TUESDAY, 16 APRIL 2024

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

MUMBAI
~13.00
VOLUME XXVIII NUMBER 208

THE MARKETS ON MONDAY chg#

Sensex 73,399.8  845.1

Nifty 22,272.5  246.9
Nifty Futures* 22,357.3 p 84.8 BATTLEGROUND 2024 P6 WORLD P8
Dollar
Euro
Brent crude ($/bbl)
~83.5
~88.9
90.1##
~83.4 **
~88.9 **
91.0**
PM HINTS AT BRINGING FRESH TESLA TO LAY OFF OVER 10% OF
Gold (10 gm)### ~72,521.0
*(April) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
 ~360.0
SCHEME FOR ELECTORAL FUNDING STAFF GLOBALLY AS SALES FALL
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E OU SL Y F RO M AHM ED AB AD , BE NGA LU RU, BH OPAL , BH UB ANES W AR, CHAND I G ARH , CH ENNAI , HY D E R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU M BA I , N E W D E L H I AN D P U N E

RAVEENDRAN TO HEAD
BYJU’S DAILY OPS AS
INDIA CEO QUITS
West Asia flare-up Exports shrink 3% in FY24
but tide is turning: Govt
Just over six months after taking over the
role, Byju’s India CEO Arjun Mohan has quit
from his position in the firm, which is now
restructuring its business into three
divisions with founder Byju Raveendran
roils equity, rupee SHREYA NANDI
New Delhi, 15 April
MERCHANDISE EXPORTS:
TAPERING AGAIN
(pictured) handling the firm’s day-to-day Losses limited amid diplomatic efforts to contain the crisis Snapping the trend of growth in Year Value ($bn) Change (%)
operations. The firm said on Monday that three consecutive months, goods 2018-19 330.8 8.75
Byju’s was consolidating its SUNDAR SETHURAMAN exports in March year-on-year (Y-o-
businesses into three Mumbai, 15 April UNDER PRESSURE: Y) contracted a moderate 0.67 per
2019-20
2020-21
313.36
291.81
-5.06
-6.88
focused divisions. They
ASIAN CURRENCIES VS $ cent to $41.68 billion due to falling

T
are online learning app he Indian equity commodity prices and persistent 2021-22 422 44.62
business, online classes benchmarks declined geopolitical challenges. 2022-23 451.07 6.89
and tuition centres, and on Monday as Iran’s With March being the seventh 2023-24 437.06 -3.11
test preparation. Each attack on Israel month when exports contracted in
Source: Department of Commerce
division will have a prompted investors to flee risky 2023-24, on a cumulative basis out-
separate head. 2 > assets. The losses, however, bound shipments saw a 3.11 per cent
were contained as investors decline at $437.06 billion, the data ELECTRONICS EXPORTS RISE 23.6% IN FY24 P4 >
shrugged off concerns of a released by the commerce depart-
COMPANIES P2 wider war amid diplomatic ment on Monday showed. and said exports had moved into a came up. There was a huge
Vi allocates ~5,720 cr for efforts to limit the crisis. The contraction came after “positive cycle of growth”, particu- issue due to the Red Sea (crisis)
The rupee, too, depreciated exports grew during the last two larly in the calendar year 2024. and Panama Canal. There were
5G from FPO proceeds to a fresh closing low of 83.45 Apr 15, 2024 1-day % chg YTD % chg financial years. “This year was extremely diffi- recessionary trends as well … We
Vodafone Idea will invest ~5,720 crore in per dollar on Hong Kong dollar 7.83 0.11 -0.22 However, Commerce Secretary cult for trade. The Russia-Ukraine have beaten all odds,” Barthwal said.
rolling out its 5th generation-based
wireless network in the next 24 months,
EDIT P9 > Monday but it
performed better Chinese renminbi 7.24 -0.02 -1.92
Sunil Barthwal exuded optimism war continues, and other conflicts Turn to Page 7 >

said CEO Akshaya Moondra on Monday. The RECKONING than most Asian Indian rupee 83.45 -0.04 -0.29
firm proposes to utilise the proceeds from IN WEST ASIA currencies. Gold Japanese yen 154.13 -0.58 -8.49
FPO towards network infrastructure
expansion amounting to ~12,750 crore. The
firm will cover 40 per cent of its revenue
continued to wit-
ness safe-haven rush but pres-
sure eased. Though India’s 10-
South Korean won
Source Bloomberg
1,384.05 -0.62 -6.72
Compiled by BS Research Bureau
ABOVE-NORMAL RAINFALL BE AS RIGHT AS RAIN
IMD’s first forecast (% of LPA)
base for 5G rollout in the next 24 months. year government bond yield
remained flat, the 10-year US
Treasury yield rose as much as
CHOPPY EQUITY MARKETS
Index Region Close 1-day % chg
LIKELY THIS MONSOON: IMD 2016 106
2017 96
Euro Stoxx 50 Pr* Eurozone 4,980 0.5 2018 97
11 basis points to 4.63 per cent. SANJEEB MUKHERJEE forecasting agency Skymet also
2019 96
After declining over 1 per S&P 500* US 5,130 0.1 New Delhi, 15 April stated that the cumulative all-India
cent for a second day, the Sensex southwest monsoon this year could
2020 100
Hang Seng Hong Kong 16,600 -0.7 2021 98
ended the session at 73,400, In what could come as a relief to be ‘normal,’ at 102 per cent of LPA.
dropping 845 points or 1.14 per S&P BSE Sensex India 73,400 -1.1 the government’s fight against The LPA for the June to 2022 99
INDIA’S 2023 96
cent — its sharpest decline since NSE Nifty 50 India 22,273 -1.1 inflation, the India Meteorological September rains is 87 centimetres,
# March 27. The Nifty 50 ended * (until 8.50 pm IST) Department (IMD) predicted an and a forecast of 106 per cent of this 2024 106
MOST TRUSTED at 22,273, a drop of 247 points or ‘above-normal’ monsoon in 2024, means that the monsoon could be Note: Actual monsoon rainfall will start from
FINANCIAL SERVICES
BRAND 2024# 1.1 per cent. Turn to Page 7 > SQUEEZE ON which quantitatively could be ‘above normal’. June; All the forecasts are with a model error
of +/- 4-5%. The first forecast is issued in April
#
FOREIGN FLOWS around 106 per cent of the long
period average (LPA).
Rainfall between 96 per cent
and 104 per cent of LPA is
every year. All forecasts are percentages of
long-period average (LPA). LPA is the average
TRA’s Brand Trust Report (2024)
CENTRE IN A HUDDLE TO Net equity investment (~ cr) rainfall received in the past 50 years,
ASSESS IMPACT OF CRISIS 4 > #Provisional figures This mirrors the consensus that considered normal. estimated to be around 87 cm (based on data
from exchange
most weather experts have on the The forecast comes with a model collected between 1971 and 2020). Earlier the
ISRAEL’S OBJECTIVE: HURT Sources: NSDL,Sebi, Exchanges Indian monsoon this year. error of plus/minus 5 per cent. LPA was 88.1 cm, based on data collected
1800 313 1212 IRAN, AVERT WAR 8 > Compiled by BS Research Bureau Last week, the private weather Turn to Page 7 >
between 1961 and 2010 Source: IMD
2 COMPANIES MUMBAI | TUESDAY, 16 APRIL 2024

STOCKS > Intellect Design Arena

Bags deal from National
> Ramkrishna Forgings
Receives ~270 crore order
> Mahindra & Mahindra
Board approves
> Happiest Minds Technologies
Bags deal to build AI
> Thermax
Unveils factory for water
IN THE NEWS Bank of Kuwait for for sleeper version of acquisition of 26% medical preventive and and wastewater
digital transformation Vande Bharat train set in Gelos diagnostic solutions solutions in Pune
~1,020.2 CLOSE ~706.4 CLOSE ~2,050.3 CLOSE ~800.8 CLOSE ~4,723.8 CLOSE
p2.3% UP* p2.5% UP* 1.0% DOWN* 2.5% DOWN* p3.9% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
NFRA slaps fines on auditors Vi earmarks ~5.7K crore Raveendran
for RCap auditing lapses
tightens grip
The National Financial Reporting Authority (NFRA) slapped penalties
worth ~4.5 crore on an audit firm and two auditors for professional
misconduct for alleged auditing lapses of Reliance Capital's
financials in 2018-19. A fine of ~3 crore was imposed on Pathak H D &
Associates, ~1 crore on Parimal Kumar Jha and ~50 lakh on Vishal D
to roll out 5G services
Plans to use ~18K cr FPO proceeds to upgrade infra, clear deferred payments
on Byju’s as
India CEO quits
Shah. Besides, Jha and Shah have been debarred from taking up
audit work for 10 years and 5 years, respectively. Jha was the DEV CHATTERJEE
Engagement Partner and Shah was the Engagement Quality Control Mumbai, 15 April
Review Partner for statutory audit of Reliance Capital for 2018-19. PTI

V
odafone Idea (Vi) plans to spend

NCLAT to hear challenge to

~5,720 crore to launch 5G wireless
network in the next 24 months,
TO HANDLE DAY-TO-DAY OPS
Chief Executive Officer (CEO) Akshaya
Zee-Sony merger from May 17 Moondra said on Monday. The cash-
strapped telecom player will deploy funds FIRM TO NOW HAVE 3 DIVISIONS
The National Company Law Appellate Tribunal raised via the ~18,000 crore follow-on
(NCLAT) said it will hear the challenge to Zee- public offer (FPO) — the largest in the PEERZADA ABRAR
Sony merger from May 17. Axis Finance and
IDBI had challenged the merger in NCLAT.
country to date — for boosting its telecom
infrastructure and clearing deferred pay-
Bengaluru, 15 April
Shareholders
Both IDBI Bank and Axis Finance’s
contention was to wait for the NCLT outcome
ments to the government.
The company’s stock closed at ~13.16
Just over six months after tak-
ing over the role, Byju’s India
approve
before hearing the case. They had urged the
appellate tribunal to wait for the outcome of Zee's
a share on BSE, up 1.5 per cent.
Moondra said the company would
Chief Executive Officer Arjun
Mohan has quit from his posi-
rights issue
plea in the National Company Law Tribunal Mumbai to enforce the spend ~12,750 crore to buy equipment for tion at the firm, which is now Byju’s said that the vote
merger, which has been called off. BHAVINI MISHRA expanding its network infrastructure, restructuring its business into for an increase in
which includes setting up 4G sites, three divisions with founder authorised share capital
expanding or adding capacity at existing Byju Raveendran handling the put forth in the form of a
RInfra gets NCLT breather in 4G sites, and setting up 5G sites. The
company hopes to bring 5G access to 40
firm’s day-to-day operations.
The cash-strapped firm
postal ballot and the
extraordinary general
Mumbai Metro One case per cent of its revenue base in the next
two years, Moondra said.
said on Monday that Byju’s
was consolidating its busi-
meeting held on March
29, had been approved
In a relief to Reliance Infrastructure, National Company Law Before 5G services were launched nesses into three focused divi- by a majority 55 per cent
Tribunal (NCLT) has disposed insolvency case filed by SBI and IDBI nationally in October 2022, market leader Ravinder Takkar (left), non-executive chairman, and Akshaya Moondra, CEO, Vi, in sions. They are online learning of the total votes polled.
Bank against Mumbai Metro One Pvt Ltd (MMOPL). MMOPL is a 74:26 Reliance Jio had said it would cumu- Mumbai on Monday. The government’s shareholding in the telecom firm will come app business, online classes The voting process, which
joint venture of Reliance Infrastructure and Mumbai Metropolitan latively invest ~2 trillion to offer 5G serv- down to 24% from 32% currently after the FPO PHOTO: KAMLESH PEDNEKAR and tuition centres, and test included both the EGM
Regional Development Authority. "We wish to inform you that the ices across the country. The Mukesh preparation. Each division will and a postal ballot that
Section 7 petitions of SBI and IDBI Bank are disposed of by NCLT Ambani-backed firm boasts 90 million the telecom player won’t require ~2,000 crore in the company as prefer- have a separate head. concluded on April 6, has
Mumbai in view of OTS issued by all lenders, against MMOPL," 5G subscribers, who now carry almost a additional spectrum. “We have engaged ential allotment of shares independent “The changes follow an been duly scrutinised by
Reliance Infrastructure Ltd said in a regulatory filing on Monday. PTI fourth of Jio’s mobility data traffic. with our vendors on 5G for quite some of the FPO. UK-based Vodafone is not extensive seven-month oper- an independent third
Meanwhile, Sunil Bharti Mittal- time,” said Moondra, adding that once investing any additional money in the ational review and cost opti- party. The approval of the
backed Airtel had outlined plans for funding was available, the company Indian company. misation exercise led by out- EGM proposals paves the
Aster DM lines up ~1K crore to additional 5G capex worth ~28,500 crore
in FY24 and had 75 million 5G users till
would expedite placing orders.
“A lot of groundwork has happened;
After the FPO, Vi would also look to
raise ~25,000 crore as debt from its lenders.
going Byju’s India CEO Arjun
Mohan. Mohan will now tran-
way for Think & Learn
Private Limited, the
ramp up bed capacity in 3 yrs March this year. the 5G trials have happened,” he added.
The executive also said that investor
Moondra said the current average
revenue per user (ARPU) was the lowest
sition to an external advisory
role, lending his deep edtech
parent company of
Byju’s, to issue fresh
Aster DM Healthcare, which netted around $907 million from the sale Clearing dues confidence had returned to the company in the world and the telecom player could expertise to the company and shares and conclude the
of its GCC business, looks to plough around ~1,000 crore into its Vi will use the proceeds from the fresh after the government picked up a improve its ARPU by upgrading 2G cus- its founders during this trans- rights issue aimed at
expansion plans in India as it targets a bed capacity of over 6,600 in issue of equity shares to pay a few 32 per cent stake in the company in tomers to 4G. Moondra, however, did not formation phase,” the com- tackling the liquidity
the next three years.The firm plans to add 1,700 beds by 2026-27 deferred payments for spectrum to the February last year to become the give any timeline for tariff corrections. pany said. crunch, including unpaid
through organic and inorganic routes.The firm’s board last week also telecom department and tax amounting largest shareholder. He also did not indicate whether The company hasn’t given salaries, regulatory dues
approved a special dividend of ~118 per share to its shareholders to ~2,175 crore, and the rest will be used The government's post-FPO holding the government would extend the any reason for Mohan’s move. and vendor payments.
following the booster shot from divestment of the GCC business. PTI for general corporate purposes. will likely come down to around 24 per moratorium on the AGR dues. The Giving details of the proposed PEERZADA ABRAR
The company said its current 5G spec- cent. The promoter Aditya Birla group AGR dues repayments will have to begin consolidation, Raveendran
trum was enough to meet its demand and had earlier announced plans to invest in 18 months. said, “This reorganisation
ChrysCap’s Ashley Menezes “Arjun (Mohan) has done
marks the start of Byju’s 3.0 —
an outstanding job steering
a leaner and more agile orga-
appointed IVCA chairman Byju’s through a challenging
nisation ready to quickly adapt

Industry body Indian Venture and Alternate Capital Association

N INVESTMENT ROUNDUP N period,” said Raveendran on
to evolving market dynamics,
Monday. “We are grateful for
especially in the realm of
(IVCA) on Monday said it had elected its new executive committee his leadership and look for-
hyper-personalised educa-
for 2024-2026.The new committee will be tasked with shaping
the direction of India's vibrant venture capital ecosystem, IVCA Mahindra unit makes Ambuja Cements to buy TN ward to his continued contrib-
tion.” “By focusing on our core
utions as a strategic advisor.”
strengths with three special-
said in a statement. Ashley Menezes, partner and COO, of
ChrysCapital has been appointed chairperson of the executive
green hybrid foray grinding unit for ~414 crore ised business units, we willThis new phase will also
see Byju Raveendran taking a
unlock new growth opportu-
committee (EC), while Sriniwasan Subramanian, MD of Kotak Gautam Adani-promoted Ambuja Cements on Monday said it had more hands-on approach in
nities while continuing to
Alternate Asset Managers, has been appointed vice-chairperson, entered into an agreement to acquire a grinding unit in spearheading the daily opera-
focus on profitability,” he said.
it said. PTI with ~1.2K cr project Tamil Nadu for ~413.75 crore, to expand its footprint in the South
Indian market. In a statement, Ambuja Cements said it had signed
tions of the company. Over the
Byju’s had made Arjun
past four years, he had focused
Mohan the chief executive
a definitive agreement to acquire the 1.5 million tonnes per annum primarily on strategic aspects
officer of its India business in
Wai Wai noodles owner plans PRESS TRUST OF INDIA
New Delhi, 15 April
(MTPA) capacity unit located in Tuticorin from My Home
Industries.
September last year, replacing
Mrinal Mohit. Mohan was
such as raising capital and
driving global expansion.
India unit public listing by ’26 Mahindra Susten on Monday said it will foray into
Ambuja said this acquisition is funded by internal accruals and
will take the group’s cement capacity to 78.9 MTPA. The acquisition
working in rival edtech firm
UpGrad earlier.
The edtech firm recently
laid off about 500 employees,
Nepalese billionaire Binod Chaudhary, who made his fortune the hybrid renewable energy segment by setting up a will aid in enhancing the company’s coastal footprint across south- or over 3 per cent of its total
selling instant noodles, is seeking to list his conglomerate ~1,200-crore 150-megawatt solar wind energy project in ern markets of Tamil Nadu and Kerala. AMRITHA PILLAY 15,000-strong workforce, as
Chaudhary Group’s India food unit by 2026. The firm, known for its Maharashtra. The project includes installation of a 101 part of a restructuring exercise.
Wai Wai brand of noodles that rivals market leader Maggi from megawatt (Mw) wind and 52 Mw solar The latest round of layoffs was
Nestle and ITC ’s Yippee, “would be ready to go for a sizable listing”
in the next two years after rolling out new products and acquiring
The project
includes
capacity, the Mahindra group said.
The facility is expected to generate 460
Brigade to invest ~400 crore to part of the restructuring exer-
cise started by the Bengaluru-
smaller firms in the noodle-related industry, Manvendra Shukla,
global chief executive officer at CG Foods India, said. BLOOMBERG
installation of million kilowatt-hour (Kwh) of clean
a 101 Mw wind energy, offsetting 420,000 tonne build office space in Chennai based edtech last year to let go
of about 4,500 employees. It
and 52 Mw of Co2 emissions. Realty firm Brigade Enterprises Ltd on Monday said it would invest was undertaken by Arjun
solar capacity The company aims to commission ~400 crore to build an office complex in Chennai. Brigade Enterprises Mohan. About 3,000 people
Correction the project within two years. It will
have more than 80 per cent locally manufactured com-
on Monday said it had entered into a joint development agreement
with Agni Estates & Foundations Pvt Ltd to develop ‘Brigade Tech
were let go between October
and November last year.
The interview with PVR Inox Managing Director Ajay Bijli, ponents, the company said. The project also marks Boulevard’, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Byju’s has given up all its
published on Monday, had a few inaccurate numbers. This is to Mahindra Susten’s foray into the ‘hybrid RE’ segment Radial Road, in Chennai. “With an investment of around ~400 crore, regional sales offices
clarify that PVR has 14 million square feet under its management; and will be one of the largest co-located solar + wind the project will have a leasable area of 836,000 square feet spread across India, keeping
300 million people came to its theatres in the last two years; and hybrid projects in Maharashtra to deliver clean energy across two towers,” it added. This will be the next commercial project only its head-
it will peg its costs to 140 million tickets—the number it sold last to commercial and Industrial (C&I) customers, the state- launched by Brigade Group after the completion of the ‘World Trade quarters in
year. The errors are regretted. ment said. Centre’ on OMR. PTI BYJU RAVEENDRAN, FOUNDER, BYJU’S Bengaluru.

Smartphone makers pin hopes on launched in Q1, but it takes a bit of

new launches after tepid March qtr
Longer replacement
cycle, slower shift to
4G a drag on sales
SURAJEET DAS GUPTA
New Delhi, 15 April
For the smartphone industry, it has
been a lacklustre quarter of CY2024,
with retail sales falling 3-4 per cent
over the same period last year, accord-
ing to Counterpoint Research projec-
tions. However, with the launch of
many models in Q1 of CY24, overall
shipments (to warehouses and sellers)
grew year-on-year by 10-12 per cent.
In CY23, shipments remained flat,
ending the year with 152 million units.
Said Shilpa Jain, senior analyst,
Counterpoint: “We are seeing a slow
demand period in India’s smart
phone market from the beginning of
the year. The momentum which one
saw in the festival season and even
While smartphone sales are down, shipments to warehouses and
sellers have increased
afterwards could not sustain entering
this year.”
Jain pointed out that though sales
were very slow during January-
February 2024, there was some uptick
in demand in March around the time
of Holi. “After the festival season, the
increased replacement cycle
and the absence of the government’s
money-infusing policies are
some of the reasons for the slow
demand,” she adds.
Companies expect Q2 of FY25 to
be better. “A lot of new phones were
time to show in the sales. We
will see a positive impact on sales
in Q2 and expect it to be better than
the previous year,” said a top
executive of a leading Chinese
mobile phone brand.
The other challenge is the
slowdown in the decline of 2G
subscribers. This has impacted
smartphone sales as the expectation
was that these subscribers would
quickly upgrade to 4G phones.
According to Counterpoint, the
decline of 2G subscribers in 2023 was
only 22 per cent over the previous
year, compared to 27 per cent in 2022
over 2021. The research agency
projects that the decline of 2G
subscribers in 2024 will be down by 17
per cent over the previous year.
Siddhant Cally, an analyst
dealing with the movement of
subscribers in the telecom industry,
says: “The earlier dips were
significant (in 2019, 2G sales dipped
by 45 per cent ), with major low-cost
4G adoption pushing the industry.
But it now appears that the
transition from non-broadband to
broadband subscriptions will
require more effort from the
ecosystem, as it needs to make
further inroads into rural India.”
PE investments in realty pie
shrink, down 30% since FY20
RAGHAV AGGARWAL
New Delhi, 15 April GLOBAL FACTORS AT PLAY
PE deals in real estate ($ bn)
The aggregate value of private equity (PE) deals
in Indian real estate declined nearly 30 per cent 6.4
to $3.6 billion in 2023-24 (FY24) compared to
$5.1 billion in FY20, according to a report
5.1
released on Monday. It is 16 per cent lower than 4.2 4.3
$4.3 billion in FY23. 3.6
According to Anarock Capital’s ‘FLUX: FY24
Annual Edition’ report, in the past five years,
FY21 witnessed the highest PE deals value of
$6.4 billion. Moreover, in FY24, only one deal,
the $1.4 billion strategic partnership between
Brookfield India REIT and GIC, accounted for
40 per cent of total deal value.
FY20 FY21 FY22 FY23 FY24
Shobhit Agarwal, managing director and Source: Anarock Capital’s ‘FLUX: FY24 Annual Edition’ report
chief executive officer at Anarock Capital, said
that the decline in PE investments in Indian 8 per cent in FY20.”
real estate had been due to lower activity by for- However, foreign investors are cautious. The
eign investors owing to global macroeconomic Anarock report also showed that while the
factors and geopolitical instability. number of deals in FY24 increased to 49 from
“The share of foreign capital in total invest- 48 in FY20, the aggregate deal value has reduced
ments declined to 65 per cent in FY24, against due to a sharply lower average deal size.
78 per cent in FY20. Correspondingly, invest- The average ticket size was down 30 per
ments by domestic investors have increased to cent at $75 million in FY24 from $107 million
29 per cent of the total capital inflows into in FY20. Also, PE investors were most inter-
Indian real estate in FY24, compared to merely ested in commercial office space.

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.
MUMBAI | TUESDAY, 16 APRIL 2024 COMPANIES 3 <

Weak demand may persist N FUNDING CORNER N Vedanta

ProcMart raises $30 million in
for apparel retailers in Q4 Series-B from Nilekani, others
Jewellery firms may Online business-to-business (B2B)
startup ProcMart said it raised $30
witness strong growth million in Series-B funding, led by
Nandan Nilekani (pictured) and
SHARLEEN D'SOUZA Sanjeev Aggarwal’s venture capital
Mumbai, 15 April (VC) fund, Fundamentum
Partnership, and Edelweiss Discovery
secures
~3.9K cr
PFC loan
Ventures and IndiaMART.ProcMart
aims to use the funds to “actively
PRESS TRUST OF INDIA
New Delhi, 15 April
explore strategic acquisitions to aug-
ment its market leadership and Mining conglomerate
enhance client offerings.” These buys Vedanta Ltd has secured an
will enable ProcMart to further opti- 11-year term loan of ~3,918
mise backward integration of its crore from Power Finance

E
ven as the apparel sector witnessed
continued weakness in sales during
the January-March quarter, jewel-
lery is expected to shine on the back of
higher gold prices. The apparel sector’s
weakness is due to lower disposable
incomes coupled with a high base from
the same quarter last year.
On the other
hand, jewellery com-
panies are expected
to witness strong
growth in top line
due to higher gold
prices during the
quarter.
RESULT has
“Titan Company
reported a Page Industries
PREVIEW healthy 18 per cent
year-on-year (Y-o-Y)
growth in the jewellery business. We
expect earnings before interest and taxes
(Ebit) margin of 13.3 per cent (ex bullion),”
IIFL Securities said in its report.
The brokerage also added that Titan
will be able to maintain a high-teen growth
in the medium term, benefiting from an
accelerated shift to the organised sector
from unorganised.
It also added that in apparel, retail com-
panies are expected to report an aggregate
revenue growth of 21 per cent for the cov-
erage. Excluding Trent, it expects growth
to be 11 per cent. “March performance was
much better than the previous months,
driven by festival demand,” Phillip Capital
said in its report on the sector.
Fund. The round also saw participa- supply chain for businesses as Corporation Ltd (PFC),
tion from South Korea-based well as expand its contract sources said.
Paramark Ventures. The company’s manufacturing capabil- The financial closure will
existing investors include Sixth Sense ities. ARYAMAN GUPTA enable Vedanta to expedite
completion of its power proj-
ects. The group plans to
ShareChat valuation I Squared increase the operating
capacity of its power busi-
MIXED FORTUNES Q4FY24 estimates
drops 60% to $2 billion Capital’s India ness in India to 4.8 Gw by
FY27, sources with knowl-
(~ crore) Net % chg Ebitda* % chg PAT** % chg
Company sales Y-o-Y Y-o-Y Y-o-Y
Social networking platform ShareChat closed its $49
million (~407 crore) fundraise via convertible debentures at city gas unit edge of the matter said.
The latest financing fol-
$2 billion valuation, down 60 per cent from its 2022 peak lows Vedanta group’s take-
Titan 10,347 12.3 1,291 18.5 827 13.3 valuation of $5 billion. The funding round was led by gets $370 mn over of Meenakshi Energy
Aditya Birla 3,246 12.7 322 67.0 -250 - existing investors such as Lightspeed, Temasek, and on December 28 in an NCLT-
Fashion & Retail Alkeon Capital. The company said it will invest the funds in A Japanese consortium will driven insolvency process.
1,141 17.8 199 48.1 127 62.2
its ad targeting technology and to continue the growth of
consumer transactions business on ShareChat Live. The
invest $370 million to acquire a
minority stake in a platform that
Meenakshi Energy has a
coal-based power plant at
Trent 3,253 49.0 394 93.8 190 251.6
ShareChat app is operationally profitable, and the short invests in companies developing Nellore, Andhra Pradesh,
video app Moj is expected to achieve operational city gas distribution networks in which Vedanta will use to
Bata India 804 3.2 195 7.1 57 -13.7 profitability over the next few months. PEERZADA ABRAR India, global infrastructure supply power to merchants.
investor I Squared Capital said. Vedanta has acquired
*Earnings before interest, taxes, depreciation, and amortization **Profit after tax The consortium of Osaka two plants — Meenakshi
Compiled by BS Research Bureau Source: Bloomberg
Kamath starts ‘no equity’ Gas, Sumitomo Corp and a
Japanese government-private
Energy Ltd in Andhra
Pradesh with a capacity of 1
It added that discounting was relatively
lower during the January-March quarter.
perform with mid-teen growth,” Emkay
said in its report. Motilal Oswal expected
grant for entrepreneurs sponsored investment fund, will
invest in Indian companies that
Gw, and Athena Power in
Chhattisgarh with a capacity
And, consumption may increase in the Page Industries to see a 9.8 per cent Y-o-Y Marking a significant development for India’s develop and operate natural gas of 1.2 Gw. It will primarily use
first quarter of FY25 as green shoots have rise in revenue on the back of seasonality entrepreneurial scene, Zerodha founder infrastructure, I Squared Capital the funds for these two of its
been seen in Tier-II and III markets. and base effect. It expects gross margin Nikhil Kamath (pictured) announced the said. The platform, called the key power plants, they said.
Emkay said in its report that fashion, and earnings before interest, taxes, depre- launch of WTFund. This initiative is a non- Natural Gas Transition Platform, The funding is part of the
apparel, and innerwear trends remain ciation and amortisation (Ebitda) margin dilutive grant fund dedicated to nurturing has investments in last-mile city group’s renewed focus on
weak due to pent-up demand last year (on increase of 150 basis points (bps)/430 bps and empowering young entrepreneurs aged gas distribution businesses growing its energy portfolio
a high base) and lower disposable incomes. Y-o-Y during the quarter. IIFL expects 25 and under. WTFund includes a non- including THINK Gas and AG&P in India and the financial
“We expect single-digit growth for Page Trent to report a 51 per cent increase in dilutive grant of ~ 20 lakh, enabling Pratham that are developing city closure will enable the com-
Industries/Aditya Birla Fashion and Retail sales, driven largely by store additions and founders to retain full equity in gas infrastructure across 19 pany to expedite the comple-
(core business). GOCOLORS is likely to out- ramp-up in sales per square feet in Zudio. their ventures. BS REPORTER geographical areas. REUTERS tion of the power projects.

