THURSDAY, 4 JANUARY 2024

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

NEW DELHI
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VOLUME XXX NUMBER 224

THE MARKETS ON WEDNESDAY chg#

Sensex 71,356.6 q 535.9

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Euro
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### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E

MANUFACTURING PMI THE ADANI-HINDENBURG CASE

~26,400 cr on the
No ground to transfer
FALLS TO 18-MONTH
LOW IN DECEMBER
The HSBC India Manufacturing cardsforFAME-III
Sebi probe to SIT, CBI: SC
Purchasing Managers’
Index, compiled by S&P SURAJEET DAS GUPTA
Global, fell to an 18-month New Delhi, 3 January
low in December at 54.9 from
56 in November, tamped down The ministry of heavy industries is
by a weaker rise in new orders and output. working on broad contours of the third
Despite the decline, the December figure Says Sebi investigation ‘inspires confidence’; gives 3 mnths to conclude probe phase of Faster Adoption and
marked 30 months of the index remaining Manufacturing of Electric Vehicles or
above 50. A survey print above 50 indicates BHAVINI MISHRA
PAGE 10 FAME-III. Based on discussions with
manufacturing expansion and below that
marks contraction. 4>
New Delhi, 3 January WHAT SC HAS OBSERVED stakeholders, the ministry is proposing
to allocate ~26,400 crore for FAME-III

T
he Supreme Court on Wednesday >Sebi is >Power to transfer probe Considerpanel subsidy alone with electric two
conducting a to CBI or SIT must be
COMPANIES P3
said there was “no ground” to trans-
fer the Securities and Exchange “comprehensive “exercised sparingly and in
suggestionson wheelers getting around ~8,158 crore,
electric buses ~9,600 crore and electric CHARGING UP
Vedanta gets bondholders’ Board of India’s (Sebi’s) investigation investigation” extraordinary circumstances” reform:Sebitold three-wheelers ~4,100 crore, according >FAME support for e-tractors and
into allegations against the Adani group by to sources in the know. Along with
nod to restructure bonds US-based short-seller Hindenburg Research >Sebi and investigative agencies of the
The SC on Wednesday
directed the market some other components like setting up
hybrid vehicles proposed for
the first time
VedantaResourcesinformedthatmajorityof either to a special investigation team (SIT) or Union government to probe whether regulator and the an innovation fund and money for
itsbondholdershaveconsentedtothe the Central Bureau of Investigation (CBI). It losses suffered by Indian investors due government to consider testing , the total allocation could cross > ~1,000 crore innovation fund for
restructuringoffourseriesofitsUS-dollar further directed the markets regulator to con- to the “conduct of Hindenburg Research recommendations made ~33,000 crore, estimates suggest. technology development and trial
denominatedbonds.Thefirmsaid97.78per clude its remaining two investigations in the and any other entities in taking short by the expert committee Further discussions on the runs in the works
cent,98.69percent,99.6percent,and99.12 matter within three position involved any infraction of law” formed in the Adani Group basic contours of the scheme are cur- >e-buses key focus segment in a bid
percentofthefourseriesofbondsrespectively. months. rently ongoing. The focus of the pro-
...TRUTHHAS The court also >The court rejects the allegations of conflict of
probeforinvestorprotection
and to strengthen posed scheme will clearly be on
to push green public transport

ECONOMY & PUBLIC AFFAIRS P6

PREVAILED. asked Sebi and the interest among members of the expert panel regulatory framework enhancing electric-based and envi- > Women-registered EVs across
SATYAMEVA JAYATE. central government related to timelines and ronment-friendly public transporta- segments likely to get
No problems in payment IAMGRATEFULTO
to investigate AREPORT BYATHIRD-
PARTYORGANISATION
structural reforms. tion in the country. additional incentives
whether “the loss suf- The scheme is also planning to sup-
for Russian oil, says Puri THOSEWHOSTOOD fered by Indian inves- WITHOUTANYATTEMPT port e- tractors with a fund of over ~200
>Subsidy for e-2 wheelers, e-3-
wheelers, and e-cars to be given on
ThereisnopaymentproblemforRussian
crude,PetroleumandNaturalGasMinister
BYUS tors due to the con-
duct of Hindenburg
TO VERIFYTHE ‘Sebi last word crore. Hybrid vehicles and hydrogen
fuel cell vehicles might be added to the a receding scale per Kwh Y-o-Y
HardeepSinghPurisaid.Thereisnoproposal Gautam Adani Research and any
AUTHENTICITYOF ITS on corporate list but initially with a token allocation
ALLEGATIONS CANNOT
tocutretailfuelpricesatthemoment. Chairman, Adani other entities in tak-
BE REGARDEDAS governance’ of ~100 crore. Electric four-wheelers are PAGE FINMIN NOD TO ADDITIONAL
Addressingapressconference,theminister group, in a post on X ing short position to be allocated around ~1,800 crore. 4 ~1,500 CR FOR FAME-II
saidIndiaenjoysabuyers’position. involved any infrac- CONCLUSIVE PROOF The latest SC judgment After FAME-I and FAME-II, the
tion of law”. Supreme Court on fortifies market regulator finance ministry had reportedly
Disposing of a reliance placed by Securities and Exchange questioned the need for extending the ond year, ~3,000 in the third and ~1,500
WORLD P8 bunch of pleas seek- Board of India’s (Sebi’s) subsidy scheme any further. However, in the final year of the scheme. The
petitioners on
Blasts near commander’s ing a third-party
investigation into
OCCRP report role in deciding securities-
related violations and
the ministry of heavy industries
has been pushing for it, arguing the
expectation is that in the fifth year, the
total electric two-wheeler sales would
tomb kill over 100 in Iran allegations of similar concerns, said need for electric and alternate fuel touch 10.5 million. The maximum sub-
TwoexplosionsminutesapartonWednesday accounting fraud and gations into the Adani group. It submits that executives from law and vehicles. The third phase proposed sidy per vehicle will also be capped at
inIrantargetedacommemorationfora stock manipulation the remaining two are pending due to inputs proxy advisory firms. allocation is much higher than ~15,000 in the first two years but will
prominentIraniancommanderslaininaUS levelled by Hindenburg Research, a three- being awaited from foreign regulators. We also Representatives from the FAME-I and FAME-II at ~895 crore and go down to ~6,000 in the third year and
dronestrikein2020,killingatleast103people judge Bench of the apex court, comprising record the assurance given by the solicitor gen- legal fraternity subscribed ~10,000 crore, respectively. ~3,000 in the fourth year.
andwoundingatleast141others. Chief Justice D Y Chandrachud and Justices J eral on behalf of Sebi that the investigations to a similar view. For electric two-wheelers, the pro- For electric four wheelers such
B Pardiwala and Manoj Misra, said Sebi was would be concluded expeditiously. Sebi cannot posal under discussion is to continue as in cabs, the subsidy per KwH

TAKE TWO P17

conducting a “comprehensive investigation”
and its conduct “inspires confidence”.
keep the investigation open-ended and inde-
terminate in time. Hence, Sebi shall complete
EDIT: PAGE 9 with the subsidy for four years in a
phase-down manner: It will start with
battery will be offered on a receding
scale – ~10,000 in year one, followed
Market chatter: Sebi In its 46-page verdict, the Bench further the pending investigations preferably within BACK TO SEBI ~15,000 in the first year per KWH of by ~8,000, ~5,000 and ~3,500 in the
said: “Sebi has completed 22 of the 24 investi- three months.” Turn to Page 6 > battery, followed by ~7,500 in the sec- subsequent years. Turn to Page 6 >
moderates approach
A direct, price-based trigger for verifying
market rumours rather than asking for
responses on events will address some of the
issues of subjectivity. DEVANGSHU DATTA writes Adani group mcap surges ~64.5K cr HIT-AND-RUN: BajajAuto
NO CONVICTION
The ten listed Adani group companies added around IN HALF OF CASES stockreaches
RESULTS PREVIEW BIG GAINS
newhighon
~64,500 crore to their market capitalisation on Mcap of Adani group companies The conviction rate for
Wednesday, thanks to a rally in their share price post hit-and-run cases was
IT firms’ GenAI biz in
the Supreme Court judgment on a batch of petitions
seeking a fresh probe on the Hindenburg Research
GROUP
MCAP 15.1 ~ trillion 4.5 1-day
chg (%) 47.9 per cent in 2022,

buybackmove
official data shows. The
focus in ‘weaker’ Q3 report’s allegations against the conglomerate. As a
result, the combined market capitalisation of Adani Company Mcap (~ trn) 1-day chg (%) conviction rate has
remained below 50 per
India’s top technology firms will witness group companies increased to ~15.11 trillion on Adani Enterprises 3.4 2.5 cent in two out of the
a tepid revenue expansion in the third Wednesday, up from ~14.47 trillion a day earlier. And,
Adani Green 2.7 6.0 previous five years. Board to take up the
quarter of FY24 on the back of furloughs thanks to these gains, Gautam Adani’s family raced
and no blockbuster deals. ahead of Mukesh Ambani of Reliance Industries, Adani Ports 2.4 1.4
ANOUSHKA SAWHNEY
writes 18 >
proposal on January 8
SHIVANI SHINDE writes 2> reclaiming the title of
India’s wealthiest promoter. Adani Power 2.1 5.0 SOHINI DAS
Gautam Adani family’s net Adani Transmission 1.3 11.6 Mumbai, 3 January
FMCGcosmayseelow worth increased to ~9.37 SII, AM/NS AMONG
toplinegrowthinQ3 trillion ($112.5 billion) on Adani Total Gas 1.2 9.8 Shares of Bajaj Auto rose about 6 per cent on
Wednesday, up from ~8.98 Ambuja Cements 1.1 1.1 TOP DONORS TO Wednesday to hit a new life-time high after the
Fast-movingconsumergoodscompanies
are expected to witness continued
trillion ($107.7 billion) a day
before. In comparison, Adani Wilmar 0.5 4.0 ELECTORAL TRUSTS company said its board would consider a share
buyback proposal on January 8. The stock
weakness in the October-December
quarter which will reflect in the topline
Mukesh Ambani family’s
net worth was down mar-
ACC 0.4 0.5 An analysis of the donors
to electoral trusts in FY23
touched a high of ~7,059.75 on the BSE in intra-
day trade before settling 5 per cent higher at
growth. SHARLEEN D’SOUZA writes 11 > ginally to ~9.28 trillion NDTV 0.0* 3.7 by the ADR has revealed ~6,989.40 apiece.
($111.4 billion) from that five electoral trusts In June last year, the company had done a
~9.38 trillion ($112.5 billion) Note: NDTV mcap is ~1,820 cr; we have taken promoter family stake in group received contributions share buyback worth ~2,500 crore at a price of
during this period. companies net of cross holding of listed group companies in each other totalling ~366.495 crore ~4,600 per share.
TO OUR READERS Writes KRISHNA KANT 10 >
Sources: Capitaline, Business Standard calculation based on day-end market cap
and promoter's stake at the end of September 2023. from corporates as well Under the Sebi
The one-page commercial feature on as individuals. The BJP regulations, the
Canara bank: Data and Analytics being PAGE KARAN NAMED MD, GAUTAM NOW DHARAVI REDEVELOPMENT WORK TO BE bagged more than 70 per maximum limit for
carried on page 5, is equivalent to a paid- 2 EXECUTIVE DIRECTOR AT ADANI PORTS FUNDED VIA SPV, INTERNAL ACCRUALS cent of the donations. a buyback is 25 per
for advertisement. No Business Standard ARCHIS MOHAN writes 7> cent or less of the
journalist was involved in producing it. paid-up capital and
free reserves in that
financial year.
The company

VAT on ATF gives wing to Delhi-Noida airport duel generated over

~3,600 crore of free HIGH JUMP
cash flow in the first Bajaj Auto (share price in ~)
half of 2023-24,
DEEPAK PATEL
New Delhi, 3 January COMPETITORS? PAGE 18
which was 1.6-times
higher than that in
the year-ago period.
Among India’s network of airports, a 25% vs 4%: VAT on 40%: ATF’s India carriers It had ~17,326 crore
clash has already been foretold aviation turbine fuel approx of surplus funds on
between a newbie in Noida and a for domestic services share in an slapped ~2.75 crore its balance sheet as
at Delhi airport much airline’s
veteran in neighbouring Delhi. On
Wednesday, aviation consultancy firm higher than that costs in
fine in 2023: DGCA of September 30,
2023, after dividend
CAPA India said that the competition expected at Noida airport India The aviation regulator slapped fines distribution of
Source: Bloomberg
between the two airports is expected to amounting to ~2.75 crore on Indian ~4,000 crore during Compiled by BS Research Bureau
be intense and could play out even 1,200flights a day currently at airlines in 2023, marking a 39 per the quarter.
before the airport in Jewar, Noida, Delhi airport cent rise in financial penalties from Bajaj Auto’s net
begins operations this year.
65 flights a day 80 km the ~1.97 crore in 2022. The Directorate worth as of September 30, 2023 was ~29,331
“Currently, the VAT (value added General of Civil Aviation (DGCA) said crore. At the end of March 2023, the auto major’s
at Noida airport distance
tax) on aviation turbine fuel (ATF) for it imposed fines on domestic carriers equity capital plus free reserves (retained earn-
domestic services is 25 per cent at
in early stages between such as Air India, IndiGo, AirAsia ings and general reserves) stood at ~24,494 crore.
Delhi airport, but it will only be 4 per of operations two airports India and SpiceJet for issues related Based on these numbers, the buyback amount
cent at Noida airport. This will have a to non-compliance in 2023. The could be around ~7,300 crore.
bearing on capacity allocation (by terminals to Air India and IndiGo. A Airport International, is expected Mumbai Metropolitan Region (MMR), regulator also carried out a record In a regulatory filing on Wednesday, the
airlines) and expansion,” CAPA India’s decision on the matter could be taken to commence operations with even beyond aviation. number of 5,745 surveillance company said it would consider a proposal to
report mentioned. ATF constitutes in 2024 and its long-term implications 65 daily flights. A crucial distinction is that both activities in the year to ensure buy back fully paid-up equity shares and other
roughly 40 per cent of an airline’s costs on international traffic would have to According to the report, between airports in MMR will be operated by compliance. AJINKYA KAWALE writes matters “in accordance with the applicable pro-
in India. be assessed, the report added. December 2024 and April 2025, two of the Adani Group, whereas in Delhi- visions of the Companies Act, 2013 (including
A key development to monitor is
whether Delhi’s Indira Gandhi
The Delhi airport, India’s busiest,
handles approximately 1,200 flights
India’s primary metro cities — Delhi
and Mumbai — will have dual airport
NCR (Jewar falls within it) separate
entities will run the two airports, EDIT: PAGE 9 the rules and regulations framed thereunder),
the Securities and Exchange Board of India
International Airport, operated by the per day. The Noida airport, developed systems that will change the dynamics resulting in intense competition. FOG OF CONFUSION (Buyback of Securities) Regulations, 2018, and
GMR Group, will allocate exclusive and operated by Swiss firm Zurich of the National Capital Region and the Turn to Page 6 > other applicable laws”. Turn to Page 6 >
 2 COMPANIES NEW DELHI | THURSDAY, 4 JANUARY 2024

STOCKS > Hindustan Zinc

Q3FY24 silver output
> Amber Enterprises India
Inks definitive deal to
>V2 Retail
Revenue from
> RailTel Corp of India
Gets RVNL order for data
> Dr Reddy’s Laboratories
Acquires MenoLabs
IN THE NEWS up 22% Y-o-Y acquire 60% stake in operations surges 56% centre hosting and supplements portfolio
at 197 tonnes Ascent Circuits Y-o-Y to ~374 cr in Q3 application support from Amyris
~318.7 CLOSE ~3,111.3 CLOSE ~347.1 CLOSE ~363.4 CLOSE ~5,931.1 CLOSE
p0.5% UP* p0.2% UP* p5.0% UP* p2.7% UP* p0.1% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF

Sales of homes costing up to IT firms’ GenAI biz in Glenmark offers

~50 lakh decline 16% in 2023
Sales of homes costing up to ~50 lakh fell 16 per cent last year to
focus in ‘weaker’ Q3 70% cheaper
diabetes drug
nearly 98,000 units across eight major cities due to a rise in
property prices and high mortgage rate, according to Knight Frank
India. Nevertheless, overall housing sales, comprising all price Midcap players expected to do better than larger peers, say analysts
points, rose 5 per cent annually to 329,907 units during 2023 across
the top eight cities/ regions — Delhi-NCR, Mumbai Metropolitan ANJALI SINGH istered through a pen of 6mg/ml
Region (MMR), Chennai, Kolkata, Bengaluru, Pune, Hyderabad MIXED BAG Mumbai, 3 January strength (similar to Lirafit).
and Ahmedabad. PTI According to online pharmacy web-
(FIGURES IN ~ CR) NET SALES % CHANGE EBITDA % CHANGE PAT % CHANGE
Glenmark Pharmaceuticals on sites, Victoza costs ~5,324 per dose.
Q1FY24E Q-o-Q Y-o-Y Q1FY24E Q-o-Q Y-o-Y Q1FY24E Q-o-Q Y-o-Y Wednesday launched the first bio- According to IQVIA, Victoza had a
CEAT receives GST demand, Tata Consultancy Services 60,259 1.0 3.5 16,123 2.4 3.7 11,625 2.9 7.8 similar of popular anti-diabetic drug market size of ~27 crore as of
Liraglutide in India to lower the cost November 2023.
penalties of over ~19 crore Infosys
HCL Technologies
38,670 -0.8
28,154 5.6
0.9
5.6
9,053
6,374
-4.1 -4.4
7.4 0.1
6,167 -0.2
4,182 9.7
-7.0
2.5
of therapy by about 70 per cent. The “Glenmark is proud to introduce
drug, marketed under the brand Lirafit, a novel and affordable bio-
Tyre maker CEAT on Wednesday said it had received GST demand Wipro 22,293 -1.0 -4.0 4,151 -1.3 -8.9 2,685 1.5 -11.4 name Lirafit, has received approval similar of the drug Liraglutide, for
and penalties totalling over ~19 crore from tax authorities in LTIMindtree 9,140 2.6 6.0 1,712 4.9 24.5 1,230 5.9 22.9 from the Drug Controller General of the first time in India. With this
Maharashtra and Vadodara. The Additional Commissioner, CGST & Note: Ebitda refers to earnings before interest, tax, depreciation, and amortisation, and PAT refers to profit after tax India (DCGI). It is priced at approx- launch, we have now ventured into
Central Excise, Vadodara has issued an order for an interest of ~3.27 Source: Bloomberg; compiled by BS Research Bureau imately ~100 for a stan- the injectable anti‐dia-
crore along with a penalty of ~13.68 crore following a show cause dard daily dose of 1.2 The company’s betic market taking
notice (SCN) that was initially issued towards the delay in reflection SHIVANI SHINDE major software vendors can provide Operating margins will be under mg. This pricing first biosimilar another significant stride
of input tax credit to the credit ledger, caused due to technical issue Mumbai, 3 January an early indication. For example, pressure due to extended furloughs. strategy aims to make launch in India in the diabetes therapy
of TRAN-1 return, the company said in a regulatory filing. PTI Adobe’s guidance for CY2024 indi- In the case of Infosys, and Wipro mar- the drug accessible to is priced at space,” said Alok Malik,

I
ndia’s top technology companies cated only a modest boost to higher- gins may be impacted due to salary patients with type 2 dia- approximately president and business
will witness a weaker revenue priced software subscriptions that hikes. Kumar Rakesh, of BNP Paribas betes mellitus in the ~100 for a head — India
Gujarat GST authority upholds expansion in the third quarter
(October – December) of the current
include GenAI capabilities,” said a
Kotak Institutional Equities report on
Securities, in his note shares that this
quarter would be the last in the
country, Glenmark said.
Liraglutide belongs
standard daily
dose of 1.2 mg
Formulations, Glenmark
Pharmaceuticals.
tax demand against MSIL arm financial year (Q3FY24) – along
expected lines – on the back of fur-
Generative AI. Analysts predict large-
cap IT services firms — TCS, Infosys,
trough of an uncertain cycle.
“We also expect some companies
to the class of glucagon-
like peptide 1 receptor
A study by ICMR-
INDIAB found India had
Maruti Suzuki India (MSIL) on Wednesday said the Gujarat GST loughs and no blockbuster deals, ana- HCLTech, Wipro and LTIMindtree — to see higher-than-usual furloughs, agonists (GLP-1 RAs), an overall weighted dia-
authority has upheld the tax demand of ~173.9 crore along with a lysts said, even as the momentum to clock revenue growth in the range impacting revenue, but we see it par- which lower blood betes prevalence of 11.4
penalty of ~17.4 crore against its arm Suzuki Motor Gujarat Pvt Ltd gained from Generative AI of negative 1.5 per cent to a tially being offset by mega deal ramp- sugar levels to manage per cent. The market
and the subsidiary will move the first appellate authority to (GenAI) is likely to take positive 4.6 per cent. ups,” he explained. What also makes type 2 diabetes. Clinical for GLP-1 RA in India is
challenge the order. The issue relates to tax liability under reverse centre stage. The majority of the ana- this quarter a relatively softer quarter trials have shown that estimated to be ~259
charge basis on certain services. The adjudication order issued by IT services and consult- lyst firms are also expect- compared to others is the absence of the drug is capable of crore, according to
the Gujarat GST department is for the period between July 2017 and ing firm Accenture’s first ing midcaps to perform any mega-deal announcements. The effectively lowering IQVIA sales data.
August 2022, Maruti Suzuki India said. PTI quarter numbers in FY24 better than their largecap deal flows continue to be from the glycemic parameters, Glenmark has
showed a significant pick peers in this quarter. UK and Europe rather than the US — promoting weight reduction, launched several diabetes care drugs
up in GenAI spending. It “While the cost pres- the sector’s largest market. “An anal- and ensuring cardiovascular safety through a series of launches in the
VinFast plans to set up battery signed new bookings to the
tune of $450 million in this
RESULT sure and changing cus-
tomer preferences con-
ysis of the publicly announced deal
wins in 3QFY24 of the key IT com-
in patients with type 2 diabetes last few years. In 2015, the company
mellitus. made an entry into the diabetes
plant in Tamil Nadu this year space, a surge from the
$300 million signed in the
PREVIEW tinue to increase tech
intensity in enterprises’
panies reveal a surprising dip in wins
from North America compared to the
Danish drug company Novo treatment landscape with the launch
Nordisk’s injectable prescription of the DPP4 inhibitor Teneligliptin
Vietnamese electric vehicle maker VinFast is set to open its first whole of FY23. businesses could result in earlier quarters. In addition, no mega medicine, Victoza, is also a (marketed as Zita Plus/Ziten) and its
Indian manufacturing facility, where it will make batteries, in The Street is expecting Indian IT the increased offshoring work for deals have been announced com- Liraglutide-based medication too Fixed-Dose Combination (FDC) with
Tamil Nadu, three people familiar with the matter said. The players to share the momentum on India’s IT services in the medium pared to six in the previous quarter. and Glenmark’s competitor in the Metformin. In 2019, Glenmark intro-
company will make batteries for EVs at its Thoothukudi plant, one the GenAI pick-up in this quarter. term. IT budgets are likely to be prio- Most deals are from Europe-head- Indian market. Victoza (3ml rDNA duced Remogliflozin. In 2022, they
of the people said, adding that this was separate from its “Spending on GenAI may not be ritised in areas of automation and quartered clients,” said Kalwaljeet Liraglutide) comes in three doses: launched Sitagliptin along with its
previously announced plans to assemble vehicles shipped a significant growth driver for most cost efficiencies in the near-term, in Saluja, Sathiskumar S, and Vamshi 0.6 mg, 1.2 mg, and 1.8 mg, which FDCs. In 2023 they expanded offer-
in parts from Vietnam. REUTERS services firms and software firms. our view,” said a note from Nomura Krishnan of Kotak Institutional would last for 30 days, 15-days and ings with Lobeglitazone (LOBG) and
Growth projections for CY2024 by Global Market Research. Equities in their report. 10 days, respectively when admin- more Teneligliptin combinations.

Wipro lawsuit against former

CFO referred to arbitration
TheBengaluruCivilCourthasreferredthelawsuitfiledbyITmajor Karan named MD, Gautam now Zoomcar
executive director at Adani Ports
Wiproagainstitsformerchieffinancialofficer(CFO)JatinDalalto
arbitration,accordingtomediareports. Thecourttookthisdecision
asDalalproducedagreementsthatindicatedthatdisputeswereto
besettledthrougharbitration,accordingtoreports.Wiprohadfiled
Firm to raise up to $600 mn via NCDs
looks to
acaseagainstDalalashewasjoiningrivalfirmCognizant.Thisgoes ports and terminals in India,
Dharavi work to
againstthenon-competeclausesignedbyDalal,whichmandates
aone-yearcoolingoffperiod. BS REPORTER PTI & REUTERS
Bengaluru, 3 January
pany said in a release.
The company further said
last raised $600 million (~4,992
crore) in December by issuing
bonds and used the proceeds be funded via SPV,
internal accruals
hit profit
street in ‘24
its board has also approved the to refinance its debt.
Akasa Air inducts two Boeing Adani Ports and Special
Economic Zone (APSEZ) on
appointment of Ashwani
Gupta, former global chief
The company’s cash and
cash equivalents were ~7,290 The Adani group, which is redeveloping
aircraft, total fleet at 22 Wednesday said that the com-
pany has elevated its chief
operating officer at Nissan
Motors, as the new CEO
crore as of September 30, 2023,
while its net debt was roughly
Dharavi , plans to finance the entire
project via internal accruals and possible
Akasa Air has expanded its fleet to 22 aircraft after the airline executive officer (CEO) Karan of APSEZ. The company ~38,700 crore. Adani Group sale of equity in the special purpose ARYAMAN GUPTA
announced the induction of two Boeing 737 MAX 8 airplanes. Now, Adani to the role of managing said it will raise up to $600.6 companies have been raising vehicle (SPV) set up for the project, New Delhi, 3 January
the airline has a fleet of 21 Boeing 737 MAX 8 and one Boeing 737 director (MD), a position which million (about ~5,002.72 crore) funds for capital expenditure according to sources.
MAX 8 200 aircraft. The addition of two aircraft comes amid reports was held by the chairman of by selling non-convertible since early 2023, and have Earlier this week, the company had Zoomcar is on track to turn profitable for the full
of the airline being close to ordering 150 Boeing 737 MAX Adani group, Gautam Adani. debentures. plans to spend ~7 trillion over appointed three firms, including noted year in 2024, co-founder and chief executive
narrowbody planes this month. AJINKYA KAWALE Gautam Adani has been re- The com- the next decade on infras- architect Hafeez Contractor, as city officer Greg Moran said following the car sharing
designated as executive chair- pany, part of the tructure projects. The planners to present a draft development platform’s public listing last week.
man of APSEZ. Adani con- group’s fundraising plan for the Asia's largest slum cluster. “We were able to bring about a dramatic trans-
Tier-2 and -3 cities dominate “APSEZ, India’s largest
ports and logistics company,
glomerate, did
not specify for
efforts, however, were
dealt a blow early last
In a statement, the group, which has
promised to invest ~21,000 crore in the
formation in operat-
ing efficiency and
local searches in India: Justdial has elevated CEO Karan Adani
to the role of managing direc-
what it would
use the pro-
year after US short-seller
Hindenburg Research
project, said it roped in design firm Sasaki,
consultancy firm Buro Happold as design
profitability at a
booking level over a
About63percentofonlinesearches on hyperlocal search platform tor, a position which was held ceeds. alleged improper use of planners for the project as well as some span of two or three
Justdial came from tier-2and-3cities,accordingtoastudy by Gautam Adani, Chairman of Adani Ports, tax havens and stock experts from Singapore Housing quarters, while
releasedbythecompany. The study found that smaller towns in the Adani Group,” the com- which operates 13 manipulation by the Development Board. The statement did simultaneously
India searched twice as much as big cities on the platform. group, claims not mention any timeline. The Adani growing our scale
Schools, restaurants, hospitals, beauty parlours, and PG Karan Adani (pictured) earlier held the the group group had in November 2022 won the bid by a factor of over
accommodation services were some of the top searched position of CEO denied. to redevelop Dharavi, with an initial 20 per cent,” Moran
categories by Indians, according to the report. ASHUTOSH MISHRA equity investment of ~5,069 crore. PTI told Business
Standard in a video
interview. The
Indian market com-

No such thing as EVs vs hybrids; both sister tech: TKM’s Gulati “INTHEFIRSTQUARTER
prises around 90
per cent
Zoomcar’s business.
of

Moran said the

DEEPAK PATEL hybridsarealsoanintegralpartofthat OFCALENDARYEAR2023, Bengaluru-based
New Delhi, 3 January
STEPPING ON THE GAS electrification.”
“ForeveryhybridcarthatIsell,Iam
WEWEREBRINGINGIN company, which
has more than
There is no such thing as electric ver- nTKM’s unit sales n% change Y-o-Y sellinganelectricpowertrain(whichis ALOSSOFUPTO~500 20,000 active
sus hybrid vehicles, and the develop-
Note: Data 76,111 2,21,356
inthathybridcar).Thisalsodrivesup PERBOOKING.BYTHE supply listings,
ment of more strong hybrid vehicles thevolumesofengines,motors, managed a turn-
will assist in developing the auto com-
includes internal
combustion 1,39,566 1,51,480 1,26,701 1,30,768 1,60,357 batteries,etc,thatarecommonacross
THIRDQUARTER(ENDED around in 2023. “In
ponent ecosystem, ultimately lower-
engine and
strong hybrid bothtechnologies...Thiswillincrease SEPTEMBER),WEWERE the first quarter of
ing the costs of developing EVs, models
Source: Company
thepaceofinvestmentand ABLETOINVERTTHAT calendar year 2023,
Vikram Gulati, country head and sen- 2017 2018 2019 2020 2021 2022 2023 localisationandthereby,thecostof we were bringing in
ior vice-president (corporate affairs), partswilldecreaseandhence,thecost TOBECOMINGUPTO a loss of up to ~500
NA 8.5 -16.4 -39.9 71.8 22.6 38.0
Toyota Kirloskar Motor (TKM), told ofbothtechnologieswilldecrease.I ~700POSITIVE” per booking. By the
Business Standard. thinkthecostfactorisgoingtobe third quarter
Overthepastthreequarters,the criticalgoingforward,”Gulatinoted.
GREG MORAN,
“ITHINKTHECHALLENGEFORUSTODAYISHOWDOWEWORKTOGETHER Co-founder & CEO, Zoomcar (ended September),
salesofstronghybridcarsinIndiahave “Asofnow,thegovernmenthas we were able to
shownaconsistentupwardtrend TORAPIDLYSHIFTTOWARDSGREENERTECHNOLOGIES.ITNEEDNOTBE doneatremendousjobwiththekindof invert that to
comparedtoelectriccars.IntheJune JUSTELECTRICANDHYBRID.ITCOULDBEETHANOL-BASEDVEHICLES” subsidyandlowGSTthathasbeen becoming up to ~700 positive,” he said.
quarterof2023,14,399stronghybrids giventoelectriccars.Theyhavebeen He denied recent reports that the Delhi gov-
and25,186electriccarsweresoldinthe VIKRAM GULATI, country head and senior vice-president instrumentalinpushingupthe ernment’s transport department has cancelled
country.MovingtotheSeptember (corporate affairs), Toyota Kirloskar Motor demandfortheseEVs.Butgoing Zoomcar’s operating licence.
quarter,stronghybridswitnesseda forward,theindustryhastobecome “Through the Zoomcar model, we essentially
surgeinsales,reaching22,023units, samedirectionwheresocietywantsto suchthingasEVversushybrid.Ithink hybridcarmarketinIndia.Itsells self-sustainingandforthat,both act as an aggregator for leasing. The business does-
whileelectriccarsalesdeclinedto move.Whetheritisshiftingawayfrom itisEVandhybridversusthe hybridvariantsintheHyryder,Innova hybridsandelectrics,working n’t operate under the purview of any operating
23,945units.IntheDecemberquarter, fossilfuels,loweringcarbon traditionaltechnologiesofgasoline Hycross,andCamrymodels. together,areneededtocreatethat licence tied to a self-drive or motor vehicles act. It
salesofstronghybridcarsinIndia emissions,reducinglocalpollution— andotherfossilfuels,”headded. AtulSood,vicepresident(salesand ecosystem(oflocalisation),”headded. has no bearing on our platform or the overall busi-
reached24,250units,surpassingthose boththetechnologiescontribute Themarketshareofstronghybrid strategicmarketing),TKM,saidthe WhileEVsaretaxedatjustfiveper ness. Delhi remains one of our top three markets
ofelectriccarsat19,869unitsforthe towardsthat,”Gulatistated. carsinIndiasurgedfrom0.5percent aforementionedsalestrendhasbeen cent,hybridcarsarecumulatively across the country and we anticipate the market
firsttimeinanyperiod. Accordingtogovernmentstudies,a in2022toabout2percentin2023.On fora“veryshortterm”.Headded,“Just taxedat43percentinIndia. to grow very well,” Moran said.
“Itisreallynotabouthybridversus stronghybridispracticallyhalfanEV theotherhand,themarketshareof oneortwoquartersdonotgiveusthe Soodsaidthatthecompany’s The company, which was founded in 2013 and
electricvehicles(EVs).Botharesister becauseitruns40percentofthe electriccarsincreasedfrom2percent indicationforthefuture.Theoverall approachistosatisfytheneedsofall is focused on emerging markets, connects hosts
technologiesthatarecomplementary distanceand60percentofthetimein in2022toabout2.2percentin2023. journeyistowardselectrification. typesofcustomersanditwill with customers who can choose from a selection
toeachotherandareaimedinthe theEVmode,henoted.“So,thereisno TKMistheleadingplayerinthestrong Thereisnodoubtaboutit.Strong continuallyworkonthat. of cars to rent.

