TUESDAY, 30 APRIL 2024

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

NEW DELHI
~13.00
VOLUME XXXI NUMBER 11

THE MARKETS ON MONDAY chg#

Sensex 74,671.3 p 941.1

Nifty 22,643.4 p 223.5

GOVT MAY TWEAK IBC TO SMALLCAPS SET TO POST

Nifty Futures* 22,750.6 p 107.2
Dollar ~83.5 ~83.4 **
Euro ~89.4 ~89.5 **
Brent crude ($/bbl)
Gold (10 gm)###
87.2##
~72,083.0 
*(May) Premium on Nifty Spot; **Previous close;
89.2 **
~75.0 FACTOR IN CLIMATE CLAIMS BIGGEST GAIN IN 5 MTHS
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E OU SL Y F RO M AHM ED AB AD , BE NGA LU RU, BH OPAL , BH UB ANES W AR, CHAND I G ARH , CH ENNAI , HY D E R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU M BA I , N E W D E L H I AN D P U N E
2 COMMERCIAL
>
NEW DELHI | TUESDAY, 30 APRIL 2024

— Advertorial
Head Office : 10, BTM Sarani, Kolkata - 700001

UCO SUVIDHA
CLIMATE-NEUTRAL CIRCULAR
SALARY ACCOUNT
FOR CONFIRMED SALARIED
ECONOMY: SCHENCK PROCESS
UCO

GROUP PERSONAL
EMPLOYEES OF GOVT./PVT. SECTOR
FREE RUPAY SELECT
UCO
Banking
Just a
MISSED CALL FOR
LOAN SCHEMES
BECOMES QLAR
GET OVER ACCIDENT INSURANCE Whats App Send “Hi” to
DRAFT FACILITY & AIR ACCIDENT
DEBIT CARD/VISA
Expert in material transformation technologies
8.30 8.45
UP TO SIGNATURE AND Away
INSURANCE UP TO 8334001234
RS. 3 LAKHS RS. 1 CRORE*
VISA PLATINUM CARDS %* %* 7666399400
announces rebranding on 13 May 2024

*T&CApply
Net NPA GNPA
Total

T
Business Advances Deposit
CD Ratio CRAR PCR
0.89% 3.46% he German-headquartered Schenck to the‘zero waste’goal of our global customers
9.50% 15.62% 5.53%
(Y-o-Y) (Y-o-Y) (Y-o-Y) 71.02% 16.98% 95.38% Process is taking the lead in climate- and effectively supporting them in reducing
neutral material transfor mation their carbon footprint, and our rebrand to
Audited Financial Results (Standalone & Consolidated) for the Quarter/Year ended 31st March, 2024 (` in lakhs) processes. Guided by its aspiration “the Qlar reinforces our commitment to the
STANDALONE CONSOLIDATED future is cirQlar”, Schenck Process will goal of sustainable transformation. We
Sl. Quarter Ended Quarter Ended Year Ended Year Ended Quarter Ended Quarter Ended Year Ended Year Ended rebrand to Qlar on 13 May 2024, extending are emphasizing that we will be a driving
Particulars
No. 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 its focus on digitally enabled and sustainable factor in emerging sectors such as batteries,
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) solutions.The company will continue to serve green steel, green cement and recycling
1. Total Income from Operations (net) 698461 594694 2511987 2015898 698461 594694 2511587 2015898 all existing target industries, including in the future”, says Ulrich, adding: “With
2. Net Prot/ (Loss) for the period (before Tax, 80551 90651 256885 290511 80551 90651 256885 290511 chemicals, high-performance materials, our new branding we feel even more energized
Exceptional and/or Extraordinary items) cement, steel, infrastructure, transport to serve all our customers in existing as well
3. Net Prot/ (Loss) for the period before tax 80551 90651 256885 290511 80551 90651 256885 290511 and energy. The Schenck Process brand, as new green and circular applications
(after Exceptional and/or Extraordinary items) with its existing portfolio, will remain as a with well-known Schenck Process and Qlar
4. Net Prot/(Loss) for the period after tax 52577 58124 165374 186234 230115 55745 343484 182628 product brand under the roof of Qlar that will solutions.”
(after Exceptional and/or Extraordinary items) drive future innovative solutions in the green This rebrand does not apply to Schenck
5. Total Comprehensive income for the period and circular economy. Process Food and Performance Materials
(comprising Prot/Loss) for the period (after tax) Refer Note 2 Following Schenck Process’ refocus on (FPM) in the USA, which is owned by Coperion.
and other comprehensive income (after tax) its core expertise in weighing, feeding,
6. Paid Up Equity Share Capital 1195596 1195596 1195596 1195596 1195596 1195596 1195596 1195596 conveying, milling and grinding in 2023, the Further information can be found online at
7. Reserves (excluding Revaluation Reserves) 1240327 1100525 1240327 1100525 1226027 1084444 1226027 1084444 company is taking its next step on 13 www.linkedin.com/company/schenck-
8. Securities Premium Account 362571 362571 362571 362571 362571 362571 362571 362571 May: “With the rebranding to Qlar, we at process/
9. Net Worth 1625385 1401505 1625385 1401505 1611085 1385424 1611085 1385424 Schenck Process are opening a new chapter
10. Paid up Debt Capital/ Outstanding Debt 0.08 0.10 0.08 0.10 0.08 0.10 0.08 0.10 for a circular future.With the new branding, About Schenck Process
11. Outstanding Redeemable Preference Shares - - - - - - - - we are linking ourselves to the circular Schenck Process is a global provider of
economy, and focusing our attention even sustainable products, integrated solutions,
12. Debt Equity Ratio 0.93 0.80 0.93 0.80 0.93 0.80 0.93 0.80
more on future challenges in digitalisation and services in mission-critical applications
13. Earning Per Share (of `10/- each) (for continuing
and discontinued operations)- and green transformation,” explains Dr Jörg for bulk materials.Headquartered in Darmstadt,
Ulrich, CEO of Schenck Process. Germany, the group has more than 1,100
1. Basic: 0.44 0.49 1.38 1.56 0.45 0.47 1.40 1.53
The company, which has more than 1,100 employees with a presence in over 12 countries
2. Diluted: 0.44 0.49 1.38 1.56 0.45 0.47 1.40 1.53
employees across Europe, UK, China, India, focused on markets alongside chemicals
14. Capital Redemption Reserve - - - - - - - -
Japan and Indonesia, will continue to strengthen and performance materials, and infrastructure
15. Debenture Redemption Reserve - - - - - - - - its established and valued products, with an and energy as well as alternative fuels.
16. Debt Service Coverage Ratio even greater focus on precise, sustainable The product range includes solutions for
Not Applicable
17. Interest Service Coverage Ratio process technologies and digital solutions industrial weighing, feeding, conveying,
Note: 1. The above is an extract of the detailed format of quarterly/ yearly nancial results led with the Stock Exchanges under regulation 33 and 52 of the Listing Regulations. in line with its Qlar mission. milling and grinding, and related digital
The full format of the quarterly/ yearly nancial results is available on the websites of the Stock Exchanges (www.nseindia.com and www.bseindia.com) and Bank's Website (www.ucobank.com) “Schenck Process, with its clear focus on applications of the CONiQ product family.
2. Information relating to total comprehensive income and other comprehensive income is not furnished as Ind AS is not yet made applicable to the bank.
material transformation, is already on a highly Schenck Process will be renamed Qlar
Sd/- Sd/- Sd/- Sd/- promising journey to shape a sustainable on 13 May 2024.
Place: Kolkata Vijaykumar Nivrutti Kamble Rajendra Kumar Saboo Ashwani Kumar Aravamudan Krishna Kumar future by driving smarter material processing For more information, please visit :—
Date : 29.04.2024 Executive Director Executive Director MD & CEO Chairman in the circular economy.We are contributing www.schenckprocess.com
Follow us

UNITED SPIRITS LIMITED

Regd. Office: ‘UB Tower’, # 24, Vittal Mallya Road, Bengaluru-560 001.
Tel: +91 80 3985 6500; Fax: +91 80 3985 6862
Email: [email protected] Website: www.diageoindia.com
Corporate Identity Number: L01551KA1999PLC024991
NOTICE OF LOSS OF SHARE CERTIFICATES
Notice is hereby given that the Company has received requests from the following shareholders for issue of Duplicate Share
Certificate(s) in lieu of the Original Share Certificate(s) reported to have been lost / misplaced. The share certificate(s) mentioned
hereunder are therefore deemed to be cancelled and no transactions thereon would be recognized by the Company.

Sl. No. of Certificate Distinctive Nos

Folio No. Name of the Shareholder
No Shares Number From To

01 MS073953 HARISH KUMAR BAZARI 500 2896 721365561 721366060

The public are hereby advised against dealing in any way with the above share certificates. Any person(s) who has / have any
claims(s) in respect of the said share certificates should lodge such claim(s) along with all documentary evidences with the
Company at its Registered Office within 7 days of the publication of this notice, after which no claim(s) will be entertained,
and the Company will proceed to issue duplicate share certificates.

For UNITED SPIRITS LIMITED

Sd/-
Place : Mumbai Mital Sanghvi
Dated : 29.04.2024 (Company Secretary)
TUESDAY, 30 APRIL 2024
22 pages in 2 sections www.business-standard.com
NEW DELHI
~13.00
VOLUME XXXI NUMBER 11

THE MARKETS ON MONDAY chg#

Sensex 74,671.3 p 941.1

Nifty 22,643.4 p 223.5
Nifty Futures* 22,750.6 p 107.2 COMPANIES P2 COMPANIES P2
Dollar
Euro
Brent crude ($/bbl)
~83.5
~89.4
87.2##
~83.4 **
~89.5 **
89.2 **
NEW GOVT NEEDS TO EXPLORE PLACING NESTLÉ INDIA CMD: ADDED SUGAR
Gold (10 gm)### ~72,083.0 
*(May) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~75.0
LONG-TERM ORDERS: BHARAT FORGE MD IN CERELAC WITHIN LIMITS
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E OU SL Y F RO M AHM ED AB AD , BE NGA LU RU, BH OPAL , BH UB ANES W AR, CHAND I G ARH , CH ENNAI , HY D E R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU M BA I , N E W D E L H I AN D P U N E

OLA CABS CEO QUITS,

FIRM TO LAY OFF 10%
Hemant Bakshi, chief executive of ANI
Govt may tweak
IBC to factor in
Technologies, the parent firm of Ola Cabs,
has resigned after four months into this role.
The departure of Bakshi coincides with a
restructuring exercise at the
company that will impact at

climate change
least 10 per cent of the 1,800-
strong workforce, sources
said. The restructuring is
part of a broader push
towards profitability
as Ola Cabs prepares
for an initial public
Experts see a need to
offering. 3> align insolvency laws
with global action
JSW, JFE in race to buy

IMAGING: AJAY MOHANTY

RUCHIKA CHITRAVANSHI
30% in Australian mine New Delhi, 29 April
The JSW group and Japan’s JFE have offered

T
to acquire up to 30 per cent in an Australian he government is contemplat-
coal mine currently owned by Whitehaven ing changes to the Insolvency
Coal. The Sajjan Jindal-owned company is and Bankruptcy Code (IBC) to
planning to make an aggressive offer to deal with environmental
secure its raw material supplies, said a claims and liabilities of defaulting
banker close to the development. 2> companies to make the law future-
ready and meet climate action goals,
sources told Business Standard.
Refund excess charges to Currently, the IBC has various cate- GETTING FUTURE-READY
gories of claims and creditors, including
customers: RBI to lenders those related to environmental liabil- > World Bank
working group
> Process could
require an
Concerned over some banks and lenders ities. Experts, however, pointed out that
resorting to unfair practices in charging it did not provide for any special treat- studying climate environmental
of interest, the Reserve Bank of India ment for such liabilities which were action and trustee or adjudicator
(RBI) on Monday directed them to take treated as ordinary trade liabilities. insolvencies to see such claims
corrective action and refund excess “To integrate environmental goals
charges to customers. 6> with the IBC may require developing > Risks from climate change to
fresh guidelines. The matter needs businesses and vice versa need
more discussion — who should adju- to be taken into account
dicate environmental claims, what cost Environmental claims might need
> RESULTS RECKONER they should assign to it, whether to liq- to be embedded in law
uidate or resolve a polluting company,
etc,” the source said.
Quarter ended Mar 31, 2024; Common sample
Globally, a discussion has recently claims out of environmental impact.
of 207 companies (Results available for 232)
begun on integrating climate action We also need to discuss what class of
SALES with insolvency processes by a creditors should these claims fall and
Mar 31, 2023 12.4 % ~8.01 trn  12-member working group formed by what priority would they get. We have
the World Bank, INSOL International, prepared a problem paper and now we
Mar 31, 2024 11.6% ~8.94 trn  and the International Insolvency are working on the solutions,” said
NET PROFIT Institute earlier this year. Sumant Batra, president, Insolvency
Mar 31, 2023 -0.4% ~1.03 trn  “This is a present challenge, not Law Academy and member of the
something in the future. There is a World Bank working group.
Mar 31, 2024 30.8% ~1.35 trn  growth in the number of people filing Turn to Page 6 >

Smallcaps set to post CONG’S INDORE

NOMINEE DROPS
OUT, MAY JOIN BJP
biggest gain in 5 mths ILLUSTRATION: AJAY MOHANTY
A fortnight before polling on
the seat, the Congress
STEP INTO THE AMRIT KAAL WITH
SUNDAR SETHURAMAN candidate for
Mumbai, 29 April BOUNCING Smallcap
stocks have Madhya
HDFC MANUFACTURING FUND
The Nifty Smallcap 100 rose BACK rebounded Pradesh’s
Indore, Akshay
for a sixth consecutive day Sensex Nifty 50 sharply Kanti Bam,
on Monday, extending its Nifty Smallcap 100 from their BATTLEGROUND withdrew his
monthly gain to 11.4 per cent. Nifty Midcap 100 March lows nomination
2024
The index is set to post its big- (Returns in %) on Monday. NFO Period: April 26th - May 10th, 2024
12.0
10.4

gest monthly jump since This is a second setback for the

7.8

11.4

November 2023. The Nifty Congress, and a third for the

7.9
7.6
6.9

5.8
5.5

5.7

Midcap 100 also gained for a INDIA bloc. Indications were

5.2
4.9

sixth straight session, taking that Bam could join the

1.6

1.4
1.6

1.4
1.2
1.0

its April gain to nearly 6 per Bharatiya Janata Party. 4>

0.0

cent — its best monthly show

-4.4
-0.3
-0.5

-0.5
-0.7

since December. INDIA’S GROWTH NOT

Both indices had plum- ARITHMETIC INEVITABILITY,
meted in March amid con-
cerns over expensive val-
Nov
2023
Dec Jan Feb
2024
Mar Apr* SAYS FM 4> WHY Growing consumption, investments
uations and a warning by 1
markets regulator Securities
and Exchange Board of India
*As on April 29

SENSEX (intraday)
Source: Bloomberg
TAKE TWO P13 INVEST? and exports
(Sebi) regarding a “bubble” 1.3 Chg %
NSE
MORE AWE
buildup. However, they have
more than recouped their
NIFTY
50 1.0 THAN SHOCK
Chg %
losses — the Nifty Smallcap In spite of the wars in Europe Changing geopolitical dynamics
100 index has surged over 20 Sources: Bloomberg, exchanges and West Asia, 2
per cent from its March lows,
while the Nifty Midcap 100
Compiled by BS ResearchBureau fears of an oil
shock have
in a multi polar world SCAN TO
KNOW MORE
index has climbed 12 per cent high of ~406.5 trillion ($4.9 tril- and Nifty this month, which not yet
to trade at fresh highs. This lion) on Monday. It was ~364 are up 1.4 per cent each. materialised.
rebound has propelled the trillion at the start of the year. Things can
market capitalisation of all Both broad market indicators BACKED BY BANKING STOCKS, change in a hurry, though, Emergence of India as a
BSE-listed firms to a record have outperformed the Sensex BENCHMARKS GAIN 1% II,1 > writes S DINAKAR 3
manufacturing powerhouse

In the works: Telecom Patent Fund Contact your MFD /RIA.

to access costly tech, drive innovation HDFC Manufacturing Fund (An open-ended equity scheme following
manufacturing theme) is suitable for investors who are seeking*: Riskometer#
SURAJEET DAS GUPTA
New Delhi, 29 April FUND FACTS  To generate long-term capital appreciation o M
w t erate
Moder
oderate Highately H
i
gh

> DoT’s proposed > Expensive patented tech to be

Mo Lo
d

In a bid to bolster innovation and support Telecom Patent made accessible to startups, SMEs,  Investment predominantly in equity & equity related securities of companies
Very
High

engaged in the manufacturing theme

Low

indigenous technology development, the Fund to acquire academia, domestic companies

Department of Telecommunications licences of RISKOMETER
(DoT) is working on instituting a Telecom patented > Aim is to facilitate R&D, *Investors should consult their financial advisers, if in doubt about whether the product Investors understand that their principal will be at
Patent Fund (TPF). This fund aims to
hardware & innovation, development of is suitable for them. very high risk
provide vital support to startups, small
software tech indigenous tech
and medium enterprises (SMEs),
academia, and Indian companies by directly from global > Initial funding for TPF may come #The product labeling assigned during the NFO is based on internal assessment of the scheme characteristics or model
facilitating the acquisition and licensing corporations, from Telecom Technology portfolio and the same may vary post NFO when the actual investments are made.
of expensive patented technology, patent-holders Development Fund, other channels For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
spanning both hardware and software. The Scheme being thematic in nature carries higher risks versus diversified equity mutual funds on account of concentration
The TPF would be used to acquire and theme specific risks.
licences of crucial patented technology proposed fund would manage the and development (R&D) endeavours,
from global corporations or patent- licensing of intellectual property rights and also foster an ecosystem of
holders to assist domestic telecom (IPR) at a national level. innovation in domestic telecom
companies, particularly SMEs, which By bridging this gap, the fund also companies, thereby helping them build Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
often face hurdles in accessing these aims to empower institutes and indigenous technology and enhance
directly because of cost constraints. The academia to accelerate their research product localisation. Turn to Page 6 >
2 COMPANIES NEW DELHI | TUESDAY, 30 APRIL 2024

