large apps: COAI Private equity and venture capital (PE/VC)
exits in India increased by 36 per cent year- ROUNDUP 80 1,600 wanttohaveasmuchclarity
aspossiblefromevery
technologybecauseyouhave
twoenginesinthecar.
Telecom operators are estimated to have spent an additional
~10,000 crore in 2022-23 to support traffic generated by large
on-year (Y-o-Y) to $24.8 billion in 2023, up
from $18.3 billion in the previous year,
(Y-o-Y 60 1,029 853 1,200 government.But,wehaveto
berealistic,asweknowthat
Normally,wewillbeinsync
withtheelectricstrategyand
entertainment and communication apps, according to an estimate according to a report by EY-IVCA. comparison) 40 800 thesepolicieswillbe notgethybridstoIndia.At
by telecom industry body Cellular Operators Association of India This came even as the PE/VC developing.Theapproachof themomentforustheplug-
(COAI). COAI Director General SP Kochhar said that the infrastructure investments in the country fell 11 per cent n Value ($ bn) (LHS) 20 400 theIndiangovernmentis inhybridwouldnotbe
support provided by telecom operators to the top 4-5 apps large Y-o-Y to $49.8 billion across 853 Number (RHS) 46.6 47.6 75.9 56.1 49.7 verywise.Iunderstandthat economicorwecouldnotsell
traffic generator apps also corresponds to their revenue growth deals in 2023, from $56.1 billion Source: EY-IVCA
0 0 India,forpoliticaland itlet’sevenwithaminimum
and in the absence of fair share norms for large apps, the across 1,273 deals in 2022, primarily
2019 2020 2021 2022 2023 economicreasons,wantsto profit.Soatthemomentit
government has lost about ~800 crore revenue in 2023 alone. PTI due to a 33 per cent drop in the goelectric. makesnosenseforus.
deal volume. Moreover, EXITS
investments among As a car manufacturer, is
Avg housing prices up 20% in Indian startups fell 50 per
cent during the year.
48
39.5 303
400 there any other cleaner
technology apart from
last 2 yrs across 8 major cities Open market exits
comprising 52 per cent of
36
159
300
electric that you want to
focus on?
24 200
Average housing prices rose by around 20 per cent the total exits, reached a 24.8 Atthemoment,thereisno
in the last two years across the top eight cities on record high of $12.8 billion, 12 18.2 100 othertechnologyfor
rising demand, according to a report by CREDAI, while buoyant capital mar- 11.2 5.9 passengercarsbutelectric.
Colliers, and Liases Foras.These eight kets enabled the second-best 0 0 Hydrogendidnotprovetobe
cities/regions include- Ahmedabad, Bengaluru, year for PE-backed initial pub- 2019 2020 2021 2022 2023 viable.Electricisthewaythat
Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai lic offerings. 99percentofcarcompanies
Metropolitan Region (MMR), and Pune. PTI wantonalargerscale.The
startwasgoodasthereare
alwaysearlyadopters
Lighthouse invests ~284 crore Byju’stoldtokeeprightsissuefundinescrow whowanttotry
somethingnew.Nowthat
in jewellery brand Kushal’s alltheearlyadopters
havetheelectriccar,
Lighthouse on Wednesday said it had invested ~284 crore in PEERZADA ABRAR has also directed the Byju dissenting investors sought a million in a petition alleging governmentsare
fashion and silver jewellery brand Kushal's. The money raised will Bengaluru, 28 February Raveendran-led firm to con- few days extension which the oppression and mismanage- backingdowninsome
be deployed for brand building, hiring people, technology and sider extending the closure of court asked Byju’s to consider,” ment. The group of four inves- countriesbecausethey
also scaling up the retail presence. The investment by Lighthouse The National Company Law the right issue to preserve the said a source. tors — Prosus, General donothavethemoneyto
India Fund IV AIF also includes a secondary purchase from India Tribunal (NCLT) has directed rights of the petitioners. Another source said: Atlantic, Sofina, and Peak XV subsidisesomuch.Ascar
SME Investments. India SME Investments was the first institutional Byju’s to keep funds However, “According to the order, there (formerly Sequoia) — had
investor in Kushal’s and is partially selling its holding through the received from the The NCLT also asked according to is no stay on rights issue," and sought a stay on the rights
deal, according to a statement. PTI rights issue in an the beleaguered sources close to it will close on February 28. issue which is at less than 99
escrow account. edtech firm to Byju’s, the edtech
This should be consider extending firm plans to close
The tribunal has granted
authorities two weeks to file
per cent enterprise valuation
compared to Byju’s peak val-
Gensol gets nod for flagship
Retail sector may more than done till the peti- the closure date
tion filed by a of the $200 mn
the rights issue by
February 28, as
replies from the "date of receipt
of copy of the notice and two
uation of $22 billion.
Meanwhile, the NCLT on two-seater electric vehicle
double in next decade: BCG group of investors rights issue
against the com-
planned. The firm
has already
weeks thereafter for filing
response/rejoinder".
Wednesday also issued a
notice to Byju's in a petition
GensolElectricVehiclesPvt.Ltd.(GEVPL)saidonWednesdayithad
receivedcertificationandapprovalforitselectrictwo-seatercar
India’sretailsectorislikelytogrowat9-10percenttoreach$2trillion pany is disposed of, the tribu- received 100 per cent commit- It has listed the case for filed by the US-based non- fromtheAutomotiveResearchAssociationofIndia(ARAI).GEVPLis
inthenextdecadewiththecountry’sconsumptionstorycontinuing nal said in its order passed on ment of $200 million from further hearing on March 4. bank loan agency Glas Trust asubsidiaryofBSE-listedGensolEngineeringLtd,oneofIndia’s
toremainstrongwithsteadygrowth,accordingtoareportbythe February 27. Escrow refers to a “several existing investors on Byju's and its investors Company LLC in the $1.2 bil- largestgreenenergyengineering,procurementandconstruction
BostonConsultingGroup(BCG)andRetailersAssociationofIndia.Yet, third party that holds money a super pro-rata basis” for its locked horns at the National lion term loan B case. Byju’s (EPC)andadvisorycompanies.GEVPLisenteringEVmanufacturing
organisedretailerswouldneedtosustainperformanceandcontinue or an asset on behalf of the ongoing rights issue, according Company Law Tribunal was directed to file a response forthefirsttime.Thecompacttwo-doorandtwo-seaterelectric
togrowshareasthesectorisgoingthroughkeyshiftsimpactingthe other two parties in a transac- to people familiar with the (NCLT) on February 27 over the and the case was listed for carwillhaveamoonroof,in-cabindriverassistance,andartificial
paceandshapeofgrowth,thereportsaid. PTI tion. The company law court development. “Some of the company's rights issue of $200 hearing in April 2024. intelligence-drivencloudanalytics. SHREYA JAI

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.
MUMBAI | THURSDAY, 29 FEBRUARY 2024 COMPANIES 3 <

Steelmakers turn to startups Sunil Mittal

conferred
to ace decarbonisation pivot
ISHITA AYAN DUTT with the idea of investing in com-
honorary
knighthood
Kolkata,28February TECH TALLY n ArcelorMittal’s panies developing breakthrough tech-
India accelerator nologies for decarbonisation. It has

F
rom addressing challenges in
value chain to decarbonisation
and sustainability, steel com-
panies are tapping into the startup eco-
system for fresh ideas and break-
through technologies.
Tata Steel’s flagship startup engage-
ment programme, Innoventure, is in
its fifth year. About 55 per cent of its
current engagements with startups
are focused on the areas of sustain-
ability and decarbonisation.
Thrust areas, however, extend to
advanced materials, mining, waste
energy recovery, and also water treat-
ment. The world’s second-largest
steelmaker, ArcelorMittal
launched an India Accelerator pro-
has
gramme to support its decarbonisa-
tion goals and that of its India joint
venture, ArcelorMittal Nippon Steel
India (AM/NS India).
JSW Steel’s joint managing direc-
tor and chief executive officer Jayant
Acharya said that a function has been
created within the group to scout for
the right startup ecosystem and sup-
port the technology development that
has the potential to decarbonise steel
and cement sectors.
“We are looking at identifying such
opportunities which will be a strategic
fit for us,” Acharya said. Steel and
cement are emission-intensive hard-
to-abate industries. The steel sector
contributes about 7 per cent to the
global energy-related carbon emis-
sions. A significant part of the engage-
ment with startups, therefore,
n Tata Steel has
programme has
a bank of 15,000 selected 3 finalists
startups; in who can get equity
active discussion investment or a
with 770 local and research
global startups collaboration
n JSW scouts for right startup
ecosystem; supports tech development
to potentially decarbonise steel and
cement sector
Why startups? Tata Steel matrimony.com event, they
Debashish Bhattacharjee, vice pres-
ident of technology and R&D at Tata
fish from the pond of 15,000 startups.
Then, when the matchmaking
Steel, explains that not only new tech- happens, there’s an active discussion,”
nologies are required to be brought Bhattacharjee explains. Currently,
in with a certain maturity level, but there is active discussion with 770 local
also a new mindset, which is at a and global startups. Among the early
faster pace than the traditional cor- ones, is a startup from the UK.
porate mindset. “We used them to set up India’s first
Innoventure strives to match the carbon capture plant in a steel plant
startups with Tata Steel’s needs. (Jamshedpur),” Bhattacharjee said,
Likening it to a matchmaking site, adding that it has been running for the
Bhattacharjee says, this is like Tata last two and a half years and is in the
Steel matrimony.com – the matrimony process of being scaled up. Globally,
here is between startups and corporate
needs. And the “matchmaking” is on
specific themes.
collaboration with startups for the
green journey is gaining currency. In
July 2023, ArcelorMittal launched a
Around 40 startups are said to be
actively carrying out their proof of con-
dedicated India Accelerator pro-
gramme in collaboration with IIT
cept experiments at Tata Steel’s plants
in various areas – iron making, energy,
Madras to tap into the Indian startup
world for the climate journey. This is
CO2 (carbon dioxide), hydrogen gen- the first country-specific accelerator
eration, as well as new materials. Tata programme from the steelmaker's
Steel’s Innoventure has a bank of stable. The global steel major launched
two accelerator programmes - global
and India - for early-stage startups.
ArcelorMittal has pledged to
achieve a group-wide 25 per cent car-
bon intensity reduction by the end of
the decade. AM/NS India, too, recently
outlined a decarbonisation journey
targeting a reduction in emissions
intensity by 20 per cent by 2030.
Collaboration model
ArcelorMittal’s XCarb India
Accelerator programme recently
selected three finalists from eight
startups that received mentorship and
guidance on the commercial develop-
ment of their technologies at GDC IIT
Madras. The finalists can potentially
be awarded an equity investment or
research collaboration.
The XCarb Innovation fund has so
far made investments of $189 million
in seven companies and ArcelorMittal
has committed a further $100 million
to the Bill Gates-led Breakthrough
Energy’s Catalyst programme over
five years. However, Tata Steel’s
Bhattacharjee said the company
tends not to pick up equity in start-
ups. “We let them free, we benefit by
acceleration and they hopefully bene-
fit by proof of case study and a plat-
form for scaling up,” he said, adding
that there is an agreement that binds
them, but not with equity. “The only
case where we have taken equity and
we have partnered from a business
sense with a startup is with Ceramat,”
he said. Ceramat is into advanced
SUBHAYAN CHAKRABORTY
New Delhi, 28 February
Bharti Enterprises Chairman
Sunil Bharti Mittal has been
conferred honorary knight-
hood by King Charles III, the
British monarch, for advanc-
PepsiCo eyes bigger share of
ing business relations
between both the nations,
~9K crore potato chips market
Bharti Enterprises said in a Beverage and foods major PepsiCo India has continued to
statement on Wednesday. expand its product offerings in India, and is looking to capture
Mittal is the first Indian cit- a larger share of the ~9,000 crore potato-based chips market .
izen to be awarded the Knight “We have seen an acceleration of the potato-based chips category
Commander of the Most in the pandemic, with in-home consumption going up. The cat-
Excellent Order of the British egory is also facing more headwinds with increased competi-
Empire (KBE) under King tion,” said Saumya Rathor, category lead, potato chips at PepsiCo
Charles III. India. The company’s Lay’s brand is currently a dominant player
Knighthoods or KBEs are in the potato chips market. AKSHARA SRIVASTAVA
usually conferred for a pre-
eminent contribution in any
field of activity.
Mittal has had a long con-
nection with the United
STEEL PLANT FOR SALE
Kingdom. Bharti’s Airtel
Africa was listed on the
1) Complete Seel Melt
London Stock Exchange in
2019, and is a constituent of Shop with EAF, LRF, FES
System, EOT Cranes etc.
the FTSE100 Index. Bharti
Enterprises backed OneWeb,
has its centre of operations in

revolves around the climate journey.
India expected to become centre
of world aviation in 15 yrs: Airbus
DEEPAK PATEL
New Delhi, 28 February
India is expected to become
the centre of the world aviation
industry in the next 15 years,
given the demand, capacity,
and professionally run airlines
present in the country’s avia-
tion market, according to
Edward Delahaye, head of cus-
tomer accounts for India and
South Asia at Airbus.
Delahaye said on
Wednesday that airport con-
nectivity in India, especially
during passenger transitions
from domestic to international
flights or vice versa at Indian
airports, requires improve-
15,000 startups. “Whenever there is a the XCarb Innovation Fund in 2021 ceramics manufacturing.
Economics Growth Frontiers
India 2024 event.
In comparison, airports in
Singapore or Doha are known
for their seamless transfers
between the flights. India cur-
rently has about 800 commer-
cial aircraft operating in its
skies, with the majority of
them being from the European
Edward Delahaye, head of customer accounts for India and plane maker Airbus.
South Asia at Airbus, said improvement was needed in airport Delahaye expressed opti-
connectivity — when a passenger changes a domestic flight to mism about the prospects of
an international flight or vice versa Indian aviation, considering
factors such as domestic traffic
ment. This is crucial as the domestic to an international growth, gross domestic pro-
country’s carriers are increas- flight at an Indian airport, duct growth, recapturing inter-
ing their share in international sometimes the connection is national traffic, and establish-
air traffic. “When a passenger not considered ‘ideal’ or ‘easy’,” ing India as a global
wishes to transfer from a he remarked during the Airline connecting hub.
SpiceJet settles
$30 mn dispute
with AerCap
SpiceJet on Wednesday
said it and Celestial
Aviation, a subsidiary of
AerCap, have settled their
$29.9 million (~250 crore)
dispute through “ami-
cable negotiations, avoid-
ing litigation”. BS REPORTER
2) 22 inch Semi-Automatic
London. The latter, mean-
while has applied for stan-
dard listing in the London
Stock Exchange.
Rolling Mill for
He has also been a key part
of business-to-business ties
between both nations, being a manufacture of TMT Bars
member of the India-UK CEO
Forum. He has been awarded Contact :
9113911001
the Honorary Doctor of Civil
Law from Newcastle Univer-
sity, Honorary Doctor of Laws
from the University of Leed,
and he is a member of the Vice
Email :
Chancellor’s Circle of Advisors steelplant.karnataka
at the University of Cambridge,
Bharti Enterprises said.
@gmail.com

Alcobrew eyes
higher exports
with launch of
single malt
ANEEKA CHATTERJEE
Bengaluru, 28 February

Alcobrew Distilleries is eye-

ing a higher share in its
exports business with the
launch of its single malt
whiskey portfolio in the
near future. It currently
exports to markets like
Dubai, Abu Dhabi, Africa,
and South Asia and plans
to enter the American mar-
ket as well.
For the Gurugram-based
liquor maker, exports are
currently a small part of its
revenue but the manage-
ment expects it to gradually
increase.
“Hopefully our export
business will keep on grow-
ing. The impending launch
of single malt will help our
export business because we
know there is a huge
demand for it,” said Anant
Iyer, chief operating officer,
Alcobrew Distilleries.
“It is still pretty nascent.
Our entire focus on exports
started in the last three to
four years, and we are slowly
building it up,” he added.

Airtel switches
to recycled PVC
SIM cards
Telcom major Bharti Airtel
on Wednesday said it has
partnered with technology
solutions provider IDEMIA
Secure Transactions to
switch from using virgin
plastic SIM cards to recy-
cled PVC SIM cards. This
makes Airtel the only tele-
communications firm to
switch to recycled plastic
SIM cards. PTI
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

‘Do not want any
concern among
startups, fintechs’
RUCHIKA CHITRAVANSHI
New Delhi, 28 February
Batting for regulatory support for the fintech sector, Union
Finance Minister Nirmala Sitharaman on Wednesday said
that the government does not want any apprehension among
the startup and fintech sector players.
Speaking at an event organised by The Indian Express,
Sitharaman said that many startups may want to have a
greater level of comfort with the regulators and the govern-
ment will provide that.
“The government is very much with these startups. We
want to be sure that they will be given assistance because
they intend to carry on with innovation. The compliances
will have to be simplified and will have
to be made user friendly,” Sitharaman
said. The Minister said that while there
may be domestic economic issues of
concern, what worries her are how
things would change externally with
respect to crude oil, fertiliser, natural
gas prices or the Red Sea crisis.
On the importance of winning elections
with 400 seats, Sitharaman said that the
speed with which more and more
activity can happen will be better
if the numbers are better.
IN BRIEF
Q3 GDP may slide to 6.9% on
poor farm sector show: SBI
The economy is likely to grow at 6.7-6.9 per cent in the December
quarter (Q3) of the curent financial year (FY24) as compared to 7.6
per cent growth in the second quarter on poor performance in the
farm sector, a report by SBI Research said on Wednesday. The
report comes a day ahead of the release of official Q3 FY24 GDP
data. India retained the tag of the world's fastest-growing major
economy, with its GDP expanding by a faster-than-expected rate
of 7.6 per cent in September quarter on booster shots from
government spending and manufacturing.
Restoring WTO appellate
body ‘top priority’: India
SHREYA NANDI
New Delhi, 28 February
I
ndia on Wednesday pushed for
the restoration of the World Trade
Organization’s (WTO’s) appellate
body — the highest adjudicating
authority — as the ‘topmost
priority’ of any reform process in the
global trade body.
India also called for the effective
formalisation of the ongoing informal
dispute settlement reform discussions
among some members at the WTO, at
the 13th Ministerial Conference (MC13)
in Abu Dhabi.
The WTO has a two-tier dispute
settlement system, involving consul-
tation and adjudication. It has
remained non-functional since
December 2019, as the US refused to
agree to the appointment of fresh
members to the seven-member appel-
late body. This has raised questions
about the WTO’s overall credibility
and the rules-based trade order it
upholds. The US claims that the pres-
ent system has often overreached its
mandate and has hinted at its prefer-
ence for a single-tier system and more
scope for bilaterally resolving dis-
putes. On the other hand, developed
countries have also raised issues con-
cerning the working of this body and
are seeking reforms.
The previous MC or MC12 had
mandated member countries to “con-
duct discussions with the view to hav-
ing a fully and well-functioning dis-
pute settlement system accessible to
all members by 2024”.
India believes that the format and
pace of the informal discussions have
PTI
ILLUSTRATION: BINAY SINHA
THE FINE PRINT
What has
India proposed
> Discussions on
dispute settlement
reforms should
be under dispute
settlement body chair
> Member nations
should be able to
bring in new
proposals at
any stage
posed significant challenges for most at any stage, and the resulting text
developing countries, particularly the should be fully representative of the
least-developed countries (LDCs). To views in the room and be consensus-
fix the deficiencies in the based, with hybrid participation being
dispute settlement system, it has pro- permitted. In another area of discus-
posed a three-point action plan for sion at the 13th ministerial meeting,
WTO member nations. India put forth a strong case for keep-
“First, to transition the discussions ing ‘development’ at the core of the
on dispute settlement reforms to WTO WTO work now and in the future. In
formal bodies, preferably under the the discussions on the draft Abu Dhabi
guidance of the Dispute Settlement ministerial declaration, India stressed
Body Chair. Second, to ensure that the that the issues relevant to the devel-
transition is not just a mere formality oping countries should find focus and
but results in an effective multilater- prominence, and new issues should
alisation of the process which is mem- not be considered for ministerial man-
ber-driven, open, transparent, and
inclusive, taking into account the myr-
dates unless past decisions and unful-
filled mandates were acted upon.
iad capacity and technical challenges
of developing country members and
“India recalled that the principles
of Special and Differential Treatment,
LDCs,” according to an official state- which were facing attack from the
ment released by India. Apart from developed members, were no excep-
that, the restoration of the appellate tions to the general WTO rules, and,
body needs to be prioritised. in fact, they were the inherent objec-
Members should be provided an tives of the Multilateral Trading
opportunity to bring in new proposals System,” an official statement said.
State bonds to turn
attractive under new
investment regime
ANJALI KUMARI & ABHIJIT LELE
ILLUSTRATION: AJAY MOHANTY
Mumbai, 28 February
The higher yield on
state government
bonds compared to cen-
tral government securi-
ties is expected to make the
former a “major draw” for banks
for their investment book under the
new portfolio norms, which kick in
from April 2024.
Treasury officials said while the
central government paper would
continue to have the largest share in
the portfolio, the state government
THE BOND GAME
bonds would give comfort of better > Central government paper will have
returns to manage any pressures the largest share in the portfolio
from adjustments in the months > State government bonds will give
ahead. Under the new norms, banks better returns to manage any
must categorise bonds as “held-to- pressures from adjustments
maturity” on a permanent basis, > Banks must categorise bonds as
with the exception of 5 per cent of 'held-to-maturity' on a permanent
the portfolio that can be withdrawn basis under the new form
throughout the year. > Any deviation from this rule requires
Any deviation from this rule approval from bank's board and RBI
requires approval from both the > Earlier, banks were allowed to
bank's board and the Reserve Bank reclassify their investments between
of India (RBI). Earlier, banks were categories once a year
allowed to reclassify their invest-
ments between categories once a
year on the first day of the financial terms of amounts.
year, through which they used to
book capital gains.
While gross market borrowings
of the central government stood at
“The character of demand for
government bonds may go under
~15.13 trillion till mid-February 2024,
states raised ~7.53 trillion during the
change. Overall demand from banks, same period, according to RBI data.
especially from public sector The revised norms permit banks
lenders, will not decline. The higher to categorise their entire bond
premium on state government paper investment portfolio into three clas-
will remain a draw for banks for their sifications — held-to-maturity, avail-
SLR book,” said the head of treasury able-for-sale, and fair value through
with a large public sector bank (PSB). profit and loss (FVTPL). The new
Another treasury head of a mid- regulations integrate the existing
sized PSB said under the revised sub-category of held-for-trading

Govt open for talks with

India eyes China’s electronics pie rules, there would not be any limit
of holdings of paper in the ‘Held-to-
Maturity’ category. “So, this could
(HFT) into the last category.
After transitioning to this frame-
work, banks are not allowed to
ANUP ROY ELECTRONICS nNov ’21 nNov ‘23 The rise in electronic drive the effort to have high-yielding reclassify investments between cat-
farmers, says Arjun Munda 28 February
EXPORTS exports is “likely the result paper like state government bonds, egories without the approval of the
3.99

of Foxconn’s increasing subject to liquidity requirements of boards and RBI.

3.06

2.51

The government is open for talks with protesting farmers but no India is chipping away As share of China's investment in India,” banks,” the person said. The norms mandate that securi-
1.77

1.72
0.96

1.07

United 4.79

meeting has been fixed as yet, Union Agriculture Minister exports (%)
Kingdom 10.0

China’s dominance in elec- Andrew Harris, an econo- On Tuesday, 12 states raised ties that are classified under the HFT
7.65

Arjun Munda on Wednesday said, adding that a solution tronics exports in some key Source: LSEG Datastream, mist at Fathom Financial ~32,800 crore through state govern- sub-category within FVTPL should
Australia

needs to be found soon. The minister was speaking on the markets as manufacturers Consulting, wrote in a note ment securities (SGS), marking a 27 be fair valued on a daily basis, where-
Zealand

Fathom Consulting
Canada

United

Note: Data represents

States

sidelines of the 95th Annual General Meeting of the Indian diversify supply chains last week. India’s progress per cent decrease from the as other securities in FVTPL will be
New

12-month moving averages

Council of Agricultural Research (ICAR) Society. When asked about away from the world’s fac-
plan to hold the next round of talks with the farmer groups, tory to other parts of Asia, a
Munda said, “nothing as of now”. PTI study by London-based
Fathom Financial
Consulting shows.
Lok Sabha polls: Congress to The impact is most pro-
nounced in the UK and US,
contest 16 seats in Kerala where geopolitical tensions
with China have increased
The Congress on Wednesday said the party would contest 16 seats in recent years. India’s elec-
in Kerala in the upcoming Lok Sabha polls and the allocation of tronics exports to the US as
seats within the opposition United Democratic Front (UDF) has a ratio of China’s increased
been finalised. The grand-old party also made it clear that the to 7.65 per cent in November
Indian Union Muslim League, the second largest coalition partner last year from 2.51 per cent
in the front, has been convinced about the practical difficulty of
allotting one more Lok Sabha seat this time. PTI
in November 2021, accord-
ing to the report. In the UK,
the share rose to 10 per cent
from 4.79 per cent.
The government is lur-
ing electronics manufactur-
ers with heavy incentives,
such as tax cuts, rebates,
easier land acquisition and
capital support. The aim is
to expand the domestic
manufacturing industry in
in gaining market share has
been more limited in
order to export more, and Europe and Japan, “sug-
help businesses grow to gesting a move towards dual
global scale through part- supply chains (China plus
nerships. India houses
Samsung Electronics
one) rather than a complete
abandonment of China-
biggest mobile phone facto-
ry, while Apple Inc. makes
based production, at least
for now,” Harris said. The
at least 7 per cent of all its report shows that India’s
iPhones through its contract electronics exports as a ratio
manufacturer Foxconn of China’s was 3.38 per cent
Technology Group and in Germany and 3.52 per
Pegatron Corp. cent globally. BLOOMBERG
highest-ever weekly auction target
of ~45,200 crore specified for this
week in the auction calendar. The
weighted average cut-off eased to
7.44 per cent, down from 7.46 per
cent in the previous week.
Furthermore, the spread between
the cut-off of the 10-year SGS and
the benchmark 10-year government
bond yield narrowed to 37 basis
points (bps), compared to 41 bps in
the previous week. State borrowings,
though less than the central
government, are significant in
fair valued at least on a quarterly, if
not on a more frequent basis.
“The impact of market move-
ment on treasury books will be
through reserves and not the profit
and loss accounts. This will reduce
the volatility of the flow of income
from treasury and enhance trans-
parency,” said the chief financial offi-
cer (CFO) of a PSB.
Banks have also started preparing
in terms of technology upgradation,
and modification for a smooth tran-
sition to the new regime.