TCS counts on higher

pricing to boost margin
PRESS TRUST OF INDIA
Mumbai, 15 April
Having exited FY24 with an
operating profit within its aspi-
rational band, the country’s
largest IT services company
TCS will be looking at expand-
ing further on the key metric
by raising deal pricing, besides
deploying other levers, and
look to take it “as close to” 28
per cent as possible, a top com-
pany official has said.
“We just entered that
(aspirational) range. So, we
would aspire to stay here or
at least go up as close to 28
(per cent) as possible. We
do believe that there are a lit-
tle more headroom left for us
to increase our (margins),”
TCS Chief Executive Officer
and Managing Director K
Krithivasan said.
There are a slew of levers
available to widen the
number like fixing the pyr-
amid, mix pushing its utilisa-
tion, and also upping deal
pricing, Krithivasan told PTI
in an interview.
Asked about pricing,
which was marked out as a
key to improve margins
further by its Chief Financial
WE JUST ENTERED
THAT (ASPIRATIONAL)
RANGE. SO, WE WOULD
ASPIRE TO STAY HERE OR
AT LEAST GO UP AS CLOSE
TO 28% AS POSSIBLE”
K KRITHIVASAN,
CEO & MD, TCS
Officer Samir Seksaria in the
post-earnings call last Friday,
Krithivasan said the company
had not faced any troubles
despite a series of headwinds
in its key business areas.
The company has been
able to hold on to deal pricing
over the last year, and while
it may not have improved, it
has not come under any pres-
sure, he said.
Accepting that there are
competitive pressures
influencing pricing,
Krithivasan said he does not
expect pricing to come under
severe pressure because the
clients also know that deal
prices have been stable even
as the we witnessed high
inflation. The first quarter
will witness a dip in the mar-
gin level because of the wage
hikes it has announced, but
the number will go up during
the year, he said, adding that
the aspiration band con-
tinues to be in the range of 26-
28 per cent.
On its domestic business,
which helped post it a 3.5 per
cent revenue growth in the
fourth quarter of FY24,
Krithivasan said despite the
need for improvements... it
does take large projects.
TCS would want to
have improvements in the
terms in conditions of con-
tracts like the ones on
liabilities, bank guarantees
and payment terms, he
said, adding that the
acceptance criteria on
aspects like deliverables
and warranty period also
needs a relook.

Tesla eyes Delhi, Mumbai

for first India showroom
REUTERS
15 April
US electric carmaker Tesla is looking at
potential showroom locations in New Delhi
and Mumbai ahead of plans to begin sales in
India later this year, two people familiar with
the discussions said.
Tesla, which saw its global vehicle deliver-
ies decline in the first quarter for the first
time in nearly four years, is stepping up
efforts to expand into new markets.
It wants to begin with a showroom of
3,000 to 5,000 square feet (280-465 square
metres) as well as a service hub in each city,
said one of the people familiar with the plans.
The automaker has begun production of
right-hand drive cars at its plant in
Germany for export to India, separate
sources have said.
India last month cut electric vehicle
import taxes to 15 per cent from as much as
100 per cent for automakers that invest at
least $500 million and set up a factory.
Tesla Chief Executive Elon Musk is
expected to make an investment announce-
ment and meet Prime Minister Narendra
Modi during a two-day visit to India from
Sunday. Musk and Modi last met in New York
in June.
Tesla executives started looking at loca-
tions last month and have held talks with sev-
eral real estate developers as they look at
potential high street and mall sites, one of the
sources said. The person added that the com-
pany is keen to begin construction soon so
Ola Electric slashes S1 X
price by up to ~10,000
Ola Electric on Monday slashed prices of its
entry-level scooter S1 X by ~5,000 to ~10,000
across variants, bringing it at par with
conventional scooters.
The new S1 X was launched in February
this year with a price range of ~79,999 to
~1,09,999 across three variants.
In a virtual address, Ola Electric Chief
Marketing Officer Anshul Khandelwal said
the prices of the company’s entry-level
scooter had been reduced with immediate
effect and deliveries would start next
week.Under the new prices, S1 X with 4kWh
battery will now cost ~99,999, down from
~1,09,999 announced earlier. Similarly, S1 X
with 3Kwh battery has been priced at ~
84,999 instead of ~89,999 earlier. PTI
that the showrooms can open in 2024.
The sources declined to be identified as
discussions were confidential. Tesla did not
immediately respond to a request for com-
ment. Tesla is grappling with slower growth
for electric vehicles in both its main markets
of the United States and China. Reuters
reported this month that Tesla has cancelled
a long-promised inexpensive car that inves-
tors have been counting on to drive mass
market growth.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 16 APRIL 2024 1

Banks can’t charge more

than key facts statement
ANJALI KUMARI
Mumbai, 15 April
Banks and other regulated
entities cannot charge addi-
tional fees throughout the loan
term which are not mentioned
in the key facts statement
(KFS) without the consent of
the borrower, the Reserve
Bank of India (RBI) said, in a
notification on Monday.
The notification said that
all new retail and MSME
Centre in a huddle Israel outweighs Iran in
trade with India since ’19
term loans sanctioned on or
after October 1, including
fresh loans to existing cus-
to assess impact of ASHLI VARGHESE
New Delhi, 15 April HIGHER EXPORTS
TO ISRAEL
LOWER IMPORTS
FROM IRAN
Israel-Iran flare-up
tomers, must adhere to the
KFS guidelines without Trade links with Israel have
Exports from India (rolling Imports to India (rolling
exception. strengthened in the past few
“Any fees, charges, etc. years, even as the value of 4-quarter basis, in $ billion) 4-quarter basis, in $ billion)
which are not mentioned in goods exchanged with Iran has Israel Iran Israel Iran
the KFS, cannot be charged
by the REs to the borrower at
Inter-ministerial meets, stakeholder talks take off diminished.
Iran accounted for $3.9 bil-
9.0 15.0
13.5
any stage during the term of RUCHIKA CHITRAVANSHI, SUBHAYAN CHAKRABORTY adding that India’s trade with Iran and Israel lion worth of India’s exports in 6.0 10.0
the loan, without explicit & SHREYA NANDI are at higher risk due to potential escalations the four quarters ending 3.7 6.1
consent of the borrower,” the New Delhi, 15 April and disruptions in maritime security affecting December 2019, compared to 0.6 5.0
regulator said. Red Sea shipping routes. $3.6 billion to Israel. However,
3.0
3.5 1.2 1.9 2.0

T
op government officials in New Delhi Rice exporters, for instance, are a worried India’s exports to Iran dropped
have started discussions with stakehold- lot and are holding an internal meeting on to $1.2 billion as of December 0.0 0.0
IN BRIEF ers ranging from shipping and container Tuesday to discuss the transit issues in the Red 2023, on a rolling four-quarter Mar '19 Dec '23 Mar '19 Dec '23
companies to export promotion councils to Sea among other challenges, in light of the basis, while exports to Israel
SC refuses to give immediate understand the impact of the Iran-Israel ten- ongoing conflict, according to sources.
sions and plan ahead. Inter-ministerial talks "The challenge is with the immediate neigh-
grew to $6.1 billion in the same
period.
LIMITED FDI FLOWS
Foreign direct investment
relief to Arvind Kejriwal are also being lined up amid the crisis situation borhood hosting several shipping routes.
in West Asia, sources confirmed. Freight charges for transporting crude already
In February 2024, India
imported $126.8 million
(equity inflow, in $ million)
Delhi Chief Minister Arvind Kejriwal (pictured) on Monday did not While the crude flows are not remain elevated, and further worth of manufactured goods
get any interim relief from the Supreme Court, which directly under any threat, elevat- increase in shipping rates will from Israel. Other exports Israel 288
sought a response from the Enforcement ed oil prices remain a concern, WEIGHING negatively impact procurement included pearls, precious and Iran 1
Directorate (ED) by April 24 on his plea challenging
his arrest in a money-laundering case from the
according to officials.
Commerce Secretary Sunil
OPTIONS by oil marketing companies. We
are monitoring the situation,"
semi-precious stones ($55 mil-
lion), and other manufactured
Note: Data from April 2000 to December 2023 Source: DPIIT

alleged excise policy scam. A Bench of Justices Barthwal told reporters at a press
Sanjiv Khanna and Dipankar Datta issued notice to conference on Monday that the
the ED on Kejriwal's plea challenging the Delhi government is monitoring the sit-
High Court's April 9 order that had upheld uation and will take appropriate
his arrest in the case. PTI action or remedial measures.
“Whenever such conflicts
occur, we start monitoring trade,
RBI permits OTC derivatives in conduct stakeholder consulta-
tion. Policy interventions will
IFSC to hedge gold price risk come when we understand what
issues traders are facing,”
The Reserve Bank of India (RBI) has allowed residents to use Barthwal said. He pointed out
over the counter (OTC) derivatives in the International Financial that the government has been
Services Centres (IFSC) for hedging their exposures to price risk of dealing with regional conflicts
gold. This is expected to provide further flexibility in hedging over the last couple of years and
gold price risks efficiently. They are already allowed to use has devised a strategy to diversify
exchange traded derivatives in the IFSC to hedge gold price risk. exports to different regions.
This facility to hedge subject directions issued in 2022 for Foreign
Two days after Iran’s drone
Exchange Management-Hedging of Commodity Price Risk and and missile attacks on Israel,
Freight Risk in Overseas Markets. BS REPORTER finance ministry officials said
they were taking stock of the sit-
uation and staying in touch
Officials say crude
flows are not directly
under any threat and
elevated oil prices
remain a concern
Finance ministry
officials said they
were taking stock of
the situation and
staying in touch with
ministries concerned
on the issue
According to GTRI,
India's problems due
to shipping disruption
in the Red Sea could
get worse
Rice exporters
holding an internal
meeting on Tuesday to
discuss the transit
another oil ministry official said.
In 2023, India's trade with
Iran included merchandise
exports worth $1.7 billion and
imports of $672 million. Key
exports from India to Iran were
rice at $1.03 billion and organic
chemicals $113 million.
The wars in Ukraine and
Gaza, and subsequent threats by
Iran-backed Houthi militants to
shipping in the Red Sea and Gulf
of Aden have kept tensions ele-
vated and the oil trade volatile.
Brent crude prices slid back
below the crucial $90 per barrel
level on Monday, ending at
$89.77. Brent prices had risen to
a six-month high of $92.09 per
barrel last week.
Officials, however, say the lat-
est flashpoint in West Asia does
goods such as handicrafts,
sports goods, automobile tyres,
tubes, and other rubber prod-
ucts worth $57.2 million in the
same month.
From Iran, the top import-
ed goods remain agricultural
and allied products ($29 mil-
lion), of which fresh fruit
accounted for $28.2 million.
Manufactured goods account-
ed for $19 million.
Iran’s imports, which
totalled over $10 billion in 2019,
ELECTRONICS
EXPORTS RISE
have since fallen to less than $1
billion, while imports from
Israel have increased during
this period. The trade balance,
the difference between the val-
ue of imports and exports, has
become more favourable for
India with both countries.
India’s exports to Israel
were around $2 billion more
than imports in December
2019. This gap grew to $4 bil-
lion in December 2023. India
ELECTRONICS EXPORTS DURING FY24
Month
Apr
Value ($ bn)
2.1
also exports more to Iran than
it imports.
On Monday, the trade sec-
retary of India stated that the
Indian government will make
a policy decision to address
any trade impact resulting
from the conflict between Iran
and Israel after thoroughly
understanding its effects. India
is among Israel’s 10 largest
trading partners, even as trade
with Iran has decreased.
26.09
Growth(%)

Govt rules out permitting with concerned ministries on

the issue.
issues in the Red Sea not threaten India's import chan-
nels directly as it does not import
23.6% IN FY24 May
Jun
2.4
2.4
73.25
44.71
sugar exports this season New Delhi-based think tank crude oil from Iran, given diffi-
Global Trade Research Initiative (GTRI) said culties in payments to the heavily sanctioned
India exported electronics
goods worth $29.12 billion
Jul
Aug
2.04
2.1
12.88
25.48
The government on Monday ruled out possibility of allowing that India's trade problems due to shipping dis- Islamic regime in Tehran. in 2023-24 (FY24), up 23.6
Sep 1.9 -4.23
sugar exports in the current 2023-24 season ending October, ruption in the Red Sea could get worse because Iran was the third-largest source of crude per cent compared to a
the industry's persistent demand notwithstanding. Currently, of the new conflict between Iran and Israel. oil for India till 2018-19, when imports had year ago, even as the Oct 2.3 27.22
there are curbs on export of sugar for an indefinite period. While the hostilities between Israel and Iran topped at $12.1 billion. country’s total exports Nov 2.2 0.48
However, Indian Sugar Mills Association has requested the are not expected to affect oil flows directly, the After more than a year of securing major contracted 3 per cent. Dec 2.6 15.46
government to allow export of 10 lakh tonne of sugar in the government remains concerned about the cas- shipments of Russian crude, India is increas- According to commerce Jan 2.2 8.8
2023-24 season, anticipating healthy closing stock by the cading impact on global prices. ingly looking to re-establish supplies from its department officials,
season-end. PTI "We have always maintained that prices traditional partners in West Asia. All crude the top five export market Feb 2.9 54.81
crossing $100 per barrel would lead to a very delivered from these nations travel via the of electronics good are Mar 3.5 23.12
difficult situation. There is still enough buffer Persian Gulf and Gulf of Oman, often through — the US, United Arab TOTAL 29.12 23.64
India, UK discuss prioritising before that is reached. But the impact of suc- Iranian economic waters.
cessive crises in West Asia may lead to oil prices As of January, Iraq and Saudi Arabia were
Emirates, Netherland,
United Kingdom, and Italy.
Source: Dept of Commerce

extradition under treaty
India and the United Kingdom (UK) on Monday discussed the
need for expediting action under mutual legal assistance treaty
and prioritisation of extradition requests relating to fugitives.
The issue came up for discussion during the visit of a high-level
delegation from the UK that included its candidate for the post of
Interpol Secretary General Stephen Kavanagh to the CBI
headquarters on Monday.
remaining elevated for a period much longer the second and third-largest sources of crude
than we had expected earlier," a top Petroleum for India, according to estimates made by
During FY24, exports also
ventured into new markets,
and Natural Gas Ministry official said. London-based commodity data analytics such as Montenegro,
The GTRI report said that this conflict might provider Vortexa, which tracks ship move- Cayman Islands, El
not affect petrol prices in India. “The conflict ments to estimate imports. The share of crude Salvador, Turkmenistan,
makes the situation in West Asia very unstable, coming from these nations has risen over the Mongolia, Honduras
which could force projects like the India Middle past few months. and St Vincent.
East Corridor (IMEC) trade corridor to remain COMPILED BY SHREYA NANDI
PTI on paper for a long time,” the report said, (Inputs from Sanjeeb Mukherjee)

Wholesale inflation rises to 3-month high in March

SHIVA RAJORA
New Delhi, 15 April
The headline wholesale price
index (WPI)-based inflation
inched up to a three-month
driven by increase in prices of prices of pulses (17.2 per cent), prices of textiles (-1.68 per
food articles, electricity, crude
petroleum and natural gas,
SLIGHT UPTICK (Y-o-Y %) vegetables (19.52 per cent) and
milk (4.73 per cent) decelerat-
cent), paper (-5.71 per cent),
chemicals (-4.64 per cent),
among others. ed during the month. metals (-5.34 per cent) and fur-
The overall FY24 whole- Meanwhile, the prices of bished steel (-7.22 per cent),
sale headline inflation stood fruits (-2.95 per cent) and pro- among others.

DEPOSIT RATES RAISED

high of 0.53 per cent in March
from 0.2 per cent in February.
It thus remained in positive
terrain for the fifth consecu-
tive month, after it was in
deflationary territory for the
major part of financial year
2023-24 (FY24).
Data released by the
Ministry of Commerce and
Industry on Monday showed
that the uptick in factory gate
inflation during March was
at -0.7 per cent compared to
9.6 per cent in FY23. Within
this, the food inflation was at
3.2 per cent in FY24, down
from 6.4 per cent in the previ-
ous financial year.
Whereas, the prices of fuel
(-4.4 per cent) and manufac-
tured products (-1.7 per cent)
contracted during FY24 com-
pared to 29.4 per cent and 5.7
per cent, respectively, in FY23.
Within food articles, pres-
Source: Ministry of Commerce and Industry
sure on factory gate prices
mainly built up on account of
rise in the prices of onion (56.9
per cent) and potato (52.9 per
*Provisional
cent), followed by paddy (11.7
per cent), cereals (9.04 per
cent) and wheat (7.43 per cent).
On the other hand, the
tein-rich items like egg, meat
and fish (-1.86 per cent) pro-
vided some relief as they con-
tracted during March as com-
pared to the preceding month.
The prices of manufac-
tured products, which have a
weighting of 64.2 per cent in
the index, remained in defla-
tion (-0.85 per cent) for the
13th consecutive month in
March. This was led by a con-
tinuing contraction in the
Moreover, the contraction
in fuel prices (-0.77 per cent)
continued for the 11th con-
secutive month in March. It
was led by contraction in
BY PSBs HIGHER
prices of high-speed diesel (-
3.51 per cent), cooking gas (- THAN PRIVATE PEERS
10.19 per cent) and petrol (- The pass-through to weighted average lending
0.94 per cent). rates (WALRs) on fresh rupee loans between
Rajani Sinha, chief econo-
May 2022 and January 2024 was higher for public
mist at CARE Ratings, said
sector banks (PSBs) compared to private banks
that an uptick in WPI inflation
led the overall print higher.
(PVBs). The transmission to WALRs on outstanding
rupee loans was higher for private banks. In case of
term deposits, PSBs have increased their deposit
rates relatively more than private banks.

Some states saw higher inflation than national average

A number of them
had higher inflation
every month in FY24
SAMREEN WANI
New Delhi, 15 April
Many individual states
experienced higher
inflation than the all-India
figures during the financial
year 2023-24 (FY24).
Retail inflation figures in
Telangana, Haryana,
Rajasthan and Dadra and Nagar
Haveli have been higher than
national numbers every month of
this financial year, shows a
Business Standard analysis of
state-wise figures, after the
March inflation data was
released on Friday.
Experts noted that persistent
high food inflation along with
differences in the weights of rural
and urban indices plays into the
regional variation in inflation rates.
“As food inflation has been high,
inflation in states which are
producers tends to be slightly lower
than those which get these products
from other states,” said Madan
Sabnavis, chief economist at Bank
of Baroda.
The share of bank loans bearing over 8 per cent
interest rates increased from 47.2 per cent in March
2022 to 78.9 per cent in March 2023, and further to
83.7 per cent in December 2023.
The higher interest rate differential for senior
PAYING OVER 40% STATES EXPERIENCED HIGHER INFLATION STATES WITH MOST MONTHS citizens and the special deposit schemes for senior
citizens has propelled a tectonic shift in deposits
HIGHER THAN INDIA AVERAGE
THE PRICE 10 8
accretion for citizens, according to a report by State
Bank of India. According to SBI’s estimates, there
12 11 Gujarat 9 Tripura are around 41 million senior citizens term deposit
accounts in the country with a total deposit of
~14 trillion in 2018. MANOJIT SAHA
Note: Dadra & Nagar Manipur Bihar,
Compiled by Haveli, Haryana, & Uttar Karnataka
BS Research
Bureau. Data Rajasthan & Pradesh & Odisha OUTSCORING OPPONENTS
for April and May in
2020 and 2021 was
Telangana Interest rate hike by banks in response to 250-bp
unavailable. Source: Mospi,
Business Standard
Note: Data for April and May in 2020 and 2021 was policy repo rate increase by the RBI since May 2022
unavailable. Compiled by BS Research Bureau.
Calculations
Source: MOSPI, Business Standard Calculations
PSBs Private Foreign
banks banks
“Hence, when pulses. In Rajasthan, the key driver union territories, including Delhi, lower than the all-India average for
WALR (fresh rupee loans) 186 175 365
rice production or has been high prices of cereals and Goa, Sikkim, Nagaland, rural regions. This leads to lower
tur output is lower in spices. Rajasthan has one of the Chandigarh, West Bengal, and overall inflation, even though some WALR (outstanding rupee loans) 105 113 160
the producing states, highest value-added tax (VAT) on Jammu and Kashmir had lower of the components of food show 1-year MCLR 155 170 190
the inflation rates petrol and diesel. Higher petrol and inflation rates throughout last elevated inflation,” said Pandey. WADTDR (outstanding deposits) 180 168 284
would be higher diesel prices tend to spill over to financial year. She added that rural inflation WADTDR (fresh deposits) 246 203 296
for those importing other commodities. In Haryana, In Madhya Pradesh and has outpaced urban inflation in Source: RBI
from these states as the logistics inflation is high on account of high Chhattisgarh, the rates exceeded Haryana, Mizoram and Manipur
costs as well as margins increase food and clothing prices,” she said. the national average for the first while urban inflation was higher in SENIOR CITIZEN DEPOSITS
across these regions,” he added. Manipur has experienced higher time in March this financial year. Punjab.
Radhika Pandey, associate inflation rates every month since “Chhattisgarh and West Bengal Prediction of a normal
2018 2023 Growth
professor at National Institute of violence broke out in the state in are large producers of rice and monsoon, a 15 per cent fall in rice No. of accounts (million) 41 74 80.9
Public Finance and Policy, said the May last year. Inflation in Uttar witnessed lower price increases on and a 1 per cent rise in wheat output Amount (in ~ trn) 13.7 34.3 150.4
principal reason for states having Pradesh has been high for 11 months cereal inflation,” said Sabnavis. He will affect inflation this year.
Avg amount per account (~) 334,243 433,472 38.7
persistently higher inflation is the in FY24. In Gujarat, Odisha, added that rural-intensive states Pandey said that variation in
steady elevation in food prices. Karnataka, Tripura, Bihar, Punjab have higher inflation as food prices state inflation rates this year will
“In Telangana, inflation has and Andhra Pradesh, the rates have are higher. depend on the spatial distribution Note: WALR-weighted average lending rate; MCLR-marginal cost of deposit
based lending rate; WADTDR-weighted average domestic term deposit rate;
been quite volatile, driven by price been higher for 7-10 months in FY24. “In rural Delhi, the weight of of monsoon and a possible upsurge PSB-public sector bank; PVB-private sector bank; FB-foreign bank
spikes in vegetables, cereals and Meanwhile, seven states and food is almost 10 percentage points in crude oil prices.
.
MUMBAI | TUESDAY, 16 APRIL 2024 5 <

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said shares should write to our Registrar,
DESCRIPTION OF THE PROPERTY KFin Technologies Limited, Selenium
NAME OF DESCRIPTION OF AREA IN RESERVE AMOUNT Tower B, Plot 31-32, Gachibowli, Financial
DEFUALTER THE PROPERTY SQ. FOOT District, Hyderaband-500 032 within one
month from this date else the company will
SHRI. SANJAY BLDG. NO.1, C-001, DWARKA 400 SQ.FOOT Rs. 31,15,500/- proceed to issue duplicate Certificate(s).
SHANKARRAO KRUSHNASTHAL, MIRA VILLAGE, (BUILTUP) sd/-
Sandip Dhar
KADAM GHODBUNDER ROAD, MIRA ROAD
Date: 16.04.2024 Name(s) of Shareholder(s)
(EAST), DIST. THANE – 401 107.
VENUE AND TIME FOR AUCTION
SINDHUDURG SAHAKARI BANK LTD.,
136/137, 1ST FLOOR, HIRAMANI SUPER MARKET, DR. BABASAHEB AMBEDKAR ROAD,
LALBAUG, MUMBAI - 400012.
Property inspected as on 22.04.2024 between 11.00 am to 2.00 pm. The copy of terms & conditions regarding
the said auction is available on dated 16.04.2024 to 29.04.2024 at the office of the undersigned, by payment
of Rs.500/- (Non Refundable). Proposed bidder in required to deposit their bid offer letter, along with EMD
amount of Rs.25,000/- by way Pay Order / Demand Draft. The undersigned has absolute right to accept or
reject the bid or adjourn/postpone/cancel the auction without assigning any reason and also to modify any
terms & condition of this sale without any prior notice. The sale is subject to confirmation by the office of
District Deputy Registrar, Co-op. Societies, Mumbai.
Sd/-
( Deepak Mohan Thukrul)
Place : Mumbai Seal Recovery Officer
Date: 16.04.2024 As per Sec. 156 of M.C.S. Act 1960

BRANCH:.Shivaji Chowk Kalyan

TELE: (0251)2211925/2213054 e-mail :bom15@mahabank.co.in
A GOVT. OF INDIA UNDERTAKING
Head Ofce : Lokmangal,1501, Shivajinagar Pune-5