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

Gurnani joins Burmans call

for probe
Meeshorecruits150incampus
upGrad board againstSaluja
hiring,totakeinmorethisyear
PEERZADA ABRAR force, in another round of job cuts at the e-
KEY FINANCIALS commerce firm with an eye on profits and

in Esops case
Bengaluru, 3 January
Focusonglobalgrowthasindependentdirector Online marketplace Meesho said it has Audited H1FY24 data
reduced costs. Vidit Aatrey, Meesho’s co-
founder and chief executive officer, had
PEERZADA ABRAR recruited more than 150 candidates from Revenue from ~3,521 cr then admitted "judgement errors in over-
Bengaluru, 3 January PRESS TRUST OF INDIA college campuses during 2023 and plans to operations p 37% Y-o-Y hiring" in a May 5 letter to his employees.
New Delhi, 3 January take in more than 200 people in 2024,rais- But signalling changing fortunes,

I
T industry veteran CP Gurnani ing hopes of a revival in hiring sentiment. Loss ~141 cr Meesho recently said its loss narrowed
has joined the board of edtech The Burman family on Wednesday called The SoftBank-backed company has q 90% Y-o-Y* 48.42 per cent from ~3,251 crore in FY22 to
unicorn upGrad. for an investigation into the allotment of 8 hired for profiles such as technology and *The company was profitable in Q2 FY24 ~1,675 crore in FY23. Revenue from opera-
Source: Company
The 65-year-old had recently per cent share of Religare Finvest Ltd to product development, analytics, customer tions for FY23 grew 77 per cent over the
retired as Tech Mahindra’s managing Religare Enterprises Chairman Rashmi experience, monetisation and finance. previous year to ~5,735 crore. This growth
director and chief executive officer and Saluja through employee stock ownership Non-tech roles like strategy and operations Meesho. was achieved as the company continued
had stepped down as the non-execu- plans (Esops). have witnessed an uptick in salary pack- In April 2022, Meesho said it had down- to be the most downloaded shopping app
tive and non-independent director of Terming the allotment as “unfortunate”, ages compared to last year. sized its grocery vertical and laid off about in India in 2022 and 2023. There was an
the IT major on December 20, 2023. the Burman family, the largest shareholder “Meesho’s campus hiring has resumed 150 employees. According to the media increased transaction frequency of its exist-
As an independent director, of Religare Enterprises Ltd (REL) in which on a significant scale, indicating the com- reports, the actual number of employees ing customers, a widening category mix
C P Gurnani, former MD & CEO
Gurnani will prioritise the global it collectively owns 21.24 per cent through pany’s strong trajectory in 2023 and robust impacted at that time was about 400. and a redoubled focus on improving mone-
of Tech Mahindra, will work to make
expansion of the company, upGrad its entities, said the process “raises a ques- road map for 2024,” said Ashish Kumar In May last year, the company laid off tisation through various value-added seller
upGrad a highly export-oriented
said. His focus will be to work with the tion mark on the management and the Singh, chief human resources officer, 251 employees, or 15 per cent of its work- services, the company said.
product, the edtech firm said
leadership teams to turn upGrad into independence of the independent direc-
a highly export-oriented product, tap- chairperson, upGrad said bringing tors” of the diversified financial
ping into opportunities in B2B (busi-
ness-to-business) and B2C (business-
independent directors like Gurnani on
board is not only about corporate gov-
services firm.
The Burman family, the promoter of
Coforge Limited
to-consumer) markets. ernance, but they also provide maxi- Dabur India and other entities such as CIN: L72100DL1992PLC048753
“It's interesting to observe how mum value, and challenge the Eveready Industries, had in September Regd Office: 8, Balaji Estate, Third Floor, Guru Ravi Das Marg, Kalkaji,
New Delhi-110019. Ph: 91 (11) 41029297
upGrad is reversing the pyramid, founders in many ways. announced a ~2,116 crore open offer to the Email: [email protected] Website: https://www.coforge.com
empowering millions, and addressing Screwvala said the firm is set to shareholders of REL to acquire up to 26 per NOTICE OF LOSS OF SHARE CERTIFICATE
the rising demand for upskilling, par- embark on a journey of driving sus- cent stake in the company. Notice is hereby given that the following share certificates issued by the Company is
ticularly in times of AI,” said Gurnani. tainability. There’s a very strong “It is unfortunate that a solitary executive reported lost/misplaced by the shareholder/s. The shareholder/s has thereof applied to
“It is creating a talent pipeline for the demand coming out of global econ- has cornered a significant quantum of remu- the Company for the issuance of duplicate share certificate:
world, and I am committed to guiding omies for constant learning. He said neration through Esops at REL, Care Health Folio Name of the Jointholder Certificate No. of
them on building more smart content that learning, skilling, and workforce Insurance Limited, and RFL, all without No. Distinctive Nos.
Registered holder 1 No. Shares
and individualised learning trajec- development continue to enjoy a rep- approval and requisite disclosure to REL 436 Prafulbhai C Patel Rekhaben
441 10674553 - 10674608 56
tories for learners from diverse back- utation of being one of the very impor- shareholders,” a statement from the Burman P Patel
grounds and geographies.” tant & transformative sectors of the family spokesperson said. Rekhaben
433 Prafulbhai C Patel 438 10674236 - 10674291 56
Ronnie Screwvala, co-founder and 21st and 22nd centuries. Further, the spokesperson said, “This P Patel
434 Naginbhai Jyotsanaban
raises a question mark on the management 439 10674292 - 10674384 93
Chandubhai Patel Naginbhai Patel
and the independence of the independent
Naginbhai
Vi senior exec Balaji Ex-Infy HR chief Lobo directors and their complicity in such unjus-
tified dole outs.” Rashmi Saluja is also the
437
Parulben
Amrishkumar Patel
Chandubhai
Patel
442 10674609 - 10674626 18

resigns, joins A-I now TechM CHRO chairperson and managing director (CMD)
of Religare Finvest. There was no immediate
Any person who has claim in respect of the above shares should communicate the same
to the Company at its Registered Office (at above address) within 15 (fifteen) days from
Private carrier Air India (A-I) on Mumbai-headquartered IT major response from Religare. the date of this advertisement. The Company shall thereafter proceed to issue duplicate
Wednesday named P Balaji the group Tech Mahindra on Wednesday According to a media report, Saluja got share certificate/s in respect of these shares. Thereafter any person dealing with such
head for governance, regulatory, announced the appointment of allotted approximately 21.4 million shares, share certificate/s will be doing so solely at his/her own risk as to costs and
compliance and corporate affairs. Richard Lobo as chief people officer, constituting 8 per cent of RFL, an unlisted consequences and the Company shall not be responsible for it in any manner.
Balaji had earlier served a nearly effective January 3. Prior to joining subsidiary of REL through Esops, a day after For and on behalf of
decade-long stint at Vodafone Idea, Tech Mahindra, he was the executive the Burman family announced an open offer Coforge Limited
where he spearheaded the regulatory vice president and HR head at Infosys. to buy additional shares for the control of Sd/-
and public policy functions. PTI SHIVANI SHINDE the conglomerate. Dated : January 03, 2024 Barkha Sharma
Place : Noida Company Secretary

Vedanta Resources’
bondholders back Registered Office: Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001, India

debt restructuring Tel.: +91 22 6665 8282 Email: [email protected] Website: www.tatasteel.com
Corporate Identification Number: L27100MH1907PLC000260

Anil Agarwal-led Vedanta certain waivers.

COMPANY SCHEME APPLICATION CA (CAA) NO. 246/MB/2023
Resources said on Wednesday It received consent from
it received bondholders’ sup- about 97 per cent to 100 per IN THE MATTER OF THE SCHEME OF AMALGAMATION AMONGST TATA STEEL LIMITED
port to restructure some of its cent of bondholders across AND ANGUL ENERGY LIMITED AND THEIR RESPECTIVE SHAREHOLDERS
near-term debt, easing repay- the four series of bonds, sur-
ment pressure on the parent passing the required thres-
Tata Steel Limited
of Indian metals conglomerate hold of 66.67 per cent, it said
Vedanta Ltd . in a regulatory filing. A company incorporated under the provisions of the Indian Companies Act, 1882
Vedanta Resources last “The overwhelming con- and a public limited company within the meaning of the Companies Act, 2013,
year proposed restructuring sent to the revised terms will and having its CIN: L27100MH1907PLC000260 and its Registered Office at
four series of bonds, including take immediate pressure (off) Bombay House, 24, Homi Mody Street, Fort, Mumbai 400 001, Maharashtra
two due for maturity in 2024, Vedanta to repay the debt ….Transferee Company
one in 2025 and another obligation,” Vedanta
in 2026, to ease its mas- Resources said. The
NOTICE FOR REGISTRATION OF E-MAIL ADDRESS BY THE EQUITY SHAREHOLDERS OF TATA STEEL LIMITED FOR
sive debt burden. green light from
The group, which investors came THE UPCOMING NCLT CONVENED MEETING
has an outstanding despite S&P
debt of $6.4 billion - Global Ratings’ An application under Section(s) 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 was presented before the
including a $4.5 bil- December down- Hon'ble National Company Law Tribunal, Mumbai Bench ('Hon'ble Tribunal' or 'NCLT') for sanctioning the Scheme of Amalgamation amongst Tata Steel Limited ('Transferee Company' or
lion payment due by grade of Vedanta 'Company') and Angul Energy Limited ('Transferor Company') and their respective shareholders ('Scheme').
fiscal 2025 - has been Resources.
seeking to extend debt REUTERS This is to inform that the Hon'ble Tribunal vide its Order dated December 14, 2023 passed in the Company Scheme Application CA (CAA) No. 246/MB/2023 ('Order'), has directed inter alia that a
maturities, meeting of the Equity Shareholders of the Transferee Company be convened and held on Friday, February 9, 2024 through video-conferencing or other audio-visual means ('VC/OAVM')
and amend
('Meeting') to consider and if thought fit, approve, with or without modifications, the Scheme.
some bond
terms and
Pursuant to the Order of NCLT, the Company is convening the meeting of equity shareholders on Friday, February 9, 2024 at 11: 00 a.m. (IST) only through VC/OAVM mode in compliance with
the provisions of the Companies Act, 2013 ('Act') read with the applicable general circulars issued by the Ministry of Corporate Affairs, Regulation 44 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations'), other applicable SEBI Circulars and Secretarial Standard on General Meetings as issued by
ArcelorMittal,IITMadras The Institute of Company Secretaries of India ('SS-2').

joinhandsforHyperloop The Company has considered Friday, December 29, 2023 as the Cut-Off Date for sending the Notice of the Meeting to the Equity Shareholders of the Company whose name is recorded in the
Register of Members maintained by the Company/Registrar and Transfer Agent or in the Register of Beneficial Owners maintained by the Depositories. In compliance with the provisions of the
Steel giant ArcelorMittal has partnered with the Indian Order of NCLT and the applicable MCA Circulars, the Notice of the NCLT Convened Meeting along with the Statement and related Annexures will be sent through electronic means to the equity
Institute of Technology (IIT) Madras to build “Asia’s first” shareholders of the Company whose e-mail addresses are registered with the Company/Depository/Depository Participant/Registrar and Transfer Agent ('RTA'). The Notice, Statement and
Hyperloop test track facility in Chennai, the company said related Annexures will be also made available on the website of the Company at www.tatasteel.com and on the website of the stock exchanges where equity shares of the Company are listed
on Wednesday. i.e., BSE Limited at www.bseindia.com and the National Stock Exchange of India Limited at www.nseindia.com and on the website of National Securities Depository Limited ('NSDL') at
The firms, ArcelorMittal and ArcelorMittal Nippon Steel www.evoting.nsdl.com. The Company shall send a physical copy of the Notice, Statement and related Annexures to those Members who request for the same at [email protected] mentioning
India (AM/NS), are providing foundational steel materials as
their Folio No./DP ID and Client ID. The copy of the Notice and related documents will also be available free of charge at the Registered Office of the Company.
well as engineering, design, and project management expertise
to support the construction of Asia’s first Hyperloop test track
at the 163-acre Discovery campus of IIT Madras, located at The detailed instructions with respect to the participation of Members at the NCLT Convened Meeting will be provided in the Notice convening the Meeting. Members attending the Meeting through
Thaiyur on the outskirts of Chennai, a company release said. VC/OAVM shall be counted for the purpose of quorum in terms of Section 103 of the Companies Act, 2013.
ArcelorMittal is collaborating with the IIT Madras’s
Hyperloop Technology teams — Avishkar Hyperloop, a The Company will provide the facility of remote e-voting prior to the Meeting as well as e-voting during the Meeting, using the services of NSDL to those shareholders who hold shares of the
student team, and TuTr Hyperloop, a startup incubated in Company as on the Cut-Off Date for e-voting i.e. Friday, February 2, 2024 to cast their votes on the resolution set out in the Notice of the Meeting. The detailed instructions for remote e-voting
IIT Madras, for the project. The Ministry of Railways is also a
before the Meeting/e-voting during the Meeting will be provided in the Notice.
key partner. PTI

Members who have not registered their e-mail addresses with the Company/RTA are requested to follow the process mentioned below and register their e-mail addresses by 5:00 p.m. (IST) on
Wednesday, January 31, 2024 so as to receive electronically (a) the Notice of Meeting; and (b) login ID and password for remote e-voting:

Share of GCCs in office a) Visit the link: https://tcpl.linkintime.co.in/EmailReg/Email_Register.html

transactions rises to 35% b) Select the name of the Company from drop-down: Tata Steel Limited
c) Enter details in respective fields such as DP ID and Client ID (if shares held in electronic form) / Folio no. and Certificate no. (if shares held in physical form), Shareholder name, PAN, mobile
India has been witnessing a steady rise in investments number and e-mail id
towards setting up global capability centres (GCCs) in the d) System will send One Time Password ('OTP') on mobile no. and e-mail id
country, and their share in the total office real estate e) Enter OTP received on mobile no. and e-mail id and submit.
transactions rose to 35 per cent in 2023 from 25 per cent in
2022, real estate consultancy Knight Frank said in a report After successful submission of the e-mail address, NSDL will e-mail a copy of this Notice along with the e-Voting user ID and password. In case of any queries, Members may write to
on Wednesday. [email protected] or [email protected].
According to the report, GCCs recorded an increase of 58
per cent in transaction volume during the year from 13.2 mil-
lion square feet (msf) in 2022 to 20.8 msf. The total office Process to register e-mail addresses permanently: Members are requested to register their e-mail address with their concerned Depository Participants, in respect of electronic holding and in
market saw transactions worth 59.6 msf in 2023, the highest respect of physical holding, please visit https://tcplindia.co.in/client-downloads.html to know more about the registration process.
ever. GCCs provide services to an offshore company. The off- Tata Steel Limited
shore company has complete ownership of the entity that Sd/-
buys the space. The primary catalyst, the report said, was the Parvatheesam Kanchinadham
evolving attitude of global corporations, which now lean Company Secretary &
towards owning their resources while expressing a favourable
January 3, 2024 Chief Legal Officer (Corporate & Compliance)
inclination towards India for establishing such setups. It also
cited the country’s strong economy for the shift. Mumbai Membership No. ACS: 15921
RAGHAV AGGARWAL & ANEEKA CHATTERJEE

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 4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 4 JANUARY 2024 1

Guj inks deals

worth $86 bn
Manufacturing PMI ‘Future strategy is to
hits 18-month low sustain this growth’
ahead of summit DINANATH DUBHASHI, managing director (MD) and chief executive officer (CEO), L&T Finance Holdings, says
the company has over-achieved the Lakshya 2026 targets two and half years ahead of schedule. In an
Signs MoUs with 58 companies
in Dec on low output
interview with Manojit Saha for the Business Standard Banking Show, Dubhashi says the focus will be to
keep asset quality and profitability pristine. Edited excerpts:
REUTERS cle mobility, hydrogen blend-
Ahmedabad, 3 January ing with natural gas, produc- Two years ago, a
tion of green chemicals such strategic road map — THE BUSINESS STANDARD
Gujarat government on
Wednesday signed initial
as ammonia and methanol,
and 5 Gw hydrogen-based
Sector continued to expand, albeit at a softer pace: Survey Lakshya 2026 — was
initiated. Where does BANKING SHOW
investment agreements
worth ~7.17 trillion ($86.07 bil-
energy storage projects, the
official added.
SHREYA NANDI
New Delhi, 3 January GROWTH TRAJECTORY DINANATH DUBHASHI
L&T Finance stand in
terms of achieving the
lion) with 58 companies oper- Torrent Power similarly Factory output in Dec was the lowest since June 2022 MD & CEO, target?

T
ating in sectors such as ener- signed an agreement to invest he HSBC India L&T Finance Holdings Lakshya was a strategy,
gy, oil and gas, and chemicals, $5.69 billion to create solar Manufacturing which was made from
SCAN THE CODE TO
it said. power projects with 3,450 Mw Purchasing Managers’ FY22 to FY26 and that strategy had only one
WATCH THE INTERVIEW
The home state of Prime and 7,000 Mw capacity, green Index, compiled by S&P goal — to establish or transform L&T Finance
Minister Narendra Modi, hydrogen and ammonia Global, fell to an 18-month low into a digitally-enabled customer-centric
Gujarat has been signing manufacturing plants, and in December at 54.9 from 56 retail finance company, and a leading one. where our target was 3 per cent, we have
these agreements ahead of its distribution networks in in November, tamped down We set four quantitative targets. already reached 3.3 per cent as of
biennial Vibrant Gujarat cities including Ahmedabad by a weaker rise in new orders About two and half years back, September 2023.
Global Summit, which is and Surat. and output. we were almost a 50-50
scheduled to take place in Both NTPC and Torrent Despite the decline, the wholesale-retail company. You have over-achieved your target two years
state capital Gandhinagar did not immediately respond December figure marked 30 We said that by March 2026, we will before date. So, what is the next phase of
from January 10 to 12. to a request for comment. months of the index remain- become at least 80 per cent retail. Second was growth, say over the next 2-3 years?
The companies that The summit is expected to ing above 50. that we will grow retail, Lakshya 26 is a four-year
signed the pacts included draw a record number of for- A survey print above 50 because we didn't want to plan and we will stick to it.
NTPC Renewable Energy eign and domestic investors indicates manufacturing achieve that only by reducing But the very important part
Limited, which proposed an
investment of $10.80 billion)
to the western state this
month in what is being seen
expansion and below that
marks contraction.
wholesale. Also, we will grow
retail book by at least 25 per
“(OUR) RETAIL LOAN is we realise that we have
achieved all the ratios. The
to create 15 gigawatt (Gw) as Modi’s big push to promote According to the private cent every year. Third was, BOOK IN SEPTEMBER important thing for us is to
renewable energy parks and investment in the country survey, the sector was still Note: A survey print above 50 indicates manufacturing Source: S&P global while doing this growth, we (WAS) CLOSE TO ABOUT keep growing from here at
projects to meet the agricul- just months ahead of its expanding strongly in expansion and below that marks contraction should keep asset quality this rate, while keeping
tural sector’s power needs, a national election, where he December despite a “loss of pristine. And because of that,
~70,000 CRORE. AND asset quality and
senior Industries Department will seek a third term. growth momentum”. There favourable market conditions, national order receipts at we set a goal that our gross net WE ARE VERY CONFIDENT profitability pristine.
official said.
NTPC also proposed a fur-
The state government had
signed similar investment
were softer, albeit sharp,
increases in factory orders
fairs, and expositions collec-
tively induced another sharp
goods producers in India.
There were gains from
performing asset (GNPA), GS3
as it is called, should be
THAT WE ARE GROWING And hence, the future
strategy is all about
ther investment of $8.40 bil- agreements totalling $18.75 and output, while business increase in manufacturing in clients in Asia, including West maximum 3 per cent for retail, BY MORE THAN 30 PER sustaining this growth.
lion for fuel cell electric vehi- billion last month. confidence towards the year- December. Asia; Europe; and North and NS3, net stage 3, should be CENT YEAR ON YEAR” We have already put that
ahead outlook strengthened. However, the rate of America, and new export a maximum 1 per cent. strategy in place for the next
“India’s manufacturing expansion softened to the sales expanded at a moderate Lastly, all of this should 4-5 years also, and March
sector continued to expand in weakest since October 2022 pace — one of the two slowest convert into profitability. 2026 will be a part of it.
IN BRIEF December, although at a soft- even as it remained above its rates in eight months. So, we set a target of 2.8-3
er pace, following an uptick in long-run average. Growth was Goods producers signalled per cent for retail return on What is your loan book now
India will maintain export the previous month. The
growth of both output and
curbed by fading demand for
certain types of products.
a further uptick in purchasing
costs at the end of the 2023
assets (RoA). These were the
four targets we set. Retail has
and where do you see it by
March end?

figures of last year: Goyal new orders softened, but on

the other hand, the future out-
“In a similar vein to the
trend for output, new orders
calendar year. Among the
items reported to have been
already become 88 per cent.
We are confident that we
Retail loan book in
September was close to
Commerce and Industry Minister Piyush Goyal on Wednesday put index rose since placed with Indian manufac- up in price were chemicals, will end this year well about ~70,000 crore.
exuded confidence that during this financial year, the country will November. Rates of increase turers rose sharply but to a paper and textiles. Little above 90 per cent, closer We are very confident
maintain last year’s export figures despite slowdown in global trade. in input and output prices lesser extent in December. changed from November, to 95 per cent. As far as that we are growing by more
He said that India’s exports of goods and services rose to $776 billion were broadly unchanged,” The pace of expansion was the however. The rate of inflation retail growth is concerned, the than 30 per cent year-on-
in 2022-23 from $500 billion two years ago. “Globally growth has said Pranjul Bhandari, chief slowest seen in a year-and-a- was negligible by historical target was 25 per cent year (Y-o-Y). If we maintain
been negative, international trade is in the negative territory, India economist, HSBC. half,” it said, adding that the standards and was the sec- growth, and we have that growth rate, we should
estimates are that this year international trade may fall, and in that The private survey noted December data showed a 21st ond-weakest in just under consistently achieved more be close to ~80,000 crore by
perspective after having grown so rapidly we are looking at a phase new business gains, consecutive increase in inter- three and a half years. than 30 per cent. Retail RoA, the end of the year.
of consolidation,” the minister said. PTI

Wheat output may hit record

114 million tonnes in 2023-24 India Ratings raises FY24 growth FAME-II SCHEME
Wheat production is expected to touch a new record of 114 million
tonnes in the ongoing 2023-24 crop year on higher coverage and
provided weather conditions remain normal, a top food ministry
forecast, flags fiscal challenges FinMin gives
official said on Wednesday. The last leg of sowing of wheat, the
main rabi (winter) crop, is underway and will continue till next
week. Till last week, wheat was planted in 320.54 lakh hectares, as
per the official data. Wheat production stood at a record 110.55
Says fiscal deficit may UPWARD REVISION
touch 6% of GDP Growth forecast revisions for FY24 (%) n Earlier n Revised
Fitch: APAC growth to
remain strong in ’24
approval for
million tonnes in the 2022-23 crop year (July-June), compared to
107.7 million tonnes achieved in the previous year. PTI
against 5.9% target
RUCHIKA CHITRAVANSHI
6.70
6.30 6.30 6.30 6.30 6.30
6.50
7.00

6.20
6.70 The economic growth in Asia Pacific
(APAC) will remain strong in 2024 and
GDP is expected to grow by about 5
additional
~1,500 crore
New Delhi, 3 January 6.10 6.00 per cent in India and a host of
‘Problems in Red Sea will not India Ratings and Research (Ind-
emerging market countries, Fitch
Ratings said in its report titled ‘APAC
impact India’s maritime trade’ Ra) on Wednesday revised India’s
GDP growth estimate for FY24 to
IMF World ADB OECD RBI India
Cross-Sector Outlook 2024’. It said
the outlooks for the banking sectors NITIN KUMAR
Ports, Shipping and Waterways secretary T K Ramachandran on 6.7 per cent from 6.2 per cent pro- in India and Indonesia move to New Delhi, 3 January
Bank Ratings
Wednesday said the problems in the Red Sea will have “no jected earlier. improving in 2024. PTI
impact” on India’s maritime trade with the rest of the world. The The rating agency, however, Source: Respective agencies The Union finance ministry has sanctioned an
situation around the Bab-el-Mandeb Strait, a crucial shipping said that meeting the fiscal deficit additional ~1,500 crore for the second phase of
route connecting the Red Sea and the Mediterranean Sea to the target for the current financial global headwinds is the other fac- a pick-up in investment demand Indian merchandise exports the Faster Adoption and Manufacturing of
Indian Ocean, has escalated due to recent attacks by Yemen- year would be challenging due to tor for the higher projection, with green shoots visible in pri- declined 6.5 per cent year-on-year Electric Vehicles in India (FAME-II) programme,
based Houthi militants. The strait, vital for 30 per cent of global higher-than-budgeted revenue it said. vate capex. Ind-Ra expects gross in April-November of FY24, serv- addressing fears that funds could run out before
container traffic, has seen increased tensions with various expenditure. “Higher-than-budgeted rev- fixed capital formation to grow 9.5 ices trade surplus grew 18.1 per the scheme ends in March 2024 due to robust
incidents in 2023, including attacks and military manoeuvres by In its report, the rating agency enue expenditure triggered per cent in FY24. cent for the same period. electric vehicle (EV) sales.
regional and global powers. PTI said the upward revision in GDP through the first and likely sec- “Fiscal challenges faced by the The report also said that the A proposal to increase the outlay for FAME-
growth projection for FY24 is due ond supplementary demand for government mainly due to lower current consumption demand is II from ~10,000 crore to ~11,500 crore was
to the resilience of the Indian grants in combination with low- nominal GDP growth (9.6 per skewed in favour of the goods and approved by the department of expenditure
Kotak Mahindra Bank names economy, which grew 7.6 per cent
in Q2FY24, sustained government
er-than-budgeted nominal GDP
will push the fiscal deficit to 6 per
cent) than the budget assumption
(10.5 per cent) may lead to lower
services consumed largely by
households belonging to the
(DoE) on January 2.
The budget was approved considering the
Anupam Kaura new HR chief capex and deleveraged
balance sheet of corporates and
cent of GDP, 10 bps higher than
budgeted 5.9 per cent,” it said.
capital expenditure by the union
government and may also reflect
upper-income bracket.
“Sustained real wage growth
scheme’s objectives in promoting EVs.
The government had till December 26
Days after its new chief executive Ashok Vaswani assumed the banking sector. The report said it expects retail in gross fixed capital formation of the households belonging to utilised ~8,948 crore of the
office, Kotak Mahindra Bank on Wednesday announced the The prospect of a new private inflation to cool off to 5.1 per cent growth in FY24,” the report said. the lower income bracket is an ~10,000 crore funds allocat-
appointment of Anupam Kaura as its chief human resources corporate capex cycle along with and 4.7 per cent in the third and The rating agency also said imperative for a sustainable and ed under the scheme.
officer. Kaura, who joins the private sector lender from Crisil’s sustained momentum in software fourth quarters respectively of that weaker global trade and eco- broad-based recovery in con- “This department
London office, has been appointed to “spearhead organisational services exports and remittances this financial year. nomic growth are reflected in sumption demand,” the (DoE) conveys its
transformation”, according to a statement. PTI from the rest of the world despite The rating agency also expects Indian export growth. While report said. approval for the propos-
al seeking enhance-
ment in the budget allo-
cation under FAME

Life insurers ramp up presence in Tier-II, Tier-III cities India Phase II from
~10,000 crore to ~11,500
crore until March 31,
2024,” said a DoE order.
By injecting
supplementary
Presence rose 3.5% “The increase in the number of By injecting supple- funds, the

in FY23 to 1,311 offices NUMBER OF OFFICES OF LIFE INSURERS OVER THE YEARS offices can be seen as an effort to
increase penetration and companies
mentary funds, the gov-
ernment has raised its
government
has raised its
nTier-II nTier-III will have to go deeper to increase vehicle support objec- vehicle support
AATHIRA VARIER penetration and awareness of tives for all categories objectives for
1,850

1,846

1,856
1,829

1,815

Mumbai, 3 January insurance. During the pandemic, except buses. all categories
insurance companies were facing The target to support except buses
The overall physical presence of life high payouts and companies were the number of vehicles
1,357

1,342

1,294

1,311
1,267

insurance companies in Tier-II and pulling down on their expenses. Now, was raised from 1.56
Tier-III cities increased in FY23 since the conditions have stabilised million to 1.74 million.
compared to a year ago period on companies are making these The target for electric two-wheelers (e2Ws)
account of the higher impetus given to investments to boost business,” said was raised by 50 per cent to 1.55 million, while
financial inclusion by the government Karan Gupta, Director and Head of FI, for e3Ws, it was reduced by 68 per cent to
and insurance regulator, as well as 2019 2020 2021 2022 2023 India Ratings. 155,536. It was reduced for e4W by 13 per cent
recovery from the Covid-19 pandemic, Source: Irdai According to the report, as of to 30,461.
according to the latest data released March 31, 2023, the public sector life The target for buses was increased to 7,262
by the Insurance Regulatory and 2022-23 in Tier-II cities. Likewise, in an increase in the number of offices,” office spaces used during 2019 – 2022, insurer had offices in 688 districts out units from 7,090.
Development Authority of India Tier-III cities, the presence had said Vivek Iyer, Partner, Grant with organisations moving to work- of 750 districts in the country covering EV sales this year have witnessed a robust
(Irdai). dropped to 458 offices from 500 Thornton Bharat. from-home mode. Many insurers had 92 per cent, whereas the private sector increase of over 45 per cent in 2023, notwith-
It is the first time that there has offices before jumping back to 496 “Also, during the pandemic, it was freed up office spaces that weren’t insurers had offices in 604 districts standing the subsidy cuts and regulatory shifts.
been growth in the number of offices offices during the period under these people in Tier-II and Tier-III being utilised,” said Subhankar covering 81 percent of all districts in Total EV registration figure in 2023 touched
since the financial year 2019-20. As consideration. cities that suffered the most and they Sengupta, Chief Marketing & the country. In 21 out of 36 states/UTs, 1.5 million units, significantly higher than last
per the data, during 2022-23, the Meanwhile, for the sole public will look at insurance as a way of Development Officer, IndiaFirst Life. all the districts were covered through year’s score of a little over 1 million.
presence of the life insurers rose by sector company – Life Insurance protecting themselves against similar In November 2022, Irdai life insurance offices. The number of EV penetration in the country increased to
nearly 3.5 per cent year-on-year (Y-o- Corporation of India (LIC), the growth hazardous situations,” Iyer added. announced a commitment to enable districts without a life insurance office 6.3 per cent in 2023 against 4.8 per cent in 2022.
Y) to 1,311 offices from 1,267 offices in of offices in the Tier-II cities saw a The pandemic period led to a ‘Insurance for All’ by 2047 whereby stood at 59 in the country, out of which The country has seen EV sales exceed one
2021-22. Similarly, in Tier-III cities, the nominal improvement to 562 from 561 decline in office spaces due to every citizen has an appropriate life, 49 districts belong to the northeastern million for two consecutive years.
growth was 2.21 per cent to 1,856 in 2021-22 and in Tier-III cities it rose increased work-from-home health and property insurance states. Going forward, insurers expect In 2024, the industry anticipates that sales
offices. from 1,357 to 1,360. arrangements. During the 2019-20 to coverage and every enterprise is the number of offices to further rise. of e2Ws alone will surpass the one-million mark.
The number of offices in these “The focus on financial inclusion, 2021-22 period, the number of offices supported by appropriate insurance The number of offices will reach pre- The government is engaged in developing
regions by the private life insurers had aim to increase insurance went down to 1,267 from 1,357 in Tier- solutions. The reformative agenda Covid levels to cater to the customer the forthcoming phase of the scheme.
consistently fallen from 801 in the penetration, recovery from Covid-19 II cities and declined to 1,815 from was taken by the regulator in line with base residing in the hinterlands which Considerations about its mandatory nature are
2019-20 period to 706 offices till 2021- pandemic and intention to build 1,850 in Tier-III cities. the Government of India’s vision of will require more branches in these being discussed within the Ministry of Finance
22 before recovering to 749 offices in customer trust has all together led to “The pandemic led to a drop in financial inclusion. markets, Sengupta added. and the Prime Minister’s Office.