Law panel likely to propose
simultaneous polls in 2029
The Law Commission is likely to recommend adding a new chapter
to the Constitution on ‘one nation, one election’ and holding the
gigantic democratic exercise of simultaneous polls for Lok Sabha,
state assemblies and local bodies across the country by mid-2029,
sources said on Wednesday. The Commission, under Justice (retd)
Ritu Raj Awasthi, would recommend an amendment to the
Constitution to add the “new chapter or part” on simultaneous
elections, the sources said. PTI
CBI summons Akhilesh as
witness in 2019 mining case
The Central Bureau of Investigation (CBI) has summoned
Samajwadi Party president Akhilesh Yadav as a ‘witness’ to record
his statement on Thursday in illegal mining case registered five
years ago. The cases pertain to the issuance of mining leases in
alleged violation of e-tendering process. The Allahabad High Court
had ordered the probe. It is alleged that public servants allowed
illegal mining during 2012-16, the period when Yadav was chief
minister, and illegally renewed licences despite a ban by the
National Green Tribunal on mining. PTI
SUGARCANE REMAINS HIGHEST PAYING CROP 6 GHz use for 5G needs
Gives highest per hectare return over the A2+FL production cost
Sugarcane gives one of the best returns to an average farmer in India,
according to the latest data. The crop gives better per hectare returns over
more studies, says govt
the A2+FL cost of production in comparison to wheat and paddy.According SUBHAYAN CHAKRABORTY has argued that at least 1200 MHz of spec-
to a statement issued by the Indian Sugar Mills Association (ISMA), the sugar New Delhi, 28 February trum needs to be allocated for mobile com-
industry faces challenges due to a drop in cane production from El Nino, munications in India.
prompting the need for stabilising measures in vulnerable regions like While telecom operators have called for Currently, only 720 MHz is available in
Maharashtra, Karnataka, Telangana, and Tamil Nadu. Techniques such as urgently freeing up the 6GHz band for 5G- the mid-band in India, it said.
drip irrigation, water resource augmentation, and mechanised harvesting based mobile broadband communications, In its submission to the Telecom
are vital. Existing government schemes lack specificity and adequate the government is not keen on taking a Regulatory Authority of India (Trai), Jio
funding for sugarcane farmers, ISMA said. SANJEEB MUKHERJEE decision on the matter for now, telecom has said the entire band should be ear-
SWEET Relative avg. gross return (in %) over cost of cultivation
department officials said.
Instead, it needs more time to study the
marked for IMT so that around 300-400
megahertz is available to each of the tele-
RETURNS (A2+FL) with respect to sugarcane during TE 2021-22 impact of allocating the precious spectrum
band for International Mobile
com service providers (TSPs) for growth of
5G and introduction of 6G services.
Crop/crop combination /Relative avg. gross return (in %) Note: All-India gross Telecommunications (IMT) or Wi-Fi uses, The Broadband India Forum (BIF),
returns are weighted
Sugarcane 100 average of respective they added. The 6 GHz band represents which represents tech majors like Google,
gross returns of projected the largest block of unused spectrum and Meta and Microsoft and telecom equip-
Paddy+wheat 55.8 states; CACP calculations
is being fought over by telcos and tech ment makers such as Ericsson, Cisco and
using CS data and A2+FL
Cotton+wheat 53.3 cost includes paid out firms due to its significant potential for 5G Huawei, have pushed for the 6GHz mid
cost plus imputed value
Soybean+wheat 44.9 of family labour; TE is connectivity and Wi-Fi expansion. It is a band to be delicensed, thereby opening it
triennium ending; A
Paddy+paddy 38.5 triennium is a specified specific range of frequencies spanning up for Wi-Fi in India.
Soybean+gram 28.4 period of three years from 5.925 GHz to 7.125 GHz, which is a A letter by the GSM Association
Source: CACP mid-band frequency range. (GSMA), the global association of mobile
In December, the International operators, to Telecom Minister Ashwani
Telecommunication Union (ITU), a spe- Vaishnaw during the latest WRC had hint-
cialised United Nations agency for infor- ed that India was against mandating 6 GHz

Economists divided on poverty decline claims mation and communication technologies

SHIVA RAJORA
New Delhi, 28 February
Following the release of the Household
Consumption Expenditure Survey
(HCES) report after 11 years, the debate on
the poverty line estimates has gained
ground after the Niti Aayog and the State
Bank of India (SBI) claimed a significant
decline in the headline poverty rate.
While the SBI report claimed that the
poverty rate stands at between 4.5 and 5
per cent in 2022-23, NITI Aayog chief
executive officer (CEO) BVR
Subrahmanyam on Sunday told
reporters that the survey findings
indicate the poverty rate in India is
below five per cent now.
The SBI report estimated the new
poverty line at ~1,622 for rural areas and
~1,929 for urban areas. The study
showed that rural poverty declined to 7.2
per cent in 2022-23 from 25.7 per cent in
2011-12, while urban poverty dipped to
4.6 per cent from 13.7 per cent during the
same period.
TCA Anant, adjunct professor at Tata
Institute of Social Sciences and former
chief statistician of India, says the SBI
seems to have updated the poverty line
FACT
SHEET (in %)
Estimated population
below poverty line
estimates by imputing inflation figures
for the past 10 years onto the poverty line
that was estimated by the Tendulkar
committee for the year 2011-12.
“All over the world, poverty lines are
usually estimated by basing them on
certain developmental norms.
Methodologically, the exercise
undertaken by SBI based on the
Tendulkar report is a fair exercise.
However, over the years, the poverty
norms certainly require updating
and ideally we should ideate
towards updating our conceptions of
25.7
13.7
11.6
6.3
Tendulkar World
Committee Bank
(2011-12) (2018-19)
Source: SBI Report
poverty,” he explained.
The erstwhile Planning Commission
has computed a poverty line of ~816 for
rural and ~1,000 for urban areas for the
year 2011-12, based on the
recommendations of an expert group
headed by economist Suresh Tendulkar.
Meanwhile, Pronob Sen, chairperson
of the newly revamped Standing
Committee on Statistics expressed
scepticism about using the ‘Tendulkar
poverty line’ to calculate the poverty in
2022-23 using the latest HCES data, as the
two datasets are not comparable due to
the change in data collection techniques.
nRural
“The HCES data has not been released
nUrban fully. Thus, applying the old poverty line
to this dataset is not appropriate till the
unit-level data is not released. There is no
doubt that poverty has been reduced, but
7.2 the question is the extent to which it has
4.6 happened. Also, the changes in the
canvassing of data which requires
multiple visits seem faulty as one cannot
be sure of the consistency in answers
SBI
Research provided during these multiple visits,” he
(2022-23) told India Today television channel.
In HCES 2022-23, the sampling
methodology has undergone a
significant change.
For example, second stage stratum
classification is now made on the basis of
land for rural areas and car availability for
urban areas, unlike the previous survey
where the divisions were made based on
household status and household activity
for rural areas and monthly per-capita
income for urban areas.
Santosh Mehrotra, a visiting professor
at the University of Bath, says such a
sampling frame gives disproportionate
representation to affluent sections of
society, thereby resulting in higher
consumption expenditure.
of which India is a part, set aside 6.425-
7.125 GHz for licensed, mobile operations.
for IMT, Business Standard had reported
in December 2023. The letter by GSMA
Director General Mats Granryd had said
The decision was taken at the 10th World India will benefit from 6GHz being ear-
Radiocommunication Conference (WRC- marked for 5G and 6G use. He added that
23), held every three-four years to review it should not oppose ongoing efforts by
international agreements on the use of other countries to find a consensus on the
radio spectrum. Given that WRCs are held band's use globally.
every four years under the auspices of the “We would, however, respectfully
ITU, there is ample time for India to solidify request your intervention and support to
its position on the matter, an official said. instruct the Indian delegation at WRC-23
“We have informed the global body of our to not oppose the efforts of other countries
position, that the matter needs more care-
ful review,” he stressed.
to find a consensus approach for the band.
This will allow for the 6 GHz equipment
However, telecom operators have ecosystem to develop, which Indian oper-
urged for greater urgency. The Cellular ators and manufacturers can leverage,” it
Operators Association of India (COAI), had said. Officials argued that India would
which counts Reliance Jio, Bharti Airtel have to discuss the latest ITU decision with
and Vodafone Idea among its members, its fellow regional council members.
STAYING VIGILANT
> 6 GHz band > Both telcos and tech > A large chunk of the band
represents companies want it has been reserved for
the largest for significant 5G mobile broadband
block of unused potential & Wi-Fi use by the International
spectrum expansion Telecommunication Union
> Officials say the decision will be discussed with India's
regional grouping of nations
> Telcos argue at least 1200 MHz needed for mobile
communications in India, they currently have 720 MHz
.
MUMBAI | THURSDAY, 29 FEBRUARY 2024 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

FRAMEWORK FOR REGULATORY SANDBOXES RELEASED

$/~ forward premium falls to near 3-mth low
RBI revises timeline ANJALI KUMARI
Mumbai, 28 February
LOW EXPECTATIONS
$/~ 12-month onshore
swap, leading to a shortage of dollars in
the system.

to complete process
“The RBI swap of $5 billion is matur-
Premiums on one-year dollar/rupee for- forward implied yield (%) ing on March 11 and the market is
ward contracts fell to their lowest level 2.00 expecting the RBI to take delivery of
in nearly three months (since December 1.66 1.90 dollars due to tight rupee liquidity con-
11, 2023) on Wednesday to 1.65 per cent. 1.55 ditions. This may lead to a shortage of
1.80

from 7 to 9 months
Premiums have been falling for the dollars in the market. Hence, good
past few trading sessions as rate cut 1.70 receiving is happening in forward pre-
expectations by the US Federal Reserve 1.60 miums,” said V R C Reddy, head of treas-
is being pushed back, and traders are 1.50 ury, Karur Vysya Bank.
taking positions ahead of the $5 billion Nov 30,’23 Feb 28,’24 If the central bank opts to receive the
Requires entities to comply dollar-rupee sell/buy swap maturing on Source: Bloomberg forward dollars, it would withdraw $5

with provisions of DPDP Act 4-yr road map to March 11, said market participants.
The premiums on one-year benchmark 10-year US Treasury bond tial between the US and India. The 10-
billion from the financial system while
injecting approximately ~400 billion of

AJINKYA KAWALE
Mumbai, 28 February
disclose climate dollar/rupee forward contracts have
declined by 22 basis points (bps) in
February so far, due to the shift in rate
rose by 33 bps in the same period.
According to CME’s FedWatch tool,
investors are expecting an 81 per cent
year bond yield in India is now 7.06 per
cent and in the US it is 4.29 per cent.
This shrinking rate differential is caus-
rupee-denominated liquidity, based on
prevailing exchange rates.
In March 2022, the RBI had engaged
risks proposed cut expectations, initially anticipated probability of the US rate-setting panel ing the fall in forward premium,” said in a $5 billion sell/buy swap, selling dol-

T
he Reserve Bank of India (RBI) on
Wednesday revised the timeline for the
completion of various stages of a
Regulatory Sandbox (RS) to nine months from
the previous seven.
The updated framework for an RS also
requires sandbox entities to ensure compliance
with provisions of the Digital Personal Data
Protection Act, 2023. “The framework (for RS)
has been revised based on the experience gained
over the last four and half years in running four
cohorts and feedback received from fintechs,
banking partners and other stakeholders,” the
central bank said in a release.
A sandbox entity should ensure it has appro-
priate technical and organisational measures for
the compliance of the provisions under the
Digital Personal Data Protection Act,
the banking regulator added. Entities
should ensure safeguards to prevent
breach of personal data.
“The sandbox must process all
the data in its possession or under
its control with regard to RS testing,
in accordance with the provisions of
Digital Personal Data Protection Act,
2023,” RBI said in its revised framework
for sandbox entities. An RS refers to live test-
ing of new products or services in a controlled
regulatory environment for which regulators
may or may not permit certain regulatory relax-
ations for the limited purpose of testing.
It enables the regulator, financial service pro-
viders and customers to conduct field tests to
collect evidence on benefits and risks of new
financial innovations, while monitoring and
containing their risks. The different processes
and stages involved in a RS includes a prelimi-
nary screening, the assessment of application
ABHIJIT LELE
Mumbai, 28 February
The Reserve Bank of India (RBI) on
Wednesday proposed a four-year road map
starting 2025-26 for regulated entities (REs)
– banks, financial institutions, and non-
banking finance companies (NBFCs) – to
disclose climate-related financial risks
under the standard framework.
The regulated entities would have to
give information related to risks covering
four areas – governance, strategy, risk man-
agement, metrics, and targets.
Under the draft plan, RBI commercial
banks, All India financial institutions,
and top and upper layer NBFCs
will have to begin to provide
information on governance,
strategy, and risk management
strategy from 2025-26 and
begin disclosure metrics and
targets from 2027-28.
The Urban Cooperative
Banks in Tier-IV, those with
deposits more than ~10,000 crore
would begin to make disclosures on gov-
ernance, strategy, risk management
strategy from FY27, and metrics and targets
from FY29.
The payment banks, regional rural
banks, and local area banks are excluded
from disclosures. RBI in the draft disclosure
framework said REs are already required
to disclose information on material risks as
part of their Pillar 3 disclosures.
There was a need for REs to disclose
more structured information about their
for March but now postponed to May.
The likelihood of a rate cut in May is
also diminishing. The premium had set-
tled at 1.67 per cent on Tuesday.
Consequently, the yield on the
RBI holds 2 VRRR auctions, MSME LOAN DELINQUENCY
cut-off yield at T-bills eases AT 2-YEAR LOW IN Q2FY24
ANJALI KUMARI
Mumbai, 28 February
The Reserve Bank of India (RBI) on
Wednesday conducted two overnight
variable rate reverse repo (VRRR) auc-
tions of ~50,000 crore and ~25,000
crore as money market rates fell below
the repo rate, said market participants.
The overnight weighted average
call rate settled at 6.43 per cent on
Wednesday. Repo rate currently
stands at 6.50 per cent.
The RBI received bids worth
~20,860 crore at the first auction and
~1,337 crore at the second auction at a
weighted average rate of 6.49 per cent.
“They want to keep the money
market rates at the repo rate. These
are fine-tuning operations,” said a
Sales of listed private non-financial
firms increased 5.5% in Dec quarter
maintaining the current rates in May. V K, Vijayakumar, chief investment lars while agreeing to repurchase the
This is a notable increase from the 65 strategist at Geojit Financial Services. same amount at the swap’s end. This
per cent estimate observed a week ago. Additionally, traders expect the move aimed to extend the maturity pro-
“The forward premium is mainly Reserve Bank of India (RBI) to take file of the forwards book and streamline
influenced by the interest rate differen- delivery of the $5 billion dollar-rupee receivables tied to forward assets.
dealer at a state-owned bank.
Meanwhile, the cut-off yield at the
weekly Treasury bills (T-bills) auction
softened as the liquidity situation
eased compared to the previous week.
The liquidity deficit in the banking
system stood at ~1.88 trillion on
Tuesday, according to the latest data
by the RBI.
The central bank set the cut-off
yield on the 91-day, 182-day, and 364-
day T-bills at 6.96 per cent, 7.17 per
cent, and 7.12 per cent respectively. REPORT CARD
The cut-off yield on the 91-day T-bill
was set five basis points lower. It was
set two basis points lower on 182-day The loan portfolio delinquency
2.3
and 364-day T-bills than the last week. rate of micro, small and medium 4.2
However, the yield curve remains enterprises (MSMEs) declined to a
inverted with the 10-year benchmark two-year low of 2.3 per cent in the
yield trading lower at 7.07 per cent. September quarter of 2023-24
(Q2FY24), according to the
TransUnion CIBIL-SIDBI report
released on Wednesday.
The delinquency rate is the

18.7
19.7
20.1

and shortlisting, formulation of test design and
integration phase, and a testing and evaluation
phase.
The target applicants for entry to the RS
include fintechs, banks, and companies part-
nering with or providing support to financial
services businesses, among others.
The RS may run a few cohorts (end-to-end
sandbox process), with a limited number of
entities in each cohort testing their products
during a stipulated period, according to the
Enabling Framework for Regulatory Sandbox.
climate-related financial risks and oppor-
tunities for the users of financial state-
ments as it would foster an early assess-
ment of risks and opportunities and also
facilitate market discipline, it said.
There was a need for a better, consistent,
and comparable disclosure framework for
REs, as inadequate information about cli-
mate-related financial risks can lead to mis-
pricing of assets and misallocation of cap-
ital by them, it added.
22.0
24.0
25.5
27.9
28.2
21.4
percentage of loans that are
overdue by more than 90 days.
Sep Mar Sep Mar Sep Mar Sep Mar Sep
Sales of listed private non-financial companies grew 5.5 per cent in the three The MSME loan demand across '19 '20 '20 '21 '21 '22 '22 '23 '23
months ended December 2023 from 4.4 per cent expansion in the previous lenders — private sector, public Source: TransUnion CIBIL
quarter, according to official data. sector banks (PSBs) and non-
The Reserve Bank of India (RBI) on Wednesday released the data on the banking finance companies figure for PSBs at 3.2 per cent. The
performance of the private corporate sector during the third quarter of 2023-24 (NBFCs) — rose 29 per cent year- delinquency rate for NBFCs was 2.9
drawn from abridged quarterly financial results of 2,842 listed non-government on-year (Y-o-Y). per cent. Rates of all three lending
non-financial companies.
The private banks have the classes fell over a period of
“Growth (Y-o-Y) in aggregate sales of 1,685 listed private manufacturing
companies moderated further to 3.7 per cent during Q3 of 2023-24 (4.2 per cent in least number of delinquent September 2022 and September
the previous quarter),” the central bank said. PTI portfolios at 1.5 per cent, while the 2021. COMPILED BY ABHIJIT LELE

> FROM PAGE 1
RIL, Disney..
We welcome Disney as a key
partner of Reliance group,”
Ambani further said.
The Walt Disney Company
chief executive Bob Iger said:
“India is the world’s most pop-
ulous market, and we are
excited for the opportunities
that this joint venture will pro-
vide to create long term value
for the company.’’ Saying that
Reliance has a deep under-
standing of the Indian market
and consumer, Iger added:
‘’Together we will create one
of the country’s leading media
companies, allowing us to
better serve consumers with a
broad portfolio of digital serv-
ices and entertainment and
sports content.”
“We are privileged to be
enhancing our relationship
with Reliance to now also
include Disney, a global leader
in media & entertainment,’’
Uday Shankar, co-founder of
Bodhi Tree Systems, said.
Pointing out the goal to
deliver exceptional value to
the audiences, advertisers,
and partners, Shankar said:
‘’This joint venture is poised
to shape the future of enter-
tainment in India and accel-
erate the Prime Minister’s
vision of making Digital India
a global exemplar.”
The JV will bring together
media assets across entertain-
ment (such as Colors,
StarPlus, StarGOLD) and
sports (Star Sports and
Sports18) including access to
highly anticipated events
BROAD VIEW
Star India
Net worth Total debt
FY20 13,160 1,935
FY21 15,174 500
FY22 19,011 0 16,779
FY23 21,029 0 17,333
Viacom18 Media
Net worth Total debt
FY20 1,685 940
FY21 2,273 197
FY22 2,957 76
FY23 2,749 3,729
across television and digital
platforms through JioCinema
and Hotstar. The JV will have
over 750 million viewers
across India and will also cater
to the Indian diaspora across
the world.
The announcement by RIL
and Disney came within
weeks of Japan’s Sony Group
Corp calling off the merger
agreement of its India unit
with Zee Entertainment
Enterprises that would have
created a $10-billion media
giant. Sony and Zee are now
fighting a legal battle over the
termination of the merger
agreement.
In 2019, Walt Disney Corp
had paid $71 billion to buy 21st
Century Fox to get a sizable
market position in India. At
that time, Fox’s TV assets in
Asia and the Star pay-TV busi-
ness in India were the main
attraction for the acquisition.
Earlier in 2012, Disney had
acquired UTV, a film studio
and an operator of multiple
TV channels and later in 2017,
Disney closed down UTV
Motion Pictures, so as to focus
on distributing its Hollywood
movies.
The RIL and Disney state-
ment said the new venture
will seek to lead the digital
transformation of the Indian
media and entertainment
industry in India and offer
consumers high-quality and
comprehensive content offer-
ings. “The combination of the
media expertise, cutting-edge
technology and diverse
content libraries of Viacom18
and Star India will allow the
JV to offer more appealing
domestic and global enter-
tainment content and sports
(Figures in ~ crore)
Net sales PBIDT PAT
13,486 331 -86
11,762 2,734 1,395
3,853 2,293
2,942 2,000
Net sales PBIDT PAT
3,872 586 354
3,276 608 583
4,145 761 682
4,555 139 11
Source: Capitaline
live streaming services, while
delivering an innovative and
convenient digital entertain-
ment experience at affordable
prices,” said the statement.
With the addition of
Disney’s acclaimed films and
shows to Viacom18’s
renowned productions and
sports offerings, the JV will
offer a compelling, accessible
and novel digital-focused
entertainment experience to
people in India and the Indian
diaspora globally. The JV will
also be granted exclusive
rights to distribute Disney
films and productions in
India, with a licence to more
than 30,000 Disney content
assets.
“It is a landmark deal.
Reliance has positioned itself
as a dominant player in the
media sector which is consoli-
dating and there is no other
large player other than Sony
and Zee. The JV entity is
valued at over Rs 70,000 crore
on post money basis in which
RIL will own a majority stake,”
Aliasgar Shakir, senior group
VP at Motilal Oswal said.
Last April, the JioCinema
OTT platform became a part
of Viacom18 portfolio after the
completion of the transaction
for strategic partnership with
Reliance, Bodhi Tree Systems,
and Paramount Global. As
part of the transaction, the
JioCinema app became a part
of the Viacom18 portfolio
apart from giving Viacom18
access to Rs 15,145 crore in
cash for expansion.
Viacom18, which won the
digital streaming rights of IPL,
created new viewership
benchmarks on the opening
weekend itself last year, draw-
ing over 100 million new
viewers.
PC imports...
US Trade Representative
Katherine Tai raised the issue
last month during the India-
US Trade Policy Forum (TPF),
which she co-chaired with
Commerce and Industry
Minister Piyush Goyal. Tai
commended India for imple-
menting the import manage-
ment system in a facilitative
manner that has so far mini-
mised the impact on trade,
and urged India to ensure that
the end-to-end online system
currently in operation and
related policies do not restrict
trade going forward.
Tai later told reporters that
she stressed the need for India
to keep the country, as well as
relevant stakeholders,
informed about its plan for
the import monitoring system
for laptops, tablets, and select
IT hardware. India has already
said that the system has been
put into place until September
2024.
Drug cos...
“We issued a notice and they
took corrective action. The
suspension order was revoked
after CAPA was implemented
by the manufacturers,” said M
N Sridhar, joint director of
drug control in Tamil Nadu.
Of the six companies, action
on one company has only
been partially revoked.
The action was taken fol-
lowing the inspection of ran-
dom samples of fixed-dose
combinations (FDC), vac-
cines, syrups, complex formu-
lations, and bulk drugs,
among others, from manufac-
turers. This was to verify and
validate manufacturing stan-
dards.
Since the end of 2022, the
CDSCO has been conducting
risk-based inspections at sev-
eral pharma manufacturing
sites in India, in collaboration
with state drugs controllers
(SDCs). By December 2023,
inspections had been carried
out at 261 premises, according
to a Rajya Sabha response by
Minister of State for Health
Bharati Pawar.
The firms were identified
based on risk criteria, such as
the number of drugs declared
as not of standard quality,
complaints, and the criticality
of the products, Pawar said in
her response. Based on the
findings of the inspections,
more than 200 actions --
including the issuance of
show-cause notices, stop pro-
duction orders, and the sus-
pension and cancellation of
licences -- have been taken by
state licensing authorities.
Last year, 17 firms in
Himachal Pradesh were asked
to cease manufacturing as
they failed to meet stipulated
norms. Baddi, a pharma man-
ufacturing hub in Himachal,
was particularly affected. In
Gujarat too, around 15 product
licences were cancelled from
six pharma companies in
April 2023.
State drug controllers in
these states could not be
reached for comments.
However, industry sources
estimate that around one-
third of the affected firms
have rectified the problems
outlined.
Pharma firms are expected
to comply with Schedule M of
the Good Manufacturing
Practices (GMP) under the
Drugs and Cosmetics Rules,
1945.
"There are several MSMEs
that flout these norms and are
non-compliant. If these firms
are weeded out of the man-
ufacturing network, it is only
going to be good for Indian
pharma. But, there are several
that are doing serious busi-
ness, and they would take cor-
rective steps,” said an industry
insider. He further said that
industry bodies regularly hold
quality assurance and aware-
ness creation meetings with
stakeholders. "Last week there
was a meeting in Pune which
saw attendance of 700 firms
and also officials from the
drug regulator’s office."
Meanwhile, another
source pointed out that at
times there are lapses by
global inspection bodies too.
“In the case of one firm mak-
ing sterile liquid products, the
export consignment was
opened for testing; seals were
broken by a global inspection
body. This tampered consign-
ment was sent for testing, and
the sterility of the products
was found compromised,”
said the source.
Sebi to MFs...
The advantage can result from
the fact that MFs can exhaust
the cash and liquid assets to
meet their redemption
requests, leaving the rest of
the investors holding stocks
with low liquidity.
The measures can range
from putting in restrictions on
withdrawals to raising cash
levels to resorting to borrow-
ings during such market phas-
es, said a senior MF executive,
adding that some of these
measures would require
changes in regulations. surged to 21.7. The 10-year decade. The price apprecia-
“In the context of the froth average is 16.5, according to tion for art and jewellery has
building up in the small and Bloomberg data. been 105 per cent and 37 per
midcap segments of the mar- However, most MF execu- cent, respectively.
ket and the continuing flows
in the small and midcap
tives believe that their
schemes are prepared for mar-
Globally, the trends are
slightly different.
schemes of mutual funds, ket downturns as a significant The more preferred luxury
trustees, in consultation with part of the corpus, around 20 investment has been art, fol-
unitholder protection com- per cent to 30 per cent, is in lowed by watches and classic
mittees of the AMCs, shall cash and largecap stocks, cars. The prices of cars have
ensure that a policy is put in where market depth tends to surged by 82 per cent in 10
place to protect the interest of be higher. years.
all investors,” Amfi said in its “With both domestic and
letter sent to MF trustees on global markets offering signif-
Tuesday.
In the past few weeks, the
Ultra-rich... icantly higher returns for such
items, India’s ultra-wealthy
smallcap space has witnessed
turbulent trades, with the
The report also highlighted
that, among these ultra-rich
are actively pursuing invest-
ment opportunities in areas
Nifty Smallcap 100 index Indians, watches were the aligned with their passions,”
declining more than 1 per cent most preferred choice for Baijal said.
on four occasions — the big- investment in 2023, followed “The demand for rare col-
gest being a 4 per cent crash by art and jewellery. lectibles is on the rise across
on February 12. On Notably, according to different age groups in India,
Wednesday, the index fell Knight Frank’s Luxury and as wealth continues to
nearly 2 per cent. Investment Index 2023, the grow in the country, we can
Sebi has given MF trustees prices of watches have anticipate further invest-
21 days to disclose the investor jumped 138 per cent in past ments in these asset classes.”
protection policy on their
websites.
Four MFs — Kotak, SBI,
Tata and Nippon — have
> BS SUDOKU # 4217
already placed restrictions on
the amount investors can put
into their smallcap funds.
Sebi has been in discussion
with fund houses that have
large-sized smallcap schemes
to look out for possible risks
amid a sharp surge in inflows,
despite elevated valuations.
The regulator had reviewed
the first set of stress test
reports in January and is said
to have asked for more data.
One of the areas the regulator
is looking at is MFs' ownership
in the total free float of small-
cap stocks.
Typically, shares held by
public investors and those not
under any lock-in are consid-
ered free float. Liquidity risks
are higher if the free float is
low.
MF ownership in smallcap
stocks has gone up signifi-
SOLUTION TO #4216
cantly as smallcap schemes
have attracted large inflows Easy:
on the back of robust perform- 
ance. In the calendar year
Solution tomorrow
2023, smallcap and midcap
schemes accounted for 40 per HOW TO PLAY
cent of the total net inflows
into active equity schemes -- Fill in the grid so that
receiving ~64,000 crore of the every row, every col-
total inflows of ~1.6 trillion. umn and every 3x3
In 2023-24, the Nifty box contains
Smallcap 100 is up nearly 80 the digits 1 to 9
per cent. As a result, the 12-
month forward price-to-earn-
ings ratio of the index has
.
MUMBAI | THURSDAY, 29 FEBRUARY 2024 POLITICS & PUBLIC AFFAIRS 7 <

JAMNA AUTO INDUSTRIES LIMITED

BJP got 77% of national CIN: L35911HR1965PLC004485

Regd. Office: Jai Springs Road, IndustrialArea,
Yamuna Nagar - 135 001, Haryana
Telephone No.: 01732-251810/11/14
Email Id: investor.relations@jaispring.com, Website: www.jaispring.com

parties’ 2022-23 income

NOTICE OF POSTAL BALLOT
Notice is hereby given that pursuant to Section 108, Section 110 and other applicable
provisions, if any, of the Companies Act, 2013 (the 'Act') read with Rule 20 and Rule 22
of the Companies (Management and Administration) Rules, 2014, Regulation 44 of
Securities and Exchange Board of India (SEBI) and all applicable circulars on this subject

ADR data shows BJP received 54.82% of total income through electoral bonds issued by the Ministry of Corporate Affairs, Government of India and SEBI, the special
resolution for re- appointment of Mr. S.P.S. Kohli, as Whole Time Director designated
ARCHIS MOHAN as Executive Director for a further term of 3 years w.e.f. February 13, 2024 till February
12, 2027 and remuneration payable to him is being proposed for consideration of the
New Delhi, 28 February
POLITICAL REVENUE SNAPSHOT members of the Company for passing by means of Postal Ballot by way of remote
e-voting only.