DEMAND NOTICE
(Under Section 13(2) of the the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest
Act .2002 (SARFAESI ACT) read with Rule 3 (1) of the Security Interest (Enforcement) Rule, 2002)
The accounts of the following borrowers with Bank of Maharashtra having been classified as NPA, the Bank has issued
notice under S.13(2) of the SARFAESIAct on the date mentioned below. In view of the non service of the notice on the last known
address of below mentioned borrowers/Guarantors, this public notice is being published for information of all concerned.
The below mentioned Borrowers/Guarantors are called upon to pay to Bank of Maharashtra; within 60 days from the date
of publication of this Notice the amounts indicated below due on the dates together with future interest at contractual
rates, till the date of payment, under the loan/and other agreements and documents executed by the concerned persons.
As security for the borrowers’ obligation under the said agreements and documents, the respective assets shown against
the names have been charged to Bank of Maharashtra.
M/s. MANISH WINES
Name & Address 1.M/s. MANISH WINES Prop: PRAVEEN GODHUMAL KISHNANI 2ND Floor Ashirwad Building
of Borrower(s) Near Dassera Maidan Radhabi Chowk Ulhasnagar 421003
2. Mrs. KHUSHI PRAVEEN KISHNANI Ashirwad Bunglow Near Ramayan Nagar Radhabai Chowk
Ulhasnagar 421003
3. Mr. KAMALA GODHUMAL KISHNANI Ashirwad Bunglow Near Ramayan Nagar Radhabai
Chowk Ulhasnagar 421003
Name of the Branch:- Shivaji Chowk - Kalyan Date of Demand Notice :- 10.04.2024 Date of NPA:-09.04.2024
Particulars of property/ Shop no 11, Ground Floor, Plot no 168(P) CTS NO 12717(P) Sheet NO 32 and 52 Area of the
assets charged Gala 3210.30 sq ft Ulhasnagar 3 Thane Maharashtra
Nature & Amount of Credit Facility DROP LINE OVERDRAFT FACILITY UNDER MAHALAP –MORTGAGE LOAN
Rs. 170,00,000/- Account No. 60403514503
Security Equitable Mortgage of of Shop no 11, Ground Floor, Plot no 168(P) CTS NO 12717(P) Sheet NO 32 and 52
Area of the Gala 3210.30 sq ft Ulhasnagar 3 Thane Maharashtra
Present outstanding (as on 10.04.2024):- Rs. 1,49,26,564.66/- plus future interest thereon @ 12.10 % p.a. for Housing Loan
w.e.f. 10.04.2024 within 60 days from the date of receipt of this notice

If the concerned Borrowers/Guarantors shall fail to make payment to Bank of Maharashtra as aforesaid, then the Bank of
Maharashtra shall be entitled to proceed against the above secured assets under Section 13(4) of the Act and the
applicable Rules entirely at the risks of the concerned Borrowers/ Guarantors as to the costs and consequences.
In terms of provisions of SARFAESI ACT, the Concerned Borrowers/Guarantors are prohibited from transferring the
above said assets, in any manner whether by way of sale, lease or otherwise without the prior written consent of Bank of
Maharashtra. Any contravention of the said provisions will render the concerned persons liable for punishment and /or
penalty in accordance with the SARFAESI Act.
For more details, noticee may collect the unserved returned notices from the undersigned.
FOR BANK OF MAHARASHTRA
CHIEF MANAGER
Date : 16.04.2024 SHIVAJI CHOWK – KALYAN BRANCH
Place : Thane & AUTHORISED OFFICER

— TENDER CARE — — Advertorial

KARUR VYSYA BANK PNB, ZONAL OFFICE, DURGAPUR,
INAUGURATES NEW BRANCH CELEBRATES 130TH FOUNDATION DAY
Karur Vysya Bank inaugurated a new branch in On the occasion of 130th Foundation Day of Punjab National
Karambakkudi, Bank, Zonal Office, Durgapur organized various programs and
Pudukottai District- activities under the chairmanship of Shri Sumant Kumar, General
Tamilnadu. With this the Manager and Zonal Head. The program was inaugurated by
total branch network of lighting the lamp and
the Bank increased to garlanding the statue
839. Dr. M. Sathya, of the bank's founder
MBBS., DDVL, Chief Shri Lala Lajpat Roy
Medical Officer, by the Zonal
Government Hospital, Manager and other
Karambakkudi has senior officials and
Inaugurated the staff members. The
branch. program was fol-
lowed by tree planta-
tion in the premises
NMDC CELEBRATES THE 133RD BIRTH of Zonal Office by
ANNIVERSARY OF DR. B.R. AMBEDKAR Zonal Manager Shri Sumant Kumar, Deputy Zonal Manager
Shri Anjan Chattopadhyay, Shri Manish Kumar Dubey, Assistant
Manager and all other staff members participated enthusiastically.
On this occasion, under the Corporate Social Responsibility of the
Bank, Shri Sumant Kumar, General Manager and Zonal Head
and other senior officials presented food items to the orphaned
elderly women and children living in the “Missionaries of Charity,
Bidhannagar” and donated two drinking water purifier
(Aquaguard) and 10 chairs to the “Handicapped Orientation
Program and Education Society, (HOPE) Durgapur”. In the
evening a cultural program was organized in the Zonal Office
premises in the presence of distinguished customers of the Bank
and all staff members. The program started with lighting of lamp
and Saraswati Vandana. To pass on the vision and achievements
of our bank an audio message of the Managing Director and
Chief Executive Officer of our Bank was played.

NMDC paid tribute to Dr. B.R. Ambedkar, Father of Indian PUNJAB NATIONAL BANK, RAJKOT
Constitution and celebrated the 133rd birth anniversary at its DIVISION, CELEBRATES
Head Office and projects across the country. 130TH FOUNDATION DAY
Shri Amitava Mukherjee, CMD (Addl. Charge) along with
Shri Dilip Kumar Mohanty, Director (Production) and Foundation Day was celebrated at the Divisional Office, Rajkot
(Personnel Addl. Charge), Shri Vinay Kumar, Director on the completion of 130 years of the country's prestigious bank
(Technical) and Shri B. Vishwanath, CVO led the employees Punjab National Bank. On this occasion, Regional Head Deputy
in offering their respect to one of the Founding Fathers of the General Manager Mr. Alok Kapoor cut the cake and congratu-
Republic of India. lated and wished all the employees and customers on the
The event was organized by NMDC HO SC/ST Association. completion of 130 years
Shri B. Hanumantha Rao (President) and Shri B. Pavan of Punjab National
Kumar (General Secretary) from the NMDC Bank. Mr. Kapoor said
SC/ST Employees Welfare Association along with Executive that PNB Bank is the
Members and employees were present. first indigenous bank of
The function commenced with dignitaries putting a garland on the country which was
the portrait of Dr. B.R. Ambedkar, followed by a prayer in his established by our free-
memory. dom fighter revered Lala
On the occasion, Shri Amitava Mukherjee said, “On the 133rd Lajpat Rai. Today the
Ambedkar Jayanti today, we are here to honour his legacy and bank is taking the same
the lasting impact that he has on the nation and its people. I spirit of Swadeshi for-
take a deep sense of pride in our sustainable business ward in the digital age
practices, skill development initiatives, and community where today you can
engagement programs that make a tangible difference to the avail our bank services
lives of the underserved people.” even while sitting at
Celebrating Ambedkar Jayanti, NMDC hosted a cultural home. On Foundation
programme at its Corporate Office, Hyderabad and distributed Day, under CSR activity,
school bags to children. the bank donated 2 TV sets to Gundasara Primary Branch,
Drawing inspiration from his life, NMDC embrace his teachings organized plant distribution, medical checkup camp, doctor
and are devoted to building an India that is talk, meditation camp, walkathon etc. On this occasion,
equally prosperous for all Indians, an India that Dr. Ambedkar Mr. Narendra Meena Sub Divisional Head, Mr. Deependra
dreamed of and strived for! Singh, Mr. Meghendra Malvi etc. were present.
6 >
BATTLEGROUND 2024 MUMBAI | TUESDAY, 16 APRIL 2024 1
In 2019, the top five seats with highest victory margin In J&K’s Baramulla (29%), Maha’s
by vote share were Gujarat’s Navsari and Surat (74%), Aurangabad and J&K’s Anantnag
BATTLEGROUND 2024 Himachal’s Kangra and Rajasthan’s Bhilwara (72%),
and Maharashtra’s Mumbai North (71%)
(32%), and Assam’s Kokrajhar (33%),
winners got the lowest vote share

Modi hints at bringing fresh Unveiling Vidarbha:

scheme for electoral funding Of no half measures
ARCHIS MOHAN
New Delhi, 15 April
on the corrupt, how his “personal” touch dis-
rupted the Ministry of External Affairs “proto-
and brutal contrasts
col-minded diplomacy”, which helped in deliv- ADITI PHADNIS

P
rime Minister (PM) Narendra Modi has ering the G20 Declaration, and also the Chandrapur (Maharashtra), 15 April
said that the Opposition received the Congress manifesto.
lion’s share of the donations from com- If implemented, the Opposition’s mani- At this time of year, the temperature
panies that purchased the bonds after being festo would “crush” the country’s economy in Chandrapur should be 40°C.
investigated by probe agencies and is now and the future of its youth, especially those Instead, darkness falls at noon.
spreading misinformation on the issue. below 25 years of age, the PM said. He said it Unseasonal rain in Vidarbha has
Modi accused the Opposition of spreading was a matter of concern for the country that wiped out crops in nearly 38,000
misinformation and that those criticising it the party of Mahatma Gandhi and also of hectares in this arid region of
would regret their approach on honest intro- Indira Gandhi, who were devout Hindus, now Maharashtra, which goes to the
spection. In an interview with the news had an alliance with those criticising Sanatana polls on April 19 and 26.
agency ANI, webcast on the PM’s website on Dharma. The PM said central agencies were “It is either too much rain or not
Monday evening, Modi said there could be misused in the past, including when he was enough rain,” sighs Vijay Gode, a
shortcomings in a decision, but he intended the Gujarat chief minister (CM) and the state’s 24-year-old local who travelled to
to curb the use of unaccounted money in elec- home minister was put in jail. He said only 3 the town to listen to Prime Minister
tions and indicated that the next government per cent of those investigated by the probe (PM) Narendra Modi on April 8.
could bring a revised, improved scheme for agencies were politicians. Days later, hail carpeted several
electoral funding. PM Narendra Modi says the scrapping of poll “Is it the Opposition’s case that they were areas of Vidarbha.
The PM said there could be drawbacks to bonds was a decision “everyone will regret” running their parties?” the PM asked, adding Nagpur, the biggest city in
decision-making, but one learns after that he was committed to ending corruption. Vidarbha, saw its coolest day in
discussions. “There is a lot of scope for improve- of the tasks to be accomplished in the first 100 The PM said he would prepare a 100-day April in 55 years on April 11 because
ment in this also,” he said, adding that the days of the next government, the subsequent agenda as the Gujarat CM and also did before of almost incessant rain.
decision has completely pushed the country five years, and also in the next 25 years. the 2019 Lok Sabha polls as well, which is why That’s the way with Vidarbha. It
towards black money in the elections. Modi said the next government will share his government could repeal Article 370 and doesn’t do anything by halves.
The PM said demonetisation curtailed the these drafts with the states, and invite their take several other decisions within the first 100 Brutal contrasts are manifest
use of unaccounted money in elections. “The inputs, which he hopes to discuss threadbare days of its tenure. He said he has been working everywhere.
(demonetised) currency notes were moved in with the chief ministers at a NITI Aayog on the 2047 agenda for the past few years. Nagpur is among the 15 fastest-
large quantities during the elections. We took meeting to be called after the conclusion of the The PM said the basis of the draft will be the growing cities in the world. It has a
the step so that black money ends,” the PM said. Lok Sabha elections. Bharatiya Janata Party (BJP) manifesto, and super-efficient Metro that has come
He indicated that the states would drive the In his 77-minute interview, the PM spoke on the 1.5 million suggestions from the people for up in less than 10 years.
country’s development agenda in the future. a host of issues, including the electoral bonds Viksit Bharat, and he has also contacted uni- Stamp duty collections in the
He spoke of the draft that he had prepared scheme, the Enforcement Directorate’s action versities and organisations. financial year ended March 2024 Manoj Dhargave, who runs a grocery store in Nagpur’s Samta Layout,
grew 40 per cent over the previous doesn’t believe in the BJP but said the Congress has no credible leader
year, suggesting real estate transac- either PHOTO: ADITI PHADNIS
tions amounting to ~21,000 crore in
ALL IN A DAYN
Manipur: Plea At ~100 cr a day, EC seizures one year.
The Multi-Modal International
Cargo Hub and Airport at Nagpur
— Special Economic Zone has seen
shows that are massive and raucous
but meticulously planned.
Thakre, a former Mayor of
Nagpur and highly respected in the
Gawande, says there is disquiet
among Other Backward Classes
(OBCs) about Marathas being
accorded reservations: the
for special voting
facilities rejected this time highest in 75 years HCLTech and Infosys launch infor-
mation technology (IT) centres, and
of the ~4,000 crore exports from
city, is relying on smaller public
meetings.
Thakre’s references to his rival
Assembly has taken the decision
but it faces legal challenges.
If and when it happens, OBCs
The Supreme Court on Monday VASUDHA MUKHERJEE seizures from January to now are ~236 crore were seized in the here in 2023-24, 50 per cent was are almost incidental: his main tar- fear being swamped. In
refused to entertain a plea New Delhi, 15 April over ~12,000 crore with six weeks left National Capital Territory of Delhi. contributed by the IT sector. get is Modi and the BJP’s Chandrapur, for instance, Pratibha
seeking voting facilities for the in the election period, the EC said. The EC said it had suspended the Yet, less than 100 kilometres “arrogance” and “pretensions to is tapping into this apprehension
internally displaced 18,000 The Election Commission (EC) on Until now, ~395.5 crore in cash flying squad team leader for laxity from there, lies Amravati. In July greatness”. among her kinsmen, the Kunbi
people due to the ethnic strife Monday said enforcement agencies has been seized. In the course of the in duty and selective checking of a last year, the government admitted Sanjay Fanje, secretary in the community.
in Manipur for the upcoming had seized ~4,658.16 crore worth of 2019 LS polls, agencies seized ~844 cavalcade of a prominent leader in in the Maharashtra Assembly that BJP’s Vidarbha region unit, says Besides, Dalit communities
Lok Sabha elections. PTI narcotics, alcohol, cash, precious crore worth of cash. “The seizures Tamil Nadu’s Nilgiris constituency. between January 1, 2020, and Gadkari is poised to get a 70 per cent which are strong and vocal in this
metals, and other freebies are a critical part of the “Similarly, officials checked vehicles December 31, 2022, around 4,000 vote share. part of Maharashtra, believe that
meant as inducements for EC’s resolve to conduct in the convoy of the chief minister farmers had committed suicide in “I don’t say this idly. Our office BJP’s victory will mean amend-
In Manipur, Shah voters. The seizures, on
average of ~100 crore per
the LS elections free of
inducements and elec-
of a state and also the vehicle of a
deputy CM in another state,” it said.
the Vidarbha region, 3,452 in
Amravati division alone.
has made 12,500 phone calls to con-
stituents. Of them, 8,500 said we
ments in the Constitution and a
drawdown in affirmative action: a
says priority is to day in the past 45 days toral malpractices and to The EC has taken strict action However, as the region that don’t need to contact them: they fear PM Modi emphatically
establish peace since March 1, are 34 per
cent more than the ~3,475
ensure a level playing
field. Tightening, mon-
against 106 government servants
who have been found assisting
sends 10 seats to the Lok Sabha (LS)
of 48 from Maharashtra prepares to
would vote for us. There were a few
who called us names, said there are
addressed during his public meet-
ings in Maharashtra and Rajasthan
The Central government’s crore worth of seizures itoring, and checking politicians in campaigning, thereby vote, a commitment to end farmer no jobs, but said they would vote when he said: “The Constitution of
priority is to establish peace during the entire 2019 Lok were among the focus of violating the code of conduct and suicides forever is not top of the for us because it was for Gadkari.” the country is everything for the
in the ethnic strife affected Sabha (LS) election sched- AT PEAK deliberations to ensure instructions, it said. mind for candidates in the fray. “His popularity lies in the fact (BJP) government and even if
Manipur, said Union Home ule, and the highest ever in an inducement-free Neither the Bharatiya Janata that he has worked tirelessly and Babasaheb Ambedkar himself
Minister Amit Shah on the last 75 years.
~4,658.16 cr electoral process,” EC searches Rahul’s helicopter Party (BJP) candidate from this shows. It is not just roads. He comes, he cannot abolish the
Total seizures
Monday said at a public Alarmingly, according it said. On Monday, EC officials in Tamil Chandrapur and Maharashtra has built sports facilities, improved Constitution.”
meeting in Imphal. He ruled to the EC data, narcotics so far Liquor seizures of Nadu conducted checks in a heli- Forest Minister Sudhir temples, and helped thousands of Manoj Dhargave belongs to the
out any division of the seized account for 45%: Share of over 350 million litres copter carrying Congress leader Mungantiwar nor the Congress can- families during the pandemic,” Scheduled Caste and runs a tiny
northeastern state. PTI ~2,068.85 crore, or 45 per narcotics are worth ~489.3 crore, Rahul Gandhi. A few days back, the didate Pratibha Dhanorkar has he says. grocery store in Nagpur’s Samta
cent, of the total seizures. seized so far up from ~304.6 crore in helicopter of TMC leader Abhishek flagged the crisis in agriculture In 2019, the BJP led the polls by Layout.
Agencies have seized drugs (~2,068.85 cr) the last LS elections. Banerjee was also inspected by the in Vidarbha. winning five seats — Wardha, “Frankly, we don’t believe in the
BJP, Cong knock worth ~2,068.85 crore, up
from ~1,279.9 crore in 2019,
34%: Increase Agencies have seized
precious metals worth
authorities in West Bengal. EC
sources said surveillance and
Pratibha is the widow of the only
Congress Member of Parliament
Nagpur, Gadchiroli-Chimur,
Bhandara-Gondiya, and Akola.
BJP. But the Congress has no main
leader who is credible. So we will be
EC door over and freebies valued at
in seizures than ~562.1 crore. In 2019, inspection of non-scheduled aircraft from Maharashtra in the outgoing The undivided Shiv Sena, which voting for Gadkari, not the BJP,”
~1,142.49 crore, up from during the
poll violations ~60.15 crore. entire 2019
agencies seized precious
metals worth
and helicopters by the agencies dur-
ing poll season was part of standing
LS, Suresh Dhanorkar.
Mungantiwar asserts that “pro-
was an alliance partner, bagged
three — Ramtek, Buldana, and
he says.
Prana pratishtha flags suggest-
The BJP on Monday moved the Preceding the official elections ~987.11 crore. instructions. incumbency” factors and PM Yavatmal-Washim. In terms of ing allegiance to the Ram temple do
Election Commission against announcement in March, (~3,475 cr) Statewise, the high- In the run-up to the polls, all dis- Modi’s popularity will help him seal Assembly segments, of 62, BJP won not flutter from every rooftop. After
Rahul Gandhi for allegations ~7,502 crore worth of est total amount seized trict magistrates and superintend- the election. 29, Shiv Sena 4, Nationalist the initial rush, it is now easy to get
that PM Modi wants to impose seizures were made in so far (up to April 13) was ents of police were told to keep watch Next door in Nagpur, the cam- Congress Party 6, Congress 15, a seat on the Nagpur-Ayodhya
one language on the country. January and February. The EC said in Rajasthan at ~778.5 crore, followed on airfields and helipads. Such paign of Union Minister Nitin and others 8. Astha Express, suggesting fewer
The Congress, meanwhile, there was a “substantial focus on by Gujarat at ~605.33 crore, Tamil searches are taking place in airfields, Gadkari who is contesting a third But the equations in Vidarbha passengers, says Gawande.
filed complaint over the PM’s drug seizures”, which accounted for Nadu at ~460.8 crore, Maharashtra both public and private, across the term and Vikas Thakre of the have changed. And in Vidarbha, if there is a
‘Sultan of Tukde Tukde gang’ 75 per cent of the total seizures in at ~431.3 crore, and Punjab at ~311.8 country to ensure inducements are Congress is chalk and cheese. Marathi newspaper Loksatta wave for the BJP, it is yet to manifest
remark at Mysuru rally. PTI January and February. The total crore. Goods and cash worth around not ferried by air, the EC said. Gadkari’s outreach is via road- Resident Editor, Devendra itself.

For BJP’s Murugan,

Worry takes root even as hope grows in fields of western UP
ANOUSHKA SAWHNEY
Moradabad/Meerut/Muzaffarnagar, 15 April
Nearly 30 km from Moradabad, dusty
roads flanked by sugarcane fields lead
to Kalakhera village in Joya block,
Amroha district.
“The road was broken earlier and got
fixed recently,” said Hemant Singh, a
65-year-old farmer. Over the years,
electricity supply has improved, and
sugarcane payments are now delivered
in a timely manner, Singh said.
Around 15-20 sugarcane farmers in
the region told Business Standard that
conditions have improved over the last
decade. However, there are still
unfulfilled needs.
While Moradabad and
Muzaffarnagar go to polls in the first
phase of Lok Sabha elections on Friday,
Meerut will vote in the second phase on
April 26.
Singh’s 32-year-old son who now
manages a polyhouse alongside him
said there is no assistance even if they
want to try something new.
There is a 50 per cent subsidy to run
a polyhouse. Once the project is
completed, you will get the amount.
“But when you go to claim it, 13 per cent
goes to officials and this is fixed.”
The father and son praised the Yogi
Adityanath government for safety in
the state. “There is no crime and no
robbery now”.
In 2022-23, agriculture accounted for
15.3 per cent of the UP’s domestic
RISE IN
COST OF
SURGARCANE
CULTIVATION
In ~/hectare
Source: CMIE
In Moradabad's Kalakhera village, farmers are concerned about the rising prices of fertilisers
and medicines used on the crops
product. It was 18.4 per cent in 2012-13.
Thirty-year-old Pradeep Chaudhary
who had purchased a rotavator for
farming said he hadn’t received
anything for two years even after
submitting all the documents for
subsidy.
In a dimly lit room, he and five other from ~6,079.7 per hectare to ~10,587.7 in
farmers said the price of fertilisers and the same period.
medicines used on the crops should be
reduced.
PHOTO: ANOUSHKA SAWHNEY Households in Rural India, 2019
The cost of sugarcane cultivation
has increased by around 74 per cent
between 2011-12 and 2020-21. This
includes expenses on fertilisers and
manure, according to the data from the
Centre for Monitoring Indian Economy
(CMIE). The cost of fertilisers increased
In January, the Uttar Pradesh
government raised the state-advised
fight against Nilgiris’
UP AMONG LOW
make the farmers more aware. Even
though a unit is nearby, they don’t Raja an uphill task
AGRI INCOME STATES provide any help, they added. They also
Average monthly income
asked for an increase in warehouse On the last day of the 17th Lok Sabha on
per agricultural household
facilities to diversify their crop
production.
February 9, Prime Minister Narendra Modi
joined eight Members of Parliament, includ-
(in ~) The Centre launched the Pradhan ing Union minister L Murugan, for lunch in a
TOP 5 STATES Mantri Kisan Samman Nidhi (PM- canteen in Parliament. Murugan is the
Meghalaya 29,348 KISAN) in 2019, under which ~6,000 is Bharatiya Janata Party (BJP) candidate for the
Punjab 26,701 transferred to farmers in three Nilgiris seat against Dravida Munnetra
instalments yearly. Kazhagam (DMK)’s A Raja, a former Union
Haryana 22,841 While this was hailed by many, few telecom minister, who defeated AIADMK can-
Arunachal 19,225 are still left to reap the benefits. “Despite didate M. Thiyagarajan by a margin of over
Pradesh the complete submission of papers, it’s 200,000 votes in 2019. Raja had won the seat
Jammu and 18,918 been around two years since I received in 2009 but
Kashmir the amount,” said Chaudhary. failed to retain
All India 10,218 In Jangethi village, near Meerut, it in the 2014
CONSTITUENCY
BOTTOM 5 STATES Sanjay Kumar, a 45-year-old farmer, elections. The
WATCH
voiced strong support for Prime AIADMK has Nilgiris
Uttar Pradesh 8,061
Minister Narendra Modi, praising his fielded Lokesh
Bihar 7,542
contributions to national security. Tamilselvan, and Naam Tamilar Katchi’s A
West Bengal 6,762 Despite this, rising electricity costs and Jayakumar makees it a four-cornered contest.
Odisha 5,112 crop medicine prices were concerns. The Nilgiris constituency, reserved for
Jharkhand 4,895 Sonu, a 26-year-old farmer, and Scheduled Castes, is one of the few, such as
Source: NSS Report No 587: Situation others flagged delays in PM-KISAN Kanniyakumari and Coimbatore, where the
Assessment of Agricultural Households
and Land and Livestock Holding of
payments. Farmers in Nurnagar village, BJP has had electoral success in Tamil Nadu
Muzaffarnagar, also complained about in the past. The BJP’s Master Mathan won the
longstanding road issues damaging seat in 1998 and 1999. The constituency is a
price (SAP) of sugarcane to ~370 for their crops. rare one that covers parts of four districts —
October 2023-September 2024. “It’s been 20 years and the roads Erode, Coimbatore, Tiruppur, and Nilgiris.
The farmers point to the menace of aren’t made. All the rudimentary The contestants are reaching out to plan-
stray cattle. Either they should be in the materials then damage our crops when tation and construction workers, and also the
cowshed or the price of milk should it rains,” said Amit Kumar. Badagas, the largest ethno-linguistic groups
increase so that farmers keep them, According to data from the National in the Nilgiris. The BJP has lately found sup-
Chaudhary said. Statistical Office report released in 2021, port among the Badagas, which had its can-
Among their major demands are a UP was in the bottom five among 29 didate losing to the Congress in the 2021
reduction in fertiliser prices, a decline states regarding farmer's income. An Assembly polls by a thin margin. In his cam-
in the input cost or increase in the average farmer in the state earned paigning, Murugan has criticised Raja for the
output cost, and soil-testing units to ~8,061 between July 2018 and June 2019. latter’s “anti-Hindu speeches”. ARCHIS MOHAN
>
MUMBAI | TUESDAY, 16 APRIL 2024 ECONOMY & PUBLIC AFFAIRS 7

Global firms pick India for

digital services: Nasscom
ASHUTOSH MISHRA
New Delhi, 15 April KEY FINDINGS
> More than 50% companies in various

I
ndia continues to be the preferred
destination for global businesses aim-
ing to build and expand their digital
services portfolio, according to a recent
study by industry body Nasscom in part-
nership with Avasant.
More than 50 per cent companies in
the travel and transportation, telecom,
media and entertainment, and construc-
tion and engineering sectors said they
would choose India for outsourcing their
digital services’ needs, it said.
The report, Digital Enterprise Maturity
5.0: Digital Readiness in the Era of AI, also
highlighted nearshoring trends, where
around 45 per cent of high-tech, travel and
transportation companies, along with 41
to 43 per cent of telecom, discrete manu-
sectors said they would choose India for
outsourcing digital services needs
> Around 41-43% of > 90% of global
telecom, discrete firms had
manufacturing, and plans to boost
construction firms, investments in
opted to nearshore digital tech
to India in 2023 areas in 2024
facturing, and construction firms, opted around 90 per cent of the firms had plans
to nearshore to India in 2023. to boost investments in key digital tech-
Nearshoring is a business practice that nology areas in 2024, including artificial
involves outsourcing tasks to neighbour- intelligence and machine learning, big
ing or nearby countries rather than distant data analytics, Cloud computing, cyber
offshore locations. According to the report, security, and intelligent automation.