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 .
NEW DELHI | THURSDAY, 4 JANUARY 2024 5 <

CANARA BANK : REIMAGINING BANKING

WITH ARTIFICIAL INTELLIGENCE
BS MARKETING INITIATIVE

Canara Bank’s Tech push-Data analytics launched QUOTES

Sky is the limit : MD & CEO, K Satyanarayana Raju DnA is all about harnessing the
full potential of data, capacity
building and drive the banking
operations to the future of growth”

Q. WHAT ARETHE FUNCTIONAL

ADVANTAGES OF THE DATA — K Satyanarayana Raju, Managing
AND ANALYTICS (DnA) FOR Director and Chief Executive Officer,
THE CANARA BANK ? HOW Canara Bank
NICHE IS THIS TECH
INITIATIVE?

Answer: In a competitive field like the

present banking system we will
A giant step in Data manage-
not reach far without the technol-
In terms of banking ogy interfacing of our products,
ment and analytics, this will
revolutionise the way bank will reach
data analytics and data services and the future growth. I out to customers, will synergise
come from the banking industry process, products and services”
protection Canara working with banks that are fun-
damentallystrongdue to theirtech-
Bank’s ‘DnA’ could be nology push.When I took over as — Debashish Mukharjee
termed as mother of all the Executive director of Canara
Bank and later as the MD-CEO of
Executive Director, Canara Bank

innovations so far not the same bank, I realised the

banks that I worked with before
just in the history of were using technology much more
effectively and gaining a lot of
Canara Bank but ground in terms of growth, inno-
Data and Analytics (DnA) have
among the top techni- vation and designing the products.
I wanted to go one level up and been designed to generate leads
in the market.It will transform banking
cally sound banks in make technology integration in our
into a single window banking
operations an integral part.This
the country if not of the will help us in leveraging our reach
Photos by Saggere Radhakrishna repertoire.”
— Ashok Chandra
world. Canara Bank’s deeper and wider in terms of
effectiveness and carving a high-
design newer products with the
help of Data and Analytics. Our
BANK INTO A DIFFERENT
LEAGUE THAT MAY GIVE IN
discussions were held regarding
the IT integration into our opera- Executive Director, Canara Bank
Managing Director - er growth. Functionally,This tech key words under the DnA are A DOUBLE DIGIT GROWTH IN tions, receiving overwhelming
initiative will bring new manageri- Innovation, design, Execute and LESS TIME THAN THE AVER- support for the launch of our
Chief Executive Officer al traits like Data driven decision Accelerate.There is also a whole AGETIME IT TAKES. Data and Analytics arm.Our over-
making, product packaging and world of data outside our on board arching vision is to democratize
K Satyanarayana Raju innovative delivery systems. database which will give advan- Answer: Upon assuming the role of finance using Artificial Intelligence
spoke exclusively on Q. IT ISVERY INSPIRINGTO KNOW
tage of designing our products
and future processes. But at
MD-CEO at the Bank in February
2023, I established a dedicated
and Machine Learning tools,
facilitating a seamless transition The Lakehouse data concept
will take banking to the next
the sidelines of the THAT A PUBLIC SECTOR BANK certain point of time we must mo- business development commit- from traditional branch banking to
level in India, it is a departure from
IS NOW ON THE THRESHOLD tivate our human resources to tee. To enhance our decision- a digital banking ecosystem.The
launch event of Data OF A NEW WORLD OF BANK- keep harnessing the IT tools to board's substantial backing and
conventional data management.”
ING PROCESS BASED ON
and Analytics facility in DATA. ONE OF THE DnA’s
keep the cycle of Innovation, de-
sign, execute and accelerate.We
commitment have been instru-
mental in this endeavor.
— Hardeep Singh Ahluwalia
India’s silicon city MANDATES IS TO DEVELOP are in the process of training our Reflecting on the aftermath of the
Executive Director, Canara Bank
A DATA LAKE HOUSE IN A human resources to take this up Covid-19 pandemic, the banking
Bengaluru on Monday. DEPARTURE FROM DATA on a missionary zeal. sector faced a mere 4% growth
WAREHOUSING OFTHE EAR- rate, primarily attributed to the
He opened up his LIER ERA. Q. YOU ARE ONE OF THE FIRST heavy reliance on branch bank-
vision for the future of Answer: We have 10.5 crore
BANKS IN THE COUNTRY TO
HAVE INITIATEDTECHNOLO-
making processes with data and
analytics, I enlisted the expertise
ing. However, our innovative
approach, incorporating Data and
Landmark moment for Canara
Bank.DnA will connect the
his bank’s growth customers under our various GY STARTING WITH THE MAIN- of various IT companies, includ- Analytics solutions, aims to unconnected customer base,
products and services, one can FRAME COMPUTING IN 1985, ing Hewlett Packard, Microsoft, significantly reduce this depend- empowering them with new ways of
trajectory towards imagine the kind of data that is CANARA CARD IN 1991, NET- and NEC.Guiding us through this ency. The key challenge now lies banking and benefit them with
available with us and the kind of WORKED ATMs AND LATER transformative journey is our in sustaining the momentum on
double digit figure. things we can do for them in a LAUNCHING THE CBS. WITH Non-Executive Chairman, the HR front to swiftly accomplish
products and services”
— Bhavendra Kumar
Excerpts from the systematic way if we use the THE DnA YOU HAVE Vijay Srirangan, a renowned the paradigm shift and realize our
Executive Director, Canara Bank
data to generate ideas and LAUNCHED THE CANARA figure in the IT field. Board-level vision for the future.
interview:—

DACOE-Thon Canara V I SI ON A N D D R IV E T O MA K E C A N A R A B A N K A LE A D E R I N B A N K IN G

Bank’s Hackathon - New Canara Bank’sAvante

kids on the block! Garde onAI and ML
— M Raghuram

Harnessing the full potential of GenX techies

V
enturing into uncharted territories
of modern data management,
Canara Bank is embracing the
establishment of a Data Lake-
house.This avant-garde approach seam-
lessly blends the scalability inherent in da-
ta lakes with the performance and user-
friendliness characteristics of data ware-
The overwhelming houses. The strategic decision to adopt a
response to the event is Data Lakehouse is not arbitrary; it is a
deliberate move to harness the benefits of
a testament to its the existing Data Warehouse while simul-
success. Out of 256 taneously creating a scalable and cost-
effective repository capable of processing
submitted ideas, a diverse array of data types.
24 were shortlisted However, this move is not isolated; it is tionswithglobalgiantssuchasNECCorpo- forefront of technological innovation.
part of a broader, more comprehensive rationandHewlettPackardaddasignificant The adoption of cloud computing opens
for prototype strategy. Canara Bank is constructing an dimension to this initiative, marrying the an abundance of opportunities for the
submission, and 11 end-to-endDataAnalyticsplatform—atech- financial acumen of the bank with the tech- bank:
nological ecosystem designed to facilitate nologicalprowessoftheseindustryleaders.
made it to the jury a systematic and seamless approach to As Canara Bank propels itself into the • Automation of Multiple Processes:
evaluation and five of Analytics.This platform spans the entire future of banking technology, it recognises Streamlining operations through
lifecycle of data, from the moment of its the indispensable role of cloud computing. automation.
them made to the ingestion to the derivation of actionable To harness the benefits of Artificial Intelli- • Cloud-Native Data Mesh: Imple-
grand finale, held at a Team Key AI receives prize money of Rs.2 lakhs from MD-CEO of the Canara Bank
K Satyanarayana Raju, flanked by P Vasudevan, Executive Director, Reserve Bank of India and
insights and the creation of constructive gence (AI) and Machine Learning (ML) in menting a high-scalability, robust, and
glittering function Vijay Srirangan, Non Executive Chairman, Canara Bank
feedback loops.The overarching goal is to
bring structure and formality to the bank's
thecloud,thebankhasventuredintotheex-
pansive domain of Microsoft Azure Cloud. •
flexible data mesh.
Advanced InfrastructureTechnolo-
at Hotel Chancery “The online hackathon, launched on proactively identify and prevent present analytics activities, transforming Thisplatform,boastingend-to-endcapabil- gies: Embracing Containerisation,
Pavilion in October 20, 2023, centres around analyt-
ical themes, focusing on Customer Expe-
transactional frauds in real-time.
The overwhelming response to the event
them into a more system-driven paradigm.
InamovethatunderscoresCanaraBank's
ities,offersscalable,reliable,andadvanced
solutionstailoredtocatertoamyriadofAI/ML
Microservices, and Serverless
Computing.
Bengaluru city rience, Default Prediction, and Fraud Pre- is a testament to its success, with 2899 commitment to excellence, the bank has use cases. Collaborative efforts with M/s. • Exploring Uncharted Territories:
diction. These problem statements aim to participants registering from diverse back- forged strategic partnerships to materialise Biz-Metric and M/s.Microsoft underscores Delving into new realms like
— M Raghuram address critical areas and drive innovation grounds, spanning students to working the vision of its Data Lakehouse.Collabora- CanaraBank'scommitmenttostayingatthe Generative AI.
within the bank.Each theme comes with a professionals.Out of 256 submitted ideas,

I
n alignment with its tagline "Together unique set of objectives”- K Satyanarayana 24 were shortlisted for prototype
We Can" and a mission to provide state-
of-the-art banking solutions, Canara
Raju, Chairman and Managing Director of
the Canara Bank, the brain behind this
submission, and 11 made it to the jury
evaluation and five of them made to the
Canara Bank's Bold Step into AI/ML: the Flagship Data and Analytics Centre
C
Bank introduces the ‘Canara DACOE- novel initiative :- grand finale, held at a glittering function at anara Bank is embarking on a sub- for analytical initiatives.The overarching cost-effective repository capable of
Thon’(Data Analytics Centre of Excellence) • Customer Experience: Design and Hotel Chancery Pavilion in Bengaluru city. stantialAI/MLjourneywiththegrand goal is to harness AI/ML capabilities effec- processing diverse data types.Simultane-
Hackathon.This initiative is not just an event; implement an advanced analytics- This hackathon not only serve as a plat- opening of its new flagship Data and tively, generating value for all stakeholders ously, the bank is constructing an end-to-
it's a strategic move to cultivate high- based technology solution to signifi- form for individuals to showcase their AI/ML Analytics Centre on January 1, 2024. Nes- associated with the bank. end Data Analytics platform, facilitating a
impact, practical business concepts and cantly enhance overall customer solutions but also underscores tled within its InformationTechnology Wing In a strategic move, the bank is delving systematic approach from data
innovative product ideas. experience. Canara Bank's inclusive mindset, locatedatM.G.Road,Bengaluru,this state- into the implementation of a Data Lake- ingestion to insights and feedback.
Functioning as a collaborative • Default Prediction: Develop and welcoming ideas not just from corporates of-the-art centre stands as a beacon of ex- house, a modern approach to data man- The objective is to formalise existing
platform, the hackathon encourages implement an analytics-based tech- but also from young minds and working cellence, gearedwithcutting-edgefacilities agement merging the scalability of data activities and transition to a more system-
individuals with strong technical back- nology solution for predictive default practitioners. It's not just an event; it's to foster innovation and collaboration.This lakes with the performance of data ware- driven analytical model.Collaborating with
grounds to pool their skills, solve real-world prediction and preventive measures. a synergy of creativity, collaboration, establishmentisdesignatedasthefocalpoint houses.This initiativeenablesCanaraBank NEC Corporation and HP, the bank is
challenges, and contribute to the • Fraud Prediction: Create an analyt- and a commitment to continuous for the bank's Analytics department, which to leverage existing Data Warehouse forging ahead with its data lake house
evolution of the banking industry. ics-based technology solution to improvement.K Satyanarayana Raju told. is aspiring to become an incubation centre benefits while establishing a scalable and endeavor.

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 6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 4 JANUARY 2024 1

Sustained increase ONGC wins big in OLAP VIII bidding

Govt also opened 9th round of bidding for oil and gas exploration and production

in private capex is SUBHAYAN CHAKRABORTY

New Delhi, 3 January

State-owned Oil and Natural Gas Corporation (ONGC)

WHAT DOES 28 blocks with an area of 136,000 sq km
OALP IX
imminent: MCA
Strengthening of corporate balance sheets and the
on Wednesday won seven of the 10 areas for explo-
ration of oil and gas, while a consortium of Reliance
Industries Ltd and BP Plc, Oil India Limited, and Sun
Petrochemicals Pvt Ltd walked away with one each
in the latest bid round.
The Centre opened the ninth round of bidding
OFFER
23
Of these…
Are based on EoIs
received from firms
during FY23
These 28
include…
9 Land blocks
Have been carved out by
blocks
consequent rise in credit financing to aid the cause under the Open Acreage Licensing Policy (OALP IX)
for the oil and gas exploration and production (E&P)
the Directorate General 8 Shallow
water blocks
of Hydrocarbons
ILLUSTRATION: BINAY SINHA sector. In the ninth round of bidding, 28 blocks with
THE BIG PICTURE an area of approximately 136,000 square km, are on
offer for bidding. Out of these, 23 blocks are based on 5 11 Ultra-deep-
 Private firms account for 95.6% Expressions of Interest (EoIs) received from compa- blocks water blocks
of total active ones as of Nov 2023 nies from April 2022 to March 2023, while five were
carved out by the Directorate General of tracts for 10 blocks awarded under the OALP VIII bid which spread across seven states covering an area of
 Capex by corporates was Hydrocarbons (DGH). The 28 blocks under the present round and three Coal Bed Methane (CBM) blocks 5,817 square km. A total of six bids were received for
~3.3 trillion in H1FY23 round are spread across eight sedimentary basins and awarded under Special CBM Bid Round-SCBM 2022. three blocks with an area of 717 square km. These
include nine onland blocks, eight shallow water The 10 blocks offered under this round comprised three blocks were awarded to two companies. The
 Number of active firms increased from
blocks, and 11 ultra-deepwater blocks. an area of 34,364 square km spread across nine sedi- estimated investments in the awarded blocks for the
718,592 in 2011 to Five firms — ONGC, Vedanta Ltd, Oil India Ltd, mentary basins. A total of 13 bids were received for committed exploration work programme are to the
1,519,782 in 2023 Sun Petrochemicals Pvt Ltd and Reliance-BP the 10 blocks. The estimated investment in awarded tune of $7.4 million.
Exploration (Alpha) Ltd — put in 13 bids for the 10 blocks for the committed exploration work pro- The first seven OALP Bid Rounds led to an award
COMPANY REGISTRATIONS blocks on offer in OALP-VIII, according to the DGH. gramme is about $233 million. Under the Special CBM of 134 blocks, covering an area of about 2.07 lakh
IN NOVEMBER 2023 On Wednesday, the government also signed con- Round-2022, 16 CBM blocks were offered for bidding, square km, to leading E&P companies.

Maharashtra Delhi
Uttar Pradesh Karnataka
‘No payment problem’: Puri on Venezuela to give
2,252 1,487 1,146 1,146 falling oil imports from Russia ONGC Videsh oil
in lieu of $600 mn
SUBHAYAN CHAKRABORTY Media reports had flagged falling from $8-$10 per barrel in October.
Source: Government
New Delhi, 3 January volumes of crude from Russia in They were at low levels of $4-$5 per REUTERS
recent months, possibly due to barrel in mid-2023. New Delhi, 3 January
RUCHIKA CHITRAVANSHI 2023. During November 2023, Maharashtra There is no payment problem for problems in settling payments with
New Delhi, 3 January posed the maximum number of company reg- Russian crude, Petroleum and suppliers. Puri said any fall in No discussions on price cut Venezuela has agreed to give some oil to
istrations (2,252), followed by Uttar Pradesh Natural Gas Minister Hardeep Singh incoming crude volumes is a func- Puri also stressed there has been no ONGC Videsh to help it recoup its pending

A
sustained increase in private capex is (1,487) and Delhi and Karnataka (1,146) each. Puri said on Wednesday. tion of oil prices. discussions with oil marketing com- $600 million dividend for a stake in a project in
imminent with the strengthening of the As of November 30, 2023, the number of He said there is no proposal to Russia remained the single- panies (OMCs) on a potential the South American nation, the oil secretary
balance sheets of the corporates and the companies registered under the Companies cut retail fuel prices at the moment. largest supplier of crude oil for the retail price cut for fuel. While OMCs said on Wednesday.
consequent rise in credit financing, the Ministry Act was 25,99,660. Addressing a press conference, 15th straight month as of December, have raked in record profits in the The refiners have resumed purchase of
of Corporate Affairs has said. Of these, 9,23,502 firms were closed, 10,462 the minister said India enjoys a buy- estimates made by London-based first two quarters of the financial Venezuelan oil following the easing of US sanc-
The November newsletter of MCA said the companies were under liquidation, 23,041 ers’ position and foreign suppliers commodity data analytics provider year, retail fuel prices have tions on the South American country last year.
increasing number of newly registered compa- companies are in the process of striking off are approaching Indian companies Vortexa show. Russia’s share was 0.2 remained unchanged for 20 months ONGC Videsh (OVL), the overseas investment
nies, the flourishing startup ecosystem, and the from the register and 2,495 companies have so with offers to sell oil. per cent in India’s total oil imports now. Puri said OMCs need to make arm of Oil and Natural Gas Corp, holds a
rapid emergence of unicorns signify the far obtained the “dormant” status. “I have not received any inputs during February 2022 but the figure up for previous losses. 40 per cent stake in the San Cristobal field in
resilience of the corporate sector. “Through investments, employment from our companies regarding sup- surged to 40 per cent in February Taking the national capital as an eastern Venezuela’s Orinoco Heavy Oil belt,
According to a study published in the RBI opportunities, and adherence to global best plies stopping due to payment prob- 2023. While the share of crude oil example, petrol and diesel prices with Venezuela’s state oil company PdVSA hold-
Bulletin in August 2023 titled: “Private practices, the corporate sector has become an lems,” he said. Instead, imports originating in Russia reduced during last saw a revision back on April 6, ing the remainder.
Corporate Investment: Performance and Near- integral force in propelling India towards sus- from Russia currently stand at 1.5 recent months, the continuing dis- 2022, when prices of both petrol and “They have agreed to give us some oil in lieu
term Outlook”, a new private corporate capex tained economic growth and competitiveness million barrels per day, he added. counts on Russian crude have diesel were raised by 80 paise a litre. of OVL’s dues. We are waiting for (lifting) dates
cycle is in the offing, and the private capex on the global stage,” the MCA newsletter said. India buys the helped stabilise volumes. Since then, the OMCs have not from them,” Oil Secretary Pankaj Jain said.
spending could reach a decadal high in FY24. MCA said the capex by the corporate sector majority of People in the know said dis- raised prices throughout the war in The company earlier told Reuters in an email
“With the launch of V3 (version 3 of the MCA was ~3.3 trillion in the first half of FY23, driven Russian oil in counts have hovered between $9 Ukraine even after the volatility in on Wednesday that it was exploring options
portal), digitalisation has contributed towards by heavy investments in diverse sectors of the UAE dirhams. and $11 per barrel in November, up crude prices. including the allocation of oil by PdVSA to repa-
this by promoting the ‘Ease of Doing Business’ economy some of which are a part of the eight OMCs have posted mega profits triate the dividend.
in terms of making compliance easier through core industries. The newsletter also highlighted in the first two quarters of FY24 that San Cristobal project owes a dividend of
e-forms,” the MCA said in its latest newsletter.
According to government data, private com-
the positive contribution of the corporate sector
in areas like education, healthcare gets reflect-
THERE IS NO PROPOSAL TO CUT have beaten market estimates.
The Indian Oil Corporation’s
around $600 million to OVL, the company said.
“Post easing of US sanction, OVL is in con-
panies account for 95.6 per cent of the total ed by an increase in CSR amount spent by cor- RETAIL FUEL PRICES AT THE MOMENT consolidated net profit was ~13,713 tinuous dialogue with PdVSA for recovery of
active companies as of November 2023. porates from ~10,065 crore in 2014-15 to ~25,932 HARDEEP SINGH PURI crore in Q2 FY24, bouncing back accrued dividend by various mechanisms
The number of active firms in India has crore in 2021-22, achieving the milestone of Petroleum and Natural Gas Minister from a loss of ~910 crore during the including allocation of crude cargoes in lieu of
increased from 7,18,592 in 2011 to 15,19,782 in crossing the ~25,000 crore mark. same quarter last year. accrued dividend," it said.

SC denies LIC gets GST > FROM PAGE 1

from the industry.
According to MHI esti-
tures. In addition to this, the
petitioner had requested that
already been settled by con-
current findings of the DRI’s
CAPA India also said that
airports would have to adjust
Regulatory Authority —
which determines tariffs
interim relief demand mates, another Rs 3,000 Sebi must be directed to additional director general, to an environment in which such as landing charges and

to Moitra to notice of ~32,000 cr on crore would be required for

test centre upgradation fund
revoke the amendment
made to its LODR
the CESTAT (Customs,
Excise and Service Tax
two principal airlines will
hold all of the strategic keys.
parking fees that the airport
operator can collect from air-

attend House ~663 crore the cards for apart from a public outreach
and administration scheme.
Regulations, which have
altered the definition of
Appellate Tribunal), and this
court”.
“Air India Group and IndiGo
currently have a combined
lines — will be of key impor-
tance. Airports, therefore,

FAME-III “related party”.

“We find that the prayer
It also rejected petition-
ers’ arguments about conflict
domestic market share of
around 90 per cent, and an
need to have a clear under-
standing of the business
PRESS TRUST OF INDIA
New Delhi, 3 January
PRESS TRUST OF INDIA
New Delhi, 3 January The maximum subsidy will
Bajaj Auto seeking directions to Sebi to
revoke its amendments to
of interest on the part of the
members of the Supreme
international market share of
41 per cent. And these two
plans of the two airlines,
their customer propositions,

The Supreme Court on Life Insurance Corporation of

also be capped per vehicle at
~1.5 lakh in first year going
stock reaches the FPI Regulations and
LODR Regulations must fail,”
Court’s expert committee set
up to investigate the Adani-
carriers will be the principal
growth engines, going for-
and long-term strategies, the
report said.
Wednesday sought a reply
from the Lok Sabha secretary
India (LIC) on Wednesday
said tax authorities have
down to ~65,000 in the
fourth year.
new high on said the Bench.
After the verdict, Gautam
Hindenburg matter. It fur-
ther asked the government
ward, giving them substan-
tial negotiating strength,” the
“These will have funda-
mental implications for air-
general on TMC leader
Mahua Moitra’s plea chal-
slapped a demand notice of
about ~663.45 crore on it for
A similar receding sub-
sidy model is also being pro-
buyback Adani, chairman of the
Adani group, posted on X:
and Sebi to take into consid-
eration the recommenda-
report mentioned.
Airlines, particularly
port operations, commer-
cials and financials. It will no
lenging her expulsion from
the Lower House.
short payment of Goods and
Services Tax (GST).
posed for e-three wheelers
going down from ~15,000 in move “The Hon'ble Supreme
Court's judgement shows
tions of the expert committee
to strengthen the interest of
IndiGo and Air India, will
evaluate the impact of air-
longer be sufficient to
simply focus on how much
A bench of Justices Sanjiv The corporation has first year to only ~5,000 per Bajaj Auto Managing that: Truth has prevailed. the Indian investors. port charges more deeply, capacity the airlines will
Khanna and Dipankar Datta received communication/ KWH of battery in the fourth Director Rajiv Bajaj said in an Satyameva Jayate. I am Earlier, advocate Prashant and will engage more active- deploy. This will be a new
also refused to pass an order demand order for interest and year, while the cap on each interview with CNBC-TV18 grateful to those who stood Bhushan, appearing for one ly with airports at all levels regime that airports have to
on her interim prayer that penalty from Office of the vehicle for subsidy goes that the buyback was an effi- by us. Our humble contribu- of the petitioners, had told from 2024 onwards, it said. deal with. A key point to
she be permitted to attend Commissioner of CGST & down from ~100,000 in the cient way to return capital to tion to India's growth story the court that Sebi’s conduct According to CAPA India, watch is which airports will
the Lok Sabha proceedings, Central Excise, Chennai first year to ~50,000 in the shareholders. The rationale will continue. Jai Hind.” in the matter was not credi- in such times the enhanced seek to align strategically and
saying that allowing it will North Commissionerate on fourth. was that the company had Delivering its verdict, the ble. The court then said that institutional independence decisively with these two car-
amount to granting her the January 1, LIC said in a regu- For electric buses, models had an outstanding quarter, apex court Bench observed the securities market regula- of the Airports Economic riers,” it said.
main relief. “We will latory filing. The demand per- based on capex subsidy and he said. that reliance placed by the tor cannot be asked to go by
consider your plea for inter- tains to wrong availment of viability gap funding (VGF) He indicated that the petitioners on newspaper what the media has to say on
im relief in March,” Justice Input Tax Credit (ITC) and like the PM e-bus Sewa upcoming buyback could be articles or reports by third- the subject.
Khanna told Senior advocate non-payment on tax on scheme are being consid- larger than last time. party organisations like the In January 2023,
> BS SUDOKU # 4173
Abhishek Singhvi, who turnover wrongly declared as ered. A total of 36,700 e-bus- “Whenever cash on books Organized Crime and Hindenburg Research came
appeared for Moitra. non-GST supply in GSTR-1 for es will be supported under crosses ~15,000 crore, we Corruption Reporting Project up with a report accusing the
2017-18, and 2018-19, it said. the scheme. look to give back to (OCCRP) to question a com- Adani group of improperly
The policy is also looking investors,” he added. The prehensive investigation by using offshore tax havens
SC guidelines at providing an additional company reported a 22 per a specialised regulator does and flagging concerns about

for courts on Amit Shah to incentive of 10 per cent for

all electric vehicles across all
cent year-on-year increase in
sales of two-wheelers in the
not inspire confidence The
OCCRP is a global network of
high debt. It also alleged that
there was “brazen stock

summoning launch tur segments registered by a

women.
domestic market in the
April-December 2023 period
investigative journalists; its
report alleged stock manip-
manipulation” using off-
shore shell companies.

govt officials procurement As alleged violation of the

phased manufacturing pro-
at 1,703,704 units. Its exports,
however, dipped by 17 per
ulation by the promoters of
the Adani group.
In a statement on the
judgment and Adani’s reac-

PRESS TRUST OF INDIA

portal today gramme or PMP norms has
adversely impacted the
progress of Evs, especially in
cent to 1,107,402 units in the
same period, primarily due
to geopolitical tensions and
“The reliance on the
OCCRP report is rejected and
reliance on a third-party
tion, Congress General
Secretary in charge of com-
munications Jairam Ramesh
New Delhi, 3 January PRESS TRUST OF INDIA electric two wheelers, the macroeconomic factors. organisation report without hit out at Adani, saying
New Delhi, 3 January government is looking at any verification cannot be “truth dies a thousand
Physical presence of govern- extending the standard oper- relied upon as proof...There deaths when we hear
ment officials in courts may
not be necessary except in
Cooperation
Amit Shah
Minister
will on
ating procedures (SOPs)
under the automobile PLI
SC no to CBI is no ground to transfer the
probe in this case from Sebi,”
Satyameva Jayate from those
who have gamed, manipulat-
judicial proceedings involv-
ing recording of evidence, the
Thursday launch a tur dal
procurement portal that will
scheme for electric vehicles.
Among others, the require-
or SIT probe it said. “They (newspaper
reports) can be treated as
ed and subverted the system
this past decade”.
Supreme Court said on
Wednesday in its standard
enable farmers to register
themselves for selling the
ment for bank guarantee,
integrity pledge and penal
against Adani inputs but not conclusive
evidence to doubt the Sebi
operating procedure (SOP)
meant to regulate the sum-
commodity and receive
payments directly into their
provisions, which are part of
the PLI auto scheme, could
group probe.”
A petitioner had also
VAT on ATF
moning of officials by courts
across the country. The SOP
bank accounts.
The multi-lingual portal
be extended for FAME-III
subsidy disbursements.
The court said there is no
valid ground raised to direct
alleged that Sebi was lack-
adaisical in its investigation
give wing to SOLUTION TO #4171
Very Easy:
was formulated by a bench
comprising CJI D Y
will streamline the entire
process for tur dal
MHI is also discussing set-
ting up of an Innovation
Sebi to revoke its amend-
ments on the FPI (foreign
relying on the letter sent by
the DRI (Directorate of
Delhi-Noida «
Chandrachud in a judgement
which came on an appeal of
growers in Maharashtra,
Andhra Pradesh, Telangana,
Fund with a sum of ~1,000
crore. This could be used for
portfolio investment) and
LODR (listing obligations
Revenue Intelligence) in
January 2014 alerting the
airport duel Solution tomorrow
HOW TO PLAY
the UP government. Gujarat, Karnataka and pilot projects for public and disclosure requirements) Sebi chairperson about pos- “A key issue to address will
“This SOP is applicable to Jharkhand, simplifying transportation including regulations. sible stock market manipu- be to ensure that airspace is Fill in the grid so that
all court proceedings the registration, procurement hydrogen-powered buses. An A petitioner in this case lation being committed by appropriately redesigned, every row, every col-
involving the government in and payment processes. expert advisory panel is pro- had told the court that the the Adani group by overval- given that parallel networks umn and every 3x3
cases before the SC, HCs and The portal will be posed to be set up under MHI markets regulator must be uation of the import of power will be operating into these box contains
all other courts acting launched at a national sym- to administer the fund. While directed to revoke amend- equipment. The court dis- airports,” the CAPA India the digits 1 to 9
under their respective appel- posium on ‘self-reliance in the fund could give up to 80 ments to the FPI Regulations, missed the allegation saying report said. The distance
late and/or original jurisdic- pulses' to be held here in the per cent of the project cost, which have done away with that the “petitioner is re-agi- between the Delhi and Noida
tion,” it said. capital. with the remaining coming restrictions on opaque struc- tating an issue that has airports is about 80 km.

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NEW DELHI | THURSDAY, 4 JANUARY 2024 POLITICS & PUBLIC AFFAIRS 7

Megha Engineering, SII top

donors to electoral trusts
Ten corporates shelled out ~332.26 crore, or 90.66% of total donations
Andhra Pradesh Dairy
ARCHIS MOHAN Development Coop. Federation Ltd
New Delhi, 3 January APIIC TOWERS, IT PARK, MANGALAGIRI, GUNTUR. Email:[email protected]
ILLUSTRATION: BINAY SINHA Notification No: AHF51-PRJT/20/2023, Date : 04-01-2024

A
n analysis of the donors to elec- The Andhra Pradesh Dairy Development Co-op Federation Ltd., Mangalagiri, Guntur
toral trusts in financial year
2022-23 (FY23) by the
Association for Democratic Reforms
THE intended for supply of Raw Milk Analyser Cum Adulteration Testing Machines to districts
of Andhra Pradesh.
Interested parties may submit their bids on e-procurement plarform @

(ADR) has revealed that five electoral

trusts received contributions totalling
~366.495 crore from corporates as well
DONATIONS
The BJP bagged
www.apeprocurement.gov.in on or before 17-01-2024 by 5:00 PM. The site will remain
accessible to download the tender document w.e.f. 04-01-2024 by 10:00 AM.
For further details the interested parties may contract during Office hours to Manager
(Projects), Phone No: 0863-2381085, e-mail: [email protected]
Sd/- MANAGING DIRECTOR
as individuals. Of this, they distributed more than 70%
~366.48 crore (99.99 per cent) to various donations received
political parties. by political parties
The BJP bagged more than 70 per
cent of the donations received by polit-
ical parties. According to the data, the
Bharatiya Janata Party clinched TOP 10 DONORS TO ELECTORAL TRUSTS
~259.08 crore or 70.69 per cent of the
DONORS AMOUNT (IN ~ CRORE)
total donations received by all political
parties from electoral trusts. The Megha Engineering and Infrastructure 87.00
Bharat Rashtra Samithi received ~90 Serum Institute of India 50.25
crore or 24.56 per cent of the total dona- ArcelorMittal Nippon Steel India 50.00
tions. Three other political parties —
the YSR Congress, Aam Aadmi Abhinand Ventures 50.00
Party (AAP) and the Congress — Medha Servo Drives 30.00
received a total of ~17.40 crore collec- ArcelorMittal Design and Engineering Centre 25.00
tively, ADR stated.
Megha Engineering and Greenko Energy Project 20.00
Infrastructure, Serum Institute of India Bharti Airtel 10.00
(SII) and ArcelorMittal Nippon Steel Medha Traction Equipment 5.01
were the top three corporate donors to
these electoral trusts. Jupiter Wagons 5.00
Ten corporates gave ~332.26 crore,
or 90.66 per cent of the total donations, AMOUNTS RECEIVED AND DISBURSED
to electoral trusts during FY23. All
these 10 donors contributed to Prudent ELECTORAL TRUST Number of Total Amount
Electoral Trust. donations contributions donated to
Corporates and individuals from received to trusts political parties
Telangana contributed ~145.51 crore,
followed by ~105.25 crore Prudent Electoral Trust 42 ~363.13 cr BJP: ~256.25 cr
from Maharashtra, ~50.20 crore from BRS: ~90 cr
Gujarat, ~30.08 crore from West Bengal, YRSCP: ~16 cr
~10 crore from Haryana, ~7 crore from
Tamil Nadu, ~6.5 crore from AAP: ~90 lakh
Madhya Pradesh, ~3 crore each from Samaj ET Association 1 ~2 cr BJP: ~1.50 cr
Andhra Pradesh and Delhi and ~2 crore
from Rajasthan. INC: ~50 lakh
ADR said 13 of the 18 electoral Paribartan ET 2 ~76 lakh BJP: ~75 lakh
trusts, registered with the
Central Board of Direct Taxes Triumph ET 2 ~50 lakh BJP: ~50 lakh
(CBDT), submitted their contribution Einzigartig ET 3 ~8 lakh BJP: ~8 lakh
details for FY23 to the Election
Commission, of which, only five TOTAL 50 ~366.495 cr ~366.48 cr
declared that they received donations SOURCE: ADR
during that year.