A
ccording to the annual audited
TOTAL INCOME AND EXPENDITURE DECLARED BY POLITICAL PARTIES IN FY 2022-23 The Company has completed the dispatch of Postal Ballot Notice ("Notice") on February
reports of the six ‘national parties’
28, 2024, only through electronic mode, to those members whose e-mail addresses
for 2022–23, the Bharatiya Janata Total
National Total Total Percentage Share of were registered with the Depositories/Registrar and Share Transfer Agent ('RTA') as on
Party’s (BJP’s) total declared income declared the cut-off date i.e. Friday, February 23, 2024. Members whose email addresses are not
accounted for 76.73 per cent of the total Party declared declared change income
income in income in (FY 22-23- expenditure remaining
registered with the RTA/Depositories, may follow the procedure to register their email
income of ~3,076.88 crore received by address with the RTA/Depository as mentioned in the Notice. Please note that the physical
these parties. FY21-22 FY22-23 FY21-22) (in ~ cr) unspent copies of the Notice, Postal Ballot forms and pre-paid Business Reply Envelopes are
The data, analysed by the Association (in ~ cr) (in ~ cr) (in %) FY22-23 (in %) not being sent to the members.
for Democratic Reforms (ADR), showed BJP 1,917.12 2,360.84 23.15 1,361.68 42.32 Please note that only those members, whose names are recorded in the register of
that the incomes of the Congress, members/list of beneficiaries maintained by the Depositories/ RTA as on the cut-off date
Communist Party of India (Marxist), or
INC 541.27 452.37 -16.42 467.13 -3.26 will be entitled to cast their vote by remote e-voting. The manner in which members
CPI(M), and Bahujan Samaj Party (BSP) CPI (M) 162.24 141.66 -12.68 106.07 25.13 holding shares in physical form or whose email addresses are not registered as on the
declined in 2022–23 compared to AAP 44.54 85.17 91.23 102.05 -19.82 cutoff date can cast their votes by following the procedure as provided in the Notice. The
2021–22. Notice is also available on the Company's website at https://www.jaispring.com/annual-
BSP 43.78 29.27 -33.14 18.42 37.06 and-financial-report-financial.aspx?financial-year=2023-2024 and can also be accessed
The ADR analysed the total declared NPEP 0.47 7.56 1,502.12 6.93 8.33 on the website of the Stock Exchanges at www.bseindia.com and www.nseindia.com
income and expenditure of six ‘national and that of National Securities Depository Limited ("NSDL") at www.evoting.nsdl.com.
parties’ for 2022–23 as submitted TOTAL 2,709.42 3,076.88 2,062.29 32.97
Members who do not receive the Notice may download it from the above-mentioned
by them to the Election websites.
Commission of India in their PERCENTAGE SHARE IN TOTAL CPI (M)
The members are requested to provide their assent (FOR) or dissent (AGAINST) through
annual audit reports. INCOME OF NATIONAL PARTIES 4.60% e-voting only. The Company has engaged the services of National Securities Depository
According to data, the n Total declared INC n 141.66 Limited for the purpose of providing remote e-voting facility to the members. The detailed
BJP received 54.82 per cent income (in ~ cr) 14.70% AAP procedure for e-voting is enumerated in the Notice. The remote e-voting process will
of its total income in 2022– TOTAL: 3,076.88 n 452.37 commence on Friday, March 01, 2024 at 9:00 A.M. and will end on Saturday, March 30,
2.77%
23 through electoral 2024 at 5:00 P.M. The remote e-voting facility will be disabled by NSDL immediately
n 85.17 thereafter.
bonds. The figure for the BJP
Congress was 37.8 per cent, BSP In case of any issues / queries connected with e-voting, members may contact to NSDL
76.73%
and for Aam Aadmi Party 0.95% at evoting@nsdl.com or call on toll free no. of NSDL at 022 - 48867000 / 022 - 24997000
n 2,360.84 or investor.relations@jaispring.com.
(AAP), 53.364 per cent. The n 29.27
other three ‘national parties’ The Board of Directors of the Company has appointed M/s RSM & Co., Practicing
stated that they didn’t receive NPEP Company Secretary (Membership No. 4468) as the Scrutinizer for conducting this Postal
any funds through electoral 0.25% Ballot process through remote e-voting, in a fair and transparent manner. The voting
Coforge Limited
bonds in 2022–23. n 7.56 results along with the Scrutinizer Report on the Postal Ballot will be announced within
According to data, the maximum ILLUSTRATION: BINAY SINHA Source: ADR's analysis of annual audited reports of national parties
two working days from the date of closure of e-voting and the same shall be available on CIN: L72100DL1992PLC048753
the websites of the Company, NSDL, NSE and BSE. Regd Office: 8, Balaji Estate, Third Floor, Guru Ravi Das Marg, Kalkaji,
expenditure for the BJP in 2022-23 was on
Yours faithfully New Delhi-110019.
‘election campaign and propaganda’- Phone: +91 (11) 41029297.
For Jamna Auto Industries Ltd.
related expenses. The BJP spent ~1,092.15 istrative and general’ expenses. ~235.839 crore, or 50.49 per cent, of its total Email: investors@coforge.com,
Place: Faridabad Praveen Lakhera
crore, or 80.21 per cent of its total expen- The maximum expenditure of the expenses, and its election-related spend Website: https://www.coforge.com
Date: 29.02.2024 Company Secretary & Head Legal
diture, on election-related expenses and Congress was towards ‘administrative and was ~192.556, or 41.22 per cent, of its total NOTICE OF POSTAL BALLOT
~191.42 crore, or 14.06 per cent, on ‘admin- general’ expenses, which amounted to expenditure. NOTICE is hereby given that pursuant to Section 108, 110 and other applicable provisions,
if any, of the Companies Act, 2013 (“Act”) read with Rule 20 and Rule 22 of the Companies
(Management and Administration) Rules, 2014 (“Rules”) (including any statutory
modification(s) or re-enactment(s) thereof for the time being in force), Regulation 44 of the

NDA four MPs PM launches projects

Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (“Listing Regulations”), read with the
Circular No. 14/2020 dated April 8, 2020, Circular No. 17/2020 dated April 13, 2020 and the

short of majority
latest one being General Circular No. 9/2023 dated September 25, 2023 issued by the

worth ~17,300 cr in TN PHOTO: PTI

Ministry of Corporate Affairs (“MCA Circulars”), Secretarial Standard on General Meetings
(“SS-2”) issued by the Institute of Company Secretaries of India and any other applicable
law, rules and regulations (including any statutory modification(s) or re-enactment(s)

in Rajya Sabha SHINE JACOB

Chennai, 28 February
thereof for the time being in force), for seeking the approval of the Members of Coforge
Limited to transact the Businesses as set in the Postal Ballot Notice dated February 27,
2024 along with the explanatory statement (“Postal Ballot Notice”), by way of special
resolutions through Postal Ballot, only by voting through electronic means (i.e. remote e-
ARCHIS MOHAN The NDA needs another Prime Minister Narendra voting).
New Delhi, 28 February four seats to reach the major- Modi on Wednesday inaugu- In compliance with the provisions of MCA Circulars, the Company is sending Postal Ballot
ity mark of 121 in the 240- rated and laid the foundation Notice in electronic form only. To facilitate shareholders to receive this notice electronically
and cast their vote electronically, the Company has made arrangement with NSDL/RTA for
After the latest round of the member House. Of the 11 stone for multiple develop- registration of email addresses. The process of registration of email IDs is provided in the
biennial Rajya Sabha elections nominated members in the ment projects worth more Notice and also provided below. Post successful registration of the email, the shareholder
to 56 seats, the Bharatiya Upper House, five have opted than ~17,300 crore in Tamil may reach NSDL website to generate the password online by providing his/her credentials.
Janata Party (BJP)-led to be identified as BJP MPs. Nadu, saying his government In case of any queries, shareholder may write to evoting@nsdl.com or
National Democratic Alliance They include Gulam Ali, is investing around ~1.5 trillion investors@coforge.com. Shareholders whose email IDs are not registered, are requested
to register their email id’s by contacting (i) relevant Depository Participant (in case of
(NDA) has inched closer to the Rakesh Sinha, Ram Shakal, for roads in the state. dematerialised shares) or (ii) the Company at investors@coforge.com or Alankit
majority mark in the Upper Sonal Mansingh and Mahesh “The central government’s Assignments Limited (‘RTA’) at rta@alankit.com (in case of physical shares) by sending a
House. Jethmalani. Ali’s term ends in efforts to improve connectiv- signed request letter in form ISR-1 (available on the website of the Company) along with
Of the 56 vacancies for 2028 while that of the other ity are increasing the ease of self-attested copy of PAN Card and address proof and such other documents as provided
which the elections were four members expires in living,” he said. Modi laid the in the said form.
held on Tuesday, the 2024. The remaining foundation stone for the Outer PM Narendra Modi during the The Company has on February 28, 2024 completed the dispatch of Postal Ballot Notice by
sending emails through National Securities Depository Limited (NSDL) to the members
BJP had 28 sitting six including Harbor Container Terminal at inauguration ceremony, in
whose email IDs are registered with the Depositories or the Company. The said Postal
MPs, a number it Ranjan Gogoi, PT V O Chidambaranar Port in Thoothukudi, on Wednesday Ballot Notice has been sent to all the shareholders whose names appeared in the Register
was expected to Usha and Thoothukudi, launched of Members /record of Depositories as on February 23, 2024 (‘cut-off date’). The voting
retain. However, Ilaiyaraaja, are India’s first indigenous green an investment of ~7,000 crore. rights of the members shall be in proportion to their shares in the paid-up share capital of
cross-voting in unaffiliated. hydrogen fuel cell inland Projects worth ~900 crore the Company as on cut-off date. The Shareholders, who have not received the Notice, may
download it from the website of the Company www.coforge.com under the ‘investors’
Uttar Pradesh and There is one waterway vessel under the were dedicated to the nation
section or may request for a copy of the same by writing to the Company Secretary at the
Himachal Pradesh vacancy in the Harit Nauka programme, and on Wednesday and those above mentioned email id or registered office address of the Company or may request the
helped it win two category. While dedicated to the nation tourist worth ~2,500 crore were initi- registrar and share transfer agent of the Company. The aforesaid Notice of the Postal
more seats, taking the BJP won 30 facilities at 75 lighthouses in ated at 13 ports. These projects Ballot are also available on the website of NSDL at www.nsdl.com and on the websites of
its tally to 30. BJP won 30 of of the 56 seats in 10 states. will benefit Tamil Nadu and National Stock Exchange of India Limited at https://www.nseindia.com and BSE Limited at
https://www.bseindia.com where the securities of the Company are listed.
With the win of the 56 seats in the biennial elec- He dedicated rail projects create employment,
these 30 seats, the the latest round of tions, the for the doubling of Vanchi he said. The electrification Pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the
Companies (Management and Administration) Rules, 2014, as amended and Regulation
BJP's tally in Rajya the RS elections Congress won Maniyachchi-Nagercoil rail- and doubling of railway lines 44 of Listing Regulations and SS-2, the Company is providing to the Members the facility to
Sabha will go up nine, Trinamool way line, which includes the will improve connectivity exercise their right to vote on the businesses as set forth in the Postal Ballot Notice by
to 96 and NDA’s Congress four, Vanchi Maniyachchi- between South Tamil Nadu electronic means. The Company has engaged services of NSDL for providing e-voting
strength to 117 seats, once the Samajwadi Party two, YSR Tirunelveli and and Kerala, while easing con- facility to all its Shareholders. Shareholders are requested to note that e-voting period will
newly elected members are Congress Party three, Melappalayam-Aralvaymoli gestion in Tirunelveli and commence at 09:00 AM on Thursday, February 29, 2024 and shall end on Friday, March
29, 2024 at 05:00 PM. The e-voting module shall be disabled by NSDL for e-voting
sworn-in in April. The total Rashtriya Janata Dal and Biju sections. He also dedicated Nagercoil. thereafter and e-voting shall not be allowed beyond the said date and time. The
strength of the Rajya Sabha is Janata Dal two seats each. four road projects in Tamil He listed four major proj- shareholders are requested to vote through e-voting. The detailed procedure for e-voting
245, but it currently has five Shiv Sena, Bharat Rashtra Nadu developed for about ects for modernising roads in is provided in Postal Ballot Notice.
vacancies (four from J&Kand Samithi, Janata Dal (United) ~4,586 crore. Modi said the Tamil Nadu will boost con- Mr. Nityanand Singh, Company Secretary (Membership No. FCS 2668) from
one vacancy in the nomi- and Nationalist Congress container terminal at V O nectivity, reduce travel time M/s. Nityanand Singh & Co., Company Secretaries has been appointed by the Board of
nated category). Party (NCP) won a seat each. Chidambaranar Port will have and encourage trade. Directors of the Company as the Scrutinizer for conducting the Postal Ballot and remote e-
voting process in a fair and transparent manner. The results of the Postal Ballot will be
announced by the Chairman of the Company or Company Secretary duly authorized on or
before March 30, 2024 and communicated to the Stock Exchanges and shall also be
displayed on the website of the Company i.e. www.coforge.com and on the website of
NSDL (e-voting service provider) i.e. www.nsdl.com.
HIMACHAL PRADESH CRISIS In case of any queries or grievances relating to electronic voting, Members may refer to
Frequently Asked Questions (FAQs) for Members and e-voting user manual available at
the download section of https://www.evoting.nsdl.com or contact NSDL 022 – 4886 7000

Clamour for CM’s resignation grows
ARCHIS MOHAN AND AGENCIES
New Delhi/Shimla, 28 February
The Congress leadership on Wednesday
reached out to its Himachal Pradesh
legislators, assuring them that it could,
if needed, take “tough decisions”,
including replacing Chief Minister
Sukhwinder Singh Sukhu.
On Tuesday, Congress’ Abhishek
Manu Singhvi lost the Rajya Sabha
election with six Congress legislators
voting for the Bharatiya Janata Party
(BJP)’s Harsh Mahajan.
The result has put a question mark
on the longevity of the Sukhu
government. The crisis deepened when
the state’s Public Works Minister
Vikramaditya Singh resigned from the
council of ministers on Wednesday.
Sukhu, however, maintained the
Congress high command had not asked
him to resign. According to sources, at
least half of the Congress’ 40 legislators
conveyed their unhappiness with
Sukhu for not heeding their concerns.
Vikramaditya’s resignation brought
out in the open the differences between
the family of the late Virbhadra Singh
and Sukhu.
Congress national president
Mallikarjun Kharge sent former chief
ministers Bhupesh Baghel and
Bhupinder Singh Hooda and Karnataka
Leader of Opposition in Himachal Pradesh Assembly Jairam Thakur with other BJP
MLAs during a visit to Raj Bhavan in Shimla, on Wednesday
Deputy CM D K Shivakumar to Shimla.
The three, along with the party’s
Himachal in-charge Rajeev Shukla,
spoke with the party’s MLAs, including
the disgruntled ones. They will submit
their report to Kharge by Thursday
evening. Vikramaditya, the son of
former chief minister Virbhadra Singh
and Mandi Lok Sabha MP Pratibha
Singh, held a press conference in Shimla
to announce that he had submitted his
resignation to the governor and chief
minister. “There have been attempts to
humiliate and undermine me from
some quarters and, despite
reservations, I supported the
government,” he said.
Vikramaditya said it was up to the
and 022 – 2499 7000 or send a request to Mr. Amit Vishal at evoting@nsdl.com. Members
may also write to Company Secretary at investors@coforge.com or registered office
address of the Company.
For Coforge Limited
Sd/-
Barkha Sharma
Dated : February 28, 2024 Company Secretary
Place : Greater Noida ACS: 24060
PHOTO: PTI
Congress high command to resolve the
crisis. He said the Congress won the
Himachal Assembly polls in December
2022 on the back of Virbhadra Singh’s
popularity. But after the victory, when
the matter of installing his statue arose,
the government failed to decide the
location, he said. Congress state unit
president Pratibha Singh said that party
leaders and legislators were unhappy as
their concerns were not being
addressed.
Two of the six Congress legislators
who cross-voted for BJP’s Mahajan -
Rajender Rana and Sudhir Sharma –
accused the Sukhu government of
failing to fulfil promises, such as
creating jobs.
8 WORLD
>
MUMBAI | THURSDAY, 29 FEBRUARY 2024

Apple unplugs electric car project after decade-long effort

MARK GURMAN
28 February
It’s possible they will be able to apply for jobs on
other Apple teams. There will be layoffs, but it’s
unclear how many.
sights on a fully autonomous electric
vehicle with a limousine-like interior and
voice-guided navigation.
Apple met DOJ ‘Tesla aims to ship
Apple Inc is cancelling a decade-long effort to build
an electric car, according to people with knowledge
Apple, based in Cupertino,
California, declined to com-
But the project struggled
nearly from the start, with
officials to avoid
antitrust suit
Roadster cars next yr’
of the matter, abandoning one of the most ambitious
projects in the history of the company.
ment. The move came as
a relief to investors, who
END OF THE ROAD Apple changing the team’s
leadership and strategy sev- Apple representatives met with BLOOMBERG panies will aim to ship the car
Apple made the disclosure internally on Tuesday, sent Apple shares >Manyemployees on the >Therewill eral times. Lynch and Williams the Justice Department last week 28 February next year.
surprising the nearly 2,000 employees working on climbing Tuesday after car team to be shifted to be possible took charge of the undertaking a in a final bid to persuade the Musk first unveiled a sec-
the project, said the people, who asked not to be an earlier decline. The the AI division layoffs few years ago — following the agency not to file an antitrust suit Elon Musk is resurrecting ond-generation Roadster pro-
identified because the announcement wasn’t public. stock was up about 1 departure of Doug Field, now a against the company, according plans for the Tesla Roadster, totype in late 2017 and said
The decision was shared by Chief Operating Officer per cent to $182.52 at >Boardwas concerned aboutcontinuing senior executive at Ford Motor sources. The firm and its lawyers a performance car he’s now then the car would arrive
Jeff Williams and Kevin Lynch, a vice president in 3:52 pm in New York to spend hundreds of millions of dollars on Co. Apple also was facing a met with Assistant Attorney looking to deliver at least five three years later. Tesla
charge of the effort, according to the people. The two after Bloomberg reported a project that maynever see the light of day cooling market for EVs. General Jonathan Kanter, who years late. charged as much as $250,000
executives told staffers that the project will begin the news. Sales growth lost steam in will make the final call on He said in a series of posts for reservations at a time
winding down and that many employees on the car Elon Musk, head of >Executiveswere also concerned recent months after high whether to file a suit. Antitrust on X that the car will be a col- when it was running low on
team — known as the Special Projects Group, or SPG TeslaInc,alsocelebratedthe about thevehicle not being able to prices and a lack of charg- enforcers, who have been laboration between cash and struggling to
— will be shifted to the artificial intelligence division move.HesentapostonXwith provide the profit margins that it gets ing infrastructure discour- probing the company since 2019, Tesla and Space ramp up production of
under executive John Giannandrea. Those employ- a saluting emoji and a cigarette. aged mainstream buyers from allege that Apple has imposed Exploration Model 3 sedans. While
from other products
ees will focus on generative AI projects, an increas- The decision to ultimately shifting to all-electric vehicles. software and hardware Technologies, his hyping Roadster anew,
ingly key priority for the company. wind down the project is a bomb- Apple’s most senior executives final- limitations on its iPhones and two most valuable Tesla’s CEO revisited
Listen to the Big Take podcast on iHeart, Apple shell for the company, ending a multibillion-dollar ised the decision in recent weeks, according to the iPads to impede rivals from ventures. A Roadster some of his own past
Podcasts, Spotify and the Bloomberg Terminal. Read effort called Project Titan that would have vaulted people. It comes just a month after Bloomberg News effectively competing. The suit is unveiling is planned posts on the social
the transcript. The Apple car team also has several Apple into a whole new industry. The tech giant reported that the project reached a make-or- expected in the coming weeks, for the end of the network he
hundred hardware engineers and vehicle designers. started working on a car around 2014, setting its break point. BLOOMBERG sources said. BLOOMBERG year, and the com- now owns.

IN BRIEF China expands scope Biden, Trump win

Zuckerberg to deepen LG in Michigan, edge
tie-up on next-gen devices of state secrets law closerto’24rematch
PHOTO: PTI

Move widens extent of restricted sensitive info to work secrets

REUTERS BLOOMBERG lenger, Nikki Haley, according to the
28 February
BEEFING UP 28 February Associated Press and other news
organisations.

C
hinese lawmakers have n State secrets in China currently US President Joe Biden and While Biden had been expected
expanded a state secrets law for involve areas ranging from Republican frontrunner Donald to handily win the primary, those
the first time since 2010, wide- government and Communist Party Trump both cruised to victory in protest votes show the challenges his
ning the scope of restricted sensitive decision-making to military and their party’s Michigan primary elec- reelection campaign faces with parts
information to “work secrets”, accord- diplomatic activities tions Tuesday, with results for the of the Democratic base amid turmoil
ing to a full text of the law. two candidates indicating discon- in the Middle East. Biden narrowly
China’s top legislative body passed n Update to this law requires tent among Democrats and won Michigan in 2020 and the state
the revised Law on Guarding State government agencies to protect Republicans for the likely nominees. is again considered a must-win this
Secrets on Tuesday, Xinhua state news pieces of information that are not Detractors had urged Democrats November. He did not face a serious
Mark Zuckerberg (centre) met LG Electronics Inc’s CEO agencyreported. It will take effect from state secrets but will cause certain to either sit out the contest or cast challenger in the contest, with US
William Cho (left) and COO Kwon Bong-seok on Wednesday to May 1. Foreign business lobbies and adverse effects if leaked “uncommitted”ballotsinprotestover Representative Dean Phillips of
discuss ways to deepen Meta’s strategic alliance on extended- analysts say the expanded law is Biden’s handling of the Israel-Hamas Minnesota and self-help author
reality technology with LG Electronics. The pair discussed further evidence of Chinese President n The new law added that rules on war.MichiganishometoalargeArab- Marianne Williamson, who dropped
Meta’s large language models and the potential to build AI Xi Jinping’s increased focus on the specific management of work American population where many out of the race earlier this month, the
into consumer devices, LG said. BLOOMBERG national security which has already secrets would be released had criticised Biden for failing to stop only other names on the Democratic
led to a wide-ranging update to separately, without giving a date the fighting following the deadly ballot. A Bloomberg News/Morning
Beijing's anti-espionage law last April October 7 attacks by Consult poll released
Nawaz Sharif nominates that some countries fear could be used
to punish regular business activities.
ILLUSTRATION: BINAY SINHA

Beijing. State secrets in China cur- nology. The update to the state secrets
Hamas, which is desig-
nated as a terrorist orga-
in January found
Biden trailing
brother Shehbaz for PM post “China’s increasing focus on
national security has raised uncer-
rently involve areas ranging from gov-
ernment and Communist Party deci-
law requires government agencies and
work units to protect pieces of infor-
nisation by the US and
European Union.
Trump in Michigan
47 per cent to 42 per
Shehbaz Sharif is set to become cash-strapped Pakistan’s prime tainty for business,” said Jens sion-making to military and mation “that are not state secrets but Trump easily defeated cent in a hypotheti-
minister once again after the parliamentary party of the PML-N Eskelund, president of the European diplomatic activities, as well as eco- will cause certain adverse effects his final major chal- cal rematch.
party headed by three-time former premier Nawaz Sharif on Union Chamber of Commerce in nomic development, science and tech- if leaked”.
Wednesday formally nominated his younger brother to head a
coalition government and fix the economy. He had led a coalition MICHIGAN PRIMARY ELECTION RESULTS
government earlier for 16 months till August 2023. REUTERS
Country Garden HK to raise tax Republican Democratic
755,909

No. of votes No. of votes

617,728
1,108,910 761,934
Bitcoin surges to $60K for
gets winding-up for high earners 294,334 Total
100,960
Total

first time since Nov 2021 33,373 22,797

petition in HK
Hong Kong will raise the tax on high earners — the Donald Nikki Uncommitted Joe Marianne
Bitcoin hit $60,000 on Wednesday for the first time in more than first increase in two decades — in a surprise move Trump Haley Biden* Williamson
two years, as a flurry of capital into new US spot bitcoin exchange designed to lower the city’s fiscal deficit. Uncommitted
traded products fuelled a 42 per cent price rally in February, A two-tier tax system will be introduced from
68.2 26.5 3 81.1 13.3 3
which would mark its largest monthly gain since December 2020. BLOOMBERG April, with income of up to HK$5 million ($640,000)
Bitcoin was last up 6 per cent at $60,131, its highest since Novem- 28 February DEBT CRISIS taxed at a maximum of 15 per cent, and anything (%) (%)
ber 2021, when it hit a record just below $70,000. Traders have higher than that being taxed at 16 per cent. Currently Note: Total includes data for other candidates too *Incumbent
poured into bitcoin ahead of April’s halving event — a process Country Garden Holdings Co’s n Firm failed to make the rate for all individuals is capped at 15 per cent.
designed to slow the release of the cryptocurrency. REUTERS debt crisis is entering a new payments on a term loan The move will affect about 12,000 people, or about
chapter as China’s prolonged facility of about $204 0.6 per cent of taxpayers, Financial Secretary Paul

EU probes Microsoft’s
property slump deepens, after
a Hong Kong court received a
security software practices
creditor’s petition to liquidate
the company over non-pay-
The European Commission is probing if Microsoft is preventing
customers from relying on certain security software from its
ment of its debt.
The first hearing date is
scheduled for May 17 at Hong
competitors, according to a document that regulators sent to at
least one rival in January, seen by Reuters. Companies over the
Kong’s High Court, after Ever
Credit Ltd filed its so-called
years have complained about Microsoft’s bundling services and winding-up petition dated
its cloud-computing practices, which European regulators have Tuesday. Country Garden
investigated. REUTERS failed to make payments on a
term loan facility of about
HK$1.6 billion ($204 million),
Google CEO deems Gemini plus accrued interest, to the
lender, according to an
AI bias ‘unacceptable’ exchange filing. The downfall
of Country Garden is striking
Alphabet’s Sundar Pichai emailed staff on Tuesday to address the as the company was hailed by
problematic responses from Google’s Gemini AI engine, descr- many as a survivor just a year
ibing them as “completely unacceptable.” Teams are now wor- ago, and the rapid turn of its
king around the clock to rectify the issues, Pichai wrote in his fortunes is a sobering reminder
note, reviewed by Bloomberg News. The chief executive officer of of the fate that might befall its
both Alphabet and Google said structural changes will be made peers. It also adds to the
to prevent similar incidents. BLOOMBERG urgency for the developer to
million to Ever Credit Chan said in his annual budget speech on
Wednesday. BLOOMBERG SINGAPORE, S KOREA FERTILITY
n Debt
accounts for
n The first
hearing RATES FALL TO RECORD LOWS
a very low
proportion
date is
scheduled Li urges stronger Fertility rates in Singapore and South
Korea fell to record lows in 2023, as
cent to 230,000, setting a new low
for comparable data in a nation of
of the
offshore
liabilities,
for May 17 at
Hong
Kong’s High
trade ties with US the government in both nations tried
but failed to encourage couples to
about 50 million people.
The lack of babies is speeding up
China and the United States should strengthen eco- have more children. South Korea set the ageing of South Korean society,
the firm said Court nomic and trade ties and Washington should avoid a fresh record for the world’s generating concerns about the
decoupling from China, Chinese Premier Li Qiang lowest fertility rate as the growing fiscal burden of pub-
speed up its debt restructuring said on Wednesday, during a meeting with a visiting impact of the nation’s age- lic pensions and health
efforts to avoid facing the same US delegation, Chinese state radio reported. ing demographics looms care. Meanwhile,
outcome as its rival China
Evergrande Group, which suf-
“Strengthening economic and trade cooperation
is a win-win situation for both
large for its medical sys-
tem, social welfare provi-
Singapore, facing a dwin-
dling population and a
fered a historic liquidation
order by the Hong Kong court
countries,” Li told the delegation
led by Chamber of Commerce
sion and economic
growth.
manpower shortage, has
seen its resident total fertil-
last month. The petition is chief Suzanne Clark. The number of babies ity rate (TFR) drop to an esti-
the latest in a slew of liquida- “Seeking decoupling and expected per woman in a lifetime mated 0.97 per cent in 2023, the
tion demands that have been building ‘small yards with high fell to 0.72 last year from 0.78 in 2022, first time it has dropped below one
filed against developers this walls’ do not align with the fun- according to data released per cent in the country’s history. The
year and may add to the dour damental interests of both Wednesday by South Korea’s latest figure places Singapore among
sentiment plaguing China’s sides,” he added. national statistics office. The countries with the lowest birth rates
troubled property sector. REUTERS number of births also slid by 7.7 per globally. BLOOMBERG & PTI

Palm-sized drone flies into damaged Fukushima reactor for first time
Attempt to examine some of the
PHOTO: BLOOMBERG
Yesterday’sdroneflightcomes

molten fuel debris in areas where THE PLAN aftermonthsofpreparationsthat

earlier robots failed to reach
ASSOCIATED PRESS
28 February
Adronesmallenoughtofitinone’s
handflewinsideoneofthe
damagedreactorsatJapan’s
FukushimaDaiichinuclearpower
plantonWednesdayinhopesit
canexaminesomeofthemolten
fueldebrisinareaswhereearlier
robotsfailedtoreach.
TokyoElectricPowerCompany
Holdingsalsobeganreleasingthe
fourthbatchoftheplant'streated
anddilutedradioactive
beganinJulyatanearbymock
Canada issues first
n Four drones were set to fly facility.Thedrones,eachweighing bonds to pull in
one at a time into the hardest-
hit no. 1 reactor’s primary
185grams(6.5ounces),arehighly
maneuverableandtheirblades nuclear finance
wastewaterintotheseaon containment vessel hardlystirupdust,makingthema Canada sold C$4 billion ($3 billion)
Wednesday.Thegovernmentand popularmodelforfactorysafety of debt Tuesday, its first issue
TEPCO,theplant’soperator,say n The drones weigh 185 grams checks.Eachcarriesafront-loaded under an amended framework
thewaterissafeandtheprocessis and are highly manoeuvrable high-definitioncameratosend for green bonds that allows the
beingmonitoredbythe n Each drone carries a front- livevideoandhigher-quality country to raise funds to support
InternationalAtomicEnergy loaded high-definition imagestoanoperatingroom. nuclear power. The 10-year
Agency,butthedischargeshave camera to send live video and Inpartduetobatterylife,the bonds have a 3.5 per cent coupon
facedstrongoppositionbyfishing higher-quality images droneinvestigationinside and yield half a basis point less
groupsandaChinesebanon areactorislimitedtoa5- than Canadian government debt
Japaneseseafood. minuteflight.TEPCOofficials due in December 2033. The new
Amagnitude9.0quakeand governmentandTEPCOplanto decommissioningprocessthat’s intothehardest-hitno.1reactor’s saidtheyplantousethenewdata framework makes Canada the
tsunamiinMarch2011destroyed removethemassiveamountof beendelayedforyearsandmired primarycontainmentvessel. todeveloptechnologyforfuture first sovereign to venture into
theplant’spowersupplyand fatallyradioactivemeltednuclear bytechnicalhurdlesandalackof TEPCOplanstoprobeanewarea probesaswellasaprocessto nuclear power finance through its
coolingsystems,causingthree fuelthatremainsinsideeach data.Tohelpondata,afleetoffour Thursday.In2015,thefirstrobotto removethemeltedfuelfrom green bond sales, the
reactorstomeltdown.The reactor—adaunting dronesweresettoflyoneatatime goinsidegotstuckonagrate. thereactor. government said. BLOOMBERG

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

VOLUME XXVIII NUMBER 169 ILLUSTRATION: BINAY SINHA

Maharashtra does better than the national averages
MUMBAI | THURSDAY, 29 FEBRUARY 2024 but Gujarat, which is a very prosperous state in terms
of gross state domestic product, falls marginally short

A delayed call in rural consumption and just about remains above

the average for urban consumption. Odisha and West
Bengal have lower than national averages in both the
Revival of Vodafone Idea remains a challenge zones. The basic message here for the governments

T
is to concentrate on the requisite areas to ensure that
he board of Vodafone Idea has approved a fundraise of ~45,000 crore, a better balance develops over the next decade or so.
in equity and debt, signalling a revival of the financially stressed tele- The second major revelation is the composition of
com service provider. Although it is a step in the right direction, the consumption over this period across both rural and