Customs should not hold up

exports due to valuation issues
CHATROOM
T N C RAJAGOPALAN
We are an EOU. We cleared the
goods manufactured by us
into DTA after reversing the
BCD and SWS. Now, the DTA
party has rejected the goods.
How can we square the
transactions and get back the
BCD and SWS paid to the
government? Under what
documents should the DTA
party return the goods?
Firstly, you can give a credit
note to the DTA party and
square the transaction. Next,
the DTA party can send back
the rejected goods under a
delivery challan. Third, you
can receive the goods and treat
the inputs on the goods as duty
paid, so that when you
reprocess or repair the rejected
goods and supply again to the
same or another party in DTA,
you need not pay any BCD or
SWS. Of course, if you export
the repaired or reprocessed
goods, you can claim drawback
of the BCD and SWS paid on
the inputs through brand rate.
We got our advance
authorisation invalidated for
direct imports and got an
invalidation letter issued in
favour of the intermediate
supplier. For some reason,
that supplier has defaulted
and we have not received the
goods from him. We don’t
know whether an advance
authorisation for
intermediate supplies
against the invalidation letter
was issued and if so, whether
it was utilised and if so, to
what extent. Now, is there any
provision whereby we can get
the credit back in the advance
authorisation so that we can
use that amount to make
direct imports?
I don’t find any provision for
such an eventuality. I suggest
you approach the policy relax-
ation committee at the DGFT
HQ. You can plead that even
if an advance authorisation
has been issued against the
invalidation letter and it has
been utilised, the failure to
supply you the intermediates
can result in recovery of the
duty on the inputs imported
by the intermediate supplier
and so, giving the re-credit in
your advance authorisation
need not result in any loss for
the government. You may
also offer to give any affidavit
regarding non-receipt of
intermediates from the sup-
plier and indemnity the gov-
ernment against any losses.
Of course, your advance
authorisation should be valid
for re-credit.
We do not have an IEC. We
want to export samples to a
foreign party who is
interested in our goods. If he
approves the samples, he
will place the order. We
know that to export or
import, we need an IEC. Do
we need an IEC even for
sending samples?
Para 2.07 of HBP gives the list
of categories exempted from
IEC number. Export of sam-
ples is not covered there.
The Customs have held up
our export consignment
because our export price is
nearly twice the price our
purchase price. How to
convince the Customs to
allow export of the goods
and investigate later?
You can refer the Customs to
CBEC Circular no.37/2007-
Cus dated 9th October 2007.
It says that export consign-
ments should not be held up
for valuation enquiries/
investigations.

Business Standard invites readers’ SME queries related to GST, export and import matters. You can write to us at smechat@bsmail.in

> FROM PAGE 1

MERCHANDISE TRADE lower oil imports, which went of both sides avoiding further
down 14.1 per cent, supported escalation of tensions.
by reduced oil prices. Gold swung between gains

Exports... Aditi Nayar, chief econo-

The commerce secretary said
that sectors such as electronic
goods, drugs, and pharmaceu-
ticals had done well despite
adversities. Even though
exports contracted in March,
their value in the month was
the highest in FY24. According
to the data, the trade deficit in
March fell to an 11-month low
of $15.6 billion because imports
declined at a faster pace than
exports did. On a cumulative
basis, the trade deficit nar-
rowed from $265 billion in
FY23 to $240 billion in FY24.
In March, India imported
goods worth $57.28 billion,
down nearly 6 per cent mainly
on the back of lower imports of
items such as coal, petroleum
products, gold, and fertilisers.
On a cumulative basis, growth
> BS SUDOKU
SOLUTION TO
Source: Department of Commerce
in imports was 5.41 per cent at
$677.24 billion during FY24, the
data showed.
Madan Sabnavis, chief
economist at Bank of Baroda,
said the decline in imports in
FY24 could be attributed to
# 4257
#4256
Very easy:
 the country’s involvement in
Solution tomorrow
HOW TO PLAY
Fill in the grid so that
every row, every
column and every
3x3 box contains
the digits 1 to 9
mist and head of research and
outreach, ICRA, said led by a
larger Y-o-Y decline in mer-
chandise imports vis-à-vis such
exports, India’s merchandise
trade deficit eased to an 11-
month low in March, while also
trailing the levels seen in the
year-ago month, amid a halv-
ing of gold imports and a fall
in non-oil non-gold imports.
Services exports saw a 6.25
per cent contraction at $28.54
billion in March, while that of
imports saw 6.57 per cent
decline to $15.84 billion, result-
ing in a surplus of $12.69 bil-
lion. The services trade data for
January, however, is an “esti-
mate”, which will be revised
based on the Reserve Bank of
India’s subsequent release.
India’s overall exports --
goods and services -- saw only
0.04 per cent growth at $776.68
billion in FY24.
FIAO President Ashwani
Kumar said the tensions in
West Asia, especially the threat
for consignments routing
through Red Sea, had added to
the woes of the exporting com-
munity, because the freight
rates, along with the insurance
cost, had gone up “unimagin-
ably high”, with the burden of
various surcharge.
Much will depend on the
new contracts to be signed
with buyers in the new finan-
cial year because the
exporters have been absorb-
ing the burden of increased
freight cost in accordance
with the old agreement.
West Asia...
FPIs sold shares worth ~3,268
crore, while domestic institu-
tional investors pumped in
nearly ~4,800 crore.
Over the weekend, Iran
launched an unprecedented
attack on Israel in response to
a strike at the Iranian con-
sulate in Damascus. However,
most of the missiles were inter-
cepted by the Israeli military.
The markets in the West
gained amid hopes that the
flare-up between Iran and
Israel would now calm down.
The S&P 500 was in the green
in early trade on Monday.
Brent crude, too, eased
below $90 a barrel amid signs
and losses in the international
market but traded below
$2,400/ounce. At Zaveri Bazaar
in Mumbai, standard gold trad-
ed slightly lower at ~72,521 per
10 grams on Monday versus
~72,881 on Friday.
Many remain hopeful that
further flare-up is unlikely after
the Iranian mission to the
United Nations said the issue
can be considered concluded.
Moreover, the US and other
nations have also asked Israel
to maintain restraint.
IMD...
This is the first time since 2016
that IMD, in its first forecast,
has predicted ‘above-normal’
rains. An El Niño, expected to
turn neutral by the time the
monsoon season sets in June
and then gradually move
towards La Niña, a positive
Indian Ocean Dipole, and
below-normal snow cover in
the Northern Hemisphere from
January to March will all com-
bine to give India a good mon-
soon, according to IMD.
In 2023, the southwest
monsoon was ‘below normal’
due to the effect of El Niño, the
first time in the preceding four
years. The Met department
said that almost 75-80 per cent
of the country’s landmass is
expected to receive normal
monsoon this year except for
some areas in the extreme
Northwest (hills of Jammu &
Kashmir and Uttarakhand),
East, and Northeast India (such
as some parts of Assam,
Odisha, and Gangetic West
Bengal) where monsoon rains
might be below normal.
“This usually happens in
‘above-normal’ monsoon years
when parts of East and
Northeast India receive
‘below-normal’ rains,” IMD
Director-General Mrutyunjay
Mohapatra told reporters in a
briefing on Monday.
Probability-wise, the Met
department said that there is a
31 per cent chance of the 2024
southwest monsoon being
‘above normal,’ 30 per cent
chance of it being ‘excess,’
29 per cent chance of the rains
being ‘normal,’ and just a
2 per cent chance of them
being deficient.
More on business-standard.com
8 WORLD
>
MUMBAI | TUESDAY, 16 APRIL 2024

Israel’s objective: Hurt Iran, avert war Tesla to lay off

ITS WAR CABINET FOR COORDINATED ACTION WITH US ALL-OUT DIPLOMATIC EFFORTS TO AVOID ESCALATION more than 10%
Flare-up adds to headache on of staff globally
airlines’ Europe-Asia route
REUTERS the difficult decision to reduce
15 April our headcount by more than
10 per cent globally,” it said.
Tesla will lay off more than 10 The stock has fallen about
REUTERS
15 April Maritime industry per cent of its global work-
force, an internal memo seen
31 per cent so far this year,
underperforming legacy auto-

Global airlines faced disruptions to flights on

Monday after Iran’s missile and drone attacks on
enters rough seas by Reuters on Monday shows,
as it grapples with falling sales
amid an intensifying price war
makers such as Toyota Motor
and General Motors, whose
shares have rallied 45 per cent
Israel further narrowed options for planes navigat- The global maritime industry is set for for electric vehicles. and 20 per cent respectively.
ing between Europe and Asia. tougher and more challenging times after The world’s largest auto-
At least a dozen airlines have had to cancel or Iran ramped up West Asia tensions by maker by market value had BP’s EV arm cuts jobs, too
reroute flights over the last two days, including launching an unprecedented drone and 140,473 employees globally as BP has cut over a tenth of the
Qantas, Germany’s Lufthansa, United Airlines and missile attack on Israel, causing supply of December 2023, its latest workforce in its electric
Air India. chain disruption and increasing the annual report shows. The vehicle charging business and
This was the biggest single disruption to air probability of choking shipping routes, memo did not say how many pulled it out of several mar-
travel since the attack on the World Trade Centre experts said. jobs would be affected. kets after a bet on rapid
on September 11, 2001, according to Mark Zee, Iran's attack on Israel marks a distinct “As we prepare the com- growth in commercial EV
founder of OpsGroup, which monitors airspace and escalation in hostilities by bringing the pany for our next phase of fleets didn’t pay off, company
Israeli soldiers fly a drone near the Gaza border, on Monday PHOTO: REUTERS airports. “Not since then have we had a situation two nations into direct conflict. growth, it is extremely impor- sources said.
with that many different air spaces closed There is a concern about the tant to look at every aspect of The changes at BP Pulse
REUTERS Lebanon, Syria, Yemen and killed seven Iranian down in that quick succession, and that probability of a Persian Gulf the company for cost reduc- are part of CEO Murray
Jerusalem, 15 April Iraq, and Israel said four of its Revolutionary Guards officers creates chaos,” Zee told Reuters, adding shutdown, though many tions and increasing produc- Auchincloss’s efforts to focus
soldiers were wounded hun- including two senior com- that disruptions were likely to last a maintain hope of defusing tivity,” Tesla CEO Elon Musk on the British company’s most

I
srael’s war cabinet dis-
cussed a range of options
at its meeting on Monday,
with the intention of hurting
Iran for its drone and missile
attack on Israel but without
causing an all-out war.
In an unsourced report,
Channel 12 news said Israel’s
intention was to embark on
action coordinated with the
United States, which has said it
would not join Israel in any
direct attack on Iran.
Israel faced growing pres-
sure from allies on Monday to
show restraint and avoid an
escalation of conflict in West
Asia as it considered how to
respond to Iran’s weekend mis-
sile and drone attack.
Prime Minister Benjamin
Netanyahu summoned his war
cabinet for the second time in
less than 24 hours, a govern-
ment source said. Two top offi-
cials signalled that retaliation
was not imminent and Israel
would not act alone.
Iran’s attack has increased
fears of open warfare between
Israel and Iran, and heightened
concerns that violence will
spread further in the region.
Wary of the dangers, President
Joe Biden has told Netanyahu
the United States will not take
part in any Israeli counter-
offensive against Iran.
Since the start of the war in
Gaza on October 7, clashes have
erupted between Israel and
Iran-aligned groups in
IN BRIEF
Singapore PM Lee to hand
dreds of metres inside manders. couple more days. fierce tension in the region, said in the memo. profitable segments as it bat-
Lebanese territory overnight. The weekend attack, involv- The latest routing problems are a a delegate at the opening “As part of this effort, we tles investor doubts over its
It appeared to be the first ing more than 300 missiles and blow to an industry already facing a of Singapore Maritime have done a thorough review plan to shift away from oil and
such incident to become drones, caused only modest host of restrictions due to conflicts Week on Monday, told PTI. of the organization and made gas to low-carbon energy.
known since the Gaza war damage in Israel and no deaths. between Israel and Hamas, and Russia The Persian Gulf is a
erupted, leading to months of Most were shot down by Israel's and Ukraine. Iran’s airspace is used by Mediterranean Sea in West
exchanges of fire between Israel Iron Dome defence system and airlines travelling between Europe and Asia. It is connected to the
and Lebanon's armed with help from the US, Britain, Asia and those carriers will be restricted to Gulf of Oman in the east by the
group Hezbollah. France and Jordan. two viable alternative routes, either through Turkey Strait of Hormuz. AS WE PREPARE THE
“We're on the edge of the or via Egypt and Saudi Arabia, Zee said. The diversion of each ship is estimated COMPANY FOR OUR NEXT
cliff and we have to move away Italy open to sanctions Israel closed its airspace on Saturday, before reo- to cost $30 million through the Cape of PHASE OF GROWTH, IT IS
from it,” Josep Borrell, the EU's Italy, which holds the rotating pening them on Sunday morning. Jordan, Iraq and Good Hope from the Suez Canal, according EXTREMELY IMPORTANT TO
High Representative for presidency of the Group of Lebanon also resumed flights over their territories. to Danish Sultan, managing director of LOOK AT EVERY ASPECT OF
Foreign Affairs and Security Seven major democracies, Major Middle East airlines, including Emirates PacMarine Services in Singapore. THE COMPANY FOR COST
Policy, told Spanish radio sta- raised the possibility of the G7 Airlines, Qatar Airways and Etihad Airways, said The Suez Canal is an artificial sea-level REDUCTIONS AND
tion Onda Cero. “We have to discussing new sanctions on Sunday they would resume operation in the waterway in Egypt, connecting the INCREASING
step on the brakes and against Iran following the region after cancelling or rerouting some flights. Mediterranean Sea to the Red Sea through PRODUCTIVITY”
reverse gear.” attack. In an interview with It was not yet clear if the latest unrest would the Isthmus of Suez and dividing Africa
French President Reuters, Italian Foreign impact passenger demand, which has remained and Asia. “With 80-85 per cent of the ELON MUSK
Emmanuel Macron, German Minister Antonio Tajani said robust despite ongoing conflicts in Ukraine global cargo transported by ships, the CEO, TESLA
Chancellor Olaf Scholz and new sanctions would need the and Gaza, said Brendan Sobie, independent shipping industry have to go on in any
British Foreign Secretary David backing of all the G7, which aviation analyst. environment,” he pointed out. PTI
Cameron made similar appeals, includes Italy, France,
all echoing calls for restraint by Germany, Canada, Japan,  
Washington and United
Nations Secretary-General
Britain and the United States.
He suggested any new meas- Iran nuclear Iran: MSC Aries Apple loses top
Antonio Guterres.
Countries
Belgium and
including
Germany
ures would be focused on indi-
viduals rather than whole
nations. Israel remained on
monitors still seized for ‘violating phonemaker
summoned the Iranian ambas- high alert, but authorities lifted
operating maritime laws’
sadors. Russia has refrained
from criticising its ally Iran in
public over the strikes but
some emergency measures
that had included a ban on
some school activities and caps
The United Nations’ nuclear watchdog is
still conducting activities in Iran amid Israeli
The Portuguese-flagged MSC Aries vessel was
seized on April 13 by Iran due to “maritime
spot to Samsung
expressed concern about the on large gatherings. threats of retaliation following Saturday’s laws violations”, Iran’s Foreign Minister
risk of escalation on Monday Iranian Foreign Minister missile attack against the Jewish homeland. Spokesperson Nasser Kanaani said on REUTERS
and also called for restraint. Hossein Amirabdollahian said The presence of International Atomic Energy Monday, adding that there was no doubt the 15 April
“Further escalation is in no Tehran had informed the Agency (IAEA) monitors is significant because vessel was linked to Israel. “Iran strives to
SAMSUNG WINS
one’s interests,” Kremlin United States that the attack on they inspect some of the facilities that could create a safe shipping environment in the Apple’s smartphone ship- $6.4 BN US GRANTS
spokesman Dmitry Peskov said.
Iran launched the attack
Israel would be limited and for
self-defence, and that regional
be targeted by Israel. “The IAEA is continuing
to implement its safeguards activities in
Strait of Hormuz and the Gulf. The vessel was
diverted into Iran's territorial waters as a
ments dropped about 10 per-
cent in the first quarter of
FOR CHIP PLANT
over a suspected Israeli air- neighbours had been informed Iran as planned,” the Vienna-based result of it violating maritime laws and not 2024, hurt by intensifying The US plans to award
strike on its embassy com- of the planned strikes 72 hours agency wrote in reply to questions from answering calls made by Iranian authorities,” competition by Android Samsung Electronics
pound in Syria on April 1 that in advance. Bloomberg. BLOOMBERG Kanaani said. REUTERS smartphone makers aiming nearly $6.4 billion in
for the top spot, data from grants to increase chip
research firm IDC showed production in Texas, as
on Sunday.
Global smartphone ship-
part of its efforts to boost
domestic semiconductor
HUSH MONEY TRIAL BEGINS AGAINST FORMER US PRESIDENT ments increased 7.8 per cent to manufacturing. The
289.4 million units during South Korean firm plans

reins to Wong after 2 decades This is political persecution: Trump January-March, with Samsung,
at 20.8 per cent market share,
clinching the top phonemaker
to invest more than $40
billion overall, including
in two foundry
spot from Apple. fabrication sites that will
PHOTO: REUTERS

REUTERS
New York, 15 April
Donald Trump became the
first former US president to
stand criminal trial on Monday
when he appeared in a
Manhattan court to face
charges stemming from a
hush-money payment to a
porn star that could complicate
Singapore Prime Minister Lee Hsien Loong (left) with his his bid to win back the White
successor Lawrence Wong, in Singapore on Monday House.
“This is political persecu-
Long-time Singapore Prime Minister Lee Hsien Loong announced tion,” Trump, 77, said before
on Monday he would hand over power to his designated entering the courtroom and
successor, Lawrence Wong, on May 15, ahead of an election that taking his seat at the defense
must be by held next year. Wong has been prime minister-in- table with by his attorneys and
waiting since April 2022 after the previous anointed successor wearing his signature blue suit
stepped aside unexpectedly and derailed the carefully and red tie.
choreographed leadership transition typical in the affluent Asian He is required to attend the
financial centre. Wong, 51, was catapulted into the spotlight as co- trial, which is expected to last
head of the government's COVID-19 task force during the through May. Jury selection is
pandemic, restricting movement within and in and out of expected to take about a week,
Singapore and overseeing contact-tracing. REUTERS followed by witness testimony.
Police stood guard in front
still hold office but
Reuters/Ipsos polling shows a
guilty verdict could hobble his
prospects. The businessman-
turned-politician, who served
as president from 2017 to 2021,
has used past court appear-
ances to rally his supporters
and claim he is being perse-
cuted by his political enemies.
New York state prosecutors
accuse him of falsifying records
to cover up a $130,000 payment
in the waning days of the 2016
presidential campaign to buy
the silence of porn star Stormy
Former US President Donald Trump (centre) at Manhattan Daniels about a 2006 sexual
criminal court in New York, on Monday PHOTO: REUTERS encounter she has said they
had. Trump has denied any
of the courthouse amid a maze as the least consequential of such relationship. He pleaded
of barricades, and helicopters the four criminal prosecutions not guilty last year to 34 counts
shadowed the motorcade of he faces, it is the only one guar- of falsification of business
black SUVs that ferried Trump anteed to go to trial before the records in the case brought by
from his Trump Tower apart- November 5 election. Manhattan District Attorney
ment. Though the case is Trump has pleaded not Alvin Bragg, a Democrat, in
regarded by some legal experts guilty. If convicted, he could New York state court.
The iPhone-maker’s steep
sales decline comes after its
strong performance in the
December quarter when
it overtook Samsung
as the world’s No.1
phone maker. It’s
back to the sec-
ond spot, with
17.3 per cent mar-
ket share, as
Chinese brands
such as Huawei gain
market share.
Xiaomi, one of China’s top
smartphone makers, occupied
the third position with a mar-
ket share of 14.1 per cent dur-
ing the first quarter.
South Korea’s Samsung,
which launched its latest flag-
ship smartphone lineup —
Galaxy S24 series — in the
beginning of the year, shipped
more than 60 million phones
during the period.
produce 4-nanometer
(nm) and 2nm logic
chips — one generation
beyond the current
state of the art.
BLOOMBERG
Global sales of
Galaxy S24 smart-
phones jumped 8 per
cent, compared to last
year's Galaxy S23 series during
their first three weeks of avail-
ability, data provider
Counterpoint previously said.
In the first quarter, Apple
shipped 50.1 million iPhones,
down from 55.4 million units
it shipped same period last
year, according to IDC.
Apple’s smartphone ship-
ments in China shrank 2.1 per
cent in the final quarter of
2023 from a year earlier.

FBI opens criminal probe into

Baltimore bridge collapse
The FBI has opened a criminal investigation into the deadly
China’s pvt builders face $553 bn gap to complete homes
Baltimore bridge collapse incident that will also look into whether
the crippled ship, mostly manned by Indians, left the key US port BLOOMBERG As China’s real estate crisis the government needs to companies can purchase
“knowing the vessel had serious systems problems,” authorities 15 April continues, the impact of boost developer funding inventory at 50 per cent of
said. The 2.6-km-long, four-lane Francis Scott Key Bridge over the FUNDING FIASCO  Oversupply persists,
requires action to lower property easing measures conditions and bring housing market prices, lowering the
Patapsco River collapsed on March 26 after the 984-foot ship ‘Dali’  Property easing inventory levels Chinese private developers from last year are fading in the demand to “normal levels,” supply to 2018 levels would
collided against it. The crew onboard the ship, which apparently measures fading, worsens face a 4 trillion yuan ($553 new homes market, according the analysts said. require 7.7 trillion yuan,
lost power, included 20 Indians and one Sri Lankan. PTI real estate metrics  Public housing share to billion) funding gap to to the report. Many metrics Policymakers should also aim according to the analysts.
increase, costs estimated complete pre-sold homes, tracking the industry to mitigate a contraction in The country plans to
 Government needs to at trillions adding to the woes of an continue to worsen, and real estate construction. increase the share of public
boost developer funding
Derek Underwood, England conditions
industry that has yet to
bottom out, according to a
developers’ funding
conditions remain stretched.
However, Goldman’s
calculations show that large-
housing to at least 30 per cent
of the nation’s total housing
spin great, passes away  Large-scale plans will
incur substantial costs
research report by Goldman
Sachs Group Inc.
Plus, compared with previous
major housing cycles, the
scale government plans in
those three areas will incur
stock from about 5 per cent
currently, according to a
Derek Underwood, England's best spinner in the post-World War II Credit support from banks magnitude of policy actions “substantial costs,” well above Wall Street Journal report,
era, who gave a torrid time to the legendary Sunil Gavaskar, passed — which totaled 469 billion “appears small,” the analysts the funding arrangements citing people close to
away at Kent on Monday. He was 78. Underwood, a practitioner of yuan as of the end of March — added. available thus far. policymaking. Looking at only
slow left-arm orthodox spin, was highly regarded by his “appears well below the “The housing sector has China is still facing an the largest cities — known as
contemporaries because of his pin-point accuracy, something amount needed for securing not yet reached the bottom of oversupply in housing tier-I and tier-II cities — the
which made him ‘Deadly’ on uncovered pitches of the 60s and home completions,” analysts the L-shaped path we expect,” especially in smaller cities. cost would be 4 trillion to 6
70s. The Bromley-man had numbers to match his reputation too led by Lisheng Wang wrote in a they wrote. Based on the assumption that trillion yuan, according to the
— 297 wickets from 86 Tests, the most by an England spinner. PTI report released Sunday. To improve the situation, local governments and state Goldman report.

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 >
OPINION 9
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VOLUME XXVIII NUMBER 208

MUMBAI | TUESDAY, 16 APRIL 2024

Signalling continuity
Priority for human development
The Union government should allow federalism to function more private activities in education and health development.
The primary focus of public policies and spending
BJP to build on its govt’s work over the last decade effectively if it wishes to push human development on health care has to focus on its impact on people’s

T
he Bharatiya Janata Party (BJP) on Sunday released its manifesto, or lives rather than on an economic impact. The primary