TN pulling out Delhi HC directs

all stops for vivo executives to
investor meet not leave country
BHAVINI MISHRA
New Delhi, 3 January
SHINE JACOB meeting. Vibrant
Chennai, 3 January Gujarat Global Summit The Delhi High Court on Wednesday directed three
(January 10-12) has engaged executives of vivo’s India unit not to leave the country and
Tamil Nadu is leaving no over 1,000 companies to asked them to furnish an undertaking in the money laundering
stone unturned in marketing showcase Gujarat case against them.
its upcoming global investors International Finance Tec- The court asked the executives,
meeting on January 7 and 8. City (GIFT City). who were given bail in the case in
While business veterans are “It is not by accident that December, to report to the
promoting the positives of we have Leyland (Ashok Enforcement Directorate (ED) office
the state’s industrial climate Leyland), Daimler, BMW, every Monday and Friday till January
through the 'Titans of Tamil Hyundai, TVS, TAFE, Ola 11, the next hearing date. The High
Nadu” campaign, the state is and Ather here. There is Court asked the executives to file their
narrating the human stories something in this environ- response to ED’s petition against a trial
behind its robust industrial ment that clearly attracts court order of December 30, 2023, The HC further
growth via the ‘One Trillion people. That is the continuity which granted their release. asked the
Dreams’ campaign. of policies. I think our quality The three executives arrested by the executives to
Among the industry big- of education with private ED in December last year are: vivo report to the
wigs, who are showcasing engineering colleges coming India CEO Hong Xuquan, Chief ED’s office every
Tamil Nadu to the world in has exploded. We are far Financial Officer Harinder Dahiya, and Monday and
through this mega market- ahead of any other state in consultant Hemant Munjal. Friday till January
ing initiative include Venu the number of engineering The HC on Tuesday had noted that 11, the day the
Srinivasan of TVS Motor graduates coming out,” said the three of them were already released case is expected
Company, K M Mammen of Srinivasan as part of the and issued notice on the ED’s plea. to be heard
MRF Ltd, Pratap Reddy of ‘Titans of Tamil Nadu’ cam- The trial court noted that the
Apollo Hospitals, P R paign. A source said these accused were not produced before the court concerned (mag-
Venketrama Raja of Ramco campaigns were in line with istrate) within 24 hours of their arrest (December 21), as is
Group, Mallika Srinivasan of the vision of Minister for required by law, and ordered their release.
TAFE; and Vellayan Subbiah Industries TRB Rajaa to mar- The court said the arrests were ‘illegal and void’ and directed
of Murugappa Group. Tamil ket an otherwise “shy indus- the accused to furnish personal bonds of ~2 lakh. The court also
Nadu is not the only state trial sector”. put certain conditions on them such as not tampering with evi-
that is using local industry dence, not leaving India without the court’s permission, and
to hard-sell its investors More on business-standard.com surrendering their passports in the court.

Lakshadweep small in size, big at heart: PM

PRESS TRUST OF INDIA on Tuesday.
Kavaratti/Thrissur, 3 January Earlier in the day, Modi also
attended a roadshow in Kerala’s
Reaching out to the people of Thrissur. The PM underlined
the Muslim-dominated government's women empow-
Lakshadweep, which wit- erment measures, particularly
nessed massive protests by the Women's Reservation Bill,
opposition parties against stressing that these initiatives
reforms introduced by his gov- were a part of “Modi's
ernment, Prime Minister Guarantee”. In a speech at a
Narendra Modi on Wednesday women-only event, Modi reit-
said the archipelago is small, erated “Modiyude Guarantee”
but its heart is large. (Modi's Guarantee) in
The Prime Minister was in Malayalam as many as 17 times.
Kavaratti to inaugurate and lay The prime minister high-
the foundation for various proj- lighted the achievements of his
ects worth ~1,150 crore in the government in empowering
Union Territory. The develop- women, citing various initia-
ment projects cover technology, tives such as Ujjwala, tap water
energy, water resources, health- connections, toilets, Mudra
care and education sectors. loans, and more.
The projects were launched Prime Minister Modi waves at the crowd as he arrived in Modi said he guaranteed
at a function attended by hun- Thrissur district of Kerala PHOTO: PTI freedom for Muslim women
dreds of islanders including from triple talaq and fulfilled it
women and children whom that the beauty of of Lakshadweep is small, the honestly. Asserting that the
Modi referred to as his Lakshadweep is beyond words hearts of the people are as deep progress of the poor, women,
“kudumbangangal” (family and mentioned visiting Agatti, as the ocean. I am over- youth and farmers will ensure
members) in Malayalam. Bangaram and Kavaratti to whelmed by the love and bless- national growth, he also said
Addressing the gathering, meet the citizens. “Even ings I am receiving here,” said there is a buzz around 'Modi's
the Prime Minister remarked though the geographical area Modi, who reached the islands Guarantee'.

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NEW DELHI | THURSDAY, 4 JANUARY 2024

China’s top banks tighten exposure to smaller peers

REUTERS
TAKING CHARGE
Gaming fallout: Top official fired, Taiwan spots four
3 January
WHAT: Some top banks have decided to
Some of China’s top banks have sharp-
ened scrutiny of smaller peers' asset qual-
ity and have tightened standards for inter-
reduce interbank lending limits and set
shorter maturity periods for small peers Tencent, rivals gain on reports Chinese balloons
bank lending, three sources said, in an WHY: Deepening property sector crisis A flurry of Chinese weather balloons
effort to curb credit risk as a deepening and ballooning local government debt Signs are growing that China is trying to from industry participants. crossed Taiwan for the first time since
property debt crisis ripples through the is making smaller banks the weak link contain the damage from harsh new The National Press and Publication the island began releasing such data, as
economy. in the financial system gaming regulations that triggered an Administration has since softened its tensions with Beijing flare ahead of the
Two of China’s biggest state-owned $80 billion rout in Tencent Holdings tone, approving 105 games and self-ruled democracy’s presidential
banks and a leading joint-stock bank have IMPLICATION: The move could and its peers. Feng Shixin lost his pledging to review its more election this month. Four balloons were
stepped up reviews of smaller lenders over exacerbate capital woes for the smaller job as head of the publishing controversial mandates spotted between 8:27 am and 6:41 pm
the past couple of months to identify banks as they have fewer other unit of the Publicity including an unquantified cap Tuesday, the Defense Ministry in Taipei
those with poor asset quality and have a fundraising options Department, which runs the on in-game spending. Tencent said in a statement. They continued
high risk of default, the sources said. country’s gaming regulator, and smaller rival NetEase Inc. traveling northeast and disappeared,
The banks have decided to reduce ILLUSTRATION: BINAY SINHA Reuters reported, citing sources gained about 1% in Hong Kong with three crossing the island, the
interbank lending limits and set shorter the world’s second-largest economy, as a big banks in dealing with smaller peers briefed on the matter. His Wednesday, adding to a recovery ministry added. On Monday, a Chinese
maturity periods for smaller peers deepening property sector crisis and bal- could exacerbate capital woes for the latter departure was linked to the surprise since officials began signaling a balloon flew over Taiwan for the first
deemed high risk, said two of the sources. looning local government debt make them as they have fewer other fundraising release of draft rules, which ignited the willingness to consider industry views. time since the ministry started
The move comes amid growing worries the weak link in the financial system. options, which could force Beijing to step selloff and incited outraged comments BLOOMBERG publishing balloon sightings. BLOOMBERG
about the health of the smaller banks in The cautious approach taken by some in with more supportive measures.

JAPAN PLANE CRASH

Only passenger jet
Twin blasts in Iran kill Israel on edge after
was given landing over 100, many injured killing of senior
nod: Authorities Attack took place at ceremony honouring slain commander Hamas leader
Qassem Soleimani who was killed by a US drone in 2020 REUTERS

REUTERS
Beirut, 3 January
Whowas
Dubai, 3 January Israeli forces kept up their assault
on the Gaza Strip on Wednesday Salehal-Arouri?
T
wo explosions caused by ‘ter- and told civilians to leave a refugee
rorist attacks’ killed more camp in the north of the Palestinian
than 100 people and enclave after the war reached into
wounded scores at a ceremony in Lebanon with the killing in Beirut
Iran to commemorate top command- of the Hamas deputy leader.
er Qassem Soleimani who was killed Israel has neither confirmed nor
by a U.S. drone in 2020, Iranian offi- denied that it killed Saleh al-Arouri
cials said on Wednesday. in a drone strike in the Lebanese
Iranian state television reported capital on Tuesday. But military
An aerial view shows the wreckage of Japan Airlines Airbus a first and then a second blast during spokesperson Rear Admiral Daniel Salehal-Arouri,57,thedeputy
A350 plane after a collision with a Japan Coast Guard aircraft an anniversary event at the cemetery Hagari said Israeli forces were in a Hamasleaderwhowas
in Tokyo on Wednesday PHOTO: REUTERS where Soleimani is buried in the high state of readiness and prepared assassinatedinBeirutonTuesday,
southeastern city of Kerman. for any scenario. wasaccusedofmasterminding
REUTERS over the circumstances sur- An unnamed official told the The assassination was a further attacksonIsraelandhadhelped
Tokyo, 3 January rounding the incident, includ- state news agency IRNA that sign that the nearly three-month usherinacloserrelationship
ing how the two aircraft ended “Two explosive devices war between Israel and Hamas was betweenHamasandHezbollah.
Japanese authorities said on up on the same runway. planted along the road spreading across the region, draw- Al-Arourihadbeenlivinginexile
Wednesday that a passenger But transcripts of traffic leading to Kerman’s ing in the occupied West Bank, inLebanonafterspending15
jet that collided with a Coast control instructions released Martyrs’ Cemetery were Hezbollah forces on the Lebanon- yearsinanIsraelijail.Beforethe
Guard turboprop at a Tokyo by authorities appeared to detonated remotely by ter- Israel border. Israel heavily bombed Israel-Hamaswarbegan,Israeli
airport was given permission show the Japan Airlines plane rorists”. (Top) People gather at the scene of explosions in Iran on Beirut and southern Lebanon. PrimeMinisterBenjamin
to land, but the smaller plane had been given permission to Babak Yektaparast, a Wednesday; (left) An Iranian holds a poster of late Hezbollah said its fighters Netanyahuhadthreatenedtokill
was not cleared for take-off, land but that the Coast Guard spokesperson for Iran’s commander Qassem Soleimani PHOTOS: REUTERS attacked two Israeli border posts on him.ThechiefofHamas’sWest
based on transcripts of conver- aircraft had been told to taxi emergency services, was Wednesday using “suitable Bankoperations,al-Arouriwas
sations with the control tower. to a holding point near the reported as saying 73 people had weapons” and scoring “direct killedinanexplosionthatalso
All 379 people aboard the runway. "The transport mini- been killed and 170 injured. State tel- gathered to mark the the overseas arm of Iran's hits.”The two sides also exchanged killedtwoleadersofitsarmed
Japan Airlines (JAL) Airbus stry is submitting objective evision said later that at least 100 anniversary of Soleimani’s death. Revolutionary Guard Corps (IRGC), fire overnight, but Hezbollah did wing,Hamassaid,blaminga
A350 had a miraculous escape material and will fully cooper- people had been killed. Some Iranian news agencies said the Soleimani ran clandestine opera- not directly link its actions to “Zionistraid.” NYT/AGENCIES
after it erupted in flames fol- ate with the ... investigation to No group has yet claimed respon- number of wounded people was tions in foreign countries and was a Arouri's killing.
lowing Tuesday's crash with a ensure we work together to sibility for the attacks. much higher. key figure in Iran’s long-standing

Saudi Arabia may cut Feb Arab Light

De Havilland Dash-8 Coast take all possible safety meas- Videos aired by Iranian media “We are now evacuating the campaign to drive US forces out of
Guard turboprop shortly after ures to prevent a recurrence," showed dozens of bodies strewn wounded and injured in the area. the Middle East.
landing at Haneda airport. But Transport Minister Tetsuo around with some bystanders trying The crowd is huge and the job is Tensions between Iran and Israel,
five died among the six Coast
Guard crew who were due to
Saito told reporters.
The Japan Safety
to attend to survivors and others hur-
rying to leave the blast area.
quite hard all the paths to there are
blocked,” Fallah said.
along with its ally the United States,
have reached a new high over Israel's
price premium to one-year low
depart on a flight responding Transport Board (JTSB) is “A terrible sound was heard there, The US assassination of war on Iranian-backed Hamas mili- Saudi Arabia may slash price premiums on all crude grades it sells to Asia
to a major earthquake on the investigating the incident, despite all the security and safety Soleimani in a drone attack at tants in Gaza in retaliation for their in February to one-year-lows despite the escalation of tensions in the Red
west coast, while the captain, with participation by agencies measures. We are still investigating,” Baghdad airport and Tehran's retali- October 7 rampage through southern Sea, as concerns intensify that supply may outpace demand.
who escaped the wreckage, in France, where the Airbus Reza Fallah, head of the Kerman Red ation by attacking two Iraq military Israel. Yemen’s Iran-backed Houthi The world’s top oil exporter could cut the official selling price (OSP)
was badly injured. airplane was built, and Britain, Crescent Society, told state televi- bases that house US troops brought militia have attacked ships they say for its flagship Arab Light crude over Oman/Dubai crude quotes by about
Authorities have only just where its two Rolls-Royce sion.Red Crescent rescuers tended the United States and Iran close to have links to Israel in the entrance $1.70 a barrel in February from the previous month, according to five
begun their investigations and engines were made, people to wounded people at the ceremony, full-blown conflict in 2020. As chief to the Red Sea, one of the world’s refining sources surveyed by Reuters, which would be the grade's lowest
there remains uncertainty familiar with the matter said. where hundreds of Iranians had commander of the elite Quds force, busiest shipping lanes. premium in a year. REUTERS

JAPAN QUAKE TOLL RISES TO 73

Japanese rescue workers Google, Meta and Tiktok’s debts Samsung set to launch
PHOTO: REUTERS

and canine units searched

urgently through rubble
on Wednesday ahead of
predicted bitter cold and
removed from Russian database ‘AI phones’ this month
heavy rain in what the REUTERS includes X (formerly Twitter) and data locally, in simmering disputes Smartphone maker Samsung is leaning capabilities take center stage.
prime minister called a 3 January Twitch, with fines totalling 51 mil- that intensified after Russia into artificial intelligence as the key to More than a billion smartphones with
race against time after lion roubles ($1 = 91.2575 invaded Ukraine in February 2022. unlocking greater sales this year. built-in generative AI are expected to be
powerful earthquakes Fines imposed by Russian roubles)and 23 million Following the invasion, Twitter Samsung Electronics announced it shipped by the end of 2027, according to
killed at least 73 people in courts on Alphabet’s Russia has been roubles, respectively. and Meta Platforms’ Facebook and plans to launch its next flagship device Counterpoint Research estimates.
western Japan. AP Google and YouTube, at loggerheads Google, Meta, Instagram were blocked, and on January 17 in San Jose, California — The next step in advancing the tech-
Meta, TikTok and with foreign TikTok and Telegram Google-owned YouTube became a likely to be known as the Galaxy S24 — nology is to integrate it into devices, as
Telegram appear to have tech firms did not immediately particular target of the Russian with a livestreamed event. The teaser to US chipmaker Qualcomm has touted over

IN BRIEF been settled as the com- over ‘unlawful

panies are no longer reg- content’
respond to requests for
comment. Russia has
state’s ire.
In late 2023, a Russian court
the launch promises only that “Galaxy AI
is coming.” In past years, Samsung and
the past year. “Samsung and Qualcomm
are immediate leaders as current product
istered as debtors in the been at loggerheads imposed a fine against Google of fellow mobile makers have relied on offerings and capabilities position them
US job openings, hiring ease state bailiffs’ database. with foreign technology companies
But the database, accessed by over what it deems unlawful
4.6 billion roubles, calculated as a
proportion of its annual turnover
improvements in camera technology and
flexible displays to stand out, but 2024
as first movers,” the Counterpoint
researchers wrote in December.
as labour market cools down Reuters on Wednesday, still content and a failure to store user in Russia. promises to be a year where added AI BLOOMBERG

US job openings eased in November to the lowest level since

early 2021, fewer workers voluntarily quit their positions and
the number of hires fell, adding to evidence of cooling labor
demand. Vacancies decreased to 8.79 million from an
upwardly revised 8.85 million in the prior month, the Bureau
Proxy war, campus politics led to Harvard prez’s resignation
of Labor Statistics Job Openings and Labor Turnover Survey, NICHOLAS CONFESSORE institutions,”saidthe universitiesandimperil oncampus.
known as JOLTS, showed Wednesday. Hiring declined to the 3 January conservativeactivist academicfreedom.“Thisisa Twoofthethreepresidents
lowest level since April 2020. Layoffs edged lower.The easing ChristopherRufo,whohad terriblemoment,”saidKhalil whospokeatthehearingare
in vacancies included declines in transportation and TheresignationofHarvard’s helpedpublicizethe GibranMuhammad,a nowoutofoffice.
warehousing, government, business services, and leisure president,ClaudineGay plagiarismallegations. professorofhistory,raceand OnTuesday,Gay’s
and hospitality. BLOOMBERG (pictured),onTuesday Untillastmonth, publicpolicyattheHarvard antagonistsjockeyedfor
followedalengthening conservative-inspiredefforts KennedySchool.Barelya credit,sometimeshailingthe
catalogofplagiarism toremakehighereducation monthhadpassedsince Gay effectivenessoftheirown
Sunak faces watchdog probe allegationsthatappearedto
steadilysaphersupport
hadunfoldedprimarilyat
publicuniversitiesinright-
hadappeared,alongwiththe
presidentsofthe
politicaltheater.Rep.Elise
StefanikofNewYork,the
over asylum backlog claim amongtheuniversity’s
faculty,studentsandalumni.
leaningstatessuchasFlorida
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Prime Minister Rishi Sunak’s claim to have cleared the UK’s ButformanyofGay’scritics, lawmakersandstateofficials UniversityofPennsylvania,at interrogationof Gayatlast
backlog of asylum cases is being looked at by the country’s herdeparturewasalsoaproxy couldexercisetheirlegislative acongressionalhearingon month’shearinghad“made
statistics watchdog, amid accusations from opposition victoryintheescalating andexecutivepowerstoban campusantisemitism,where historyasthemostviewed
politicians that he misled voters. In an announcement ideologicalbattleover diversityoffices,setupright- theirlawyerlydefenseofa congressionaltestimonyin
Monday seen as setting out his bid to hold onto power at a Americanhighereducation. leaningacademiccentersand student’srighttoengagein thehistoryoftheUS
general election this year, Sunak said the government had TakingdownGaywasa“a demandchangesto anti-Jewishspeechprovoked Congress.”Republican
met his pledge from 12 months ago to clear a “legacy” hugescalp”inthe“fightfor curriculum. changeinleadership. AssociationofScholars,a nationaloutrage.Some lawmakers,shepromised,
backlog of historic asylum applications made before June civilizationalsanity,”Josh ButGay’sresignationon “Ithinktherearemajor conservativeeducation Jewishstudents,facultyand would“continuetomove
2022. His office posted a campaign graphic on X, with the Hammer,aconservativetalk Tuesdaysecuredtheir problemswithhigher nonprofit. donorsalsofeltDr.Gayhad forwardtoexposetherotin
words: “Asylum backlog cleared.” But there was an showhostandwriter,wroteon movementasignalvictoryat education,andHarvard Gay’sdefendersseemedto beentootimidinherresponse ourmost‘prestigious’higher
immediate backlash after the Home Office acknowledged thesocialmediaplatformX. thecountry’smoststoried representsalotofthose agree,warningthather totheOct.7attacksonIsrael educationinstitutions.”
that there are still 4,500 “complex” cases from the period “Thisisthebeginningof privateuniversity,whichhad problems,”saidJohnD.Sailer, resignationwouldencourage byHamas,aswellasto
on which a decision had not been made. BLOOMBERG theendforDEIinAmerica’s forweeksresistedcallsfora aseniorfellowattheNational conservativeinterferencein complaintsoverantisemitism ©2023 The New York Times

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OPINION 9
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VOLUME XXX NUMBER 224

ILLUSTRATION: BINAY SINHA
NEW DELHI | THURSDAY, 4 JANUARY 2024

Back to Sebi like MP has done. Better river transport through the
Ganges, increased investment in tourism — high-
lighting the rich historical heritage of the Gangetic
It must complete investigation into Adani matter Plain — will also be a huge employment generator

I
t is now for the Securities and Exchange Board of India (Sebi) to provide a for both Bihar and UP. If the Ganges became India’s
closure in the year-long Adani-Hindenburg matter. A Supreme Court Bench equivalent of the Rhine or Danube, Europe’s major
rivers, these states would not only be better con-
that included Chief Justice of India D Y Chandrachud on Wednesday noted
nected to the world, but it would also rejuvenate
in a judgement there was no ground to transfer the probe from Sebi. The Kolkata and help revive the city’s fortunes.
Bench further argued the powers to transfer an investigation should be exercised One factor in their favour would be their demo-
in extraordinary circumstances and could not be done in the absence of compelling graphic dividend. Both states will experience a con-
justification. The apex court also noted the Union government and the regulator tinuous increase in their share of the working-age
shall look into whether Hindenburg or any other entity violated laws and take population for another decade or so, while richer
suitable action. It gave Sebi three months to complete the investigation. states — especially in the South — will see that share
declining, as their birth rates have fallen precipi-
The Supreme Court’s pronouncements marked an important milestone in tously to levels only seen in advanced economies of
the year-long Adani-Hindenburg saga. In January 2023, Hindenburg Research, Europe. Given better prospects elsewhere, some will
a US-based short seller, published a report, making a series of allegations against migrate from UP and Bihar, which send the largest
Adani Group. It alleged, among other things, that the conglomerate was “engaged migrants to Maharashtra, Delhi, Punjab and to the
in a brazen stock manipulation and accounting fraud scheme over the course of South. Nevertheless, a substantial number must

India’s future hinges

decades.” Adani Group has denied all allegations. Hindenburg also disclosed it find employment within their own states and out-
side agriculture, as inter-state migration is quite low
had taken short positions in US-traded bonds and non-Indian-traded derivative
in India. Therefore, a focus on education and skilling
instruments of Adani Group. Interestingly, the report came just a day before the remains critical to their future in addition to control
mega follow-on public offer worth ~20,000 crore of Adani Enterprises opened over crime and infrastructure improvements. Within

on the Gangetic plain

for subscription. The public issue was later withdrawn. Meanwhile, the stocks of infrastructure, a focus on expressways is important
the group were hammered in the market. As the matter reached the Supreme but rural roads and rural electrification must also
Court, Sebi said it was investigating the issue and also monitoring market activity be prioritised. Information technology-based ser-
for days preceding the publication of the report. vices also offer a pathway to higher incomes for
these landlocked states.
The apex court did well to allow Sebi to continue investigation into the matter
Crucially, West Bengal needs to reverse its
for a variety of reasons. It is undoubtedly the most competent authority to investigate
such matters. Besides, it is incumbent on the market regulator to ensure that its Sustaining the growth momentum seen in FY23 in the three decline. As late as 1960, its per capita income was
higher than that of Maharashtra but has now fallen
regulations are complied with, along with making sure that market functioning is states along the country’s holiest river is key to realising behind even Odisha and Chhattisgarh. Its thriving
industry and commerce were allowed to decline. It
smooth and investor interests are protected all the time. Involving any other agency
would have affected public confidence in the regulator with wider consequences. Viksit Bharat@ 2047 was also an intellectual centre of India for a long
time and a source of Bengali pride, but even there,

W
In this context, however, the constitution of a committee by the court to look into
hether India, that is Bharat, becomes a at 3.9 per cent over the decade from FY12-22. it has been bypassed by others. Successive govern-
related issues was unwarranted. Notably, in a status report to the court in August,
developed country by 2047 depends not However, its growth perked up in FY23, reaching ments have followed anti-growth policies that have
Sebi said it had completed investigations in 22 out of 24 issues. However, the only on what happens in Bengaluru, 8.6 per cent. In contrast, other poorer states like driven investment away from West Bengal. Changing
remaining investigations are crucial for the closure of the matter because they are Chennai, Mumbai, and Hyderabad, its most Madhya Pradesh, Odisha, and Assam have grown the perception of West Bengal as a business-friendly
related to areas like minimum public shareholding norms and manipulation of advanced cities, or in Gujarat or Delhi — though faster than the national average from 2012-2022 and state will take effort and consistent policies. Its par-
stock prices. Sebi argued since many of the entities were located in tax havens, these engines are crucial to pull India forward. continued that rapid pace in FY23. Better gover- titioned part, which is now Bangladesh — also the
establishing the economic interests of shareholders was a challenge. Equally important will be whether the bogies at the nance, good programmes, and improved infrastruc- larger part of the Gangetic delta, has shown how to
back of the train, Uttar Pradesh and Bihar, India’s ture have yielded better results in these states. do that. It prospered through textile manufacturing
Therefore, it is worth noting that till the investigation is completed and a com-
poorest states, and slow-growing The road to a developed India and export and human development with higher
prehensive report is made public, the matter will not end. Sebi should expedite the West Bengal, together constituting clearly passes through the Gangetic life expectancy and literacy than West Bengal.
investigation and submit the report in the given timeframe. In fact, it is in the reg- a third of India’s population (460 basin — UP, Bihar, and West Bengal. Just as Haryana and Himachal have done well
ulator’s interests to close the matter at the earliest because it will inspire confidence million) remain a drag or transform If these states can consistently and after Punjab was split, the solution also lies in con-
and show that Sebi is in a position to deal with risks to market functioning. However, into a back engine propelling India’s sustainably maintain their FY23 per- sidering bifurcating UP and Bihar into several small-
if it is unable to get the required information about foreign entities in the given economy forward. The future of formance, India will be on its way to er states to give them better governance. This is not
timeframe, it may well have to review the regulations. Such gaps can open up India, ironically, lies very much in becoming an advanced country. In easy but an option that should be given considera-
the plains formed by its holiest river, both UP and Bihar, governments tion after the next census, which will surely show
opportunities for unscrupulous elements to manipulate stock prices at will, which
the Ganges, where great empires have promised better governance that UP and Bihar’s population share has risen even
can put both investors’ interests and market stability at risk. Hence, Sebi’s investi- and centres of learning once thrived, and infrastructure but the next five higher. This may become necessary to avoid the per-
gation is important not only for a specific group but for the market as a whole. but now lag the rest of the country. years will show whether these have ception that UP and Bihar dominate the country’s
Bihar’s average income is less
than a third (32 per cent) of the
IF TRUTH BE TOLD translated into consistently better
economic performance.
political arithmetic even more.
What happens in UP, Bihar and West Bengal, the

Fog of confusion country’s average income, whereas AJAY CHHIBBER

UP’s is just under half (49 per cent).
Both states have been on a tear in
In UP, the goal is to make it a $1
trillion economy when India’s GDP
reaches $5 trillion. Achieving this
three Gangetic states, will determine very much
whether India will become an advanced economy
or simply be stuck in a middle-income trap, with
The aviation ecosystem needs to cooperate better FY23, with their gross domestic product (GDP) would entail more than tripling its economy in the large regional disparities and resulting social and

F
growth much higher than the national average — next three years — a challenging yet commendable political tensions tearing away at its institutions.
og is a standard occurrence in north India during winter. Each year, 10.7 per cent in the case of Bihar and 8.4 per cent target to strive for by 2030. Both Bihar and UP would The future of India depends on what happens along
flights are cancelled on account of poor visibility, that too during a for UP. But in the preceding decade from 2012 to need to increase their average annual GDP growth its holiest river — the Ganges.
peak travel period. This year, fog has been particularly disruptive. With 2022 and before, their growth rates were below the rate from 5-5.5 per cent seen in 2012-22 to 8-8.5 per
over 60 flights diverted from Delhi airport, the country’s largest and national average. cent over the next 25 years. The writer is distinguished visiting scholar, George
busiest, over the Christmas and New Year break, the airport authorities and air- Instead of converging, they were falling further As Punjab and Haryana eventually shift away Washington University and co-author of Unshackling India
behind. West Bengal, the state with the biggest from cereals to higher-value crops, UP and Bihar (Harper-Collins India), declared Best New Book in
lines have been trading charges. Airport officials have accused airlines of not
potential but the poorest performance, grew only could benefit from a second Green Revolution, much Economics 2022 by the Financial Times
keeping on the roster enough pilots trained on CAT III instrument landing
systems or equipping enough aircraft with such equipment designed to land in
dense fog. The airlines, in turn, have accused the Delhi airport authorities of
operating only one of the two CAT III-compliant runways, where flights can land
in poor visibility. These counter-accusations point to a lack of constructive plan-
ning within the aviation ecosystem of airport and airline managements.
The story of organising retail
A
In fact, the Directorate General of Civil Aviation (DGCA) has a fog protocol in
lmost 10 years ago, traders had their moment tell a story of its evolution. At the end of 2013, and get organised faster. A meeting of the core group of
place to enable such planning. It defines the fog period as December 10 to February when they gathered at Delhi’s Siri Fort ahead of the 2014 elections, the retail industry in India traders in Nagpur was scheduled for January 3 to
10 and the window for CAT III operations between 9 pm and 10 am. In the past Auditorium. It was a full house on February was worth around ~90 trillion. Of this, only 3 per cent discuss ways of empowering the unorganised retail
two years, the adjustment of roster schedules on the basis of these definitions has 27, 2014, just weeks before the general election. The was organised, and the remaining unorganised. in the country.
helped airlines significantly reduce cancellations. Based on the DGCA’s fog time- keynote speaker was Narendra Modi, then Gujarat Traders have a better name for it— “self-organised” Now, looking ahead to the next 10 years through a
table, airlines tend to keep on the roster their pilots for early-morning flights and chief minister and the prime ministerial candidate rather than “unorganised”. bit of crystal ball gazing, the retail industry in India
for northern airports. But climate change and growing urban pollution have for the Bharatiya Janata Party (BJP). The celebratory By the end of 2023, the retail industry’s revenue could touch ~200 trillion by 2033, guesstimates sug-
atmosphere that morning had stood out for BJP’s figure had crossed ~140 trillion, with the organised gest. Of this, traders are expecting 50 per cent of the
impacted these routines. This year, not only did visibility drop below levels con- stand on retail — ranging from foreign brands and e- sector comprising 7 per cent of the total. In 10 years, business to get organised. Supply chain management,
sidered safe even for CAT III landings, the northern fog persisted well past 10 am. commerce to corner stores or kiranas. organised has inched up from 3 to 7 per cent. It’s e-commerce integration, regulatory compliance, and
Predictably, this situation had a knock-on effect, throwing schedules out of gear Speaking at the national con- tough to say whether the presence of consortium/cluster approach have to be in play to
for afternoon and evening flights too. Adding to this problem, Hyderabad and vention of the Confederation of All foreign retail would have carved a dif- take the organised pie from 7 to 50 per cent in the
Bengaluru airports were fog-bound at the same time. Though Bengaluru is one of India Traders (Cait), Mr Modi had ferent trajectory for the organised vs next 10 years.
six Indian airports with CAT III-compliant runways, Hyderabad is not. Bengaluru a decade ago highlighted the unorganised story. Traders believe for- But here’s a twist. Despite all the enabling points
importance of technology in retail. eign retail, whether in brick & mortar from supply chain management to consortium
is one of two airports, the other being Kolkata, outside the north to have these
Traders — known to be BJP backers or online, can never help them. Their approach, big retail is eyeing the perks of getting the
facilities. The other airports are Amritsar, Lucknow, and Jaipur. and opposed to foreign retail chains ongoing tussle with Flipkart (now industry organised. Whether it’s Reliance Retail,
The December 2023 fiasco points to two adjustments that airports and airlines such as Walmart—were taken by majority-owned by Walmart) and Amazon or Walmart, forging alliances with traders
must make. The first is to work on the assumption of unanticipated fog at any air- surprise when Mr Modi encour- Amazon is testimony to their differ- and small businesses is increasingly becoming impor-
port, not just those in the north, so that more of them are made CAT III-capable. aged them to accept modern tech- ences with foreign majors. tant. Earlier, it may have been for optics, but now it
In fact, Bengaluru airport too saw fog disruption in 2019. Erratic weather means nology, emphasising that doing so Ten years after that Siri Fort meet- means business.
that airlines need to increase the complement of CAT III-trained pilots, although would not only boost sales but also
enable them to compete with for-
NOT FOR PROFIT ing, they are equally apprehensive
about all big retail, Indian or foreign.
Big retail, on its part, admits that kirana stores are
its real competition, much more than foreign majors.
there is reportedly no shortage of pilots trained to land in fog right now. CAT III
eign players. At that point, he had NIVEDITA MOOKERJI Those, who have a say, don’t shy away Even so, big retail wants to be the backend enabler
training costs are also less exorbitant than a decade ago. Airlines incur costs in left the traders guessing about the from pointing out that big retail is not for small traders and kiranas. The estimates shared
terms of providing passengers food or hotels when flights are delayed. Given the BJP’s stand on foreign direct invest- conducive to small businesses. One by big retail vary a bit from the numbers that traders
thin margins on which they operate, spending now for the future may stand them ment (FDI) in multi-brand retail if the party came to such voice is of Praveen Khandelwal, national secre- put forth. Around 12 per cent is organised retail cur-
in good stead. That apart, airports that have CAT III-compliant runways must power, especially since the Congress-led government tary general of Cait. “They want to monopolise retail rently, according to a major domestic player, and it
ensure that they are fully operational at peak season. Delhi airport, for example, at the time had allowed 51 per cent foreign investment trade in their favour,’’ he says about big retail with expects the industry to be fully organised in 10 years.
has four runways but is operating three, with only one being CAT III-compliant. in the sector three years prior. some authority. That doesn’t mean small traders or The biggest retailer at that point could get as much
Ten years later, it looks like a good time to take kirana stores don’t want to be mainstreamed or be as 50 per cent of the total industry pie in terms of its
The non-operational runway is under repair and also reportedly happens to be
stock of the retail journey. First things first, the BJP organised. They are betting on the muscle of thou- involvement in the retail industry, including through
the only other CAT III-compliant runway. Better coordination and management government didn’t disappoint traders and kept the sands of trade associations around the country to tieups and deals with small traders.
thus can help reduce seasonal disruptions in the aviation sector. multi-brand FDI policy in abeyance all through. help them get organised. However, there’s a brighter Whatever the numbers, the retail landscape sure
Against that backdrop, numbers shared by traders chance of the muscle of big retail enabling traders to is getting ready for a reset, with or without FDI.