Consumptionsurvey:
decision fell short of expectations. Reflecting the market mood, the urban areas. Historically, it has been seen that when
Vodafone Idea stock crashed about 14 per cent to ~13.65 on the National Stock societies evolve, the consumption pattern tends to
shift from necessities to comforts and luxury goods
Exchange on Wednesday, a day after the fundraise announcement.
and services. This is natural because there are limits
Operationally, the latest measure may help the company strengthen its 4G cov-

erage, roll out 5G services, and contain the sharp decline in subscriber numbers.
However, at the same time, the proposal is being seen as too little too late. The
magnitude of the telco’s debt and losses explains why raising ~45,000 crore
will not be a long-term solution. At the last count, Vodafone Idea had a debt
pile of ~2.5 trillion, and it reported a net loss of ~6,985 crore in the December
quarter. Its overall subscriber base was 215 million and market share less than
20 per cent at the end of last year, as it continued to lose customers to rivals.
The company, which is a distant third in subscriber numbers — behind
Reliance Jio and Bharti Airtel — had earlier talked about fundraising plans
Nodefinitivetrendyet
toconsumptionoffoodandclothingitems.Asincomes
increase, there is a tendency to allocate more for non-
essentials. The MPCE Survey shows that this has pre-
vailed across both segments. For the last decade, the
MPCE-I for food has moved down from 53 per cent to
The monthly per capita expenditure data points to shifts in 47 per cent for rural India, and from 43 per cent to 40
per cent for urban India. The change in pattern is
consumption, but it should not be used for reconfiguring quite similar for both the segments. There are higher
expenses provided for durable goods, conveyance,
the Consumer Price Index and rent, while that of basic food products like cereals
has come down. Interestingly, on the food side, there

T
several times without any movement on the ground. That raises doubts over he Survey on household consumption expen- with the stress levels. Also, 2022-23 was a year when is a tilt towards milk products, fruits or dry fruits (for
diture has long been expected after being the Covid-induced schemes continued with the same urban), beverages and processed foods. This shows
the ~45,000 crore fundraise plan, too. Also, the many layers in the proposed
delayed due to the pandemic. The results of rigour. Further, schemes like employment under the that the FMCG companies have made significant
funding round could delay the process. For instance, promoters had last August the monthly per capita consumption expenditure Mahatma Gandhi National Rural Employment inroads into rural India too with customised products
committed to infusing ~2,000 crore into the debt-laden company. This com- (MPCE) of households are interesting, as they shed Guarantee Act and PM Kisan are essentially rural- to garner a fair share of the market. Also, the fact that
mitment, made six months ago, is built into the company’s latest announce- some light on the state of the rural and urban based schemes that do not have equivalents in urban people prefer to move to durable goods such as vehi-
ment as well. Besides, it’s not clear which promoter will put in the funds. The economies and allow for some broader thinking. areas. This growth in rural consumption, however, is cles, fridge, and TVs, even in rural India, shows that
UK’s Vodafone Group, which has a 32.3 per cent stake in Vodafone Idea, has The Survey shows that the gap between per capita lower than the growth in nominal gross domestic there has been a strong “demonstration effect”, which
monthly consumption expenditure between the rural product, which was 3.12 times, and private final con- along with the strong power of advertising, has
maintained that it will not invest in the loss-making telco. The Aditya Birla
and urban populations has narrowed, which is a pos- sumption expenditure, which was 2.93 times. reached the interiors and brought about a balance
group, which holds 18.1 per cent, has also not invested significantly in the itive sign, as this is the way to go when it comes to Digging further into these results, two things stand in the economic landscape.
business for years. The biggest shareholder in the company is the Union gov- ensuring broad-based growth. Here, out. The first is the difference across While these results are very significant as it does
ernment, with a 33 per cent stake. the Survey provides two sets of num- states. Looking at the monthly per show the new face of rural India, they can also be a bit
The overall plan, according to the company statement, includes raising bers, one referring to standalone capita consumption expenditures provocative. Could this be used as a basis of recon-
~20,000 crore capital through a mix of equity and equity-linked instruments expenditure of households and the (MPCE-I) with imputed values, the structing the Consumer Price Index with new weights?
other with imputed expenditure numbers stand at ~3,860 and ~6,521 This is pertinent because if the share of food items
by bringing in an external investor. Getting an external investor has remained
when the free support goods and ser- for rural and urban people. The small- has come down in both rural and urban consumption
a problem for the group, in addition to the other concerns. If Vodafone Idea is vices provided by the state are includ- er states do have high values, given baskets, it logically should be reflected in the weights
able to translate its fundraising plan into action and also raise tariffs to start ed. Hence, there is a lot of transparen- the lower size of the population. But of the inflation index. Here, one needs to consider that
reviving its business, the fear of a duopoly in the Indian telecom market may cy here. But surprisingly, the among the larger states there are con- 2022-23 was not a normal year, which is what is usually
fade away gradually. But it seems a long haul before the telco’s revival road difference between the two estimates siderable differences. The southern considered when constructing any price index. Both
map will get subscribers’ or investors’ confidence. Apart from raising funds for 2022-23 is ~97 in rural areas and states, namely Tamil Nadu, Andhra 2020 and 2021 were pandemic years and the following
~62 in urban areas. These numbers MADAN SABNAVIS Pradesh, Kerala, Telangana and year saw a surge in pent-up demand. This surge was
externally, the promoters, including Newbury-headquartered Vodafone Plc,
could be on the lower side given that Karnataka, have an MPCE above the first seen in manufacturing, with the consumer goods
must invest in the India business, which it had entered with much fanfare in the free food scheme involves five kilos of cereals, national average, which reveals to an extent the relent- industry performing well due to this phenomenon.
2007. Though then chief executive officer Nick Read had said in an earnings which have a minimum support price of above less efforts put in by the state governments over the Subsequently, in FY23, the services sector saw a surge
call in 2021 that Vodafone Plc would not put any additional equity into India, ~20/kilo. Add to this the free liquefied petroleum gas years to elevate the standard of living. Tamil Nadu in demand for travel and hospitality. Things have
the company has to change its stand to make sure its joint venture with the cylinders and power provided by various levels of and Kerala have the highest MPCE among the larger plateaued in FY24, as can be seen in the flat growth in
Aditya Birla group is able to invest into 4G, 5G and network capacity to remain government, and the difference should have been states for rural community, with ~5,457 and ~5,960. In sales in India Inc for non-infrastructure industries.
much higher. fact, for the latter, the higher standard would be largely Hence, using these results as a basis for making 2022-
relevant in the Indian market. The Survey points out that the growth in rural due to the flow of remittances from expat citizens. 23 a base year will introduce a significant bias. Hence,
consumption based on the per capita numbers has Among the northern states, Punjab and Haryana the MPCE numbers should be viewed more as a stan-
been higher over the last decade for which comparison do very well in rural consumption, which can be dalone statistic.

Building capacity is provided. It was 2.69 times for rural India, compared attributed to the strong agricultural economies.
to 2.47 for urban India based on the imputed numbers. However, Uttar Pradesh, Madhya Pradesh, and Bihar
This may be attributed to more transfers from the are laggards in both areas, while Rajasthan does well
The writer is chief economist, Bank of Baroda, and author of
Corporate Quirks: The darker side of the sun.
Grain storage facilities will benefit all stakeholders state to the citizens, as the support provided aligns in rural areas but falters in urban consumption. The views are personal

A
mid farmers’ ongoing protest to assert their demands, the Centre last
week unveiled a plan for the world’s largest grain storage facility within
the cooperative sector, which should help the farm sector in the long
run. While the pilot is targeting Primary Agricultural Credit Societies
(PACS) in 11 states, the storage facilities are expected to finally be completed
Accepting our income demographics
I
over the next five years with a capacity of 70 million tonnes of foodgrain. Although ndia’s consumption pattern is con- highest spending 5 per cent of urban
the plan aims to directly address the foodgrain storage capacity shortage in the fusing if you search for a singular Indians come from households that
HOW ‘SMALL’ IS DRIVING INDIA’S MEGA CONSUMPTION STORY
country, there are bound to be other positive spillovers for all stakeholders, thread instead of embracing multi- spend ~11,24,000 a year (taking a family MPCE-based consumer segments
including farmers and end consumers. Numbers from the Food and Agriculture ple narratives (is there any other way to size of 4.5, though rich urban families Equivalent Population (million)
Organization (2021) suggest that while several countries enjoy surplus storage make sense of India?). More so, if you have a smaller family size). At the risk Affluence MPCE household
don’t internalise the fundamental struc- of upsetting purists, let us increase this level range ~ expenditure Rural Urban Total
capacity, the same cannot be said for India. Total foodgrain production in India tureofitsconsumption—largeinaggre- by a factor of 2.2, which is the differ- (~lakh/year)
is 311 million tonnes (mt), but the total storage capacity is just 145 mt. At present, gate terms but made up of numerous ence between per capita private final L5 20,000 + 11.24 + - 25 25
grain management (procurement and storage) facilities are provided by the Food modest income earners and spenders. consumption expenditure (PFCE)
Corporation of India, Central Warehousing Corporation, and a host of other big Or if you forget that a small percentage numbers put out by the government L4 10,001–12,000 5.4 - 7.0 46 25 71
and small government agencies. of India’s large population is larger than and annualised PCE from the Survey. L3 7,001–10,000 3.8 - 5.4 - 100 100
a big percentage of the small population That is still a small spend by a small
In this context, involving the PACS to develop their godowns, custom L2 4,001–7,000 2.2 – 3.8 232 200 432
of other markets. This is why India can number of people.
hiring centres, processing units, and fair-price shops is a step towards decen- easily rank as both the second or third- Also evident is the presence of simi- L1 2,001 –4,000 1.1 – 2.2 557 150 707
tralised storage systems. This will benefit the agriculture sector by augmenting largest market for high-end luxury lar income populations in urban and Source : HCES. Lowest 10% of rural MPCE excluded; family income calculation assumes 4.5 people / household
infrastructure across the country. Notably, public procurement of foodgrain brands or cars, while having a modest rural India, as seen in past income sur-
at the minimum support price (MSP) is limited mainly to wheat and rice and income consumer base. There are three veys. Marketers have, for long, noticed
is geographically concentrated. It is thus hoped that this new initiative will discourses about our the blurring urban- divided between urban and rural areas, ers) and the higher impact of Covid on
consumption story that rural divide as the with a refrigerator, two-wheeler, and some. Anecdotally, we repeatedly hear
work towards diversification of the government agencies’ procurement process,
arerunningparallellyat media, goods, roads colour TV mostly belong to L2. about school fees and rents that had to
and help percolate the benefits to farmers across the country. At the same this moment in busi- and “census towns” Also interesting is that in the richer be paid despite incomes crashing, of
time, PACS, the smallest cooperative agency working at the grassroots level, ness and the media. have started connect- band of L4, there are almost double the small enterprises shutting down and
have so far been involved in extending short-term credit for agricultural pro- One revolves ing the two mentally number of rural consumers than urban. savings being wiped out (surplus
duction. The last link in a three-tier cooperative credit structure, they extend around Lamborghinis and physically, creat- L3, the bridge class of 100 million urban incomes for 60 per cent of India have
outreach to the rural masses engaged in agriculture and allied services, which selling like hot cakes ing expanding “peri / people, is likely what a lot of marketers always been very slim). Direct benefit
and a long waiting list semi urban” or “rur- empiricallyobserveandcreatethe“mild transfers, food welfare and innate opti-
makes the PACS well-suited to undertake grain management in villages and
for high-end SUVs, ban” consumers. The premium” segment for (and incorrectly mism have injected some resilience but
gram panchayats. thus demonstrating HCES shows that while bet large on it). spending choices are being stringently
Indeed, the new grain storage plan could ultimately metamorphose the that “people have so RAMA BIJAPURKAR the bottom 10 per cent Now to put some perspective into made. Nearly 200 million in L3, L4, L5
PACS into multifunctional economic entities, further strengthening the role much money”. The of rural India and the the Lamborghini discourse: A little over are stable, resilient consumers (perhaps
of cooperatives in the agricultural sector. This also underscores the pivotal second is around disappointing quar- top 5 per cent of urban India are outliers, 100 Lamborghinis have been sold in a India’s real middle class) but only 46
role of cooperatives in shaping the rural and agrarian landscape of the Indian terly results showing“the K shaped the remaining have overlapping year in India. The equivalent number million are in rural India. L2 is where
divide” in consumption , the evaporat- incomes.Largemassmarketswithmod- for Maruti Swift is over 200,000 and for the strain is felt by mass market mar-
economy. The plan will also have other benefits, including a reduction in food-
ing mass market and rural market con- est-income consumers are finally all cars is 4.1 million. Lamborghini has keters as consumers are ruthlessly bal-
grain wastage, which will eventually result in higher income for farmers and sumption and how ‘premiumisation’ is emerging (see table). sold 10,112 cars worldwide — so India’s ancing budgets and making choices
lower prices for consumers. Incidents of distress sales are also likely to go the new success strategy. The third dis- In the table, enthusiasts for defining 100 is certainly a big deal for them. But across categories.
down, along with a drop in transportation cost for agri produce. To be sure, course is around data from the new the “middle class” are free to locate the how big a deal is it for us to peg our con- Companies saying “let’s premiumise
the success of this initiative depends heavily on the efficiency of the PACS Household Consumption Expenditure middle class anywhere they think sumption theories around? Secondly, andignoretheenfeebledmass”areseek-
concerned, along with inter-PACS connectivity and their engagement with Survey (HCES), which some say shows appropriate. What does not change is even the 4.1 million new cars sold in this ingshort-sightedsafety.Whenmassmar-
exaggerated improvement in the past the modest expenditure levels vis-a-vis countryaremostlyboughtbytherichest kets start growing again, will they have
the local and higher levels of the government. To augment their capacity, the
10 years, while others are appalled by mostothermarkets.Whileweawaitdata 10 per cent of households with some irrevocably conceded space to the ever-
central government allocated ~2,516 crore for computerisation of 63,000 func- how small the numbers are. Yet others on household characteristics by month- spillover into the next 10 per cent. improving band of small local players?
tional PACS. While ~1.25 trillion is expected to be spent on the grain storage are celebrating the evolution of the con- ly per capita consumption expenditure Finally, let’s address the ongoing dis-
plan, involving the convergence of different schemes, it will require careful sumption story given the sharp decline (MPCE) class, using Kantar data the 4 cussion on why mass market consump- Thewriterisabusinessadvisorintheareaof
implementation across diverse regions with different requirements to attain in share of food in expenditure. million urban and 0.4 million rural tion has done badly. The answer is obvi- customer-basedbusinessstrategy.Her
the intended goals. Let’s start with the “so what” of households having car, air conditioners ous if one is truthful about occupation forthcomingbookistitledLilliputLand:How
HCES for business. Yet again, there is and laptops/PC probably fall into L5, realities in India (skills, education, pre- smallisdrivingIndia’smegaconsumption
evidence of modest incomes — the and the 114 million households, equally dictable jobs versus own account work- story; www.ramabijapurkar.com

Growing roses in concrete
often single-parent families, who lived
in neighbourhoods plagued by drugs,
violence, and crime. But Ashley saw
potential where others only saw
hopelessness.
Atthe1991NationalJuniorHigh
BOOK REVIEW ChessChampionship,theRagingRooks
(asAshley’swardschristened
SANJAY KUMAR SINGH themselves)facedoffagainstteamsfrom
prestigiousprivateschools.The
scored big checkmates. Then their
captain, after a prolonged battle, beat
Dalton’s top player, allowing them to tie
for first place. This rise from novices to
national champions in just two years
demonstrated the potential that was
waiting to be tapped in these kids
from Harlem.
Adam Grant, a Wharton School
professor and an organisational
far are rarely freaks of nature; they are
usually freaks of nurture. One cannot tell
where people will land based on where
they begin. With the right opportunity
and motivation, people can build on
skills that are not immediately apparent.
Neglecting the impact of nurture,
according to him, has dire
consequences. It
leads us to
underestimate the
range of talents we
can cultivate. It also
turns us into people
sections. In the first, the author
explores the character skills that must
be cultivated to scale great heights. He
lists four: Being proactive, prosocial
by people with disabilities. The other
covers the journey of an engineer from
an impoverished family of migrant
farm workers who became a Nasa
(the ability to collaborate), disciplined astronaut after applying and being
and determined. rejected for 15 years.
In the second, the author tackles the A story from India (that doesn’t find
issue of sustaining motivation by a place in this book but could well have)
converting practice is of the Dakshana Foundation funded
HIDDEN POTENTIAL: into play. by US-based money manager Mohnish
The Science of The third section Pabrai. The foundation admits bright
Achieving Greater is about installing students from economically
Things systems that create underprivileged families and prepares
Author: Adam opportunity. them for engineering and medical

M
aurice Ashley, a chess master
in his mid-20s whose family
had emigrated recently from
Jamaica to the United States, was on a
mission to shatter the stereotype that
darker-skinned kids lacked
intelligence. Ashley’s personal
struggles had convinced him that the
underachievement of these youths
stemmed more from an absence of
opportunities rather than from a
lack of talent.
Ashley began to teach chess at JHS
43, a public middle school in Harlem.
Most of his students belonged to poor,
defendingchampionwasDaltonofNew
YorkCity,whichhadwonthreenational
titles.Atthiseliteschool,chesswastaught
rightfromkindergarten.Themost
talentedstudentsreceivedlessonsfrom
oneofthecountry’sfinestchessteachers.
Bythetimeofthechampionship,they
hadadecadeoftrainingandyearsof
tournamentexperienceundertheirbelts.
TheRagingRookshadonlybeen
introducedtochessinthesixthgrade.
The Raging Rooks started strong but
faltered in the penultimate round.
In the final round, however, they got
their act together. Two of their players
psychologist, tackles this very theme in
his latest book—how hidden potential
can be recognised and unlocked.
Popular belief has it that greatness is
mostly born, not made. Our society is
obsessed with innate talent, making the
facile assumption that the people who
show the most promise early on are the
ones who will go the farthest.
Mr Grant believes this obsession
with natural talent causes us to miss out
on vast reservoirs of potential. For every
Mozart, a child prodigy, there is a Bach,
a late bloomer.
He asserts that most people who go
who prematurely
shut the door
on others.
The author’s
interest in the subject
arose out of his own
experiences. He says
his most meaningful accomplishments
have come in areas — diving and public
speaking — where he started with a
glaring talent deficit. If, he says, he had
judged his potential by his initial
failures, he would have given up far
too early.
The book is divided into three
Grant Currently, society entrance exams, with high success
Publisher: WH closes the doors first rates — truly a story of growing
Allen on those who face roses in concrete.
Pages: 304 the greatest In today’s intensely competitive
Price: ~543 obstacles. In this world, with everyone jostling to get
part, the author ahead, where time, energy and
delves into how attention are in short supply, the
schools, teams, and institutions should propensity to arrive at snap judgements
be designed to nurture potential. He about others has become alarmingly
also points out flaws in selection high. This book sensitises one to the
processes that need to be fixed. need to offer people a second chance. It
The book combines rigorous calls for a more empathetic and
research with inspirational case studies. nurturing approach to leadership rather
Two in particular merit mention. One is than the slash-and-burn style that is
of a call centre in Israel staffed entirely lamentably all too common today.
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MUMBAI | THURSDAY, 29 FEBRUARY 2024 13 <

PUBLIC NOTICE
ALIBAG BRANCH
GOLD AUCTION
PYAR ALI CO-OPERATIVE HOUSING SOCIETY LTD.
18 & 818K, Balaji Naka,Tilak Road, P.B.NO.11, Notice is hereby given to the public in general and the account holders in Regn No. MUM-2/WL/HSG/TC/8771/2002-2003, Dated- 02/09/2002
Alibaug- 402201, Maharashtra
particular that e-auction of the pledged gold ornaments in the below CTS No. 641, 200/D, Pipe Road, Kurla (W) Mumbai - 400070.
mentioned account/s will be conducted by Federal Bank Ltd., on 15/03/2024 DEEMED CONVEYANCE PUBLIC NOTICE
APPENDIX-IV [SEE RULE-8(1)] POSSESSION NOTICE (FOR IMMOVABLE PROPERTY)
through online portal, https://gold.samil.in. Interested buyers may log on to
Whereas the auction portal or contact the Bank at Vasai Road (West) Branch for further (Application No. 17/2024)
The undersigned being the authorized officer of the Bank Of India, Alibag Branch information. In case e -auction is not materialised for any reason on the date Notice is hereby given that the above Society has applied to this office under Section
under the Securitization and Reconstruction of Financial Assets and Enforcement of 11 of Maharashtra Ownership Flats (Regulation of the promotion of construction sale,
mentioned above, with respect any or all items of the pledged ornaments,
Security Interest Act, 2002 and in exercise of powers conferred under Section 13(12) management & Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance
Bank shall be conducting private sale of the items on any subsequent date/s
read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand
without further notice. of the following properties. The next hearing in this matter has been kept before me on
notice dated 17-07-2023 calling upon the borrower Shri Parag Eknath Thakur to
11/03/2024 at 3:00 pm at the office of this authority.
repay the amount mentioned in the notice being Rs. 18,38,276.44 + overdue interest Branch Name Loan Account Number
Respondent No.- 1) Mr. Dost Mohammed Pyar Ali 2) Mr. Mohammed Ali Pyar Ali
from 30.04.2021 (in words Eighteen Lakh Thirty Eight Thousand Two Hundred and Vasai Road Branch 15446100076239 3) Mr. Hussair Ali Pyar Ali 4) Mr. Anwar Ali Pyar Ali 5) Mr. Abbas Ali Pyar Ali, Pyar
Seventy Six and Forty Four Paise plus overdue interest from 30.04.2021) within 60 Vasai Road Branch 15446100071958
days from the date of receipt of the said notice.
Ali CHS Ltd., 200/D, Pipe Road, Kurla (W.), Mumbai-400070 and those, whose interests
Vasai Road Branch 15446100073905 have been vested in the said property may submit their say at the time of hearing at the
The borrower having failed to repay the amount, notice is hereby given to the Vasai Road Branch 15446400010490 venue mentioned below. Failure to submit any say shall be presumed that nobody has any
borrower and the public in general that the undersigned has taken possession of the Vasai Road Branch 15446400010524 objection in this regard and further action will be taken accordingly.
property described herein below in exercise of powers conferred on him under sub-
section (4) of section 13 of Act read with rule 8 of the Security Interest Enforcement)
Vasai Road Branch 15446100072782 DESCRIPTION OF THE PROPERTY :-
Rules, 2002 on this the 27th day of February of the year 2024. Place: Vasai Road Sd/- Building of Pyar Ali Co-operative Housing Society Ltd. along with land as mention below.
The borrower in particular and the public in general is hereby cautioned not to deal
Date: 29/02/2024 Authorised Officer Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area
with the property and any dealings with the property will be subject to the charge of For The Federal Bank Ltd.
-- -- -- 641 504.60 Sq. Mtrs.
the Bank of India for an amount Rs. 18,38,276.44 and interest thereon. FEDERAL BANK
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the YOUR PERFECT BANKING PARTNER Ref. No. MUM/DDR(2)/Notice/467/2024
Act, in respect of time available, to redeem the secured assets. Place : Konkan Bhavan,
Description of immovable property Competent Authority & District Dy. Registrar,
Co-operative Societies (2), East Suburban, Mumbai Sd/-
All that part and parcel of the property consisting of Residential Flat No. 1003 10th (NITIN DAHIBHATE)
Room No. 201, Konkan Bhavan,
Floor Building No 15 Type B Phase II Haware CITI - Vadavali Thane Dist Thane
Admeasuring 240 Sq.ft Carpet area in the name of Parag Eknath Thakur.
C.B.D. Belapur, Navi Mumbai-400614. SEAL For Competent Authority & District
Date : 27/02/2024 Tel.: 022-27574965 Dy. Registrar Co.op. Societies (2),
Bounded; Email : ddr2coopmumbai@gmail.com
On the North by: Property belonging to M/s Umti Developers and Boundary of Mauje
East Suburban, Mumbai
Owale; On the South by: Property belonging to Shri Swami Samarth Developers and
boundary of Mauje Borivade; On the East by: Property belonging to New Shri Swami
Samarth Developers and boundary of Mauje Borivade; On the West by: By Survey No.
121, Forest Department and boundary of Mauje Borivade.
sd/-
Date: 27/02/2024 (Authorised Oficer)
Place: Thane Bank of India

SANGAVE BRANCH
Taluka- Kankavali, Dis- Sindhudurg.
Phone: 02366-262233 /262358.
Email: Sangave.Ratnagiri@bankoindia.co.in
POSSESSION NOTICE [Rule 8 (1)]
(For immovable property)
Date: 27.02.2024
Whereas,
The undersigned being the Authorised Oicer of Bank of India under
the Securiisaion and Reconstrucion of Financial Asset and Enforcement
of Security Interest Act, 2002 and in exercise of powers conferred under
secion 13(12) read with rule 3 of the Security Interest (Enforcement) Rules,
2002 issued demand noice dated: 13.09.2022 calling upon the Borrower/
Mortgagor Mr. Vijay Ganpat Ghadigaonkar to repay the amount menioned
in the noices aggregaing Rs. 5,86,777.82/- (Rupees Five Lakh Eighty Six
Thousand Seven Hundred Seventy Seven and Eighty Two Paisa Only) plus
further interest & Other Charges thereon from 27.05.2019 within 60 days
from the date of receipt of said noice.
The Borrower having failed to repay the amount, noice is hereby given to
the Borrower and the public in general that the undersigned has taken Physical
Possession of the property described herein below under Secion 13(4) of
the said Act read with rule 8 of the said rules on the 27th day of February
2024, pursuant to order passed by the District Magistrate, Sindhudurg under
secion 14(2) of the SARFAESI Act 2002 in Order No.14/2023 on 18.12.2023.
The Borrower secured debtor in paricular and the public in general
is hereby cauioned not to deal with the property and any dealings with
property will be subject to the charge of the Bank of India Sangave Branch
for an amount of Rs. 5,86,777.82/- (Rupees Five Lakh Eighty Six Thousand
Seven Hundred Seventy Seven and Eighty Two Paisa Only) plus further
interest & Other Charges thereon from 27.05.2019 within 60 days from the
date of receipt of said noice.
The borrower’s atenion is invited to the provisions of sub- secion (8) of
secion 13 of the SARFAESI Act, in respect of ime available, to redeem the
secured assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
All that peace and parcel of Flat No. 21, Grampanchayat Kalmath House No.
1563 A15, (Ground +2) Second Floor, Parashuram Apartments, Situated on
land Survey No. 138 Hissa No. 3A+6B, At- Shikshak Colony, Kalmath, Tal-
kankavali, Dist- Sindhudurg, Maharashtra, Area- 510 Sq. Ft. (47.40 Sq.Mtrs.),
Owned by Mr. Vijay Ganpat Ghadigaonkar (Borrower/ Mortgagor).
Boundaries by Flat;
East: Flat of Mr. Thakur/ Flat of Mr. Narkar is present
West: The wall of said flat
North: Open Space
South: Open Space Sd/-
Date: 27.02.2024 Authorised Oicer
Place: Shikshak Colony, Tal- Kankavali. Bank of India

SOBHAGYA MERCANTILE LIMITED

CIN: L45100MH1983PLC031671
Registered Office - B-61, Floor 6, Plot No. 210, B-Wing, Mittal Tower, Free
Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India
Contact Details: - Phone - 022-22882125
email - sobhagyamercantile9@gmail.com website: www.sobhagyaltd.com
NOTICE OF POSTAL BALLOT AND REMOTE E-VOTING INFORMATION TO MEMBERS
NOTICE is hereby given pursuant to Section 110 read with Section 108 and other
applicable provisions, if any, of the Companies Act, 2013, (“Act”) (including any
statutory modification(s) or re-enactment(s) thereof for the time being in force)
read with Rule 20 and Rule 22 of the Companies (Management and Administration)
Rules, 2014, (including any statutory modification(s) or re-enactment(s) thereof
for the time being in force) (“Rules”), Regulation 44 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”),
in compliance with the General Circular Nos 14/2020 dated April 08, 2020, 17/
2020 dated April 13, 2020, 20/2020 dated May 5, 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 08, 2021, 03/
2022 dated May 05, 2022 and 11/2022 dated December 28, 2022 and 09/2023
dated September 25, 2023 issued by the Ministry of Corporate Affairs, Government
of India (“MCA Circulars”), any circular issued by the Securities and Exchange
Board of India (“SEBI Circulars”) and Secretarial Standard on General Meetings
(“SS-2”) issued by the Institute of Company Secretaries of India, as amended
from time to time and any other applicable law, rules and regulations (including
any statutory modification(s) or re-enactment(s) thereof for the time being in
force), for seeking the approval of the Members of Sobhagya Mercantile Limited
(“The Company”) to transact the Special Business as set out in the Postal Ballot
Notice dated 27th February, 2024 (“Notice”), by passing Ordinary Resolution/
Special Resolution, as applicable, through postal ballot, only by way of remote e-
voting process.
In compliance with the MCA Circulars and the SEBI Circulars, Postal Ballot Notice
was sent through electronic mode on Wednesday, 28th February, 2024 to those
members whose email addresses are registered either with the Company or the
Register & Share Transfer Agent (“RTA”) of the Company (Purva Sharegistry (I)
Private Limited) or their respective Depository Participants as on the Cut-off date
i.e. Friday, 23rd February, 2024.
A Copy of the Postal Ballot Notice is also available on the website of the Company
at www.sobhagyaltd.com websites of the Stock Exchange i.e. BSE Limited at
www.bseindia.com and the website of the remote e-voting service providing
agency viz. National Securities Depositor y Limited (“NSDL”) at
www.evoting.nsdl.com. The members who did not receive the Notice may
download the same from the above-mentioned websites.
The remote e-voting period will commence on Thursday, 29th February, 2024 at
10:00 a.m. (IST) and will end on Friday, 29th March, 2024, at 5.00 p.m. (IST).
The remote e-voting module shall be disabled by the NSDL for voting thereafter.
The communication of the assent or dissent of the members eligible to vote is
restricted only to remote e-voting i.e. by casting their votes electronically.
The members holding equity shares as on Friday, 23 rd February, 2024 (“Cut-off
Date”), shall only be entitled to vote through remote e-voting process in relation
to the resolution as specified in the Notice.
The members holding shares in dematerialized mode are requested to register /
update their KYC details including email address with their respective depository.
The members holding shares in physical form are requested to register / update
their KYC details including email address by submitting duly filled and signed
form ISR-1 to RTA of the Company.
The results of the e-voting will be announced on or before 1st April, 2024 and
along with the Scrutinizer’s report will be hosted on the Company’s website at
www.sobhagyaltd.com and website of the Stock Exchange at www.bseindia.com
In case of any queries or issues regarding e-voting you can write an email to
evoting@nsdl.co.in or contact on toll free no.: 1800 1020 990/1800 224 430.
For and on Behalf of the Board of Directors of
Sobhagya Mercantile Limited
Sd/-
Place: Nagpur Shrikant Bhangdiya
Date: 27/02/2024 Managing Director
(DIN: 02628216)
14
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MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

ALIBAG BRANCH
18 & 818K, Balaji Naka,Tilak Road, P.B.NO.11, (Regd. Office PSEB Head Office, The Mall Patiala-147001)
Alibaug- 402201, Maharashtra Corporate Identification Number (CIN): U40109PB2010SGC033813
Website: www.pspcl.in (Contact number 96461 47777)
APPENDIX-IV [SEE RULE-8(1)] POSSESSION NOTICE (FOR IMMOVABLE PROPERTY)
TENDER ENQUIRY No TSQ-1147 / RDSS
Whereas
The undersigned being the authorized oficer of the Bank Of India under the Dy. CE/TL(Design), PSPCL, Patiala invites E-tender for 7 Nos. Packages under
Securitization and Reconstruction of Financial Assets and Enforcement of Security RDSS on Full Turnkey Basis work related to 66kV Sub-Stations and 66kV transmission
Interest Act, 2002 and in exercise of powers conferred under Section 13(12) read lines, as per PSPCL Specification No. TSQ-1147 / RDSS.
with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand
notice dated 19-07-2023 calling upon the borrower Shri Samir Yashwant Patil to For detailed NIT and Bidding Document, please refer to https://eproc.punjab.gov.in
repay the amount mentioned in the notice being Rs.44,44,227.01 + overdue interest from 28.02.2024 (11.00 AM onwards).
from 25.03.2021 (in words Forty-Four Lakh Forty four Thousand Two Hundred Corrigendum Of Statutory 30 days
Twenty Seven and One Paise plus overdue interest from 25.03.2021) within 60 days Note:- Corrigendum and addendum, if any will be published online at sale notice Published On
from the date of receipt of the said notice. https://eproc.punjab.gov.in 23.02.2024
The borrower having failed to repay the amount, notice is hereby given to the Pursuant to the Statutory 30 days sale
borrower and the public in general that the undersigned has taken possession of the 76155/12/2762/2023/32973 C170/24
notice published on 23.02.2024 in Business
property described herein below in exercise of powers conferred on him under sub-
Standard Of Mr.Maqsood Usman Kazi the
section (4) of section 13 of Act read with rule 8 of the Security Interest Enforcement)
Rules, 2002 on this the 27th day of February of the year 2024. date of Physical Possession is wrongly
The borrower in particular and the public in general is hereby cautioned not to deal mentioned as 14.03.2024 instead of
with the property and any dealings with the property will be subject to the charge of
14.02.2024.
the Bank of India for an amount Rs.44,44,227.01 and interest thereon.
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Therefore correct Date of Possession
Act, in respect of time available, to redeem the secured assets. shall be read as 14.02.2024.
Description of immovable property Place : Mumbai
All that part and parcel of the property consisting of Residential Flat No.A 1203, Date : 29.02.2024 S/d
12th floor, A Wing, Asian Galaxy Building, situated on plot no.204, sector 10,
Authorised Officer
Vill-Kopra, Kharghar, Navi Mumbai, Maharashtra in the name of Mr. Samir
Kokan Mer.Co-op Bank Limited,
Yashwant Patil.
Bounded;
On the North by : 11 mtr. Road
On the South by : plot no.217
On the East by : plot no.205
On the West by : 11 mtr. Road
sd/-
Date: 27/02/2024 (Authorised Oficer)
Place: Kharghar Bank of India

KHALAPUR BRANCH
Akalpita, At & Post Khalapur, Tal.: Khalapur, Dist.: Raigad
Maharashtra - 410202.