STOCKS > NTPC

Begins commercial
> IRCON International
JV secures railway
> KPIT Technologies
Q4FY24 profit
> Techno Electric & Engineering
Bags orders
> GRM Overseas
Bags order to supply
IN THE NEWS operation of 57 Mw project worth surges 47% Y-o-Y worth ~4,063 crore 4,500 mt premium
Anta Solar PV Project ~1,198 crore to ~164 crore basmati rice to Oman
~363.1 CLOSE ~255.0 CLOSE ~1,508.5 CLOSE ~1,020.7 CLOSE ~148.4 CLOSE
p2.1% UP* p1.7% UP* p6.5% UP* p5.3% UP* p4.3% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
U’khand suspends licences of ‘New govt needs to explore placing long-term orders’
14 products of Ramdev's firms India’s defence exports have grown by 31 times in the past decade. The private sector accounted for 60 per
cent of the record defence exports in 2023–24 (FY24), when they grew 32.5 per cent year-on-year to touch
defence procurement policy in recent years?
The Narendra Modi government introduced
of these exports. Exports constitute 80 per cent
of our defence business. While major domestic
The Uttarakhand drug ~21,083 crore (about $2.63 billion). Against this backdrop, Bharat Forge’s Chairman and Managing Director its first defence procurement policy in 2016. orders are awaited, we have secured a good
regulator has suspended BABA KALYANI, in an interview with Bhaswar Kumar in Pune, talks about what the new government Prior to this, the private sector played a limited volume of export orders for our guns, albeit not
manufacturing licences of 14 should focus on in its first 100 days to give Make in India in defence a fillip. Edited excerpts: role in defence manufacturing. The primary for artillery domestically. Kalyani Strategic
products made by aim of the 2016 policy paper was to bridge the Systems’ (KSSL’s) revenue stood at about
pharmaceutical companies Large orders for the domestic industry are every requirement. It’s time for the trust gap between the government and the ~1,200 crore last year, with a significant
of Baba Ramdev (pictured) for still missing. So, what should the new government to select India’s defence private sector, marking a big change. increase expected this year. KSSL, a subsidiary
repeatedly publishing government do in its first 100 days to address manufacturer and grant them long-term Several policy measures were introduced to of Bharat Forge, was established as a flagship
misleading advertisements this area of friction? orders. promote self-reliance, with priority given to company to drive defence business initiatives.
about their efficacy, a When Covid-19 hit, things came to a standstill. products designed and developed in India in
government order showed. This posed a challenge for military With initiatives like the production-linked terms of procurement. A lot of emphasis What are KSSL’s next steps?
The manufacturing procurement. Simultaneously, the Galwan incentive scheme, there’s pushback against was placed on involving small and We possess the largest capacity globally
permits were suspended in clash occurred between India and China in the government picking winners and losers. medium enterprises in defence for manufacturing artillery guns,
an April 15 order which has 2020. In response, the government and the Is such criticism hindering the government production, akin to the support capable of producing 12 guns per
not been made public but armed services initiated emergency from implementing your suggestions? industries in the automotive month. The major European
has been reviewed by procurement procedures, restricting I don’t believe the government is favouring sector. manufacturers, numbering only four,
Reuters. A spokesperson for Ramdev said he did not have any purchases to what was needed for the next 12 particular companies. The process typically For instance, any procurement can produce about 20 a year.
immediate comment on the matter. months, with a cap of ~300 crore per item, begins with a request for information. Perhaps below ~200 crore by any government Our installed capacity exceeds 300
The Supreme Court of India has in recent weeks repeatedly necessitating swift decision- 10–12 companies express interest in or public sector agency must be from barrels per year. With countries drawing
criticised Ramdev for not complying with its directives in an making. Today, the services and the manufacturing the product. an Indian company. Many such lessons from the Ukraine-Russia conflict,
ongoing lawsuit to stop misleading advertisements of some of his Ministry of Defence favour this Subsequently, there’s a rigorous reforms have been enacted. As a there is a surge in demand. Artillery
traditional ayurvedic medicines. process. However, it also resulted in process of technical evaluation and result, red tape has been will be our main vertical
The judges are considering whether to press contempt charges a new challenge: the absence of long- extensive discussions between the eliminated. Moreover, because India alone requires
against Ramdev or not. PTI term or platform orders. BABA KALYANI industry and the armed services. the Defence 4,000 artillery guns to be
Building a platform within ~300 Many companies drop out during Production & Export replaced over the next 15
CMD, Bharat Forge
crore is unfeasible. For instance, we this process. Promotion Policy years. We will secure a
Former StanChart head Roy set would receive an order for 36 Kalyani
M4 mine-protected vehicles per year. Developing a single artillery gun prototype
(DPEPP) 2020 outlines
targets for domestic
share of that
business.
to join Jio Financial as CEO Producing only 36 vehicles annually isn't
viable. In its 100-day agenda, the new
costs ~40–50 crore. How many entities are
willing to invest that sum and then wait five
production and
exports for the first
Ammunition
also presents
Kusal Roy (pictured), who recently government must explore issuing long-term years for the prototype to undergo testing time. This is a step in huge business
stepped down from Standard orders for platforms. The Railways, for across various locations, incurring additional the right direction. potential.
Chartered Bank, is likely to head Jio instance, awards a 10-year contract through a expenses? While progress is Following the
Financial Services, sources said. Roy, bidding process for projects like the Vande There are built-in safeguards. Ultimately, there ongoing, major strides Russia-Ukraine
who was heading consumer, Bharat and other trains. A similar approach is are typically three to four companies capable have been made. India’s war, every
private and business banking at the needed in defence. Once the emergency of competing in the bidding process, leading to defence exports reached a European country,
India arm of the British Bank is likely procurement phase subsides, stability will prototype development. record high in FY24, with regardless of size, has
to join Jio Financial next month. Roy, ensue. Moreover, the government must the private sector commenced ammunition
a former Citi banker, also had stints designate its suppliers. Not everyone can fulfil What positive changes have occurred in India’s accounting for 60 per cent restocking.
with Barclays, ICICI Bank, and
Tata Capital. BS REPORTER

E-commerce market to reach

$325 bn by 2030: Invest India Added sugar in Cerelac well JSW, JFE in race
to buy 30% in
India's e-commerce landscape is poised for a monumental gain
by 2030, said a report by investment promotion and facilitation
agency Invest India. Forecasting a substantial surge to $325 billion
by 2030, the report added that the nation's digital economy was
expected to reach an impressive $800 billion by the same time.
within limits: Nestlé India Australian mine
Valued at $70 billion, India's online shopping makes up around 7 AKSHARA SRIVASTAVA 4-5 per cent.
per cent of the country's total retail market, therefore presenting a
huge opportunity for growth. ABHIJEET KUMAR
New Delhi, 29 April
THE FUTURE OF CONSUMER The maker of Kitkat choco-
lates and Maggi noodles will OVERSEAS COAL SECTOR BUYS
GOODS COMPANIES WILL REST ON
P
ackaged foods company focus on volume-led growth, Date Company Acquirer Amount ($ mn)
Nestlé India on Monday THEIR CAPABILITY TO PENETRATE he said. “My objective is to pace
Mar 31, ‘07 Kaltim Prima Tata Power
Premji’s family office to said the formulation of
infant food products like MORE HOUSEHOLDS WITH MORE up on volume growth. Between
2016-17 and 2022, we had a vol-
Coal, Arutmin 1,300
Indonesia
use AI for investment bets Cerelac was done on the basis PRODUCTS AND MORE OCCASIONS ume growth rate of 8-9 per cent
Sep 16, ‘11 Coal and GVK Power
PremjiInvest, the largest Indian family office that manages over $10
of global norms and sugars
added to the product were
OF USAGE” …,” he said while adding that
the company would now focus infra & Infra,GVK
1,260
billion for software tycoon Azim Premji, will invest more money within the limits set by the SURESH NARAYANAN on ramping up distribution to projects Natural
into artificial intelligence companies while fine-tuning its Food Safety and Standards CMD, Nestlé India drive penetration in the more Resources
proprietary AI investment tools, a senior executive at the firm said. Authority of India (FSSAI). than 200,000 villages it now 742
Dec 15, ‘10 Griffin Coal Lanco
The fim, among the first large Indian asset managers to use AI tools “Every formulation of the covered. The company aims to
in the private equity space, is now working on an AI quant model company is done on a global sugars was 13.6 gm per 100 gm allegation, which it is racially increase its total retail outlets
Mining Infratech
for its public market bets too, TK Kurien, its managing partner and basis. There is no local of feed, while Nestlé’s was at 7.1 stereotyped, is unfortunate but from 5.1 million currently to 6 Mar 05, ‘10 Trinity Essar Global 600
chief investment officer, said in his first interview after taking the approach to making a gm of sugar per 100 gm. untrue,” he further said. million over the next four-five Coal Fund
role in 2017. BLOOMBERG nutritional adequacy study, it The company, he added, Narayanan was referring to years to drive this growth. Aug 03, ‘10 Coal Adani
is done globally,” said Suresh has reduced added sugars in the allegations of Nestlé adding “The future of consumer tenements/ Enterprises 457
Narayanan, chairman and the product by up to 30 per sugar and honey to its infant goods companies will rest on
Galilee Basin Source: Bloomberg
managing director, Nestlé cent in the past five years and milk and cereal range sold in their capability to penetrate
[ TECH DIGEST ] India. These formulations, he
said, are developed keeping in
would continue to reduce
them.
low- and middle-income coun-
tries, made by Swiss NGO
more households with more
products and more occasions
mind four parameters: The “There is no distinction Public Eye. of usage,” he said.
level of carbohydrates and done between a child in Europe Talking about the March Expressing concern over
IPAD PRO 2024 energy, protein, fats, and vita-
mins and minerals.
and a child in India or any
other part of the world,” he
quarter, Narayanan said the
company delivered a strong
the runaway inflation in cocoa
and coffee, he said the com-
TO HAVE M4 CHIP Narayanan said according said, adding that Cerelac vari- performance along with an pany was “trying to avoid as

WITH AI SUPPORT to the FSSAI, the maximum

permissible limit for added
ants with added sugars were
also available in Europe.“The
overall growth rate of 9.3 per
cent with a volume growth of
best as possible a price
increase”. DEV CHATTERJEE world.
The 2024 iPad Pro model, expected Mumbai, 29 April Earlier, several Indian com-
to be launched at Apple’s ‘Let Loose’ panies, including Tata Power,
event on May 7, would likely be The JSW group and Japan’s Adani and the Essar group had
powered by its M4 chip instead of M3.
It means Apple would debut the M4
chip, which would reportedly feature a
new neural processing unit for running AI
Realtors retool pricing strategies JFE have offered to acquire up
to 30 per cent stake in an
Australian coal mine currently
owned by Whitehaven Coal.
acquired coal mines overseas
as part of their strategy to
secure raw material supplies.
The JSW group has made
models on-device, with the iPad Pro.
amid rising cost of construction The Sajjan Jindal-owned
company is planning to make
an aggressive offer to secure its
ambitious plans to invest in
several sectors. In March this
year, the group announced a
ANEEKA CHATTERJEE products lucratively in the market. raw material supplies, joint venture with China’s
Bengaluru, 29 April “The new prices place our develop- said a banker close to the SAIC Motor to acquire 35 per
Sony’s 'limited-period ments in a better price range relative to development. cent in MG Motor India. It is
Escalating construction costs are forc- the reserve, materials, design, facil- Whitehaven Coal is selling planning to invest ~40,000
offer' on PlayStation ing real estate players to optimise their ities, and attention to detail,” said a minority stake in crore to set up an electric
5 Slim expenditures and readjust their pric-
ing strategies to strike a balance
Sanjoo Bhadana, MD of 4S Developers.
Gurugram’s realty developer, MRG
Blackwater’s metallurgical
coal mine, which has attracted
vehicle and battery manufac-
turing unit in Odisha.
Japanese electronics maker Sony has between profitability and meeting cus- Group, has adjusted its property prices interest from the JSW group. At the same time, JSW Steel
announced ‘Summer Sale’ offers on its tomer requirements. to ~13,500 per square foot from ~10,000 The Australian company is plans to increase its capacity
recently launched PlayStation 5 Slim A recent JLL report stated that the per square foot. According to the com- keen on selling up to 30 per to 50 million tonnes per
gaming console in India. During the overall construction cost in the coun- pany, the move reflects market cent stake in the mine to both annum by 2030, and wants to
sale period (May 1-14), the Disc version try will experience an average increase dynamics, property enhancement, and suitors instead of 20 per cent secure its raw material
of the PS5 Slim console will be available of 6 per cent across various sectors in the overall value proposition. stake to one party, said a supplies via acquisitions.
at a discounted price of ~49,990. 2023–24 (FY24). “In analysing developers’ expenses, banker. Earlier reports in The company has been
In the report ‘Construction Cost it’s imperative to consider the project’s February this year had said scouting for alternative high
Guide India: 2024’, among the cities, The higher costs in Mumbai can be scale and complexity. For instance, in JSW will pick up a 20 per cent quality coal mines in Australia
Now, download two apps Mumbai continued to be the most attributed to the increased prices of a project totalling ~400 crore, con- stake in the mine for close to and other parts of the world in
expensive city, with costs higher, while essential construction materials struction expenses typically represent $1 billion but the valuation of the last few years. JSW group
simultaneously on Google Play Chennai offers a more cost-effective a significant portion. Labour costs, the final offer is now known. has built its empire by acquir-
Google Play now lets you download two apps option. The higher costs in Mumbai Despite this adjustment, the company influenced by factors such as skill Both JFE and JSW have ing several steel assets in India,
simultaneously. Earlier, the Google store allowed can be attributed to the increased assures that pricing modifications level, market dynamics, and regu- formed a 50:50 joint venture including Ispat Steel's unit in
only one download at a time, pushing other requests to the prices of essential construction materi- have been made to ensure maximum latory requirements, constitute a sub- in India — JSW JFE Electrical Maharashtra and Bhushan
queue. Other Android app stores like those from Samsung, als like cement, reinforced steel, struc- benefit for its customers. stantial component. Balancing quality, Steel Private Ltd — to set up a Power and Steel.
Xiaomi, and OPPO allowed simultaneous app downloads. tural steel, and stones. “Although the demand for housing efficiency, and compliance is para- ~5,500-crore plant in The group is also in the race
“Businesses today are reassessing has not yet bounced back from the mount in optimising these expenses,” Karnataka. Production at the to acquire a majority stake in
their real estate choices to optimise pandemic in many of our markets, said Rajjath Goel, MD, MRG Group. unit is expected to begin from MG Motor India so that it can
Nothing’s Phone 2 (a) spending. Understanding and effec- market conditions have significantly Bengaluru-based Shriram FY27. JFE owns a 14.99 per enter the electric vehicle seg-
blue variant at ~23,999 tively managing costs are crucial in improved in recent quarters,” said Properties has reported an industry cent stake in JSW Steel. ment here. It announced a
maintaining budget control and deliv- Anurag Goel, director at Goel Ganga average selling price per unit increase An email sent to the JSW ~40,000-crore investment in
British consumer technology brand ering economically viable, high-qual- Developments. of 5–6 per cent in Bengaluru and 3–4 group did not elicit any Odisha earlier this month.
Nothing has introduced the Phone 2 ity projects,” said Jipu Jose James, Amidst “skyrocketing” material per cent in Chennai. response. Whitehaven Coal Flagship JSW Steel and
(a) in blue colour. Designed for India, managing director (MD), project and prices and labour costs, Gurugram’s 4S “We are focused on moving declined to comment on the JSW group entities announced
this variant joins the black and development services, JLL India. Developers underscored a “renais- up the price curve through portfolio sale. Bankers said Whitehaven last week that they would
white options. The blue variant will Pune-based Goel Ganga sance” in the real estate sector. Despite enrichment and market price will take a final call on the invest about ~65,000 crore
be available from May 2 on Flipkart SCAN THE CODE TO READ Developments has increased its real these challenges, prime locations improvements,” said Murali offers by June-end. over time to set up an inte-
from ~23,999 onwards. FULL REPORTS estate property prices by 5-7 per cent, retain their top-tier value and long- Malayappan, chairman and MD of JSW is not alone in acquir- grated manufacturing com-
implementing a strategic price hike. term viability, positioning finished Shriram Properties. ing coal mines across the plex in Jagatsinghpur, Odisha.

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
Editor : Shailesh Dobhal, RNI NO. 57376/1994 Readers should write their feedback at [email protected] Ph. 011-23720202, Fax :+91-11-23720201
For Subscription and Circulation enquiries please contact:Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: [email protected] “or sms, REACHBS TO 57575. NO AIR SURCHARGE
.
NEW DELHI | TUESDAY, 30 APRIL 2024 COMPANIES 3 <

NTRACKING THE MOVEMENTN

Ola Cabs CEO quits, Orea named IndiGo’s Bharat Biotech’s

chief of transformation Ella becomes
firm may lay off Likely to take over as COO whenever incumbent retires IVMA president
10% employees
DEEPAK PATEL have on IndiGo. This move could potentially
New Delhi, 29 April position IndiGo as a hybrid airline or a full- PRESS TRUST OF INDIA
service carrier akin to Air India. New Delhi, 29 April
InterGlobe Aviation on Monday appointed The evolving landscape of Indian airlines
Isidro Pablo Porqueras Orea (pictured), has led to the emergence of crucial roles such The Indian Vaccine Manufacturers Association (IVMA) has
former Chief Operating Officer (COO) of as the ‘Chief Transformation Officer’ and announced Krishna M Ella, co-founder, executive chairman of
Move comes ahead of company’s potential IPO Spanish low-cost airline Volotea, as ‘Chief of ‘Chief Integration Officer’. In February 2023, Bharat Biotech as the association’s new President for a two-
Transformation’ of IndiGo airline. Air India made headlines with a substantial year period from April 2024.
PEERZADA ABRAR the company at approximately chairman, and managing Currently, Wolfgang Prock-Schauer is the order for 470 planes, splitting the order A press release from Bharat Biotech said Ella takes over the
Bengaluru, 29 April $5 billion. The company plans director, Ola, in a letter to the COO of India’s largest airline. between Airbus (250 planes) Presidency from Adar C Poonawala who held the post from
to file the necessary paper- employees and a copy of Orea will take over the role from and Boeing (220 planes), with 70 2019 to March 2024.

H
emant Bakshi, chief work with Securities and which Business Standard has Prock-Schauer whenever he of these aircraft designated as For the current 2-year term, Mahima Datla, managing direc-
executive officer of Exchange Board of India seen. In the letter, Aggarwal retires. widebody planes. Presently, tor of Biological E assumes the role of Vice President, T Srinivas,
ANI Technologies, within the next three said that in line “Orea possesses 25 years of Vistara, a joint venture between CFO of Bharat Biotech, will be Treasurer and Dr Harshavardhan,
the parent company of ride- months, according Ola Cabs is with the compa- professional experience in dif- the Tata group and Singapore will continue as Director General of IVMA.
hailing service Ola Cabs, has to the sources. In the exiting all of its ny’s vision to ferent functional areas such as Airlines (with a 51:49 ownership “Vaccines are the vital pillar of global health, and the IVMA
resigned after four months into interim, Ola founder international serve 1 billion operations, commercial, ratio), is undergoing integration mission is to ensure that every individual, regardless of where
this role. The departure of Bhavish Aggarwal markets as Indians and drive strategy and finance. He has into Air India. Consequently, they live, has access to life-saving immunisations,” Ella said
Bakshi, a former senior will oversee opera- it focuses sustainable been a C-level executive for the Vinod Kannan, CEO of Vistara, adding “innovation, sustainability, and equity are the founda-
Unilever executive, coincides tions. “Hemant on the Indian growth and effi- last 10 years,” IndiGo stated in also holds the role of Chief tions of our collective vision, and I am pleased to serve IVMA
with a restructuring exercise at (Bakshi) will be step- market ciency in the its notice to BSE. “He was with Integration Officer to facilitate along with its distinguished members and contribute to its
the company that will impact ping down from his organisation, the Volotea, one of the fastest grow- this merger process. vision to protect and enhance public health in India and the
at least 10 per cent of the 1800- role as CEO to pursue oppor- company is undergoing a ing airlines in Europe, from developing world”.
strong workforce, sources said. tunities outside the company. restructuring exercise to 2016-2023 and served as their COO for the Widebody expansion He emphasised the need to support
The restructuring is part of We extend our gratitude to improve profitability. last five years,” it noted. The April 25 order marks the first time that African nations’ public health vision by
a broader push towards profit- Hemant for his contributions The firm has made sub- Volotea, which currently operates about IndiGo is purchasing widebody planes - IVMA members and also urged to formu-
ability as Ola Cabs prepares for and wish him the best in his stantial investments in artifi- 1,420 flights per week, is a much smaller air- which can travel long-haul and ultra-long- late policies and regulations in line with
an initial public offering (IPO). future endeavours,” said cial intelligence and technol- line than IndiGo, which currently operates haul distances - for its fleet. However, IndiGo WHO and US FDA, which will help the
“Hemant Bakshi had joined Bhavish Aggarwal, founder, ogy. “These changes will result about 14,000 flights per week, according to does have some experience with widebody industry to be not only globally compet-
Ola last year in September last in certain roles within the data from aviation analytics firm Cirium. planes as it currently operates two B777 air- itive but also fortify India’s vision to boost
year (he was appointed CEO in company becoming redun- Orea assumed the role just four days after craft, leased from Turkish Airlines. the level playing field world-over in
January this year) and now dant,” stated Aggarwal. “We IndiGo, which currently operates a fleet of Former IndiGo CEO Ronojoy Dutta had preventive care.
wants to pursue other oppor- are committed to supporting around 370 planes, finalised an order with previously hinted at the possibility of adding
tunities,” said a person familiar those impacted during this European aircraft manufacturer Airbus for business-class seats to the airline's aircraft. Bharat Biotech Co-founder and
with the matter. transition period.” When con- 30 A350-900 widebody aircraft. The deal is However, thus far, IndiGo continues to oper- Executive Chairman Krishna Ella
Ola Cabs is planning an IPO tacted, Ola Cabs declined to estimated to be valued between $4-5 billion. ate an all-economy fleet. (pictured), who is taking over the
to raise $500 million, valuing comment. Recently, Ola Cabs “Orea has been brought on board at a piv- presidentship from Serum
decided to exit all of its inter- A crucial role otal moment for the airline, which is under- Institute’s Adar Poonawalla,
national markets, Orea’s role carries significance, especially going a significant transformation to estab- emphasised the need to support
Hemant Bakshi (pictured) including the UK, considering the transformative impact that lish itself as a major international player,” African nations’ public health
had joined the firm in Australia, and the introduction of widebody planes will said an IndiGo executive. vision by IVMA members
January this year, with New Zealand and
the ride-hailing division focus on the
reporting a Indian market and
narrowing of loss growing its elec-
to ~1,082.6 cr tric vehicle
in FY23 (EV) EV fleet.