Sankalp Patra, for the 2024 Lok Sabha elections, highlighting what its
government has achieved over the past 10 years and how it intends to
take the country forward if voted back to power for the third consecutive
term. From the economic standpoint, the manifesto signals continuity, or building
on the achievements, with some significant reforms. One of the noticeable
achievements of the Narendra Modi government over the past 10 years — one
that is perhaps not adequately appreciated — is bolstering macroeconomic sta-
bility. The macroeconomic outlook in 2014 — with a near-currency crisis in 2013
— was very different from today. India now has large foreign exchange reserves
and the banking system is in its best position over the past decade. India’s
restrained fiscal-policy response to the pandemic and the central bank’s com-
mitment to a legally mandated inflation target have helped boost investor con-
fidence. Thus, the BJP has done well to reiterate its commitment to sustaining
macro-financial stability, which is necessary for growth and development.
The two other important promises that stand out are strengthening statistical
institutions and facilitating fiscal autonomy for panchayati raj institutions. Both
these commitments should help improve governance. Making policy decisions in
a rapidly developing country like India requires timely availability of data. Although
India has a robust statistical system, it requires an overhaul to align with the
evolving nature of the economy’s demands. The national accounts data, for instance,
comes with a significant lag and is subject to multiple large revisions, affecting
policymaking and making decision-making for business more difficult. One impor-
tant aspect of reforming the statistical system will be to ensure that institutions
engaged in this area are made independent and credible. Timely availability of
data will improve decision-making and help boost investor confidence.
Further, one of the valid criticisms of the Indian governance structure is
that power is not adequately decentralised. As a result, the third tier of the gov-
ernment, or local bodies, which are best-placed to deliver a variety of services to
citizens, are not adequately empowered. In this regard, the BJP’s promise to
facilitate fiscal autonomy for panchayati raj institutions must be welcomed,
though how it will be done remains critical. Despite enabling constitutional pro-
visions, not much has happened over the years. As highlighted in this space
earlier, the average revenue per panchayat, including grants, was only ~21.23
lakh in 2022-23. The fiscal autonomy of local bodies can be improved by both
empowering them to raise resources and through a predictable devolution of
funds. One of the possible ways out, subject to legal changes, could be to allocate
resources directly through the Finance Commission. Granting a share in revenue
from goods and services tax collection could also be an option.
Among other commitments, if voted back to power, the BJP will continue
to focus on investment and building infrastructure, which should help boost
economic activities and create employment. It also intends to build on initiatives
in the manufacturing sector to enable job creation. In this context, it would be
useful to review the trade policy. A sustained increase in exports can be a big
driver of both economic growth and job creation. One big political promise with
economic reasoning is “One Nation One Election”. While the idea promises to
reduce policy uncertainty, the way forward suggested by the high-powered com-
mittee must be extensively debated.
Reckoning in West Asia
Too soon to assume that the Israel-Iran crisis is over
T
here is much discussion now about India becom-
ing a developed country by 2047 or before. For
this to happen, we will need changes in several
areas of development policy. The top two areas of policy
where substantial change was required would be human
development, particularly education and health, and
technology innovation. In some ways the second
depends to a significant extent on the first and hence
my focus on priority for human development. The
national accounts data shows that in 2021-22 education
and health had a modest size in our economy, account-
ing for 4 per cent and 1.6 per cent, respectively, of the
gross value added. This will have to change if we aim to
become a developed country. Education and health
matter not just for growth but are also as an essential
part of the goals of development, which should include
the quality of life of individuals.
A correlation between the rate of economic growth
and some measure of human develop-
ment does not tell us whether high eco-
nomic growth leads to better human
development or whether better human
development leads to high economic
growth. A better understanding requires
a more careful statistical analysis.
A recent article by Janak Raj, Vrinda
Gupta, and Akanksha Shravan does this
for the link between the human develop-
ment index (HDI) as measured by the
United Nations Development Programme NITIN DESAI
and economic growth at the state level
for 1990-2019.[1] Their analysis shows a
long-run relationship between the HDI and economic
growth in India. But the relationship in terms of causality
is bidirectional, which means that accelerated growth
requires higher human development and improvement
in human development requires growth. They could
not find a clear impact of public spending on education
and health on the HDI. An analysis of the impact of
education shows improvements in primary education
have no discernible impact on inter-state growth varia-
tions but that improved secondary education has a sig-
nificant impact on growth in agriculture and manufac-
turing and improved higher education on services.
Could the lack of impact of public spending be a
result of an inadequate level of funding? According to
the World Bank’s Development Indicators, in India gov-
ernment spending on education as a percentage of gov-
ernment expenditure was about 14.7 per cent in 2021 —
Managing competition in a digital world
A
ddressing competition in the digital domain pre-
sents a formidable challenge for governments
and regulators. Unlike the physical realm, where
network effects are limited, digital products and services
broadly comparable with the data for lower middle-
income countries. However, government spending on
health, which was 3.5 per cent of government expendi-
ture in 2018, was significantly below the 5.1 per cent in
lower middle-income countries.
How dependent are education and health on spend-
ing by the Union and state governments? The two
account for about 80 per cent of the national accounts
sector labelled “Other Services”. The public sector
accounted for 17 per cent of gross fixed capital formation
(GFCF) in “Other Services” and 83 per cent came for the
private sector and households. The relative neglect by
the governments is reflected in the fact that the share
of “Other Services” in public-sector GFCF was just 5.9
per cent in 2021-22.
The outcomes in education and health have been
disappointing. The recent report of Pratham titled
“Annual State of Education”, which focuses on students
in the 14–18 age group, states that 25 per
cent in this category cannot read a stan-
dard II level text fluently in their regional
language and more than half struggle with
division (three-digit by one-digit) prob-
lems. The quality problem among younger
students is worse.
As for health outcomes, there are posi-
tive developments, for instance in the
reduction in infant mortality. But the per-
sistence of under-nutrition in children and
the continuing prevalence of communica-
ble diseases are two aspects of underper-
formance. The crucial defect is the inade-
quacy of public provision for poor people. The
out-of-pocket expenditure of households accounted for
52 per cent of current health expenditure, according to
the health ministry data and a significant part of this is
because of the inadequate provision of free medicines
even in public health facilities. A recent study using data
from Consumer Expenditure Surveys estimated in 2011-
12 around 46 million people faced catastrophic health
expenditure, amounting to 10 per cent or more of their
total expenditure, usually for extreme illnesses. In such
situations they are forced to sell productive assets, borrow
money, and sometimes even reduce expenditure on edu-
cation by moving children to inexpensive schools and
many move into the poverty category.
Substantial improvement in human development
will depend both on higher and better-organised public
spending and on promotion and policy regulation of
that such practices reinforce the dominance of leading
players, risking irreversible polarisation in favour of the
incumbent. Given the fast-paced nature of the digital
domain, they felt the ex post approach was inadequate
focus had to be on reducing the substantial out-of-pocket
expenditure incurred by poor households. In fact, the
impact on poverty looks even worse when one takes
into account the costs incurred on travelling out of a
village or small town for treatment.
A broader approach to health care that also seeks to
improve the environment will have an economic impact.
I remember a nutrition specialist who advised the
Planning Commission that safe water supply was a more
reliable way of improving nutrition than supplementary
food supply. One must also recognise that better health
will have an economic impact. I remember a vigorous
argument by an eminent economist from Punjab that
malaria eradication was a contributory factor in the
advancement of agriculture in the state.
The spread of schools and colleges is now
widespread. One exception is the need for a better spread
of higher education for engineering. The challenge is
improvement in the quality of education not by rewriting
textbooks for political reasons but better teaching —
from primary schools to higher institutes. This requires
a rigorous performance assessment system for public
and private educational institutions. If Pratham, a non-
government organisation, can undertake plausible per-
formance assessments, why can the states not set up a
more comprehensive system for this purpose? A more
radical approach to promote better performance in high-
er education would be to shift public funding from grants
to institutions (and abolishing the excessively dominant
University Grants Commission) to grants or loans to
students and rely on them to choose institutions on the
basis of established teaching quality.
A substantial emphasis on health and education
advancement will require substantial and variable
innovative actions by state governments as the under-
lying reasons for underperformance vary. In any case
the Union government’s spending on health and edu-
cation is significantly smaller than that of states, par-
ticularly if one deducts spending for working and
retired employees. Hence the Union government
should allow federalism to function more effectively
if it wishes to push human development at a pace that
is required for attaining the long-term objective that
it wishes to promote.
[1] Janak Raj et al, Internal linkages between economic growth
and human development in India, Indian Public Policy Review
2024,5.1:113-155
desaind@icloud.com
like TCP/IP, it established a multi-stakeholder gover-
nance framework involving industry, academia, gov-
ernment and civil society. There is no hierarchy among
stakeholders and all, including governments, participate

I
ran’s widely anticipated response over the weekend to Israel’s attack on the
Iranian embassy in Damascus on April 1, killing an Iranian general and six
officers, appears to have caused a rethink among Tel Aviv’s key allies. Instead
of pushing for escalation, the US has ruled out joining any Israeli counter-
attack, and French and UK leaders have called on Israel not to respond to Iran’s
attack. This was also the message emanating from an emergency meeting of the
United Nations Security Council meeting, at which Secretary General Antonio
Guterres rightly pointed out that the world could not afford another war in West
Asia. Taken together with India’s statement expressing “serious concern” at the
escalation of hostilities, the concerted de-escalatory pressures on Israeli Prime
Minister Benjamin Netanyahu may weaken his hopes of widening the war against
Hamas, which is supported by Iran, to retain his precarious hold on power. Thus,
oil prices and financial markets saw muted responses to Iran’s aggression; some
analysts suggest the events were already priced in. The fact that the widely antic-
ipated attacks by 360 missiles and drones by Tehran, said to be on a far vaster
scale than similar attacks by Russia on Ukraine, were defeated in a coordinated
operation by the US, the UK and Jordan may have also helped contain the response
of Israel’s allies.
The urgent next step for the international community is to prevent an esca-
lation of the attacks on Gaza in which Palestinian civilian casualties have mounted.
Doing so demands a scaling back of arms supplies to Israel by key allies, especially
the US, which accounts for almost 66 per cent of major arms supplies to Israel,
and they have been deployed for what is being increasingly described as genocide
acts. Israel bombed a refugee camp in central Gaza on Monday, killing five and
wounding many more even as the UN Security Council met. Mr Netanyahu has
stated his government would not be distracted from the war on Gaza after Iran’s
unprecedented strikes on Israeli territory. He intends to go ahead with plans to
attack Rafah in southern Gaza. An Israeli War Cabinet meeting on Sunday con-
cluded without a decision on how to respond to Iran’s attacks. Iran is already
defiantly suggesting that the West should appreciate Iran’s “restraint”. All this
suggests that it is too soon to assume that the Israel-Iran crisis is over.
A barrage of retaliatory responses between Israel and Iran could spell bad
news for India. Though international sanctions have ruled out oil purchases from
Iran, the country imports 88 per cent of its oil requirements and 45 per cent of
gas. The bulk of this is imported via the Red Sea, the principal route of Russian oil
to India, and the Strait of Hormuz, dominated at its northern shore. Any escalatory
violence in the region can destabilise global supplies and push up prices. Some
analysts suggest oil prices might rise past $100 a barrel in the immediate aftermath
of an escalation. The “return to the path of diplomacy” as South Block counselled
on Sunday has never been more crucial.
often exhibit robust network effects. Put simply, network
effects occur when every new user enhances the value
of the offering for all others. The telephone is a classical
example. Networks defy the traditional economics of
competition and efficiency. Instead, they can lead to
winner-takes-all scenarios, creating monopolies or
oligopolies. Recognising this characteristic of the net-
work industry, AT&T, a hundred years back, described
telephony as a natural monopoly. Google Search,
Microsoft Office, Android OS, Google and Apple play
stores, WhatsApp, and Facebook are examples of a mul-
titude of network-economy products that have become
near monopolies.
Conventional economic theories pro-
pound that competition drives down
prices and improves quality and efficien-
cy, and is therefore best for consumer
welfare. In a network economy as net-
works amass vast user-bases, they
enhance the value provided to each user
and collectively increase society welfare.
However, the concentration of power in
a few profit-maximising entities poses
risks, including the potential to desta-
bilise the political and social structures.
OFF THE GRID
Historically, network effects were AJAY KUMAR
recognised in technologies like telepho-
ny, telegraph, railways and postal services but they com-
prised a small portion of the economy. Digitisation has
increased the network economy’s share in gross domes-
tic product to substantial levels. Moreover, this trend is
only going to grow. As networks expand and acquire
large user-bases, their offers resemble public goods,
though privately controlled, leading to significant policy
implications. Consequently, addressing the economic
reality of network effects has become imperative.
Both the Parliamentary Standing Committee on
Finance and the Committee on Digital Competition Law
set up by the Ministry of Corporate Affairs have recom-
mended a law with ex ante control to deal with the
emerging challenge of anti-competitive practices among
major digital enterprises like bundling or tying products
to existing networks, self-preferencing, preventing third-
party products, monopolistic use of data, deep e-com-
merce discount, exclusive tieups, search and ranking
preferences, restricting third-party apps, and anti-com-
petitive advertising policies. They rightly pointed out
and recommended an ex ante approach especially for
those enterprises that had “a significant presence and
as such, the ability to influence the Indian digital market”.
A draft Bill has been put out for comment. The Bill
has some similarities with the European Union’s (EU’s)
Digital Markets Act, 2022. The EU had designated major
online platforms as gatekeepers and proposed regulations
to prevent practices like self-preferencing, leveraging
market power in adjacent markets, hindering third-party
access, and ensuring platform interoperability. The pro-
posal for ex ante regulation sparks concerns that the reg-
ulatory environment may resemble the restrictive licence
raj and inspector raj, potentially lim-
iting the freedom that has charac-
terised this sector thus far.
In the early 20th century, govern-
ments recognised the network effects
in the telephone industry and took
the lead in regulating the sector to
prevent private monopolies and have
multiple players. Measures included
licensing, sub-dividing territories, and
price regulation. The International
Telecommunication Union, the reg-
ulatory framework at global level, was
also government-led. While some
measures like interoperability and
common standards were beneficial, others failed to pre-
vent the emergence of monopolies/oligopolies in the
sector. India’s experience serves as an illustration. India
initially had a public-sector monopoly in telephony. It
opened up the sector in 1994 but despite ex ante regula-
tion, a two-player oligopoly has emerged. Similar monop-
olies/oligopolies exist in countries like the United States,
the United Kingdom, France, the United Arab Emirates,
and Singapore. Regulation slowed down innovation in
the sector and even after 100 years of existence, telephone
calls were exorbitantly high and accessibility relatively
low. Regulated prices provided assured and growing
returns for incumbents, who, instead of prioritising inno-
vation, prioritised turf protection and erecting entry bar-
riers, masking these actions as regulatory compliances.
A stark contrast to telephone networks is the case of
the internet, which is humanity’s largest network with
strong network effects. Developed as a non-profit private
enterprise, it prioritised open networks with minimal
government interference. Embracing open standards
on an equal footing. Over its 30-year history, the internet
has spurred transformative innovations, driving the dig-
ital economy’s growth unlike anything before. Despite
being a monopoly, the internet has propelled global eco-
nomic and social progress. When some stakeholders
tend to dominate decision-making, the same is tempered
due to a multi-stakeholder approach.
The preceding case studies offer valuable insights.
First, network effects are inherent and integral to a net-
work economy and rules of classical economics will fail
in these contexts. Secondly, public-sector monopolies,
particularly in liberal democracies, are not a solution
because they lag in innovation and efficient resource
utilisation, thereby reducing consumer welfare. Thirdly,
government-led regulation fails to prevent the formation
of monopolies/oligopolies because incumbents start
wielding considerable influence over policies. Fourthly,
when governments are in the driver’s seat, decision-
making tends to be sub-optimal in terms of innovation
because they may lack the understanding of unseen
opportunities. Fifthly, while regulation is essential to
curb the emergence of monopolies, it must ensure both
consumer welfare and innovation.
In some ways, the internet is the reason for the explo-
sive growth of the network economy. It is said every
problem also contains seeds of its own solution. The
internet governance model offers an alternative model
to address the challenges posed by a network economy.
Accordingly, governments could consider creating
statutory mechanisms for governing network-economy
products, in which all stakeholders are on an equal foot-
ing. For example, there could be a multi-stakeholder
group for app stores, which would include academia,
startups and industry, government and civil society,
ensuring fair representation and creating checks and
balances which would prevent any one entity or group
hijacking the governance. While maintaining oversight,
governments may refrain from directly prescribing solu-
tions, however retaining overriding powers whenever
national security, sovereignty, or substantial public inter-
est is involved. Such an approach would also be consistent
with the government’s “minimum government maxi-
mum governance” thinking, offering a new paradigm
for effective governance of the digital network economy.
The writer, former defence secretary, is distinguished visiting
professor, IIT Kanpur

Leader as ‘friction fixer’

Leaders should reduce the “bad” friction
in their organisation so that the
organisational parts are better lubricated;
equally, they introduce “good” friction
into joints that should be slowed down.
In making the right things easier,
BOOK REVIEW leaders solve operational irritants and
niggling problems by “walking around”.
R GOPALAKRISHNAN The book cites how in the Hewlett
Packard of the 1970s, Bill Hewlett and
with them about their shop floor work.”
This, too, is an example of lessening
“bad” friction joints.
There can also be value by
introducing friction. The book cites the
case of chemical manufacturer Rohm
and Haas (now part of Dow Chemicals),
which taught its leaders that when they
face a decision with broad and enduring
consequences, they should slow down
Tribology in the language of lube
oil companies is the science of
understanding friction, lubrication,
and wear.
This book is all about improving the
tribology of organisations and the
role of the leader in that action.
Impressive jargon?
Unintelligible jargon is what the book
refers to as “Jargon
Monoxide.” Leaders
use seemingly
impressive
terminology like “let
coordination suffer, giving rise to
dysfunctional conflict because people
don’t quite know what to do, and how to
do it,” according to the authors.
In 2001, 17 software developers
published “The Manifesto for Agile
Software,” emphasising (i) individuals
and interactions over processes and tools
(ii) working software over comprehensive
documentation
THE FRICTION PROJECT: (iii) customer
How Smart Leaders collaboration over
Make the Right contract
Things Easy and the negotiation, and
diminishing obstacles to good work,
and placing friction wherever slowing
down is a positive. Second, leaders own
friction-fixing as a key role and hold
themselves accountable for the results.
Third, designing and updating
organisational structure is a high form
of friction-fixing. The authors have
been interviewed in the strategy +
business magazine of April 8, 2024.
Expanding on a point they make in the
book, they said that leaders tend to
“add” processes, things, and controls,
but do not adequately consider how to

W
hat are the core roles of a
leader? Too many are listed
and written about. But have
you heard of a role as a “friction fixer”?
Leadership is, in some ways, an odd
subject when compared to finance or
engineering. What you see is not what
there is, and what you have been taught is
not necessarily what will work. There is a
strong tendency to not do what you know
needs doing. In this sense, leadership is
akin to life itself. Issues unravel, you try to
solve them, some actions work, and some
do not, so you work at it all over again.
In the book under review, the authors
observe that organisations should be
filled with people who make the right
things easier and the wrong things harder.
Dave Packard would visit employees at
their workplace. They would talk about
their work challenges—a practice which
a former HP senior leader captured in
the colourful phrase, “We needed less of
MBA and more of MBWA, management
by wandering around.”
Here is an example from my
experience. Former Hindustan Lever
Chairman, Ashok Ganguly, recalls a
switch in his early career from scientific
research to an unfamiliar manufactu-
ring role. “The only way I could learn the
details of the new role and be seen to be
helping my team was to turn up
unannounced during the night shift of
the factory, share a chai with some
operators and supervisors, and chat
and abandon the general tendency for
speedy action. The company preached
the “Five Voices” method to assess the
impact on—Customer, Employee,
Shareholder, Community and Process.
From my experience at Hindustan
Unilever, I recall a deliberately placed
friction. During the price control and
cost saving pressures of the 1970s and
1980s, the internal procedure to recruit
even a junior staffer was so cumbersome
that a line manager avoided undertaking
the pain of the process.
Since I have been associated with a
lubricating oil company for over two
decades, I refer to friction-fixing as the
“tribology” of management organisa-
tions. Now what is that jargon?
us leverage our core
competencies to
create synergies
that move the
needle” or
“elucidating the
antecedents of
upright striding
vertical bipedality on
horizontal terrestrial substrates by non-
human primates” (it means learn how
gorillas and monkeys walk on the
ground). With the advances in data
handling and intelligent technologies,
acronyms like LLM, Industry 2.0, GenAI,
and AGILE are used quite commonly.
These are valuable technologies, but,
after a stage, “decision-making and
Wrong Things Harder (iv) responding to subtract existing processes, things,
Author: Robert I change over and controls.
Sutton and Huggy Rao sticking to a plan. In this regard, leaders are just as we
Publisher: Penguin Clearly the agile all behave at home: We accumulate new
Random House manifesto has things at a much faster rate than we
Pages: 304 played a crucial dispose of things we no longer need. On
Price: ~799 role for companies rare occasions, such as when we are
like Adobe, transferred or face retirement, we do a
Google, and reluctant spring-cleaning; funnily,
Salesforce. But a confounding babble has soon, we find the need to refer to a book
also developed around agile or wear a pair of trousers that we had
organisations and agile leadership. recently junked! Such is the nature of
The last part of a book is a good place organisations. Successful friction-fixers
to taste sanity again. The Friction are assured of a long-lasting functional
Project relies on three principles. First, job that is for sure.
leaders fervently believe that they are
trustees of other people’s time; hence, The reviewer is an author and corporate
they are constantly at the task of commentator
 QUICK TAKE: ROBUST GROWTH METRICS FOR CYIENT DLM “For as long as this stays now a

The Smart once-and-for-all escalation, we should

Investor
(Share price in ~) The stock of Cyient DLM is up 5 per cent from its monthly probably get away with some
lows. JM Financial Research expects revenue/earnings marginal market impact on
oil prices, volatility and
to grow annually by 37 per cent and 73 per cent, some safe haven assets”
MUMBAI | respectively over FY23-26 backed by strong uptick across TATJANA PUHAN
TUESDAY, 16 APRIL 2024 industry segments and a robust order book of ~2,290 crore Chief Investment Officer,
as on 9MFY24 executable over the next 18-24 months Copernicus Wealth
Management
<

SANKALP PATRA UNLOCKS INVESTMENT THEMES

Groww seals top spot with 23% mkt share
Auto, steel, cement, NBFCs Brokerage firm Groww
emerged as the largest
broker in India with market
the total NSE active clients
has also surged to 63.8 per
cent as of March 2024
BIGGER MARKET PIE
Discount brokers too have made further inroads

sweep the brokerage vote

share of 23.4 per cent and
an active client base of
9.5 million in financial year
2023-24 (FY24). The discount
broker recorded a 77.5 per
ILLUSTRATION: BINAY SINHA cent jump in the active
PUNEET WADHWA client base in FY24 and a
Mumbai, 15 April 42 per cent overall jump in
against 59.9 per cent in 9.5 Active clients (mn) nFY23 nFY24
March 2023. The number of 7.3
6.4 Top 5 discount brokers 19.6 26.0
active clients at NSE surged 5.4
to 40.8 million as of March Overall Industry 32.7 40.8
2024 against 32.7 million the 2.9 2.5 2.3
same month a year ago — 1.8
recording an increase for the 0.9 1.2 1.1 1.1 0.8 0.9 0.7 0.7 0.7 0.5 0.5
0.4
ninth consecutive month.

Sharekhan
Kotak Sec

HDFC Sec
the market share, a report ICICI Securities, 5Paisa,

Zerodha
Groww

Motilal
Upstox
S

5Paisa
Oswal
tocks in the automotive, financial, by Motilal Oswal Financial Upstox, and IIFL Securities

Isec

IIFL
cement, metal, and hotel sectors are Services said, citing National saw a decline in the number
likely to benefit if the Narendra Stock Exchange (NSE) data. of active clients by 20.9 per 77.5 14.0 -12.6 -20.9 30.9 3.2 9.3 -4.2 -15.8 -8.7
Modi-led Bharatiya Janata Party (BJP) Its rival, Zerodha, recorded a cent, 15.8 per cent, 12.6 per
comes back to power for a third time. The 14 per cent jump in the cent, and 8.7 per cent, Y-o-Y change (%)
key investment themes have been identi- number of active clients, respectively. These broking 23.4 17.9
fied after analysing the Sankalp Patra — touching 7.3 million year- houses have also lost market
Market share (%) nFY23 nFY24
19.6
the party’s manifesto for the next five years on-year. However, its share owing to the decline 16.5 Top 5 discount brokers 60.0 63.8
— released on Sunday. market share slipped to in active numbers.
PhillipCapital believes that the push 17.9 per cent at the end of The total number of demat 8.8 7.1 Overall Industry 100 100
6.2 4.5
for affordable housing will be positive for FY24 from 19.6 per cent, accounts has increased to 2.8 3.0 3.3 2.7 2.5 2.2 2.1 1.6 2.0 1.3 1.5 1.1
state-owned Housing and Urban making it second to Groww. 151 million in FY24, with an
Development Corporation, major steel and The share of top five average monthly addition of
cement companies, and also non-banking
financial companies operating in the
ANALYST PICKS Finance, Sundaram
Finance, and
& Tubes discount brokers account in 3.1 million. KHUSHBOO TIWARI Source: Motilal Oswal report

Cholamandalam INCREASE CROP MSP

affordable housing space. AFFORDABLE HOUSING
Meanwhile, tourism-related measures n Tractors: Escorts
n Positive for: Banks AUTO PARTS SUPPLIERS Kubota, M&M
will benefit major listed hotels, aviation
stocks, and credit card companies.
Additionally, initiatives for rural recovery
are expected to benefit fast-moving con-
(Hudco), metals (major
steel players), NBFCs,
cement (UltraTech,
n Samvardhana
Motherson Auto System,
Sona BLW Precision
n NBFCs: M&M Financial,
Cholamandalam,
Shriram Finance, and
Smallcap schemes witness
easing of stress levels
sumer goods companies such as Dabur, Ambuja Cement) Forgings Sundaram Finance
Emami, and Bajaj Consumer. On Monday,
the market overlooked most of these
TOURISM MUDRA LOAN PHARMACEUTICAL
themes due to turbulence triggered by ris- n Hotel (Indian, other LIMIT EXPANSION n Divi’s Laboratories,
larger players), aviation
ing tensions in West Asia. However, once
the headwinds ease and there is greater (entire industry), NBFCs
n PSBs, SFBs, and MFIs Syngene, Suven Pharma, Majority of large-sized smallcap schemes deployed cash amid correction in March
WORKING CAPITAL and Ami Organics
certainty on the election outcome, broker- (credit card players) ABHISHEK KUMAR
ages believe these themes can benefit
RAILWAY
TO MSMEs FMCG (RURAL Mumbai, 15 April LIQUIDITY TEST: SOME SCHEMES SHOW IMPROVEMENT
investors in the medium to long run. n Shriram Finance, RECOVERY)
“While the BJP’s manifesto indicates INFRASTRUCTURE MAS Financial Services, Few of the smallcap schemes Days required to sell 50% portfolio
n Dabur, Emami, and
policy continuity, there is greater scale, n Major steel players: and Bajaj Finance Bajaj Consumer like that of State Bank of India Smallcap fund Feb ‘24 Mar ‘24 Smallcap fund Feb ‘24 Mar ‘24
clarity, confidence, and rigour at play. In APL Apollo, JTL Industries, (SBI), Axis and Quant showed
Nippon 27 29 HSBC 15 14
its third term, we expect the party to be Surya Roshni, and NATURAL GAS n Modest for Hindustan improvement on the liquidity
more aggressive in terms of execution and Hi-Tech Pipes n Gas: GAIL (India), Unilever, Colgate, front in the latest round of HDFC 42 44 DSP 32 32
policy development. Additionally, it is Petronet LNG, and Britannia stress tests. SBI 60 58 Franklin Templeton 12 13
likely to execute plans that were laid out ELECTRIC VEHICLES Indraprastha, and PM-eBUS On an average, the number Axis 28 27 ICICI Prudential 10 11
in the previous regime in its next term. We n Auto manufacturers: Mahanagar Gas n Ashok Leyland, Tata of days required to sell 50 per Quant 22 20 Tata 35 29
expect a broad-based focus across sectors Tata Motors, TVS Motor n Pipes: Welspun, Motors, JBM Auto, and
cent of the smallcap fund port-
Kotak 33 34 Aditya Birla Sun Life 10 9
and segments over the next five years,” Company folio declined slightly in March
Maharashtra Seamless, Olectra Greentech Source: Amfi
said a note by PhillipCapital. for the top 12 schemes to 26.7
n NBFCs: Shriram and Ratnamani Metals Source: PhillipCapital
Since most proposals will have a from 27.2 in February.
long gestation period, the full benefits SBI and Axis smallcap The smallcap segment of the remaining schemes in the trading volumes in the under-
will be reflected in the revenues of funds managed to improve the market went through a cor- top 10 — SBI, HSBC and DSP lying stocks.
companies, and subsequently the stock Analysts at Antique Stock Broking said for the middle class by reducing the cost their liquidity metrics even as rection in March with the Nifty — there was a rise in cash hold- The format, designed by
prices over time. the manifesto re-emphasises its view of of ownership),” Antique’s recent report on their smallcap exposure inched Smallcap 100 index falling 4.5 ings. The liquidity data is part the Association of Mutual
“Markets do not doubt that the BJP will capital expenditure (capex) cycle revival. the manifesto said. up in March from February. per cent. March was also the of the fresh disclosures ma- Funds in India (Amfi), also sets
come back to power. The manifesto has “The manifesto aims to develop India The brokerage’s key overweight sectors SBI smallcap fund's small- first in 30 months when the ndated by the Securities and other specific conditions such
focused on a host of sectors, which is the as a developed nation by nurturing all are industrial (including defence and rail- cap holdings rose from 81 per smallcap fund category witne- Exchange Board of India (Sebi). as adopting a pro-rata basis of
right strategy if India is to be among the three components of capex, namely a) pri- ways), cement, real estate, utilities, infras- cent to 82 per cent. Axis small- ssed an outflow. Investors had The regulator had called for liquidation after removing the
top three economies globally. That said, vate capex (helped by establishing India tructure, and automotive, and its 2023- cap fund also saw a 1 percent- pulled out ~94 crore last such tests in the face of strong 20 per cent least liquid hold-
the benefits will not accrue immediately as a global manufacturing hub); b) sus- 24/2024-25 (FY25)/2025-26 (FY26) National age point rise in exposure. month. Most smallcap inflows into smallcap and mid- ings. For the test, mutual
as the proposed measures will take time tained government capex (as the focus is Stock Exchange Nifty 50 earnings esti- However, some schemes schemes had used the correc- cap funds, despite concerns funds have to assume a 10 per
to be implemented, and the benefits will on building world-class infrastructure); mates stand at 964/1,082/1,245 (implying like that of Nippon India, tion to deploy cash in their over high valuations, to keep cent participation volume and
accrue gradually. One has to adopt a stock- and c) household capex (spurring real FY25/26 earnings growth of 12 per cent/15 HDFC and Kotak saw an schemes. The cash holding investors better informed. A three times the average daily
and sector-specific approach and buy from estate demand by expanding Pradhan per cent), respectively. increase in the number of days declined for Nippon India, stress test calculates the nu- volumes seen in the past three
a long-term perspective,” said Ambareesh Mantri Awas Yojana to every poor house- required to liquidate 50 per HDFC, Axis, Quant, Kotak and mber of days required to liqui- months for each of the stocks
Baliga, an independent market analyst. hold and supporting affordable housing More on business-standard.com cent of the portfolio. Franklin Templeton. But for date assets based on recent in the portfolio.