Why American democracy is not in decline Trump presidency nearly destroyed the
United States…Out of a job and
burdened by debt, [Trump] would want
to make money, billions. He’d need,
previously unpublished piece of writing
in the collection), Ms Lepore asks, “What
if the problem of the United States in the
twenty-first century is not the decline of
on January 6, 2021, 147 Republican withthehistoryofarmsandmilitiasin Ms Lepore asks, “And what about the crave, hunger to be seen, looked at, democracy but the persistence of
members of the House still voted thecolonies,whichlaterbecamestates. written constitution, by which the living followed, loved, hated…Would he sell violence?” As a keen student of that
against the confirmation of Joe Biden’s ShetellsusthattheUShasthehighest are ruled by the dead?” No question can secrets to American adversaries…? It society for over six decades, this
victory no sooner had they re- rateofgunownership. Fouroutoffive be more pertinent at present, since the [isn’t] impossible.” reviewer would have to answer that
assembled after running for their lives Americanhomicidesaredueto US Supreme Court is now packed with The author wears her erudition question in the affirmative. One
fearing the insurrectionists. That is the gunshots. ShecitesTheGuardian Trump nominees who believe that the lightly, a trait she shares with some encounters daily in the American print
BOOK REVIEW leitmotif of all the 19 essays in the observationthatinthefirst24daysof constitution must be noted American and digital media investigative reports
collection, all of which first appeared in 2015,policeintheUSshotmorepeople obeyed to the strict The American academic historians, and opinion pieces severely critical of
SHREEKANT SAMBRANI The New Yorker over the last decade. thanthepoliceinEnglandandWalesdid letter, and that too, in Beast, Essays, such as Doris Kearn the political establishment, the system
In any given week, especially in this inthepreceding24years. Werevisitrace the manner expected 2012-2022 Goodwin and Martin of governance, including the highest

J
ill Lepore is furious at America: At election season in the United States, a riots,includingtheworstofall,the1965 by its framers. The Author: J Sherwin, who have echelons of the judiciary and leaders
its gun-owning culture that dozen or more criticisms of varying Wattsriot.Commissionsofenquiry same institution — Jill Lepore authored eminently including the incumbent president and
spawns horrifying killings, intensity of American society by known inevitablyfollowthem,beingsetthe the Supreme Court — Publisher: readable yet his rival for the position in 2024, some of
including all-too-frequent mass shoot- columnists or guest commentators sametermsofreferenceagainandagain, and the same Hachette scholarly histories which would surely attract legal action
ings, at what seems to be institution- appear in the opinion sections of The withnegligiblefollow-up. Sherecalls instrument — the and biographies. The under charges of libel or worse, sedition,
Pages: xii+283
alised racism and at “the decay of the New York Times, The Washington Post politicalconventions,andSenate Constitution — New Yorker staff- in some other democracies. Hence my
party system, the celebration of politi- and numerous on-line liberal media. confirmationhearingsofSupremeCourt which helped Price: ~799 writer template, unsolicited advice to Ms Lepore and her
cal intolerance by both the right and But this collection of such critiques nominees,approvinglymentioningthe advance civil rights which includes vivid cohorts would be, to paraphrase the
the left, the contribution of social matters because Ms Lepore is not just a sangfroidofRuthBaderGinsberg. Weget and freedoms in the descriptions of seventeenth century English cavalier
media to political extremism, and the columnist but a recognised scholar of aringsideglimpseoftheJanuary6,2021 second half of the twentieth century, people and events, adds to the sheen of poet Robert Herrick, “Savour ye
predicament of American journalism.” American political history as well, with armedinsurrectionontheCapitolatthe could well cause coercion and her prose: “Trump took the stage [at the Freedoms while ye may.” Reports of the
The quote appears towards the end prestigious academic appointments instigationofDonaldTrumpasalast oppression now. 2016 Cleveland Republican demise of American democracy are
of the book of her essays under review, and more than a dozen well-received ditchefforttoclingtopower. Andlearn All through this narrative, Trump is convention], in a suit as black as a greatly exaggerated, as Mark Twain
in the context of why “two in five books to her credit. She is also a staff- howtheCongressionalSelectCommittee the object of Ms Lepore’s ultimate scorn. cinder…His face turned as red-hot as the would have put it.
Americans and three in five writer for The New Yorker. probingitproducedamountainofa He is a lying, venomous, racist, fool as last glowing ember of a fire, dying.”
Republicans still believe” in the Shegivesusaguidedtouroftherise reportwithoutraisingrelevant well as an utterly egocentric schemer Right at the beginning of the The reviewer is an economist based in
narrative of the stolen 2020 election and andpresumeddeclineoftheUS,starting questions,leavealoneansweringthem.
Ahmedabad bereft of any morals whatsoever. “The introduction to the book (the only
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 QUICK TAKE: MUTED Q3 DENTS AVENUE SUPERMARTS STOCK “It’s a very heavy data week — we have

The Smart minutes, we have payroll, we have ISM.

Investor
(Share price in ~) The stock of Avenue Supermarts was down 4 per cent in trade It’s natural investors are
on Wednesday after its Q3 update missed revenue growth reducing some risks in some
expectations. Apart from weak discretionary demand, larger of the heavily crowded
NEW DELHI | stores may have seen a slower-than-expected scale-up, and
trades toward year-end”
THURSDAY, 4 JANUARY 2024 ADARSH SINHA
the space provided from the discretionary category is not Co-head, Asia FX & rates strategy,
garnering healthy productivity, says Motilal Oswal Research Bank of America

N ADANI-HINDENBURG CASE VERDICTN

Consider panel suggestions on Adani reclaims ‘India’s

richest’ tag from Ambani
regulatory reforms: SC to Sebi
KHUSHBOO TIWARI
KRISHNA KANT
Mumbai, 3 January

Mumbai, 3 January
EXPERT COMMITTEE’S SUGGESTIONS The 10 listed Adani group companies added
around ~64,500 crore to their market capitali-

T
he Supreme Court (SC) on Regulatory reforms On investor awareness sation on Wednesday, thanks to a rally in their
Wednesday directed the market share price post the Supreme Court judgment
n Adhere to strict timelines for n Establish central authority for Gautam Adani Mukesh Ambani
regulator and the government on a batch of petitions seeking a fresh probe
initiation of investigations, unclaimed property
to consider recommendations made
by the expert committee formed in the completion of investigations n Measures to communicate relevant
on the Hindenburg report allegations against
the conglomerate.
CHANGING FORTUNE
Adani Group probe for investor pro- n Adjudicating officers and whole information amid ‘surfeit of As a result, the combined market capitali- Net worth (~ trn) 9.37
9.28
tection and to strengthen regulatory time members should show information’ drowning investors sation of Adani group companies increased to 9.38
framework related to timelines and consistency, not take differing ~15.11 trillion on Wednesday, up from 9.28
n ASM and GSM are not sufficient, 8.98
structural reforms. views in similar circumstances ~14.47 trillion a day earlier. And, thanks to
need for alerts at the entry
The expert committee, chaired by these gains, Gautam Adani’s family raced 8.80
n Separation within Sebi in its point of orders for investors
former SC Judge Justice AM Sapre, ahead of Mukesh Ambani of Reliance
had submitted its report in May last quasi-judicial and executive arm n Induce financial literacy, Industries, reclaiming the title of India’s
year. While analysing any possible reg- n Have robust settlement policy, make it a fundamental part wealthiest promoter.
ulatory failure on part of the Securities greater transparency in law-making of school curricula Gautam Adani family’s net worth increased Dec 29,’23 Jan 2,’24 Jan 3,’24
and Exchange Board of India (Sebi), in to ~9.37 trillion ($112.5 billion) on Wednesday,
ILLUSTRATION: BINAY SINHA
the Adani matter, the committee had up from ~8.98 trillion ($107.7 billion) a day
submitted other observations and rec- Further, the committee had sug- frameworks, the committee noted. require multiple regulators and the before. Besides, the Adani family’s stake is signif-
ommendations. gested adopting a robust settlement ASM and GSM are safeguards for government may need to look into In comparison, Mukesh Ambani family’s icantly higher in Adani group companies –
“The expert committee has made policy and removing the element of investor protection followed by the these recommendations. net worth was down marginally to ~9.28 trillion from a low of 37.4 per cent in Adani Total Gas
the above suggestions after applying human discretion in surveillance and stock exchanges to inform about scrips The SC directed the government ($111.4 billion) from ~9.38 trillion ($112.5 bil- to a high of 72.6 per cent in Adani Enterprises.
its mind to the wealth of information market administering measures. placed under surveillance due to and Sebi to create an appropriate legal lion) during this period. On average, the family owns 62 per cent stake
collected from Sebi, market partici- On the challenges, mentioned by excessive volatility or abnormal trad- framework to implement these recom- The combined market capitalisation of in group listed companies. This translates into
pants, invitees and from their own Sebi in adhering to these recommen- ing behaviour. mendations related to investor protec- Reliance Industries and Jio Financial Services higher promoter net worth for Adani family
expertise. These suggestions merit dations, the SC said, “...the approach Further, the committee had sug- tion. — two listed group companies directly owned for every dollar worth of group companies’
favourable consideration with a posi- in considering these suggestions must gested measures to communicate rel- On regulating short-selling by and controlled by the Mukesh Ambani family market capitalisation.
tive intent. We direct the Government not be defensive but constructive.” evant information in a comprehensive entities, the SC noted, “We record the — was down 1.0 per cent Wednesday to In contrast, the Mukesh Ambani family
of India and Sebi to consider these sug- “The Union Government and Sebi manner amid a slew of disclosures statement made by the Solicitor ~18.97 trillion from ~19.17 trillion on Tuesday. owns 49.11 per cent stake in Reliance
gestions and to take the benefit of the would be at liberty to interact with the done by companies. This would help General before this court that meas- Other listed companies in the Mukesh Industries and 46.77 per cent in Jio Financial
efforts put in by the expert commit- Committee so as to take this forward,” investors take more informed deci- ures to regulate short selling will be Ambani group such as Sterling & Wilson Services.
tee,” noted the apex court. said SC. sions, it added. considered by the Government of Renewable Energy, Network 18 Media, TV18 In Adani group, Adani Energy Solutions
For strengthening regulatory For added investor protection, the The committee had also recom- India and Sebi.” Broadcast, Just Dial, Hathway Cable and Den was the biggest gainer on Wednesday with 11.6
framework, the committee had recom- committee had concluded that mended creation of the Central Since the publication of the report Networks among others are subsidiaries and per cent rise in its market capitalisation during
mended Sebi to adhere to strict time- systems like additional surveillance Authority for Unclaimed Property to by the committee, one of the members associates of Reliance Industries and changes the day. It was followed by Adani Total Gas up
lines for investigations, adopt greater measure (ASM) and graded handle and process unclaimed private of the panel had been appointed in their share price and market capitalisation 9.8 per cent and Adani Green Energy that was
transparency in law making, maintain surveillance measures (GSM) were not assets. Bombay High Court judge. have no bearing on promoter's net worth. up 6 per cent during the day.
consistency in its orders by whole- sufficient. Sebi had submitted that the recom- So, the SC has given liberty to the In contrast, in the Adani group, all listed In comparison, both Reliance Industries
time members and adjudicating For the investors to be aware of the mendations on creation of a financial committee chair to nominate a new companies are directly owned and controlled and Jio Financial Services saw a decline in
officers, and separation within Sebi in measures, they should be alerted at redressal agency, central unclaimed member for interacting with both the by the promoter family with no cross holding their share price and market capitalisation on
its quasi-judicial and executive arm, the point of entry of orders that the property authority, and framework to government and Sebi on these recom- between the listed firms, except in the case of Wednesday tracking the decline in the broader
among a host of other suggestions. stocks have been placed under these set up a multiagency committee would mendations. Ambuja Cements which has controlling stake markets.
in ACC. Gautam Adani family directly owns The benchmark BSE Sensex was down
6.6 per cent stake in ACC. 0.75 per cent on Wednesday.

Sebi last word on corporate governance: Experts

AMRITHA PILLAY entatives from the legal frater- ment is not a comment on the auditing point of view. Hindenburg report released WHAT’S SEBI PROBING IN ADANI-HINDENBURG ISSUE?
Mumbai, 3 January nity subscribed to a similar Adani Group or Indian com- For instance, in a July 3 last year, rating agencies, such
view. panies’ level of corporate gov- report, IiAS recommended as CRISIL, in a February note, The Supreme Court (SC) on Wednesday (FPIs) holdings in the firm. Sebi stated that
The latest Supreme Court “Companies that follow ernance. The order, however, shareholders should vote said, “Any adverse regulatory/ directed the market regulator Securities establishing the economic interest of 12
judgment fortifies market reg- good corporate governance, emphasises Sebi as the last against the resolution for government action in the wake and Exchange Board of India (Sebi) to com- FPIs remained a challenge as they are
ulator Securities and Exch- adhere to regulations, and word in the interpretation of adoption of Adani’s cement of the research report, emerg- plete its investigation into the two pending located in tax haven jurisdictions.
ange Board of India’s (Sebi’s) have efficient compli- its own regulations.” subsidiary ACC’s FY23 finan- ing issues around corporate matters related to the Adani Group in three These FPIs were classified as public
role in deciding securities- ance systems will He added, “It was cial statements, for govern- governance, or a decline in months. shareholders of the Adani group firms.
related violations and similar have nothing to not the Hind- ance and financial impact rea- group’s resource-raising capa- The two investigations, which are at the Under the Sebi regulations, a listed firm is
concerns, said executives from fear from either enburg report but sons and observed, “…pending bilities from banks or capital interim stage, are based on the allegations mandated to keep at least 25 per cent stake
law and proxy advisory firms. the executive or the cacophony the completion of proceedings markets because of a continu- of violating minimum public shareholding as public shareholding and the promoter
“The judgment means any the judiciary. after which hurt before the Hon’ble Supreme ing slide in share prices will be (MPS) regulations involving overseas holding is capped at 75 per cent.
securities investigations and They can go about investor interest. Court and regulatory investi- key monitorable.” entities while the other pertains to the Hindenburg had alleged circumvention of
violations of securities law doing their busi- Today's order puts gations, the auditors are The rating agency did not examination of trades before and after the this norm through FPIs. The market regu-
needs to be investigated by ness in a dynamic an end to frivolous unable to comment on the have any immediate comment release of the Hindenburg Report, accord- lator said that it had sent around 90 com-
Sebi. That is the implication growth market like India,” attempts to involve the possible consequential effects so far. ing to the status report, which Sebi sub- munications to overseas agencies seeking
for corporate governance in said Jidesh Kumar, managing courts in such matters.” on the financial statements.” Others agree that the judg- mitted to the SC in August last year. assistance. For the second pending inves-
general,” said Shriram partner, King Stubb & Kasiva For proxy advisory firm Concerned executives from ment now shifts focus to In the alleged violation of MPS tigation, Sebi stated that it had sent three
Subramanian, founder and Advocates & Attorneys. Institutional Investor Advisory IiAS were unavailable for an Sebi’s view on the matter. “We Regulation, Sebi submitted that it had communications to external agencies seek-
managing director (MD), JN Gupta, founder and MD Services (IiAS), the pending updated comment post the will await Sebi’s report,” said sought details from five foreign jurisdic- ing assistance and that the information was
InGovern Research Services, a at Stakeholders Empower- Supreme Court investigation judgment. an executive from a rating tions on the foreign portfolio investors' awaited. KHUSHBOO TIWARI
proxy advisory firm. Repres- ment Services, said, “The judg- was a matter of concern from Shortly after the agency firm.

Jio Financial’s MF licence application under process: Sebi IPO of Jyoti CNC
IT majors drag Automation to
open on Jan 9
down indices ABHISHEK KUMAR
Mumbai, 3 January
October 19, 2023. The applicants list is
updated by Sebi at the end of every
quarter.
Jio Financial MF may take at least a year
to get operational. The licence is granted
in two steps. Initially, applicants get an
already obtained in-principle approvals
before the year started.
The queue for licence has also short-
Gujarat-based Jyoti CNC
Automation’s initial public
Jio Financial Services is among appli- The update from Sebi puts to rest in-principle approval, allowing them to ened due to changes in net-worth crite- offering (IPO) worth up to
BS REPORTER
Mumbai, 3 January
NIFTY IT cants under consideration for a mutual
fund (MF) licence, shows an updated
speculations that Jio Financial was con-
sidering an acquisition to enter the ~50-
start setting up the AMC. The final
approval comes after some months.
ria. The minimum net-worth criteria for
applicants not meeting the profitability
~1,000 crore will open on
January 9. It will also be the
38,000 list of MF applicants put out by the trillion MF industry. Jio Financial had Lately, Sebi has quickened licence requirements has been raised to ~150 first public issue of 2024 on the
The decline in IT stocks amid 34,395 Securities and Exchange Board of India announced the JV and the plan to enter approvals. Since March 2023, the mar- crore from ~100 crore previously. main board of leading stock
concerns about growth pro- (Sebi). the asset management space in July. kets regulator has given final approvals Apart from Jio Financial, Abira exchanges BSE and NSE. The
spects pulled Indian equity 29,563 Jio Financial, which has a joint ven- The two partners plan to invest $150 to four asset management companies Securities and Angel One were in con- company is planning to list its
34,000
benchmarks on Wednesday. ture (JV) with Blackrock Financial million each in the JV. (AMCs), namely Bajaj Finserv, Old tention for MF licence, shows the latest shares for the second time in
Investors were also jittery Management for asset management, Going by the time taken by Sebi to Bridge Capital Management, Helios update from Sebi. Angel One has nearly 10 years. The three-day
ahead of releasing a bunch of filed the application for MF licence on grant MF licence in the recent past, the Capital and Zerodha. The firms had already received partial approval. IPO will close on January 11. PTI
data this week that could show 30,000
whether wagers on interest-
rate cuts this year are justified.
HDFC Bank, which decl- 26,000 THE COMPASS
ined 1.5 per cent, and Infosys, Jun30,’23 Jan 3,’24

Tata Steel stock: Is it a buy, hold or a sell?

which fell 2.9 per cent, were Source: Exchanges prices, exerting downward pres-
the biggest contributors to sure on spreads, and there’s still
Sensex’s decline. HCL est and taxes (EBIT) margin to compression in Europe’s steel
Technologies saw a decline of fall quarter-on-quarter for spreads and some risks of delay in
2.15 per cent, TCS and Tech most of its coverage com- through the last year, there’s a case prices stay depressed. In among the lowest-cost producers UK’s restructuring.
Mahindra by 2.4 per panies due to wage hikes, fur- Base=100 for claiming global prices have December, prices stayed more or of steel globally. While domestic demand
cent 2.6 per cent, respectively. loughs and one-time impacts. 140 bottomed or are close to bottom- less flat everywhere. Tata Steel is not only investing remains robust, Tata Steel would
The benchmark Sensex fell We would look for signs of a ing out. The medium-term implica- upstream but also investing down- have to complete expansions
536 points or 0.7 per cent to demand pick-up and updates Europe has cut steel produc- tions for Tata Steel are very hard stream. Upstream, the company before it can fully exploit this.
end the session at 71 357. The on the timelines of large deals Tata Steel tion by 20 per cent, which has to estimate. The company has a targets an iron ore production Europe continues to run at an esti-
Nifty ended the session at ramping up in management 120 helped align supply with demand. large European exposure with capacity of 60-65 MTPA. mated Ebitda loss of $109 per
21,517, a decline of 148 points commentary,” the note added. The US had a surprisingly strong some of its capacity within the EU, Downstream, product lines tonne, due to the weak spreads
or 0.7 per cent. Brokerages The Nifty IT posted its big- Sensex performance in 2023. and some in the UK. Tata Steel is include tubes, wires, tinplate, and and a maintenance shutdown in
have been advising their gest single-day decline in six There are hopes the EU’s also a major domestic player in DI pipes with respective capacity Holland. The situation will likely
clients to tread cautiously months and ended the session 100 demand for steel will also pick up. India. Tata Steel currently has a targets of 4 MTPA, 1 MTPA, 1 improve only around H2FY25.
while taking positions in IT at 34,395, a decline of 2.5 per In India, domestic demand has crude steelmaking capacity of 21 MTPA, and 1 MTPA. By 2030, Tata This has led to downgrades
stocks, citing weakness in dis- cent. A bit of profit booking BSE Metal been buoyed up by the infrastruc- million tonnes per annum (MTPA) Steel’s India business would from some analysts while others
cretionary demand. was seen ahead of the release ture policy thrust. in India making it the second- account for 75 per cent of total are still recommending Buys
“We believe the void crea- of key data points, including 80 China is the big question mark. largest Indian steel manufacturer. capacities compared to 62 per cent based on the medium-term pro-
ted by a lower number of the Eurozone PMI and US ini- Dec 30,‘22 Jan 3,’24 It has seen low economic activity It could push this to around 40 currently. Tata Steel’s Europe busi- spects and the strong domestic
small-sized and discretionary tial jobless claims. and its massive construction and MTPA with lost-cost brownfield ness has been a drag on financials. position. According to Bloomberg,
projects along with delays in “We expect the market to Source: Exchange real estate sector has struggled. expansions. Phase II expansion However, the UK government’s 7 of 11 analysts polled since
client decision-making and consolidate and take a pause Compiled by BS Research Bureau However, an ongoing policy sti- plans are nearly completed at the support for restructuring opera- December 2023 have a buy/add
ramp-up of won projects in before the quarterly results mulus may induce a rebound. Kalinganagar plant, taking capac- tions in the UK could enable a rating, while two each have a
certain cases will lead to reve- start, leading to more stock- DEVANGSHU DATTA While that would push steel ity to 8 MTPA from 3 MTPA. turnaround. The UK high-carbon ‘reduce’ and neutral/equal-weight
nue weakness in the near term specific action,” said Siddha- demand, it would also lead to The plant also features a 6 blast-furnace capacity of 3 MTPA, rating on the stock. Their average
and ‘sticky’ nature of costs will rtha Khemka, head of retail Global and domestic trends in the higher utilisation of China’s steel MTPA iron ore pellet plant as well would be replaced by a low-carbon one-year target price is ~134.82.
delay a significant improve- research of Motilal Oswal Fin- iron and steel industry are difficult production capacity. China holds as a cold-rolled mill of 2 MTPA. 3 MTPA Electric Arc Furnace The stock, which hit its 52-week of
ment in margin,” said Nomura ancial Services. The market to decode. Hence, analysts’ opin- over 50 per cent of global produc- The phase II expansion of the plant. However, at this moment, ~142.15 on Monday, fell 3 per cent
in a note. BNP Paribas, in its breadth was favourable, with ion is also divided. While the tion capacity and when Chinese Kalinganagar plant will end by raw material costs (coking coal on Wednesday to close at ~135.30
note to investors, said it 2,137 stocks advancing and global steel prices dropped exports flood global markets, December 2024. This would be and ore prices) are outpacing steel on the BSE.
expects earnings before inter- 1,706 declining.

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 .
NEW DELHI | THURSDAY, 4 JANUARY 2024 THE SMART INVESTOR 11 <

FMCG firms expected to see US pipeline likely to keep

Lupin revenue healthy
low topline growth in Q3 Gains are also on expectations of strong growth in domestic market
RAM PRASAD SAHU
Brokerages forecast volume growth to remain soft, as witnessed in Q2 Mumbai, 3 January

SHARLEEN D'SOUZA The stock of pharma major Lupin

Mumbai, 3 January
Growth in retail is up 14 per cent over the last eight
trading sessions and is trading at
consumption at
F
ast-moving consumer ~1,406 apiece. The gains are on
goods (FMCG) companies expectations that margins will
are expected to witness con-
tinued weakness in the October-
9.3% in H1: CMS improve on the back of limited
competition launches in the US
December quarter which will Retail consumption grew 9.3 per and strong growth in the domes-
reflect in the topline growth and cent year-on-year (Y-o-Y) in tic market. STRONG MARGIN EXPANSION
margins are expected to remain April-September 2023 (H1FY24), Given the triggers, some bro-
similar to that of the July- according to a trends report kerages have increased their FY24E FY25E FY26E
September quarter. released by CMS Info Systems on earnings per share estimates Net sales (~ cr) 18,761 20,847 23,682
Brokerages expect volume Wednesday. sharply, with the quantum rising % change Y-o-Y 15.3 11.1 13.6
growth to remain soft and not very
different from Q2. Q3 ESTIMATES In data shared with Business
Standard, the company said the
the most in FY2026.
A key trigger for the stock is Operating profit (~ cr) 3,014 4,096 5,036
“We expect demand and mar- Company Net sales Y-o-Y Ebitda Y-o-Y PAT Y-o-Y Y-o-Y growth in the October and the launch of the generic version Margin (%) 16.1 19.7 21.3
gin trends to be broadly similar to (~ cr) chg (%) (~ cr) chg (%) (~ cr) chg (%) November has been at 12.5 per of Spiriva used in the treatment
that witnessed in Q2,” Kotak cent, pointing at robust growth of chronic obstructive pulmonary Net profit (~ cr) 1,497 2,072 2,767
Institutional Equities said in its ITC 16,134 5.2 3,862 4.6 2,720 10.0 in the third quarter as well. disorder. The company got the % change Y-o-Y 234.2 38.4 33.5
report on the sector. Hindustan Unilever 18,753 6.6 6,914 10.5 5,164 3.1 Data for the entire quarter is approval for the drug and E: Estimates; Source: Sharekhan Research
Also, during the year com- Nestlé India 4,406 7.4 789 10.8 558 -40.2 not out yet. launched it in the US market in
panies resorted to cutting the The logistics and technology Q2FY24. It is gaining market
prices of their products as com- Britannia Industries 3,951 9.8 856 49.1 598 9.4 services provider revealed share which is at 24 per cent after GREAT EXPECTATIONS exclusivity on product launch) in
modity prices softened, thus also Varun Beverages 3,368 10.7 691 15.1 528 10.8 key consumption trends in 18 weeks of the launch. Share price in ~ 20 products, adds the brokerage.
having restricted the growth in the organised retail segment Given the lack of an autho- 1,406.1 1,450 The brokerage has revised its
Tata Consumer Products 3,790 9.1 568 31.0 375 6.6
revenue in the quarter. The in H1FY24, through a rised generic, the company earnings per share estimates
domestic brokerage firm also Godrej Consumer Products 3,050 9.8 481 10.0 320 0.5 comprehensive analysis expects to improve its market 1,400 upwards for FY24-FY26 by 2-14
added, “We expect muted low-to- Dabur India 2,557 3.5 525 21.1 385 17.3 spanning 11 consumer-facing share without facing major pric- 1,296.3 1,350 per cent. It has maintained a ‘buy’
mid single-digit volume growth sectors, such as large format ing erosion over the next couple rating with a target price of ~1,593
and a deceleration in Marico 1,829 -50.6 227 -18.2 116 - retail, jewellery, FMCG, of years (till FY26). 1,300 per share.
revenue/Ebitda growth for most Colgate-Palmolive India 1,016 28.3 153 70.3 83 45.7 e-commerce, hospitality, and Sharekhan Research has built 1,250 In the domestic market, the
staple companies.” Emami 1,230 8.1 291 0.2 212 2.0 aviation, among others. in $95 million of sales from the 1,200 company is also aiming to grow
Vishal Gutka, vice-president- Source: Bloomberg Compiled by BS Research Bureau
AKSHARA SRIVASTAVA drug in FY25 and $100 million in Dec 1,’23 Jan 3,’24 faster than its peers. It has
research (consumer and retail), sales from it in FY26. Source: Exchange enhanced its sales force count by
PhillipCapital India also added Higher US sales are likely to Compiled by BS Research Bureau 1,300 and is witnessing higher
that rural demand continues to growth to be higher than revenue also stated that the rural volumes by 4.8 per cent. aid in improving its operating sales in diabetes, cardiology, and
remain weak on the back of growth. It added that despite this continued to remain weak in the In November, the firm noted profit margins to 21 per cent in field to help structure the new respiratory categories.
impacted farm income, and com- being the festive quarter, there was quarter that ended in December. that FMCG sales were seeing the FY2026 from 13 per cent margin respiratory franchise in Germany New launches, cost control
petition from regional players con- an absence of uptick in demand. The brokerage highlighted the pressure of excessive stocking for in FY2022. The brokerage has following the launch of Luforbec measures, and operating leverage
tinues to eat into larger players' “There was some delay in emergence of local players in Diwali. It also said that repeat pur- upgraded its price target to ~1,500 in Germany as well as the launch are expected to boost margins in
market share. winter demand in the many categories and also con- chases in stores are under heavy a share. In addition, the company of the generic version of Spiriva India's business.
“We expect Tata north and also the sumers have resorted to down- pressure for beverages, personal is strengthening its respiratory and the acquisition of Xopenex Some brokerages, however,
Consumer Products, According to Kotak winter season was grading, especially at the mass end care and branded commodities. portfolio through acquisitions. and Brovana in the US. believe that the upsides from the
Jyothy Labs and Institutional delayed and warm in of the market. “We also see that movement of Last month it signed an asset Lupin has a robust product product launches and market
Nestle India to do Equities, Ebitda the east which had an Retail intelligence firm Bizom products in both packaged foods purchase agreement with Sanofi, pipeline, which is expected to share gains in the US are priced
better than the rest of growth is likely to impact on the sale of noted that in October, Sales of fast- and confectionery has maintained which entailed acquiring a port- boost revenues in the US market into the stock. Kotak Securities
the FMCG universe. be higher than health supplements moving consumer goods (FMCG) and grown in November 2023, this folio of products in Europe and going ahead. Analysts at Nomura has a sell rating.
Nestle India is revenue growth and skincare cate- saw an uptick in October as kira- is a positive indicator of movement Canada.Through the deal, the Research led by Saion Mukherjee While the ramp-up in Lupin’s
expected to continue gories in the quarter,” nas, or mom-and-pop stores, in these categories for festive gift- company acquired the Aarane highlight that the company has market share in the generic ver-
to report double-digit said Sachin Bobade, stocked up ahead of Diwali. ing and consumption,” said brand in Germany and Nalcrom been investing in complex plat- sion of Spiriva has been impres-
revenue growth in the December vice president at brokerage Excluding branded commod- Akshay D’Souza, chief of growth in Canada and the Netherlands forms including inhalation, bio- sive until now, we believe the
quarter,” Gutka added. firm Dolat Capital. He added ities, sales of FMCG grew 7 per cent and insights at Bizom. for ~53.7 crore. similars, complex injectables upside from it and any buoyancy
Kotak Institutional Equities that he expects low single-digit in value terms in October com- In November, sales were down The company highlighted that (depot injection and peptides), around US generics are priced in,
also said that it expects Ebitda growth in volumes in home and pared to the same month last year. 7.5 per cent and rural growth the proposed transaction is of and ophthalmic products. the brokerage said.
(earnings before interest, tax, personal care. However, inclusive of branded slumped 9.6 per cent, while urban strategic interest and brings Lupin has secured sole first- It has a target price of ~1,005
depreciation and amortisation) Nuvama Institutional Equities commodities, the sales were down growth dropped 3.5 per cent. accretive assets in the respiratory to-file positions (could lead to per share.