APPENDIX-IV [SEE RULE-8(1)] POSSESSION NOTICE (FOR IMMOVABLE PROPERTY) PUBLIC NOTICE
Whereas IN THE BOMBAY CITY CIVIL COURT AT BOMBAY
The undersigned being the authorized officer of the Bank of India under the MENTAL HEALTH PETITION NO. 29 OF 2024
Securitization and Reconstruction of Financial Assets and Enforcement of Security
IN THE MATTER OF RIGHTS OF PERSON
Interest Act, 2002 and in exercise of powers conferred under Section 13(12) read WITH DISABILITIES ACT, 2016 AND
with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand In the matter of appointment of Guardian of person,
notice dated 03-11-2023 calling upon the borrower Mr. Altaf Shabbir Ahmed Shaikh Fixed Deposit & P.P.F. Loan Accounts of secured
to repay the amount mentioned in the notice being Rs.1047349.11/- (in words Ten And unsecured creditors and Debtors, L.I.C. s
Lakh Forty Seven Thousand three Hundred forty nine and eleven paisa) plus interest Account Of Mentally ill/ disabled person
within 60 days from the date of receipt of the said notice.
SHERIFF’S NOTICE Of MR. PARAS NARENDRA MEHTA.
The borrower having failed to repay the amount, notice is hereby given to the 1. MS. VIRAJ NARENDRA MEHTA, )
borrower and the public in general that the undersigned has taken possession of the
AUCTION SALE OF
MOVEABLE PROPERTY Hindu, Indian Inhabitant, Occupation : )
property described herein below in exercise of powers conferred on him under sub- Business, Aged 43 years, residing at : 19, )
section (4) of section 13 of Act read with rule 8 of the Security Interest Enforcement) Pursuant to the Warrant for A- G Bell Marg, Near Malbar Hill Telephone )
Rules, 2002 on this the 22nd day of February of the year 2024. Sale dated 27th October, 2023 Exchange, Malbar Hill, Mumbai – 400 006. )
The borrower in particular and the public in general is hereby cautioned not to deal issued by the I/C Registrar, City 2. MRS. NEHA PRANAY MEHTA, )
with the property and any dealings with the property will be subject to the charge of
Civil Court, Mumbai, in Execution Hindu, Indian Inhabitant, Occupation : )
the Bank of India for an amount Rs.1047349.11/- and interest thereon. Housewife, Aged 44 years, residing at:12- B, )
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the
Application No.488/2022 in IL- Pala220, Little Gibbs Road, Near Hanging )
Act, in respect of time available, to redeem the secured assets. Commercial Summary Suit Garden, Malbar Hill, Mumbai – 400 006. ) .... PETITIONER
Description of immovable property No.377 of 2022 (Nityanandam NOTICE is hereby given that the Petitioners abovenamed has iled
All that part and parcel of the property consisting of Flat No. 7, 1st Floor, HSM Damodar Talla, Org. Plaintiff the above mentioned Petition for being appointed as the guardian of
Complex, Building No. 3, in CS NO. 2148, Plot No. 1 & 2 in SNo. 26A H NO 2 Vs. Mohan Hanumantu Padma, person and manage of property of the said MR. PARAS NARENDRA
situated at Shil Phata, Behind Shil Phata Masjid, PO. Khopoli, Dist. Raigad MEHTA, who is permanently physically enfeebled and mentally disabled
Org. Defendant), the Sheriff of and that he is not capable of taking care of himself and managing his
Bounded; Mumbai will sell the moveable properties and appoint MS. VIRAJ NARENDRA MEHTA & MRS. NEHA
On or towards North by Property of shilphata masjit
properties i.e. One Sofa, On A/C PRANAY MEHTA as a Guardian of the property and person of MR.
On towards South by Internal Road PARAS NARENDRA MEHTA. Any party having any objection thereto
On or towards East by Masjid shilphata by LG, One Fridge by Samsung,
should inform to undersigned in writing before the Hon'ble Judge Shri. A.
On the West by Plot no.3 & 4, S no.26/A One TV by Samsung etc. P. Kanade in Court Room No. 02 on or before 19th March, 2024 at 11.00
sd/- belonging to and in possession a.m. with reason justifying the same after which such objections, if any
Date: 22/02/2024 (Authorised Oficer) of the Defendant abovenamed be deemed to have been waived.
Place: Khalapur Bank of India Given under my hand and the seal of this Hon'ble Court.
at his place of residence situated
Dated this 20th day of Feb, 2024.
at Room No.7, Building No.62,
Dharingra, Kamathipura 2nd Sd/-
Deputy Registrar.
Lane, Near Shanti Bhuvan Hotel, Sd/- SEAL City Civil Court,
Manaji Rajuji Road, Nagpada, Sealer Mumbai.
Mumbai - 400 008 on 13th
March, 2024 at 12.00 noon.
Payment Terms: Cash PUBLIC NOTICE
Dated this 23rd day of February, IN THE BOMBAY CITY CIVIL COURT AT BOMBAY
2024 MENTAL HEALTH PETITION NO. 30 OF 2024
Sd/- IN THE MATTER OF RIGHTS OF PERSON
Durgadas S. Choudhari WITH DISABILITIES ACT, 2016 AND
Deputy Sheriff of Mumbai In the matter of appointment of Guardian of person,
Fixed Deposit & P.P.F. Loan Accounts of secured
And unsecured creditors and Debtors, L.I.C. s
Account Of Mentally ill/ disabled person
(Loss of Memory and Severe Alzheimer)
Recovery Officer Of MR. NARENDRA MAFATIAL MEHTA.
Co-operative Department,Govt .of Maharashtra 1. MS. VIRAJ NARENDRA MEHTA, )
C/o The Sarvodaya Co-op.Bank Ltd., Mumbai Hindu, Indian Inhabitant, Occupation : )
Shop 1 & 2, Crosswind Chs Ltd., B-Wing, J. M. Road, Draksha Baug,Bhandup (W), Business, Aged 43 years, residing at : 19, )
Mumbai 400078. Telephone No: 022-68252222 A- G Bell Marg, Near Malbar Hill Telephone )
Exchange, Malbar Hill, Mumbai – 400 006. )
FORM Z 2. MRS. NEHA PRANAY MEHTA, )
(See sub-rule {11(d-)} of rule 107) Hindu, Indian Inhabitant, Occupation : )
Possession Notice for Immovable property Housewife, Aged 44 years, residing at:12- B, )
Whereas the undersigned being the Recovery officer of the The Sarvodaya Co Op Bank Ltd Navi Mumbai Municipal Corporation IL- Pala220, Little Gibbs Road, Near Hanging )
Garden, Malbar Hill, Mumbai – 400 006. ) .... PETITIONER
Mumbai under the Maharashtra Co Operative Societies Rules, 1961 issued a demand notice
NOTICE is hereby given that the Petitioners abovenamed has iled
dated 17/06/2019 calling upon the judgment debtor.Shri Mr. Radhakishan Badrinarayan the above mentioned Petition for being appointed as the guardian of
%ity Engineer Department
Zanwar (Gaurantor) to repay the amount mentioned in the notice being Rs.7,85,656 /- person and manage of property of the said MR. NARENDRA MAFATIAL
(Rupees Seven Lakh Eighty Five Thousand Six Hundred Fifty Six only) with date of !"#
!"#Tender Notice No. NMM%/%.E./513/2023-2024 MEHTA, who is permanently physically enfeebled and mentally disabled
receipt of the said notice and the judgment debtor having failed to repay the amount, the Name of work :- Replacement of Machinery for CAAQMS and and that he is not capable of taking care of himself and managing his
undersigned has issued a notice for attachment dated :-08/02/2024 and attached the property properties and appoint MS. VIRAJ NARENDRA MEHTA & MRS. NEHA
comprehensive operation & Maintenance of CAAQMS at Turbhe PRANAY MEHTA as a Guardian of the property and person of MR.
described herein below. NARENDRA MAFATIAL MEHTA. Any party having any objection
Landfill site.
The judgment debtor having failed to repay the amount notice is hereby given to the judgment thereto should inform to undersigned in writing before the Hon'ble Judge
debtor and the public in general that the undersigned has taken possession of the property
.Estimated %ost (Rs.) 1,73,82,923/- Shri. A. P. Kanade in Court Room No. 02 on or before 19th March, 2024
described herein below in exercise of powers conferred on him under rule 107{11(d-)}of the ReTender booklets will be available on e-tendering at 11.00 a.m. with reason justifying the same after which such objections,
Maharashtra Co Operative Societies Rules 1961 on this 27 th Day of Feb of the year 2024. computer system at https://mahatender.gov.in and at if any be deemed to have been waived.
https://mahatender.gov.in website of NMM% on dt Given under my hand and the seal of this Hon'ble Court.
The judgment debtor in particular and the public in general is hereby cautioned not to deal with Dated this 20th day of Feb, 2024.
the property and any dealings with the property will be subject to the charge of the The 29/02/2024. The tender is to be submitted online at Sd/-
Sarvodaya Co Op Bank Ltd Mumbai, for an amount dated 27.02 .2024 of Rs. 11,16,793/- https://mahatenders.gov.in. For any technical difficulties in Deputy Registrar.
SEAL
(Eleven lakhs Sixteen Thousand Seven hundered Nintey Three only) and further interest the e-tendering process, please contact the help desk Sd/- City Civil Court,
thereon. Sealer Mumbai.
number given on this website.
Descripation of the Immovable property
The right to accept or reject any Retender is reserved
Parijat CHS Ltd Building No.67/3214, Pokharan road no. 1, Vartak Nagar, Thane-400006.
All that part and parcel of the property consisting of Survey No.____ ,CTS NO.___, Flat No-
by the Hon'ble %ommissioner of Navi Mumbai Municipal
403,4th Parijat CHS Ltd Building No.67/3214, Pokharan Road no. 1, Vartak Nagar, Thane- %orporation $%&'(#
400006.Within the Registration Tahsil -:Thane and District- Thane. %ity Engineer
Date:- 27 /02 /2024 Recovery Officer , )**+ ,! -./ '01(2342(5453 Navi Mumbai Municipal %orporation
Place: Thane Under Maharashtra Co-op.Societies Act
1960 & Rule 107 Of Rule 1961
The Sarvodaya Co op Bank Ltd Mumbai
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Competent Authority,
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) U/s 5A of the Maharashtra Ownership Flats Act, 1963.
District Deputy Registrar, Co-operative Societies, Mumbai City (3) Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
Competent Authority, No.DDR-3/Mum./ Deemed Conveyance/Notice/672/2024 Date: - 27/02/2024
U/s 5A of the Maharashtra Ownership Flats Act, 1963. Application u/s 11 of Maharashtra Ownership Flats
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051. (Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
No.DDR-3/Mum./ Deemed Conveyance/Notice/677/2024 Date: - 27/02/2024 Public Notice
Application u/s 11 of Maharashtra Ownership Flats Application No. 30 of 2024
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963 Hawa Co-op. Hsg. Soc. Ltd., Survey No. 57, CTS No. 13/38/3, Opp. Holy Spirit Hospital,
Public Notice Mahakali Caves Road, Andheri East, Mumbai- 400 093. ....Applicant/s Versus 1) M/S
Jehangir Builders A Partnership Firm Promoters/Developers Through its Partner Mr.
Application No. 20 of 2024 Allimohamed Abdullah,C/o, Lucky Sand Agency, Mahakali Caves Road, Andheri (East),
The Shivam Co-op. Hsg. Soc. Ltd., Plot no. 96, Jayprakash Road, Andheri West, Mumbai. Mumbay- 400 093. 2) Khurshid Jahan Mohd. Shai Alias Ms. Khurshid Jahan Begum
....Applicant Versus. (1) M/s. Western Construction (Builder / Developer) Office no. 802, Mohd. Shai (Deceased) 3) Mr.Sayyed Mohammad Mirjaffar Alias Sayyed Mohammad
Sharda Chambers 15, New Marine Lines, Mumbai-400020 (2) Dr. Paresh Laboratories (3) Muzaffar al Hassan 4) Mr. Sayyed Mohammad Nazir Alias Mr. Nazir Hussain 5) Mr.
Paresh Chine Laboratories (4) Andheri Badami Coal Factory (5) Soma Barku Gawad (6) Sayyed Mohammad Akbar Alias Mr. Mohd Akbar Hussain 6) Ms. Mumtaz Alias Mumtaz
Dinubhai Desai (Imla Malak) Opp. No. 2to 6 having last known address at Village Ambivali, Mohd Shai 7) Ms. Mehernaaz Alias Sayyed Mehernaaz Mohd. Shai, 8) Mr. Sayyed
Taluka Andheri, Plot No. 96, Jayprakash Road, Andheri West, Mumbai 400058 (7) Smt. Mohammad Iqbal Alias Sayyed Mohd Iqbal Hussain All (2) to (8) having address at Room
Gunavantiben Vajilal Vora (8) Smt. Gunavantiben Vajilal Vora Shah, Opp. No.7 & 8 having NO. 3 & 4, Hermoine House 85,H.P. D' Mello Compound, Gawthane Lane No.1,Andheri
last known address) 17, Chandanbala, Walkeshwar, Mumbai- 400006 (9) Smt. Megal Nimish (West), Mumbai- 400 058. ....Opponents and those, whose interests have been vested in
Shah, Shalimar Apartment, 1st loor, Marine Lines, Mumbai 400020. ....Opponents and those, the said property may submit their say at the time of hearing at the venue mentioned above.
whose interests have been vested in the said property may submit their say at the time of Failure to submit any say shall he presumed that nobody has any objection to this regard and
hearing at the venue mentioned above. Failure to submit any say shall he presumed that further action will be taken accordingly.
nobody has any objection to this regard and further action will be taken accordingly.
Description of the Property, :-
Description of the Property, :-
Claimed Area
Claimed Area
Unilateral Deemed conveyance of land situate and being at Plot no. 96, Jayprakash Road, Competent Authority be pleased to issue a certiicate of entitlement of Unilateral Deed of
Andheri West, Mumbai - 400058, bearing CTS nos. 647, 647/1 to 6, 648, 648/1, 650, 651, Conveyance of all that piece or parcel of land and Property along with the building known
652, 654, 654/1 to 654/5, 661 and 662 area admeasuring 2145.57 sq. mtrs. (i.e. area as " Hawa Co-operative Housing Society Limited.," bearing Survey No. 57, Hissa No.5
mentioned in second schedule of order copy of SC Suit No. 6372 of 2000) of village - (part), earlier CTS No. 13/38 ( part), Plot No. 3, now CTS No. 13/38/3, of Village Mulgaon,
Ambivali in Andheri Taluka, in the Registration District of Mumbai Suburban District and Taluka Andheri, admeasuring 2017.00 Sq mtrs as per the property card situated and lying
further Shivam CHS. Ltd., is entitled for proportionate undivided right in FSI advantage being at Mahakali Caves Road, Andheri East, Mumbai- 400 093 Registration District and
in future if any on prorate basis as per FSI consumption as specially set out in (architect Sub-District of Mumbai City and Mumbai Suburban as the same falls within Jurisdiction of
certiicate and the property Registration Card) in favour of the applicant society. this Hon'ble Authority.
The hearing is ixed on 11/03/2024 at 3.00 p.m. The hearing is ixed on 11/03/2024 at 3.00 p.m.
Sd/- Sd/-
(Rajendra Veer) (Rajendra Veer)
District Deputy Registrar, District Deputy Registrar,
Co-operative Societies, Mumbai City (3) Co-operative Societies, Mumbai City (3)
Seal Competent Authority, Seal Competent Authority,
U/s 5A of the MOFA, 1963. U/s 5A of the MOFA, 1963.
.
MUMBAI | THURSDAY, 29 FEBRUARY 2024 15
<

DSPL-745
I&PR No. 14005/13/0061/2324
16
>
MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

ASIAN PAINTS LIMITED

Registered Office : 6A Shantinagar,Santacruz East, Mumbai, Maharashtra – 400055
NOTICE is hereby given that the certificate (s) for the under mentioned securities of the
Company has/have been lost/mislaid and the holder(s) of the said securities/applicant(s)
has/have applied to the Company to issue duplicate certificate(s). .
Any person who has a claim in respect of the said securities should ledge such claim with
the Company at its Registered Office within 15 days from this date, else the Company will
proceed to issue duplicate certificate(s) without further intimation.
Name(s) of holder(s) Kind of Securities No. of
(and jt. holder(s), if any Distinctive number(s)
and face value Securities
1. P ELIZABETH JOHN 6193371 - 6199500
2. P MARY JOHN Equity share of Rs. 1/- 6130
Sd/-
Place: Ernakulam P ELIZABETH JOHN
Date: 29/02/2024 P MARY JOHN

SALE NOTICE UNDER IBC, 2016

M/s. KONASEEMA GAS POWER LIMITED (KGPL) (In Liquidation) CIN: U40101TG1997PLC037013
Regd. Office: # Progressive Towers 6-2-913/914, Khairathabad, Hyderabad-500004, Telangana.
Bids are invited through e-auction platform https://nesl.co.in/auction-notices-under-ibc/ for sale of assets of KGPL forming
part of Liquidation Estate by Liquidator U/s. 35 (f) of IBC, 2016 reg. 33(1) of IBBI (Liquidation Process), Regulations 2016.
Lot SALE OF ASSETS OF KGPL SITUATED AT RAVULAPALEM, Reserve Incremental
EMD BID
No. Dr. B.R. AMBEDKAR KONASEEMA DIST (FORMER EAST GODAVARI DISTRICT), A.P. Price Amount
AS PER REGULATION 32 (a) to (d) (Rs.Cr)
(Rs. Cr) (Rs. Cr)
I 445 MW Natural Gas based Combined Cycle Power Plant (P&M) comprising
of 2 Gas Turbines (Siemens, V94.2)-139.44 MW each + 2 HRSG + 1 Steam
Turbine (LMZ, Russia) - 166.60 MW, Land around 128.16 Acres including 252.90 5 2
road and pipe area, Factory Buildings & all other equipment at plant site.
OR
II 445 MW Natural Gas based Combined Cycle Power Plant (P&M)
comprising of 2 Gas Turbines (Siemens, V94.2)-139.44 MW each + 2
121 5 1
HRSG + 1 Steam Turbine (LMZ, Russia) - 166.60 MW with factory
buildings and all other equipment at the plant site excluding land.
AND
III Land around 5.80 Acres Kotha Peta Village, abutting power plant land Sy
nos. 7/1, 6/2B, 6/3B, 7/4 Kotha Peta. and 36/2, Devarapalli village.
9.45 0.945 0.03
Last date for submission of EOI and EMD for all LOTS (I, II and III) 14-03-2023
Date of
e-Auction LOT-I & LOT-III 30-03-2024 01-04-2024
(10.00 AM to 4.00 PM) LOT-II (10.00 AM to 4.00 PM)
& Timing (With unlimited extension of 5 minutes each up to 7 pm for each Lot)
1. In the event of successful conclusion of E-auction for Lot-I on 30-03-2024 of KGPL, the E-auction
scheduled to be conducted for Lot-II on 01-04-2024 shall stand automatically cancelled/withdrawn
without any further notice and the EMDs submitted by the bidders for Lot II will be returned within 30 days
from the date of relevant e-Auction. The, E-Auction for LOT-III will however be conducted on 30-03-2024.
2. Interested applicants may refer relevant E-AUCTION PROCESS INFORMATION DOCUMENT (I) for Lot-I and
E-AUCTION PROCESS INFORMATION DOCUMENT (II) for Lot-II and E-AUCTION PROCESS
INFORMATION DOCUMENT (III) for Lot-III as the case may be, with terms and conditions of online E-Auction,
Bid form, Eligibility Criteria, Declaration by Bidders, EMD requirement etc., available at https://nesl.co.in/
auction-notices-under-ibc/, www.konaseemapower.com
3. Bid related documents shall be submitted through e-mail in the formats prescribed, followed by originals.
4. Interested applicant who has deposited EMD and requires assistance in creating login ID and password may
contact the Liquidator @ 9849039674 or his authorized representatives CS Sridhar @ 9246201960 /
Mr. K.Vijay @ 9491791079 or through email at liqkgp@gmail.com or Info@ksrfms.com .
5. Liquidator has the right to extend/ defer/ cancel and/or modify, delete any of the terms and conditions including
timelines of E-Auction at his discretion in the interest of Liquidation Process and has right to reject any bid
without any prior notice or assigning any reason whatsoever at any stage of the auction.
6. E-Auction shall be conducted on "AS IS WHERE IS'', "AS IS WHAT IS" "WHATEVER THERE IS'' and
"NO RECOURSE" basis only.
Date: 29-02-2024 Sd/- CA. SAI RAMESH KANUPARTHI (K S Ramesh), Liquidator
Place: Hyderabad (IBBI Reg No.: IBBI/IPA-001/IP-P00910/2017-2018/11510) Cell: 9849039674
(Authorisation for Assignment valid up to 07-12-2024)
Address for Correspondence: Plot 6-B, Road No.2, Banjara Hills, Hyderabad-500034.
.
MUMBAI | THURSDAY, 29 FEBRUARY 2024 TAKE TWO 17 <

ILLUSTRATION: BINAY SINHA

Devolution to all states as % of central taxes

as recommended by Finance Commissions
INDIVJAL DHASMANA 12th Finance 13th Finance 14th Finance 15th Finance 15th Finance Thisistheperiodafterformationofnew
New Delhi, 28 February Commission Commission Commission Commission Commission statesoutofthesetwo.
Jharkhand,carvedoutofBihar,sawits

T
(2005-06 to (2010-11 to (2015-16 to (2020-21) (2021-22 to
he16thFinanceCommission 2009-10) 2014-15) 2019-20) 2025-26) sharecomingdown,albeitabit,during
mayhavetograpplewiththe thisperiod(seechart). Theshareof
issueofaddressinggrievances 30.5 32 42 41 41 Uttarakhandfluctuatedduringthis
ofthesouthernstates,but, periodandcameto1.12percentinthe
contrarytowidespreadperception, Devolution to five southern states as % of total devolution secondreportofthe15thFinance
tweakingthepopulationparametermay Commission,whichwasthesameduring
notbetheidealwaytodoso.
as recommended by Finance Commissions the13thFinanceCommissionperiod.
Theshareofsouthernstates— 12th Finance 13th Finance 14th Finance 15th Finance 15th Finance However,itstoodlower,at0.94percent,
AndhraPradesh,Telangana,TamilNadu, Commission Commission Commission Commission Commission duringtheperiodofthe12thFinance
Karnataka,andKerala—camedownto (2005-06 to (2010-11 to (2015-16 to (2020-21) (2021-22 to Commission.
15.8percentintotaldevolutionofcentral 2009-10) 2014-15) 2019-20) 2025-26) Itisnotalwaysthecasethatthericher
taxestothestateswhenthe15thFinance statesgotsmallerproportionsof
Commissiongaveitsrecommendations Andhra Pradesh 7.36 6.94 4.3 4.11 4.05 devolutioninthe15thFinance
inthesecondpartofitsreportfor2021-22 Telangana 2.44 2.13 2.1 Commissionthanthe12th.Forinstance,
(FY22)toFY26from19.78percentduring Tamil Nadu 5.3 4.97 4.02 4.19 4.08 Maharashtra,Goa,andSikkimgothigher
theperiodofthe12thFinance devolutionsduringthisperiod.
Commission—FY06toFY10.Theshare Karnataka 4.46 4.33 4.71 3.65 3.65
waslowerthanthe16.02percentduring Kerala 2.66 2.34 2.5 1.94 1.92 New formula
FY21,theperiodofthefirstpartofthe15th All southern states 19.78 18.58 17.97 16.02 15.8 RajeevGowda,vice-chairmanoftheState
FinanceCommission’sreport. InstituteforTransformationof
Thefivesouthernstatesblamediton Devolution to states which have less per capita income than Karnataka,says the16thFinance
thepopulationparameter.The15th Commissionwouldliketocomeoutwith
national (~172,276) in 2022-23 (as % of total devolution)

RICH STATE,
FinanceCommission’stermsofreference aformulafordevolutionofCentraltaxes
askedittobasethepopulationparameter Bihar 11.03 10.92 9.66 10.06 10.06 tothestates.
onthe2011censusagainstthe1971used Uttar Pradesh 19.26 19.68 17.96 17.93 17.94 “Formulaecanbeverytrickybecause
bythepreviouscommissions.They oursisadiversenation.Tobalancethe
allegedthatthiswouldgoagainstthem Jharkhand 3.36 2.8 3.14 3.31 3.31 needsofeachstateisacomplicated