NINT’L NETWORKING OF DOMESTIC FIRMSN

ICAI order on EY India

affiliates may speed up
notification of norms
RAGHAV AGGARWAL
New Delhi, 29 April Audit fee paid by NSE-listed
Several affiliates of Big Four
accounting firms in India are
firms rose 6.1% in FY23
likely to receive orders similar The audit fee paid by companies NSE companies were up 5.9 per
to those issued to EY India whose equity shares were listed cent to ~2,043 crore in FY23 from
from the Institute of Chartered on the National Stock Exchange ~1,929 crore in FY22.
Accountants of India (ICAI) in (NSE) was ~1,738 crore in Of these fees, the Big Four
the coming weeks, but not financial year 2022-23 (FY23) on a accounted for a 32 per cent
everyone at these firms is standalone basis, 6.1 per cent share. Here too, the EY Group led
disappointed with the higher than ~1,638 crore paid in with a total overall fee, on a
development. the previous year, according to standalone basis of ~194.95
Many top executives at data shared by crore, followed by the KPMG
these firms told Business primeinfobase.com. Group at ~185.22 crore and the
Standard that even as there It was based on 1,847 Deloitte Group at ~182.08 crore.
was disappointment with the companies for which audit fee Interestingly, banks paid the
order, some felt it would even- data was available. lion’s share of overall fees
tually lead to the “much- Out of the total, the during 2022-23. The data
needed” clarity on guidelines global Big Four had a 27 highlighted that 39 listed
on international networking per cent share of the banks paid an overall
for domestic firms. audit fees with the fee of ~925 crore or 45
On Thursday, ICAI passed EY Group leading per cent of the total
an order against EY’s three at ~145.44 crore. It in comparison to
affiliates and a retired partner was followed by ~1,118 crore paid out
for “professional misconduct.” the KPMG Group at by the balance of
The institute ruled that the ~135.65 crore and 1,808 companies.
name of Raj Kumar Agrawal, a the Deloitte Group at Of the ~925 crore paid
former partner at EY India, be ~134.14 crore. by banks, the 16 listed public
removed from the institute’s The Price Waterhouse Group sector banks paid ~857 crore or
register of members for three and Grant Thornton Group 93 per cent of the total with the
years, with a monetary penalty stood at fourth and fifth places State Bank of India alone
of ~5 lakh. with a share of ~61.26 crore and accounting for ~270.79 crore.
The ICAI’s order stated that ~56.56 crore respectively. It was followed by the Bank
entities affiliated with EY were The average audit fee in of India at ~119.5 crore and the
using the email addresses and India was ~0.93 crore per Bank of Baroda at ~83.96 crore.
visiting cards that advertised company in FY23, up from ~0.91 Among non-banks, the
the names of their global affil- crore in FY22. The audit fee paid highest fees were paid by
iates. According to ICAI, this by companies for 2023-24 is not Reliance Industries at ~35 crore.
would come under publicity yet available in the public It was followed by Tata
for a foreign audit firm in India domain. Consultancy Services at ~16 crore
and be in contravention of the The data showed that overall and the New India Assurance
Chartered Accountants Act. fees, including audit and fees Company Limited at
It also added that the refer- paid for other services, paid by ~12.38 crore. RAGHAV AGGARWAL
ral fees paid by EY India to its
global network firms, EY
Global (EYG) and EY Europe, order has asked that past prac- framework and firmly estab-
Middle East, India and Africa tices of using global network lished guidelines for network-
(EY EMEIA), were also against branding be stopped. Many of ing,” a partner from one of the
the guidelines of the CA Act. such practices no longer exist large audit firms said.
Similar orders against other today,” it told Business “This is much needed now.
firms are ready and may come Standard. It would be a welcome move,”
out in the coming weeks, one However, the appellate tri- another senior partner at one
of the partners cited above said. bunal, which is supposed to of the Big Four firms said on
He added that they may have hear these appeals, has not Monday.
come out earlier but all firms, been set up by the ICAI after it Currently, there are guide-
except EY India, had taken a was dissolved in December last lines for domestic networking
stay from various high courts. year. Last week, in an inter- but not for international net-
Currently, affiliates of these view with this newspaper, ICAI working. In 2011, a high-pow-
firms are meeting ICAI to dis- president Ranjeet Kumar ered committee was formed by
cuss the “findings order”, Agarwal said the institute will the Centre to review the work-
which is usually issued before come up with guidelines on the ing of international audit firms
the final order. This findings aggregation of domestic CA in India. Later the same year,
order was handed out to several firms and international net- some guidelines on interna-
affiliates in February this year. working in the next three tional networking were issued.
EY India’s affiliate SRBC & months. In 2013, notices were sent out
Co. LLP said it would file an “With the recent order, the to around 150 firms with inter-
appeal against the ICAI order matter will be taken up in the national networks. But in 2022,
and has already stopped some higher courts. We believe that a set of these guidelines were
of the practices highlighted in the judicial process will even- repealed and there has been lim-
it. “Among other things, the tually lead to a clear law, ethical ited regulatory clarity since then.
4 >
BATTLEGROUND 2024 NEW DELHI | TUESDAY, 30 APRIL 2024 1
Rajasthan, with voting completed on all Kerala (71.27%), Tamil Nadu (69.72%)
its 25 seats, has recorded a voter turnout and Uttarakhand (57.24%) saw a
BATTLEGROUND 2024 of 61.43% in 2024. It was 66.34% in 2019,
and 63.11% in 2014
decline in their voter turnout compared
to 2019 and 2014

N ALL IN A DAY N

Sexual abuse case: JD(S) to Cong’s Indore candidate Rivals misusing

tech to spread
suspend Prajwal Revanna
JD(S) leader H D Kumaraswamy on Monday said
the party has decided to suspend Prajwal
Revanna, his nephew and Hassan MP who is a
Lok Sabha poll candidate, over allegations of his
withdraws nomination
Indications were that Akshay Kanti Bam might join BJP Business Standard.
fake videos: PM
Urges EC to take action
sexual abuse of several women. “A decision Chhokar, however, said the
was already made. Tomorrow it is to be ARCHIS MOHAN & PTI instance of Surat, where the EC
recommended at the core committee meeting New Delhi, 29 April did not hold polling, needed a
in Hubballi. Because he (Prajwal) is an MP, it has relook, since electors could have

A
to be done from Delhi. So I had requested Deve fortnight before polling availed of the option of ‘none of
Gowda (JD(S) national president),” he said. PTI on the seat, the Congress the above’, or Nota, if polling were
candidate for Madhya held. A few state Elections
Pradesh’s Indore seat, Akshay Commissions — those in
Kanti Bam, withdrew his nomi- Maharashtra, Haryana, Delhi and
RAJNATH SINGH FILES nation on Monday. Puducherry — have declared that
NOMINATION FROM LUCKNOW This is a second setback for the
Congress, and a third for the
if Nota emerges as the winner in
any election, there will be a
Opposition INDIA bloc. The nom- mandatory re-polling in civic
ination of the Congress’ Surat can- elections. A petition in the PM Narendra Modi during his election campaign
didate was rejected last week, and Supreme Court by author Shiv in Karnataka PHOTO: PTI
that of the Congress-supported BJP leader Kailash Vijayvargiya with former Congress candidate Khera has sought that the rules of
Samajwadi Party candidate from from Indore Lok Sabha seat Akshay Kanti Bam (centre) PHOTO: PTI these four states be uniformly ARCHIS MOHAN
Khajuraho, which went to the applied across the country. The New Delhi, 29 April
polls in the second phase on April will not have a Congress the race. four state ECs have held that
26, was rejected earlier this month. candidate against the BJP’s “As such, the Congress’ Indore declaring the second-highest can- At a public meeting in Maharashtra’s Satara on
Indications were that Bam Shankar Lalwani. candidate has not broken any law. didate, in case Nota gets the high- Monday, Prime Minister Narendra Modi said polit-
could join the Bharatiya Janata The Congress termed the But this indeed raises questions est votes, violates the underlying ical rivals were misusing technology to spread fake
Party (BJP). Indore is scheduled development as a threat to about individual morality and the principle and object of Nota, the videos of Union Home Minister Amit Shah,
to go to the polls in the fourth democracy. Experts flagged other functioning of our party system,” petition argues. Bharatiya Janata (BJP) chief JP Nadda and himself
phase on May 13. The last day for concerns, including that the Jagdeep Chhokar, one of the According to a PTI report, last on social media.
filing of nominations for Phase- Election Commission declared founders of the Association for week a local court ordered the “By using technology, these people are making
IV was April 25, and the last day the BJP’s Mukesh Dalal elected Democratic Reforms (ADR), a police to add an attempt to mur- fake videos in my voice, which is creating danger.
Union minister and senior BJP leader Rajnath Singh on for withdrawal of nomination was unopposed in Surat after the rest not-for-profit watchdog of der charge to a 17-year-old land If you see any fake video, inform the police,”
Monday filed his nomination papers from Lucknow, seeking Monday, which means Indore of the candidates withdrew from electoral practices, told grabbing case against Bam. he said.
a third consecutive term from the constituency. He was “There is a plan to create a big incident in the
accompanied by Uttar Pradesh Chief Minister Yogi next one month,” the PM said.
Adityanath and his Uttarakhand counterpart Pushkar Singh
Dhami. Before filing his nomination, Singh offered prayers at
the Dakshin Mukhi Hanuman Temple and at the Hanuman
Setu Temple in Lucknow PHOTO: PTI
FM: UPA tenure was a lost decade He urged the Election Commission (EC) to take
action against those responsible (for the
fake video).
“I am making these allegations with a lot of
RUCHIKA CHITRAVANSHI and dip and rise?” seriousness. Games are being played to create
New Delhi, 29 April She said that India’s position social tension so that some untoward incident

Delhi HC rejects plea to bar Finance Minister Nirmala UNLESS THE GDP OF THE in the world improved by two
ranks, from 12th place in 2004 to
takes place,” Modi claimed.
The PM cautioned people against forwarding

Modi from contesting polls Sitharaman said on Monday that COUNTRY IS WIDENED, YOU’RE 10th place in 2014. such videos as the laws are strict, adding that he
India becoming the third-biggest “We notched just two points up did not want innocent people to become victims
economy is not an arithmetic NOT GOING TO BE ABLE TO MEET in 10 years after PM Atal Bihari of it.
The Delhi High Court on Monday dismissed a petition that had inevitability but requires efforts THE DEMANDS OF THE ECONOMY Vajpayee left. From the 10th rank, In the national capital, a BJP delegation, led
sought directions to disqualify Prime Minister Narendra Modi from and a visionary leader to accom- we have reached the fifth rank in by Union minister Ashwani Vaishnaw, com-
contesting elections for six years for allegedly seeking votes in the plish it. NIRMALA SITHARAMAN 10 years, and within two more, plained to the EC alleging that the Congress cir-
name of deities, saying the plea was “thoroughly misconceived”. Countering the recent remarks Finance Minister probably, it will go up to the third culated a “deep fake and morphed” video of Shah
Justice Sachin Datta said the plea was “devoid of any merits”. made by former finance minister rank,” Sitharaman said. GDP is to derail the poll process, and demanded strict
Petitioner Anand S Jondhale, a lawyer, had urged the court to take (FM) P Chidambaram, currently ranked fifth, after the action against those responsible.
action against Modi for allegedly seeking votes in the name of Sitharaman said, “Nothing grows US, China, Germany, and Japan. The police forces of Delhi and Assam have
gods and places of worship, saying this amounted to violating the automatically. It is effort that achieve the third position given “Unless GDP is widened or Speaking at the Viksit Bharat launched probes into the circulation and sharing
model code of conduct and committing an offence under the makes it grow. Prime Minister the size of its population, and grown, you're not going to be able Ambassador Campus Dialogue at on social media of a doctored video of Shah. In
Indian Penal Code and Representation of the People Act. PTI (PM) Narendra Modi guarantees there was “no magic” in it. to meet the demands of the econ- Gandhi Institute of Technology Assam, the local police have arrested a Congress
that with good and clean admin- Calling the 10 years of United omy.” and Management in worker for allegedly circulating the video. The
istration, he will ensure that India Progressive Alliance (UPA) tenure Referring to comments by “a Visakhapatnam, Sitharaman Delhi Police has asked Telangana Chief Minister

BJP, Cong seek more time reaches the third rank. So it is not
an arithmetic inevitability.”
India’s lost decade because of bad
policies and corruption,
former finance minister,”
Sitharaman said, “No magic is
compared the two crises faced by
the UPA and National Democratic
A Revanth Reddy, who had shared the video on
X, to join its probe on May 1.

to respond to EC notice Chidambaram recently told

PTI that India will become the
Sitharaman said growth in gross
domestic product (GDP) does not
involved. Then why was there a
roller coaster ride? No magic is
Alliance administrations during
the past 10 years. She said that the
Addressing a Congress rally at Sedam in
Karnataka, Reddy claimed that the PM has so far
third-largest economy in the happen automatically and involved, and given that our pop- global financial crisis in 2008–09 been using central agencies to win elections and
The BJP has sought one more week while the Congress 14 more days world regardless of who becomes requires a lot of effort at the macro ulation will anyway grow was not felt across the globe, is now using Delhi Police as well. The Telangana
from the Election Commission to respond to notices issued to their the PM. He said India would and micro level. inevitably, why did we dip and rise unlike the pandemic in 2020. CM said he wasn’t one to be afraid by such notices.
party chiefs on complaints of model code violations against Prime
Minister Narendra Modi, and Rahul Gandhi and Mallikarjun Kharge,
respectively, sources said on Monday. BJP president J P Nadda and
Congress chief Kharge were on Thursday asked by the poll panel to
respond to the notices by 11 am on Monday. The BJP has asked for a 29% CANDIDATES CONTESTING IN THE BIGWIGS Candidates of mainstream parties with assets
worth ~1 crore or more contesting in Phase 3

PHASE 3 HAVE ASSETS WORTH OVER ~1 CR

week’s time to respond to the notice, sources in the Election Candidates nCandidates with assets less than ~1 cr Average
Commission (EC) said. The Congress had asked for time till 5 pm on in Phase 3 nNo. of crorepaties assets (~ cr)
Monday but, subsequently, asked for 14 more days to respond. PTI
Of the 1,352 candidates contesting 95 seats candidates have declared that they face BJP 82 77 (94) 44.07
across 12 states in phase three of the Lok criminal cases and 392 (29 per cent) have Congress 68 60 (88) 20.59
Sabha polls, Bharatiya Janata Party’s (BJP) assets worth ~1 crore or more, that is they are
Sanjay Singh gives credit for South Goa candidate Pallavi Shrinivas ‘crorepati candidates’, with an average of SP 10 9 (90) 42.93

AAP-Cong alliance to Lovely Dempo, is the richest with assets worth ~1,361
crore, followed by BJP’s Guna candidate
~5.66 crore assets.
The ADR terms a constituency a ‘red alert’
TMC
Shiv Sena (UBT)
6
5
4 (67)
5 (100)
9.96
5.65
Jyotiraditya Scindia, who has declared assets where three or more contesting candidates
AAP leader Sanjay Singh lauded Arvinder Singh Lovely on Monday for worth ~424 crore and Congress’ Kolhapur have declared criminal cases against JD(U) 3 3 (100) 6.98
the party’s Lok Sabha poll alliance with the Congress, a day after the
candidate Chhatrapati Shahu Shahaji, has themselves. NCP (Sharad Pawar) 3 3 (100) 89.68
latter resigned as the Delhi unit president of Congress. “I say this with
responsibility that Lovely played a crucial role in our alliance with the declared assets worth ~342 crore. It said 43 (45 per cent) out of the 95
According to an Association for Democratic constituencies are red alert constituencies in NCP 3 3 (100) 62.64
Congress. I am not aware of the reasons for his contrary views now,”
Singh said when asked for his comment on the Congress leader’s Reforms (ADR) analysis of the self-sworn phase three. There are 123 (9 per cent) female RJD 3 3 (100) 5.47
resignation from the party post. Reacting to this, Lovely told PTI, affidavits of all 1,352 candidates who are candidates contesting in phase three. 9.81
Shiv Sena 2 2 (100)
“Sanjay Singh is a nice man, but I think he is still in trauma. He has contesting in phase three, 244 (18 per cent) COMPILED BY ARCHIS MOHAN Figures in brackets are % of total party candidates
Illustration:
Source: ADR
AJAY MOHANTY
not been able to get normal after coming out of jail. PTI

Digvijaya looks to reignite old connect BJP has eyes on the road in UP Akhilesh Yadav (2021-17),
respectively. Since these
expressways cover more than 40
of the total 75 districts, UP today
ANUSHKA BHARDWAJ VIRENDRA SINGH RAWAT ranks first in terms of expressway
New Delhi, 29 April
CONTENDERS Lucknow, 29 April length in India.
With around 1,225 km of
82-kilometre from its capital Bhopal, Rodmal Amid the election razzmatazz in operational expressways, the
Rajgarh is an ancient town in Nagar, Uttar Pradesh, which accounts state accounts for almost 45 per
Madhya Pradesh, pinned close to the Rajgarh incumbent for 80 Lok Sabha seats, the cent of India’s composite length
state’s border with Rajasthan. MP (BJP) Bharatiya Janata Party (BJP) is of expressways. After the under-
With the constituency going to Madhya Pradesh confident that the slew of construction projects are
polls on May 7, BJP’s sitting MP Digvijaya expressway projects completed, the total length of the
Rodmal Nagar is facing a tough chal- Singh commissioned or envisioned expressways in UP would exceed
lenge — from an old war horse of (Congress) under the Yogi Adityanath 1,900 km.
Congress. government will deliver “The expressway projects in
Despite the heat, Digvijaya Singh
is feeling at home in Rajgarh. And
Electorate:
(2019) 1,694,329 Rajendra
Survavanshi (BSP)
favourable results for it.
UP possesses the largest
UP not only promote faster
passenger and cargo movement
why not, it’s his home turf from expressway network in India. Purvanchal Expressway was inaugurated by PM Narendra Modi in 2021 but nurture local hubs of
where he started his political jour- The expressways entail land socioeconomic activities. The
ney. minister. principality. “My forefathers con- acquisition and a plethora of civil were inaugurated by Prime Ganga Expressway, which local community benefits with
And he wants to end it here. But there are challenges. Five tributed immensely and were instru- and construction projects in the Minister Narendra Modi in covers 12 districts extending from the opening of schools, markets
Now 77, Singh is asserting that it years back, Singh lost to Pragya mental in the development of this periphery. These activities November 2021 and July 2022, Western to Eastern UP, will cost and warehouses near the
will be his last election before his Thakur from Bhopal. region. This is my last election; catalyse the local economy, boost respectively. Modi also gave the ~36,000 crore and is likely to be expressways. They also promote
hangs his boots. BJP’s Nagar, who counts former hence, I need people’s support and land prices, create employment tag ‘Express Pradesh’ to UP for its commissioned by December 2024. tourism in remote areas,” BJP
He was presi- chief minister blessing to achieve and ensure vic- and provide faster transportation large number of expressways and Some other expressways, being legislator Shalabh Mani Tripathi
dent of the CONSTITUENCY Shivraj Singh tory,” Singh said while addressing a to farm produce. the ‘speed of governance’ under helmed by the National Highways told Business Standard.
Raghogarh Nagar Chouhan rally in the region. The various expressway Adityanath. Authority of India (NHAI) in UP, He claimed the development
Palika between
WATCH among his Singh first won from Rajgarh in projects in UP commissioned or Moreover, under- include the 63-km Lucknow- projects such as expressways and
1969 and 1971. And Rajgarh, Madhya Pradesh backers, is 1984. under-construction post-2017 construction expressways Kanpur Expressway and the 380- airports will help the BJP in
in 1977, he was, for from the OBC His brother, Lakshman Singh, have a total budget outlay of more include Meerut-Prayagraj 594- km Ghaziabad-Kanpur furthering its pro-development
the first time, elected to the state (Other Backward Class) Kirar com- won the seat on five occasions, begin- than ~80,000 crore. The BJP is km Ganga Expressway and 91-km Expressway, among others. narrative in canvassing and
assembly from here, on a Congress munity, which is spread across cen- ning with a by-poll in 1994 until looking to reap political Gorakhpur Link Expressway, Two expressway projects, getting the blessings of the voters.
ticket. His father too had won this tral India. 2004, four times as a Congress can- dividends from these mega being developed by the UP namely the Greater Noida-Agra He claimed the development
seat in 1951. He went to Parliament While Nagar, looking at a third didate and in 2004 as a BJP one. projects. Expressway Industrial 165-km Yamuna Expressway and projects, such as expressways and
twice from this constituency, first in successive win, is a formidable oppo- Digvijaya’s son, Jaivardhan, is a Two expressway projects — Development Authority the 302-km Agra-Lucknow airports, will help the BJP further
1984 and later in 1991. nent, Singh is trying to remind the legislator from the Raghogarh the 340-km Purvanchal (UPEIDA). These two projects are Expressway, were commissioned its pro-development agenda and
Life has certainly come full circle electorate of their ties with his family, Assembly seat, which falls within the Expressway and the 296-km estimated to cost more than during the tenure of former chief this will be welcomed by the
for the former Madhya Pradesh chief the rulers of the erstwhile Raghogarh Rajgarh LS constituency. Bundelkhand Expressway — ~42,000 crore. ministers Mayawati (2007-12) and people.
.
NEW DELHI | TUESDAY, 30 APRIL 2024 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 30 APRIL 2024 1