~ hits record low amid W Asia unrest
ANJALI KUMARI
Gold holds Jio-BlackRock JV N IN BRIEF N
below record to launch wealth Citi retains dealmaker
Arvind Vashistha
ity, while the US dollar held
steady, and crude oil weakness FRESH LOW today (Monday). Given that
the volumes have dried up, the despite Iran’s Investment banking major Citi annou-

strike on Israel mgmt, broking biz

Mumbai, 15 April
The rupee settled at record
closing low of 83.45 per dollar
on Monday amid escalating
tensions in the West Asia,
which put pressure on Asian
currencies.
The local currency had hit
the same level on April 4. It had
hit the intraday low of 83.48 a
dollar on November 10, 2023.
The rupee moved in a nar-
row range throughout the day
as the dollar index fell to 105.90
from 105.96 at the beginning of
the day. The dollar index meas-
ures the strength of the green-
back against a basket of six
major currencies.
“Amidst global turmoil, the
Indian rupee displayed resil-
ience, trading in a narrow
range between 83.42 and 83.46,
defying expectations of volatil-
offset gains, as market sen-
timent was weighed down by
geopolitical tensions from the
Iran-Israel conflict,” said
Jateen Trivedi, VP Research
Analyst – Commodity and
Currency, LKP Securities.
Rupee on Monday per-
formed better than the major-
ity of the Asian currencies.
While several Asian currencies
experienced declines against
the US dollar in a range of 0.2
per cent to 0.4 per cent, the
rupee remained comparatively
stable with marginal deprecia-
tion of 4 paise.
In the current calendar year,
the Indian unit was the third
most stable currency after
Bangladesh Taka and Hong
Kong Dollar. Rupee depreci-
ated by 0.3 per cent in the cur-
rency calendar year so far,
~ vs $ (inverted scale) level of intervention was not nced on Monday that Arvind Vashistha
83.42 large. They could have sold will continue as head of India equity
83.42 around $500 million,” said KHUSHBOO TIWARI capital markets (ECM). The statement
Anindya Banerjee, VP - Gold traded below last Mumbai, 15 April follows reports that the dealmaker had
83.44 Currency Derivatives & week’s new high, even after quit to join rival JP Morgan. “Arvind’s
Interest Rate Derivatives at Iran’s unprecedented attack Jio Financial Services, led by Mukesh Ambani, ongoing leadership will continue to be
Kotak Securities Ltd. on Israel over the weekend. plans to venture into the stockbroking and wealth crucial to driving our franchise forw-
% Chg 83.45 83.45 The rupee has been show- Bullion rose as much as management business through an equal joint ven- ard,” Citi said in a release, adding he
-0.03 ing depreciation bias for the 1.2 per cent as the conflict in ture (JV) with US-based BlackRock. The world’s will continue to report to Hong Kong-
past few trading sessions as the the West Asia entered a dan- largest asset manager is also Jio’s partner in estab- based Udhay Furtado and Ken Chow,
83.47 US yields have been rising due gerous new phase, before lishing an asset management business in India. the co-heads of the Asia ECM division.
Apr 12, ’24 Apr 15, ’24 to growing expectations of a paring most of that gain. The company entered into another JV On a year-to-date basis, Citi has over-
Source: Bloomberg rate cut by the European The Islamic Republic fired with BlackRock on Monday to incorporate the new seen ECM deals worth $4 billion, with a
Central Bank in June, while the more than 300 drones and businesses. 14 per cent market share — ranking
whereas Bangladesh Taka and likelihood of a rate cut in the missiles against Israel, The announcement comes at a time when their number one on the India ECM league
Hong Kong Dollar depreciated US diminished. though most were inter- earlier JV for a mutual fund (MF) awaits regulatory table. BS REPORTER
by 0.1 per cent, and 0.2 per cent According to CME’s cepted and there were no approval for a licence. The JV submitted its appli-
respectively. Fedwatch tool, only 25 per fatalities reported. The latest cation for the MF business to the Securities and
The Reserve Bank of India cent traders expect the US
likely intervened in the for- Federal Reserve to cut rates in
developments in the West
Asia rekindled the flight to
Exchange Board of India (Sebi) in October 2023.
The two firms had previously entered into a tie-
Quantum MF objects to
eign exchange market June. Market now sees only safety, with fears over a up in July 2023 to enter the over ~50 trillion MF delisting of ICICI Sec
through dollar sales further about two rate cuts this year, potential retaliation by market in India. Both companies had announced Quantum Mutual Fund has objected to
limited volatility. against the earlier expectation Israel likely to support gold an investment of $150 million each for the asset the scheme of merger of ICICI Securities
“The RBI was in the market of three rate cuts. in the near term. BLOOMBERG management business in India. with parent firm ICICI Bank, saying it is
"flawed and bridled with irregularities"
and will adversely affect minority share-
holders of the broking firm. Last month,
THE COMPASS ICICI Securities announced that about 72
per cent of its shareholders voted in

New orders point to further gains for Hindustan Aeronautics
DEVANGSHU DATTA
Hindustan Aeronautics (HAL) is
one of the largest beneficiaries of
the defence indigenisation pro-
gramme. The aerospace Public
Sector Undertaking (PSU) has
just received a new tender for 97
Light Combat Aircraft (LCA)
Tejas Mk1A, and it is already
servicing an earlier order for 83
LCA aircraft. The new order is
worth around ~65,000 crore with
a 65 per cent indigenisation com-
ponent, whereas the earlier order
(February 21) was worth ~45,700
crore with 55 per cent indigenisa-
tion. HAL has a 3-month dead-
line to respond to the new tender.
HAL is the primary supplier
of India’s military aircraft, heli-
copters, engines, avionics and
accessories and the main pro-
vider of maintenance for defence
aerospace. It has a current order
book of ~82,000 crore and the
new orders could mean long-
term sustainable demand and an
order book with a 5-year pipeline
of over ~2 trillion by FY26.
It will also mean improved
technological capabilities as HAL
develops advanced platforms for
Tejas and the successor
Advanced Medium Combat
Aircraft (AMCA). HAL already
has capability in design develop-
ment tasks such as master
geometry development, detail
design analysis, testing of wind
tunnel models, testing of aircraft
structures and sub-systems.
Servicing this should mean
better margins due to scale and
operating leverage and it may
translate into export orders.
The higher indigenisation
levels at 65 per cent plus implies
a big opportunity for domestic
companies. The value chain
includes electronics manufac-
turers (radar, avionics, electronic
warfare, and related compo-
nents) such as Bharat Elect-
ronics (BEL), Astra Microwave
and Data Patterns. It could
include fuselage fabricators like
Dynamatic Technologies and
wing makers like L&T and other
component makers like Mishra
Dhatu Nigam and Lakshmi
Machine Works. Hence, the
entire military/aerospace indus-
trial complex may benefit.
Defence procurement always
has a lumpy nature but overall,
the order should mean annual
growth of around 15 per cent in
revenue terms for the next five
years. HAL recently expanded
its Tejas Mk1A fighter aircraft
manufacturing capacity from 8
to 16 per year and is working on
expanding it further to 24 (with
two new lines at the Bengaluru
complex and another at Nashik),
sufficient to deliver 10 squad-
rons over FY23-32, based on the
platform-wise production
assessment. It has also
expanded its rotary wing plat-
form's manufacturing capacity
to meet the growing demand for
locally designed and manufac-
tured aircraft.
In FY23, HAL had a top line of
~26,160 crore, with an operating
profit of ~6,761 crore, (margin at
25.8 per cent) and a net profit of ~
5,827 crore. In FY24, HAL could
report full-year revenue of
~28,700 crore, with an estimated
operating profit of ~6,903 crore
(margin of 24.1 per cent) and net
profit of ~5,533 crore.
In FY25, assuming good
execution, HAL could register
~32,886 crore, an operating
profit of ~7,824 crore (margin of
23.8 per cent) and a net profit of
~6,294 crore. FY26 operating
profit margin should recover to
around 25 per cent as operating
leverage kicks in and revenues
could hit ~37,850 crore. The PSU
has no debt to speak of and it
may have a negative working
capital profile and high free
cash flow.
As manufacturing of LCA,
and of Light Combat and Light
Utility Helicopters ramps up,
HAL should also see a commen-
surate rise in maintenance repair
and overhaul. While the stock
has run up 85 per cent in the last
six months, it could see further
gains as the market factors in the
new orders.
favour of delisting and subsequent mer-
ger with ICICI Bank, even as the majority
of retail investors opposed the scheme.
“The scheme of merger is flawed and
bridled with irregularities,” Quantum
Mutual Fund MD and CEO Jimmy Patel said
in his letter written last week to ICICI Bank
and forwarded it to market regulator Sebi
and the stock exchanges. PTI
Sebi to auction 30
properties of 7 firms
The Securities and Exchange Board of
India (Sebi) on Monday said it will
auction 30 properties of seven comp-
anies, including Mangalam Agro
Products and Purusattam Infotech
Industries, on May 15 to recover money
illegally collected from investors. The
properties will be auctioned for a reserve
price of nearly ~25.64 crore. The other
firms, whose properties will also be
auctioned, are Bishal Group of Comp-
anies, NVD Solar Ltd, Sun Plant Business,
Sumangal Industries Ltd, and Jivan Sathi
Dream Projects. PTI
>
MUMBAI | TUESDAY, 16 APRIL 2024 THE SMART INVESTOR 11

‘Indian stock markets Bypass MFs’ foreign investment limits,

getting overconfident’ access wider product menu via LRS
Consider this route after developing a robust domestic portfolio
Indian stock markets have been on an uptrend with the Sensex crossing the 75,000 India a few years ago. But if you
mark for the first time recently. JIM ROGERS, chairman of Rogers Holdings, tells look at history, most central bankers KARTHIK JEROME investments. Remitting money abroad
Puneet Wadhwa in a video interview that there is too much exuberance developing did not know what they were doing. entails a fee for each transaction. The
in the Indian stock markets. Edited excerpts: You have much credence to the Kotak Mutual Fund recently sus- ESSENTIAL TAX platform too charges a fee.

Almost every asset class money and investing.

(equities, interest rates,
bond yields, cryptocurrency,
real estate, gold, and crude oil)
is on an uptrend. Is it time
JIM ROGERS
to be fearful?
In the past when things like Chairman,
this happened, there were
Rogers Holdings developing in the West Asia. If
problems. That said, I am not
selling shorts yet. But I have seen such
problems develop in the past. Stock
prices have surged in most markets
recently, except China, where stock
prices are still depressed. Nearly every-
where in the world, things are getting
exciting. There are new people coming
into the markets and are getting very
excited. Historically, that has led to
problems.
Do you think it could be
different this time?
These are very dangerous words (‘this
time is different’). If you hear someone
say these words, be very worried. It’s
never different. Human beings will
always act the same when it comes to
How do you see the geopolitical
situation playing out in West
Asia? Implications for Brent
crude oil and gold?
There are serious problems
it turns out into an all-out war,
then that will be the end of the mar-
kets, crude oil and gold. Oil prices then
will skyrocket and so will gold. Markets
will collapse. War has never been good
for the stock markets. The exception is
the oil and gold markets where the
prices go up.
What is the rise we can see
in gold and crude oil prices
if the geopolitical
situation worsens?
I own oil and gold, not
because of war, but
because I see shortages
developing of crude oil
across the world. Gold
prices, on the other hand, SCAN THE CODE TO
have been depressed since WATCH FULL INTERVIEW
quite some time now. It
has, however, started mov-
ing up again. Geopolitical worries
will lead to higher gold prices. So,
I am not selling gold. If I had to buy
anything today, I would buy silver.
Silver prices have dropped a lot
from its all-time high. That said,
I hold silver as well.
Has the latest inflation print in the US
dented your hopes of an early rate
cut by the US Fed? How big a
part will the US election
outcome play in shaping up
the Fed’s policy?
Most central bankers
don’t know what they’re
doing. They are
bureaucrats and aca-
demics who have a
government job.
That said, there
was a good cen-
tral banker in
US central bank right now, but they
too don’t know what they’re doing.
Inflation will come back, and then
they will have to raise rates again.
As a result, we all will suffer. Maybe,
that will be the final straw for the
stock markets.
How do you see the Indian stock
markets shape up over the next
6-12 months?
Indian stock markets have been a great
success story. Someone is doing some-
thing right there in India. I don’t own
Indian shares. I had owned Indian sh-
ares in the past, but not now. I think
someone in New Delhi finally knows
what to do, and they’re
doing all the right things.
Not often in the past has
New Delhi understood
this, but now they seem
to. I don’t own Indian
shares, but if I did,
I would not sell them
right now.
What would make you buy
Indian shares now?
That will be possible only
if the stock prices go
down. I don’t like to own expensive
stocks and enter a market when it is at
an all-time high. I missed the opportu-
nity of investing in the Indian stock
market, and it is not the first time this
has happened.
What’s your one worry with
regards to Indian markets?
The main worry is lots of new investors
coming into the markets in order to
make a quick buck/easy money. Those
things are happening again and have
happened in the past as well. All that has
led to problems. We are not there yet but
will get there eventually. That’s the prob-
lem I see. There is too much exuberance
developing in the Indian stock markets.
Markets are getting too confident, too
excited and too aggressive. All this will
eventually lead to problems.
More on business-standard.com
pended subscriptions to its Kotak NAS-
DAQ 100 Fund of Fund, which invests
in units of overseas exchange-traded
funds (ETFs) and index funds based on
the NASDAQ 100 Index. This suspen-
sion follows similar actions by other
funds also facing investment restric-
tions. Industry-level limits exist of $7
billion for fund-of-funds and $1 billion
for ETFs. Breaching of these limits
leads to the suspension of new invest-
ments in international funds.
Diversify geographically
Many investors with well-developed
domestic portfolios are now venturing
into international markets. “Investing
abroad helps mitigate currency risk for
foreign-currency denominated goals,
such as children’s higher education and
international travel,” says Vishal
Dhawan, chief financial planner, Plan
Ahead Wealth Advisors.
Investing in markets such as the US
that have low correlation with the
Indian market helps shield portfolios
against downturns in the domestic
market. Dhawan adds that investing
abroad also enables Indian investors to
get access to businesses and themes
not available on the Indian exchanges,
like artificial intelligence, green energy,
semiconductors, and search engines.
“With the industry-level limit get-
ting breached and funds having to
temporarily suspend fresh subscrip-
tions, investors’ planned
monthly allocations are get-
ting hampered,” says Arvind A
Rao, founder, Arvind Rao and
Associates.
When one fund closes for
subscription, investors must
move to another that is still
open. Financial planners say
YOUR
this leads to a pile-up of
international funds in portfo-
MONEY
lios. Rao advises checking with a fund
house before trying to invest in its
international fund.
Explore the LRS alternative
Under the Liberalised Remittance
Scheme (LRS), an Indian resident can
RULES FOR FOREIGN
EQUITY INVESTORS
n No tax collected at source (TCS)
levied if amount remitted via LRS for
investment purpose is under ~7 lakh
n TCS of 20% if amount exceeds
~7 lakh
n Foreign stocks held over 24
months considered long-term assets
n Long-term capital gains taxed at
20%; short-term at slab rates
n Dividends taxed at investor’s
marginal tax rate
n Investor may have to pay tax in
the country whose stocks she holds
n She can claim tax credit under
Double Taxation Avoidance
Agreement (DTAA)
n If no DTAA exists between India
and that country, she can avail
unilateral relief under Section 91
of the Income-Tax Act
n Foreign assets must be disclosed
in Schedule FA
n Penalty for inadequate disclosure
of foreign assets is ~10 lakh
Source: RSM India
send up to $250,000 abroad each finan-
cial year for a variety of purposes, includ-
ing investment. They can inv-
est directly in approved foreign
securities via this route, thereby
circumventing the limits
mutual funds are subject to.
Investing via the LRS route
offers a major advantage.
“Investors get access to a
wider list of securities than is
available through the mutual
fund route,” says Subho
Moulik, founder and chief executive
officer, Appreciate.
However, as Rao points out, inves-
tors need to undertake additional
paperwork to open a foreign bank
account and an account with a plat-
form that facilitates international
“When one remits money, a TCS
(tax collected at source) of 20 per cent
is deducted which has to be claimed
later as a refund,” says Dhawan.
Suitable for big-ticket investors
Dhawan says the minimum annual
investment at which the time, cost and
effort (including tax compliances)
involved in making LRS investments
becomes worthwhile is $50,000 (around
~41.7 lakh). Rao adds that mature inves-
tors who understand international mar-
kets and want to scale up their invest-
ments may opt for this route.
Follow tax-related norms
Rao cautions that while filing their
income-tax returns, investors must dis-
close their foreign investments correctly,
including details like the cost of invest-
ment, its highest value during the year,
and closing value.
While filling up the form for remit-
ting money, the purpose code must be
filled in correctly. Dhawan cautions
against exhausting the entire $250,000
limit for investment purposes as one
could need a portion of this amount for
other things (travel, and medical treat-
ment abroad). Moulik suggests invest-
ing through a reputed bank and stick-
ing to permitted securities only
(cryptocurrencies, for instance, are not
on the Reserve Bank of India’s per-
mitted securities). After transferring
money abroad, invest it. “The RBI has
stipulated that any money remitted
abroad that is lying unused must be
brought back,” says Moulik.
Check platform cost, offerings
When selecting a platform, check out
its per-transaction charges and annual
fee. “The tax reports it provides must
make it easy for investors to do tax
reporting accurately,” says Dhawan.
The platform should be easy to
navigate. “Go for one that offers access
to a wider range of securities and
charges minimal transaction costs,”
says Moulik. The platform, according
to Rao, should be compliant with
Indian regulations.
12 STOCKS
>
MUMBAI | TUESDAY, 16 APRIL 2024 1
IN THE
> STOCK
> Capri Global Capital > Barbeque Nation Hospitality > Bharat Electronics