POOR STATE
sincetheycontrolledtheirpopulation Chhattisgarh 2.65 2.47 3.08 3.42 3.41 exercise,”hesays.
betterthanmanyotherstates.Toaddress Assam 3.23 3.63 3.31 3.13 3.13 Tosuggestmeasuresoneneedsa
thesewoes,the15thFinanceCommission competentformula.“Youneedtolookat
gaveweighttodemographic Madhya Pradesh 6.71 7.12 7.56 7.89 7.85 thelevelofdistrictstoo,whiledeciding
performance,meaningpopulation Manipur 0.36 0.41 0.64 0.76 0.77 devolutionbetweentheCentreandthe
control.TheCommissiongave15percent Meghalaya 0.37 0.41 0.64 0.76 0.77 states.Forexample,wehaveaveryhigh
weighttopopulationand12.5percentto percapitaincomeatthestatelevel.Itis
demographicperformance,thusnearly
neutralisingthebiasofthe2011census
Taxdevolutionshares,whichthreatentocreate Nagaland
Odisha
0.26
5.16
0.31
4.78
0.5
4.64
0.57
4.63
0.57
4.53
largelybecauseofrevenuesgeneratedby
Bengaluru,butsomeregionsare
againstthesouthernstates. anorth-southdivideamongstates,mayhave Rajasthan 5.61 5.85 5.49 5.98 6.03 extremelybackward,”Gowdapointsout.
The15thFinanceCommissionisnot Financecommissionsdolookat
theonlyonethatgaveweighttopopula- moretodowithpercapitaincome,andnotso Tripura 0.43 0.51 0.64 0.71 0.71
district-levelconditions,too,butthis
West Bengal 7.06 7.26 7.32 7.52 7.52
tiononthebasisofthe2011census;the
14thFinanceCommission,too,hadbased muchwithpopulation needsinnovativeformulaetoprovide
moreweighttobackwarddistricts.“We
thepopulationparametertothe1971cen- Some states which saw increase in devolution (as % of total) needtotweakformulaetoaddressthe
sus,ascitedabove,andgaveitaweightof Arunachal Pradesh 0.29 0.33 1.37 1.76 1.76 groundsituationswithinthestates,”he
17.5percent.However,ithadanother yardstickwouldbeachallengeforthe thepoorerstatesshouldnotgetahigher Sikkim 0.23 0.24 0.37 0.39 0.39 suggests.
parameter—demographicchange— 16thFinanceCommissionaswellas share,”saysRangarajan. TheCentrehasincreasinglyresorted
whichwasgiven10percentweight.Itwas futurecommissions.However,toblame Thememberofoneoftheprevious Goa 0.26 0.27 0.38 0.39 0.39 tocessandsurchargetobypassFinance
nothingbutaweighttopopulationin thedipintheshareofdevolutiontothe FinanceCommissions,citedabove, Maharashtra 5 5.2 5.52 6.13 6.32 Commissionrecommendationsinthe
termsofthe2011census. southernstatesonthe wondersaloud,“Ifabiggerchunkofthe Mizoram 0.23 0.27 0.46 0.51 0.5 pastdecadeortwo.Here,theshareof
The12thandthe13th populationparameteralone devolutiondoesnotgotothepoorer southernstateshoveredaround5.03-5.20
FinanceCommissioneach It is not always that wouldbebarkingupthe states,whatistheuseofthatmoney?” Punjab 1.3 1.39 1.58 1.78 1.81 percentinmostyears.However,theshare
gave25percentweightto richer states got a wrongtree. Rangarajancautionsthatpeopletend Source: Finance Commission reports wasmuchlowerthanwhatwouldhave
populationintermsofthe smaller proportion The12thFinanceComm- toforgetthatthemajorcriterionthatpulls accruedtothemhadtherebeennocess
1971census.Assuch,the in the 15th Finance ission’sChairman,CRanga- downthericherstatesisanincome criterionwouldmeanthestatewiththe instance,areahas15percentweight, andsurcharge.
referencetothe2011census Commission rajan,saysthisisnotanissue distancecriterion.Statesfartheraway highestpercapitaincome฀willnotget forestandecology10percent,andtax Thedivergencehasincreasedinre-
inthe15thFinanceComm- than the 12th. specifictosouthernstates, fromthetopmoststateintermsofper anythingoutofthe45-50percent effort2.5percentinthe15thFinance centtimes.Forinstance,theshareof
issionplayedjustaminor Maharashtra, Goa, andthatthericher-versus- capitaincomegethighersharesinterms devolutionintermsofthe14thand15th Commissionreports,besidespopulation, southernstatesintotaltaxesstoodat5.2
role.Thatrole,withtweaks, and Sikkim got poorerstatesmatters.Ahig- ofthiscriterion.Thisyardstickistheone FinanceCommissionreports,Rangarajan demographicperformanceandincome percentinFY11thoughitshouldhave
mayremain,sincethe higher devolutions hershareofthedivisiblepool tolookat,hesays. says.Hesuggeststhisiswheresome distancecriteria. been5.94percent,hadtherebeennocess
referencetothe2011census hasbeengoingtothepoorer Weightoftheincomedistance rethinkingisrequiredtotakecareofthe Forexample,theshareofUttar andsurcharge,accordingtoimplications
cannotberevertednow. statesinsuccessiveFinance criterionhoveredaround45-50per aspirationsofthericherstates. PradeshandBihar,thepooreststatesin ofthe13thFinanceCommissionreport.
Commissionperiods,hepointsout. centintherecommendationsofthe However,allpoorerstatesdidnotget termsofpercapitaincome,sawtheir Theshareisprojectedtocomedownto
Population challenge Onehastoseewhetherthisistheright FinanceCommissions. highersharesinCentraltaxesinthe sharesdippingwhenthe15thFinance 5.03percentinFY25intheBudgetEsti-
Aformermemberofoneoftheprevious approachornot,inprinciple.“In recentCommissioncomparedtothe Commissiongaveitsrecommendations mates, whileitshouldhavebeen6.48per
FinanceCommissionssays,onthecon- principle,Idon'tthinkanybodycanargue Income distance previousones,sincetheincomedistance inbothofitsreportsagainstthe12th centwithoutcessandsurcharge,accord-
ditionofanonymity,thatthepopulation thatinanyformofdistributionoffunds, Technicallyandtheoretically,this criterionisoneoftheparameters.For FinanceCommissionperiod(seechart). ingtothe15thFinanceCommission.

Geopolitical convergence
on terrestrial broadcasting
SHASHI SHEKHAR VEMPATI
On March 27, 2019, as India was heading
into general elections, a special address
to the nation by Prime Minister
Narendra Modi caught the attention of
geopolitical observers across the globe.
India had successfully tested an anti-sat-
ellite (ASAT) weapon as part of a pro-
gramme labelled “Mission Shakti” as a
deterrent against threats to our critical
satellite infrastructure.
It is interesting that five years on as we
head into the general elections once again,
anti-satellite technology has become the
focus of geopolitical conversations. The
vulnerability of satellites to geopolitical
conflicts raises a critical need for multiple
strategic technology alternatives for what
have become everyday applications from
geospatial positioning to broadcasting and
now even the Internet.
India’s technology trajectory over the
decades has been unique and distinctive
from most of the advanced West and per-
haps even China. In India, we have seen
tech evolution happen in leaps and
bounds where we have often skipped inter-
mediate steps of incremental evolution.
In the case of telephony, the leapfrog to
cellular phones has not only connected
more than a billion citizens but also paved
the way for one of the largest markets for
mobile devices in its scale. Similar has
been the trajectory of TV with the leapfrog
to satellite television that rendered the ter-
restrial broadcasting infrastructure redun-
dant and obsolete while paving the way
for one of the most competitive broadcast
media markets with over 800 satellite
channels. With some of the lowest price
points for mobile data in the world, India’s
leapfrog within the digital economy has
again been along a unique and distinctive
path not weighed down by legacy business
models, thus giving it the agility necessary
to introduce innovations at scale.
While the leapfrog strategy has enabled
India to rapidly develop its digital public
goods, it has also increased the depend-
ence of a sizeable part of the economy on
these goods, significantly necessitating the
need for a strategic fallback. Recent experi-
ences from global crises have reinforced
this need in a wide range of areas from hi-
tech supply chains to critical infrastructure satellites, making them vulnerable.
for communication. Underlying this common need for a ter-
As an example, the recently launched restrial fallback to satellites in the US and
satellite services such as Starlink that India is an emerging technology with foot-
enable satellite-based direct-to-mobile prints in both countries that is poised to
(D2M) connectivity for both telephony and play a crucial role. The National
the internet have emerged as a strategic Association of Broadcasters in the US, in
fallback to terrestrial broadband internet cooperation with government agencies, is
as was evident during the Russia-Ukraine evaluating the effectiveness of the latest
conflict. Similarly, during the general lock- version of the Advanced Television
downs of Covid-19 pandemic when Systems Committee’s standard for terres-
schools remained closed and teaching trial broadcasting (ATSC 3.0) to develop a
shifted to online classrooms, satellite- broadcast-based positioning system (BPS)
based free-to-air television through DD- as an alternative to GPS.
Free Dish in India played the role of a stra- At a conclave held on January 16 in
tegic fallback enabling students without New Delhi, by Indian Institute of
internet access to continue to receive edu- Technology Kanpur and others, four sec-
cation. Free-to-air satellite broadcasts have retary-level bureaucrats from the key min-
also played a crucial role as a strategic fall- istries of information and broadcasting,
back during periods of restricted internet telecom, electronics as well as science and
connectivity and mobile communications technology made a strong case for D2M
for reasons of maintaining law and order. broadcasting to reach citizens directly on
However, India’s reliance solely on sat- their mobile phones and other smart
ellites for broadcasting devices in the case of
is a point of strategic emergencies, disasters,
vulnerability. A similar and other situations critical
point of strategic vulner- to national interest. BPS
ability has also emerged uses a resilient portion of
in the area of geospatial the ATSC 3.0 data frame
positioning with almost that is received in deeper
all GPS applications indoor locations and pro-
being dependent on sat- vides precision timing to
ellites. Recognising the servers and devices in
need for a strategic fall- energy, communications,
back to satellite-based fintech (think UPI),
geospatial positioning is defence and other critical
a recent update to the sectors, and BPS becomes
list of critical emerging the primary source.
technologies by the These two develop-
United States govern- Both ATSC 3.0 for BPS ments within a span of a
ment. The update in the US and D2M month across the world’s
released by the White in India have the two largest democracies
House Office of Science potential to deliver point to a rare moment of
and Technology Policy communications of convergence on an emerg-
on February 12 outlines national importance ing technology conceived
technologies that are during crises in the US as ATSC 3.0 while
strategic to the US both and disasters being designed and devel-
from an innovation and oped in India as D2M, with
independent of
a national security scope for population-scale
standpoint. In the
satellite systems and applications in either
updated list that cellular telephony country. Critically, both
includes multiple tech- ATSC 3.0 for BPS in the US
nologies such as artifi- and D2M in India have the
cial intelligence and quantum information potential to deliver communications of
among others is an entry that should be of public and national importance during
strategic interest to India as well. crises and disasters independent of satel-
Positioning, navigation and timing have lite systems and cellular telephony.
been identified as critical emerging tech- Thanks to key reforms in public broad-
nologies in view of the strategic vulner- casting after 2014, when Prime Minister
ability of relying solely on satellite-based Modi first took office, today India is in a
systems. While the significance of posi- position to show the way to the rest of the
tioning and navigation as strategic tech- world on this critical emerging technology
nologies is well understood, the same is of immense geopolitical significance
not the case with timing. A range of critical marking a possible rebirth for terrestrial
industries, from power grids to trading broadcasting in the country.
platforms, rely on accurate timing to carry
out their operations and are dependent on The writer is former CEO, Prasar Bharti
18
>
MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

Philanthropy grows but rich Walmart, IIT

launch MSME
tech hub
more giving than super-rich



Walmart Global Tech (WGT)
has partnered with Indian
Institute of Technology Mad-
ILLUSTRATION: BINAY SINHA ras to establish the Walmart
SURAJEET DAS GUPTA
New Delhi, 28 February
LOOSENING PURSE STRINGS Center for Tech Excellence
aimed to empower micro,
Giving as a percentage Percentage of population small and medium enterpris-

I
ndia’s super-rich who boast busi-
nesses worth over ~1,000 crore tend
to give less to charity than the rich
with a net worth of ~5-1,000 crore,
according to a new report on trends in
philanthropy.
Among other findings about family
philanthropy is that women give a larger
share of their wealth than men; now
generation wealth creators (first gener-
ation of wealth creators) give more than
inter-generation funders (current gen-
eration of family philanthropists); and
professionals — generally C-suite exec-
utives in private companies —donate
more than business folk.
The “India Philanthropy Report
2024” by Bain & Company, in collabora-
tion with Dasra, released on Wednesday,
also found that donations from ultra-
high-net-worth individuals or UHNWIs
grew by a staggering 60 per cent in FY23
to reach ~6,850 crore.
The sharp rise was driven primarily
by significantly bigger contributions
from just two individuals: Azim Premji
and Shiv Nadar. Wipro’s Premji increa-
sed his contribution by ~1,000 crore
while HCL Technologies’ Shiv Nadar
augmented his by ~700 crore.
The overall net worth of UHNWIs
also went up by 15 per cent (excluding
the net worth of Premji and the Adanis)
in the same period.
While the figures seem eye-water-
ing, even the biggest Indian philanthro-
pists are far behind their global peers.
The contribution of Indian UHNWIs of
their total net worth is only 0.1 per cent,
compared with 0.6 per cent in China,
0.7 per cent in the UK and 1.6 per cent
in the US. While the number of UHNWI
philanthropists has grown from 100 in
FY22 to 120 in FY23, some have donated
only sporadically. Around 70 of them
have been consistent donors.
Now gen funder
Inter-gen funders
Women philanthropists
Male philanthropists
Professionals
Business owners
Source: India Philanthropy Report 2024
Moreover, high-net-worth individ-
uals or HNWIs with a net worth of ~200-
1,000 crore and affluent donors with a
net worth of ~7-200 crore donated much
more of their wealth — 0.7 per cent of
their net worth — than UHNWIs did.
This fact has prompted Bain & Com-
pany researchers to predict that HNWI
and affluent donor contributions for
altruistic causes would rise substanti-
ally from 22 per cent in FY23 to 35 per
cent in FY28 in consequence of their
numbers swelling to 1.7 million by then,
representing a cumulative net worth of
~460 trillion.
At a macro level, Indian private
funding ended FY23 with contributions
of wealth lower than 40 years
0.19 11
0.06 36
0.14 37
0.11 14
0.13 11
0.08 27
of ~1.21 trillion, growing by 10 per cent,
much faster than the average of 5 per
cent between FY18 and FY23.
A more detailed scrutiny across the
various segments shows that now gen-
eration funders donated 0.19 per cent
of their wealth as compared with inter-
generation funders who gave away 0.06
per cent of their wealth.
Women philanthropists were more
generous than men, giving 0.14 per cent
of their wealth compared with men’s
0.11 per cent (if Premji’s singular con-
tribution is excluded).
Professionals donated 0.13 per cent
of their wealth, more than business
owners who gave away 0.08 per cent.
es (MSMEs) in the manufac-
turing and retail sectors.
The centre will work tow-
ards developing solutions
that will help MSMEs adopt
artificial intelligence along
with digitisation to drive op-
erational efficiency and prof-
itability. The partnership is in
line with Walmart’s commit-
ment to equip local entrepre-
neurs with tools to augment
their businesses and promote Customer Care:
sustained growth for the In-
dian MSME sector, the com-
pany said. ARYAMAN GUPTA
180 0425 0426
BJP slams EC’s media
monitoring body
Demands polling booths in housing societies, high-rises
ARCHIS MOHAN panel to “improve or revise ings had adequate rooms such
New Delhi, 28 February instructions” to ensure that the as common facilitation areas,
BJP’s “genuine requests for community halls, and schools

Flight delays see sharp dip in Mumbai The Bharatiya Janata Party
(BJP) on Wednesday said that
the Election Commission’s
(EC) media control and mon-
media approvals are enter- available on the ground floor
tained as per the norms and within the premises to set up
that there are no delays”. The polling stations for resident
EC should encourage resolu- electors.
DEEPAK PATEL itoring committees had been tion of observations across the The BJP said it had wel-
New Delhi, 28 February A MATTER nBefore n0-15min n15-30
scheduled fromarrival minfrom minfrom
n30-60 “noticed to be erratic and table and reduce the time lags comed the EC’s initiative but

Delays in flight arrivals have reduced
significantly at the Mumbai airport fol-
lowing the congestion-induced cancel-
lations that were effective February 15
onwards, the Ministry of Civil Aviation
said on Wednesday.
The ministry had on February 15
directed the Adani Group-run Mumbai
International Airport Limited (MIAL),
which operates the airport in the finan-
cial capital, to cancel a certain percent-
age of flights as they were facing delays
due to congestion in its airspace.
“An analysis conducted by the AAI
(Airports Authority of India) pointed to
excessive slot allocation (by MIAL) and
poor slot adherence (by airlines) as a
major contributor to the traffic conges-
tion witnessed,” the ministry said. A slot
is a specific time during which a flight
can arrive or depart from the airport.
The airport operator allots slots to air-
lines.
Aircraft operating earlier than the
approved slot (marked as “before sched-
uled arrival time” in the table) leads to
OF TIME
Congestion-
induced
cancellations
from Feb 15
have reduced
flight delays at
Mumbai airport
congestion, and delays other aircraft
adhering to the schedule, which in turn
has a cascading effect on scheduled
movements. “These movements were
also targeted for improvements and air-
lines asked to adhere to the allotted
slots,” the ministry said.
About 34.4 per cent of the aircraft
arrivaltime time arrivaltime arrivaltime
whimsical and sometimes
even influenced by extraneous
for the issue of
approvals, it said. It also asked the EC
was “yet unaware
of setting up (of)
nMorethan60minfromarrivaltime considerations”. The ruling to ‘improve or new polling sta-
4 13 “We have cases of wrongful party also revise instructions’ tions” in housing
Nov 11- 11.3 Feb 16- and illogical rejection of media requested the EC to ensure the BJP’s societies.
Dec 10, ‘23 24, ‘24 creatives and unwarranted to set up polling ‘genuine requests In its represen-
(in%) 14.8 34.4 (in%) 26 delays,” the party said in a rep- booths in housing for media approvals tation, signed by
Source: 14.4 resentation to the poll panel, societies and res- are entertained as four BJP leaders
25.1 57
Ministry of pointing to “the latest episode” idential high-rises per norms and that including Union
Civil Aviation
where the committee con- in urban centres there are no delays’ ministers Ashwini
cerned for Delhi did not before the general Vaishnaw and
landed before their scheduled arrival approve the “legitimate elections. Mansukh Manda-
time in the November 11-December 10 requests by the party, and this In its representation, the viya, the party said “such a
period last year. During February 16-24 caused a delay of nearly 10 party pointed to the EC’s move would surely improve
this year, only 13 per cent of planes days”. Considering that the September 2023 directive the voting percentages and
arrived before their scheduled time. campaign time was very short, instructing its chief electoral participation of citizens in this
Airlines have cancelled about 200 such delays could jeopardise officers to identify urban areas festival of democracy.”
flights per week to and from the election campaigns”, it said. where group housing societies
Mumbai airport since February 15. The party also asked the and high-rise residential build- More on business-standard.com
 QUICK TAKE: VOLUME FOCUS FOR CASTROL INDIA “The US growth is humming along very well,

The Smart especially given the stage of the rate hiking cycle.

Investor
(Share price in ~) The stock of Castrol India is up 40 per cent over the The concern remains that tangibly
resilient economic activity could pull
past three months. IIFL Research believes that
inflation higher or slow its descent.
the management’s focus to grow volumes and
MUMBAI | implementation of ‘Onwards, Upwards and
That’s likely why expected rate cuts
have been unwound so rapidly”
THURSDAY, 29 FEBRUARY 2024
Forward’ strategy can materially rerate the stock’s KYLE RODDA, Senior Financial
multiple even as return ratios remain best in class Market Analyst, Capital.Com
<

Sebi considers disclosure Markets log biggest

decline in a month
exemptions for more FPIs SUNDAR SETHURAMAN
Mumbai, 28 February SENSEX tural output, and consump-
tion.
A robust macroeconomic
Select university funds and investments in companies with no promoter may get reprieve Domestic equities posted their 72,304.9
74,000
outlook, sustained domestic
biggest decline in more than a 73,000 inflows, and healthy corporate
KHUSHBOO TIWARI month as investors took 71,941.6 results led to the rally in
72,000
Mumbai, 28 February
NEW NORMS money off the table ahead of
the release of key US economic 71,000
equities last year, along with
optimism about speedy rate

T
he Securities and Exchange Boa-
rd of India (Sebi) has proposed
further exemptions of granular
disclosures for select foreign portfolio
investors (FPIs) and, in the case of stocks
with no identified promoter.
Under the recently introduced
additional disclosure requirement, FPIs
with more than 50 per cent of their
assets in a single corporate group have
to furnish granular details of their ulti-
mate beneficiaries and economic inter-
est. The stricter disclosure norms aim
to ensure companies are not circum-
venting the minimum public share-
holding regulations using the FPI route.
However, the regulator feels such con-
cerns don’t arise in companies without
any promoter. It is proposed that dis-
closure exemption will be given only if
the composite holding of all such FPIs
in the group is less than 3 per cent of
the total equity share capital.
“Custodians and depositories will
track the utilisation of this 3 per cent
limit for companies without an identi-
fied promoter at the end of each day.
When the 3 per cent limit is met or
breached, depositories and custodians
will make this information public before
the start of trading the next day,” Sebi
has said in a discussion paper.
This threshold of 3 per cent is to keep
in check any risk of violation of the take-
over regulations under which additional
disclosures are mandated in the case of
a significant change in the holdings.
Investors make best returns
DISCLOSURE MANDATE
n FPIs with holdings above
certain thresholds required
to give additional ownership
disclosures
PROPOSED EXEMPTIONS
n Companies that do not have
an identified promoter:
Exemption to FPIs even if they
breach 50% holding limit if
the composite holding of
all FPIs below 3%
n University funds and
university related
endowments: Only for the top
ILLUSTRATION: BINAY SINHA
Additionally, Sebi has also proposed National Securities Depository.
exemption of university funds and In addition to the 50 per cent single
related endowments which fall under group exposure, those FPIs with assets
the Category-I FPI, subject to certain under custody (AUC) of over ~25,000
conditions. For instance, the university crore in domestic equities too have to
must be amongst the top 200 based on provide additional disclosures.
QS Quacquarelli Symonds rankings According to an initial estimate by
and have India equity exposure less Sebi, the assets held by such FPIs with
than 25 per cent of the global assets holdings above the thresholds were to
under management (which has to be the tune of ~2.6 trillion. However, to
above ~10,000 crore). ensure genuine FPIs and those with
Sebi has sought suggestions on the
latest proposals by March 8.
University of London, University of
broad-based holdings are not burdened
with additional disclosures, Sebi had
later provided exemptions to several
Cambridge, Cornell University, categories of FPIs. As a result, the net
University of California are some of the impact on FPI AUC was expected to be
universities with Category-I FPIs regis- significantly less. FPIs such as sovereign
tered in India, according to data on wealth funds, certain public retail funds
IN BRIEF
Nifty index rebalancing:
200 universities; less than
25% exposure of global
AUM in India equities
EXISTING EXEMPTIONS
n Sovereign wealth funds, funds
with over 75% ownership
with government
n Public retail funds like certain
mutual funds, pension funds
and insurance entities, with
certain conditions
n Other regulated pooled
investment vehicles
n Certain ETFs and entities on
specified overseas exchanges
and pooled investment vehicles regis-
tered with regulators of certain jurisdic-
tions are exempted from the additional
disclosure norms.
Exchange-traded funds traded on
the bourses of eight jurisdictions are
also exempted but they must have less
than 50 per cent exposure in India-
listed equities. These jurisdictions are
the US, Japan, South Korea, France, the
UK (excluding British overseas territo-
ries), Germany, Canada, and the Inte-
rnational Financial Services Centres in
India. Sebi board in June 2023
approved changes in the FPI regulation
seeking granular details following the
allegations by Hindenburg Research
against Adani Group.
data.
The Nifty50 index ended
the session at 21,951, a decline
of 247 points, or 1.1 per cent,
the biggest fall since January
23. Meanwhile, the Sensex
ended the session at 72,305, a
790 points or 1.08 per cent fall,
the biggest since January 30.
Barring four, all the 30
Sensex stocks have taken a hit.
Reliance Industries, which fell
2.1 per cent, was the biggest
drag on the index.
The mid and smallcap
gauges dropped by nearly 2 per
cent each.
The combined market cap-
italisation of BSE-listed com-
panies fell by ~6 trillion — the
biggest single-day decline
since February 12 — to touch
~386 trillion.
Analysts said investors are
nervous ahead of the release of
INVESTOR DILEMMA
Weighing buy signals
against correction risks
PUNEET WADHWA
New Delhi, 28 February
It has been a topsy-turvy few
weeks for the markets. While
the S&P BSE Sensex has man-
aged to eke out minor gains
70,000
Jan 29,’24 Feb 28,’24
Source: Bloomberg
Compiled by BS Research Bureau
US consumer income and the
initial jobless claims data.
Market players are grap-
pling with the prospect of
delayed rate cuts by the US
Federal Reserve and the
European Central Bank.
Investors are concerned
that the resilient economic
activity could lead to higher
inflation and reduce the pace
of rate cuts. The domestic gross
domestic product (GDP) for the
October-December quarter
was due on Thursday.
Economists said India’s
economy will likely see a bit of
slowing due to a deceleration
in industrial growth, agricul-
THE TREND
Nifty50 Nifty Midcap 100
Nifty Smallcap 100
cuts by the Fed and hopes of
regime continuity after the
general elections.
"Global investors are await-
ing the key US economic data
like personal consumption
expenditure, and there is a fear
that the Fed rate cut may be
delayed. Turmoil in China's
property sector further
impacted the Asian market
trend. Profit booking weighed
on Indian markets. Rate-sen-
sitive sectors faced pressure,
contributing to broader market
underperformance, led by
overseas investor selling," said
Vinod Nair, head of research of
Geojit Financial Services.
On Wednesday, foreign
portfolio investors (FPIs) sold
shares worth nearly ~1,900
crore.
More on business-standard.com
themes,” he said.
Among sectors, the S&P
BSE Oil & Gas Index has been

BASE = 100
104
112
105 108
among the top performers in
2024, rising nearly 22 per cent
during this period.
A large part of the rally has

when interest rates dip: UBS

PUNEET WADHWA
New Delhi, 28 February
Equity market investors make
best returns in a falling interest
rate regime, wrote analysts at
UBS in their yearbook for 2024.
As an asset class, equities,
they said, have outperformed
bonds, bills, and inflation in all
21 markets for which the year-
book has a continuous history.
Equities have dominated
bonds, while bonds have outper-
formed treasury bills.
“The majority of long-run
asset returns are earned during
easing cycles. From 1914 to 2023,
the US markets were in a rising
interest rate mode 45 per cent of
the time and in a falling mode 55
per cent of the time. The annua-
lised return on US stocks and
bonds was 9.4 per cent and 3.6
per cent during the easing
cycles, compared with just 3.6
per cent and a negative 0.3 per
cent during hiking cycles. UK
data since 1930 reveals a similar
pattern,” wrote Elroy Dimson,
Paul Marsh, and Mike Staunton
of UBS in the Global Investment
Returns Yearbook 2024 released
on Wednesday.
The UBS Yearbook studied
and assessed the returns and
risks from investing in equities,
bonds, cash, currencies, and fac-
tors in 35 countries since 1900.
The worst period for global
equity investors, according to
UBS’ findings, was the Wall
Street crash and the ensuing
Great Depression in 1929–31
where the FTSE All-World index
RELATIVE SIZES OF THE STOCK MARKETS
n 1899-end n 2024-start (%)
24.2
60.5
14.5
12.6
3.7
2.1
US UK Germany
All figures in % of total world equity market value
fell by 54 per cent in US dollar
terms, as compared to 31 per cent
in World War I, and 12 per cent
in World War II.
“For the US, Germany and
France, this was the most severe
of the three great bear markets
and, from 1929 to 1931, the losses
in real terms were 61 per cent, 59
per cent and 44 per cent, respec-
tively,” the UBS note said.
US dominance
In the context of global inves-
table markets based on free-float
market capitalisation in the
FTSE All-World index, which
spans the investable universe for
a global investor, the US market
dominates its closest rival and
accounts for a staggering 60.5
per cent of total world equity
market value. “Japan (6.2 per
cent) is in second place, the UK
(3.7 per cent) in the third posi-
tion, while Mainland China is
ranked fourth (2.8 per cent).
11.2
5.9
2.8
2.0
NA NA
France Russia India
Source: UBS report
France, Canada, Switzerland,
Australia, Germany, and India
represent 2 – 3 per cent of the
global market, followed by
Taiwan with 1.7 per cent and
South Korea with a 1.4 per cent
weighting,” the UBS' Yearbook
2024 said. The US equity market
overtook the UK early in the 20th
century, UBS said and has since
been the world’s dominant mar-
ket, apart from a short interval
at the end of the 1980s when
Japan briefly became the world’s
largest market.
At its peak, at the start of
1989, Japan accounted for 40 per
cent of the world index, versus
29 per cent for the US.
“Subsequently, Japan’s weight-
ing has fallen to just 6 per cent,
reflecting its poor relative stock-
market performance. The US has
regained its dominance and
today comprises an astonishing
60.5 per cent of the total world
capitalisation,” UBS added.
Shriram Finance to replace UPL thus far in the calendar year
2024, the smallcap and mid-
NBFC major Shriram Finance will replace agro chemicals cap (SMC) indices on the BSE
firm UPL in the benchmark Nifty 50 index. The change, have risen over 7 per cent each
part of the half-yearly index rebalancing exercise, will during this period.
become effective from March 28. “Shriram Finance has The markets are likely to
been included in Nifty 50 index as it has highest six remain choppy and range-
month average free-float market capitalisation within bound over the next few
eligible universe as a replacement to UPL,” said months, say analysts, amid
NSE Indices in a release. BS REPORTER global developments and the
events lined up back home.
Investors, they advise, should
Brightcom case: Sebi grants not jump in to buy just
now, as the months ahead will
relief to Shankar Sharma allow them to
their favourite stocks a bit
buy
The Securities and Exchange Board of India (Sebi) has cheaper.
given relief to five individuals, including renowned As a strategy, Andrew Holl-
investor Shankar Sharma, in a matter related to alleged and, chief executive officer of
round-tripping of funds by Brightcom Group promoters. Avendus Capital Public Mar-
In the confirmatory order issued on Wednesday, the kets Alternate Strategies,
Sebi revoked the bar on Sharma from selling stake in the remains a ‘buyer on dips’ and
company after he submitted details of the transactions. expects the markets to correct
Further, Sebi has also granted relief to company’s CFO in case global developments,
Narayan Raju by changing directions on him. BS REPORTER especially with China, spring
N IPO CORNER N
Juniper Hotels shares RK Swamy fixes price
jump over 11% after band at ~270-288
flat market debut RK Swamy, the Chennai-based
Shares of Juniper Hotels, which runs marketing communications major on
hotels under the Hyatt brand, jumped Wednesday fixed the price band at ~270-288
over 11 per cent to reach the upper circuit per share for its ~423-crore initial public
limit after making a flat market debut on offering (IPO), becoming the first in the
Wednesday against the issue price of ~360. category to go public. The initial share sale
The stock opened at ~361.20, up 0.33 per will open for public subscription on March
cent from the issue price on the BSE. 4 and close on March 6. The bidding for
However, it later gathered momentum anchor investors will open for a day on
and jumped 10.36 per cent to settle at March 1, the company said. The ~423.56-
~397.30 — its upper circuit limit. The stock crore IPO comprises a fresh issue of shares
made its debut at ~365, reflecting a gain of aggregating up to ~173 crore and an offer for
1.38 per cent on the NSE. Shares of the firm sale of up to 8.7 million equity shares by
zoomed 11.52 per cent to settle at ~401.50 selling shareholders worth ~250.56 crore at
— the upper circuit limit. PTI the upper end of the price band.. PTI
104
100
been on account of the heavy-
weight Reliance Industries
101
96 counter, which has gained
Dec 29,’23 Feb 28,’24 nearly 13 per cent. On the
Source: NSE other hand, fast-moving con-
sumer goods and bank stocks
a surprise. have been investors’ least
“The markets are already favourites in 2024, with both
factoring in a Bharatiya indices slipping up to 4.5 per
Janata Party victory in the cent on the BSE during this
upcoming Lok Sabha elec- period.
tions in 2024. At the global “We see a lot of bubbles in
level, developments in China
are another factor that the
many microcap and smallcap
stocks. New investors are
markets will keep close tabs
on. Any negative develop-
chasing these two market seg-
ments without much consid-
ment can trigger a sharp fall eration for valuations. This is
in global equities. For some- quite risky. A possible (bub-
one who wants to invest for ble) burst in such overvalued
the medium-to-long term, the microcap and smallcap stocks
markets can provide an can impact the entire SMC
opportunity to buy at lower segment due to a lack of
levels. Remain bullish on liquidity,” warns Chokk-
hotels, manufacturing, and alingam G, head of research
infrastructure-related at Equinomics Research.
Platinum Industries booked 22.19x
The initial public offering (IPO) of Platinum Industries got
subscribed 22.19 times on the second day of offer on Wednesday.
The ~235 crore-initial share sale received bids for 213,742,644
shares against 9,632,988 shares on offer, according to NSE data.
The portion for non-institutional investors fetched 42.85 times
subscription while the retail individual investors part got
subscribed 25.50 times. The category for qualified institutional
buyers received 90 per cent subscription. PTI
Exicom Tele-Systems bought 27.76x
The IPO of EV charger maker Exicom Tele-Systems received
27.76 times subscription on the second day of bidding on Wedn-
esday. The ~429 crore-IPO got bids for 505,942,200 shares against
18,223,540 shares on offer, according NSE data. The quota for retail
individual investors got subscribed 64.73x while portion for non-
institutional investors attracted 54.36x subscription. PTI