IN BRIEF
RAW official involved in
Pannun murder plot: Report
UPI credit line: NPCI may go STANDARDISED RATES FOR HOSPITALS

States need time

A Research and Analysis Wing (RAW) official identified as Vikram
Yadav was involved in the assassination plot of Sikh separatist
leader Gurpatwant Singh Pannun in the US and the move was
approved by the then Indian spy agency chief Samant Goel,
easy on interchange fee to hold wider
Could be kept at 1-1.2% in a bid to push adoption
according to an investigative media report published on Monday.
In an investigative report, The Washington Post said, “that India
would pursue lethal operations in North America has stunned AJINKYA KAWALE Bedi from Kiwi said banks talks: Govt to SC

ILLUSTRATION: BINAY SINHA

Western security officials.” PTI Mumbai, 29 April would scale up their partner-
ships once the fee was SANKET KOUL healthcare facilities until stan-

T
o increase the adoption finalised. “The reason partner- New Delhi, 29 April dardised rates are set.
Pro-Khalistan slogans: MEA of credit on United
Payments Interface
ships haven’t come up is that
the revenue model is depend-
In its affidavit, the ministry
The Centre on Monday sub- informed the court that it had

summons Canadian envoy (UPI), National Payments

Corporation of India (NPCI) is
ent on the interchange for this
product. Once that is decided,
mitted its response to the held a virtual meeting
Supreme Court urging states chaired by the health secre-
India on Monday summoned the Canadian deputy high looking at an interchange fee partnerships will start scaling and union territories (UTs) to tary, with the chief secretaries
commissioner, and lodged a protest over the raising of pro- for transactions lower than that up,” he added. engage in broader consulta- of all states and UT’s on March
Khalistan slogans at a public event in Toronto in the presence of for a credit-card transaction. Similarly, a source quoted tions with multiple stakehold- 19 requesting all governments
Prime Minister Justin Trudeau. The Ministry of External Affairs (MEA) Sources in the know said above added that NPCI was ers to determine standardised to work out the standard
described the raising of the slogans at the event as “disturbing” these charges could be 1-1.2 per looking at two ways to arrive at hospital rates. cost of medical procedures
and said it illustrated once again the political space that has been cent. Fintech participants con- a decision on the interchange According to the docu- and services.
given in Canada to “separatism, extremism and violence”. PTI cur with the view that the inter- fee for credit on UPI. ments examined by Business “Many states have suggest-
change fee is expected to be “One is that when these Standard, the ministry in its ed that multiple rounds of con-
lower than that for a credit-card
CREDIT LINE NPCI looking at two transactions will be of an inter- response said that the exercise sultations with stakeholders,
FinMin studying HC order transaction. Credit-card trans-
actions generally have an inter- PLAYBOOK
ways to implement
the fee:
est-bearing nature, the inter-
change will be lower, whereas,
to determine a
standard rate The SC had
including private
players and the

banning PSBs from issuing LoCs change fee of 1.8-2 per cent.
“The interchange basically
 Launched in Sept last year,
adoption of credit line on
 When these
transactions will be
on the other hand, for non-
interest bearing transactions,
requires consulta- warned against
tions with all applying CGHS
Indian Medical
Association (IMA)
The Finance Ministry is studying the recent Bombay High Court varies by the merchant catego- the interchange fee will be stakeholders rates for may be needed,
order banning public sector banks from seeking the issuance of ry. I believe the interchange fee UPI slow since fee structure of interest-bearing higher,” the person said. including private treatment while some
look out circulars, or LOCs, against wilful defaulters, sources said. for credit lines on UPI should undecided nature, the interchange An industry executive players in the services at private expressed that any
Quashing the powers granted by the Union government to public be lower than that for credit  Average interchange fee
will be lesser described how this worked. states and UTs, as health care rate range fixation
sector banks (PSBs) to act against wilful defaulters, the High Court cards, but how much lower is for credit card transactions  For non-interest- “My understanding is that a one-size-fits-all facilities until may lead to com-
said it is arbitrary and violative of a person's fundamental rights. still to be clarified,” said Mohit is around 1.8% bearing transactions, after a transaction, for the first approach may not standardised promise of quality
The finance ministry is aware of the April 26 judgement and will Bedi, chief business officer the interchange fee 15 days a customer does not be feasible. rates were set of healthcare, ren-
make a detailed assessment of the order, sources said. PTI (CBO) and co-founder, Kiwi, a  Banks will expand bear any interest, but is charged “This would dering healthcare
partnerships once fee is will be higher
credit on UPI fintech. 10-12 per cent thereafter. The require additional setups financially
At present, there is no inter- decided interchange fee will be different time to initiate the exercise unviable”, the government
SC questions Kejriwal over change fee defined by NPCI for
the credit line on UPI. NPCI does not disclose the credit card,” a person in the
from those transactions where
interest is applied since day
and proceed further as it shall said. The centre’s affidavit also
be both manpower and time emphasised that fixation of
non-appearance before ED A credit line on UPI is a pre-
sanctioned loan from banks.
volumes of transactions for
credit lines on UPI. Industry
know told Business Standard.
NPCI did not respond to
zero,” the person said. The exec-
utive further said banks earned
intensive”, the ministry said in rates may lead to serious issues
its response. like rendering healthcare
The Supreme Court on Monday questioned the non-appearance The uptake of credit lines sources said the adoption of the queries sent by Business more when interest was levied This move to hold consul- setups financially unviable
of Delhi Chief Minister Arvind Kejriwal before the ED, despite on UPI has not picked up service had been slow since Standard.It announced the from day zero, implying that tations with states comes after and many other players may
repeated summonses for recording of statements, because there is no clarity yet interchange fees had not been launch of the credit line on the the interchange fee was lower the Supreme Court in jack up the prices. It may also
and asked if he can challenge the arrest in a money on the interchange fee between finalised yet. “All the major UPI facility in September last in such cases. February 2024 had directed render the healthcare sector
laundering case related to the excise policy scam banks and NPCI. Axis Bank, banks in the country are ready year. Customers can access “Under the interest-free the Centre to specify standard uncompetitive considering
on the ground of non-recording of his version. HDFC Bank, ICICI Bank, with their systems to extend pre-sanctioned credit from credit period there is an impact rates for private hospitals, in the economic dynamics and
A bench of justices Sanjiv Khanna and Dipankar Punjab National Bank, and the facility to customers, but banks using the UPI rails. from the cost of funds. In the consultation with states. interaction of market forces.
Datta asked why the Aam Aadmi Party leader did State Bank of India offer the everybody is waiting for the “Since NPCI has not issued other case, you would generally The apex court had also Other issues discussed at
not move a bail application before the trial service, according to NPCI’s commercials to be decided details about the commercials get a lower interchange since warned against applying the meeting included the low
court. PTI website. The facility is also live first. The interchange for the yet, it cannot push the market you are making money from Central Government Health adoption rates of the Clinical
on apps such as BHIM, Google credit line on UPI transactions to adopt the credit line on the charging the interest from zero Scheme (CGHS) rates for treat- Establishments (Registration
Pay, Paytm, and Payzapp. will be lower than that for a UPI facility yet,” a source said. day,” the person added. ment services at private and Regulation) Act, 2010.

Exporters seek extension of

interest equalisation norm
Exporters have urged the government to extend the interest
equalisation scheme (IES) that will expire on June 30, to offer a
Nearly 20 critical mineral blocks BSNL’s 4G user
to be put up for sale by June-end base hits 800K
lifeline to exporters grappling with high interest rates and faltering
exports. In a statement, Federation of Indian Export Organisations,
on Monday said that the scheme provides competitiveness to
Indian exports, particularly to MSMEs. “The bank rate in India is 6.5
per cent, whereas the bank rate in many of our Asian economies is NITIN KUMAR ing at the Critical Minerals auction of 38 critical and strate- cal mineral blocks are on the
around 3.5 per cent. With a higher spread, the credit cost here is New Delhi, 29 April Summit. gic minerals to date. The initial table for auction. He also urged Rolled out across Punjab, Haryana,
generally over 5 to 6 per cent as compared to such countries,” FIEO The secretary also said that tranche included 20 blocks, the industry to study the data
President Ashwani Kumar said. SHREYA NANDI The Centre plans to auction the result of the auction while the subsequent tranche on these blocks to gain insight HP, Uttarakhand, and Western UP
roughly 20 critical mineral process for seven critical min- had 18. Critical minerals such into the opportunities that are
blocks in the upcoming round eral blocks held recently was as lithium, chromium, nickel, now available. SURAJEET DAS GUPTA

SC stays CBI probe into Bengal

by the end of June, alongside being finalised and would be graphite, cobalt, titanium, and India has committed to New Delhi, 29 April
the first instalment of offshore declared within a month. rare earth elements are essen- achieving 50 per cent of the
mineral auctions within the The announcement comes tial raw materials for sectors cumulative electric power The 4G subscriber base of
teacher recruitment case next three months, Mines
Secretary V L Kantha Rao said
shortly after the government
scrapped the auction process
like electronics, electric vehi-
cle, renewable energy, defence,
installed capacity from non-
fossil sources by 2030.
state-owned telecom service
provider Bharat Sanchar
The Supreme Court on Monday stayed the Calcutta High Court order on Monday. for 13 blocks in March due to and high-tech telecommunica- The Critical Minerals Nigam Limited (BSNL) has
directing the CBI to probe the role of West Bengal government “We are going to come up lacklustre interest from poten- tions. Currently, the extraction Summit aimed at bringing reached 800,000 in the
officials in a teacher recruitment scam. It, however, refused to stay with the next auction at the end tial investors. The 13 blocks of these minerals is dominated together a diverse array of initial launch phase across
the cancellation of the appointment of over 25,000 teachers and of June, so this auction process included two blocks that by a few countries, such as Indian and international stake- North Indian regions of
non-teaching staff. A Bench of Chief Justice DY Chandrachud, will continue. Moreover, the received no bids and 11 that had China, which makes the supply holders, including industry Punjab, Haryana, Himachal
Justice JB Pardiwala and Justice Manoj Misra, however, refused to offshore minerals auction will fewer than three technically chain vulnerable to geopolitical leaders, startups, government Pradesh, Uttarakhand, and
stay the high court order cancelling the appointments and said it also come within three qualified bidders. uncertainties. officials, scientists, academics, western Uttar Pradesh. This
will hear the matter on May 6. PTI months,” Rao said while speak- The Centre has initiated the Rao said that over 100 criti- and policy experts. follows the deployment of an
indigenous network devel-
oped in collaboration with
Tata Consultancy Services
Telcos step up
> FROM PAGE 1
States and China) have such
funds,” said a senior DoT offi-
wise struggle to afford them.”
The fund aims to catalyse
At the same time, experts
said there is also a debate on RBI asks lenders to and the government’s Centre
for Development of
to stop illegal
cial, highlighting the signifi- growth for domestic telecom whether companies that are Telematics (C-DOT), accord- sale of 6 GHz
Telecom... cance of the initiative. “What
we envision is a fund that will
companies, the official added.
The rapidly evolving land-
adding to environmental
damage be rescued through follow fair practices, ing to a senior Department of
Telecommunications WiFi routers
Initial funding for the TPF nationally acquire licences of scape of telecom technology, insolvency regime or be liqui- (DoT) official.
may come from the Telecom
Technology Development
Fund, with additional support
critical patents in key technol-
ogy areas, for both software
and hardware, and make
where innovations have
increasingly shorter shelf
lives, also underscores the
dated. For instance, if a coal
company goes into insolven-
cy, then the IBC needs to take
refund excess sum The official outlined a
more pragmatic road map for
BSNL's 4G deployment and
In a move that may widen
the gulf between telecom
operators and the illegal
from various other channels. them accessible to startups, need for such a fund. a view whether it should be the subsequent 5G launch. WiFi routers that run on the
“Many countries around SMEs, academia and home- Moreover, stringent and resolved and be allowed to PRESS TRUST OF INDIA "We expect the core of the lucrative 6 GHz spectrum
the world (such as the United grown companies that other- changing standards, escalat- continue the same practice or Mumbai, 29 April Conducts 4-day network to be installed in the band, being sold on e-
ing R&D costs, and concerns insist on change of technology eastern, western, and south- commerce sites, telecom
around security, privacy and as part of the resolution Concerned over some banks VRR auction ern regions by August. The industry body Cellular
legal compliance further process. and lenders resorting to Banks submitted bids nationwide rollout is sched- Operators Association of
> BS SUDOKU # 4269 accentuate the requirement “There needs to be accept- unfair practices in charging of worth ~97,000 crore at the uled to coincide with the fes- India has written to the
for indigenous solutions. ability that this could destroy interest, the Reserve Bank of 4-day variable rate repo tival season, followed by the Department of
There is also the matter of value. Financial distress India (RBI) on Monday direct- (VRR) auction on Monday, introduction of 5G services Telecommunication (DoT). It
reducing overreliance on for- would mean companies ed them to take corrective against a notified amount within the next 12 months,” sought an immediate ban
eign technology. defaulting on their environ- action and refund excess of ~1 trillion. The RBI allotted said the DoT official, who did on the sale of all routers
Discussions with stake- mental obligations. Claims charges to customers. the funds at a weighted not wish to be named. operating on the band. The
holders have outlined plans around the environment need The guidelines on Fair average rate of 6.62 per BSNL has installed over 6 GHz band represents the
to establish an independent to be embedded in law,” said Practices Code issued to vari- cent. The liquidity deficit 3,500 4G towers and aims for largest block of unused
entity under the Universal Dinkar Venkatsubramanian, ous regulated entities (REs) stood at ~1.48 trillion on a full-scale commercial spectrum and is being
Service Obligation Fund, or partner, EY India. since 2003, inter-alia, advo- Sunday, according to data launch across India upon fought over by telcos and
USOF, to implement the TPF. Batra suggested that at the cate fairness and transparen- by the RBI. ANJALI KUMARI reaching 20,000 towers. Last tech firms. This is due to its
(USOF aims to provide wide- stage of approval of the plan cy in charging of interest by May, Information significant potential for both
spread and non-discrimina- itself, an environmental body the lenders, while providing Technology and 5G connectivity and WiFi
tory access to affordable should be involved. “The adequate freedom to them as Communications Minister expansion.
quality telecom services.) committee of creditors may regards loan pricing policy. Draft guidelines Ashwini Vaishnaw had said SUBHAYAN CHAKRABORTY
The proposed TPF aligns
with India's broader initia-
have the commercial wisdom
but not the expertise to deal
“During the course of the
onsite examination of REs for
for ETPs issued the company was aiming to
secure 100 million 4G cus-
tives in technology develop- with climate change issues.” the period ended March 31, The Reserve Bank of India tomers within 12 to 24 with operations in New Delhi
ment, one of them being the Among regulators, in July 2023, the Reserve Bank came on Monday released a draft months, alongside its plans and Mumbai, together had
Indian Semiconductor 2023, Securities and Exchange across instances of lenders Master Direction for to erect 100,000 towers 86.9 million subscribers, with
Mission. Under this mission, Board of India (Sebi) intro- resorting to certain unfair Electronic Trading Platforms nationwide. less than one per cent of them
the government has, for duced the Business practices in charging of (ETPs) and invited However, the rollout has utilising 4G services — a mar-
instance, procured expensive Responsibility and interest,” the RBI said in comments and feedback faced delays amid challenges ket share of 7.95 per cent. This
electronic design automa- Sustainability Reporting for top a circular. from operators, banks, and some teething troubled figure indicates a decline
tion, or EDA, tools in bulk 1000 listed companies. Experts The central bank has also market participants, and with the first domestically from a previous subscriber
from global players such as said that while other regulators highlighted certain unfair other interested parties by built network. Though DoT base of 90-100 million. In
SOLUTION TO #4268 Cadence and Synopsys, and may take cue from Sebi to for- practices being followed by May 31. The aim is to officials were earlier eyeing a February last year, the com-
Very hard: made them available to over mulate similar responsibilities, certain lenders. facilitate market makers’ 5G launch by the end of the pany held a 9.36 per cent
140 universities and colleges balancing environmental con- “...in the interest of fair- access to offshore ETPs year, this ambitious plan has market share, with 94.1 mil-
««««« for free. cerns with economic impera- ness and transparency, all offering permitted Rupee now been deferred to the lion subscribers.
Solution tomorrow tives poses a significant chal- REs are directed to review products. ANJALI KUMARI end of next year. Amid concerns over
IBC... lenge for regulators.
Dinesh Arora, partner and
their practices regarding
mode of disbursal of loans,
BSNL’s private-sector peer
Reliance Jio, meanwhile,
the shrinking subscriber
base, the BSNL Employees
HOW TO PLAY
As countries move towards deals leader at PwC India, said application of interest and tions of REs, the RBI said it has nearly completed its 5G Union has urged the
Fill in the grid so that the COP28 goals, businesses striking the right equilibrium other charges and take cor- observed charging of interest network expansion in just government to permit the use
every row, every could face transition risk, between fostering green prac- rective action, including sys- from the date of sanction of over a year. of the 4G network of
column and every which could lead to insolven- tices and facilitating econom- tem level changes, as may be loan or date of execution of As of February 2024, Vodafone-Idea — in which
3x3 box contains cies. Climate events, such as ic recovery requires nuanced necessary, to address,” the loan agreement and not BSNL and Mahanagar the government is a signifi-
the digits 1 to 9 tsunami and wildfires, can policymaking and a thorough issues concerning charging of from the date of actual dis- Telephone Nigam Ltd cant stakeholder — to pro-
lead to companies filing for understanding of industry interest, the circular said. bursement of funds to (MTNL), another state- vide immediate service
bankruptcies. dynamics. During onsite examina- the customer. owned telecom company enhancements.
.
NEW DELHI | TUESDAY, 30 APRIL 2024 COMPANIES 7
<

Manipal Hospitals to take

87% in Medica for ~1.4K cr
Deal will make it India’s largest hospital chain with over 10,500 beds
SANKET KOUL
New Delhi, 29 April

M
anipal Hospitals on Monday
announced the signing of a
binding agreement to acquire
an 87 per cent stake in Kolkata-based hos-
pital chain Medica Synergie.
The deal size is estimated to be
around ~1,400 crore, according to indus-
try sources.
The addition of Medica will push the
current hospital bed count of Manipal
from over 9,500 to more than 10,500. This
will make it India’s largest hospital chain,
overtaking Apollo Hospital Enterprise
(10,103 beds, as of March 31, 2024). Manipal Hospitals will have a pan-Indian footprint of 37 hospitals across 19 cities
With the completion of acquisition of after the acquisition of Medica Synergie and AMRI Hospitals is completed
Medica Synergie and AMRI Hospitals, the
integrated network will have a pan-Indian Manipal Hospitals had acquired an chief executive officer (CEO) said with
footprint of 37 hospitals across 19 cities. 84 per cent stake in Emami Group’s this acquisition, Manipal Hospitals
“This acquisition is in line with AMRI Hospitals. builds on its strong presence in Eastern
Manipal Hospitals’ strategy of expanding “By leveraging the clinical expertise India and enables the company to meet
footprint in Eastern India as the leading and infrastructure of Medica Synergie, the healthcare needs of this under-
hospital chain in the region,” the compa- along with the combined operations of served region.
ny said in its statement. its extensive network, Manipal Hospitals “We will integrate Medica Synergie
Allegro Capital Advisors, Khaitan and will be well positioned to meet the into our portfolio and rebrand it.
Co. and KPMG were the advisors to increasing demand for high quality terti- Together, we are poised to deliver
Manipal Health Enterprise in this ary and quaternary healthcare services enhanced, exceptional quality healthcare
transaction. The acquisition comes as the in Eastern India,” the company added. to our patients across Eastern India,
hospital chain has been working towards Commenting on the development, including in Kolkata, Siliguri, and
its expansion efforts. In September 2023, Dilip Jose, managing director (MD) and Ranchi,” he added.