NEWS Top gainer

amongst A group
Trading volume
surged 55x over 2-
Hits new all time
high on BSE OF THE DAY
of companies week average on BSE at ~238 Senco Gold
~218.5 PREVIOUS CLOSE ~533.9 PREVIOUS CLOSE ~233.5 PREVIOUS CLOSE Hits new high since listing
~245.0 CLOSE ~557.4 CLOSE ~234.4 CLOSE at ~963; Surged 37 per cent
p 12.1% UP p 4.4% UP p 0.4% UP this year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
15 Apr ’24 Chg (%) Con Std 15 Apr ’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 3147.5 -1.9 1.0 102.1 143.0 ITC 425.9 -1.0 5.2 27.7 26.0 price price (%) price price (%)
Adani Ports 1315.6 -2.1 1.0 39.3 217.4 JSW Steel 860.5 -0.7 1.1 18.8 21.3 ONGC 283.0 279.8 5.3 284.8 284.8 NBCC 122.6 126.1 -5.6 84.6 37.5
MOST BULLISH MOST BEARISH
Apollo Hosp 6303.2 -1.6 0.6 110.6 90.8 Kotak Mah Bank 1798.2 -0.8 2.6 20.5 27.2 Exide Ind 423.8 409.2 2.9 423.8 423.8 IREDA 153.2 158.6 -5.2 114.0 50.0
Asian Paints 2844.4 -0.4 1.3 50.2 51.0 Eicher Motor 4236.4 4219.4 0.4 Metropolis Heal 1760.2 1777.6 -1.0 Hindalco 625.2 612.7 2.5 625.2 625.2 SJVN 121.8 124.3 -5.0 96.6 32.6
L&T 3600.8 -2.1 4.9 39.1 51.3
Axis Bank 1058.0 -1.4 2.9 30.2 27.2 HPCL 469.3 467.5 0.4 IndiaMART Int 2532.1 2550.8 -0.7 Gujarat Gas 577.0 573.2 2.2 620.6 620.6 Olectra Greente 1700.0 1739.0 -4.8 1549.8 619.6
LTIMind 4815.2 -1.5 0.4 31.0 31.8
Laurus Labs 431.6 430.0 0.4 Au Small Fin 627.7 632.3 -0.7 Indus Towers 337.5 334.3 2.1 337.5 337.5 Jio Financial 351.0 354.4 -4.8 237.1 204.7
Bajaj Auto 8997.1 -0.7 1.1 33.9 36.0 Mah & Mah 2053.5 -0.8 2.0 24.8 25.0 Power Grid 275.1 274.1 0.4 United Brew 1836.9 1848.4 -0.6 Nat Alum 185.4 181.9 2.0 188.7 188.7 HFCL 92.6 94.6 -4.5 81.2 60.4
Bajaj Fin 7076.3 -2.1 1.9 38.1 36.3 Maruti Suzuki 12422.9 1.3 1.6 47.6 32.7 Can Fin Home 778.8 775.8 0.4 Page Inds 35119.9 35297.3 -0.5 Oil India 636.4 622.3 1.9 669.1 669.1 RITES 641.1 665.2 -4.5 505.3 340.1
Bajaj Finsrv 1656.9 -2.5 1.0 33.9 225.6 Nestle India 2553.7 0.7 0.9 - 82.1
Bharti Airtel 1224.6 -0.1 3.1 82.4 153.3 Maha Gas 1484.0 1453.0 1.7 1579.0 1579.0 NLC India 217.5 224.9 -4.4 195.1 77.6
NTPC 361.2 -0.2 1.7 20.7 19.2 BSE NSE Aditya Birla 207.5 205.7 1.6 208.6 208.6 Max Health 829.9 832.6 -4.2 695.4 435.1
BPCL
Britannia
589.6
4761.9
-1.9 0.6 60.0 4.4
0.2 0.6 53.1 54.4
ONGC 279.9 5.3 1.4 9.9 11.9 Index Stock Index Stock PUT-CALL RATIO Indraprst Gs 488.8 470.3 1.6 488.8 515.6 M & M Fin 289.2 290.9 -4.1 256.1 243.9
Power Grid 274.1 -0.4 1.2 16.5 16.4 GAIL 208.6 203.8 1.3 209.9 209.9 Central Bank 59.6 61.3 -4.1 49.3 25.5
Cipla 1381.4 -1.1 0.7 30.1 32.9
Reliance Ind 2929.7 -0.2 9.9 28.3 44.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 451.0 -1.0 1.0 9.5 17.9 Contracts 1002 - 401323 1498364 Maruti Suzuki 12500.9 12426.6 1.2 12980.0 12980.0 Atul 5890.8 5905.7 -4.1 5720.1 5720.1
SBI 757.5 -1.1 2.9 10.6 11.8 Market 2473.5 4433.5 0.6 NMDC 246.7 241.1 1.0 252.7 252.7 Tata Chem 1075.5 1101.8 -4.0 933.0 922.2
Divis Lab 3716.6 -1.7 0.5 54.1 72.3 Open Int.(000) 7 0 18481 8747143
SBI Life Ins 1466.9 -1.8 0.6 - 79.0 Nestle India 2577.1 2552.0 0.6 2653.0 2770.7 Indiabulls Hous 166.3 167.4 -4.0 158.1 90.0
Dr Reddys 6010.9 -1.2 0.7 19.2 25.2 Shares(In Mn) - - 13.9 2854.5 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2414.7 -2.9 0.7 15.1 13.8 MRPL 229.5 223.0 0.5 289.3 289.3 Coforge 5372.4 5393.7 -4.0 5372.4 3753.9
Eicher Motor 4219.4 -1.9 0.6 30.1 32.9 Value(~ crore) 77 - 37480 133316
Sun Pharma 1540.1 0.0 1.6 41.5 381.0 Hind Copper 1.1 Torrent Phar 0.2
Grasim Ind 2237.4 -0.7 0.8 21.6 99.6 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1130.7 -1.6 0.7 89.6 99.3 Vedanta 1.1 Shree Cement 0.2
HCL Techno 1505.1 -1.1 1.6 26.0 34.7 Contracts 107638789 - 306812519 7046576
Tata Motors 998.8 -1.9 1.7 17.1 39.2 Eicher Motor 1.0 Page Inds 0.2
HDFC Bank
HDFC Std Life
1494.7
613.0
-1.6 11.1 24.7 20.2
-0.9 0.6 96.4 87.0 Tata Steel 160.9 -1.6 1.3 - 45.5
Open Int.(000)
Shares(In Mn)
1608
-
- 658497
- 12726.5
6248461
10329.7
Mah & Mah 1.0 Ramco Cements 0.3 MOST TRADED TOP M-CAP TRENDS
TCS 3941.2 -1.5 3.9 31.8 34.0 Jindal Steel 0.9 Atul 0.3
Hero MotoCorp 4381.2 -1.3 0.6 31.2 23.0 Value(~ crore) 8735016 - 25767038 644855 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 612.7 2.3 0.9 13.6 44.2 Tech Mahindra 1218.8 -1.9 0.8 42.3 52.3 BSE+NSE BSE+NSE
Titan Company 3600.6 -0.5 1.5 98.4 91.6 1 Reliance Ind 1984309.2 BS200 Vruddhi 40.6
HUL 2194.1 -1.7 1.9 50.9 50.2 (~ crore) (Mn shrs)
ICICI Bank 1078.4 -2.4 7.4 22.3 19.3 UltraTech 9506.3 -1.5 1.1 42.8 43.9 ACTIVE CALLS ACTIVE PUTS ONGC 2164.5 78.0
2
3
TCS
HDFC Bank
1426128.4
1135698.6
UP 7 DAYS DOWN 7 DAYS
IndusInd Bank 1539.9 -1.0 1.0 - 13.9 Wipro 459.4 -2.4 0.6 21.3 26.9 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Exide Ind 30.5 Onelife Cap -30.2
Reliance Ind 1983.6 6.8 4 ICICI Bank 757646.6
Infosys 1468.2 -1.1 5.2 25.0 24.7 Nifty 50 22272.5 -1.1 100.0 25.4 29.7 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Exide Ind 1961.0 47.5 5 Bharti Airtel 692775.6 DOWN Assoc.Cerami -30.1
Index Index 6 SBI 675458.4 Infibeam Aven -11.3 Sudal Ind -25.2
INDEX PE SHRS TRDS 1 YR Jio Financial 1885.6 52.9
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Midcap15/04/24 10800 669.1
Nifty Midcap15/04/24 10825 582.1
12.1 6418.5
7.321831.2
Nifty Midcap
Nifty Midcap
15/04/24
15/04/24
10800
10775
1073.9
388.8
15.8
6.6
545.0
1584.2
HDFC Bank 1837.4 12.2
7
8
Infosys
LIC India
609470.8
607927.4
Oracle Fin
UP 3 DAYS
-8.8 Sprayking Agro
MTPL
-20.6
-20.2
Asian Paints 2843.6 -0.4 1.5 50.2 51.0 Maruti Suzuki 12426.6 1.2 1.9 47.6 32.7 SENSEX 26.0/30.6 12.8 360 3 27 21.5 Vedanta 1821.6 48.7 Bharat Elctn 2.7
NIFTY 50 25.4/29.7 355.5 7102 6 44 24.9 Nifty Midcap15/04/24 10850 410.2 5.9 1765.8 Nifty Midcap 15/04/24 10750 318.5 6.7 833.7 9 ITC 531723.4 Alan Scott Inds -18.4
Axis Bank 1058.6 -1.4 3.5 30.2 27.2 Nestle India 2552.0 0.6 1.1 - 82.1 Nifty Midcap15/04/24 10900 300.1 4.8 526.6 Nifty Midcap 15/04/24 10825 316.1 3.0 540.0 TCS 1717.9 4.3 10 HUL 515643.2 Samvardhana Mot 2.5
C = CONSOLIDATED; S = STANDALONE Tirth Plast -15.8
Bajaj Fin 7075.0 -2.1 2.3 38.1 36.3 NTPC 361.4 -0.1 2.0 20.7 19.3 Nifty Midcap15/04/24 10875 200.5 3.4 1594.4 Nifty Midcap 15/04/24 10700 218.2 4.4 135.0 Hindalco 1707.2 27.7 11 L&T 494990.8 Colgate 2.0
Bajaj Finsrv 1657.3 -2.4 1.2 33.9 225.7 UP 3 DAYS
Power Grid 274.2 -0.4 1.4 16.5 16.4 CASH DERIVATIVES Stock Stock Tata Power 1618.0 37.6 12 Bajaj Fin 437942.5 Nestle India 1.9
Bharti Airtel 1225.1 0.0 3.6 82.5 153.3 TURNOVER BSE NSE BSE NSE DOWN Deco-Mica 57.2
Reliance Ind 2932.9 -0.1 11.6 28.4 44.4 ONGC 25/04/24 280 133.7 21.2 19.9 PNB 25/04/24 130 33.1 10.6 6.1 SAIL 1466.1 96.1 13 HCL Techno 408526.4
HCL Techno 1505.5 -1.0 1.8 26.0 34.8 Tata Steel 25/04/24 170 103.3 41.6 17.0 Tata Steel 25/04/24 160 32.4 13.3 2.6 NBCC -8.2 Ramco Sys 42.5
SBI 756.9 -1.3 3.4 10.6 11.8 VALUE(IN ~ CRORE) 8817 104603 8735092 26582689 HAL 1450.1 4.0 14 Maruti Suzuki 390690.7
HDFC Bank 1495.0 -1.6 13.1 24.7 20.2 ONGC 25/04/24 300 71.3 10.4 37.1 ONGC 25/04/24 270 29.8 5.0 88.5 15 Sun Pharma 369768.1 HUDCO -7.0 Prima Ind. 33.1
Sun Pharma 1541.2 0.1 1.9 41.5 381.3 SHARES(IN MN) 845.6 4440.4 - 25924.6 Infosys 1343.5 9.1
HUL 2194.6 -1.7 2.3 51.0 50.3 TRADES(000) 4858 38621 - 82759 Tata Steel 25/04/24 165 69.5 24.5 18.5 Tata Steel 25/04/24 150 29.3 15.1 -3.2 16 Adani Enter 358940.4 Olectra Greente -7.0 Ceeta Ind 30.5
Tata Motors 998.7 -1.9 2.1 17.1 39.2 Tata Motors 1314.3 13.2
ICICI Bank 1078.8 -2.3 8.7 22.3 19.3 SAIL 25/04/24 160 66.0 10.4 66.1 Tata Power 25/04/24 420 26.6 2.6 -7.8 17 Kotak Mah Bank 357398.2 Balram Chini -6.6 Balurghat 29.0
Tata Steel 160.9 -1.6 1.5 - 45.5 Aster DM Health 1274.0 24.0
IndusInd Bank 1538.8 -1.1 1.2 - 13.9 MARKET-CAP (~ CR) TRADED TOTAL 18 ONGC 351933.3 Info Edge -6.5 Atlantaa 23.5
Infosys 1468.3 -1.1 6.1 25.0 24.7 TCS 3941.7 -1.5 4.5 31.8 34.0
Bharat Elctn 1249.6 53.6 19 NTPC 350389.2 UCO Bank -5.6 Puravankara 20.8
Tech Mahindra 1219.2 -1.9 0.9 42.3 52.3 BSE 39,473,710 40,099,370
ITC 425.9 -1.0 6.1 27.7 26.0
JSW Steel 860.4 -0.7 1.3 18.8 21.3 Titan Company 3601.6 -0.5 1.7 98.4 91.6 NSE 39,017,791 39,703,352 SPURT IN VOLUMES ICICI Bank
Vodafone Idea
1220.0
1209.2
11.2
919.9
20
21
Tata Motors
Axis Bank
331942.9
326737.3
Coforge
Others
-5.6 DOWN 3 DAYS
UltraTech 9502.2 -1.5 1.3 42.8 43.8 DERIVATIVES 26,070,564 26,070,564 Vinayak Polycon -21.1
Kotak Mah Bank 1797.9 -0.9 3.1 20.5 27.2 Company Days 2-week Avg Change Close *Price 22 Titan Company 319745.6 UP 7 DAYS
HUL 1169.5 5.3 Ind-Swift -18.8
L&T 3600.9 -2.1 5.7 39.1 51.3 Wipro 459.3 -2.5 0.8 21.3 26.9 Volume Volume % price %chg 23 Avenue Supermar 304909.3 Star Delta Tran 61.8
Mah & Mah 2050.3 -1.0 2.4 24.8 24.9 BSE SENSEX 73399.8 -1.1 100.0 26.0 30.6 TRADING ACTIVITY Bartronics 116743.0 1740.4 6607.7 21.6 2.0
Tata Steel
Nat Alum
1155.3
1082.4
71.5
59.5
24 Adani Green En 287636.1 KP Green Engine 61.7 Som Datt Fin -18.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Ports 284092.1 RIR Power 47.4 Metal Coat -18.1
Senco Gold 5321614.0 161900.6 3187.0 951.2 18.6 Maruti Suzuki 1043.1 0.8
Equity Debt Equity Debt 26 Coal India 277877.5 Sadbhav Engg -17.5
Net Net Net Net Midselietf 122652.0 4220.0 2806.4 149.7 -1.9 Keltech Enrgy 42.1
Zomato 1010.1 53.5 27 UltraTech 274328.5
WORLD INDICES On 12 Apr -7940 -1766 - - Likhitha Infra 3231816.0 112699.4 2767.6 279.5 9.1 GAIL 1005.6 49.3 28 Asian Paints 272753.3
SAB
Jhandewalas Foo
40.7
40.7
We win
Jumbo Bag
-17.4
-16.2
On 10 Apr 3230 1377 466 6590 Rcap netFSD 1501182.0 61524.3 2340.0 120.0 0.1 Axis Bank 972.6 9.2 29 Bajaj Finsrv 264422.2
Indices Close % Chg* Indices Close % Chg*
On 09 Apr 8527 556 2361 25 VST Ind 375168.0 18206.0 1960.7 3689.9 -0.3 30 Power Grid 254975.9 (T+2) cycleStocks which rose/fell continuously
SBI 913.9 12.1
Americas (Apr 12,24) Asia/Pacific (Apr 15,24) On 05 Apr 1915 -1626 -3536 3442 Ace Integrated 183054.0 9755.2 1776.5 34.0 -5.9
S&P/ TSX Composite 21900.0 -1.0 Shanghai Se Comp 3057.4 1.3 On 04 Apr -978 -849 -1346 1377 Ritco Logistics 967648.0 60852.7 1490.1 257.0 5.0
Apr till date 5408 -244 2417 20345
Dow Jones
Nasdaq Composite
37983.2
16175.1
-1.2
-1.6
Jakarta Composite (Apr 05)
Kospi
7286.9
2670.4
0.5
-0.4 2024 till date 14193 54248 84744 -93404
Aarvi Encon
Selan Explor
1010662.0
1497742.0
67247.2
104821.4
1402.9
1328.9
164.6
595.8
2.1
11.7
BOARD MEETINGS INTRA-DAY
Europe/Africa (Apr 12,24) Kuala Lumpur Comp 1542.5 -0.6 Quarterly HDFC Std Life Group T Mahindra Log LTIMind
DAX 18078.4 0.8 Stock Exchange of Thai (Apr 11) 1396.4 -0.8 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Infosys Rajnish Welines Rallis Syngene Intl
APRIL 16 Group A RS Software Tejas Networks Group A
CAC 40 8067.5 0.7 Straits Times 3183.6 -1.0 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Group A ICICI Securitie Sejal Glass Group B Anant Raj
IBEX 35 10681.6 0.0 Taiwan Taiex 20449.8 -1.4 NET Net Fut OI Opt OI OI CRISIL Mastek Group X Aarti Surfactan Equitas SFB
HIGH *Star Delta Tran . . . . . 1082.8 *Mindteck (I) . . . . . . . . 317.0 LOW
FTSE 100 7959.5 -0.5 Volatility (Apr 12,24) BS 200 *Mirae -ET . . . . . . . 1000.0 *Machhar Inds . . . . . . . 293.4 BS 200 Group B Rel Ind Infra Amal Group M Maha Scoot
On 12 Apr -10948 -7228 0.3 3.5 3.5
Asia/Pacific (Apr 15,24) CBOE Dow Jones 15.9 12.4 On 10 Apr 14755 2962 0.3 2.0 3.5 *HAL . . . . . . . . . . . . 3700.0 *Yuken India . . . . . . . . 985.1 *RS Software . . . . . . . . 287.1 HUL . . . . . . . . . . . . . . . 2190.2 Den Network Group B Benares Htl Trident Lifelin Nippon Life Ind
Hang Seng 16600.5 -0.7 CBOE S&P 500 17.1 -1.5 On 09 Apr 28083 617 0.3 4.7 3.5 *Hindalco . . . . . . . . . . . 625.2 *Suratwwala Bus . . . . . 980.0 *Greenply Ind . . . . . . . 284.5 Dabur India . . . . . . . . . . 489.2 Group T Accelya Sol Group XT Group T Supreme Petroch
On 08 Apr -29263 230 0.2 4.4 3.4 *Exide Ind . . . . . . . . . . . 423.8 *Eyantra Ve . . . . . . . 963.9 *Naapbooks . . . . . . . . . 275.0 Others Integra Essenti National Std Rajnish Retail Piccadily A Group T
Nikkei 225 39232.8 -0.7 * Change over previous close
On 05 Apr 11161 -5861 0.2 4.0 3.4 Vedanta . . . . . . . . . . . . 384.0 *Senco Gold . . . . . . . . 962.5 *Shah Foods . . . . . . . . . 250.9 Bannr Am Sug . . . . . . 2201.1 SG Mart Oriental Htl Roselabs Fin Group X Tata Invest
*Mangalam Cem . . . . . 873.8 *DJ Mediaprint . . . . . . 226.7 Group X Shish Inds APRIL 20 Osiajee Texfab APRIL 25
MAJOR INDICES Apr till date
2024 till date
135503
-1065447
-26633
-16232
-
-
-
-
-
-
*Indus Towers . . . . . . . 337.5
*Bharat Elctn . . . . . . . . 238.0 *Silver Touch . . . . . . . . 799.0 *Aayush Food . . . . . . . . 211.1
*HDFC Liquid . . . . . . . 1000.0
*Vedant Fashions . . . . 886.1 Lotus Choco Surana Solar BS 200 Group XT BS 200
*SAIL . . . . . . . . . . . . . . . 157.3 *Electrotherm . . . . . . . 659.9 *TIL . . . . . . . . . . . . . . . . 204.6 *Ideaforge . . . . . . . . . 679.5 APRIL 17 Swaraj Engin HDFC Bank IEL Bajaj Fin
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
Others *Selan Explor . . . . . . . . 624.9 *Swad.Polytex . . . . . . . 201.0 *Orientl Crbn . . . . . . . . 647.7 BS 200 Group T Group B Piccadly Sug L&T Tech Ser
S&P BSE Sensex 74,244.9 73,315.2 73,905.8 73,315.2 73,399.8 -845.1 -1.1 *Honeywell A . . . . . . 44846.0 *Diamond Power . . . . 612.7 *Scarnose Intern . . . . . 199.5 *Prince Pipes . . . . . . . 505.2 ICICI Lombard Eimco Elecon Ind Bank Hsg APRIL 23 Tech Mahindra
*LIC MF Gold . . . . . . . 6791.0 *Tulive Develop . . . . . . 604.6 *Auto Pins(I) . . . . . . . . 195.7 *Apex Fro Foods . . . . . . 171.2 Tata Comm Network 18 M Group P BS 200 Group A
S&P BSE Sensex 50 23,642.6 23,333.3 23,550.4 23,333.3 23,394.3 -248.4 -1.1 S&P BSE SECTORAL INDICES *IVZINGOLD . . . . . . . . 6557.0 *B N A . . . . . . . . . . . . . . 588.8 *Gokak Text . . . . . . . . . 194.2 *Mangalam Drg . . . . . . . 85.2 Group A RS Software NB Foot Wear ICICI Prud Life AAVAS Finan
*Shilchar Tec . . . . . . . 5115.1 *Transform . . . . . . . . . 571.9 *Omnitex Ind . . . . . . . . 190.0 Metal Coat . . . . . . . . . . . 72.0 IIFL Finance TV18 Broadcast Group T M & M Fin Cyient Bajaj Hold YES Bank Poonawalla Finc Group X P & G Health
S&P BSE-100 23,611.2 23,215.0 23,496.9 23,215.0 23,334.2 -277.1 -1.2 Prev cls Close % Chng
*Thermax . . . . . . . . . . 4874.0 *Aster DM Health . . . . 558.3 *Kkrrafton Dev . . . . . . 179.4 Niesspa . . . . . . . . . . . . 48.2 Just Dial Group X Alok Inds MCX Som Distill CSB Bank Group A Group B DHP India Group B
S&P BSE-200 10,275.7 10,073.1 10,222.8 10,073.1 10,150.4 -125.4 -1.2 Auto 49,732.3 49,292.1 -0.9 *Anand Rathi Wea . . . 4215.0 *Aegis Log . . . . . . . . . . 501.0 *Global Vectr . . . . . . . . 166.6 *Trident Texofab . . . . . . 45.8 Group B Guj Hotels Group X Tata Consumer P UTI AMC KSB Craftsman Consoildtd C Group XT Ugro Cap
Bankex 54,884.4 54,033.5 -1.6 *Keltech Enrgy . . . . . 3920.0 *Eraaya Lifespac . . . . . 470.6 National Oxy . . . . . . . . . 164.5 Medico Remedies . . . . . 44.5 Hath Cable Group XT Beryl Drugs Group A Zensar Tech Mah Holidays Auto APRIL 30 Stanpacks I Group T
S&P BSE-500 32,772.3 32,074.5 32,588.1 32,074.5 32,365.1 -407.2 -1.2
Cons. Durables 53,028.4 52,456.6 -1.1 *HEG . . . . . . . . . . . . . . 2520.0 *ITL Ind . . . . . . . . . . . . . 458.8 *Simplex Cast . . . . . . . 163.0 *HDFC Nifty . . . . . . . . . . 35.0 Group M Sanathnagar Ent Int Travel 360 ONE WAM Group IF Paisalo Digital Group B BS 200 MAY 01 Omax Autos
S&P BSE IPO 13,827.0 13,339.1 13,615.1 13,284.9 13,531.2 -295.7 -2.1 Cap. Goods 62,251.7 61,322.4 -1.5 *Waaree Renewabl . . 2071.1 *Ceenik Exp . . . . . . . . . 454.1 *Nam Securities . . . . . 155.5 *Adhbhut Infra . . . . . . . . 25.2 DRA Consultants APRIL 19 PVV Infra Tata Elxsi Embassy Office Supreme Ind SBFC Finance Chola Inv Group A Group X
FMCG 19,334.0 19,133.3 -1.0 *Premier Expl . . . . . . 2047.2 *Amal . . . . . . . . . . . . . . 445.0 *Bengal Tea . . . . . . . . . 141.8 Colab Cloud . . . . . . . . . . 17.3 Gretex Corpor BS 200 APRIL 21 Group B APRIL 26 Group B Seshasa Pprs Exide Ind Orient Cement Indus & Prud
S&P Dollex-30 7,308.4 - - - 7,223.2 -85.3 -1.2 Group T HDFC AMC BS 200 Aro Granite BS 200
Healthcare 35,261.8 34,882.9 -1.1 *WAA tech . . . . . . . . . 1908.6 Lotus Choco . . . . . . . . . 424.4 *Simplex Infr . . . . . . . . 139.9 *Vijay Text . . . . . . . . . . . 17.0 Ponni Sugar APRIL 29 IOC MAY 02 Saven Techno
Nifty 50 22,519.4 22,339.1 22,427.5 22,259.6 22,272.5 -246.9 -1.1 Infra 588.5 580.4 -1.4 *TechNVision Ven . . . 1851.1 *Ramco Sys . . . . . . . . . 417.9 *ACE Software . . . . . . . 136.1 Zinema Media An . . . . . 11.4 Infomedia Press Jio Financial Persistent S Cyient DLM Atul Shree DigCem BS 200 Group A BS 200 Tradewell Holdi
IT 35,781.7 35,217.1 -1.6 *U.P.Hotels . . . . . . . . 1653.4 *Piccadily A . . . . . . . . . 409.8 *Tinna Trade . . . . . . . . 135.0 *Brandbucket Med . . . . 10.7 Group XT Wipro APRIL 22 Mahindra EPC Bajaj Finsrv APRIL 27 UltraTech Castrol Coforge MAY 03
Nifty next50 63,067.9 62,076.3 62,716.7 61,330.0 62,008.2 -1059.7 -1.7 Hardcast Wud Group A Persistent S NELCO HCL Techno
Metal 30,348.4 30,246.0 -0.3 *RIR Power . . . . . . 1489.8 *Ashiana Hsg . . . . . . . . 396.4 *HCKK Ventures . . . . . 133.9 *CMI . . . . . . . . . . . . . . . . . 5.3 BS 200 Group A Nuvoco Vistas Dabur India Group B
Nifty 500 20,745.5 20,493.3 20,623.8 20,362.3 20,478.8 -266.8 -1.3 Oil & Gas 28,245.2 28,358.6 0.4 *Veritas . . . . . . . . . . . 1304.5 *Maha Rubtech . . . . . . 374.8 *Fundviser Capit . . . . . 124.7 *VXL Instru . . . . . . . . . . . . 4.0 KCL Infra Pro Elecon Engin Group A APRIL 24 Maruti Suzuki ICICI Bank Gillette I Proct & Gamb Group A Rane Brake
Power 7,027.3 6,926.1 -1.4 *Ebbetf0431 . . . . . . . 1220.7 *Dolphin Off. . . . . . . . . 360.0 *Modi Rubber . . . . . . . 119.0 *Shalimar Prd . . . . . . . . . 0.5 APRIL 18 Hind Zinc Epigral BS 200 SBI Life Ins IDFC First Bank KFin Technol- Star Health Best Agro MAY 04
India VIX 11.5 11.5 12.7 11.3 12.5 0.9 8.1 *Puravankara . . . . . . . 356.7 *D & H India . . . . . . . . . 118.0 BS 200 Group M Hatsun Agro Dalmia Bharat Shriram TrFn L&T Finance ogi Group B Blue Star Group A
PSU 19,117.0 18,939.6 -0.9 *Sansera Enginee . . . 1094.8 *Nouveau Global . . . . . . . 0.5
Nifty CPSE 6,038.6 5,953.4 6,109.9 5,895.5 6,056.6 18.0 0.3 Realty 7,496.5 7,412.7 -1.1 Bajaj Auto KP Green Engine Kesoram Ind HUL Group A Hol LG Balak Foseco CIE Automotive Kansai Nerol
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (751.3) (751.0) (6749.4) (6753.0)
m ~50 H ~2 Open 736.3 740.0 6749.0 6660.0
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 745.0 745.5 6749.0 6729.1
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 722.6 723.1 6546.1 6547.1
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 735.3 735.4 6560.0 6561.1
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 198K 1363K 7649 334K
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 61.4 61.4 115.0 115.0
company name is followed by shares traded, and also the 52 Wk H/L 754/438 754/438 6770/3143 6773/3141
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 26653 26656 139005 139029
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’.

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M 437942 438020 264422 264350 46124 46149 7411 7408 28345 28345 135153 135179 M 17245 17253 63653 63647 171342 171378 54552 54489 692776 692493 89280 89315 M 31870 31846 19512 19517 87850 87881 127975 127888 114766 114714 10325 10330

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(605.8) (605.8) (299.0) (299.0) (373.2) (373.4) (1177.3) (1177.6) (1396.4) (1396.8) (155.7) (155.8) (455.6) (455.6) (5617.0) (5616.3) (2662.2) (2661.9) (947.3) (946.8) (1155.6) (1155.2) (3061.3) (3060.2) (500.9) (500.6) (1951.4) (1952.1) (2313.5) (2316.7) (3779.2) (3779.7) (7846.2) (7845.4) (908.2) (908.6)
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M 107687 107596 18788 18791 14656 14660 97564 97577 111515 111527 11481 11485 M 277878 277939 33344 33359 72681 72714 56519 56598 33364 33382 84338 84341 M 87758 87749 36276 36274 31375 31357 98629 98656 45649 45645 219027 219064

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.
MUMBAI | TUESDAY, 16 APRIL 2024
HDFC BANK LIMITED
Registered Oice: HDFC Bank House, Senapai Bapat Marg,
Lower Parel (West), Mumbai 400 013.
(CIN: L65920MH1994PLC080618)
E-mail: shareholder.grievances@hdfcbank.com Website: www.hdfcbank.com
Tel. No.: 022 6631 6000
Noice of Transfer of Equity Shares to Investor Educaion
and Protecion Fund (IEPF) Authority
This Noice is published pursuant to the provisions of Investor
Educaion and Protecion Fund Authority (Accouning, Audit,
Transfer and Refund) Rules, 2016, as amended and various circulars
issued thereto, from ime to ime, by Ministry of Corporate Afairs
(collecively referred to as “the Rules”).
In terms of Secion 124(6) of the Companies Act, 2013 read with said
Rules, the Bank is required to transfer such shares corresponding to
the dividend for the inancial year 2016-17 in respect of which the
shareholder has not claimed dividend for seven consecuive years
from the said inancial year to IEPF.
The Bank has vide leter dated April 13, 2024, sent a speciic
communicaion to the concerned shareholders whose unclaimed
dividend/ shares as aforesaid are liable to be transferred to IEPF
requesing them to claim their dividend(s) on or before July 23, 2024,
failing which the shares held by them shall be transferred to IEPF.
The concerned shareholders, holding shares in physical form and
whose shares are liable to be transferred to IEPF, may note that in
terms of the said Rules, the Bank would be issuing duplicate share
ceriicate(s) in lieu of share ceriicate(s) held by them for the purpose
of transferring the said shares to IEPF and the said original share
ceriicate(s) shall stand automaically cancelled. In case of shares
held in demat mode, the transfer would be efected by issuance
of necessary instrucion to the depository to transfer the shares
directly to IEPF. The concerned shareholders are further requested
to note that all future beneits arising on such shares would also be
transferred to IEPF.
The Bank has uploaded full details of the unclaimed dividend/ shares
due for transfer to IEPF on its website www.hdfcbank.com. Concerned
shareholders may verify the details of unclaimed dividend(s) and the
shares liable to be transferred to IEPF at htps://www.hdfcbank.com/
personal/about-us/corporate-governance/shareholders-informaion-
and-helpdesk/details-of-unclaimed-dividend
The shareholders may claim the said unclaimed dividend/ shares from
IEPF Authority ater following the procedure prescribed under the
Rules. For more details please refer, www.iepf.gov.in.
For any queries/ grievances on above mater, shareholders are
requested to contact Datamaics Business Soluions Limited, (Registrar
& Share Transfer Agent of the Bank), at the below menioned address
on or before July 23, 2024 being the last date for claiming the dividend
for the inancial year 2016-17 failing which, the shares held by them
in the Bank will be transferred to IEPF in compliance of the said Rules.
Datamaics Business Soluions Limited
Unit: HDFC Bank Limited
Plot No B-5, Part B Crosslane,
MIDC, Andheri (East), Mumbai 400093.
Tel. No.:+91 22-66712213 / 2214.
E-mail : hdinvestors@datamaicsbpm.com
Website: htps://www.datamaicsbpm.com/
For HDFC Bank Limited
Sd/-
Place: Mumbai Santosh Haldankar
Date: April 15, 2024 Company Secretary
ACS: 19201
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op. Bank Building, 2nd floor, P. L. Kale Guruji Marg, Dadar (W), Mumbai-400028.
No.DDR-4/Mum./deemed conveyance/Notice/961/2024 Date: 12/04/2024
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 70 of 2024
Sindhu Palace Co-op. Hsg. Society Ltd., CTS No. 131, 132, Ram Mandir Road, Babhai, Borivali
(W), Mumbai - 400092, Applicant, Versus, 1. M/s. Star Developers, A Proprietary Concern Through
it Proprietor, Smt. Neelam Prakash Chogle, Having address at 2 & 3, Shreenath Apt., SVP Road,
Borivali (W), Mumbai - 400092, 2. Smt. Sindhumati Dwarkanath Pathare, 3. Smt. Sindhumati
Dwarkanath, 4. Shri. Balwant Sitaram Patil & Ors., 5. Shri. Sadanand Sitaram Patil, Opponent
No. 2 to 5 being the landowners As per Property Card and Agreement for Sale Executed Between
Flat Purchaser and Developer Having last known address at CTS No. 131, 132, Village Eksar, Taluka
Borivali, Ram Mandir Road, Babhai, Borivali (W), Mumbai - 400092,.....Opponents, and those,
whose interests have been vested in the said property may submit their say at the time of hearing at the
venue mentioned above. Failure to submit any say shall be presumed that nobody has any objection in
this regard and further action will be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral Conveyance for the Applicant Society for deemed conveyance on land admeasuring
322.80 Sq. Meters area being CTS No. 131/A & 37.80 Sq. Meters area being CTS No. 132/A
totaling to 360.60 Sq. Meters, of Village Eksar, Taluka Borivali, City Survey Office Borivali in
Mumbai Suburban District as per Latest Approved Plans as per the Latest Architect Certificate
dated 27/12/23 which is annexed to this main Application, in favour of the Applicant Society.
The hearing in the above case has been fixed on 06/05/2024 at 02:00 p.m.
Sd/-
District Deputy Registrar,
Co-operative Societies, Mumbai City (4)
SEAL
Competent Authority
U/s 5A of the MOFA, 1963.
13 <
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op. Bank Building, 2nd loor, P. L. Kale Guruji Marg, Dadar (W), Mumbai-400028.
No.DDR-4/Mum./deemed conveyance/Notice/942/2024 Date: 10/04/2024
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 68 of 2024
Balaji Co-op. Hsg. Society Ltd., CTS No. 1510, S. No. 336, H. No. 5, C. S. Road No.
4, Dahisar (E), Mumbai - 400068, Applicant, Versus, 1. Ms. Tirupati Constructions,
(Builders/Developers) Through its Partners: a) Mr. Pradeep N. Gupta & b) Mr. Vishal
C. Gupta, Last Known Add : Shop No. 8, Mahavir Mahal, Chandmal Nagar, Uttan Road,
Bhayandar (W), Mumbai - 401105, 2. Mr. Dilip M. Vora, 3. Mr. Ashok Kumar Goyal
alias Mr. Ashok Kumar T. Goyal, (of M/s Goyal Bros.), 4. M/s. Arpan Developers,
5. Moreshwar Gopal Patil, 6. Bharati Moreshwar Patil alias Bharti Moreshwar Patil,
7. Darshana Moreshwar Patil, 8. Smt. Bhimabai Moreshwar Patil, 9. Smt. Sadhana
Moreshwar Patil alias Sandhya Moreshwar Patil alias Sandhya Ravindra Mhatre, 10.
Dilip Moreshwar Patil, 11. Shankar Gopal Patil (Since Deceased), Through his legal
heirs a) Smt. Tulsibai Shankar Patil, b) Harishchandra Shankar Patil, c) Parshuram
Shankar Patil, d) Manohar Shankar Patil, e) Prabhakar Shankar Patil, 12. Smt. Hemlata
Harishchandra Patil, 13. Milind Harishchandra Patil, 14. Priya Harishchandra Patil,
15. Yamini Harishchandra Patil, 16. Smt. Bharti Parshuram Patil, 17. Smt. Vimal
Manohar Patil, 18. Jitendra alias Jayesh Manohar Patil, 19. Hitesh Manohar Patil alias
Mitesh Manohar Patil, 20. Smt. Rekha Prabhakar Patil, 21. Vibhuti Prabhakar Patil,
22. Ninad Prabhakar Patil, 23. Smt. Kamala Laxman Bhoir, 24. Smt. Hemlata Mohan
Patil, 25. Smt. Kunda Shashikant Bhoir, 26. Virendra A. Saah alias Virendra A. Shah,
Last Known Add of Oppo. No. 2 to 26, Survey No. 341, Hissa No. 2, CTS No. 1414 A to
C, Survey No. 335, Hissa No. 6, CTS No. 1421 A to D, Survey No. 334, Hissa No. 6, CTS
No. 1422, Survey No. 336, Hissa No. 5, CTS No. 1510, Village Dahisar, Taluka Borivali,
MSD, Dahisar (E), Mumbai - 400068, 27. Shree Krishna Vatika CHSL (Layout Society),
Building No. 1, Near Jyoti Industrial Estate, Chhatrapati Shivaji Cross Road No. 4, Dahisar
(E), Mumbai - 400068, 28. Sai Krishna Vatika CHSL (Layout Society), Building No. 2,
Near Jyoti Industrial Estate, Chhatrapati Shivaji Cross Road No. 4, Dahisar (E), Mumbai -
400068, 29. Om Vardhaman CHSL (Layout Society), Building No. 3, Near Jyoti Industrial
Estate, Chhatrapati Shivaji Cross Road No. 4, Dahisar (E), Mumbai - 400068, 30. Krishna
Vatika CHSL (Layout Society), Building No. 7, Near Jyoti Industrial Estate, Chhatrapati
Shivaji Cross Road No. 4, Dahisar (E), Mumbai - 400068, 31. The Collector & Competent
Authority, U.L.C. Gr. Mumbai, 5th Floor, Administrative Building, Govt. Colony, Bandra
(E), Mumbai - 400051....Opponents, and those, whose interests have been vested in the
said property may submit their say at the time of hearing at the venue mentioned above.
Failure to submit any say shall be presumed that nobody has any objection in this regard
and further action will be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral conveyance of a plot of land admeasuring 1287.96 Sq. Meters plus Proportionate
Rights in R. G. Area admeasuring 227.29 Sq. Meters aggregate total 1515.25 Sq. Meters
out of 17721.20 Sq. Meters from land bearing Sub Plot A, C.T.S. No. 1510 corresponding
to Survey No. 336, Hissa No. 5 out of all common CTS No. 1414/A to C corresponding
to Survey No. 341, Hissa No. 2, 1421/A to D corresponding to Survey No. 335, Hissa
No. 6, 1422 corresponding Survey No. 334, Hissa No. 6 & 1510 corresponding to Survey
No. 336, Hissa No. 5 in R/North ward of Village Dahisar, Taluka Borivali, Dist. Mumbai
Suburban plus proportionate undivided rights in FSI advantage of D. P. Road area
admeasuring 24.61 Sq. Meters out of 287.80 Sq. Meters as per Approved Plan alongwith
building of Balaji CHSL in the locality known as Krishna Vatika Complex, Near Jyoti
Industrial Estate, Chhatrapati Shivaji Cross Road No. 4, Dahisar (E), Mumbai - 400068,
in favour of the Applicant Society.
The hearing in the above case has been fixed on 25/04/2024 at 02:00 p.m.
Sd/-
District Deputy Registrar,
SEAL Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.
 14
>
MUMBAI | TUESDAY, 16 APRIL 2024 1