PUBLIC NOTICE PUBLIC NOTICE

Notice is hereby given that the folio No. Prabhjit Singh Sethi alias Prabhjeet
0043514 Certificate Nos. 56449-56453 for Singh Sethi and Inderjit Singh alias
250 Shares bearing Distinctive No. from
4386501-4386750 standing in the names of Inderjeet Singh Sethi both are S/o Late
SWARN SONI and LATE BALDEV KRISHAN Balwant Singh Sethi (Father) and Late
SONI in the books of WEST COAST PAPER Tarlochan Kaur R/o 38 Gopal Nagar,
MILLS LIMITED, has been lost/misplaced and Near Fateh Nagar, Tilak Nagar, West
the advisor has to applied to the company for Delhi - 110018, India and both are
issue of duplicate share certificate in lieu
thereof. Any person who has claim on the absolute, legal and lawful owner of the
said shares should lodge such claims with the property bearing no. 38 Gopal Nagar,
company’s registrar and transfer agent Link Near Fateh Nagar, Tilak Nagar, West
Intime Pvt. Ltd, C101, Embassy 247, L.B.S. Delhi – 110018. That late Tarlochan Kaur
Marg, Vikhroli(west) Mumbai-400083 within Sethi registered a will in favour of Prabhjit
15 days from the date of notice failing which
the company will proceed to issue duplicate Singh Sethi and Inderjit Singh and the
share certificate in respect of said shares. same was registered before the Sub
Sd/- Registrar office, SR II, Janakpuri, New
Name of the shareholders
1. Swarn Soni Delhi vide registration no. 1462 in Book
2. Late, Baldev Krishan Soni No. 3 vol no. 7472 on Page 57 to 58 on
dated 03.07.2006. That in the said will
the name of Prabhjit Singh Sethi is
written as Prabhjeet Singh Sethi and
Inderjit Singh is written as Inderjeet
Singh Sethi. That by way of present
publication it is announced that the
correct name is Prabhjit Singh Sethi
and Inderjit Singh.
Place : Delhi Date : 04.01.2024

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 12 STOCKS
>
NEW DELHI | THURSDAY, 4 JANUARY 2024 1
IN THE
> STOCK
> Sun Pharma Advanced Research Co > National Aluminium Co > Allcargo Terminals

NEWS Top gainer

amongst A group
Snaps 8 days
of winning
Trading volumes
jumps 11x over OF THE DAY
of companies streak 2-week avarge Mankind Pharma
~338.3 PREVIOUS CLOSE ~139.1 PREVIOUS CLOSE ~53.4 PREVIOUS CLOSE Hits new high since listing
~387.4 CLOSE ~129.9 CLOSE ~64.0 CLOSE at ~2,175; Up 17 per cent
p 14.5% UP  6.6% DOWN p 20.0% UP in 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
3 Jan ’24 Chg (%) Con Std 3 Jan ’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 3003.0 2.4 1.0 140.1 166.2 ITC 477.3 1.5 6.1 31.0 29.8 price price (%) price price (%)
Adani Ports 1094.3 1.5 0.8 37.3 298.0 JSW Steel 837.7 -3.7 1.2 22.1 23.6 Adani Energy So 1250.0 1183.9 11.6 1250.0 2798.6 Nat Alum 129.4 129.9 -6.6 88.6 75.7
MOST BULLISH MOST BEARISH
Apollo Hosp 5768.3 0.4 0.6 101.3 84.5 Kotak Mah Bank 1865.9 0.0 2.8 21.6 28.7 Adani Total Gas 1100.7 1099.1 9.8 1259.9 3998.4 JSW Steel 836.0 837.4 -3.8 723.2 649.8
Asian Paints 3373.6 -0.5 1.6 63.9 64.9 Vodafone Idea 16.0 15.9 0.9 Au Small Fin 766.2 770.4 -0.5 NBCC 88.5 88.0 9.2 88.5 88.5 Hindalco 592.0 593.2 -3.8 448.7 381.0
L&T 3440.4 0.1 4.8 38.6 50.7
Axis Bank 1098.6 0.5 3.2 31.3 28.7 Biocon 284.5 282.4 0.8 HCL Techno 1431.3 1437.8 -0.4 Reliance Power 26.3 26.0 7.8 26.3 26.3 BHEL 193.5 194.5 -3.7 113.5 66.3
LTIMind 5961.1 -3.0 0.6 39.9 40.9
IndiaMART Int 2725.9 2705.6 0.8 Bajaj Auto 6963.0 6986.5 -0.3 IRCON Intl 189.8 187.1 7.5 189.8 189.8 Mphasis 2570.0 2577.6 -3.6 2068.5 1660.7
Bajaj Auto 6986.5 4.8 0.9 28.9 30.8 Mah & Mah 1655.3 -0.1 1.7 20.0 22.1 Bosch 22456.9 22289.2 0.8 Persistent S 7270.9 7287.6 -0.2 Biocon 284.5 282.7 6.2 284.5 284.5 SAIL 118.7 119.1 -3.2 81.9 80.5
Bajaj Fin 7384.8 -0.6 2.0 39.7 39.6 Maruti Suzuki 10077.7 -1.2 1.4 38.6 28.3 Deepak Nitrt 2498.4 2480.1 0.7 Alkem Labs 5231.8 5240.5 -0.2 Adani Green En 1749.0 1698.8 6.0 1749.0 2185.3 Samvardhana Mot 101.4 101.8 -3.1 86.8 61.8
Bajaj Finsrv 1677.7 -0.5 1.1 36.1 228.3 Nestle India 26635.2 -2.2 1.0 - 86.4
Bharti Airtel 1035.2 1.3 2.7 77.1 - Adani Power 544.7 544.7 5.0 589.3 589.3 Tata Steel 134.4 135.3 -3.0 114.3 101.7
NTPC 306.2 0.1 1.5 17.6 16.4 BSE NSE Bajaj Auto 7059.8 6989.4 4.9 7059.8 7059.8 LTIMind 5954.2 5960.0 -3.0 4986.5 4120.0
BPCL
Britannia
461.1
5253.8
1.1 0.5 46.9 3.6
-0.7 0.6 49.9 54.1
ONGC 208.3 0.6 1.1 7.4 8.4 Index Stock Index Stock PUT-CALL RATIO Bandhan Bank 258.0 254.0 4.8 258.0 272.0 Oracle Fin 4325.9 4336.3 -2.9 3870.0 2985.0
Power Grid 237.1 -0.3 1.1 14.3 14.4 PAYTM 678.7 672.5 3.3 998.3 998.3 Infosys 1488.3 1490.2 -2.9 1352.0 1215.5
Cipla 1300.2 1.5 0.7 30.4 35.5
Reliance Ind 2583.3 -1.1 9.1 25.5 40.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 384.6 -2.1 0.9 8.4 15.7 Contracts - - 335024 1284617 HPCL 423.6 421.9 3.2 425.5 425.5 ICICI Lombard 1374.7 1377.7 -2.9 1286.0 1049.1
SBI 643.5 0.6 2.5 8.4 9.2 Market 2388.7 4111.9 0.6 Canara Bank 462.9 458.2 3.2 462.9 462.9 Wipro 455.0 455.9 -2.8 375.0 351.9
Divis Lab 4030.6 0.0 0.5 58.7 81.3 Open Int.(000) - - 16402 7607406
SBI Life Ins 1422.7 -1.0 0.6 - 77.3 Manapp Finance 176.7 173.9 3.2 177.6 177.6 Tech Mahindra 1240.0 1244.2 -2.6 1089.0 983.0
Dr Reddys 5931.9 0.1 0.7 19.4 25.8 Shares(In Mn) - - 10.5 2853.4 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1298.6 0.2 1.4 36.4 423.8 Indian Hotel 455.0 451.7 3.0 455.0 455.0 Hero MotoCorp 3972.0 3988.4 -2.5 2925.0 2246.8
Eicher Motor 3887.6 -0.1 0.6 29.7 32.5 Value(~ crore) - - 29551 106353
Tata Consumer P 1085.0 -1.2 0.7 79.0 96.8 Abbott India 1.5 NTPC 0.2
Grasim Ind 2072.2 -1.4 0.8 20.0 90.9 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 781.5 -0.4 1.4 16.9 58.9 MRF 1.5 ONGC 0.3
HCL Techno 1437.8 -2.2 1.6 25.3 33.6 Contracts - - 782904882 5008331
Tata Steel 135.4 -3.0 1.1 - 67.5 Tata Consumer P 1.5 Ipca Labs 0.3
HDFC Bank
HDFC Std Life
1672.9
637.2
-1.5 12.9 27.6 24.3
-1.3 0.7 100.2 93.5 TCS 3691.8 -2.4 3.8 30.3 32.3
Open Int.(000)
Shares(In Mn)
-
-
- 626609
- 15306.1
5873997
8388.4
Coromndl Int 1.1 Colgate 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1244.2 -2.7 0.8 33.7 40.5 IOC 0.9 Page Inds 0.3
Hero MotoCorp 3989.9 -2.4 0.5 28.4 23.1 Value(~ crore) - - 59592938 430974 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 593.1 -3.9 0.9 13.2 48.0 Titan Company 3693.1 -0.1 1.6 100.9 96.4 BSE+NSE BSE+NSE
UltraTech 10111.6 -0.9 1.2 51.3 52.5 1 Reliance Ind 1747541.3 BS200 Utcrfs2Dmp 94.8
HUL 2606.6 -0.3 2.4 60.5 59.8 (~ crore) (Mn shrs)
ICICI Bank 984.1 0.2 7.0 20.3 18.5 UPL 586.9 -1.3 0.3 23.7 33.0 ACTIVE CALLS ACTIVE PUTS Adani Enter 6378.6 20.8
2
3
TCS
HDFC Bank
1350775.1
1270111.4
UP 7 DAYS Gita Rebewable 78.6
IndusInd Bank 1601.2 1.6 1.1 - 15.0 Wipro 455.9 -2.8 0.7 20.5 25.5 Exide Ind 11.3 TTI Enter 61.9
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Adani Ports 3923.2 35.4 4 ICICI Bank 690436.6
Infosys 1490.0 -2.9 5.5 24.9 25.4 Nifty 50 21517.4 -0.7 100.0 24.8 28.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 2457.3 14.6 5 Infosys 618498.6 ACC 9.0
Softsol Ind
Panorama Studio
54.3
44.0
Index Index 6 HUL 612141.3 Godrej Cons 8.8
INDEX PE SHRS TRDS 1 YR Adani Total Gas 2022.5 18.6 DOWN 7 DAYS
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
03/01/24
03/01/24
47700
47800
1238.9
825.5
9.7 663.8
5.2 112.4
Nifty Bank
Nifty Bank
03/01/24
03/01/24
47600
47700
968.5
938.3
8.5 342.5
9.2 631.1
ICICI Bank 1811.4 18.4
7
8
ITC
Bharti Airtel
595460.4
581910.4
Petronet LNG
Ind Ove Bank
6.7
2.2
Bajel -34.5
SENSEX 25.8/29.4 13.6 239 10 20 16.4 Adani Energy So 1689.3 14.3 Maagh Advertisi -29.2
Asian Paints 3371.6 -0.6 1.8 63.9 64.8 Maruti Suzuki 10075.5 -1.2 1.6 38.6 28.3 Nifty Bank 03/01/24 47600 491.0 3.4 315.1 Nifty Bank 03/01/24 47500 707.7 4.8 166.7 9 SBI 574208.8 UP 3 DAYS
NIFTY 50 24.8/28.6 311.9 7499 19 31 18.0 Yash Innoventur -25.2
Axis Bank 1099.6 0.6 3.7 31.3 28.8 Nestle India 26640.4 -2.2 1.1 - 86.5 Nifty Bank 03/01/24 47900 482.8 2.5 -17.7 Nifty Bank 03/01/24 47400 367.0 2.5 64.2 IRCON Intl 1650.0 89.9 10 LIC India 530446.1 Adani Energy So 13.2
C = CONSOLIDATED; S = STANDALONE Karma Energ -13.2
Bajaj Fin 7382.2 -0.7 2.4 39.6 39.6 NTPC 306.3 0.1 1.7 17.6 16.4 Nifty Bank 03/01/24 48000 409.1 4.0 -23.1 Nifty 04/01/24 21600 323.7 3.6 -39.9 Adani Green En 1431.8 8.4 11 L&T 472989.5 Biocon 13.2
DEL -13.2
Bajaj Finsrv 1677.2 -0.6 1.2 36.1 228.3 Power Grid 237.0 -0.3 1.3 14.3 14.4 CASH DERIVATIVES Stock Stock ITC 1431.4 30.0 12 Bajaj Fin 456216.9 Reliance Power 11.6
TURNOVER BSE NSE BSE NSE
Rajoo Engg -13.1
Bharti Airtel 1035.1 1.3 3.1 77.1 - Reliance Ind 2583.0 -1.1 10.5 25.5 40.5 Vodafone Idea 25/01/24 20 193.2 166.2 -5.1 Vodafone Idea 25/01/24 15 137.8 77.8 -4.9 13 HCL Techno 390087.2 RailTel Corp 7.5
Reliance Power 1385.5 542.1 Switchng Tch -13.1
HCL Techno 1437.5 -2.2 1.8 25.3 33.6 SBI 643.4 0.7 2.9 8.4 9.2 VALUE(IN ~ CRORE) 8281 107896 -60159817 Vodafone Idea 25/01/24 18 193.1 176.3 -0.8 Vodafone Idea 25/01/24 14 106.3 89.0 -0.9 14 Kotak Mah Bank 370934.6 Adani Ports 6.8
Infosys 1223.7 8.2 UP 3 DAYS
HDFC Bank 1672.9 -1.6 15.0 27.6 24.3 SHARES(IN MN) 1350.6 5961.0 - 26558.4 Vodafone Idea 25/01/24 19 188.2 94.9 1.5 Vodafone Idea 25/01/24 16 101.0 85.3 -8.7 15 Adani Enter 342450.3 Adani Green En 6.4
Sun Pharma 1298.1 0.1 1.7 36.4 423.6 Reliance Ind 1205.8 4.6 Martin Burn 50.4
HUL 2605.3 -0.3 2.8 60.5 59.7 TRADES(000) 4275 35715 - 175134 Vodafone Idea 25/01/24 17 168.8 110.4 5.4 Vodafone Idea 25/01/24 13 97.8 63.2 -2.8 16 Axis Bank 339101.2 PAYTM 5.8
Tata Motors 781.4 -0.4 1.6 16.9 58.9 NBCC 1133.7 131.4 Riddhi SidG 50.1
ICICI Bank 984.3 0.2 8.2 20.3 18.5 Vodafone Idea 25/01/24 21 139.4 100.2 -9.3 Vodafone Idea 25/01/24 17 28.1 39.3 -2.0 17 Titan Company 327829.0 DOWN
Tata Steel 135.3 -3.0 1.3 - 67.5 Vivo Bio Tec 48.2
IndusInd Bank 1601.6 1.7 1.3 - 15.0 MARKET-CAP (~ CR) TRADED TOTAL Axis Bank 1125.7 10.3 18 Asian Paints 323403.9 Eicher Motor -6.2
TCS 3691.6 -2.4 4.4 30.2 32.3 Infronics Sys 47.7
Infosys 1490.2 -2.9 6.3 24.9 25.4 BHEL 1107.4 56.6 19 Maruti Suzuki 316772.1 Mphasis -5.9
Tech Mahindra 1244.2 -2.6 0.9 33.7 40.5 BSE 36,524,417 37,142,262 Max India 40.2
ITC 477.3 1.5 7.0 31.0 29.9
JSW Steel 837.4 -3.8 1.3 22.1 23.6 Titan Company 3692.6 -0.1 1.8 100.9 96.4 NSE 36,107,712 36,756,330 SPURT IN VOLUMES Vodafone Idea
YES Bank
1064.6
1047.2
665.3
450.0
20
21
Sun Pharma
NTPC
311453.1
296960.5
Coforge
LTIMind
-5.6
-5.3
Decipher Labs
Rajshree Sug
38.1
36.8
UltraTech 10110.8 -0.9 1.4 51.3 52.5 DERIVATIVES 24,404,661 24,404,661
Kotak Mah Bank 1866.3 0.1 3.3 21.6 28.7 Company Days 2-week Avg Change Close *Price 22 UltraTech 291887.2 JSW Steel -4.9
IRFC 1041.3 103.4 DOWN 3 DAYS
L&T 3441.1 0.1 5.6 38.6 50.7 Wipro 455.9 -2.8 0.8 20.5 25.5 Volume Volume % price %chg 23 Adani Green En 269087.1 Birlasoft -4.9
Mah & Mah 1655.5 -0.1 2.0 20.0 22.1 BSE SENSEX 71356.6 -0.7 100.0 25.8 29.4 TRADING ACTIVITY FDC 4363035.0 153385.9 2744.5 411.3 3.3
Sun Pharma A
Enginers Ind
1035.2
1004.8
27.6
49.4
24 Bajaj Finsrv 267597.3 APL Apolo Tb -4.4
SVJ Enterprises
Aayush Food
-15.6
-14.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 ONGC 261921.4 Others
Vaibhav Global 6396804.0 239622.4 2569.5 431.0 6.0 SBI 959.3 14.9 Benchmark Compu -14.2
Equity Debt Equity Debt 26 Tata Motors 259630.9
Net Net Net Net Birlaslamc - Ab 158756.0 7621.2 1983.1 1000.0 0.0 UP 7 DAYS Dhyaani Tile -14.2
Canara Bank 952.1 20.9 27 Nestle India 256866.3
WORLD INDICES On 02 Jan 1595 950 - - Bharat Road Net 5766922.0 306926.8 1778.9 61.6 20.0 Rail Vikas Niga 938.1 50.4 28 Avenue Supermar 255987.4
VL E-Governance
Catvision
111.2
111.0
Jll
Kamadgiri
-12.9
-12.6
On 01 Jan 253 87 889 -103 SBI-ETF Nifty-B 1834180.0 98859.9 1755.3 483.0 0.1 Bajaj Auto 885.8 1.3 29 Wipro 238173.6
Indices Close % Chg* Indices Close % Chg*
On 29 Dec 2108 1366 1395 -143 ANG Lifescience 511120.0 31141.0 1541.3 80.3 12.0 30 Coal India 237018.6 (T+2) cycleStocks which rose/fell continuously
Bandhan Bank 857.2 33.9
Americas (Jan 02,24) Asia/Pacific (Jan 03,24) On 28 Dec 5657 877 -2577 -1571 Udayshivakumar 8193817.0 512558.6 1498.6 46.4 13.9
Dow Jones 37715.0 0.1 Kuala Lumpur Comp 1462.4 0.6 On 27 Dec 3203 616 -37 -1401 Maha Steel 1100310.0 71436.1 1440.3 106.0 20.0
Jan till date 1848 1036 889 -103
S&P/ TSX Composite
Nasdaq Composite
20872.1
14765.9
-0.4
-1.6
Shanghai Se Comp
Stock Exchange of Thai
2967.3
1429.6
0.2
-0.3 2024 till date 1848 1036 889 -103
GACM Techno
Precision Metal
1302409.0
282000.0
88065.3
19200.0
1378.9
1368.8
8.4
42.0
4.2
15.4
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jan 02,24) Jakarta Composite 7279.1 -0.6 Group tion of nomina- To consider Meeting of the and Approve
FTSE 100 7680.0 -0.5 Straits Times 3199.4 -0.9 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company tion and remu- and to take on Board of Direc- ESOP and/or
Purpose neration record interalia tors of the RSU 3. To con-
DAX 16644.2 -0.8 Taiwan Taiex 17559.3 -1.7 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock committee the Un- Company sider and ap-
IBEX 35 10102.5 -0.8 Kospi 2607.3 -2.3 NET Net Fut OI Opt OI OI JANUARY 04 Computer Pt: au¬dited Fi- Jainco Proj: To prove the
HIGH *Exide Ind . . . . . . . . . . . 328.8 *Waaree Renewabl . . 2449.0 *HDFC Sensex . . . . . . . 808.0
CAC 40 7439.3 -1.2 Volatility (Jan 02,24) BS 200 Biocon . . . . . . . . . . . . . 284.5 *Ethos . . . . . . . . . . . . 2285.0 *Jai Balaji . . . . . . . . . . . 807.6 Acemen: To To consider nancial Results consider and Migration of
On 02 Jan -35880 -126 0.2 5.1 2.7
Asia/Pacific (Jan 03,24) CBOE Dow Jones 12.2 4.0 *MRF . . . . . . . . . . . . 130936.0 Indus Towers . . . . . . . . 209.4 *Ajanta Phar . . . . . . . . 2243.8 *Godawari Pwr . . . . . . 792.0 consider and and approve for the quarter approve to the Company
On 01 Jan 20890 -2432 0.2 4.6 2.6
Nikkei 225 (Dec 29) 33464.2 -0.2 CBOE S&P 500 13.6 2.9 *Bajaj Auto . . . . . . . . . 7059.8 *IRCON Intl . . . . . . . . . 189.8 *GSK Pharma . . . . . . . 2121.1 *Mangalam Cem . . . . . 782.8 approve Un-Au- upon recom- ending De- consider and from the SME
On 29 Dec 28911 -2076 0.2 3.3 2.6
*L&T Finance Hol . . . . . 170.8 Gland Pharma . . . . . . 2040.0 *Orchid Pharma . . . . . 755.4 dited Stand- mendation of cember 31 take record of platform of
Hang Seng 16646.4 -0.9 * Change over previous close On 28 Dec -124714 5730 0.2 2.1 2.5 *Apollo Hosp . . . . . . . 5786.9
*NBCC . . . . . . . . . . . . . 88.5 *JBM Auto . . . . . . . . . 1745.1 *Remsons Ind . . . . . . . 750.8 alone Financial nomination and 2023. the followings: BSE Limited
On 27 Dec 19324 3091 0.3 5.7 2.8 *Alkem Labs . . . . . . . . 5264.5
*GMR Airports . . . . . . . . 83.0 *JB Chemicals . . . . . . 1710.7 Results of the remuneration Grasim Ind: To 1. To consider (BSE SME) to
MAJOR INDICES Jan till date
2024 till date
-14990
-14990
-2557
-2557
-
-
-
-
-
-
Divis Lab . . . . . . . . . . . 4065.7
*Trent . . . . . . . . . . . . . 3108.4 *Reliance Power . . . . . . 26.3 *SAR Auto Pr . . . . . . . 1700.0 LOW Company committee Mr. consider and appointment of the Main Board
YES Bank . . . . . . . . . . . . 23.7 *Concord Biotech . . . 1572.5 BS 200 under Indian Tapas Chowd- approve var- Company Sec- of BSE Limited
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *HAL . . . . . . . . . . . . 2885.5
*JP Power . . . . . . . . . . . . 16.5 *Sandesh . . . . . . . . . . 1409.8 NONE Accounting hury will be ap- ious matters in retary / and/or Na-
Pidilite Ind . . . . . . . . . 2792.4
Others Standards (Ind pointed connection Compliance tional Stock
S&P BSE Sensex 71,892.5 71,832.6 71,862.0 71,304.0 71,356.6 -535.9 -0.7 *Torrent Phar . . . . . . . 2367.5 Others *Sharda Motor . . . . . . 1400.0
*IKIO Lighting . . . . . . . 305.0 AS) for the Dev Labtech: with the Rights Officer 2. Gen- Exchange of
*Mankind Pharma . . . 2175.4 *SG Mart . . . . . . . . . . 9899.3 *Dolphin Off. . . . . . . . 1357.7
S&P BSE Sensex 50 22,686.4 22,682.8 22,690.4 22,516.6 22,535.6 -150.8 -0.7 S&P BSE SECTORAL INDICES *United Brew . . . . . . . 1840.5 *Benares Htl . . . . . . . 9440.0 *Prestige Est . . . . . . . 1304.0 Indo Thai Secur . . . . . . 189.0 Quarter and
Half Year
Dev Labtech
Venture Ltdhas
Issue including
the specific
eral Discussion
3. Any other
India Limited
Rajnish We-
S&P BSE-100 22,329.6 22,328.9 22,335.1 22,198.2 22,217.8 -111.9 -0.5 *Lupin . . . . . . . . . . . . . 1412.5 *Sanofi India . . . . . . . 8398.1 *Mercury Labs . . . . . . 1257.0 *Innokaiz India . . . . . . . 82.2 ness: To con- Crores Ninety Sprayking Agro: vertible war- tial basis in
Prev cls Close % Chng *Prospect Comm . . . . . 55.0 ended on 30th informed BSE terms of the matter with the lines: alia con-
*Cipla . . . . . . . . . . . . . 1306.0 *PTC Inds . . . . . . . . 7479.9 *Cupid Ltd . . . . . . . . . 1192.2 sider and ap- Four Lakhs To transact the rants into accordance
S&P BSE-200 9,625.3 9,633.2 9,635.6 9,585.7 9,593.9 -31.3 -0.3 September that the meet- Rights Issue permission to sider take on
Auto 41,590.9 41,567.7 -0.1 *Sun Pharma . . . . . . . 1304.1 *Gillette I . . . . . . . . . . 6683.2 *Dhanuka Agri . . . . . . 1161.0 Easun Cap Mar . . . . . . . . 43.7 prove offer & Only) on private business as equivalent with the
2023 and any ing of the such as the de- chair. record and ap-
Bankex 53,723.0 53,729.6 0.0 *Godrej Cons . . . . . . . 1173.9 *Inox Wind Energ . . . 6250.6 *Sobha Ltd . . . . . . . . . 1140.0 *Adhbhut Infra . . . . . . . . 42.5 issue of 89400 placement mentioned equity shares of special resolu-
S&P BSE-500 30,702.1 30,733.6 30,739.8 30,592.6 30,621.2 -80.8 -0.3 other agendas Board of Direc- termination of Prime Fresh: To prove the Ap-
Cons. Durables 50,279.9 50,382.0 0.2 *Adani Ports . . . . . . . . 1144.0 *Astrazen Ph . . . . . . . 5796.0 *Tata Metal . . . . . . . . 1094.3 Yash Innoventur . . . . . . . 27.0 Unlisted Se- basis. SALEM below: 1. To dis- the company to tion passed
as may be con- tors of the the Rights consider and pointment of
S&P BSE IPO 12,508.0 12,512.1 12,610.3 12,433.7 12,599.1 91.2 0.7 Cap. Goods 54,914.4 55,028.3 0.2 *Voltas . . . . . . . . . . . . 1000.0 *Victoria Mls . . . . . . . 5788.0 *Mirae -ET . . . . . . . 1000.0 Raj Rayon . . . . . . . . . . . . 18.4 cured Redeem- ERODE INVEST- cuss and ap- promoters and in Extra Ordi-
sidered neces- Company is Issue price and approve 1. To Statutory Audi-
FMCG 20,559.8 20,586.2 0.1 *Glenmark . . . . . . . . . . 903.1 *Neuland Lab . . . . . . . 5764.2 *Signatureglobal . . . . . 961.4 *eastcoast steel . . . . . . . 17.9 able MENTS LIM- prove the of non-promoter nary General
S&P Dollex-30 7,083.7 - - - 7,033.0 -50.7 -0.7 sary with the scheduled on related pay- consider and tor to fill ca-
Healthcare 32,248.6 32,480.3 0.7 *Containr Crp . . . . . . . 890.0 *ABB Power India . . . 5534.2 *Action Const . . . . . . . . 928.4 *Nippo ETF . . . . . . . . . . . 12.0 Non-Convert- ITED has expansion for entity at a price Meeting held
permission of 04/01/2024 ment mecha- ratify the sual vacancy
Nifty 50 21,665.8 21,661.1 21,677.0 21,500.4 21,517.4 -148.5 -0.7 Infra 475.2 481.7 1.4 *Zydus Lifescien . . . . . 716.0 *Bharat Bijle . . . . . . . 5011.8 *3B BlackBio Dx . . . . . . 907.9 Ashnisha Inds . . . . . . . . . 11.5 ible Debentures informed BSE new product of Rs. 45/- (in- on 07th De-
the chair. inter alia to nism rights Name of ulti- caused due to
IT 35,793.6 34,968.1 -2.3 Ambuja Cem . . . . . . . . . 549.0 *VST Ind . . . . . . . . . . . 4328.5 *Tips Films . . . . . . . . . . 895.7 *Dipna Pharma . . . . . . 10.0 of face value of about Board range. cluding pre- cember 2023. 2)
Nifty next50 53,277.5 53,408.4 53,842.1 53,225.2 53,680.4 402.9 0.8 BLS Infotech: consider and entitlement mate beneficial the resignation
Metal 27,196.0 26,533.7 -2.4 *Canara Bank . . . . . . . 462.9 Gujarat Fluoro . . . . . . 3920.0 India Glycol . . . . . . . . . 868.5 *SICL . . . . . . . . . . . . . . . . 8.1 Rs. 1000/- each Meeting to be The Byke Hosp: mium of Rs. Any other
To consider approve Board ratio the record ownership of of existing au-
Nifty 500 19,418.4 19,434.3 19,442.2 19,343.2 19,367.2 -51.3 -0.3 Oil & Gas 23,273.9 23,504.5 1.0 *Indian Hotel . . . . . . . . 455.0 *KSB . . . . . . . . . . . . . 3580.0 *Praveg Communic . . . 867.0 GACM Techno . . . . . . . . . . 7.7 at par aggregat- held on 04 Jan To consider and 35/- per equity matter with the
and approve Meeting will be date and tim- Mr. Chetan ditor.
Power 5,817.9 5,895.4 1.3 Chambal Fert . . . . . . . . 388.2 *Thermax . . . . . . . . . . 3247.8 *WAA tech . . . . . . . . . . 832.6 Akshar Spintex . . . . . . . . . 3.9 ing to Rs. 2024 to con- approve 1) Al- warrant) per prior permis-
India VIX 14.6 14.6 14.8 14.0 14.1 -0.5 -3.3 appointment of held on ing of the Hasmukhlal Salem Er: To
*RailTel Corp . . . . . . . . 374.0 *Dr Agarwals . . . . . . . 3137.0 *IST . . . . . . . . . . . . . . . . 824.0 IFL Enterprises . . . . . . . . . 1.6 89400000/- (Ru- sider Fund rais- lotment of equity warrant sion of the
PSU 15,670.7 15,730.1 0.4 director upon 04.01.2024 Rights Issue. Mehta HUF 2. transact the
pees Eight ing. 12400000 con- on a preferen- chair.
Nifty CPSE 4,897.8 4,894.9 4,909.1 4,851.3 4,883.1 -14.8 -0.3 Realty 6,147.2 6,232.8 1.4 m m w w recommenda- GM Breweries: Ind Renew: To Consider following busi-

> 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 (655.8) (655.7) (4696.0) (4701.6)
m ~50 H ~2 Open 655.2 656.0 4690.1 4714.0
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 656.8 656.8 4826.7 4829.9
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 643.4 643.5 4690.1 4699.1
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 652.6 652.5 4773.9 4775.6
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 190K 1162K 5015 292K
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 53.1 53.1 83.7 83.7
company name is followed by shares traded, and also the 52 Wk H/L 661/438 662/438 4953/2694 4957/2690
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 23655 23651 101159 101194
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Adani Power Adani Total Gas« m H m mH H  « « « « m m «
(23324.6) (23327.3) (2267.8) (2267.3) (2932.1) (2932.4) (1078.6) (1078.4) (518.8) (518.6) (1000.6) (1000.9)
O 23389.6 23450.0 2280.1 2283.0 3049.0 3047.0 1105.0 1105.0 535.1 538.0 1075.1 1079.0 O O
23629.9 23650.0 2335.0 2333.8 3199.5 3199.0 1144.0 1144.0 544.7 544.5 1100.7 1101.0
w 23260.5 23220.2 2256.8 2255.0 2957.1 2955.6 1062.9 1062.8 525.1 525.0 1025.9 1032.2 w w
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W 24725/19900 24744/19900 2486/1594 2488/1592 3879/1017 3880/1017 1144/395 1144/395 589/133 589/132 3998/522 4000/522 W W
M 50114 50164 42799 42820 342450 342342 236212 236374 210068 210010 120874 120901 M M