N Q4 RESULTS ROUNDUP N

UltraTech Cement’s profit Poonawalla Fincorp

net up 67% at ~332 cr
jumps 35 % to ~2.2K crore on Poonawalla Fincorp, a non-deposit taking
lower fuel, raw material costs non-banking financial company (NBFC),
reported a 67 per cent year-on-year (Y-o-
Y) growth in consolidated net profit to
Board nod to ~315 cr grinding unit purchase ~331.7 crore for the quarter ended March
2024, up from ~198.55 crore in the year-
UltraTech Cement Ltd on Monday ago period. For the full year, the
reported a 35.24 per cent increase in company’s reported net profit stood at
consolidated net profit to ~2,258.58 ~ 1,683 crore, compared to ~685 crore in
crore for the fourth quarter ended FY23, boosted by exceptional items. After
March 31, 2024, helped by lower fuel adjusting for the extraordinary items, the
and raw material costs along with profit amounted to ~1,027 crore, up
operational efficiencies and 83 per cent from ~561 crore in the
sales increase. previous year, according to the lender’s
The leading cement maker has investor presentation. ANJALI KUMARI
posted a consolidated net profit of
~1,670.10 crore in the January-March
quarter of the last fiscal year,
according to a regulatory filing from
For Q4FY24, UltraTech Cement’s
net profit was up 38.05 per cent
PNB Housing Finance
UltraTech.
Its revenue from operations was
to ~7,003.96 crore. It stood at
~5,073.40 crore a year ago
net rises 57% to ~444 cr
up 9.41 per cent at ~20,418.94 crore PNB Housing Finance on Monday
during the period. It was at ~ company’s imported fuel consum- reported a 57 per cent jump in its net
18,662.38 crore in the corresponding ption cost during Q4FY24 was 13 per profit to ~444 crore in the fourth quarter
period a year ago. cent lower than Q4FY23,” it said. ended March 2024. The housing finance
UltraTech’s total expenses in the Moreover, UltraTech Building company had posted a net profit of ~283
March quarter stood at ~17,381.09 Solutions (UBS) outlets increased to crore in the same quarter a year earlier.
crore, up 6.67 per cent. 3,952. It sold 6.2 million tonnes(mt) Total income during the quarter rose to
In the March quarter, UltraTech's of cement, contributing 28 per cent ~1,806 crore from ~1,628 crore in the same
logistic and power costs for grey of trade sales, in the March quarter. quarter of the previous financial year,
cement declined 2 per cent each, fuel The company’s board also PNB Housing Finance said in a regulatory
costs declined 21 per cent and raw approved the purchase of a grinding filing. The lender’s interest income in
material witnessed a decline of unit with an installed capacity of 1.1 Q4FY24 was higher at ~1,684 crore, as
15 per cent on a year-on-year million tonnes per annum in against ~1,581 crore in the same period a
(Y-o-Y) basis. “Coal and petcoke addition to a captive railway siding, year ago. Net interest income grew 7 per
(fuel) prices witnessed a drop during at Parli, Maharashtra from India cent to ~632 crore at the end of the fourth
the financial year 2024 (FY24). The Cements for ~315 crore. PTI quarter ended March 2024. PTI

Trent posts fivefold jump Tata Chem posts first loss

in profit on store addition in 9 yrs on one-time charge
Apparel retailer Trent reported a fivefold jump in Tata Chemicals reported its first quarterly loss in nine
quarterly profit on Monday, its third straight quarter of years on Monday, hurt by a one-time charge incurred in
triple-digit profit growth, as it opened more of its lower- its UK operations along with lower prices and demand of
priced Zudio brand of stores. The Tata Group-owned soda ash. It reported a consolidated net loss of ~85 crore
company reported its consolidated profit before ($101.9 million) in the quarter ended March 31, compared to
exceptional items and tax rose to ~301 crore ($36.1 million) a profit of ~709 crore a year-ago. Tata Chemicals said it
for the fourth quarter ended March 31, from ~60.1 crore a incurred a non-cash write down of assets aggregating to
year-ago. The retailer overcame sluggish demand and ~963 crore as an exceptional loss in respect of its UK
restrained consumer spending by opening 86 Zudio stores. operations. Revenue from operations fell 21 per cent to
Trent also opened 12 of its mid-range Westside stores, ~3,475 crore, making it the company’s third consecutive
boosting store counts under the Zudio and Westside brands quarter of decline. Tata Chemicals is the world’s third-
to 545 and 232, respectively. REUTERS biggest soda ash producer. REUTERS

Rental market hots up: Bengaluru

tops with highest yield of 4.45%
Post-pandemic surge in rental demand rides on work-from-office mandates
SUNAINAA CHADHA
New Delhi, 29 April
MARKET TRENDS nRental yield in Q1 2024(%)
Bengaluru, India’s Silicon Valley, has
emerged as the leader in terms of rental
yield. Data from property consulting
4.5

3.8
3.9

3.4

2.9
4.2

3.3

3.2
3.7
4.1

3.1

firm Anarock reveals that the city

boasted a rental yield of 4.45 per cent in
the first quarter of 2024 . This Bengaluru Gurugram Kolkata Navi Mumbai Hyderabad Delhi
represents a significant 24 per cent Mumbai Pune Noida Thane Chennai
increase compared to pre-pandemic Source: Anarock Research
levels in 2019 (3.6 per cent).
“Backed by strong post-pandemic
rental demand, rental values in the
city’s key areas have been rising inexorably
after information technology (IT) firms’
return-to-office call,” noted Anarock.
Mumbai comes next among the top have all seen improvements in their yields upwards.
cities with a rental yield of 4.15 per cent rental yield compared to pre-pandemic The positive trend extends to rental
in Q1 2024 as against 3.5 per cent back in times. Anarock’s Vice-Chairman values as well. India’s top cities
2019 — a 19 per cent growth. Gurugram Santhosh Kumar attributes this trend to witnessed a significant rebound in
is behind with a rental yield of 4.1 per chronically stagnant yields prior to the rental values during 2023, with year-
cent in the last quarter against 3.5 per pandemic, which hovered around a on-year growth exceeding 30 per cent.
cent in 2019. national average of just 3 per cent for While the last quarter of 2023 saw a
The data suggests a nationwide many years. The post-pandemic temporary stabilisation due to seasonal
uptick in rental yields. Cities like Pune, surge in rental demand, particularly trends, the momentum picked up
Noida, Delhi, Navi Mumbai, and Thane in IT-dominated cities, has pushed again in Q1 2024.
8 WORLD
>
NEW DELHI | TUESDAY, 30 APRIL 2024

G7 nations reach MUSK’S BIG WIN IN CHINA

deal to exit from
coal by 2035
Tesla clears full self-driving hurdle
REUTERS of a two-day meeting in Turin.
BLOOMBERG
US opens probe into
29 April
A STEP CLOSER
29 April One source told Reuters
Ford’s hands-free
E
earlier that diplomats from the lon Musk’s quick visit to
n Tesla calls its driver assistant Model Y and 3
driving technology
Energy ministers from the G7 nations - Italy, the United China paid immediate div-
Group of Seven (G7) wealthy States, Britain, France, idends, with Tesla Inc. features Autopilot or FSD but cars made it
countries reached a deal to Germany, Canada and Japan - receiving in-principle approval says they do not make its onto a top
shut down their coal-fired discussed the issue until late from government officials to vehicles autonomous and Chinese auto The US auto regulator said on Monday it has
power plants by 2035 at the on Sunday, before the start of deploy its driver-assistance system they require active driver association's opened a preliminary investigation into Ford
latest, in a significant step the ministerial gathering. in the world’s biggest auto market. supervision list of 76 car Motor's hands-free driving technology
towards the transition away The agreement marks a sig- The firm was granted the models found BlueCruise after being informed of two incidents
from fossil fuels. nificant step in the approval under certain conditions, n Tesla has been offering FSD in to be compliant with involving Mustang Mach-E cars that collided
“We have an agree- Italian direction indicated according to a source, who asked restriction in China due to data data security requirements declining EV sales by with stationary vehicles.
ment to stop using diplomatic last year by the COP28 not to be identified because details security issues accelerating its diversification The National Highway Traffic Safety
coal in the first half of sources said United Nations cli- of all the criteria aren’t clear. Tesla n Enabling FSD in China would towards autonomous Administration’s Office of Defects Investigation
2030’s... it is an his- a technical mate summit for a did manage to clear two of the
n In a sign of progress, Tesla’s provide a buffer to Tesla’s technologies (ODI) opened the evaluation to investigate
torical agreement,” deal had transition away from most important hurdles: reaching BlueCruise, which provides partial driving
Britain's minister for been reached fossil fuels, of which a mapping and navigation deal automation with the expectation that the driver
Energy Security and coal is the most pol- with Chinese tech giant Baidu Inc, on the status of its attempt to with the country’s top-level map- Tesla has been using Baidu for in- actively supervises performance. Both collisions
Net Zero Andrew Bowie told luting. “It helps accelerate the and meeting requirements for how secure regulatory approval. ping credentials that can be car mapping and navigation occurred during “nighttime lighting
Class CNBC according to a shift of investments from coal it handles data-security and pri- applied to driver-assistance func- since 2020. conditions”, and each resulted in at least one
video posted on X. to clean technology in particu- vacy issues. Tesla-Baidu team-up tions — will allow Tesla to tap the Getting the green light for FSD fatality. ODI’s investigation of the incidents
Italian diplomatic sources lar in Japan and more broadly Tesla didn’t immediately Teaming with Baidu — one of Chinese company’s lane-level in China might help Tesla claw confirmed BlueCruise's engagement in each of
said a technical deal had been in the whole Asian coal econ- respond to requests for comment about only 20 qualified suppliers navigation and mapping services. back some lost ground. the vehicles right before the collision. REUTERS
reached. omy, including China and
The accord will be included India,” Luca Bergamaschi, co-
in the G7 energy ministers’ founding member of Italian
final communique to be climate change think-tank
released on Tuesday at the end ECCO, said on X. Pro-Palestinian Apple’s iPad OS
protests roil
IN BRIEF US campuses
subject to tough
UK’s new ‘world first’ laws AGENCIES
29 April
tech rules: EU
crack down on hacking Protests are roiling college campuses REUTERS forms. The European execu-
All internet connected smart devices will be across the US as upcoming graduation 29 April tive's decision followed an
required to meet minimum security standards ceremonies are threatened by disruptive investigation launched in
under what the UK government has dubbed as demonstrators, with students sparring Apple’s operating system for September last year. Apple’s
“world first” laws, effective from Monday to over Israel’s military offensive in Gaza. iPads has been designated as operating system iOS, its
protect consumers and businesses from hacking Many campuses were largely quiet a gatekeeper under the bloc's browser Safari and its App
and cyber-attacks. Manufacturers will now be over the weekend as demonstrators stayed landmark tech rules by EU Store were designated gate-
banned from having weak, easily guessable default by tents erected as protest headquarters, antitrust regu- keepers last year.
passwords like “admin” or “12345” and if there is a common although a few colleges saw forced lators because of The Commission
password, the user will be prompted to change it on start-up. The removals and arrests. Many students are its importance to Apple has six said Apple’s busi-
new laws are part of the British government’s GBP 2.6-billion demanding their universities cut financial business users, the months to ness user numbers
National Cyber Strategy to protect and promote Britain online. PTI US Secretary of State Antony Blinken attends a joint ministerial meeting of the ties with Israel over the large-scale European ensure its tablets exceeded the
GCC-US Strategic Partnership to discuss the humanitarian crises faced in Gaza, in operation in Gaza it says was launched to Commission said comply with quantitative thres-
Saudi Arabia on Monday PHOTO: REUTERS stamp out the militant Palestinian group on Monday. raft of measures hold by eleven
China’s top Covid vaccine Hamas. Protesters on both sides of the
rancourous debate shouted and shoved
Under the under the EU’s
Digital Markets flagship Digital
times, while its
end user numbers
scientist expelled for graft
China’s top scientist, who developed the first inactivated COVID-19
Israel truce proposal each other during duelling
demonstrations Sunday at the University
of California, Los Angeles. The university
Act which came Markets Act
into force this year,
22 services owned
were close to the
threshold and
were predicted to
vaccine at the height of the pandemic in the country in 2020, has
been dismissed from Parliament for alleged corruption. Yang
Xiaoming, the chairman of China National Pharmaceutical Group’s
‘extraordinarily stepped up security after “some physical
altercations broke out among
demonstrators”, Mary Osako, vice
by Apple, Alphabet’s Google, rise in the near future. It said
Microsoft, Amazon, Meta both business users and end
Platforms and TikTok owner users are locked into iPadOS
vaccine subsidiary China National Biotec Group (CNBG), has been chancellor for UCLA Strategic ByteDance have already been because of its large ecosystem.
stripped of his membership in the National People’s Congress
(NPC) due to serious discipline and law violations, official media
reported here on Monday. The charge of serious discipline and law
generous’: Blinken Communications, said.
Amid the ongoing protests, anti-Israeli
protesters at Harvard University raised the
labelled gatekeepers which Apple has six months to
control access to their plat- comply with the DMA.

violations is a common euphemism for corruption under the BLOOMBERG Palestinian flag at the Ivy League School in
ruling Communist Party of China (CPC) disciplinary practice. PTI 29 April THE PROPOSAL a spot reserved for the American flag.

US Secretary of State Antony Blinken

n Deal to accept the release of fewer
EU to probe Meta’s
PHOTO: SCREENGRAB X@WAR WATCH

than 40 of the roughly 130 hostages

Solomon Islands’ pro-China urged leaders of the Hamas militant
n Hostages to be exchanged for
handling of Russia
group to quickly reach a decision on
leader exits PM race Israeli conditions for a temporary cease-
fire, a move that could help bring an end
freeing Palestinians jailed in Israel
nSecond phase of truce consisting
Solomon Islands pro-Beijing Prime Minister to fighting in Gaza.
Manasseh Sogavare on Monday withdrew from
the contest to remain head of the strategically
important South Pacific island nation's
Israel has been “extraordinarily gen-
erous” with proposals made during talks
mediated by Qatar and Egypt to secure
of a ‘period of sustained calm’
disinformation
government following general elections two the release of Israeli hostages held by current conflict, Blinken said. President Brussels is set to open a probe into Meta
weeks ago that are central to the US-China Hamas, Blinken said at a special event Joe Biden’s administration has Platforms’ Facebook and Instagram as
rivalry in the region. Sogavare has been re- of the World Economic Forum in Riyadh repeatedly urged Israeli Prime Minister soon as Monday over concerns the
elected to the parliament. AP on Monday. He wasn’t more specific Benjamin Netanyahu to do more to pro- company is failing to do enough to
about the offer on the table. tect civilians of Gaza, while remaining a counter disinformation from Russia
The US diplomat travelled to the staunch ally and supplier of arms. and other countries, the Financial
Scotland’s first Muslim region — his seventh trip to the Middle
East since the Israel-Hamas conflict began
Israel may be willing to compromise
on the number of hostages freed in an
Times reported.
Regulators suspect that Meta’s mod-
leader Yousaf resigns in early October — to push for at least a
pause in hostilities under a temporary
initial phase of any deal, Israeli media
reported last week. Hamas had said it
eration does not go far enough to stop the
widespread dissemination of political advertising that risks
Humza Yousaf, the Pakistani-origin Scottish cease-fire agreement. Hamas, designated can’t free 40 women, elderly or sick cap- undermining the electoral process, the European Commission
National Party (SNP) leader who took over as a terrorist organisation by the US and tives as demanded in return for a six- is expected to say on Monday, according to the report, which
Scotland’s first Muslim leader in March 2023, on European Union, is expected to respond week cease-fire because it doesn’t have cited two people with knowledge of the matter.
Monday announced his resignation after days on Monday to the Jewish state’s latest enough hostages in that category. The commission, however, is not expected to single out
of political turmoil for the devolved SNP-led offer, Agence France-Presse has reported. Blinken’s first stop in his latest trip to Russia in its statement and will only make reference to the
government. He had ended a power-sharing The US supports Israeli efforts to the region is Saudi Arabia, where the US Anti-Israeli protesters at Harvard manipulation of information by foreign actors, the Financial
agreement with the Scottish Green Party last defend itself and prevent future attacks, is eager to see the forging of diplomatic University raise the Palestinian flag in a Times reported on Monday. The European Commission
week amid growing policy differences. AP and is determined to bring an end to the ties with Israel. spot reserved for the American flag declined to comment. REUTERS

Putin didn’t order Navalny’s AI startups face rough financial reality check
death in February: US intel Table stakes for small firms to compete are in billions of dollars. And even that may not be enough
CADE METZ, KAREN WEISE & TRIPP MICKLE
BLOOMBERG
29 April
29 April
TECH HURDLE
Call it the end of the beginning of the n This problem is acute for a group n Stability AI has laid off
US intelligence agencies have found that AI boom. of high-profile startups that have employees and parted ways
Russian President Vladimir Putin likely didn’t Since mid-March, the financial raised tens of billions of dollars for with its chief executive
order opposition leader Alexey Navalny’s death pressure on several signature
the development of generative AI
at a prison camp in February, the Wall Street artificial intelligence startups has n Anthropic has raced to close
Journal reported. taken a toll. Inflection AI, which n Inflection AI, which raised the roughly $1.8 billion gap
While the assessment didn’t dispute Putin’s raised $1.5 billion but made almost no $1.5 billion but made almost no between its modest sales and
culpability for the death, it found that the timing money, has folded its original money, has folded its original enormous expenses
possibly wasn’t as intended by Putin, the report business. Stability AI has laid off business
said, citing people familiar with the matter. The employees and parted ways with its
finding is broadly accepted within the intelli- chief executive. And Anthropic has
gence community and shared by several raced to close the roughly $1.8 billion Some of them are already figuring out Unlike the iPhone, which kicked off than the amount they spent funding
agencies, including the Central Intelligence The assessment was based on classified gap between its modest sales and that competing head-on with giants the last technology transition and 20,350 AI companies from 2018
Agency, the Office of the Director of National intelligence and analysis of public facts, enormous expenses. like Google, Microsoft and Meta is cost a few hundred million dollars to through 2020. The challenges hitting
Intelligence, and the State Department’s intel- including the timing of Alexey Navalny’s The AI revolution, is going to going to take billions of dollars — and develop because it largely relied on newer AI companies stand in
ligence unit, according to the report. (pictured) death and how it overshadowed come with a very big price tag. And even that may not be enough. existing components, generative AI contrast to the early business results
The mysterious death of Navalny, an anti- Vladimir Putin’s re-election PHOTO: REUTERS the tech companies that have bet their “You can already see the writing models cost billions to create and at OpenAI, which is backed by $13
corruption activist and Russia’s most prominent futures on it are scrambling to figure on the wall,” said Ali Ghodsi, chief maintain. The cutting-edge chips billion from Microsoft. The attention
opposition figure, at an Arctic prison in including the timing of his death and how it out how to close the gap between executive of Databricks, a data they need are expensive and in short it has generated with its ChatGPT
February triggered a fresh round of tensions overshadowed Putin’s re-election, the WSJ those expenses and the profits they warehouse and analysis company supply. And every query of an AI system has allowed the company to
between Russia and the West at a time relations report said. Some European intelligence hope to make somewhere down the that works with AI startups. “It system costs far more than a simple build a business charging $20 a
were fractured by the Ukraine conflict. agencies have been told of the latest US view, it line. This problem is particularly doesn’t matter how cool it is what you Google search. month for its premium chatbot and
The death also sparked the biggest unau- said. Navalny fell sick during a walk at the acute for a group of high-profile do — does it have business viability?” Investors have poured $330 offered a way for businesses to build
thorised protests since the February 2022 inva- remote maximum-security prison camp in the startups that have raised tens of While plenty of money has been billion into about 26,000 AI and their AI services with the technology
sion of Ukraine. The latest assessment was Arctic where he was last held, and medical staff billions of dollars for the development burned in other tech booms, the machine-learning startups over the that drives its chatbot.
based on a range of information such as classi- were unable to revive him, the prison authorities of generative AI, the technology expense of building AI systems has past three years, according to
fied intelligence and an analysis of public facts, said on February 16. behind chatbots such as ChatGPT. shocked tech industry veterans. PitchBook. That’s two-thirds more ©2024 The New York Times News Service