THE COMPASS

Brokerages bullish on Vedanta’s prospects amid debt concerns

DEVANGSHU DATTA maturity at VRL to 2.5 years from 50.1 per cent stake in Vedanta. tonne. Overall, Vedanta’s FY25 subsidiary’s valuations. Investors Hindustan Zinc (HZL). The
the earlier 1 year. This has resulted Vedanta is undergoing major Base=100 Ebitda is targeted to hit $5.6–5.7 can focus on pure-play verticals Aluminium business, HZL, and
140
Mining conglomerate Vedanta in a more balanced risk structure capex. Capex in the aluminium and billion, though conservative and divest the businesses they are Cairn contribute around 67-70 per
has clarified the details of its but the cost of financing is higher. zinc businesses are scheduled to be analysts may assume lower not interested in. The aluminium cent of Vedanta’s current revenue.
complicated corporate This residual debt would be completed in FY25. Overall, Sensex 120 estimates. business will include the Lanjigarh As steel capacity doubles, ESL’s
reorganisation. The management serviced via brand fees and Vedanta is undertaking a $6 billion The existing company will be refinery, Jharsuguda smelter and a revenue contribution should rise to
shared its vision at a recent investor dividends from subsidiaries. The capex investment to increase split into Vedanta Aluminium, 51 per cent stake in Balco. The 7 per cent by FY26 (5 per cent in
meeting. The group has also VRL cost of borrowing would be a capacities across aluminium, zinc, 100 Vedanta Oil and Gas, Vedanta power business includes 190mw FY23). The debt restructure,
outlined its plans to deleverage key monitorable in the future. iron ore, oil and gas, steel, and Power, Vedanta Steel and Ferrous Talwandi Sabo Power, 600mw corporate reorganisation and
debt even as it goes ahead with VRL’s debt obligations are about ferrochrome. The group expects to Materials, Vedanta Base Metals and Jharsuguda IPP, 1,000mw capex plans all look positive
capital expenditure (capex) plans. $1.6–1.8 billion in FY25 and FY26. have a payback on the total capex in 80 Vedanta to be retained. The split Meenakshi Energy and 1,200mw but the debt overhang remains a
Parent Vedanta Resources Listed Indian subsidiary Vedanta about three years with an Ebitda into six listed vertical entities will Athena. The Oil and Gas business is cause for concern.
(0VRL) has managed to carry out a may pay a dividend per share of ~40 potential of $2.5-3 billion per Vedanta be done by the end-FY25 assuming the erstwhile Cairn Oil & Gas. The According to Bloomberg, 5 of
60
debt restructuring, raising bonds in in FY25 and FY26, to help meet annum and incremental revenues Feb 28,‘23 Feb 28,’24 Sebi clearance. It’s a proposed Steel & ferrous business includes the 10 analysts polled this week are
January 2024. As a result, VRL’s net VRL’s debt obligations. Vedanta of $6 billion per annum. simple split, with investors Sesa Iron Ore, Sesa Coke, Liberia bullish on the stock, 3 have a
debt should reduce to $6.2 billion will need to monetise the steel and Capex in aluminium and zinc Source: Exchange receiving a single share of each of (iron ore) and ESL Steel. The Base ‘reduce/sell’ rating, and one each is
by the end of the current financial iron ore assets and this process, should result in an incremental Compiled by BS Research Bureau the five new entities for every share Metals vertical will hold Zinc ‘neutral’ and ‘not rated’. Their
year (FY24) and according to which is estimated to raise $2 cash flow of $1 billion-plus per held in Vedanta. International, Tuticorin Smelter, average one-year target
management, debt should reduce billion, could start in Q1FY25. In annum once the plants ramp up Ebitda per tonne of $1,000 from This reorganisation could KCM and Fujairah Gold. price is ~299.44, indicating a
to $3 billion by FY27. The addition, the promoters can offload fully, which could be in H2FY26. end-FY26 assuming an LME unlock a lot of value. In particular, it Vedantawill continue to hold its potential upside of about 14 per
restructure has pushed the average up to 11.9 per cent stake, retaining The guidance is for aluminium aluminium price of $2,350 per could enhance the power 64.92 per cent stake in listed cent from current levels of ~262.80.
2 THE SMART INVESTOR
>
Vi fundraising plan
elicits mixed signals
~45K cr fundraise to have limited impact on telco’s financials, say analysts
NIKITA VASHISHT
New Delhi, 28 February
T REACTION
he ~45,000 crore refinancing of
Vodafone Idea (Vi) will likely have
a limited impact on the financials
of the cash-strapped telecom service pro-
vider, analysts said on Wednesday.
Vi’s board on Tuesday announced
plans to raise up to ~45,000 crore in
equity and debt and use the funds to
expand its 4G coverage, roll out the 5G
network, and boost capacity.
The fundraising plan includes a
capital raise of ~20,000 crore through a
mix of equity and equity-linked instru-
ments by bringing in an external investor
as early as next quarter.
Shares of debt-laden Vi, however,
plummeted 14 per cent to touch
~13.65 apiece on Wednesday as most ana-
lysts maintained a ‘reduce’ rating on the
stock given the ambiguity over the con-
tours of the fundraising plan.
The stock hit an intraday low of ~13.50
apiece, sinking 15 per cent.
Approximately, 1.81 billion Vi shares
changed hands at the NSE and BSE on
Wednesday.
By comparison, the S&P BSE Sensex
settled 1.08 per cent lower, and the
S&P BSE telecommunications index fell
1.92 per cent.
Analysts believe the fundraising plan
is, operationally, a step in the right direc-
tion as it will enable Vi to improve its 4G
services, catch up with peers on the 5G
roll out, arrest the subscribers’ decline,
and make meaningful Ebitda to service
the debt obligations.
The amount, however, is too
minuscule to have any meaningful
impact, they said.
“We view this fundraising will have a
limited impact on Vi's financials — sad-
dled with over ~2.5 trillion of debt. It has
been consistently losing subscribers and
is significantly behind its peers in terms
of 5G roll out. Both Bharti and Jio have
already rolled out 5G in 5,000-plus cities
and towns, and there is an urgent need
for the company to incur capex for the
5G roll out and upgrade the 4G network.
The company needs to improve both its
operational and financial metrics, to
withstand competition,” analysts at
MARKET
Base= 100
Vodafone Idea
Sensex
BSE Telecom
Source: Bloomberg Feb 27,’24
The company
expects to utilise
FY24 Ebitda towards
either the full or
partial settlement of
~5,400 crore debt
payable till Dec 2024,
and Indus
monthly dues
Nuvama Institutional Equities said.
The brokerage retained ‘reduce’ call
on the stock with a 12-month target
price of ~7.
Vi reported a net loss of ~6,985 crore
in the December quarter, a 12.5 per cent
decrease from ~7,990 crore in the
corresponding quarter of the previous
financial year.
On a sequential basis, the firm’s net
loss had reduced 20 per cent, down from
~8,737 crore in the preceding quarter.
However, the telco’s finance costs
increased to ~6,493 crore, up from
~6,284 crore in the same quarter of the
previous year.
The four-year spectrum moratorium
will end in October 2025, and an adjusted
gross revenue (AGR) moratorium in
March 2026, leading to a combined
annual installment of ~43,000 crore ver-
sus the likely FY24 Ebitda of ~8,400 crore
(pre-INDAS 116).
The company expects to utilise
FY24 Ebitda towards either the full or
partial settlement of ~5,400 crore debt
payable till December 2024, and Indus
monthly dues.
105
98.9
100
98.1
95
90
86.0
85
Feb 28,’24
Shrinking subscriber base
The company continued to lose cus-
tomers to Reliance Jio and Bharti Airtel,
ending the December quarter with
4.6 million fewer subscribers. The overall
subscriber base stood at 215.2 million, as
of December last year.
Global brokerage Nomura has also
maintained ‘reduce’ rating on the
stock with a target price of ~6.5 per share
as it keeps repair, recovery, and roll out
of 5G services on its radar post the fund-
raising plan.
“A change of fortune is on the cards
with the plan to raise ~45,000 crore. Key
positive development, however, would
be on-boarding of external investors,” it
added.
“The company still holds a debt of
~2.1 trillion with an annual installment
of ~43,000 crore from FY26 onwards.
This looks challenging against FY24
Ebitda. The significant amount of cash
required to service debt leaves limited
upside opportunities for equity holders,”
said analysts at Motilal Oswal Financial
Services after maintaining a Singhania & Co. Chennai and some parts
‘neutral’ rating.
PROPERTY TAX
Report accurate land or building
area to avoid assessment dispute
Preserve documents
to bolster your case BEWARE OF
regarding property value CONSEQUENCES OF LATE
BINDISHA SARANG
B
engaluru is poised for a significant
increase in property tax following
the Bruhat Bengaluru Mahanagara
Palike’s (BBMP) proposal to levy property
tax based on the value-based method of
assessment.
Experts suggest this could send the
already high apartment rentals spiralling
even higher as landowners pass on the
burden to tenants.
“The proposal suggests getting rid of
the old zonal method. The new method
will base tax on the guidance value of
properties,” says Nihal Bhardwaj, associ-
ate, SKV Law Offices.
Guidance value is a property’s mini-
mum price, as determined by the govern-
ment. Homeowners need to understand
the nitty-gritty of property tax.
“Property tax is essentially a user fee
for the various services provided by the
local government, including infrastruc-
ture maintenance, sanitation, public
safety, and other community services,”
says Sandeep Bajaj, an advocate
of the Supreme Court.
Three methods of calculation
Property tax based on the cap-
ital value method depends on
the property’s market value. It’s
followed in Mumbai.
Next is the unit area value YOUR
method. “It’s calculated on per
square foot basis. The per
MONEY
square foot rate varies from one location
to another,” says Alay Razvi, partner,
Accord Juris LLP. Delhi, Kolkata,
Hyderabad, and Pune follow this
approach. The rentable value method
considers the potential rent from the
property. “The municipal authorities esti-
mate the rental value of the property. The
property tax is then calculated as a per-
centage of the rental value. This method
is more commonly used for commercial
properties,” says Ritika Nayyar, partner,
of Hyderabad follow it.
MUMBAI | THURSDAY, 29 FEBRUARY 2024
OR NON-PAYMENT
 Municipal authorities
charge late fees and
interest on unpaid
property tax,
increasing the
total tax owed
 Failure to pay
property tax can lead to
legal action such as notices
 Extended non-payment may
result in losing property ownership
Exemptions and rebates
Property tax exemptions are granted to
specific categories of properties or
owners. “Exemptions are typically offered
to senior citizens, persons with disabil-
ities, and agricultural properties,” says
Suresh Surana, founder of RSM India.
The exemption for senior citizens is
designed to reduce their financial burden.
Bhardwaj notes that the age eligibility
might differ slightly based on
local government rules.
Other categories of individ-
uals who may qualify for prop-
erty tax exemption are people
with mental or physical disabil-
ities; families of martyrs from
the Indian Army, BSF, police
service, CRPF, or fire brigade;
and educational institutions.
Rebate structures vary by
state. “The Municipal Corporation of
Greater Mumbai (MCGM) has completely
waived the property tax for properties up
to 500 sq. ft. Units between 501 sq. ft. and
700 sq. ft. receive a 60 per cent discount
on the BMC property tax rate,” says
Bhardwaj.
Anand Moorthy, co-founder and chief
business officer (CBO), asset manage-
ment services and data intelligence,
Square Yards, informs that Delhi offers
rebates of up to 30 per cent to senior cit-
izens, physically challenged, women, ex-
servicemen, group housing flat owners,

as authorities can seize and
sell the property to settle
the outstanding taxes
 Not paying property tax can also
hinder obtaining necessary
permits and clearances for
property transactions
or construction
 Across the country, late
property tax payments
incur penalties ranging
from 1% to 2% of the
overdue amount per month,
varying by city. For instance, in
Bengaluru, the penalty is 2%
Source: SKV Law Offices
and Central Government Health Scheme
flat owners. In Bengaluru, if a person pays
tax within one month of the start of the
year, they get a rebate of 5 per cent.
“BBMP can grant a concession of up
to 50 per cent on property tax for build-
ings or vacant land on which a socially or
ecologically beneficial scheme has been
implemented,” says Pillai.
Varied penalty rates
Municipal corporations penalise late
property tax payments. BBMP, for
instance, charges a penalty of 24 per cent
interest per annum on the outstanding
amount. “Penalties can include attach-
ment of properties, bank accounts, rent,
and other movable assets,” says Moorthy.
He adds that failure to settle property
tax dues promptly complicates sales, as
prospective buyers usually demand full
settlement of all past dues before finalis-
ing a deal.
Report accurately
Provide the precise area of the land or
building on the prescribed forms. “This
will ensure accurate tax assessment and
prevent disputes in the future,” says Pillai.
Maintain accurate records of owner-
ship documents, purchase agreements,
and renovation receipts.
“They might help justify the prop-
erty’s market value while contesting an
assessment,” adds Bajaj.

MUMBA THURSDAY, 29 FEBRUARY 2024 STOCKS 3
IN THE
> STOCK
> Jindal Worldwide > Nestle India > Cyient