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(1092.8) (1093.3) (6662.5) (6665.0) (7431.8) (7430.0) (1686.6) (1686.2) (2523.2) (2521.8) (405.1) (405.1) (242.3) (242.4) (230.6) (230.7) (1596.2) (1596.9) (605.7) (604.3) (182.2) (182.1) (1239.9) (1241.4) (1021.9) (1021.7) (202.1) (202.0) (266.1) (266.2) (687.2) (687.4) (22336.9) (22334.3) (456.3) (456.3)
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W 1152/814 1152/814 7060/3522 7060/3520 8190/5487 8192/5486 1742/1216 1741/1215 2680/1912 2683/1909 486/350 486/349 W 272/182 272/182 237/147 237/147 1770/1381 1771/1381 679/440 680/439 187/87 187/87 1259/744 1259/744 W 1046/736 1046/736 205/66 205/66 284/192 285/192 746/250 746/250 22629/16366 22636/16366 482/314 483/314
M 339101 338808 197926 197844 456217 456381 267597 267669 48378 48439 8193 8197 M 40917 40901 120467 120415 20509 20502 69703 69726 133294 133294 57520 57546 M 581910 581967 67726 67691 33935 33899 18915 18910 65715 65731 100035 100013

Britannia« BSEH Can Fin HomeH Canara Bank CDSL CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India«
(5288.1) (5288.9) (-) (2235.9) (766.0) (766.1) (444.0) (444.0) (-) (1819.1) (311.3) (311.4) (380.0) (380.1) (1220.1) (1220.1) (1281.6) (1281.6) (151.2) (151.2) (392.9) (392.6) (1353.2) (1353.8) (6037.1) (6038.3) (2501.1) (2502.6) (879.2) (879.7) (1231.5) (1230.8) (1959.8) (1960.8) (556.7) (556.8)
O 5307.8 5288.9 - 2238.8 779.5 765.0 450.0 450.0 - 1819.1 313.7 312.9 O 380.5 380.1 1215.3 1221.0 1285.3 1291.0 151.2 151.0 395.1 394.8 1353.2 1356.0 O 6035.1 6049.4 2476.2 2495.0 884.8 883.0 1235.0 1225.0 1959.0 1960.0 555.1 557.0
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w 5245.4 5240.0 - 2210.0 760.5 760.6 444.4 444.4 - 1819.1 308.8 308.8 w 378.1 378.1 1215.3 1218.2 1274.4 1274.1 150.7 150.7 383.9 383.9 1337.5 1336.3 w 5846.0 5841.6 2470.8 2471.4 869.1 869.3 1224.2 1224.2 1948.0 1946.0 546.9 546.6
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W 5386/4154 5386/4153 -/- 2595/406 905/509 910/509 463/269 463/269 -/- 1988/881 349/251 349/251 W 388/249 388/248 1284/658 1279/658 1306/852 1307/852 180/120 180/120 396/208 396/208 1409/411 1409/410 W 6529/3565 6530/3565 2546/1435 2544/1435 890/555 890/555 1288/839 1272/838 2045/1356 2045/1358 597/504 597/504
M 126544 126564 - 30510 10200 10199 83123 83133 - 19261 20406 20406 M 16099 16095 104066 104159 104935 104968 11331 11327 237019 236988 17786 17774 M 36592 36607 67800 67820 53670 53749 36765 36763 54651 54662 97646 97655

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This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 .
NEW DELHI | THURSDAY, 4 JANUARY 2024 13 <

PUBLIC NOTICE
Apartment M2A033 allotted jointly in the name of Mr Rajeev Aggarwal & Mrs Indu Aggarwal ,
claim vide diary No 1784/27.04.2018 . Vide request letter dated 25.09.2023 Corporation has
been informed that one of the original claimant Mrs Indu Aggarwal wife of Mr Rajeev Aggarwal
had expired on 15.06.2023 .The legal heirs of the deceased claimant as per the Surviving
Member Certicate No 90660000198039 dated 22.08.2023 issued by O/o of District
Magistrate , Hauz Khas , New Delhi are Mr Rajeev Aggarwal (Husband) and Mrs Disha
Aggarwal (Daughter) has approached the Corporation to transfer captioned Apartment within
family in question in favour of Mr Rajeev Aggarwal & Mrs Disha Aggarwal D/o Late Mrs Indu
Aggarwal.
The Corporation is in the process of considering their request & transferring the said
Apartment in the name of Mr Rajeev Aggarwal & Mrs Disha Aggarwal D/o of Late Mrs Indu
Aggarwal . Through this Public Notice it is hereby informed that incase , any of the legal heirs
of Mrs Indu Aggarwal w/o Mr Rajeev Aggarwal or any other person having reservation
/objection to the said transfer may le his/her objection in writing before the undersigned or
“Nodal Ofcer-(912 Acre) , HSIIDC Ltd , C 13-14 Sector -6 , Panchkula , Haryana along with
an afdavit within a period of 30 days from the date of publication of this notice. Incase no
response is received within the aforesaid period , it will be presumed that no has any objection
to transfer of the said apartment in the name of Mr Rajeev Aggarwal & Mrs Disha Aggarwal
D/o Late Mrs Indu Aggarwal and the Corporation shall go ahead with the transfer of apartment
in their favour .
Estate Manager
For & behalf of
R S Malik Haryana State Industrial and Infrastructure Dev. Corpn. Ltd
Advocate HSIIDC , IMT Manesar , Distt -Gurugram

SHRI RAM G SECURITIES PRIVATE LIMITED

CIN: U74899DL1992PTC049633
Registered Office: - B-9/B, First Floor Kalka Ji, New Delhi-110019
PUBLIC NOTICE
Form No. INC-26
[Pursuant to Rule 30 of the Companies (Incorporation) Rules, 2014]
Advertisement to be published in the newspaper for change of registered office of the
Company from one state to another
Before the Central Government
Regional Director, Northern Region
In the matter of sub-section (4) of Section 13 of Companies Act, 2013 and clause (a)
OFFICE OF THE RECOVERY OFFICER-I
of sub-rule (5) of rule 30 of the Companies (Incorporation) Rules, 2014 DEBTS RECOVERY TRIBUNAL-II, DELHI
AND 4th Floor, Jeevan Tara Building Parliament Street New Delhi-110001
In the matter of SHRI RAM G SECURITIES PRIVATE LIMITED having its SALE PROCLAMATION NOTICE
registered office at B-9/B, First Floor Kalka Ji, New Delhi-110019 Rc. No. 339/2014
M/s Pegasus Asset Reconstruction Pvt, Ltd. Vs Hallex Applied Power Pvt Ltd.
…………… Petitioner
PROCLAMATION OF SALE UNDER RULE 52(2) OF SECOND SCHEDULE TO THE INCOME TAX ACT,1961 READ
Notice is hereby given to the general public that the Company proposes to make an WITH THE RECOVERY OF DEBTS DUE TO BANK AND FINANCIAL INSTITUTIONS ACT,1993
application to the Central Government under section 13 of the Companies Act, 2013 CD#1 Hallex Applied Power Pvt Ltd. Regd office at: A-49,Engine House Mohan Coop Indl.Estate mathura Road,New
seeking confirmation of alteration of the Memorandum of Association of the Company in Delhi-110044
terms of the Special Resolution passed at the Extra Ordinary General Meeting held on CD#2 Asian Power Control Ltd. Regd.Office At: 96,Arcadia.Nariman Point, Mumbai-400021.
December 22, 2023, to enable the Company to change its registered office from the “State CD#3 Hallex Engineering & Infrastructure.Regd office at: A-49,Engine House Mohan Coop Indl.Estate mathura Road,
New Delhi-110044
of NCT Delhi” to the “State of Uttar Pradesh”.
CD#4 Shri Manish Mohan Mukkar, S/o Shri Mohan Mukkar R/o AA/8,Shiv VAtika, Ansal Villa-Satbari, Chhaterpur,New
Any person whose interest is likely to be affected by the proposed change of the registered Delhi-110030.
office of the company may deliver either on the MCA-21 portal (www.mca.gov.in) by 1. Whereas Recovery Certificate No.339/2014 in OA No.174/2011 dated 19.09.2014 drawnby the presiding Officer,Debts
filing an investor complaint form or cause to be delivered or send by registered post of Recovery Tribunal-II for the recovery of a sum Rs.16,31,45,540.00 (Rupees Sixteen Crores Thirty One Lacs Forty Five
his/ her objections supported by an affidavit stating the nature of his/ her interest and Thousand Five Hundred and Forty Only) aganist the defendents along with interest 14.25% per annum from the Certificate
debtors together with the costs and charges as per recovery certificate from the date of institution of suit, (amount recoverable
grounds of opposition to the Regional Director (Northern Region), at the address B-2 Wing,
is Rs.16,31,45,540/-(approx)).
2nd floor, Pt. Deendayal Antyodaya Bhawan, 2nd floor, CGO Complex, New Delhi - 2. And whereas the undersigned has ordered the sale of property mentioned in the schedule below in satisfaction of the
110003, within fourteen days of the date of publication of this notice with a copy to the said Recovery Certificate
Applicant Company at its registered office at the address mentioned:- B-9/B, First Floor 3. Notice is hereby given that in absence of any order of Postponement,the said property shall be sold by e-auction and
Kalka Ji, New Delhi-110019. bidding shall take place through "Online Electronic Bidding" through the website https://www.bankeauctions.com on
For and on behalf of 08.02.2024 between 11 A.M to 12 Noon with extensions of 5 minutes duration after 12 noon,if required.
SHRI RAM G SECURITIES PRIVATE LIMITED 4. The Sale shall be of the property of the CD(s) above -named as mentioned in the schedule below and the liabilities
Sd/- and claims attaching to the said property,so far as they have been ascertained,are those specified in the schedule
aganist each lot.
RAMPAL SINGH SAINI 5. The property shall be put up for the sale as specified in the schedule.If the amount to be realized by sale is satisfied by
Place : New Delhi Director the sale of a portion of the property,the sale shall be immediately stopped with respect to the remainder.The sale will also
Date : 03.01.2024 DIN: 00452071 be stopped if,before aution is knocked down the arrears mentioned in the said certificate,interest costs(including cost of the
sale)are tendered to the officer conducting the sale or proof is given to his satisfaction that the amount of such certificate,
interest and cost have been paid to the undersigned.
6. No officer or the person,having any duty to perform in connection with sale, however,either directly or indirectly bid for,
acquire or attempt to acquire any interest in the property sold.
7. The sale shall be subject to the conditions prescribed in the second schedule to the Income Tax Act,1961 and the rules
made there under and to the following further conditions:-
7.1 The particulars specified in the annexed schedule have been stated to the best of the information of the undersigned,but
the undersigned shall not be answerable for any error,mis-statement or ommission in this proclamation
7.2 The reserve price below which the properties bearing no.(I) Flat no.1-214,Ansal Classique Tower,Plot No.1,J.Block,
Rajouri Garden, New Delhi-110027; shall not be sold is Reserve Price: Rs.35,00,000/-(Thirty Five Lakh Only) and
Earnest Money Deposit(EMD): 3,50,000/-(Three Lakh Fifty Thousand Only), in respect of the property mentioned at para(i).
7.3 The interested bidders,who have submitted their bids not below the reserve price,alongwith doucments including PAN
card,Identify proof,address proof,etc.,latest by 06.02.2024 before 5.00 PM in the office of the Recovery Officer-I,DRT-II,Delhi,
shall be eligible to participate in the e-auction to be held from 11.00 AM to 12.00 noon on 08.02.2024, In case bid is placed
in the last 5 minutes of the closing time of the aution,the closing time will automatically get extended for 5 minutes.
7.4 The bidder(s) shall improve their offer in multiples of Rs.1,00,000/-(rupees One Lac only) in respect of property.
7.5 The unsucessful bidder shall take the EMD directly from the Office of Recovery Officer-I,DRT-II,Delhi/CH,l.e.,Pegasus,
immediately on closure of the e-auction sale proceedings.
7.6 The successful/ highest bidder shall have to prepare and deposit Demand Draft/Pay Order for 25% of the bid/sale amount
favoring Recovery Officer-I,DRT-II,Delhi,A/c R.C. No.339/2014 within 24 hours after close of e-auction and after adjusting
the EMD and send/deposit the same in the office of the Recovery Officer-I,DRT-II,Delhi so as to reach within 24 hours from
the close of e-aution ,failing which the EMD shall be forfeited.
7.7 The succesful/ highest bidder shall deposit,through Demand Draft/Pay Order favoring Recovery Officer-I,DRT-II, Delhi,A/c
R.C N.o 339/2014, the balance 75% of the sale proceeds before the recovery Officer-I,DRT-II,Delhi on or before 15th day
from the date of aution of the property,exclusive of such day,or if the 15th day be sunday or other holiday, then on the frist
office day after the 15th day alongwith the poundage fee @2% upto Rs.1,000 and @1% on the excess of such gross amount
over Rs.1000/- in favour of Registrar,DRT-II,Delhi.(In case of deposit of balance amount of 75% through post the same
should reach the Recovery Officer as above).
7.8 The succesful/ highest bidder shall be at liberty to comply with the provisions of Section 194-IA of the Income Tax Act
for paying the application TDS on the aution amount proposed to be deposited before this forum.In such an event,the
succesful/highest bidder must produce the proof of having deposited the said amount before ths forum while paying the
balance sale proceeds.
7.9 In case of default of payment within the prescribed period, the property shall be re-sold,after the issue of fresh
proclamation of sale.The deposit,after defraying the expenses of the sale,may, if the undersigned thinks fit,be forfeited to
the Government and the defaulting purchaser shall forfeit all calims to the property or to any part oa the sum for which it
may subsequentlu be sold.
8. The property id being sold on "AS IS WHERE IS AND IS WHAT IS BASIS".
9. The CH Bank/CHFI is directed to authenticate and verify of the details given herein.
10. The undersigned reserves the right to accept or reject any or all bids if found unreasonable or postpone the auction at
any time without assigning any reason.
SCHEDULE OF PROPERTY
Revenue assessed Details of any Claims,If any,which have been
Description of the
property to be sold upon the property encumbrance to which put forward to the property,and
property is liable any other known particulars
or any part thereof bearing on its nature and value. Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
Flat no.I-214 (Commercial unit) Ansal Security Interest Act, 2002 (The Act)
Classique Tower, Plot No.1, J-Block, Not known Not known Not known
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
Rajouri Garden,New Delhi-110027
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
Given under my hand and seal on 08.12.2023 Sd/- (Uttam Negi) 1 LOAN ACCOUNT NO. UNIT NO. 504, 5TH FLOOR TOWER-7, 09.09.2022 Rs. 69,74,097.36
Recovery Officer-I HHLGRG00223482 SUPERTECH HILL TOWN SECTOR (Rupees Sixty Nine Lakh
DRT-II, delhi 1. YOGESH SALUJA 2, SOHNA GURGAON - 122103 Seventy Four Thousand
R.C.No. 339/2014 Dated: 08.12.2023 2. BARKHA SALUJA HARYANA Ninety Seven and Paise
PEGASUS ARC PVT LTD. Vs M/s HALL EX APPLIED POWER PVT LTD. Thirty Six Only) as on
As per my order dated 08.12.2023 the under mentioned property will be sold by public e-auction sale on 08.02.2024 in the 12.12.2023
said Recovery Certificate:- 2 LOAN ACCOUNT NO. FLAT NO. N459C, 3RD FLOOR, 09.06.2022 Rs. 42,67,862.73 (Rupees
The auction sale will be "online e-Auctioning" through website https://drt.auctiontiger.net HHLDCP00298978 TOWER/BLOCK – N459, HILL TOWN, Forty Two Lakh Sixty
Date and Time of Auction: 08.02.2024 between 11.00 am to 12.00 noon (With extensions of 5 minutes duration after 12 1. NIRMALA PETER OFFICER’S ENCLAVE (HILL CREST), Seven Thousand Eight
noon, if required) 2. RAYMOND PETER SECTOR-2, SOHNA ROAD, Hundred Sixty Two and
DESCRIPTION OF PROPERTY GURUGRAM - 122103, HARYANA Paise Seventy Three
Property Description Reserve Price Earnest Money Deposit Only) as on 19.12.2023
Flat No. I-214 (Commercial Unit) Rs. 35,00,000/- (Forty_Five Rs. 3,50,000/- 3 LOAN ACCOUNT NO. UNIT NO-202, TOWER-15, 09.08.2023 Rs. 17,47,410.21/-
Ansal Classique Tower, Plot No. 1, J-Block, Lakh Only) (Three Lakh Fifty Thousand Only) HHLGRG00288600 SUPERTECH BASERA, SEC-79,79B, (Rupees Seventeen Lakh
Rajouri Garden, New delhi-110027 1. NANDRAJ JOSHI GURGAON-122001, HARYANA Forty Seven Thousand
TERMS AND CONDITION 2. SHEEBA NANDRAJ Four Hundred Ten And
1. The auction sale will be "online through e-auction" through website portal: https://drt.auctiontiger.net Paise Twenty One Only)
2. The EMD shall be paid either through Demand Draft/Pay Order in favour of the "Recovery Officer-I, DRT-II, Delhi-A/c as on 21.12.2023
R.C.No. 339/2014" or through NEFT/RTGS to the following account-Pegasus Group Three trust-III and Mumbai Fort Branch, 4 LOAN ACCOUNT NO. FLAT NO-1006,10TH FLOOR, 11.04.2022 Rs. 29,47,102.01 (Rupees
Mumbai Samachar Marg, Post Box No. 282, Mumbai-400001, RTGS Detail: IFSC Code IDIB000F523, Earnest Money HHLGRG00263638 TOWER-T2,SUPERTECH AZALIA, Twenty Nine Lakh
Deposit A/c No. 50172747022. The said Demand Draft/Pay Order or original Proof of payment through NEFT/RTGS qua 1. SANJEEV YADAV SECTOR-68, GOLF COURSE EXTN. Forty Seven Thousand
EMD, alongwith self-attested copy of identity (voter I-card/driving license/passport), which should contain the address for 2. SHWETA YADAV ROAD, GURGAON-122001, HARYANA One Hundred Two and
further communication and self-attested copy of PAN card, must reach the office of the Recovery Officer-I, Paisa One Only) as on
DRT-II, Delhi latest by 06.02.2024 before 5.00 PM. the EMD or original proof of EMD received thereafter shall not be 20.12.2023
considered.
3. The envelope containing EMD or original proof of payment of EMD through NEFT/RTGS, along with details of thesender, 5 LOAN ACCOUNT NO. VILLA NO.0216, VILLA A. 11.04.2022 Rs. 33,31,280.65 (Rupees
i.e. address, e-mail ID and mobile number, etc., should be super-scribed "RC No. 339/2014", HHLNOD00251955 SUPERTECH SPORTS VILLAGE, Thirty Three Lakh Thirty
4. The property is being sold on "as is where is and as is what is basis". 1. SARDEEP SINGH SIDHU SECTOR-27, PLOT NO.5C 02, One Thousand Two
5. the bidders are advised to go through the portal https://drt.auctiontiger.net for detailed terms and conditions for e-auc- 2. JASMEEN BAINS GREATER NOIDA - 201307, UTTAR Hundred Eighty and Sixty
tionsale before submitting their bids and taking part in the e-auction sale proceedings and/or contact Sh.Ramakant Pandey, PRADESH Five Paisa Only) as on
senior Manager, Mob: 9087788888, E-mail id . [email protected] 20.12.2023
6. Prospective bidders are required to register themselves with the portal and obtain login ID and Password well in advance, 6 LOAN ACCOUNT NO. FLAT NO - 1504, 15TH FLOOR, 10.07.2023 Rs. 22,24,469.56 (Rupees
which is mandatory for bidding in the above e-auction, from M/s E-Procurement Technologies Pvt. Ltd. A-801, Wall Street HHLLAJ00226863 TOWER - G2, ECO VILLAGE - 3, PLOT Twenty Two Lakh Twenty
II, Opp. Orient Club, nearby Gujarat College, Ellis Bridge, Ahmedabad-380006. Tel No. 9265562821/18/079- 1. VANDEEP NO - GH-06, SECTOR - 16B, GREATER Four Thousand Four
68135476/451/408/407, e-mail: [email protected] Contact Persons: Sh. Ram Sharma Mob No: 8000023297, 2. RASHMI NOIDA -201312, UTTAR PRADESH Hundred Sixty Nine and
email: [email protected]. Paise Fifty Six Only) as
7. The inhterested bidders may avail online training on e-auction from M/s E-Procurement Technologies Pvt. Ltd. A-801, on 20.12.2023
Wall Street II, Opp. Orient Club, nearby Gujarat College, Ellis Bridge, Ahmedabad-380006, Tel No. 9265562821/18/079-
7 LOAN ACCOUNT NO. FLAT NO. 1402, 14TH FLOOR, TOWER 11.04.2022 Rs. 48,75,127.32 (Rupees
68135476/451/408/407, e-mail- [email protected] Contact Persons: Sh. Ram Sharma Mob No. 8000023297,
email: [email protected]. HHLDCP00209378 - J-2, ECO-VILLAGE-IV, PLOT NO. Forty Eight Lakh Seventy
8. The prospective buyer may inspect the site on 29.01.2024 and 30.01.2024 from 10.30 AM to 04.00 PM 1. MRINAL SINGH JAMWAL GH-01, SECTOR 16B, GAUTAM Five Thousand One
9. Only those bidders holding valid user ID & Password and confirmed payment of EMD through demand draft/pay order or 2. RAJ SINGH JAMWAL BUDDHA NAGAR, GREATER Hundred Twenty Seven
NEFT/RTGS shall be eligible to participate in on line e-auction. NOIDA - 201303, UTTAR PRADESH and Paise Thirty Two
10. The interested bidders, who have submitted their bids not below the reserve price by 06.02.2024, shall be eligible to par- Only) as on 19.12.2023
ticipate in the e-auction to be held from 11.00 AM to 12.00 Noon on 08.02.2024 Incase bid is placed in the last 5 minutes 8 LOAN ACCOUNT NO. FLAT NO. 506, 5TH FLOOR, TOWER 06.04.2022 Rs. 21,31,064.63/-
of the closing time of the auction, the closing time will automatically get extended for 5 minutes. HHLDUB00474093 1, SUPERTECH AZALIA, SECTOR 68, (Rupees Twenty One
11. The bidders shall improve their offer in multiples of Rs. 1,00,000/- (Rupees One Lac Only) in respect of property. 1. MOHAMMED AYYOUB GURUGRAM-122001, HARYANA Lakh Thirty One
12. The unsuccessful bidder shall take the EMD directly from the Office of Recovery Officedr-I, DRT-II, Delhi/CH, I.e., ANSARI Thousand Sixty Four and
Pegasus, immediately on closure of the e-auction sale proceedings. (THROUGH POA HOLDER paise Sixty Three Only)
13. the Successful/highest bidder shall have to prepare and deposit Demand Draft/Pay Order for 25% of the Bid/sale amount MOHD KUTUBUDDIN ANSARI) as on 21.12.2023
favoring Recovery Officer-I, DRT-II, Delhi, A/C R.C.No. 339/2014 within 24 hours after close of e-auction and after adjusting
2. MOHD KUTUBUDDIN ANSARI
the EMDand send/deposit the same in the office of the Recovery Officer-I, DRT-II, Delhi so as to reach within 24 hours from
the close of e-auction, failing which the EMD shall be forfeited.
14. The successful/highest bidder shall deposit, through Deman Draft/Pay Order favoring Recovery Officer-I, DRT-II, Delhi, 9 LOAN ACCOUNT NO. FLAT NO. 1004, 10TH FLOOR, 09.08.2022 Rs. 59,53,926.80 (Rupees
A/c R.C.No. 339/2014, the balance 75% of the sale proceeds before the Recovery Officer-I, DRT-II, Delhi on or before 15 th HHLVAS00284800 TOWER - V, SUPERTECH HUES, Fifty Nine Lakh Fifty
day from the date of auction of the property, exclusive of such day, or if the 15th day be Sunday or other holiday, then on the 1. GAGANDEEP KAUR SECTOR-68, GURUGRAM - 122001, Three Thousand Nine
first office day after the 15th day alongwith the poundage fee other holiday, then on the first office day after the 15th day 2. MEENA HARYANA Hundred Twenty Six and
alongwith the poundage fee @ 2% upto Rs. 1,000 and @ 1% on the excess of such gross amount over Rs. 1000/- in favour 3. MOHAL LAL Paise Eighty Only) as on
of Registrar, DRT-II delhi. (In case of deposit of balance amount of 75% through post the same should reach the Recovery 4. SUNIEL GAUTAM 13.12.2023
Officer as above). In case of default of payment within the prescribed period, the property shall be re-sold, after the issue of
fresh proclamation of sale. The deposit, after defraying the expenses of the sale, may, if the undersigned thinks fit, be forfeited That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
to the Government and the defaulting purchaser shall forfeit all claims to the property or to any part of the sum for which it books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
may subsequently be sold. Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
15. The successful/highest bidder shall be at liberty to comply with the provisions of Section 194-IA of the Income Tax Act been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
for paying the applicable TDS on the auction amount proposed to be deposited before this Forum. In such an event, the classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
successful/highest bidder must produce the proof of having deposited the said amount before this Forum while paying the the borrower.
balance sale proceeds. In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
16. In case of default of payment within the prescribed period, the properties shall be re-sold, after the issue of fresh procla- towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
mation of sale. The deposit, after defraying the expenses of the sale, may, if the undersignede thinks fit, be forfeited to the date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
Government and the defaulting purchaser shall forfeit all claims to the properties or to any part of the sum for which it may entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
subsequently be sold. is available to the Company in law.
17. CHFI/CH Bank is directed to serve the Sale proclamation on CDs through dasti, speed post, courier and by affixation at Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
the conspicous part of the property and by beat of drum in its vicinity and a copy of the same be place on the notice board
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
of the Tribunal.
18. Sale proclamation be also published in the newspapers in english as well as in vernacular language, having adequately publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
wide circulation in the area. treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
19. CHFI/CH Bank is directed to confirm the publication of advertisement in the Newspapers and original proofs of the pub- time frame, Borrower may not be entitled to redeem the property.”
lication be filed before next date of hearing. In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
20. The undersigned reserves the right to accept any or reject all bids, if not found acceptable or to postpone the auction at by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
any time without assigning any reason whatsoever and his decesion in this regard shall be final. the notice, without prior written consent of secured creditor.
Matter be listed on 15.01.2024 for filing affidavit of service of E-auction sale notice with proofs of service (including track
results qua speed post and courier) and dasti, original proofs of publication in newspapers and wider publicity including Place: GURUGRAM/GREATER NOIDA For Indiabulls Housing Finance Ltd.
website for the purpose of e-auction. Sd/- (Uttam Negi) Recovery Officer-I Authorized Oicer
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punjab national bank .........Together for the better

Circle Sastra
Center
APPENDIX-IV {Rule-8 (1)} POSSESSION NOTICE (FOR IMMOVABLE PROPERTY)
Notice u/s 13(12) read with rule 8 & 9 of Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (here in after called “Act”)
All the Borrowers/ Guarantors/ Co-Obligants mentioned herein below are notified that loans availed by them as per details given below
have become NPA on the respective dates mentioned here below. The Undersigned being the Authorized officer of the Punjab National
Bank, under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,(54 of 2002) and in
exercise of the power conferred under section13(12) read with Rule 8 and 9 of the Security Interest (Enforcement) Rules, 2002 issued a
Demand Notice(s) to borrower(s)/Guarantor(s) on the dates mentioned hereunder calling upon the Borrower(s)/ Guarantor(s) to repay
the amount(s) mentioned in the respective demand notices (s) within 60 days of notice.
The borrower/ guarantor having failed to repay the amount, notice is hereby given to the borrower and the public in general that the
undersigned has taken Symbolic Possession of the property described herein below in exercise of powers conferred on him/her under
section 13(4) of the said Act read with rule 8 and 9 on the date mentioned against account.
The borrower/guarantor in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the
property will be subject to the charge of the Punjab National Bank, amount interest and other expenses thereon.
The borrower's attention is invite to provisions of Sub-Section (8) of Section 13 of the Act, in respect of time available to redeem the
secured assets.
Name of the Branch/Borrowers/ Description of the Demand Notice Date Amount
Guarantors/Mortgagor Secured Asset Possession Notice Date Outstanding
(681700) All part and parcel of land and superstructure built ther-
PENSION BRANCH (681700) 18.10.2023 (Published on 31.10.2023)
eon measuring 0K-4M-92Sqft comprised in Khasra No. 02.01.2024
B o r r o w e r s L a t e V i p a n 40//18/1 (4-4), 19/1 (4-4), 13 (8-0),14 (8-0),15 (8-0), Rs. 6,36,878.88
Dhawan S/O Harish Chander 16 (8-0), 17 (8-0), Old Khewat No. 65/73, 70/79, 71/80 as per Jamabandi (Rupees Six Lakh Thirty-
(Borrower/ Mortgager) R/O for the year 1995-96 and New Khewat No. 96/98, 102/104, 103/105, 104 Six Thousand Eight
Shivalik Avenue, Bharwain /106, 105/107, 95/97 as per Jamabandi for the year 2005-06, situated at Hundred Seventy-Eight
Road, Hoshiarpur, addressed Village Kotla Gaunspur, Hadbast No. 369, situated at Shivalik Enclave, Kotla and Eighty-Eight Paisa
through Sheetal Dhawan the Gaunspur, registered in the name of Vipan Dhawan and Sheetal Dhawan in only) as on 02.05.2021,
office of Sub- Registrar Hoshiarpur vide Vasika No. 9607, Zild No. 3277,
W/O Vipan Dhawan (Co- Zaid Bahi No. 1, De Safa No. 7 dated 25.02.2011 and bounded as: East: interest calculated
Borrower /Mor tgager/ Rasta (20'-0”), West: Other Owners (20'-0”), North: Other Owners (59'-0'), upto 30.04.2021, with
further interest at
Legal Heir) H. No. 287, South: Other Owners (59-0”) contracted rate wef
Mohalla Sheikhan, Tehsil Hoshiarpur, Distt. Hoshiarpur; Nirmala Devi W/O Harish Chander (Legal Heir) R/O 01.05.2021 plus
Shivalik Avenue, Bharwain Road, Hoshiarpur, also at House No. B1, Gali No. 1, Chand Nagar, Hoshiarpur;
charges if any, less
Dhruv S/O Vipan Dhawan (Minor Legal Heir) Addressed through Natural Guardian Sheetal Dhawan recoveries (if any) until
W/O Vipan Dhawan, 256-B, Lal Kurti, Bara Bazar, Opp Haria Milk Palace, Meerut, UP; Mania D/O Sheetal payment in full.
Dhawan (Minor Legal Heir) Addressed through Natural Guardian Sheetal Dhawan W/O Vipan Dhawan,
256-B, Lal Kurti, Bara Bazar, Opp Haria Milk Palace, Meerut, UP; & Sheetal Dhawan W/O Vipan Dhawan (Co- Borrower/ Mortgager
/ Legal Heir) 256-B, Lal Kurti, Bara Bazar, Opp Haria Milk Palace, Meerut, UP; & Naveen Kumra S/O Shiv Kumar Kumra (Guarantor)
1088/4, Near Little Flower School, Una Road.
DATE : 04-01-2024 PLACE : HOSHIARPUR AUTHORISED OFFICER