DISCLAIMER News reports and feature articles in Business Standard seek to present an unbiased picture of developments in the markets, the corporate world and the government. Actual developments can turn out to be different owing to circumstances beyond Business Standard’s control and knowledge. Business Standard
does not take any responsibility for investment or business decisions taken by readers on the basis of reports and articles published in the newspaper. Readers are expected to form their own judgement. Business Standard does not associate itself with or stand by the contents of any of the advertisements accepted in good
faith and published by it. Any claim related to the advertisements should be directed to the advertisers concerned. Unless explicitly stated otherwise, all rights reserved by M/s Business Standard Pvt Ltd. Any printing, publication, reproduction, transmission or re-dissemination of the contents, in any form or by any means,
is prohibited without the prior written consent of M/s Business Standard Pvt Ltd. Any such prohibited and unauthorised act by any person/legal entity shall invite civil and criminal liabilities. Journalists and editors working in Business Standard do not contribute to and are not associated with features and articles appearing
in this newspaper under sections classified as Advertorial or Brand post. Such articles are to be treated as paid-for advertisements. Some of the reports in this newspaper and its website may have gone through preliminary processing by artificial intelligence tools before a final edit check.
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

ILLUSTRATION: BINAY SINHA

Volume XXXI Number 11
NEW DELHI | TUESDAY, 30 APRIL 2024

Building capacity
Cargo terminals will boost efficiency managed through the instruments of coercive state
power, may appear easier, if shortsighted. This is

T
he Ministry of Railways, as reported by this newspaper on Monday, is likely to be the trajectory on the ground.
looking to offer 200 Gati Shakti Cargo Terminals to private firms and Arab states have become complicit in this
freight operators. The move must be welcomed because it will not approach. Israel has so far not paid any price in its
only put railways land and related assets to better use but also improve relations with important Gulf and West Asian states,
including Egypt and Jordan and the UAE and
capability in the logistics sector. According to government estimates, the 200
Bahrain. This is despite the Arab street in all these
new terminals would need investments worth ~12,000-14,000 crore. The move, states becoming more and more agitated over the
in fact, will take the policy announced in September 2022 forward. The Union inhuman suffering being perpetrated on their
Cabinet had then approved a policy on long-term leasing of railway land for Palestinian brethren by Israeli forces in Gaza and
activities such as cargo handling and building public utilities. The policy includ- the West Bank. There is growing moral outrage in
ed the plan to build 300 Gati Shakti Cargo Terminals over the next five years. many other parts of the world. In India, however,
The policy broadly enables long-term leasing of railway land for building the expressions of sympathy for the Palestinians,

India’s West Asia

cargo-related facilities for up to 35 years for 1.5 per cent of the commercial an unwavering constant since India’s independence,
has been discouraged. India hopes that it will be
value of the land per year. The allocation is made through competitive bidding
able to persist with its successful, simultaneous pur-
and the development of cargo terminals is estimated to generate 120,000
suit of mutually profitable relations with both Israel
employment opportunities. The railways plans to start the bidding for the 200 and the Arab states. It has not been forced to choose

security dynamics
cargo terminals as soon as the process for the first 100 such terminals is com- sides so far. Given India’s stakes in West Asia, its
pleted. As things stand, 77 such cargo terminals have been commissioned with current policy may appear the most optimal. It is
an investment of ~5,400 crore. Some big names operating such facilities include serving India’s energy security by maintaining
the Container Corporation of India, Adani Group, JSW Group, Indian Oil, and friendly relations with the oil kingdoms. It is pro-
Nayara Energy. moting the welfare of some six million Indians who
The policy of building 300 cargo terminals over time will yield multiple live and work in the region. And it is creating eco-
benefits for the railways and the economy as a whole. The railways will not be Despite its stakes in the region, its policy doesn’t aim nomic and commercial opportunities for an expand-
ing Indian economy. The strong partnership with
incurring additional expenditure in this area. The successful bidders for these for long-term regional stability Israel is bolstering India’s defence capabilities and
terminals will bear the cost of building the facility and take the business risk, helping it to deal with international terrorism. In

W
while the railways will have the ownership. Further, improved logistics will e are now in the seventh month of the two-state solution have simply evaporated. It is no the aftermath of the Israel-Hamas war and China’s
help generate additional cargo traffic for the railways and boost its revenue. Israel-Hamas war, and there is no end in longer possible to just dial back to the Oslo Accords open support for the Palestinians, Israel has become
According to estimates, every new cargo terminal would have the potential to sight. There is no end in sight because the of 1993 which conceived that outcome in very dif- openly hostile to China. It has initiated a dialogue
increase volumes by 1 million tonne per year, yielding an additional flow of political survival of the Israeli leader, Benjamin ferent circumstances. It was never pursued with with India on how to counter China both in the West
about ~100 crore. Netanyahu, rests on the continuation of the war and seriousness by the main stakeholders, Israel and the Asian region and beyond. A new Israeli think tank
It is often argued that the Indian Railways has plenty of surplus land, which its escalation into a regional conflict. The aerial Palestine Liberation Organization, then headed by has been set up to focus entirely on China and its
bombing of the Iranian consulate in Damascus on the legendary Yasser Arafat. The US, in its unipolar activities world-wide. This creates another oppor-
is not being used efficiently. Building cargo facilities will certainly improve the
April 1 and the killing of several senior officers of moment of unconstrained power after the end of tunity for India in the region and beyond.
efficiency of rail assets. Better cargo facilities — depending on various value- Iran’s Revolutionary Guards present on the premises the Cold War, failed to deliver when the moment India has maintained good relations with Iran
added services being provided at such facilities — should encourage internal was a calculated and cynical attempt to provoke was ripe. A strategic opportunity does not lie on the but it has remained well within the limits set by the
trade in the country, improving efficiency and boosting ease of doing business. Iranian retaliation. shelf to be picked up at will. US, for example, on oil purchases. These have dimin-
High logistics cost is often said to be one of the big constraints in doing business While further escalation has The US perspective changed after ished over time. The contrast with its insistence to
in the country. Although road infrastructure has improved significantly over been contained, thanks to US inter- the September 11 terrorist attacks in continue and expand its oil purchases from Russia,
the past few years, cargo movement by rail is more cost-efficient, provided it is vention and Iranian restraint, atten- 2001. In its wake, anti-Islamic senti- despite US sanctions, is telling.
managed well and last-mile connectivity is not a problem. With the development tion has been diverted from Israel’s ment became and remains pervasive. West Asia is India’s strategic flank. Any political
brutal and horrific decimation of There was no longer any pressure on unrest, armed conflict, or disruption of energy sup-
of 300 cargo terminals and the design of the Gati Shakti platform, which reflects
Palestinians in Gaza and the grow- Israel to deliver its part in the Oslo plies from the region, can have major adverse conse-
all infrastructure development, some of the long-standing constraints will be ing attacks on Palestinians living in Accords. The two-state solution is quences for India. This includes the festering
eased. The Indian Railways has lost much of its cargo business to the road sec- the occupied West Bank. The illegal now beyond its expiry date. It is dis- Palestinian issue. Maintaining good relations with all
tors, largely due to its own inefficiencies and partly because of significant Israeli settlements are expanding in honest on the part of the US, the Arab major stakeholders in the region is a no-brainer, and
improvements in road infrastructure. However, the development of cargo ter- an area that could become a future states and the international commu- India has pursued such relations with deftness. What
minals and substantial government capital expenditure to improve the railways’ Palestinian state. The frenetic SHYAM SARAN nity represented by the UN, includ- it has not been able to do is to exert any significant
overall capacity, in general, should help it regain the lost freight traffic, which expansion of these settlements and ing India, to peddle it once again as influence in promoting longer-term peace and sta-
will also help India contain carbon emissions. the dispossession and forced evic- a solution to the current conflict, bility in the region, which alone can safeguard its
tion of the Palestinians living on their ancestral knowing full well that the conditions that had once interests. India has the right mix of distance and prox-
lands, make any two-state solution chimerical. Its made it a bold and realistic initiative no longer exist. imity and a network of strong bilateral relationships
revival and more energetic espousal in the wake of The US no longer enjoys the agency it possessed that are assets in pursuing a coherent regional strategy.

Tone and substance the Gaza War notwithstanding, no serious analyst

would consider it a realistic possibility, even more
so after the October 7 Hamas terrorist attack on Israel
in the early 1990s. It believes, with Israel, that instead
of seeking an admittedly difficult and complex polit-
ical solution to the Palestinian issue, managing its
Without such a regional strategy, India’s West Asia
policy will remain reactive, focused on dealing with
emerging contingencies rather than in shaping the
Subtle shifts in the texture of Sino-US ties and the still unfolding humanitarian disaster in security consequences may be a more realistic path region’s security and economic architecture.
Gaza, for which Israel is directly responsible. The forward. We have seen this in longstanding conflicts

T
he charm offensive by the United States (US) as it seeks to mend relations minimal mutual trust and confidence between the in other parts of the world. Treating a conflict as a The writer is a former foreign secretary and an honorary
with China appears to be gathering momentum since President Joe Israelis and Palestinians required to enable a viable security challenge rather than a political one, to be fellow, Centre for Policy Research
Biden met his Chinese counterpart Xi Jinping at a summit in Woodside,
California, in November last year. The official readouts of that meeting
suggested that both leaders candidly outlined their differences on trade and geopol-
itics and agreed to keep talking. The upshot of this has been hectic diplomacy on
both sides, mainly to stake out their positions on a range of differences. This much
was clear in a rare visit by China’s foreign minister Wang Yi to Washington after a
Behind Crotonville’s demise
T
gap of five years in October last year and US Secretary of State Antony Blinken’s wo weeks ago, when GE announced it was first outsider to be made CEO, Larry Culp may have tionship-based cultures and invest in building lead-
visit to Beijing late last week. This was Mr Blinken’s second in less than a year and selling off Crotonville, its iconic centre for viewed the economics of running and maintaining ers for tomorrow. The fact that there is robust
follows the passage of an aid package for Taiwan and a stiff deadline by US author- leadership training and learning, it sparked an expensive 60-acre campus in upstate New York demand for GE and Unilever HR leaders across India
ities to Chinese company ByteDance to sell its stake in TikTok, the popular short off an interesting debate about the future of leader- with substantial overheads as a needless expense, and China is a signal. Besides, a large corporate uni-
video service. ship development. especially since he would not have had the emotional versity with the pomp and show of a Crotonville or
At its peak, especially during the Jack Welch era, linkages to GE’s past heritage and legacy. Four Acres may not be necessary. But GE could have
The substance of Mr Blinken’s meetings with Mr Xi and Wang Yi was to under-
Crotonville was accorded a preeminent status for However, its demise does raise several larger considered turning Crotonville into a part revenue-
line US discomfiture with Beijing’s “no limits” partnership with Moscow, on the churning out a steady stream of highly capable, global questions about how modern day global corpora- generation engine, based on the utilisation the lead-
basis of which China supplies Russia many critical and sophisticated components leaders who not only helmed GE’s multiple businesses tions may be run, how future leaders are likely to be ers were willing to commit.
(though no lethal weaponry) to feed its military-industrial complex. Several retal- but later were among the most sought-after chief exec- groomed for global careers, and even how corporate Two, accepting high leadership churn and over-
iatory moves have been made as a result of these geopolitical alignments. In August utive officer (CEO) picks for US corporations. cultures could be shaped. relying on hiring talent laterally can sometimes
last year, the US curbed investment in the Chinese semiconductor, quantum com- The top-notch faculty at Crotonville, including The biggest among them is the short-termism that become a self-fulfilling prophecy. The more you move
puting, and artificial intelligence sectors, which, the administration argued, could Noel Tichy, Ram Charan, Vijay Govindarajan, to has gripped corporate America and its obsession with away from a structured approach to designing careers,
have military applications. In turn, China slapped export restrictions on two key name just a few, along with GE’s top shareholder value creation. That the weaker the glue that binds and sustains corporate
minerals essential to semiconductor production — gallium and germanium — leaders such as Welch, Gary Reiner, virus has, in turn, percolated down cultures becomes. Many companies routinely nomi-
Bill Conaty, Jeffrey Immelt and to markets around the world, includ- nate some of their top leaders to high badge value pro-
which has caused serious problems for Silicon Valley’s semiconductor industry.
Susan Peters, together delivered ing India. Crotonville inspired Four grammes at Harvard, Wharton and Stanford. However,
Many of the issues discussed were repeats of Mr Blinken’s June 2023 visit, but highly curated and sought-after cus- Acres at Unilever UK and Singapore while it is seen as a huge perk, there is a question mark
it is concerns over Chinese trade practices that form the heart of the troubled rela- tom programmes on leadership to and Gulita at HLL, Tata’s manage- about whether they make any real difference to the
tionship. This was underlined by a message communicated by Treasury Secretary generations of early-stage leaders, ment training centre in Pune, AV organisation when the executive returns. As at
Janet Yellen on her second visit to China earlier this month when she euphemisti- mid-tier and senior managers from Birla group’s Gyanodaya, and many Crotonville, the concept of “in TAC teams” working
cally highlighted China’s “overcapacity” in key industries. Taken together with a all over the world. others, including SBI, Infosys, L&T, on specific challenges, developing a shared under-
cordial phone call between Mr Xi and Mr Biden in the days preceding Ms Yellen’s For any high-performing GE and Bharat Petroleum, to establish standing of how to solve them, is a powerful way to
visit, such energetic diplomacy has indubitably established a positive tonality in manager, it was a privilege to not their own versions of corporate uni- drive relevance, context and meaning. More often than
superpower relations.
just be invited to attend a leadership
programme at Crotonville, but also
STRATEGIC INTENT versities. The fact is that a growing
number of CEOs view leadership
not, these action learning projects, conducted in-house,
help deliver business results that not only cover their
As yet, both countries appear to be sticking to their red lines; but, given the an opportunity to engage with top INDRAJIT GUPTA development as an expense that costs but also yield significant returns.
complexity of superpower diplomacy, the positives are being seen in the willingness business and thought leaders, both needs to be curbed and are unwilling Most firms struggle to find the right balance
to communicate rather than in concrete policy moves. Certainly, Mr Xi, seeking to formally in the classroom and informally over din- to underwrite what is clearly a high gestation project. between experiential or applied learning and con-
stoke faltering economic growth, has gone out of his way to woo US industry, ner. It allowed them to switch off from the day-to- At one level, there is a reason to pause. Corporate ceptual learning. Above all, it is about top leaders
which, however, may now find investing in the country too risky. This follows day running of the business to reflect on the future, executive tenures are shortening, corporate longevi- demonstrating commitment to the process of lead-
raids last year on the officers of three US market research firms and consultancies. and present to senior leaders, often leading to hand- ty itself is dropping alarmingly, and there has been ership development. At Gulita, that commitment
In March this year, Mr Xi met US business leaders in Beijing to underline the picked future roles. Most of all, Crotonville repre- a huge expansion in the leadership development was visible from successive generations of chairmen,
importance of mutual trade ties and counter the narrative of a Chinese economy sented a huge commitment from GE’s top leadership “industry”, with universities, business schools and say HUL managers, who went through the paces in
that systematic leadership development, talent man- management consulting firms stepping up to the the eighties and nineties. By the next decade, how-
struggling to recover from the Covid shock. Mr Xi reminded Mr Blinken that 2024
agement and career development made unques- plate. With the growth of emerging markets, the ever, that commitment had begun to wane.
was the 45th anniversary of the establishment of diplomatic relations between tioned business sense. After all, the principle was need for a large physical space in the US or Europe In the future, when major corporations think
the US and China and warned against “vicious competition”. It is probable that that leaders helped build culture and culture was in has become somewhat harder to justify. about investing in culture and values, it remains to
both countries are waiting for the verdict at the hustings in November to decide turn shaped by leaders willing to pay it forward. Yet there are two different points of view that be seen how much emphasis they will place on lead-
the next course of action. If Mr Biden returns to power, Beijing may resume the To be sure, in November 2021, ever since GE merit evaluation. One, while the US corporate world ership development in general and on building their
momentum. Should Donald Trump return to the White House, tensions could decided to carve up its three global businesses — has been swept up by this wave of transaction-driven own in-house leadership academies.
increase again. aviation, healthcare and energy — the writing on culture, there are those that believe that Asian com-
the wall was already apparent for Crotonville. As its panies would do well to instead preserve their rela- The writer is co-founder at Founding Fuel

Net gains from the art of reinvention can be done, defying all doubt and
emerging triumphant. Now at the cusp
of motherhood, she again chooses to
make difficult decisions instead of
You ride it out. You reinvent yourself.
You move to Version 2.0. And then
to 3.0 and beyond.”
With her lucid writing and relatable
ties and challenges that are yet to come. and protest the (presumable and often moving on to the next thing. avoiding them. The secret of “Masoom takeaways, Ms Minawala has
She reflects on the turns she has taken unintended) arrogance of the rich When an internship boosted her Magic” appears to lie in remaining successfully translated her life’s hard
to reach where she is and despite hav- and influential. confidence in analysing fashion trends, undaunted in the face of uncertainty, work into an accessible guide. As we
ing come so far from where she started Although Ms Minawala checks all she learnt how to code and started her rejections and criticism; being turn into a truly global generation,
— from being a 17-year-old who was these boxes, her book is more about the own blog at a time when the power of relentless; and focusing one’s energy on memoirs/ lifestyle books like hers will
passionate about fashion trends and person than the profession. It is a story the internet and its finding solutions help netizens navigate the alternative,
SHE’LL NEVER MAKE
BOOK REVIEW blogging to an international icon in the
fashion industry to a successful busi-
of success, a journey lived between
successes and failures, and of dealing
users were limited.
When shifting to
IT: My Journey instead of feeling
stuck and burdened
untraditional careers and businesses on
the internet, and inspire them to build a
from Doubt to
NANDINI BHATIA nesswoman — she believes in the beau- with both in and beyond her Belgium after her Dominance by the problems. brand for themselves. The book is also a
ty (and power) of the climb instead of professional capacity. A humble marriage affected her Author: Masoom She’ll Never Make lesson in dealing with the growing
Minawala with

T
he age of the internet has thrown the view at the peak. introspection of the mistakes made and ability to reach the It is Ms Minawala’s sourness of commenters and trollers
up a host of new professions — But before we get ahead of ourselves, an (almost incessant) acknowledgement Indian diaspora, she Aditi Shah story of constantly online facilitated by the anonymity that
Bhimjyani
bloggers, content creators, it is important to clarify that this is not a of the privilege she comes from. This found alternatives to Publisher: realigning her goals the internet provides. Her insights are
entrepreneurs and influencers. And no typical biography or a self-help guide. It repetition seems to be a measure of staying relevant and Juggernaut Books in life and the means validated by her decade-long
one personifies these new opportuni- is not about the changing nature of the caution in the age of cancel culture. travelled back and forth Price: ~399 of achieving those experience in the industry. She has in
ties better than Masoom Minawala. She Cannes Film Festival where more and Ms Minawala comes from a to London for shoots. goals. She writes: the past used her reach to support
is all four — a blogger, a content creator, more influencers enter the field and traditional Gujarati business family, When she found herself “The secret to Indian designers, small businesses and
an entrepreneur and an influencer; or from where Ms Minawala herself started brought up among enterprising minds at the bottom of the social-networking success is the ability to ride out a stormy women in business. She continues to
perhaps even more, if we count her building her brand name on an and with the business value of chain, she wrote tirelessly to designers wave — whether it is because of an error use it sensibly and this book is one
styling quotient and adaptability in international stage; neither is it about ambition. Her go-getter attitude from a and brands, built connections and you made or a bad surprise that was example. Overall, a teachable moment
general. In her book She’ll Never Make the looming financial crisis or the body- young age has enabled her to move showed up at events as much as she thrown at you. There are always failures, delivered well.
It, she looks back at the highs and lows image issues that the influencer upward and onward in life. She could. When the viability of an online mistakes, setbacks, misses, changes and
of her 12-year-old career and, at the economy enables; nor does it raise the believes in turning the lemons life career was questioned by friends and bad days. But you obviously don’t stop. The reviewer is an independent feature writer
same time, looks forward to opportuni- need to act on Robin Hood-like values gives her into pickle; in getting up and family, she proved over and over that it You adapt, learn and course-correct. @read.dream.repeat
10
>
NEW DELHI | TUESDAY, 30 APRIL 2024 1