NEWS Top gainer

amongst A group
Snaps 8 days
of winning
Trading volumes
jumps 62x over OF THE DAY
of companies streak 2-week average Triveni Turbine
~363.5 PREVIOUS CLOSE ~2,598.1 PREVIOUS CLOSE ~2,052.1 PREVIOUS CLOSE Hits new all-time high
~414.7 CLOSE ~2,569.1 CLOSE ~2,028.7 CLOSE at ~498; Up 47 per cent
p 14.1% UP  1.1% DOWN  1.1% DOWN in a year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
28 Feb ’24 Chg (%) Con Std 28 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 3219.0 -2.5 1.0 104.5 146.3 ITC 408.3 -0.7 5.1 26.6 24.9 price price (%) price price (%)
Adani Ports 1299.5 -2.3 1.0 38.8 214.7 JSW Steel 798.6 -2.5 1.1 17.5 19.8 Havells I 1550.0 1534.8 4.5 1550.0 1550.0 HFCL 104.1 104.8 -7.2 66.0 55.8
MOST BULLISH MOST BEARISH
Apollo Hosp 6362.4 -3.9 0.6 111.7 91.6 Kotak Mah Bank 1683.6 -1.4 2.5 19.2 25.5 Max Fin Sre 980.0 965.0 3.0 1069.2 1069.2 Zee Enter 159.6 162.0 -6.4 152.5 152.5
Asian Paints 2794.4 -2.3 1.3 49.3 50.1 Aditya Bir Fa 231.9 230.9 0.5 Bajaj Auto 7991.0 8188.7 -2.4 Samvardhana Mot 119.5 118.7 2.9 123.5 123.5 Godrej Prpty 2341.1 2355.0 -5.6 1826.5 1005.7
L&T 3470.2 -1.0 4.8 37.7 49.5
Axis Bank 1074.2 -0.4 3.1 30.6 27.6 Adani Enter 3227.1 3219.0 0.3 Berge Paint 558.8 564.2 -1.0 Indus Towers 250.4 244.2 1.6 252.8 252.8 Delta Corp 136.1 139.3 -5.1 132.0 124.6
LTIMind 5410.0 -0.6 0.5 34.9 35.7
Maha Gas 1469.3 1466.0 0.2 Bata India 1393.3 1406.4 -0.9 Laurus Labs 408.6 405.1 1.2 444.5 444.5 YES Bank 23.6 23.8 -5.1 19.2 14.1
Bajaj Auto 8188.7 -3.2 1.0 31.3 33.2 Mah & Mah 1901.7 -2.5 1.9 23.0 23.1 Tata Consumer P 1170.4 1168.0 0.2 JK Cement 4416.6 4446.7 -0.7 Mazagon Dock 2229.4 2113.4 1.0 2490.0 2490.0 PAYTM 406.2 406.2 -5.0 318.4 318.4
Bajaj Fin 6498.7 -0.9 1.8 34.9 33.2 Maruti Suzuki 11152.8 -3.0 1.5 42.7 29.3 IDFC First Bank 80.7 80.6 0.2 IndiaMART Int 2649.6 2663.6 -0.5 Aditya Bir Fa 236.3 230.8 0.9 265.8 265.8 Reliance Power 23.5 23.5 -5.0 20.5 9.1
Bajaj Finsrv 1584.5 -1.0 1.0 32.4 215.8 Nestle India 2570.9 -1.1 0.9 - 82.7
Bharti Airtel 1128.8 0.1 2.9 75.9 141.1 ICICI Prud Life 530.0 522.9 0.8 569.0 615.6 Varun Bever 1386.5 1396.3 -4.8 1047.0 633.3
NTPC 333.3 -0.8 1.6 19.1 17.8 BSE NSE BHEL 230.4 224.7 0.8 243.3 243.3 Swan Energy 715.0 720.3 -4.4 413.0 193.0
BPCL
Britannia
609.3
4887.8
-2.5 0.6 62.0 4.6
-0.3 0.6 54.5 55.8
ONGC 265.8 -1.3 1.4 9.4 11.3 Index Stock Index Stock PUT-CALL RATIO Coromndl Int 1057.9 1047.0 0.7 1288.0 1288.0 Power Grid 278.5 279.6 -4.4 208.2 161.9
Power Grid 279.6 -4.4 1.3 16.9 16.7 HUL 2425.0 2421.3 0.7 2669.0 2768.5 NBCC 131.5 132.4 -4.3 68.5 31.0
Cipla 1477.0 -0.7 0.8 32.2 35.1
Reliance Ind 2911.3 -2.0 10.0 28.2 44.1 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 434.2 -1.6 1.0 9.1 17.2 Contracts 1351 - 658545 2836944 Hind Copper 260.8 254.1 0.4 306.8 306.8 HPCL 504.9 507.0 -4.3 336.6 214.1
SBI 742.5 -1.0 2.9 10.4 11.6 Market 2825.7 5438.9 0.5 CGCEL 295.7 291.9 0.4 327.8 327.8 India Cement 222.3 224.7 -4.1 222.3 167.1
Divis Lab 3518.4 -0.6 0.4 51.2 68.5 Open Int.(000) 7 - 21286 9155786
SBI Life Ins 1540.2 -0.2 0.7 - 82.9 TCS 4154.3 4116.4 0.3 4184.6 4184.6 Adani Energy So 1070.3 1076.2 -4.1 843.2 630.0
Dr Reddys 6428.1 -0.3 0.8 20.5 26.9 Shares(In Mn) - - 20.4 6980.3 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1573.9 -0.6 1.7 42.4 389.4 Infosys 1687.5 1670.1 0.3 1731.0 1731.0 Apollo Hosp 6347.1 6356.1 -4.0 5286.0 4170.0
Eicher Motor 3863.8 -3.5 0.5 27.6 30.1 Value(~ crore) 100 - 57253 237627
Tata Consumer P 1168.0 -1.3 0.7 92.6 102.6 Alkem Labs 1.5 Shree Cement 0.3
Grasim Ind 2186.0 -0.9 0.8 21.1 97.3 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 958.1 -0.5 1.7 16.4 37.6 Cadila Healt 1.3 Hero MotoCorp 0.3
HCL Techno 1651.9 -0.4 1.8 28.6 38.1 Contracts 3920607 - 398227239 6004741
Tata Steel 140.8 -2.4 1.2 - 39.8 Mah & Mah 1.1 Infosys 0.3
HDFC Bank
HDFC Std Life
1409.4
580.6
-0.8 10.7 23.3 19.0
-0.2 0.6 91.3 82.4 TCS 4119.0 0.4 4.1 33.2 35.5
Open Int.(000)
Shares(In Mn)
2891
-
- 602035
- 10805.5
7662526
12463.5
ABB India 1.0 Mphasis 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1285.9 -0.8 0.8 44.6 55.1 Hind Copper 0.9 Metropolis Heal 0.3
Hero MotoCorp 4375.1 -1.2 0.6 31.1 22.9 Value(~ crore) 287425 - 33078227 529335 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 504.4 -1.0 0.7 11.2 36.4 Titan Company 3594.7 -1.6 1.5 98.2 91.4 BSE+NSE BSE+NSE
UltraTech 9805.0 -1.5 1.1 44.1 45.2 1 Reliance Ind 1968139.2 BS200 DOWN 7 DAYS
HUL 2421.6 0.7 2.2 56.2 55.5 (~ crore) (Mn shrs)
ICICI Bank 1046.2 -1.3 7.3 21.6 18.7 UPL 475.9 -1.8 0.2 - 33.8 ACTIVE CALLS ACTIVE PUTS Vodafone Idea 2617.2 1811.1
2
3
TCS
HDFC Bank
1489354.7
1069602.6 DOWN 7 DAYS Alfa Transfr -20.8
IndusInd Bank 1449.2 -2.9 1.0 - 13.0 Wipro 517.7 -2.6 0.7 24.0 30.3 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Angel One -11.2 Gillander Ar -17.5
HDFC Bank 1896.7 13.4 4 ICICI Bank 734282.2
Infosys 1671.3 0.5 6.0 28.4 28.1 Nifty 50 21951.2 â-1.1 100.0 25.1 29.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Jio Financial 1584.6 50.8 5 Infosys 693181.7 Bank of India -7.0 Narendr Prop -17.4
INDEX PE SHRS TRDS 1 YR Index Index 6 SBI 662517.7 Divis Lab -5.7 Udayshivakumar -16.3
Tata Motors 1576.6 16.3
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
29/02/24
29/02/24
22200
22300
313.1
236.4
16.0 113.7
13.1 75.8
Nifty
Nifty
29/02/24
29/02/24
22000
21900
317.8
234.5
5.4
4.3
-41.0
-13.0
Indus Towers 1364.1 56.0
7
8â
Bharti Airtel
LIC India
637647.8
636674.5
UP 3 DAYS G S Auto Int -16.3
SENSEX 25.8/30.3 6.2 247 4 26 22.6 Reliance Ind 1286.2 4.4 Tata Comm 4.7 Nif10Getf -15.3
Asian Paints 2793.8 -2.4 1.5 49.3 50.1 Maruti Suzuki 11150.6 -3.1 1.7 42.7 29.3 Nifty 29/02/24 22000 223.5 10.2 166.2 Nifty 29/02/24 21800 224.3 5.8 16.3 9 HUL 568896.9
Axis Bank 1074.7 -0.4 3.6 30.6 27.6 NIFTY 50 25.1/29.6 203.0 5536 4 46 26.9 HUL 1.1 Tai Ind -15.3
Nestle India 2569.1 -1.1 1.1 - 82.6 Nifty 29/02/24 22100 213.3 11.0 211.3 Nifty 29/02/24 21500 196.8 9.4 3.4 YES Bank 1077.5 441.9 10 ITC 509957.3
C = CONSOLIDATED; S = STANDALONE DOWN
Bajaj Fin 6500.0 -0.8 2.1 34.9 33.3 NTPC 333.0 -0.9 1.9 19.1 17.7 Nifty 29/02/24 22400 202.8 9.7 66.1 Nifty 29/02/24 21700 188.2 4.5 -12.3 RailTel Corp 1054.3 22.6 UP 3 DAYS
11 L&T 477106.6
Bajaj Finsrv 1584.1 -1.0 1.2 32.4 215.7 Power Grid 279.6 -4.4 1.5 16.9 16.7 Tata Techno -9.9 ACML 52.7
CASH DERIVATIVES Stock Stock Mazagon Dock 1018.9 4.7 12 HCL Techno 447887.9
Bharti Airtel 1128.7 0.1 3.4 75.9 141.1 Reliance Ind 2909.0 -2.1 11.7 28.1 44.1 TURNOVER BSE NSE BSE NSE Vodafone Idea 29/02/24 16 604.7 83.2 -3.3 Vodafone Idea 29/02/24 13 441.6 43.0 -20.6 13 Bajaj Fin 401696.9 Indiabulls Hous -9.8 Dhruv Consult 31.7
Havells I 1012.9 6.6
HCL Techno 1650.5 -0.5 2.1 28.5 38.1 SBI 742.4 -1.0 3.3 10.4 11.6 VALUE(IN ~ CRORE) 7093 93326 287526 33902442 Vodafone Idea 29/02/24 15 477.8 59.0 8.5 Vodafone Idea 29/02/24 14 356.7 26.7 -44.2 14 Sun Pharma 377469.9 YES Bank -9.1 SBEC Sugar 28.6
Juniper 949.3 24.3
HDFC Bank 1408.2 -0.9 12.5 23.3 19.0 SHARES(IN MN) 1041.8 5370.1 - 30269.6 Vodafone Idea 28/03/24 16 280.2 98.6 112.0 Vodafone Idea 29/02/24 15 277.8 20.1 -62.1 15 Adani Enter 366732.3 Reliance Power -8.4
Sun Pharma 1573.3 -0.6 2.0 42.4 389.2 HAL 893.0 2.9 Wonder Electric 24.6
HUL 2421.3 0.7 2.5 56.2 55.4 TRADES(000) 4600 35655 - 105334 Vodafone Idea 28/03/24 18 268.8 132.9 14.8 Vodafone Idea 28/03/24 13 148.2 61.8 45.8 16 Maruti Suzuki 350574.9 India Cement -8.3
Tata Motors 957.8 -0.5 2.0 16.4 37.6 BHEL 870.8 38.6 Taal Enter 20.6
ICICI Bank 1046.2 -1.3 8.6 21.6 18.7 Vodafone Idea 28/03/24 17 238.9 111.3 34.5 Vodafone Idea 28/03/24 14 144.3 71.3 40.1 17 Kotak Mah Bank 334672.9 REC -8.1
Tata Steel 140.8 -2.4 1.4 - 39.8 Bharat Elctn 867.9 42.2 Soma Text 15.8
IndusInd Bank 1449.2 -2.9 1.1 - 13.0 MARKET-CAP (~ CR) TRADED TOTAL 18 ONGC 333817.7 Alkem Labs -7.9
Infosys 1670.1 0.3 7.1 28.4 28.1 TCS 4116.4 0.3 4.8 33.2 35.5
SBI 859.7 11.5 19 Axis Bank 331572.5 Raaj Medisfe I 15.8
Tech Mahindra 1284.0 -0.9 1.0 44.6 55.0 BSE 38,611,125 39,253,216 Others
ITC 408.6 -0.6 6.0 26.6 24.9
JSW Steel 798.2 -2.5 1.3 17.5 19.8 Titan Company 3592.6 -1.6 1.8 98.1 91.4 NSE 38,195,145 38,850,005 SPURT IN VOLUMES Axis Bank
ICICI Bank
840.5
825.2
7.8
7.8
20
21
NTPC
Titan Company
322899.1
318951.0
UP 7 DAYS
DOWN 3 DAYS
BGR Energy -35.8
UltraTech 9803.3 -1.5 1.3 44.1 45.2 DERIVATIVES 25,480,911 25,480,911 Accelerate 84.8
Kotak Mah Bank 1683.6 -1.3 2.9 19.2 25.5 Company Days 2-week Avg Change Close *Price 22 Tata Motors 318284.3
TCS 814.0 2.0 Thinkink Pictur -20.5
L&T 3470.8 -1.0 5.6 37.7 49.5 Wipro 517.1 -2.7 0.9 23.9 30.2 Volume Volume % price %chg 23 Adani Green En 303935.8 Rudra Gas Ente 40.7
Mah & Mah 1901.0 -2.7 2.2 23.0 23.1 BSE SENSEX 72304.9 â-1.1 100.0 25.8 30.3 TRADING ACTIVITY Poddar Pigments 450840.0 6147.0 7234.3 399.0 12.0
Cochin Ship
NHPC
783.9
782.6
8.9
88.1
24 UltraTech 283010.0 Precision El 40.7 Jasch Ind -20.0
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Ports 280614.3 Assam Entrade 40.7 Khaitan Ind -19.4
Bajaj Healthcar 3862037.0 72181.8 5250.4 356.3 11.2 Asian Paints 743.0 2.6
Equity Debt Equity Debt 26 Wipro 270184.8 Shukra Pharmace 40.6 Oxygentaph -16.5
Net Net Net Net Andhra Cements 3530366.0 73832.8 4681.6 102.0 -9.4 Canara Bank 731.2 13.1 27 Asian Paints 267976.5
WORLD INDICES On 27 Feb 2056 1180 - - Thyrocare Tech 1960549.0 41419.0 4633.5 681.1 6.1 Varun Bever 724.4 5.1 28 Coal India 267277.6
Kisan Mould
Modern Threads
40.6
40.6
HLV
Tierra Agrotech
-15.6
-15.5
On 26 Feb -256 572 - - Hdfcamc - Liq 150244.0 3780.3 3874.4 1000.0 0.0 IRFC 690.8 46.6 29â Power Grid 259998.3
Indices Close % Chg* Indices Close % Chg*
On 23 Feb 1552 1233 201 -2375 Rainbow Childre 3278193.0 109176.7 2902.6 1441.5 12.2 30 Bajaj Finsrv 252743.2 (T+2) cycleStocks which rose/fell continuously
PNB 688.0 56.2
Americas (Feb 27,24) Asia/Pacific (Feb 28,24) On 22 Feb -188 497 1721 -2018 Hind Rectif 717883.0 36187.8 1883.8 679.2 10.0
Nasdaq Composite 16035.3 0.4 Kospi 2652.3 1.0 On 21 Feb 394 -497 -1065 -1456 Triveni Turbine 10728631.0 561935.5 1809.2 465.9 1.4
Feb till date 1187 18983 14604 -34761
S&P/ TSX Composite
Dow Jones
21318.9
38972.4
0.0
-0.3
Jakarta Composite
Taiwan Taiex (Feb 27)
7328.6
18854.4
0.6
-0.5 2024 till date -24924 40046 37673 -56268
Umang Dairy
PVP Ventures
4868075.0
11737528.0
334001.3
863562.5
1357.5
1259.2
102.9
30.4
5.2
4.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Feb 27,24) Straits Times 3138.9 -0.6 Group son of the com- Non-Independ- rities convert- Chapter V of
DAX 17583.2 0.2 Stock Exchange of Thai 1382.1 -0.8 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company pany taking ent Directors ible instru- Securities and
Purpose into account and the Board ments on Exchange
CAC 40 7953.4 0.1 Kuala Lumpur Comp 1545.6 -0.9 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock the views of of Directors as preferential Board of India
IBEX 35 10104.7 -0.1 Shanghai Se Comp 2957.9 -1.9 NET Net Fut OI Opt OI OI FEBRUARY 29 Executive Di- a whole 2. Re- basis and de- (Issue of Cap-
HIGH *NIBE . . . . . . . . . . . . . 1558.0 *Tata Mot-DVR . . . . . . . 643.0 LOW
FTSE 100 7639.1 -0.6 Volatility (Feb 27,24) BS 200 *Rainbow Childre . . . 1488.5 *Last Mile Enter . . . . . . 618.7 BS 200 5-Star Busi- rectors and view the per- termination of ital and Disclo-
On 27 Feb -30678 -1074 0.3 4.7 3.6
Asia/Pacific (Feb 28,24) CBOE S&P 500 13.8 2.5 *Dr Reddys . . . . . . . . . 6505.5 *Insolation Ener . . . . 1415.0 *Manbro Inds . . . . . . . . 596.3 *Page Inds . . . . . . . . 34270.0 ness: To con- Non-Executive formance of issue price sure
On 26 Feb -25416 1103 0.3 4.4 3.6
Nikkei 225 39208.0 -0.1 CBOE Dow Jones 11.7 -3.2 *ABB India . . . . . . . . . 5555.0 *Ebbetf0430 . . . . . . . 1349.0 *Capfin India . . . . . . . . 592.0 *Atul . . . . . . . . . . . . . . 6028.0 sider and Directors;3.To the chairper- subject to the Requirements)
On 23 Feb -6527 4231 0.3 3.9 3.7
*FIEM Inds . . . . . . . . . 1299.3 *Quick Heal . . . . . . . . 577.0 approve the Assess the son of the approval of the Regulations
Hang Seng 16536.9 -1.5 * Change over previous close On 22 Feb -1052 -429 0.3 2.9 3.7 *Siemens . . . . . . . . . . 4657.3 *Navin Fluo . . . . . . . . 3002.0
*Action Const . . . . . . . 1275.8 *Integrated Inds . . . . . 557.1 proposal for is- quality quan- Company 3. shareholders 2018 and other
On 21 Feb -14165 -176 0.3 3.3 3.6 *HAL . . . . . . . . . . . . 3168.4 Others
*Policy Bazar . . . . . . . 1177.5 *Shaily Engg . . . . . . . . 549.6 suance of Non - tity and timeli- Assess the and regulatory applicable
MAJOR INDICES Feb till date
2024 till date
-312525
-978667
-7456
-13852
-
-
-
-
-
-
*Mah & Mah . . . . . . . . 1957.9
*ICICI Lombard . . . . . 1740.0 *Bharat Paranter . . . . 1170.0 *TIL . . . . . . . . . . . . . . . . 547.2
GMM Pfaudler . . . . . . 1331.0
*TCI Exp . . . . . . . . . . . 1135.0
Convertible ness of flow of quality quan- approvals as rules regula-
*Bbetf0432 . . . . . . . . 1131.9 *Macfos . . . . . . . . . . . . 544.4 Debentures information be- tity and timeli- may be re- tions and
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Sun Pharma . . . . . . . 1587.9 Hinduja Glb . . . . . . . . . 900.1
*ASM Tech . . . . . . . . . 1115.0 ABSL AMC . . . . . . . . . . 534.8 through Private tween the ness of flow of quired under guidelines of
*Havells I . . . . . . . . . . 1550.0 *Shivalik Rasaya . . . . . 605.0
Placement in company man- information be- applicable law. SEBI and appli-
S&P BSE Sensex 73,095.2 73,162.8 73,223.1 72,222.3 72,304.9 -790.3 -1.1 *Cipla . . . . . . . . . . . . . 1493.0 *TechNVision Ven . . . 1085.6 *Yatharth Hospit . . . . . 503.9 *Barbeque Nation . . . . 590.2
one or more agement and tween the 2. To consider cable provi-
*Voltas . . . . . . . . . . . . 1133.7 *Intell Des Aren . . . . . 1083.6 *Electrotherm . . . . . . . 502.7 *Cosmo First . . . . . . . . 512.2
S&P BSE Sensex 50 23,291.1 23,316.6 23,326.2 22,997.5 23,023.9 -267.3 -1.1 S&P BSE SECTORAL INDICES *Tata Motors . . . . . . . . 976.3 *Remsons Ind . . . . . . 1060.0 *Jhaveri Crdt . . . . . . . . 498.9 SG Finserve . . . . . . . . . 440.0
tranches
and/or series
the Board that
is necessary
management
of the Com-
and approve
any other
sions of
Companies Act a whole 2. Re- the board of di- quarter ended ent Directors flow of informa-
S&P BSE-100 23,119.7 23,154.9 23,156.1 22,809.8 22,836.6 -283.0 -1.2 *DLF . . . . . . . . . . . . . . . 919.7 *Mirae -ET . . . . . . . 1000.0 *Triveni Turbine . . . . . . 498.3 Kabra Extrus . . . . . . . . 356.0
Prev cls Close % Chng from time to for the Board pany and the item(s) with 2013 for cash view the per- rectors to effec- 31.12.2023 3. and the Board tion between
*RailTel Corp . . . . . . . . 491.2 *Eyantra Ve . . . . . . . 963.9 *Aster DM Health . . . . 495.2 *Sharda Crop . . . . . . . . 351.6
S&P BSE-200 10,044.2 10,063.3 10,063.5 9,899.8 9,911.6 -132.7 -1.3 time amongst to effectively board of direc- the permission and/or consid- formance of the tively and Any other busi- as a whole;2.To the company
Auto 47,668.9 46,732.4 -2.0 *Power Grid . . . . . . . . . 293.3 *Just Dial . . . . . . . . . . . 960.5 *Tcc . . . . . . . . . . . . . 489.0 *Natural Caps . . . . . . . 330.0 other items. and reasonably tors that is of the Chair eration other chairperson of reasonably per- ness with the review the per- management
S&P BSE-500 32,079.2 32,147.5 32,148.0 31,601.9 31,639.8 -439.3 -1.4 Bankex 52,891.8 52,222.5 -1.3 Bharat Elctn . . . . . . . . . 209.0 *Cello World . . . . . . . . 949.3 Jindal World . . . . . . . . . 430.9 Mold-Tek Techno . . . . . 210.0 Ashnisha Inds: perform their necessary for City Puls Mult: than cash on the Company 3. form their permission of formance of the and the Board
Cons. Durables 51,307.5 51,017.5 -0.6 Others *Panorama Studio . . . 925.0 *Fischer Chemic . . . . . 430.0 Gss Infotech . . . . . . . . . 143.0 To consider duties;4. Any the board of di- To consider the preferen- Assess the qual- duties. the Chair. (As Chairperson of that is neces-
S&P BSE IPO 13,890.8 13,942.8 14,000.5 13,546.4 13,599.3 -291.5 -2.1 Cap. Goods 57,661.3 57,046.2 -1.1 *Tata Invest . . . . . . . . 7310.8 *Kalyani Stl . . . . . . . . . 889.8 *Poddar Pgmnt . . . . . . 408.0 *Bhanderi . . . . . . . . . 114.0 and approve 1. other business rectors to ef- and approve tial basis. ity quantity and K&R Rail Eng: Per BSE An- the company sary for the
FMCG 19,580.3 19,396.3 -0.9 *Force Motors . . . . . . 6568.9 *Pitti Engg . . . . . . . . . . 808.7 *Garg Furnace . . . . . . . 392.6 *Dwarikes Sug . . . . . . . . 77.7 To review the with the per- fectively and the following Guj Nat Res: To
S&P Dollex-30 7,239.8 - - - 7,157.0 -82.8 -1.1 timeliness of To consider and nouncement taking into ac- Board to effec-
Healthcare 35,672.9 35,318.2 -1.0 *Sundaram Fin . . . . . . 4249.9 *Supreme Petroch . . . 782.8 *Accelerate . . . . . . . . . 386.0 MIL . . . . . . . . . . . . . . . . 62.0 performance of mission of the reasonably matter(s): 1. To consider and flow of informa- approve 1. Un- Dated count the views tively and rea-
Nifty 50 22,198.4 22,214.1 22,229.2 21,915.9 21,951.2 -247.2 -1.1 Infra 576.3 561.4 -2.6 *Kesar India . . . . . . . . 3556.2 *Veritas . . . . . . . . . . . . 777.3 *Zodiac Energy . . . . . . 361.8 *ESAF SMF . . . . . . . . . . . 61.6 Non-Independ- Board. perform their consider issue approve 1. Re- tion between Audited finan- on:14/02/2024) of Executive Di- sonably
IT 38,508.4 38,345.3 -0.4 *CAMS . . . . . . . . . . . . 3240.0 *Tinna Rub & Inf . . . . . 755.5 *Tine Agro . . . . . . . . . . 355.7 Supreme Ho . . . . . . . . . . 55.9 ent Directors Ashoka Met- duties. and allotment view the per- the manage- cial results for Lesha Inds: To rectors and perform their
Nifty next50 59,150.7 59,296.0 59,370.0 58,218.1 58,387.3 -763.3 -1.3
Metal 27,145.9 26,667.1 -1.8 *Phoenix Mill . . . . . . . 2968.4 Thyrocare Tech . . . . . . 722.0 *Heritage Foods . . . . . 354.3 *ASRL . . . . . . . . . . . . . . 28.0 and the Board cast: To con- Batliboi: To of Equity formance of ment of the the quarter consider and Non-Executive duties;4. Any
Nifty 500 20,292.9 20,323.5 20,335.7 19,987.4 20,020.4 -272.4 -1.3 Oil & Gas 28,254.6 27,634.8 -2.2 *Godfrey Ph . . . . . . . . 2915.0 Assam Entrade . . . . . . 658.2 *Zaggle . . . . . . . . . . . 351.1 *Sanmit Infra . . . . . . . . . 22.5 as a whole;2.To sider and transact the Shares at a Non-Independ- Company and ended approve 1. To Directors;3.To other business
Power 6,680.7 6,523.8 -2.3 *Cupid Ltd . . . . . . . . . 2722.4 *Ceinsys Tech . . . . . . . 654.5 *Diamond Power . . . . 345.6 Brandbucket Med . . . . . 16.3 review the per- approve 1. Re- following busi- price to be de- ent Directors the board of di- 31.12.2023 2. review the per- Assess the qual- with the per-
India VIX 15.7 15.7 16.7 15.3 16.3 0.6 3.8 *Refex Renewable . . . . 645.0 *V Guard Inds . . . . . . . 344.6
PSU 18,562.5 18,181.7 -2.1 *Venus Pipes . . . . . . . 1784.0 Captain Pipes . . . . . . . . . 16.0 formance of view the per- ness. 1. To termined in ac- and the Board rectors that is Limited review formance of ity quantity and mission of the
Nifty CPSE 5,868.5 5,871.0 5,887.6 5,740.1 5,757.4 -111.1 -1.9 Realty 7,337.5 7,181.6 -2.1 m m w w the Chairper- formance of issue of secu- cordance with of Directors as necessary for Reports for the Non-Independ- timeliness of Board.

> 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 (669.2) (669.8) (5452.4) (5450.5)
m ~50 H ~2 Open 674.9 671.0 5480.0 5440.0
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 675.9 676.0 5555.0 5552.0
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 645.7 646.0 5381.0 5380.3
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 648.1 648.5 5419.4 5428.6
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 27320 1060K 56009 785K
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 54.1 54.2 95.0 95.2
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 5555/3143 5552/3141
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 23492 23508 114836 115032
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 «
(28639.3) (28670.3) (2669.6) (2669.4) (3300.4) (3302.3) (1329.4) (1329.4) (566.7) (566.7) (1047.4) (1048.3)
O 28598.7 28650.8 2675.0 2669.4 3305.1 3309.2 1332.9 1334.5 566.7 564.2 1048.1 1050.0 O O
29005.0 29041.0 2682.9 2683.4 3320.0 3318.8 1335.2 1334.9 570.0 566.5 1056.8 1056.9
w 28513.4 28464.9 2567.1 2567.0 3207.1 3207.5 1295.0 1295.2 548.0 547.7 1005.4 1005.4 w w
28657.9 28610.0 2572.2 2573.3 3217.0 3219.0 1299.1 1299.5 551.0 549.6 1019.0 1018.9
309 15458 15423 375K 46713 1359K 102K 2122K 91633 976K 127K 3499K
53.2 53.1 29.7 29.7 104.4 104.5 38.8 38.8 9.1 9.1 - -
W 29628/19909 29639/19906 2760/1594 2746/1592 3344/1408 3344/1408 1343/571 1343/572 589/153 589/152 1260/522 1259/522 W W
M 60898 60796 48303 48323 366732 366966 280614 280712 212498 211977 112064 112059 M M

Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL
(1079.4) (1079.1) (8462.4) (8463.5) (6555.1) (6556.3) (1599.7) (1600.6) (2289.1) (2289.3) (383.0) (382.9) (201.1) (201.1) (270.3) (270.4) (1437.4) (1437.8) (563.1) (562.9) (205.3) (205.4) (1177.6) (1177.9) (1127.3) (1127.5) (222.9) (222.6) (275.6) (275.7) (798.1) (798.2) (28878.9) (28865.4) (624.8) (625.0)
O 1080.9 1077.4 8479.0 8470.0 6555.2 6572.0 1601.3 1603.0 2289.0 2289.3 383.7 384.0 O 201.2 201.2 271.0 270.4 1449.0 1438.0 563.0 562.0 206.0 206.2 1173.2 1175.8 O 1135.4 1133.4 223.3 223.7 277.0 276.0 802.0 802.0 29000.1 29065.0 624.9 624.9
1084.8 1085.0 8482.1 8486.7 6595.0 6596.8 1608.7 1609.7 2299.7 2299.8 385.0 385.4 202.0 202.2 271.5 271.5 1449.0 1445.7 567.5 567.5 209.0 209.0 1181.3 1181.6 1152.1 1152.7 230.4 230.5 281.4 281.5 807.8 807.6 29135.4 29150.0 625.5 625.6
w 1064.1 1064.1 8070.0 8071.9 6476.5 6475.0 1582.7 1580.0 2220.5 2218.0 369.0 369.0 w 195.8 195.9 260.8 260.7 1400.6 1400.0 555.7 555.1 201.5 201.5 1142.3 1141.2 w 1123.6 1123.5 221.0 221.0 270.3 270.1 763.0 762.3 28239.8 28211.2 606.2 606.1
1074.7 1074.2 8173.5 8188.7 6500.0 6498.7 1584.1 1584.5 2230.8 2229.2 371.7 371.2 196.6 196.7 261.7 261.8 1406.7 1406.4 563.9 564.2 205.7 205.7 1152.2 1152.3 1128.7 1128.8 224.7 224.7 271.0 271.1 766.7 767.5 28314.3 28327.6 608.6 609.3
189K 7643K 17624 538K 22995 535K 12800 791K 2833 282K 176K 2768K 411K 9979K 389K 13654K 34372 507K 92294 1084K 3175K 38996K 11268 770K 86413 5303K 1893K 36680K 295K 6304K 46913 1508K 1054 28212 204K 6323K
27.6 27.6 31.3 31.3 33.3 33.2 32.4 32.4 35.6 35.5 15.4 15.4 10.6 10.6 7.7 7.7 68.2 68.2 63.8 63.9 41.7 41.7 41.9 41.9 75.9 75.9 - - 27.1 27.1 38.1 38.1 35.9 35.9 4.6 4.6
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>.
MUMBAI | THURSDAY, 29 FEBRUARY 2024 1

PUBLIC NOTICE
(Regd. Office PSEB Head Office, The Mall Patiala-147001)
It has come to our attention that Mr. Sujit M. 0CXK /WODCK /WPKEKRCN %QTRQTCVKQP
Ghadi, Special Recovery Officer, has illegally
Corporate Identification Number (CIN): U40109PB2010SGC033813 Website: www.pspcl.in
issued a public notice regarding the auction
(Office: SE/Civil Design, PSPCL, E-2, Shakti Vihar, Patiala. Email. Id: se-civil-design@pspcl.in '&7%#6+10 &'2#46/'06
Phone No. 96461-12974 of a property belonging to an unknown
person, Mr. S.G.M. Shetty, located at Unit 4GVGPFGT PQVKEG PQ 0//%'&7
Open Tender Enquiry No. 01/2024-25/CD
No. 86, Oshiwara Link Plaza Comm. Pre- 0COG QH YQTMų 4GICTFKPI QTICPK\CVKQP QH RKEPKE HQT UVWFGPVU QH
Superintending Engineer/Civil Design, PSPCL, E-2, Shakti Vihar, Patiala, invites E-tender
mises Co-Op., Soc., Ltd., Jogeshwari (W), %NCUU VJ VQ VJ WPFGT 'FWECVKQP &GRCTVOGPV QH 0CXK /WODCK
for TRANSPORTATION OF 10000 MT OF PPC CEMENT PACKED IN BAGS (EACH BAG
Mumbai-102. The notice was published in /WPKEKRCN %QTRQTCVKQP CV +OCIKECC VJGO RCTM KP VJG CECFGOKE
CONTAINING 50KG) FROM M/s AMBUJA CEMENTS LTD. ROPAR TO VARIOUS PSPCL
both the Business Standard and Pudhari
STORES SITUATED AT PATIALA, MOHALI, MUKTSAR, LUDHIANA, JALANDHAR, AND
newspapers on 24th February 2024. It is
[GCT 
SARNA EXCLUDING LOADING AND UNLOADING.TENDER ENQUIRY NO 01/2024- 'UVKOCVGF %QUV 4U  
asserted that the Special Recovery Officer is
25/CD. For detailed NIT & tender specification, please refer to https://eproc.punjab.gov.in 28.02.2024
(Contact No.- 0172-2970263, 0172-2970284) from 29.02.2024 from 11:00 AM onwards.
allegedly proceeding with an auction illegally 6GPFGT FGVCKNU CPF KPHQTOCVKQP TGSWKTGF KP TGURGEV QH
concerning the scheduled property. CDQXG 6GPFGT RNGCUG XKUKV VQ YGDUKVG
Note:- Corrigendum and addendum, if any will be published online at
SECHEDULE JVVRUPOOEGVGPFGTUKP
https://eproc.punjab.gov.in
C169/24 DESCRIPTION OF THE PROPERTY
76155/12/2763/2023/32974

Unit No. 86, 2nd Floor, Oshiwara Link
Plaza Comm. Premises Co-Op., Soc., Ltd., &[ %QOOKUUKQPGT 'FWECVKQP
Jogeshwari (W), Near Oshiwara Police
Station, Jogeshwari (W), Mumbai-400102.    0CXK /WODCK /WPKEKRCN %QTRQTCVKQP
dk;kZy; dk;Zikyd vfHk;ark] LEGAL STATUS
• It is important to inform to public at large
y?kq flapkbZ izeaMy] ykrsgkj that SCHEDULE property is currently under
legal dispute and subjected to ongoing
eemidlat-cemr-jhr@nic.in proceedings before the Hon'ble High Court
bZ0 fufonk LFkfxr lwpuk Bombay Writ Petition No. 32652/2023.
•The rightful ownership of the property is
i=kad&109 ykrsgkj@fnukad& 28-02-2024 claimed by Mr. Sarwar Quddus and Mr.
Mohan Shetty and a status Quo stay has
bl dk;kZy; dk fufonk vkea=.k lwpuk been granted by The Divisional Joint
la0&Wrd /MIR/Latehar F2-19/2023-24 fofHkUu Registrar, Malhotra House, Mumbai, as per
RA No. 115/2022, vide its 06/02/2023.
lekpkj i=kasa esa izdkf'kr dh xbZ Fkh ftudk P.R No •Mr. Sanjay Sarraf has purchased the
319999 Water Resources(23-24)D gS] dks scheduled property and claims lawful
physical possession since 2002. All actions
vifjgk;Z dkj.ko'k vxys vkns'k rd LFkfxr dh tkrh concerning the property are subject to
gSA g0@& ongoing legal proceedings.
dk;Zikyd vfHk;ark] •The authority of Mr. Sujit Ghadi, the Special
PR 320651 Water Resource(23-24).D y?kq flapkbZ izeaMy] ykrsgkj Recovery Officer, is under challenged before
the District Deputy Registrar (1), Malhotra
House, and recovery proceedings are also
under challenge.
CAUTION
This public notice serves as a cautionary
ASIAN PAINTS LIMITED advisory. No individual or entity should
Registered Office : 6A Shantinagar,Santacruz East, Mumbai, Maharashtra – 400055 participate in the auction proceeding
NOTICE is hereby given that the certificate (s) for the under mentioned securities of the related to the SCHEDULE property. Any
Company has/have been lost/mislaid and the holder(s) of the said securities/applicant(s) such participation may result in legal con-
has/have applied to the Company to issue duplicate certificate(s). . sequences, and individuals will be held
Any person who has a claim in respect of the said securities should ledge such claim with responsible for their actions.
the Company at its Registered Office within 15 days from this date, else the Company will By Dr. Dinesh Rattan Bhardwaj
proceed to issue duplicate certificate(s) without further intimation. Solicitor & Advocate-on-Record
Supreme Court of India
Name(s) of holder(s) Kind of Securities No. of
(and jt. holder(s), if any Distinctive number(s) Chamber: 308, C.K. Daphtary Block,
and face value Securities
1. P MARY JOHN Supreme Court of India
Equity share of Rs. 1/- 5370 6199501 - 6204870
P ELIZABETH JOHN Email - dineshbhardwaj1@gmail.com
2. MARY JOHN P 15270791 - 15270880 Mob. : 9868589954, 9911164673
Equity share of Rs. 1/- 90 Place : Mumbai Date : 29..02.2024
ELIZABETH JOHN P
Sd/-
Place: Ernakulam P MARY JOHN
Date: 29/02/2024 P ELIZABETH JOHN

Sawantwadi BRANCH FORM NO. URC-2

Nevagi Complex, Near Moi Talav, Advertisement giving notice about
Tal. Sawantwadi, Dis. Sindhudurg:416510 registration under Part I of Chapter
Email: Sangave.Ratnagiri@bankoindia.co.in XXI of the Act
[Pursuant to section 374(b) of the Companies
Act, 2013 and Rule 4 (1) of the Companies
POSSESSION NOTICE [Rule 8 (1)] (Authorised to Register) Rules, 2014]
1.Notice is hereby given that in pursuance of
(For immovable property) sub-section (2) of section 366 of the
Whereas, Companies Act, 2013, an application is
The undersigned being the Authorized Oicer of State Bank of India under proposed to be made after fifteen days
the Securiizaion and Reconstrucion of Financial Asset and Enforcement of thereof but before the expiry of thirty days
Security Interest Act, 2002 and in exercise of powers conferred under secion hereinafter to the Registrar of Companies,
13(12)readwithrule3oftheSecurityInterest(Enforcement)Rules,2002issued Maharashtra, at 100, Everest, Marine
demand noice dated 05/09/2023 calling upon the Borrower/ Mortgagor to Drive, Mumbai, Maharashtra, 400002 that
Mr. Ajay Appaji Gawade And Guarantor Mr. Pravin Nhanu Rawool repay the Neoteric Packaging LLP, a LLP may be
amount menioned in the noices aggregaing Rs.4,32,724.00 (Rupees Four registered under Part I of Chapter XXI of
Lakhs Thirty Two Thousand Seven Hundred Twenty Four Only) Plus further the Companies Act, 2013, as a Company
interest, Cost, Charges, etc. within 60 days from the date of receipt of the said limited by shares.
noice.The Borrower/ Guarantors having failed to repay the amount, noice is 2. The principal objects of the company
hereby given to the Borrower/ Guarantors and the public in general that the are as follows:
Manufacturing and trading of Plastic
undersigned has taken Physical Possession of the property described herein
Packaging Material and all other related
below belonging to Mr. Ajay Appaji Gawade in exercise of powers conferred ancillary activities as may be decided
on him under secion 13(4) of the said Act read with rule 8 of the said rules from time to time.
on the 27th of February of the year 2024, pursuant to order passed by the 3. A copy of the draft Memorandum and
District Magistrate, Sindhudurg under secion 14(2) of the SARFAESI Act 2002 Articles of Association of the proposed
in Order No. 56/2023 on 27.12.2023. Company may be inspected at the
The Borrower secured debtor in paricular and the public in general Registered Ofice at Gala No. 5, Nirman
are hereby cauioned not to deal with the property and any dealings with Industrial Estate, New Link Road, Malad
property will be subject to the charge of the State Bank of India Sawantwadi West, Mumbai City, Maharashtra, 400064
Branch for an amount of Rs.4,32,724.00 (Rupees Four Lakhs Thirty Two 4. Notice is hereby given that any person
Thousand Seven Hundred Twenty Four Only) Plus further interest, cost and objecting to this application may commu-
incidental charges thereon. nicate their objection in writing to the
The Borrower’s atenion is invited to provisions of sub-secion (8) of Registrar at Central Registration
secion 13 of the SARFAESI Act, in respect of ime available, to redeem the Centre (CRC), Indian Institute of
secured assets. Corporate Affairs (IICA), Plot No. 6,7, 8,
Sector 5, IMT Manesar, District
DESCRIPTION OF THE IMMOVABLE PROPERTY Gurgaon (Haryana), Pin Code-122050,
within twenty one days from the date of
All That Peace and parcel of land and House No. 866 On Land Bearing
publication of this notice, with a copy to
Survey No. 230 Hissa No. 22 E, Situated In The Village Charathe, Taluka-
the Company at its registered office.
Sawantwadi, Dist- Sindhudurg, Pin 416510, Area- 00-05-00 H R ( 500.00 Sq
for Neoteric Packaging LLP
Mts ). Sd/-
Boundaries By Property; 1. Nihir Vijay Parekh
East : Survey No. 230 Hissa No. 22 A (Designated Partner)
West: Survey No. 230 Hissa No. 22 A 2. Dhaval Bhavik Kamdar
North: Survey No. 230 Hissa No. 22 A (Designated Partner)
South: Charathe-Otavane Road 3. Punit Praful Kamdar
Sd/-
(Designated Partner)
Date: 27/02/2024 Authorised Oicer
Place: Charathe, Tal. Sawantwadi. State Bank of India
Date : 29.02.2024 | Place : Mumbai