SATIN HOUSING FINANCE LIMITED

Corporate Office: Plot no 492, Udhyog Vihar, Phase -3,
Gurugram Haryana-122016
Registered Office: 5th Floor, Kundan Bhawan, Azadpur
Commercial Complex, Azadpur, New Delhi-110033
POSSESSION NOTICE (FOR IMMOVABLE PROPERTY) RULE 8-(1)
Whereas, the undersigned being the authorized officer of the Satin Housing Finance Limited under
the “Securitization and Reconstruction of Financial Assets and Enforcement of Security interest (Act,
2002(54 of 2002) and in exercise of powers conferred under section 13(12) read with [rule 3] of the
security interest (Enforcement) Rules, 2002, issued demand notices to the Borrower/s as details herein
under, calling upon the respective Borrowersto repay the amount mentioned in the notice with all
costs, charges and expenses till actual date of payment within 60 days from the date of the receipt
of the said notice.
The said Borrower/Co-borrower/Guarantor/Mortgagor having failed to repay the amount, notice is
hereby given to the borrower//Co-borrower/Guarantor/Mortgagor and the public in general that the
undersigned has taken Possession of the property described herein below in exercise the powers
conferred on him under sub-section (4) of section 13 of the said act read with rule 8 of the security
interest Enforcement Rules, 2002 on this date.
The Borrower/Co-borrower/Guarantor/Mortgagor in particular and the public in general is hereby
cautioned not to deal with the property and dealings with the property will be subject to the charge
of the Satin Housing Finance Limited. For the amount specified therein with further interest, costs
and Chagares from respective dates thereon until full payment. The Borrower’s attention is invited to
the provision of sub section (8) of Section 13 of the Act, in respect of time available, to redeem the
secured assets.
Details of the Borrowers, Co-borrowers and Guarantors, Securities, Outstanding Dues, Demand Notice
sent under Section 13(2) and Amount claimed thereunder and Date of Possession is given as under:
Name of the Borrower,
Sr. Description of the Demand Amount
Co-Borrower & Loan
No. Immovable Property Notice Date Due In Rs.
Account No.
1. Ram Bhajan (Deceased) A residential Property Bearing 25.10.2023 Rs. 12,01,133/-
S/o Kanchan Singh Plot No. 17B, Khasra No. 182 (Rupees Twelve
(Borrower) Area Measuring 100 Sq. Yds. Possession Lakh One
1. Geeta Devi W/o Ram i.e. 83.61 Sq. Mtrs., Situated Date Thousand One
Bhajan Panchsheel Enclave, Hadbast, Hundred Thirty
2. Yogesh Yogesh S/o Village Brahampur Urf Three Only) As
Ram Bhajan Singh Tomar Bhopura, Pargana Loni Tehsil 02.01.2024 On 8th October
(Co-Borrower) 2023
Loan No. & District Ghaziabad, U.P. Bounded As:-
LAGZB0222- 00004249 East- Road 20 Ft. Wide, West- Remaining Part
of Plot, North- Plot No. 18, South- Plot No. 16
2. Sudhir S/o Balwan Singh Property measuring U.I.D 25.10.2023 Rs 5,29,212/-
(Borrower) no. 058834SS1S2000R444A Possession (Rupees Five
1. Krishna Devi W/o area 188.241 Sq. Mtrs. Ghair Lakh Twenty
Balwan Singh Date Nine Thousand
Monken Lal Dora as per Gram
(Co-Borrower)
Loan No.
Panchayat of village CGGOT, 02.01.2024 Two Hundred  ! "! #! !
Tehsil and Distt. Kaithal. Bounded as:- East- Twelve Only) As  +-  @@  @@  % # 20:& 2  7 & + '4& ! )   , &
LAKNL0922-00005790 10.775 Mtrs., West- 9.437 Mtrs., North- 20.37 On 8th October
2023 / /6) 6 & !/67& /  5-9& (, A ?000B2
Mtrs. Gali, South- 18.352 Mtrs. Gali.
      $% &'(        )      * )))
3. Sunil S/o Nem Chand Property area measuring 40 sq. 25.10.2023 Rs 2,45,799/-
(Borrower) (Rupees Two  !    +  ) , '--'
yds., out of Khewat/Khata No.
1. Beena Devi W/o Sunil 289/326, Mustkil No. 15, Kila No. Possession Lakh Forty                             !!"     
(Co-Borrower) 3/23, Situated at Waka Mauja Date Five Thousand !"   # "   "  !  !  !     ! !   ! !  !    $$ !   %
Loan No. Dhola Gadh Tehsil & District 02.01.2024 Seven Hundred   !  $$ %  %!  "!!                     &    
LAFBD0522-00005014 Palwal, and Distt-Faridabad; Bounded As Ninety Nine
Only) As On             '         ()    *  (*  
Under- East- Property of Gyanender Pal/24ft.,
West-Property of Jitender/24ft, North-15 8th October  +       "  %%! ! ,#  !  $ *  ! - (   "         ./
Ft. Wide Street/ 22.5 Ft., South-Property of 2023 0       ,       ! *   1        * 0220  !  ) *,*1
Naresh/22.5ft *   !  3"            "  !   4    &  %  %     % 
4. Yash Walia S/o Anand Property No.173/1, area 25.10.2023 Rs 5,05,920/- %%! ! %    *,*1 *$ *    # "         &%     "  %!     -
Walia (Borrower) 1. measuring 88 sq. yds, situated in (Rupees (   !              !    !                 
Nisha Bhandari W/o Yash the abadi of Lal Dora at Village Possession Five lakh five
Walia Date thousand nine      !  "    %      5
& Post Khandsa, Sub-Tehsil
(Co-Borrower) kadipur, Distt. Gurugram 02.01.2024 hundred twenty  59 (% D  
C 
Loan No. Only) as on 8th !!% #  ( !
(Haryana); Bounded As- East- Property of
LAGUR0322-00004743 Surender, West- Property of Rajbeer, North- October 2023
Road, South- Road
 0     ) *   + )*!! 6   *  ! > 6 ,  ! -# "0&""&1234
01'20022"??    %  #  ! ($ ) 0/ * 8 ($ ) 0??@ 9   *  5,) -   6/
5. Harish Sharma S/o Flat No.A-67, on Third Floor with 25.10.2023 Rs 22,67,584 +  
Jagdish (Borrower) roof rights, having its covered Rs. 1,52,059/- 024/2 6! 722 '  > 77$77 ' A   * ,$B !!  ) 7   /,-
! 
1. Aman Sharma S/o area 75.24 sq. mts., built on Plot Possession = Rs. 24,19,643  ! 6 ! C - $ ) # !"  ,8$    )/..22. # !      , 
Harish Sharma, Date (Rupees "#  $%
No.A-67, out of khasra No. 37, ,  - % . - ! ($ 0:  - ! ($ 00  / / * 8 7* 9
2. Hemlata Sharma W/o situated in residential colony, Twenty Four $&
Shiv Singh Lal Bagh, (Adarsh Nagar), 02.01.2024 Lakh Nineteen '# (    >  %  ,/ /2  D  , $  "' '0'2
(Co-Borrower) Village Ahmad Nagar Navada, Pargana Loni, Thousand Six
Loan No. Tehsil & Distt. Ghaziabad; Bounded As- Hundred Forty  0     ) *   + )*!! 6   *  ! > 6   ! -# :&3'&;;34
LAGZB0821-00003335, East- Passage 40 Ft., West- Service Lane 12 Three Only) as 0:''00'?1:2&   ,  !  %  #  ! ($ 0E. * 9   *  :@$// '$ 5,) -  6/
LAGZB0922-00005745 ft., North- Portion of Plot, South- Plot No. 66A on 8th October ! 
2023 A > :.$0E '$ 9 > > 3  () :?/ $   * 9!!) 8* <
$( #
6. Jitendra Nath Dubey
!+ *   9      ) F!!  6 !) 9    /,- +/
Residential Plot of land 25.10.2023 Rs 11,20,273 +
S/o Ram Kishor Dubey admeasuring 32.5 Sq. Yds., Possession Rs. 1,83,389/- -  ) G   H    )02.027 * 6 # !  D   ,  +/*
(Borrower) carved out of Khasra No. 309/10, = Rs. 13,03,662 ,  - % . - ! > >   - ,  0:  8 7* 9
1. Balram Dube S/o Ram situated at Vandana Enclave Date (Rupees
D   / ,  .E  D  ,/ ! > >  "' '0'2
Kishor Dubey, 2. Aarti Extension, Village - khora, Thirteen Lakh
Aarti W/o Ram Niwas Pargana Loni, Tehsil & Distt. - 02.01.2024 Three Thousand 6      &%!    - (        %  %    *,*1 *$ 6   
3. Ram Kishore Dubey Ghaziabad, (U.P.). Bounded Six Hundred
S/o Jagannath Dubey Sixty Two Only) # "         +  %  !!      ! "          %%! !
As:- East- Property of Mahesh Mishra/ Other
(Co Borrower) Property, West-Road Closed/Road 7 Ft., North- as on 8th   "   72       %!     - (   !  "  "  % 8        
Loan No. Road 8 Ft./ Others Property, South-Plot of October 2023  !!          *   %%! ! !" !  "  !      %  +  %   
LAGZB0819-00001010, Kishan Lal/ Others Plot
LAGUR0122-00004181    *  &9     %   %      ' !&     "       
7. Narender Singh Plot area measuring area 25.10.2023 Rs. 59,20,440 + !   !!        %     ./ :   *,*1 *$ 6    %    &   % 
S/o Rohtash Singh measuring 400 sq yards, out Rs. 7,35,899/-       !   !       !!     %   !    &     )%   
(Borrower) total area measuring 10 bigha, Possession = Rs. 66,56,339         )     %              4!     $
1. Prem Prem W/o 5 biswa, out of khasra no. 737, Date (Rupees Sixty
Narender Singh , situated at siwana Muja Basai, six lakh fifty six 6  " ;      %    )   <    ./   *   %     !!      
2. Rohtash Singh S/o tehsil & zila Gurugram (HR). 02.01.2024 thousand three   $
Phool Singh, Bounded as: East-Other property, West-other hundred thirty =* %  "          %     *,*1 *  ,!        !!  ! !  !!
3. Bijender Bijender S/o property, North-rasta 20 ft, South-other property nine Only) as
Rohtansh (Co Borrower) on 8th October   ' !  %   & %!  %      *$
2023 !   5=#9 4 >& %      
Loan No. LADEL1218-00000373, LAGUR0922-00005949
  0?#0"#'0'?            
Place: Gurugram, Date: 02-01-2024 Authorised Officer Satin Housing Finance Limited

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 16
>
NEW DELHI | THURSDAY, 4 JANUARY 2024 1

Karampura Branch:
New Delhi-110015
EMAIL: [email protected]
AUCTION SALE NOTICE
The under mentioned persons are hereby informed that they have failed to pay off the
liability in the loan accounts. Notices sent to them by Registered Post have been returned
undelivered to the Bank. They are therefore requested to pay off the liability and other
charges and redeem the pledged securities on or before 02-01-2024 failing which the said
securities will be sold by the Bank in public auction at the cost of the borrower at the Bank's
premises AT 10:30 A.M. on 23.01.2024 or on any convenient date thereafter without
further notice at the absolute discretion of the Bank.
Sr No. Date of Loan Loan Number Name and address of the borrower
1. 11.06.2019 21740600001400 Mr. Shehzad Khan S/oAnwar Khan, R/o H-235, Block-H,
Karampura, Ramesh Nagar, New Delhi-110015
Date: 01.01.2024 Branch Manager

CIRCLE SASTRA : GHAZIABAD

KJ-13 KAVI NAGAR GHAZIABAD 201001,
PHONE NO :- 8295961765, 8283810870 EMAIL ID :- [email protected]
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower (s) and Guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, the constructive/physical/ symbolic possession of which has been
taken by the Authorised Officer of the Bank/ Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date as mentioned in the table herein below, for recovery of its dues due to the Bank/ Secured Creditor from the
respective borrower (s) and guarantor (s). The reserve price and the earnest money deposit will be as mentioned in the table below against the respective properties.
SCHEDULE OF SALE OF THE SECURED ASSETS
Lot. Name of the Branch A) Dt. Of Demand Notice u/s 13(2) of SARFAESI ACT 2002 E) Reserve Price Date/ Time of Details of the
Description of the Immovable Properties Mortgaged/ Owner's Name encumbrances
No. Name of the Account D) Outstanding Amount (Rs. in Lacs) E-Auction
(mortgagers of property) known to the
C) Possession Date u/s 13(4) of SARFAESI ACT 2002 F) EMD secured creditors
Name & addresses of the Borrower/Guarantors Account
D) Nature of Possession Symbolic/Physical/ Constructive G) Bid Increase Amount Authorised Officer
1. BO: CHANDER NAGAR GHAZIABAD (144300) RESIDENTIAL FLAT NO.SF-01, RIGHT SIDE WITHOUT ROOF RIGHT) SECOND FLOOR HOUSE A) 30.08.2019 E) Rs. 16.16 Lakh 01.02.2024 Not Known to us
PRAMOD KUMAR SHARMA S/O OM PRAKASH SHARMA NO.192, PERTAINING TO KHASRA NO.978, HAVING AREA 41.805 SQ.MTR. BOUNDED: EAST- B) Rs. 24.81 Lacs + Interest & Charges thereon F) Rs. 1.62 Lakh From 11.00 Mr. R. P. YADAV
STREET 15 FEET WIDE, WEST- ROAD 40 FEET WIDE, NORTH ROAD 30 FEET WIDE, SOUTH HOUSE less recoveries A.M to 04.00
G) Rs 0.25 Lakh Mob.: 9971720088
.THAKUR DAS GULATHI. TURAB NAGAR (MOHALLA PURVA ISMILE KHAN) GHAZIABAD, IN THE C) 10.02.2020 P.M
NAME OF PRAMOD KUMAR SHARMA D) Symbolic Possession
2. BO: WRITE GANJ GHAZIABAD (001910) FLAT NO.P-401, 3RD FLOOR (SUPER MIG TYPE, WITHOUT ROOF RIGHT), VRINDAVAN HEIGHTS A) 19.12.2016 E) Rs. 34.27 Lakh 01.02.2024 Not Known to us
SHAILENDRA KUMAR SINGH S/O SH.GAJENDER SINGH & SMT. PAYAL SINGH W/O BUILT ON PLOT 20 A BEARING KHASRA NO.892.900.953 MIN, 954 MIN VARINDAVAN GARDEN, B) Rs. 41.80 Lacs + Interest & Charges thereon F) Rs. 3.43 Lakh From 11.00 Mr. R. P. YADAV
SH. SHAILENDRA KUMAR SINGH PASONDA GHAZIABAD UP MEASURING SUPER COVERED AREA 109.62 SQ.MTR. BOUNDED OF less recoveries A.M to 04.00
FLAT NO. P-401 3RD FLOOR, (SUPAR MIG TYPE) VRINDAVAN HEIGHTS, VIRANDAVAN G) Rs 0.25 Lakh Mob.: 9971720088
PLOT: EAST- PLOT OF DIGAR, WEST-PLOT OF DIGAR, NORTH-AMBEDKAR YOUTH C) 10.01.2020 P.M
GARDEN, PASONDAGHAZIABAD U.P CENTRE.SOUTH-40 FT. WIDE ROAD D) Symbolic Possession
3. BO: CHANDER NAGAR GHAZIABAD (144300) EM OF FLAT NO. FF-2, (LEFT SIDE WITHOUT ROOF RIGHTS) ON FIRST FLOOR, PLOT NO. 192, A) 09.06.2023 E) Rs. 23.80 Lakh 01.02.2024 Not Known to us
SUNIL KUMAR S/O MR. DEEWAN CHAND (BORROWER) MOHALLAEAST ISMILE KHAN, TURAB NAGAR, GHAZIABAD, U.P. B) Rs. 40.47 Lacs + Interest & Charges thereon F) Rs. 2.38 Lakh From 11.00 Mr. R. P. YADAV
FLAT NO.FF-02, FIRST FLOOR, PLOT NO NO.192, MOHALLA EAST ISMILE KHAN, BOUNDEDAS UNDER: EAST, GALA15 FT. WIDE. WEST. ROAD 40 FT WIDE. less recoveries A.M to 04.00
TURAB NAGAR, GHAZIABAD G) Rs 0.25 Lakh Mob.: 9971720088
NORTH. ROAD 30 FT WIDE. SOUTH. HOUSE OF THAKUR DASS GULATI. C) 22.08.2023 P.M
D) Symbolic Possession
4. BO: SHAHIBABAD GHAZIABAD (370900) 1. ALL THE PART AND PARCEL OF THE PROPERTY, SECURITIES 1.CONSISTING OF SHOP NO. A) 01.05.2017 E) Rs. 6.97 Lakh 01.02.2024 Not Known to us
M/S BABY SALES AGENCY (PROP) SH. BATES WAR JHA, L.G.E.-11A ½ OF SHOP LOWER GROUND FLOOR (WITHOUT ROOF) AREA.9.522 SQ.MTR. PLOT NO. B) Rs. 18,43,962.00 Lacs + Interest & Charges F) Rs. 0.70 Lakh From 11.00 Mr. R. P. YADAV
ADD. FLAT NO.F-1 IST FLOOR, PLOT NO.16-17, BLOCK-M, SECTOR-12, RAMPRASTHA, C-7/E, BLOCK-C, RAMPRASATH, DISTT-GHAZIABAD BOUNDED; EAST-30 FT WIDE ROAD & thereon less recoveries A.M to 04.00
GHAZIABAD UP REMAINING PART OF THE SHOP (L.G.F.NO.11 B), WEST-GALLERY, NORTH-30 FT WIDE ROAD, G) Rs 0.25 Lakh Mob.: 9971720088
C) 21.02.2018 P.M
SOUTH-GALLERY & SHOP, SOUTH: -20 FEET WIDE ROAD
D) Symbolic Possession
2. ALL THE PART AND PARCEL OF THE PROPERTY, SECURITIES; FLAT NO F-1 IST FLOOR, PLOT E) Rs. 17.73 Lakh
NO. 16 A & 17 BLOCK M, 3RD B SECTOR 12 COVERED AREA 400 SQ.FEET. RAMPRASTHA DISTT F) Rs. 1.77 Lakh
GHAZIABAD BOUNDRY OF PLOT NO. 16A EAST: RAILWAY LINE, WEST.30FT WIDE ROAD,
NORTH- PLOTNO.16 SOUTH- PLOT G) Rs 0.25 Lakh

5. BO: KAUSHAMBI GHAZIABAD (300000) ALL PART & PARCEL OF PROPERTY CONSISTING OF HOUSE NO.697, OLD NO.5/171, AREA A) 31.07.2020 E) Rs. 76.24 Lakh 01.02.2024 Not Known to us
VISTAAR COMMUNICATION (PROP.SH. RAMENDRA SINGH) , REG. OFFICE- SHYAM ADMEASURING 158.5 SQ.YDS, MOHALLA SANTPURA, MODINAGAR PARGANA JALALABAD, B) Rs. 87.17 Lacs + Interest & Charges thereon F) Rs. 7.62 Lakh From 11.00 Mr. R. P. YADAV
MARKET OPP. VIJAYA BANK, MODINAGAR, GHAZIABAD, CORP. OFFICE- 3/1/11, SITE- TEHSIL MODINAGAR, DISTT GHAZIABAD, U.P. less recoveries A.M to 04.00
IV INDUSTRIAL AREA SAHIBABAD, GHAZIABAD., (GUARANTOR: SMT. AJITA SINGH, G) Rs 0.25 Lakh Mob.: 9971720088
C) 08.12.2020 P.M
HOUSE NO. 697, OLD NO. 5/171, MOHALLA SANTPURA MODI NAGAR PARGANA-
JALALABAD TEHSIL- MODI NAGAR DISTRICT- GHAZIABAD U.P. D) Symbolic Possession
TERMS AND CONDITIONS:1. The sale shall be subject to the Terms & Conditions prescribed in the Security Interest (Enforcement) Rules 2002 and to the following further conditions:
2. The properties are being sold on “AS IS WHERE IS BASIS” and “AS IS WHAT IS BASIS” and “WHATEVER THERE IS BASIS”. 3. The particulars of SecuredAssets specified in the Schedule here in above have been stated to the best of the information of theAuthorised Officer, but
the Authorised Officer shall not be answerable for any error, misstatement or omission in this proclamation. 4. The Sale will be done by the undersigned through e-auction platform provided at the Website https://www.mstcecommerce.com 5. For detailed term and conditions of the
sale, please refer www.ibapi.in, www.mstcecommerce.com, https://eprocure.gov.in/epublish/app & www.pnbindia.in 6. All statutory dues/attandent charges /other dues including registration charges , stamp duty, Tax etc shall have to be borne by the Purchaser and also the authorised
officer or the bank shall not be responsible for any charges, lien in encumbrance are any other dues to govt or any one else in respect of Property (e-auctioned) not known to the bank the intending bidder is advised to make there on independent inquiries regarding the encumbrance on the
property including statutory liabilities,arrears of Property tax, electricity dues etc.
(STATUTORY SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT, 2002)
DATE: 03.01.2024, PLACE: GHAZIABAD AUTHORISED OFFICER, PUNJAB NATIONAL BANK

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 .
NEW DELHI | THURSDAY, 4 JANUARY 2024 TAKE TWO 17 <

MARKET CHATTER: SEBI

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CIN: L24231GJ1988PLC011652

NOTICE OF POSTAL BALLOT

Members are hereby informed that the provisions of Sections 108, 110 and other applicable provisions, if any, of the
Companies Act, 2013, as amended (“the Act”) read with Rules 20 and 22 of the Companies (Management and
Administration) Rules, 2014, as amended (“the Rules”), General Circular Nos. 14/2020 dated 8th April, 2020, 17/2020
dated 13th April, 2020 and subsequent circulars issued in this regard by the Ministry of Corporate Affairs (“MCA”), the
latest being 09/2023 dated 25th September, 2023 (collectively referred to as “MCA Circulars”), Secretarial Standard on
General Meetings (“SS-2”) issued by the Institute of Company Secretaries of India, and any other applicable law, rules
and regulations (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the
Company has on Tuesday, 2nd January, 2024,sent to the Members, who have registered their e-mail IDs with Depository
Participant(s) or with the Company, the Notice of Postal Ballot dated 16th December, 2023, together with an Explanatory
Statement pursuant to Section 102 of the Act, vide an e-mail through National Securities Depository Limited (“NSDL”).
Through the said Notice approval of Members of the Company is sought for:
1. Appointment of Mr. Pankaj Amritlal Shah (DIN: 10417855) as an Independent Director.
2. Appointment of Mr. Lalit Ramniklal Mehta (DIN: 00903743) as an Independent Director:
The Board has appointed Mr. Chirag Vinodbhai Rathod, (Membership No A54460 and C.P. No. 20186), Practicing
Company Secretary, as the scrutinizer (the “Scrutinizer”) for conducting the Postal Ballot / e-voting process in a fair and
transparent manner.
The above-mentioned businesses are to be transacted by postal ballot through voting by electronic means. Members are
requested to provide their assent or dissent through remote e-voting only. The Company has availed the services of
National Securities Depository Limited (“NSDL”) for facilitating e-voting to enable the Shareholders to cast their votes
electronically. The detailed procedure for e-voting is enumerated in the Notes to the Postal Ballot Notice. The remote
e-voting period shall commence at 9.00 a.m. (IST) on Friday, 5th January, 2024 and shall end at 5.00 p.m. (IST) on
Saturday, 3rd February, 2024. The e-voting facility will be disabled by NSDL immediately thereafter and will not be
allowed beyond the said date and time.
In line with the MCA Circulars, the Postal Ballot Notice is being sent only through electronic mode to Members whose
names appear in the Register of Members of the Company or in the Register of Beneficial Owners maintained by the
Depositories as on Friday, 29th December, 2023 (the “cut-off date”) and whose e-mail addresses are registered with the
Company / Depositories.
The voting rights of Members shall be reckoned as on Friday, 29thDecember, 2023 which is the 'cut-off date'. A person
who is not a member as on the 'cut-off date' should treat the Notice of Postal Ballot for information purpose only. The
copy of the Postal Ballot Notice is available on the Company's website at www.cscpl.com, websites of the Stock
Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com
respectively, and on the website of National Securities Depository Limited (“NSDL”) at www.evoting.nsdl.com. Members
who do not receive the Postal Ballot Notice may download it from the above-mentioned websites.
The Members, whose email address is not registered with the Company or with their respective Depository Participant/s,
and who wish to receive all the communications sent by the Company, from time to time, can get their email address
registered by following the steps as given below:
a. For Members holding shares in physical form - please send scan copy of a signed request letter mentioning your
name, folio number, complete address, email address to be registered along with scanned share certificate (front
and back), self- attested scanned copy of the PAN and self-attested scanned copy of address proof, by email to
the Company’s email address at: [email protected].
b. For the Members holding shares in demat form: please update your email address through your respective
Depository Participant/s.
In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user
manual for Shareholders available at the download section of www.evoting.nsdl.com or call on.: 022 - 4886 7000 and
022 - 2499 7000 or send a request to Ms. Pallavi Mhatre at [email protected].
The result of the e-voting by Postal Ballot will be announced not later than 48 hours from the conclusion of e-voting
and will also be displayed on the Company’s website www.cscpl.com, on the website of NSDL www.evoting.nsdl.com
and communicated to the stock exchanges.
For Chemcon Speciality Chemicals Limited
Sd/-
Shahilkumar Kapatel
Place: Vadodara Company Secretary & Compliance Officer
Date: 3-01-2024 M. No.: A52211

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NEW DELHI | THURSDAY, 4 JANUARY 2024 1

Airlines slapped ~2.75 cr fine last year Isro’sNSILtolaunch

communication
DGCA’s financial penalties on carriers satelliteonSpaceX’s
~20 lakh respectively for issues related
COSTLY LAPSE to non-compliance. A penalty of
marked 39% rise from ~1.97 cr in 2022 (Major penalties imposed on
~3 lakh each was levied on eight

AJINKYA KAWALE
Mumbai/ New Delhi, 3 December
enforced measures against 542 non-
compliant entities in 2023, marking
Indian carriers in 2023)
examiners of AirAsia India for failing
to discharge duties.
In 2022, the regulator had imposed
Falcon-9rocket
n AirIndia: Fined ~30 lakh
an increase from the 305 cases in 2022. a ~70-lakh fine on Vistara for not oper-

T
PRESS TRUST OF INDIA be launched on-board Falcon-
he aviation regulator slap- “Consequent to the findings of the each in two incidents; fined ating the minimum number of man- New Delhi, 3 January 9 under a launch service con-
ped fines amounting to ~2.75 surveillance conducted, enforcement ~10 lakh for failure to dated flights to underserved areas of tract between M/s NSIL and
crore on Indian airlines in action on non-compliant personnel, compensate passengers the Northeast region. In a first, the Indian Space M/s SpaceX, USA,” the NSIL
2023, marking a 39 per cent airlines, and other operators was tak- affected by delayed flights, Other than financial penalties on Research Organisation (Isro) said in a statement.
rise in financial penalties from ~1.97 en. Enforcement actions were also tak- unserviceable seats airlines, DGCA’s enforcement actions will launch a 4.7 tonne com- SpaceX’s Falcon-9 is
crore in 2022. en on erring pilots/cabin crew, ATCOs included suspension of Air India’s (A- munications satellite onboard capable of placing 8,300 kg
The Directorate General of Civil (air traffic control officers), non-sched- n IndiGo: Slapped a I) approved training organisations in SpaceX’s Falcon-9 rocket in payloads into GTO.
Aviation (DGCA) said it imposed fines uled airlines, flying training organisa- ~30-lakh fine after it August. The regulator had suspended the second quarter of this year, Till now, Isro has been
on domestic carriers such as Air India, tions and aerodrome operators,” the suffered four tail strike A-I’s Airbus simulator facility in Hyd- NewSpace India Limited using the services of French
IndiGo, AirAsia India and SpiceJet for regulator said in a statement. incidents on aircraft erabad and the airline’s Boeing simu- (NSIL) announced on company Arianespace for
issues related to non-compliance in As regards enforcement action in lator unit in Mumbai after it found Wednesday. launching heavier satellites.
2023. The regulator also carried out a terms of financial penalties, the regu- n AirAsiaIndia: Fined ~20 lakh for n SpiceJet: Penalty of lapses during a spot check. The GSAT-20 communica- Isro is now developing the
record number of 5,745 surveillance lator, in two separate incidents, violation of civil aviation requirements; ~20 lakh levied on the In June 2023, the regulator placed tions satellite is aimed at Next Generation Launch
activities in the year to ensure compli- imposed ~30 lakh each on Air India in SpiceJet under “enhanced surveillan- meeting the country’s broad- Vehicle (NGLV), which will
penalised ~3 lakh each on eight examiners airline for deficiencies
ance by airlines, aerodrome operators, 2023. One infamous incident involved ce” as a matter of precaution given the band, in-flight and maritime have the capability to put a
and aviation personnel among others. an unruly passenger allegedly urinat-
of the airline for failing to discharge duties in pilot training incidents during the 2022 monsoon communications (IFMC) and 10,000 kg payload in GTO.
Of these, DGCA said, 4,039 instan- ing on a co-passenger during a New season. The airline had reported at cellular backhaul services “GSAT-20 weighing
ces were of planned surveillance besi- York-Delhi flight, while in another also imposed on the airline for its fai- strikes on its aircraft last year. The air- least eight incidents of technical mal- needs, the NSIL said. 4,700 kg offers HTS capacity
des 1,706 spot checks and night insp- case the airline was fined for a pilot lure to compensate passengers affect- line paid ~20 lakh in revised penalty function between June 19 and July 6 The GSAT-20, which will of nearly 48 gpbs. The satellite
ections. It had carried out 4,378 letting a female friend enter the cock- ed by delayed flights and unservice- to the regulator last month. that year, following which the DGCA be renamed as GSAT-N2, will has been specifically designed
surveillance activities in 2022. pit on a Dubai-Delhi flight. able seats. A ~30-lakh fine was levied AirAsia India and SpiceJet were had ordered the airline to operate just have Ka-Ka band high to meet the demanding serv-
Based on the evaluations, it Similarly, a penalty of ~10 lakh was on IndiGo after it suffered four tail also slapped with fines amounting to 50 per cent of its scheduled flights. throughput satellite (HTS) ice needs of remote/uncon-
capacity with 32 beams having nected regions,” the NSIL said.
pan-India coverage, including As part of space sector
Andaman and Nicobar reforms announced by the

No conviction in half 1. LESS THAN HALF 2. CLOSE TO 50,000 3. 2/3rds OF CASES

OF THE CASES END INCIDENTS A YEAR ARE FROM 5 STATES
IN CONVICTION (%) n Hit-and-run cases Number of cases in 2022
Islands and Lakshadweep.
“Bulk of the HTS capacity
on-board GSAT-20 satellite
has already been secured by
government in June 2020,
NSIL was mandated to build,
launch, own and operate sat-
ellites in “demand-driven

of hit-and-run cases Conviction rate

Pendency percentage
n Number of victims

2018
47,028
51,220
Uttar
Pradesh
16,343
Indian service providers,” the
NSIL said, without specifying
the buyer.
Isro’s heavy satellite laun-
mode” for meeting service
needs of the user.
As part of this, NSIL suc-
cessfully undertook its first
100
ANOUSHKA SAWHNEY the home ministry who gave assurances of con- 47,530 ch rocket GSLV-Mk3 is demand-driven satellite mis-
New Delhi, 3 January sultations before implementing the law. 90.4 93 2019 52,540 capable of putting into orbit sion — GSAT-24 in June 2022,
Hit-and-run cases are those in which drivers, 75 Madhya 4,000 kg payloads in in which the capacity onboard
3,480 8,477
The conviction rate, or the share of completed who cause the accidents, flee from the spot and 41,196 Pradesh Geosynchronous Transfer the satellite was fully secured
2020 45,229 Maharashtra
court trials resulting in conviction, for hit-and- do not inform the police. 50 2,720 Orbit (GTO), forcing the space by M/s TataPlay.
run cases was 47.9 per cent in 2022, official The number of cases with pending judg- 47.9 43,499 Rajasthan agency to seek the launch The GSAT-24 mission was
data shows. ments in such cases has increased over the last 39.4 2021 services of Falcon-9 rocket fully funded by NSIL.
25 46,029
The conviction rate has remained below 50 five years. The pendency rate was 93 per cent in 2,367 from the SpaceX stable. Presently, NSIL owns and
per cent in two out of the previous five years. 2022 compared to 90.4 per cent in 2018 (chart 1). 2018 2022 47,806 Bihar “NSIL is realising GSAT-20 operates 11 communication
2022
The exceptions are 2020 and 2021, when it was On average, 131 hit-and-run cases were recor- Note: Conviction rate is court disposal 50,815 satellite through Isro and will satellites in orbit.
of cases and pendency is cases pending Figures are for cases under the IPC
58.1 per cent and 51.9 per cent respectively, ded daily in 2022. The total cases registered inc- judgment at the end of the year. Source: NCRB
according to data from the National Crime
Records Bureau (NCRB). Other serious crimes
reased from 47,028 in 2018 to 47,806 in 2022. The
number of victims was 50,815 in 2022. The num-
Figures are for cases under the IPC
APPOINTMENTS
have a lower conviction rate. The conviction rate bers had dipped during the pandemic, but have
for murder in 2022 was 43.8 per cent, while it since begun to rise again although they remain
was 33.9 per cent for kidnapping and abduction. lower than the 2019 figure of 52,540 (chart 2).
Truck drivers across India went on strike on One-third of these cases were reported in
Monday against the new penal law, Bharatiya Uttar Pradesh (UP) in 2022. UP was followed by
Nyaya Sanhita, which will replace the Indian Pe- Madhya Pradesh with 8,477 cases, Maharashtra
nal Code (IPC). Under the new law, punishment (3,480), Rajasthan (2,720) and Bihar (2,367).
for hit-and-run cases will increase to 10 years The top five states account for around 66 per
from two years at present. Around 2,000 petrol cent of the total cases (chart 3).
pumps in western and north India faced fuel Across 19 metropolitan cities, Delhi reported
shortages due to the strike, according to media the highest number of cases at 696, followed by
reports. The strike ended on Tuesday night after Lucknow (355), Nagpur (294), Jaipur (293) and
talks between a transport body and officials from Bengaluru (222).

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