Extracts of Statement of Consolidated Financial Results

for the quarter and year ended 31 March, 2024
(` in crore)
Pariculars Quarter Quarter Quarter Year Year
ended ended ended ended ended
31 31 31 31 31
March, December, March, March, March,
2024 2023 2023 2024 2023
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1. Revenue from continuing operations 3,475 3,730 4,407 15,421 16,789
Proit from continuing operations before exceptional items, share of
2.
proit/(loss) of joint ventures and associate and tax 156 202 673 1,623 2,742
Proit from continuing operations ater exceptional items, before share
3.
of proit/(loss) of joint ventures and associate and tax (807) 202 673 762 2,742
4. Proit/(loss) from continuing operations before tax (796) 262 686 830 2,740
5. Proit/(loss) from continuing operations ater tax (818) 194 694 449 2,452
6. Proit/(loss) from discontinued operations ater tax (23) - (2) (14) (18)
7. Proit/(loss) for the period (5 + 6) (841) 194 692 435 2,434
8. Total comprehensive income for the period (144) 1,027 409 3,249 1,903
9. Paid-up equity share capital (Face value: ` 10 per share) 255 255 255 255 255
10. Other equity and Non-controlling interests 22,859 20,387
11. Earnings per share
- Basic and Diluted (for continuing operations) in ` (32.46)* 6.20* 27.91* 11.07 91.66
- Basic and Diluted (for discontinued operations) in ` (0.90)* - (0.08)* (0.55) (0.71)
- Basic and Diluted (for continuing and discontinued operations) in ` (33.36)* 6.20* 27.83* 10.52 90.95
* Not annualised

Extracts of Statement of Standalone Audited Financial Results

for the quarter and year ended 31 March, 2024
(` in crore)
Pariculars Quarter Quarter Quarter Year Year
ended ended ended ended ended
31 31 31 31 31
March, December, March, March, March,
2024 2023 2023 2024 2023
1. Revenue from operations 1,090 1,093 1,302 4,384 4,930
2. Proit before exceptional items and tax 197 140 249 914 1,265
3. Proit before tax 197 140 249 1,016 1,265
4. Proit ater tax 217 115 213 896 1,027
5. Total comprehensive income for the period 724 884 (21) 3,179 968 Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati
6. Paid-up equity share capital (Face value: ` 10 per share) 255 255 255 255 255 Bapat Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811

7. Other equity 18,470 15,737

8. Earnings per share Notice
- Basic and Diluted in ` 8.51* 4.51* 8.35* 35.17 40.31
* Not annualised Notice is hereby given to the investors that in accordance with Regulation 59 of SEBI (Mutual Funds)
Notes : Regulations 1996, the unaudited Half Yearly Financial Results of the schemes of Aditya Birla Sun Life Mutual
1. The above is an extract of the detailed format of the Audited Consolidated and Standalone inancial results for the quarter and year Fund (‘the Fund’) for the half year ended March 31, 2024 has been hosted on the website of the Fund viz.
ended 31 March, 2024 iled with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) https://mutualfund.adityabirlacapital.com/
Regulations, 2015. The full format of the Audited Consolidated and Standalone inancial results for the quarter and year ended
31 March, 2024 is available on the Stock Exchange websites (www.nseindia.com and www.bseindia.com) and on the Company’s website Unitholders are requested to update their latest e-mail id and mobile number to help us serve better.
(www.tatachemicals.com).
2. The above results were reviewed by the Audit Commitee and approved by the Board of Directors at their meeting held on 29 April, 2024.
For and on behalf of the Board of
TATA CHEMICALS LIMITED For Aditya Birla Sun Life AMC Limited
Place : Mumbai R. Mukundan (Investment Manager for Aditya Birla Sun Life Mutual Fund)
Date : 29 April, 2024 Managing Director and CEO Sd/- Date : April 29, 2024
Authorised Signatory Place : Mumbai

Regd. Oice : Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001. Mutual Fund investments are subject to market risks, read all scheme
Tel: +91 22 66658282 Website: www.tatachemicals.com related documents carefully.
CIN:- L24239MH1939PLC002893 Email: [email protected]
.
NEW DELHI | TUESDAY, 30 APRIL 2024 11 <

AMENDMENT to LOT-I of SALE NOTICE dated 16.04.2024

M/s. GVK INDUSTRIES LIMITED (GVKIL) (In Liquidation) SATIN CREDITCARE NETWORK LIMITED
Reg. Office: Plot-10, Paigah Colony, Phase-I, Sardar Patel Road, Secunderabad, Hyderabad, Telangana-500003. CIN:L65991DL1990PLC041796
Regd. Office: 5th Floor, Kundan Bhawan, Azadpur Commercial Complex, Azadpur, Delhi-110033
LOT-I Particulars Timelines Extended
Corporate Office: Plot No. 492, Udyog Vihar, Phase-III, Gurugram, Haryana-122016, India
Plant & Machinery and Power Plant Buildings: All the Last date for From To Phone: 0124-4715400, Website: www.satincreditcare.com, E-mail: [email protected]
plant & machinery comprising mainly of i) 148.85 MW submission
Alstom (GT13E2 DUAL FUEL) Gas turbine; ii) 80MW of EOI & EMD 30.04.2024 10.05.2024 Extract of Audited Consolidated Financial Results for the
Alstom (NE33AA triple pressure) steam turbine and 25.05.2024
iii) other equipment, electrical, fittings, inventory, stores, fur- Date & Time Quarter and Year ended March 31, 2024
(10.00 A.M to 4.00
niture & fixtures and Buildings of Phase-II Gas based power of 15.05.2024 P.M) With unlimited (` in Lakhs except EPS)
plant having capacity of 220 MW situated at Jegurupadu, extension of 5 min-
Rajahmundry, East Godavari Dt., Andhra Pradesh. e-Auction utes up to 7 P.M. Quarter Quarter Year Year
All other terms & conditions of Sale Notice dated 16.04.2024 remain the same. ended ended ended ended
S. March 31, March 31, March 31, March 31,
Sd/- CA. SAI RAMESH KANUPARTHI, Liquidator Particulars
IBBI Reg No.: IBBI/IPA-001/IP-P00910/2017-2018/11510) No.
2024 2023 2024 2023
(Authorisation for Assignment valid up to 07.12.2024)
Date: 30.04.2024 Address for Correspondence: Plot 6-B, Road No. 2, Banjara Hills, Audited Audited Audited Audited
Place: Hyderabad Hyderabad-500034. Cell: 9849039674 1 Total Income from operations 64,688.48 42,924.74 2,24,052.78 1,55,089.26
2 Net (Loss) / Profit for the period (before Tax, 17,107.76 13,149.64 58,288.79 524.07
Exceptional and/or Extraordinary items#)
3 Net (Loss) / Profit for the period before tax 17,107.76 13,149.64 58,288.79 524.07
(after Exceptional and/or Extraordinary items#)
4 Net (Loss) / Profit for the period after tax (after 12,821.94 9,860.37 43,593.80 481.31
Exceptional and/or Extraordinary items#)
NOTICE 5 Total Comprehensive Income for the period
[Comprising (Loss) / Profit for the period
13,532.42 9,862.96 44,200.83 (1,585.36)

Half- Yearly Unaudited Financial results of the schemes of Sundaram Mutual Fund (after tax) and Other Comprehensive Income
(after tax)]
Notice is hereby given that, in accordance with Regulation 59 of SEBI (Mutual Funds) Regulations,1996,
6 Paid up Equity Share Capital 11,004.32 8,479.63 11,004.32 8,479.63
the unaudited financial results of the schemes of Sundaram Mutual Fund for the half year ended
7 Reserves (excluding Revaluation Reserve) 2,29,080.51 1,54,332.81
March 31, 2024 have been hosted on the website of the fund www.sundarammutual.com.
as shown in the Audited Balance Sheet of the
Investors may accordingly view or download the results from the website of the AMC. previous year
For Sundaram Asset Management Company Limited 8 Securities Premium Account 1,47,213.33 1,13,726.31 1,47,213.33 1,13,726.31
Place: Chennai R Ajith Kumar 9 Net Worth 2,40,000.06 1,55,390.84 2,40,000.06 1,55,390.84
Date: April 30, 2024 Secretary & Compliance Officer 10 Outstanding Redeemable Preference Shares Nil Nil Nil Nil

For more information please contact: Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road, 11 Debt Equity Ratio 3.33 3.66 3.33 3.66

Size: 12x7cms
Royapettah, Chennai-14. 12 Paid up Debt Capital/Outstanding Debt 7,91,494.06 5,91,124.74 7,91,494.06 5,91,124.74
Sundaram Asset Management Company Ltd
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
(Investment Manager to Sundaram Mutual Fund) 13 Earnings Per Share (`10/- each)
Fax: +91 44 2841 8108. www.sundarammutual.com (for continuing and discontinued operations) -
CIN: U93090TN1996PLC034615 Regd. Office: No. 21, Patullos Road, Chennai 600 002. 1. Basic: 11.66 11.80 44.34 0.62
Mutual Fund investments are subject to market risks, 2. Diluted: 11.66 11.31 43.27 0.59
read all scheme related documents carefully. 14 Capital Redemption Reserve 2,777.00 2,777.00 2,777.00 2,777.00
15 Debenture Redemption Reserve Not Applicable Not Applicable Not Applicable Not Applicable
16 Debt Service Coverage Ratio Not Applicable Not Applicable Not Applicable Not Applicable
17 Interest Service Coverage Ratio Not Applicable Not Applicable Not Applicable Not Applicable
#
Exceptional and/or Extraordinary items adjusted in the Statement of Profit & Loss in accordance with
Ind-AS Rules/AS Rules, whichever is applicable. (` in Lakhs)
Brief of Audited Standalone Financial Results for the Quarter and Year ended March 31, 2024
Quarter ended Quarter ended Year ended Year ended
S. March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Particulars
No.
Audited Audited Audited Audited
1 Total Income 59,391.71 38,898.59 2,05,064.82 1,75,341.41
2 Profit / (Loss) Before Tax 16,736.49 12,590.97 56,584.95 34,100.04
3 Profit / (Loss) After Tax 12,528.05 9,439.88 42,284.41 26,432.92
Notes:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors
of Satin Creditcare Network Limited (‘the Company’) in their meeting held on April 29, 2024.
2. The above is an extract of the detailed format of Results filed with the Stock Exchange(s) under
Regulations 33, 52 & 63 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (‘the Listing Regulations’), as amended from time to time. The full format of the Results are
available on the website of the Company (i.e. www.satincreditcare.com) and on the websites of the
Stock Exchange(s) (i.e. NSE at www.nseindia.com and BSE at www.bseindia.com).
3. For the other line items referred in Regulation 52(4) of the Listing Regulations, pertinent disclosures
have been made to the Stock Exchange(s) and can be accessed through the website link given in point
no. 2 above.
4. These Consolidated Results have been prepared in accordance with Indian Accounting Standards (IND-
AS) notified by the Ministry of Corporate Affairs.
For Satin Creditcare Network Limited
Sd/-
(Harvinder Pal Singh)
Place: Gurugram Chairman cum Managing Director
Date: 29.04.2024 DIN: 00333754

Towards sustaining

L&T Finance Harvests Environmental Impact

and Community Empowerment

Empowering over Linked

40L community
members,
`1 invested has
generated
2L+ members
1750+ 80% women
a social
value of `123 *

`60Cr+
to
social entitlement
schemes
Digital Sakhis
Water
Leading social responsibility
ISO 26000:2010 1/3rd
of company operations
replenished,
~183
Boosting
Green Cover
certification powered by Green Energy Lakh kl
through rainwater harvesting
with income generation at grassroot level

S&P Global- Performed in top decile in

CDP- A- 'FBN Diversified Financial Services and
Top-Notch MSCI- A Capital Markets Industry' in
Leadership
ESG Ratings S&P Corporate Sustainability Assessment
Category
(Score as on January, 2024).

*CRISIL- Approved SROI for our Digital Sakhi program. Project period of 4 years. For ESG Ratings, please access, https://www.ltfs.com/csr
12
>
NEW DELHI | TUESDAY, 30 APRIL 2024 1

fot;k nsuk
VIJAYA DENA

Branch: Branch: C3, Sector 12, Pratap Vihar, Ghaziabad

Uttar Pradesh-201009, Email: [email protected]
APPENDIX- IV-A [See proviso to rule 8(6) & Rule 9(1)]
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 read with proviso to Rule 8(6) & Rule 9(1) of the Security Interest (Enforcement) Rules, 2002.
Borrower/Mortgagor: Mr. Hari Kishore Yadav Co- Borrower/Mortgagor: Mrs Khusboo Kumari
Flat No 91-B, Second Floor, Block-H, EWS, Sector-11, Pratap Vihar, Ghaziabad 201009 Flat No 91-B, Second Floor, Block-H, EWS, Sector-11, Pratap Vihar, Ghaziabad 201009
Term Loan A/c no. : 50435424377
Notice is hereby given to the public in general and in particular to the Borrower, and Mortgagor (s) that the below described immovable property mortgaged/charged to the
Secured Creditor, the Physical possession of which has been taken by the Authorised Officer of Indian Bank, Pratap Vihar Branch, Secured Creditor, will be sold on
“As is what is”, and “Whatever there is” on 15.05.2024, for recovery of Rs.15,98,334/- (Rupees Fifteen Lakh Ninety Eight Thousand Three Hundred Thirty Four Only)
as on 21.04.2024) Plus Interest/cost thereon due to the Indian Bank, Pratap Vihar branch, Secured Creditor, from borrower/mortgagor as mentioned above.
The specific details of the property intended to be brought to sale through e-auction mode are enumerated below:
Detailed description of the Property All that part and parcel of the house constructed (without roof rights) House No. H-91 B Second Floor Block H EWS, Sector-11,
Pratap Vihar, Ghaziabad 201009 admeasuring area 17.77.Sq mtrs.
Bounded by : North: House No 92-B & Road, South : Open Land Ground Floor, East: Open Land Ground Floor, West: House No H-90 B
Encumbrances on property, if any NIL
Reserve Price Rs. 10,00,000/- (Rupees Ten Lakh Only)
EMD Amount Rs. 1,00,000/- (Rupees One Lakh Only)
Bid incremental amount Rs. 25,000/- (Rupees Twenty Five Thousand Only)
Date and time of e-auction 15.05.2024 (from 11:00 AM to 05:00 PM)
Bidders are advised to visit the website (www.mstcecommerce.com) of our e auction service provider MSTC Ltd to participate in online bid. For Technical Assistance Please call
MSTC HELPDESK No. 033-22901004 and other help line numbers available in service providers help desk. For Registration status with MSTC Ltd, please contact
[email protected] and for EMD status please contact [email protected].
For property details and photograph of the property and auction terms and conditions please visit: https://ibapi.in and for clarifications related to this portal, please contact help line
number ‘18001025026’ and ‘011-41106131’.
Date: 23.04.2024, Place: Noida AUTHORISED OFFICER, INDIAN BANK

Vesuvius India Limited

Regd Office : P-104 Taratala Road, Kolkata - 700088
CIN No.: L26933WB1991PLC052968
Phone: (033) 6109 0600 Fax: (033) 2401 3976
Email: [email protected] Website: www.vesuviusindia.in

Extract of Statement of Standalone Unaudited Financial Results for the First Quarter ended on March 31, 2024
(₹ in lakhs except EPS data)
Sl. Quarter ended Quarter ended Quarter ended Financial year ended
No.
Particulars
March 31, 2024 December 31, 2023 March 31, 2023 December 31, 2023
(Unaudited) (Unaudited) (Unaudited) (Audited)
1) Total Income from operations 45,335 41,679 36,791 1,60,313
2) Net Profit for the period/year (before tax and exceptional items) 9,222 7,646 5,810 28,540
3) Net Profit for the period/year (before tax) (after exceptional items) 9,222 7,646 5,810 28,540
4) Net Profit for the period/year after tax (after exceptional items) 6,878 5,707 4,335 21,294
5) Total Comprehensive Income for the period / year
[comprising Profit for the period / year (after tax) and Other
Comprehensive Income (after tax)] 6,867 5,729 4,358 21,249
6) Equity Share Capital (Face value of ` 10/each) 2,030 2,030 2,030 2,030
7) Reserves (excluding Revaluation Reserve) as shown in the
Audited Balance Sheet of the previous year 1,17,324
8) Earnings per share (of ` 10/each)
[*not annualised for quarterly figures]:
a) Basic (`) 33.89* 28.12* 21.35* 104.92
b) Diluted (`) 33.89* 28.12* 21.35* 104.92
Notes:
1) The Company is engaged in the business of manufacturing, trading and sale of a range of refractories and is having its manufacturing facilities located in
India. The performance of the Company is assessed and reviewed by the Chief Operating Decision Maker ('CODM') as a single operating segment and
accordingly manufacture and sale of refractories is the only operating segment.
2) Figures for the quarter ended December 31, 2023 are the balancing figures between audited figures in respect of the full financial year ended December
31, 2023, and the published year to date figures up to third quarter ended September 30, 2023.
3) These unaudited financial results have been subjected to limited review by the Statutory Auditors of the Company who have expressed an
unqualified/unmodified conclusion on these results.
4) These unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on
April 29, 2024.
On behalf of the Board of Directors of
Vesuvius India Limited
Nitin Jain
Place : Kolkata Managing Director
Date : April 29, 2024 DIN: 07934566
.
NEW DELHI | TUESDAY, 30 APRIL 2024 TAKE TWO 13
<

MORE AWE
Abbott India Limited
CIN No.: L24239MH1944PLC007330
3, Corporate Park, Sion-Trombay Road, Mumbai - 400071, India
Phone No.: +91-22-50461000/2000 E-Mail.: [email protected],
Website: www.abbott.co.in

Public Notice

THAN SHOCK
(Under Paragraph 21 (2) of the Drugs Price Control Order, 2013)
Attention of the public is drawn to the fact that Abbott India Limited
with registered oice at the aforesaid address will be discontinuing
the scheduled formulation namely Clome 100mg 10s pack (Each
uncoated tablet contains: Clomiphene Citrate I.P.100mg, Excipients
q.s.) and Clome 50mg 10s pack (Each uncoated tablet contains:
Clomiphene Citrate I.P.50mg, Excipients q.s.) (hereinafter referred
to as medicines).
In spite of the wars in Europe and West Asia, fears of an oil shock have not yet After a period of one year from the date of this notice, the Company
materialised. Things can change in a hurry, though will discontinue and stop marketing the medicine. Therefore,
patients using this medicine may consult their doctor to prescribe
an alternate medicine. All doctors/medical professionals may also
make note of this.
Sangeeta Shetty
S DINAKAR senior vice president and co-
Date: 29th April 2024
FLOATING SAFE
Company Secretary
New Delhi, 29 April group head, corporate ratings, Place: Mumbai Membership No.: A18865
at Mumbai-based ratings
Indian crude oil basket