I N D I A

E-AUCTION SALE NOTICE UNDER IBC, 2016

M/s. GVK INDUSTRIES LIMITED (GVKIL) (In Liquidation)
Reg. Office: Plot-10, Paigah Colony, Phase-I, Sardar Patel Road, Secunderabad, Hyderabad, Telangana-500003.
Bids are invited through e-auction platform of NESL for sale of following assets of GVKIL forming part of
the Liquidation Estate by the Liquidator u/s. 35 (f) of IBC, 2016 r/w reg. 32 of IBBI (Liquidation
Process), Regulations 2016.
SALE OF ASSETS OF GVKIL UNDER REGULATIONS Reserve BID
LOTS EMD Increase
32(A) TO (D) BROAD DETAILS AS UNDER Price
Plant & Machinery and Power Plant Buildings: All the plant & (Rs.) (Rs.) Amount
I
machinery comprising mainly of i) 148.85 MW Alstom (GT13E2 (Rs.)
DUAL FUEL) Gas turbine; ii) 80MW Alstom (NE33AA triple
pressure) steam turbine and iii) other equipment, electrical, fittings, 80.08 8.00
inventory, stores, furniture & fixtures and Buildings of Phase-II Gas
1.00
Crores Crores Crore
based power plant having capacity of 220 MW situated at
Jegurupadu, Rajahmundry, East Godavari Dt, Andhra Pradesh.
II Land Parcel of 2.97 Acres under survey numbers 231/1, 231/2,
231/6, situated at Kesavaram Village, Mandapeta (M) 51/3 and 155 15.50 2
50/5-3 situated at Jegurupadu Village, Kadiyam (M), Rajahmundry, Lakhs Lakhs Lakhs
East Godavari Dist. Andhra Pradesh.
Last date for submission of EOI with all bid documents for both LOT-I & LOT-II 30-04-2024
Last date for submission of EMD Lot-I: 30-04-2024 Lot-II: 10-05-2024
E-Auction Date For both LOT-I & LOT-II: 15.05.2024 (10.00 A.M. to 4.00 P.M.)
and Time With unlimited extension of 5 minutes each upto 7 P.M. for each LOT.
1. Interested applicants may refer to relevant e-Auction Process Information Document as applicable for
(I) LOT-I or (II) LOT-II 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/
2. Bid related documents shall be submitted through e-mail in the formats prescribed, followed by originals.
3. Other Timelines are given in the relevant E-Auction Process Information Document.
4. Interested applicant who has deposited EMD and requires assistance in creating login ID and password
may contact Liquidator @ 9849039674 or his authorized representative Mr. Vijaya Krishna
@ 9491791079 or through email at liqgvk@gmail.com or Info@ksrfms.com .
5. It is clarified that, this invitation purports to invite prospective bidders and does not create any kind of
binding obligation on the part of the Liquidator or the Company to effectuate the sale. Liquidator has 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. Sd/- CA. Sai Ramesh Kanuparthi
Liquidator of GVK Industries Limited
IBBI Reg No.: IBBI/IPA-001/IP-P00910/2017-2018/11510
AFA Valid upto: 07-12-2024
Date: 16-04-2024 Address for Correspondence: Plot 6-B, Road No.2,
Place: Hyderabad Banjara Hills, Hyderabad-500034. Cell: +91 9849039674
.
MUMBAI | TUESDAY, 16 APRIL 2024 TAKE TWO 15
<

AT A CROSSROADS
Zee’s plan to gun for growth on it own holds perils as well as promise
VANITA KOHLI-KHANDEKAR
Pune, 15 April THE FALTERING CASH MACHINE
Revenue (~ crore) Ebitda (~ crore) Ebitda margin (%)

H
as Zee Entertainment
Enterprises decided to be a
lone ranger?
On January 22 this year, Culver
Max Entertainment (Sony) pulled
out, at the last minute, of a merger
that Sony and Zee had been
working on for more than two
years. Soon after began the legal
name calling.
On February 13 came Zee’s third
quarter earnings call, where
managing director and CEO Punit
Goenka talked of cost cutting,
frugality and optimisation.
Historically, Zee has delivered
gross profit margins between 25
and 30 per cent. These started
falling in 2023 and reached just
over 10 per cent in the third quarter
of 2023-24 (FY24). Rising content
costs, investment into its streaming
app Zee5, a soft ad environment,
and the distractions and expense of
the merger led to the drop.
Ever since the breakup, there
have been more than a dozen
announcements from the ~8,088
crore (revenues in FY23) company.
It has committed to prune its
workforce by 15 per cent, cut costs at
its Bengaluru-based Technology
and Innovation centre to half of the
~600 crore spent last year,
reorganised certain business, and
so on. Goenka, who has taken a 20
per cent salary cut, seems
determined to get to 18-20 per cent
in Ebitda, or earnings before
interest, taxes, depreciation and
amortisation by FY26, from 14 per
cent in FY23. An Ebitda of 18-20 per
cent should amount to ~2,000 crore.
Much of this action probably
helped the share price rise a bit in
the stock market rally last week.
Most analysts do not doubt that
Goenka, who has run the company
since 2006 and built it into a cash
spewing machine, will meet his
target on margins.
“Zee and Sony are individually
profitable and business will go on,”
says Kunal Dasgupta, founder of
iTap Entertainment and Gaming,
and former CEO of Sony. Zee has
more than 90 channels (50 of them
in India) in Hindi, Marathi, Telugu,
and other languages. It has a 17 per
cent share of television viewership.
Last year, its studios produced hit
movies such as Gadar 2 and
distributed others such as 12th Fail.
Margins, then, are not Zee’s big
problem. It is that “there seems to
32
20 23 22
7,934 8,130 7,730 8,185
2,563
1,634 1,790
2019 2020 2021 2022
Pandemic years
FY ending March
Source: Zee Annual reports
Ebitda: Earnings before interest, taxes, depreciation and amortisation
be an absence of viable partners.
The cost-cutting is a sign of the lack
of more convincing routes for
growth,” says Daoud Jackson,
senior analyst, media and
entertainment at UK-based Omdia.
Dasgupta says: “Zee (and Sony)
are playing in a dwindling market
that will dwindle further. I don’t see
anything happening unless there is
some brilliant content from these
guys, something no user-generated
platform can match. Zee doesn’t
need a partner. It needs growth
through innovation.”
That captures where Zee
currently is and where it is headed.
Beyond Ebitda
Television, which has traditionally
been half of the total media and
entertainment revenue pie in India,
shrunk by 1.8 per cent in 2023 over
2022, going by the FICCI-EY annual
report. It now stands at ~69,600
crore. Of this, 43 per cent, or ~29,700
crore, comes from advertising. The
rest is distribution revenues that go,
largely, to DTH and cable firms. A
small portion comes to broadcast
firms. For most large broadcasters,
like Zee, advertising brings in 50 per
cent or more of the topline.
In 2023, national television
advertising fell 6.5 per cent and the
Hindi market, the largest part of the
TV ad pie, remained soft. Zee has
been particularly hit because it
pulled out Zee Anmol, its free-to-air
(and therefore ad-supported)
channel from DD Freedish in the
summer of 2022. The state-owned
free DTH platform, which reaches
an estimated 50 million homes, is
the largest distributor of TV in the
14 10.8
8,088
6,467
1,780
1,100 670
2023 2024
(first 9 months)
Punit Goenka, MD & CEO at Zee Entertainment
Enterprises, is determined to get to 18-20 per cent
in Ebitda by FY26, from 14 per cent in FY23
Hindi heartland, where Zee has
traditionally had 10 per cent or
more viewership share. This has
now fallen to 6 per cent.
Analysts are waiting for a big
move on the free-to-air market,
either by going back on DD Freedish
or by doing a big deal with YouTube,
the largest video platform. The 10
per cent uptick in subscription
revenue is heartening, but it comes
from a pressured pay TV ecosystem.
Pay TV homes have fallen from 165
million in 2020 to an estimated 90
million currently.
That is why the cost cutting at
the tech and content end worries
analysts. “What will suffer is Zee5. If
the hours of original programming
on linear (Zee TV and its other
channels) fall from 4 hours a day to
3.5 hours, there is no issue. But Zee5
needs constant investment, it is the
future,” says one industry insider.
The perils of being a lone ranger
“Zee continues to have strong
business fundamentals. I have
chalked out a firm and structured
plan to bring back our margins to
industry-beating levels and drive
growth for the future,” said Goenka
in February's earnings call.
Zee’s decision to take on the future
all by itself raises two red flags.
The first is that the rationale for
the merger and for scale remains.
Its competition is not old and
known rivals such as Star India or
Viacom18, but the Rs 28,040 crore
(gross ad revenues in FY23) Google
India and the Rs 18,308 crore Meta.
These firms have decimated
publishing, television, and film
markets across the world with their
offer of cheap and largely free
video. These could be from a T-
Series or TVF on Google’s YouTube
or cat and dog reels on Meta’s
Instagram. Their dominant share of
the online audience has meant that
three-fourths of all digital
advertising and a bulk of all growth
in it goes to them. It leaves very
little for traditional media firms
that do well with audience
numbers online.
That is why scale and partners-
hips are critical. Reliance-owned
Viacom18 and Disney Star got
together earlier this year. PVR and
Inox just finished their merger.
Warner Brothers-Discovery merged
in 2022. Almost every major media
deal in recent years has been trigge-
red by the rising clout of the tech
media majors.
Zee was among the earliest
companies to realise this and look
for a partner. But, and this is the
second red flag, in the new scenario
Goenka’s focus now shifts from
readying the firm for the future to
the immediate operations. He has
pared down top management and
is now pretty hands-on in the nitty-
gritty of Zee’s operations. This
granular approach works for the
new board he reports to.
But what does it mean for the
future of one of India’s largest
media firms?
“A lot of people see
management as the strength of
Zee, so it creates a tension in terms
of what Zee can do with partners.
In this regard, going it alone and
focusing on EBITDA, at least for a
period of time, makes sense,”
says Jackson.

What does the NSS data consumption figures for the

period 2004-2022. The
difference with Figure 1
is striking:

imply for GDP estimates?

JOSH FELMAN &
ARVIND SUBRAMANIAN
Just as Judas betrayed Jesus,
it may well be the case that the
new National Sample Survey
(NSS) consumption data
betrays the measurement
problems in the National
Income Accounts (NIA).
Consider how.
Recently, there has been
considerable discussion of the
wide gap in the NIA between
private consumption and
gross domestic product (GDP)
growth over the past few
quarters. According to the
NIA, the former is weak even
as GDP growth is strong. Some
people have seen this as a goo-
d sign, indicating that India’s
growth is at long last being
fuelled by investment, rather
than consumption. Other
people, such as ourselves,
have taken a different view:
That the gap is a sign of serious
measurement problems.
Why do we think that there
are measurement problems?
To answer this question,
consider not just the last few
quarters but the broad trends
of the past two decades. Recall
that India’s NIA data after 2011
were subject to a new
methodology. Recall, too, that
this methodology was used to
re-estimate (back-cast) NIA
estimates for the period 2004-
05 to 2011-12. These new
figures were very different
from the old ones — and were
very difficult to understand.
One of the biggest puzzles
related to consumption. The
old numbers had shown that
consumption had exploded
during the boom of 2004-11
and decelerated thereafter.
But the new numbers showed
the opposite, namely that
consumption accelerated
after the boom years ended,
growing strongly all the way
through 2022. This seemed
odd. Apparently, the
successive shocks of
demonetization, GST and
Covid took no toll on last
decade’s consumption, even
as they damaged the GDP.
Of course, it is possible for
households to step up their
consumption, even as their
incomes are slowing. But this
would be very strange
behaviour, at odds with the
way people normally operate.
It would also be inconsistent
with other available macro
indicators, such as exports,
imports,investment, and
credit, all of which slowed
sharply in the post-2011
period. Even the available
proxy for consumption, the
Index of Industrial
Production for consumer
goods, decelerated after 2011.
Rather than strange
household behaviour, the
more likely explanation is that
the Central Statistical Office
(CSO) has encountered
problems measuring
consumption under the new
methodology. If so, it would
hardly be surprising. After all,
it is inherently very difficult to
monitor the spending habits of
1½ billion people.
Of course, the CSO knows
that private consumption is
the weak link in NIA
measurement. That is why it
measures GDP from the
production side rather than
the demand side. And that is
why it regularly shows large
“discrepancies” in the NIA —
an acknowledgment that it
cannot reconcile the
1. PRIVATE CONSUMPTION GROWTH
ESTIMATES (1977-2011)
2. PRIVATE CONSUMPTION GROWTH
ESTIMATES (2004-2022)
difference between its
production and demand-side
estimates. For all these
reasons, the periodic
household surveys by the NSS
aretrulyuseful,astheycanhelp
theCSOgetabetterhandleon
consumptiontrends.
What can we learn from the
latest survey? Before we answer
this question, we need to
recognise the limitations of
comparing NSS figures with the
ones from the NIA. There are
and always will be level
differences between the two,
notably because the NSS survey
seriously ignores or under-
counts consumption of the rich.
For the same reason, even
growth rates are typically not
the same.
That said, it is reasonable to
(CAGR in %)
(CAGR in %)
compare directional trends, on
the assumption that the
distortions caused by
undercounting don’t really
change from survey to survey.
Figure 1 shows that indeed the
NSS and NIA consumption
growth rates move almost in
parallel from 1983 to 2011, under
the old NIA methodology.
Figure 1adds the private
consumption figures estimated
by the Sudipto Mundle
commission, which suggested
that the old methodology had
under-estimated consumption
and GDP growth during 2004-
11. It tracks the NSS even better
than the old NIA estimates.
How does the new
methodology compare? The
answer is given by Figure 2,
which plots the NSS and NIA
The NSS growth figures no
longer track the counterpart
NIA figures. For the period
2004-2011, the NSS shows an
acceleration in consumption
growth (from -0.4 per cent to
4.6 per cent), while the NIA
numbers show a much slower
growth acceleration (from 2.9
per cent to 4.5 per cent). Even
more dramatically, post-2011
the two growth numbers don’t
even move in the same
direction. NSS consumption
growth decelerates sharply
(from 4.6 per cent to 2.8 per
cent) while NIA consumption
growth keeps accelerating
(from 4.5 per cent to 4.8 per
cent). Put simply, the NSS data
contradicts the NIA data. That
means there are two
possibilities: Either the NSS
estimates are better than the
NIA estimates; or the
opposite. Surely, both sets of
estimates have their flaws,
which means that different
analysts will have different
opinions. We favor the former
view. That is, we believe that
private consumption did
indeed slow down after 2011.
We believe this because it is
the only view consistent with
logic, with the slowdown in
the other major indicators —
and now with the NSS data.
In some interpretations of
the Christian Bible, Judas has
tragic-heroic status because
he took on the burden of
betraying Jesus, which then
led to the crucifixion and the
miracle of the resurrection.
Perhaps we should be
similarly grateful for the NSS
numbers — not just because
they shed light on poverty
developments, but also
because they allow us to see
more clearly the NIA numbers
for what they are. And
perhaps, if we see that clearly,
we can mobilise efforts to
improve them.
Josh Felman is Principal,
JH Consulting; Arvind
Subramanian is Senior Fellow,
Peterson Institute for
International Economics
16
>
MUMBAI | TUESDAY, 16 APRIL 2024 1

Indian cinema’s political canvas Ailing CGHS system

gets vibrant ahead of elections set for a booster
SANKET KOUL
New Delhi, 15 April
From Jagan Reddy to Savarkar, biopics and social narratives take centre stage
The Ministry of Health and Family Welfare
SHINE JACOB Sudipto Sen, director recently entered into a five-year collabora-
Chennai, 15 April of Bastar: The Naxal tion with the Quality Council of India (QCI)
Story, rebuffs the notion to upgrade the faltering Central Government

W
ith the election season upon us,
the spotlight has once again
turned to politics, a perennial
muse for the silver screen. In the realm of
Indian cinema, a surge of political narra-
tives has emerged.
Telugu cinema, in particular, has wit-
nessed a flurry of biographical depictions
of Andhra Pradesh Chief Minister
Yeduguri Sandinti Jagan Mohan Reddy.
In the last three months alone, two back-
to-back films, Yatra 2 and Vyuham, have
delved into his life, with a third instal-
ment, Sapatham, slated for release during
the election season.
Ram Gopal Varma, director of
Vyuham and its sequel Sapatham, cites
the dramatic narrative of Reddy's jour-
ney as the primary inspiration for these
two cinematic ventures.
Meanwhile, another recent Telugu release,
Raajadhani Files, tackles the contentious issue of
Andhra Pradesh's three-capital
proposal, garnering attention and
support from opposition parties
like the Telugu Desam Party (TDP).
In Bollywood, the landscape is
no less politically charged, with a
slew of releases and upcoming
BATTLEGROUND releases such as Swatantrya Veer
2024 Savarkar, Article 370, Bastar: The
Naxal Story, Main Atal Hoon,
Accident Or Conspiracy: Godhra, JNU: Jahangir
National University (initially slated for an April 5
release, but delayed), The Sabarmati Report, (releases
on May 3) and Razakar.
Despite the diversity of subjects, the box office
reception for these films has been mixed, with most
of them proving to be either duds or just about average
performers. Article 370 was an exception. It is esti-
mated that these films released so far have collectively
made ~150-200 crore — with Article 370 garnering
around ~109 crore and Savarkar ~23 crore until now.
Another film in the genre released this year is
Hrithik Roshan-starrer Fighter, a fictionalised account
that draws from the Pulwama attack and India’s strikes
across the border in Balakot.
“Such movies have a niche target audience, those
who analyse news,” says Varma. “The majority wants
entertainment. Any film dealing with political issues
has a niche audience,” he reiterates. He emphasises
that such movies often transcend the confines of tra-
ditional theatrical success, resonating more deeply
with viewers attuned to political discourse and analy-
Politics on the
silver screen
One of the early instances of political
cinema in India was Kissa Kursi Ka, a satirical
take on the Indira Gandhi government. The
film was banned and its prints confiscated.
More recently, in 2019, ahead of the last
general election, films such as The Accidental
Prime Minister, depicting Manmohan Singh’s
tenure, and PM Narendra Modi, chronicling the
life of the current prime minister, hit
the screens.
In Telugu cinema, too, 2019 witnessed a
similar trend with movies like Yatra, which
explored the life of late Andhra Pradesh chief
minister YS Rajasekhara Reddy from the
Congress, NTR: Mahanayakudu, which delved
into the legacy of NT Rama Rao, and Lakshmi’s
NTR, which shed light on a family’s internal
power struggle.
sis, and hence “cannot be treated as regular movies”.
Varma says he tracked Jagan Reddy's journey from
the time of his father’s death in a helicopter crash. “At
that young age, he (Reddy) went against the wishes
of the high command, started his own party, and was
then put in jail,” says Varma. “The whole thing is a
dramatic achiever kind of story. That is what inter-
ested me primarily," he adds.
of his films being mere
political jingoism, assert-
ing that they aim to shed
light on pressing social
issues rather than espouse
political ideologies.
Despite facing controver-
sies, Sen’s previous work,
The Kerala Story, achieved
commercial success.
“Content is king,” says Sen.
The Kerala Story came from
real-life inspiration.”
Bastar is a region
plagued by daily violence
and loss, he says. Naxalism,
he adds, has resulted in the
deaths of over 50,000 civil-
ians and 15,000 soldiers
across the nation.
“Addressing the profound
suffering of the people in this
area transcends mere politics,” asserts Sen. However,
despite its critical subject matter, Bastar failed to
replicate the commercial success of Sen's previous
venture, The Kerala Story, which faced bans in states
like Tamil Nadu, West Bengal, and Kerala.
“Controversy often propels a film's success, tapping
into the human curiosity to engage with forbidden
narratives,” Sen says. “While controversy may have
contributed to its popularity, The Kerala Story res-
onated on a deeper emotional level,” he insists. “It
cannot be dismissed as merely political or propagan-
dist.” The Kerala Story reportedly grossed about
~289 crore in 2023.
The box office performance of any film, including
Savarkar and Bastar, ultimately depends on how well
it resonates with viewers, says Sanjeev Kumar Bijli,
executive director, PVR INOX. “Elections and audi-
ence interest in specific movies are often independent
factors,” he maintains. “While some films may spark
conversations that align with current events, audience
interest is primarily driven by factors like the film's
genre, cast, and story.”
For producers like Anand Pandit, who is behind
Savarkar, political dramas serve as a conduit for soci-
etal reflection and dialogue. “They provide a plat-
form for discussing and understanding these issues,
and they can also inspire critical thinking and aware-
ness among the audience,” Pandit says. “Political
dramas often serve as a mirror to society, allowing
people to see their own experiences and concerns
portrayed on screen, which can be both validating
and thought-provoking.”
Health Services (CGHS) ecosystem, focusing
on a wide range of issues, including regular
evaluation and quality monitoring
mechanisms.
The collaboration will support facilities
empanelled under CGHS in achieving accredi-
tation by National Accreditation Board for
Hospitals and Healthcare Providers (NABH)
and National Accreditation Board for Testing
and Calibration Laboratories (NABL), to build
the capacity of healthcare providers to deliver
high quality services.
Highlighting its role in the partnership,
Rajesh Maheshwari, Secretary General, QCI,
said that the quality control watchdog will be
laying the ground for a sustainable system to
meet the ever-changing needs of beneficiaries
by focusing on quality accreditation, capacity
building, and technology integration. “We have
signed a macro-level memorandum of under-
standing (MoU) with the health ministry to
revamp the entire system. The QCI will be look-
ing at everything, from improving operations,
efficiency and deliverables to the quality of
staffing process in CGHS facilities,” he added.
The partnership will also focus on expand-
ing the network of qualified healthcare
providers and laboratories empanelled
under CGHS. The move comes after heightened
discussions with regards to standardisation of
rates in hospitals across the country. The
Supreme Court has asked the Centre to take a
call on standard hospital charges, or else they
will enforce CGHS rates in all private hospitals.
While the health ministry is set to engage
in consultations with various stakeholders over
the issue, private hospitals have expressed
their concerns.
“Standardisation may compromise the over-
all quality of healthcare at private facilities, as
healthcare costs are determined by various fac-
tors, including geographic areas (input costs can
be higher in urban settings), doctor’s experi-
ence, amenities, infection control measures,
and patient safety protocols,” an industry
source said.
QCI’s move to provide third party assess-
ment to improve quality standards in CGHS
facilities comes after the health ministry had
announced mandatory linkage of CGHS bene-
ficiary IDs with Ayushman Bharat Health
Account (ABHA) ID from April 1. Experts
believe that by integrating these IDs, the gov-
ernment is aiming to streamline healthcare
THE QCI WILL BE LOOKING AT
EVERYTHING, FROM IMPROVING
OPERATIONS, EFFICIENCY AND
DELIVERABLES TO THE QUALITY OF
STAFFING PROCESS IN CGHS
FACILITIES”
RAJESH MAHESHWARI
Secretary General, Quality Council of India
services and enhance patient identification by
facilitating seamless sharing of digital health
records across platforms.
“A major concern in CGHS is the disparity
among different facilities in ensuring the qual-
ity of drugs and storage facilities, alongside
modernisation of procurement and inventory
management systems,” a source close to the
development said. This is where the collabora-
tion will be looking to work at. While the col-
laboration may not have anything to do with
standardisation of rates as of now, experts
believe the move was important to rejuvenate
the faltering CGHS system.
Addressing the lack of quality standards
being followed in certain empanelled facilities,
Sunil Rao, Chief Operating Officer, Sahyadri
group of hospitals, Pune, said that the CGHS
system was in need of an upgrade.
“Many facilities that are empanelled under
CGHS did not follow the standard quality
parameters with regards to medicines, surgical
consumables and other quality products,” he
said. “Healthcare was not being monitored peri-
odically. But with the QCI coming into the pic-
ture as a third party assessor, enforcement of
quality standards can continuously be checked
through surprise audits and addressing com-
plaints,” Rao said.