T
he oil industry experi- Indian crude basket agency ICRA.
enced three upheavals movements in $/barrel ICRA, a US Moody’s affili-
Covid onset
between 1973 and 1991, n2022 n2023 n2024 March 2020 33.36 ate, expects the average crude
which seem to be etched in 84.67 price for 2024-25 to be
the memory of the industry’s Jan 80.92 79.22 Pre-war 84.67 between $80 and $90 a barrel.
decision makers. Naturally, at scenario Bhanu Patni, Associate
94.06#
the sign of a new crisis, the Feb 82.28 Director, India Ratings &
81.62
#
Russia invades 94.06
decision makers like to dip Ukraine in Feb ‘22 Research, expects oil to stay
into those tumultuous dec- 112.87 over $80 a barrel.
Mar 78.54 84.49
ades to find ways to deal with *Israel invades 90.08
the new shock, in addition, of 102.97 Gaza in Oct ‘23 Risks baked in
course, to expert reports and Apr 83.76 89.57*** US investment banks are
forecasts. 109.51 ** Iran linked somewhat sanguine about oil
So, the industry bigwigs May 74.98 Houthi rebels fire prices, but some forecasts for
NA missiles in Red 83.45
turned the pages of history to 116.01 2024 are still below this April
get a peek into the future of Jun 74.93 Sea in Nov ‘23 peak.
NA
oil price movements after 105.49 ***Iran fires Oil prices have about $5 to
Russia invaded Ukraine in Jul 80.37 missiles at Israel $10 a barrel of geopolitical risk
NA 89.57
2022, Israel attacked Gaza in 97.40 in April 2024 currently baked in and with-
2023, Iran-linked Houthi Aug 86.43 out fresh developments or
rebels pounded tankers cross- NA Source: Oil escalation in tensions, the
90.71 ministry data
ing the Red Sea in support of Sep 93.54 path of least resistance for
Palestine the same year, and NA prices will likely be lower,
91.70
Iran rained missiles on Israel Oct# 90.08* Goldman Sachs’ head of oil
in 2024. NA research, Daan Struyven, told
Except that the world has
87.55 Bloomberg TV.
Nov** 83.45**
changed so much this cen- NA JPMorgan said last month
tury, with heightened envi- 78.10 that Russian output cuts of
Dec 77.42
ronmental consciousness, NA close to 500,000 barrels a day
renewable energy, and electric could push Brent oil prices to
vehicles, that the old pages mid-$90 by May and close to
may have limited relevance. $100 by September. Morgan
That is evident, at least so Stanley lifted its forecasts this
far, in the fact that oil prices month for Brent crude in the
have not spiked as much April-June quarter to $92 a
as feared. In fact, the barrel from $87.50, third
peak the Indian quarter to $94 from $90,
crude oil basket fourth quarter to $87.50, and
touched since first quarter and second
Russia invaded quarters of 2024-25 at $82.50
Ukraine in a barrel, citing higher geopo-
February 2022 was in June litical risks impacting the mar-
that year: $116.01 a barrel. It Russian discounts in $ per barrel ket.
has not crossed $100 a barrel 2022-23 $/bbl 2023-24 $/bbl
after July 2022 and has stayed Indian scenario
Q1 Apr-Jun -9.0 Q1 Apr-Jun -10.8
below $90 a barrel this year. The Indian crude oil basket
Crude oil has not vaulted Q2 -11.4 Q2 -5.4 witnessed a 23 per cent
above $100 because the mar- Q3 -6.6 Q3 -3.5 increase in prices from $94
ket expects regional powers to Q4 -15.1 Q4 -3.5 barrel in February 2022, when
show enough restraint to pre- Discounts calculated of dated Brent on delivered basis to India
Russia invaded Ukraine, to a
vent a sharp escalation of the Source: Industry sources peak of $116 in June after
Israel-Iran conflicts that western sanctions cut in.
might jeopardize oil supply is for Brent to stay below $100 ently in the current era of Prices slumped by 35 per cent
from West Asia, says Vandana a barrel, according to an April information and climate in a year to $74.93 a barrel in
Hari, a Singapore-based 7 note. The level could be change. June 2023, and averaged
energy expert. She adds that breached if geopolitical The needle on oil, relative $89.57 a barrel this month,
there is a protective risk pre- impediments impact Opec’s to the surges witnessed during according to the oil ministry.
mium in crude oil of around ability to deploy spare capac- the past three oil crises, has These prices do not account
$12-15 a barrel, most of which ity because of damages to oil budged much less. There have for rates of the discounted
will evaporate if Israel and infrastructure. been periods of volatility, but Russian oil.
Hamas strike a truce. Opec, or the Organisation expectations of $150-$200 a “India still has a decent
The movements of the of the Petroleum Exporting barrel have not materialised, share of supply of Russian
Indian crude oil basket during Countries, controls petroleum despite Opec and Russia crude, which comprises 30 per
the ongoing crises, and fore- production, supplies, and slashing their outputs, reduc- cent of India’s total imports by
casts for oil prices are muted prices in the global market. ing supplies to the world mar- end FY24, and it should help
if you look at how oil moved kets. to keep India’s import bills for
during three major crises Years of shock Oil prices rose by three to crude oil under check,’’ says
since 1971. All those crises The First Oil Crisis started in five times in the past when Hardik Shah, Director,
stemmed from West Asia and October 1973, when war broke the Gulf nations were at war. CareEdge Ratings.
involved Israel and Iran, the out in West Asia. It prompted But European benchmark Another key reason for
two countries at the centre of the Arab nations in Opec to Brent has declined by around price stability despite Opec’s
the current crisis. implement production cuts $3 a barrel after crossing $91 output cuts and the ongoing
The reasons are diverse. and embargoes to resist a barrel in early April. Of conflict is the record US out-
There is copious output by the Western backing for Israel. course, analysts expect the put. US crude oil exports in
United States, thanks to pro- The measures pushed crude prices to increase if hostilities the first half of 2023 averaged
duction from shale rock. oil prices from $2.7 a barrel to escalated between Iran and 3.99 million barrels per day, a
Chinese demand is subdued $13. Israel, or if Opec and Russia record high for the first half of
because of its slow economy The Second Oil Crisis start- extended their production a year since 2015, according to
and rise of electric vehicles in ed with the coup in Iran in cuts, which are meant to end US government data — that is
the country. And discounted 1978, then the world’s fourth- after June. But nowhere is the equivalent to 85 per cent of
oil from sanctions-ridden largest crude supplier, and increase comparable to the India’s current crude imports.
Russia promises to temper the carried on with the outbreak past crises. Moreover, the US elections are the key to
price increase for Indian of the Iran-Iraq war in 1980, Biden administration wants where oil prices head, says R
refiners. causing oil prices to rise three- to keep a lid on oil prices in a Ramachandran, former refin-
Chinese oil demand fold to $40.3 a barrel in two US election year. ery director with Bharat
growth is set to decelerate as years. “An expanding conflict in Petroleum. A Trump pres-
the year progresses — from 6.5 The 1990 Gulf War trig- West Asia is a cause for con- idency means the US will keep
per cent year on year in the gered the Third Oil Crisis, after cern for crude oil and natural producing oil.
January-March quarter to just Iraq invaded prices because Prices will remain range-
1.3 per cent in the fourth Kuwait. Prices rose The peak the about 20 million bound if the current scenario
quarter, US market intelli- by 70 per cent to Indian crude oil barrels per day of persists, but if fighting esca-
gence agency Energy $26.1 a barrel in basket touched crude oil and con- lates and Iraq is drawn into the
Intelligence says. Demand for 1991. since Russia densate equiv- conflict with Iran and Israel,
China’s main product, diesel, However, invaded Ukraine alent to about a Opec’s spare capacity may just
may have already peaked this experts are cau- in February 2022 fifth of the global be adequate to make up for the
year, and gasoline demand tioning against was in June that consumption pass loss of capacity from the hos-
could follow suit and peak in relying too much year: $116.01 a through the Strait tilities.
2025, says the agency, citing into those shocks, barrel. It has of Hormuz, of The flare up will also affect
China’s largest refiner Sinopec which occurred not crossed $100 which about 70 transport and insurance costs,
and China National during the pre- a barrel after per cent comes to as tankers are rerouted and war
Petroleum. internet age. Oil July 2022 Asia,’’ says premiums get added, says
Goldman Sachs’ base case behaves differ- Prashant Vasisht, Ramachandran.

A scene of explosion after an Israeli strike on Gaza last October. PHOTO: REUTERS
14
>
NEW DELHI | TUESDAY, 30 APRIL 2024 1
 QUICK TAKE: BETTER VOLUME GROWTH AHEAD FOR SUPREME INDUSTRIES “Higher rates for longer do pose

The Smart headwinds to capital flow into Asia.

Investor
(Share price in ~) The stock of Supreme Industries is up 19 per cent In this environment, some
over the past month. Elara Securities has raised domestic-focus sectors
their FY25 and FY26 earnings estimates by 5-6 per could be safe havens”
NEW DELHI | cent to factor in higher revenue growth and better GARY TAN,
TUESDAY, 30 APRIL 2024 margins. It has upgraded the stock to ‘accumulate’ Portfolio Manager—Emerging
from ‘reduce’ rating, led by robust volume growth Market Equities, Allspring
outlook Global Investments
<

Silver ETF AUM Fee outgo: BSE mcap Sebi probing

plunges by ~6,000 cr Linde India for
tops ~5,000 cr Analysts see price hike in options segment to offset costs
KHUSHBOO TIWARI hike was an optionality to
RPT violation
KHUSHBOO TIWARI
Last month, Gold ETF AUM had topped ~30,000 crore Mumbai, 29 April earnings but has now become
a necessity,” remarked HDFC
Mumbai, 29 April Measures for ease
ABHISHEK KUMAR Shares of BSE logged their Securities. The Securities and Exchange of doing biz on
Mumbai, 29 April
BEYOND THE GLITTER biggest-ever intraday decline
on Monday following a direc-
Nevertheless, the broker-
age has maintained a ‘buy’
Board of India (Sebi) on
Monday directed Linde India
Sebi board’s table
Silver and gold ETFs are attracting investments

T
wo years after the tive from the markets regu- recommendation on the stock to comply with the norms of The Securities and Exchange
launch of the first amid a rally in the precious metals lator, requiring the exchange with a target price of ~3,100. materiality thresholds for Board of India (Sebi) will
hold its board meeting on
mutual fund (MF) offer-
ing, silver exchange-traded
to pay a regulatory fee on the
annual turnover, calculated
UNDER PRESSURE “The regulatory fee impact
for BSE is amplified because
future related party transac-
tions (RPTs) based on the Tuesday to consider
funds (ETFs) are gaining on the notional value of the BSE (Share price in ~) 4,000 it collects a one-third pre- aggregate value of transac- approving several measures
greater traction. The assets options contract.
2,771.25 mium for the same notional tions, amid an ongoing inves- related to ease of doing
under management (AUM) of After sliding by as much as volume and pricing is 25 per tigation by the regulator. business, said sources.
the eight ETFs offered by var- 19 per cent, BSE shares closed 3,000 cent lower versus NSE,” The market regulator’s Sebi may exclude equity-
ious fund houses crossed the over 13 per cent lower at added HDFC Securities. probe follows complaints by oriented passive funds from
~5,000 crore mark in April ~2,771.25 apiece, wiping out 2,000 For 2023–24, the exchange shareholders that the com- the 25 per cent investment
amid a rally in silver prices. over ~6,000 crore in market 522.90 will be required to pay ~96.3 pany did not seek their limit in group companies
Last month, the AUM of (~ crore) Silver Gold capitalisation. crore as the differential Sebi approval before executing and allow fund houses to
Month Net inflow AUM Net inflow AUM
1,000
gold ETFs offered by domestic The exchange said that it is regulatory fee. The exchange material RPTs. Sebi said that have a single fund manager
MFs topped ~31,000 crore for Apr ‘23 -66 1,786 125 22,950 currently assessing the validity had already paid ~1.66 crore the company did not make for commodity and
the first time. Inflows into of the claims in accordance 0 as a regulatory fee based on any valuation available to the overseas investments.
May ‘23 140 1,852 103 23,128 Apr 28,’23 Apr 29,’24
silver ETFs have been elevated with the communication premium turnover. board when the decision to
since the start of the calendar Jun ‘23 93 1,881 70 22,339 received from the Securities Additionally, the total dif- award future businesses to a personnel and independent
year 2024. During January– Jul ‘23 183 2,030 456 23,329 and Exchange Board of India an overall decline in earnings ferential Sebi regulatory fee to related party was made. directors of the firm. However,
March 2024, the garnered net Aug ‘23 145 2,202 1,028 24,318 (Sebi) on April 26. per share. be paid by BSE for the period “Such actions effectively Linde and its independent
inflows of over ~1,500 crore Sebi’s regulatory charges “BSE’s profit after tax esti- from 2006–07 to 2022-23 deprive public shareholders of directors have moved the
Sep ‘23 177 2,292 175 23,799
compared to around ~1,300 for the cash and futures seg- mates for 2024-25/2025-26 amounts to nearly ~68.64 an opportunity to express their Bombay High Court against
crore inflow in the previous Oct ‘23 518 2,845 841 26,163 ments are straightforward could decrease by around 20 crore, along with goods and views on transactions which the summons and investiga-
nine months of 2023–24 shows Nov ‘23 -20 2,984 333 26,996 since there is only one turn- per cent basis this cost rise, services tax charges. These have the potential to dispro- tion initiated by Sebi. No stay
data from the Association of Dec ‘23 162 3,032 88 27,326 over. However, in the options but it could be managed by a charges are to be settled by portionately benefit control- has been granted in the matter.
Mutual Funds in India. segment, there is both 30 per cent price hike on an April 30. ling shareholders at the The matter pertains to var-
Jan ‘24 737 3,705 657 27,778
Back-of-the-envelope cal- notional turnover and pre- aggregate level. However, this The shares of Multi expense of the broader share- ious agreements and transac-
culations based on April 25 Feb ‘24 564 4,144 997 28,530 mium turnover. As the pre- sensitivity is subject to esti- Commodity Exchange (MCX) holder base,” said Ashwani tions by Line India with its
AUM disclosures show an Mar ‘24 225 4,642 373 31,224 mium turnover is lower than mates and has many levers of also declined by 2.5 per cent Bhati, whole-time member, related parties Praxair India
inflow of around ~650 crore in Apr ‘24 — 5,600* the notional turnover, BSE options volume growth, to ~4,066 as Sebi’s clarifica- Sebi in the order. and Line South Asia Services.
April. Likewise, inflows into *Estimate as on April 25; Source: Amfi
will face a higher outgo in the options cost growth, and also tion will also affect the Sebi will be considering The Sebi has directed the com-
gold ETFs — a more estab- future. development in premium to exchange’s regulatory fee punitive measures once the pany to seek shareholder app-
lished offering — have aver- Analysts expect an impact notional turnover,” said ICICI outgo. However, the impact ongoing investigation reaches roval if the aggregate value of
aged ~550 crore over the past
nine months.
SHINING BRIGHT rates and moderating central
bank demand are seen keeping
on BSE’s profits for the next
two financial years, leading to
Securities.
“The BSE options price
on MCX is comparatively
lower than on BSE.
its conclusion. The regulator
has issued summons to key
the RPT exceeds materiality
thresholds.
The inflows into these two Standard gold (~/10 gm) the upside in check.
precious metals through the Silver (~/kg) 90,000 “The traditional fair value
MF route come on the back of 81,128 of gold would connect the

Hopes of universal bank tag lift AU SFB

a sharp rally this calendar. 80,000 usual catalysts — real rates,
From this year’s low, gold and 73,395 growth expectations, and the
silver prices in the domestic 70,000 dollar — to flows and the
market have advanced 17 per 62,993 price. None of those tradi-
72,083 60,000
cent each from this year’s low.
The rally has burnished the
Dec 29,’23 Apr 29,’24
Compiled by BS Research Bureau
tional factors adequately
explain the velocity and scale
BS REPORTER
Mumbai, 29 April A PERFECT FIT ments. Its peers lose out on
one or more criteria.
image of gold and silver as Source: IBJA of the gold price move so far AU SFB is seen meeting all eligibility criteria “A comparison of listed
‘safe-haven’ bets during times this year. Yet that substantial Shares of AU Small Finance Eligibility criteria Share price SFBs clearly shows that cur-
of geopolitical crisis. a climate of heightened geo- residual from the traditional Bank (SFB) rallied more than Listed Net Net Diverse change* rently only AU SFB meets all
“Global uncertainty is high political risk, it is easy to gold price model is neither a 6 per cent on Monday after SFBs worth profit GNPA NNPA loan book (%) the quantitative criteria for
given the geopolitical conflicts understand why gold has new feature nor a sign of over- analysts said the lender meets application for conversion to a
AU Yes Yes Yes Yes Yes 6.5
underway in this major elec- become popular. We believe valuation. Indeed, the major- all eligibility criteria laid down universal bank. Other SFBs are
tion year. In an uncertain the impact of geopolitical risks ity of the gold upside since by the Reserve Bank of India Equitas Yes Yes Yes No Yes -0.3 not eligible for the transition
political world, gold can be on gold is widely understated mid-2022 has been driven by (RBI) for obtaining a universal Ujjivan Yes Yes Yes Yes No 1.1 as they fail to meet the criteria.
highly attractive. Gold is sen- and, at least until relatively new incremental (physical) banking licence. This is primarily because of a
sitive to geopolitical risks, recently, undervalued by mar- factors, not least a significant This prompted the shares
Suryoday Yes Yes No No No 0.2 non-performing asset (NPA)
especially in cases of outright ket participants,” said James acceleration in EM central of AU SFB to end at ~639, up Utkarsh Yes Yes No Yes No -1.7 ratio higher than what the
military conflict. Precious Steel, chief precious metals bank accumulation as well as 6.5 per cent over its previous Jana Yes Yes No No Yes -1.6 guidelines require and/or a
metals are good hedges analyst at HSBC Securities, in Asian retail buying. Those day’s close. But share prices of concentrated loan portfolio
against geopolitical risks and a note earlier this month. factors remain well affirmed most other SFBs ended with Capital Yes Yes Yes No Yes -0.2 (microfinance largely),” the
threats. Conversely, stocks Both precious metals — by current macro policy and moderate gains or losses. The ESAF Yes Yes No No No 0.2 brokerage said in a note.
and bonds respond negatively more so gold — are sensitive to geopolitics. Moreover, with RBI had on Friday released GNPA (gross non-performing asset); NNPA net non-performing assets Market players said it
to geopolitical risk and geopo- real rates. So far this year, the Fed cuts still a likely catalyst to guidelines for voluntary tran- Note: *On Monday Source: Macquarie report remains to be seen how soon
litical threats. For extreme prices of gold and silver have soften the ETF headwind later sition of SFBs into universal AU SFB is interested in becom-
geopolitical risks, only gold largely been unperturbed by in the year and right tail risk banks. ing a universal bank. This is
and silver display consistent the change in expectations from the US election cycle and The apex bank has laid RBI has also specified certain requirements. Also, the SFB has to be listed given that it is currently
safe-haven properties. The around the first rate cut by the fiscal setting, gold’s bullish down qualitative criteria of a quantitative aspects such as a They also include gross and and should have a diversified focused on integration with
results show that holding pre- US Federal Reserve (Fed). skew remains clear,” said satisfactory five-year track minimum net worth of ~1,000 net non-performing loans of loan book. Fincare SFB, which it acquired
cious metals within a diversi- While rising geopolitical Nicholas Snowdon, metals record, which will be eval- crore, profitability track less than 3 per cent and 1 per An analysis done by recently. Becoming a universal
fied portfolio lowers the tensions boost the appeal of strategist at Goldman Sachs, uated post the application record in the past two finan- cent, respectively, in the past Macquarie showed that only bank can help improve mar-
impact of geopolitical risk. In safe haven assets, positive real in a note on April 12. made by SFBs. Besides, the cial years and meeting capital two financial years. AU SFB meets all the require- gins and leverage for SFBs.

N IN BRIEF N THE COMPASS > FROM PAGE 1

Dinesh Kumar takes charge
as SAT presiding officer Street disappointed with Backed by banking stocks,
Justice PS Dinesh Kumar on Monday took
charge of the Securities Appellate Tribunal (SAT)
as the presiding officer after the oath
ceremony. Justice Kumar, formerly a Chief
SBI Card’s Q4 performance benchmarks gain 1%
Justice of High Court of Karnataka, has been DEVANGSHU DATTA cent Q-o-Q and formed 53 per cent SUNDAR SETHURAMAN
appointed for four years. The tribunal had
been functioning without a judicial member SBI Cards & Payment Services
of total income. But opex was also
down 3 per cent Y-o-Y, down 21 per
Mumbai, 29 April
TOP 5 SENSEX GAINERS
for the last four months after previous presi- reported mixed results for the cent Q-o-Q at ~1,910 crore. The pre- The Sensex and the Nifty 50 (As on Apr 29, 2024)
ding officer Justice Tarun Agarwala vacated January-March quarter (Q4) of provision operating profit rose 28 on Monday gained over 1 per
Gainers Price in ~ One-day change (%)
office in December. On Monday, Dheeraj FY24. While it managed to deliver per cent Y-o-Y and the cost/ income cent each, driven by sharp
Bhatnagar (retired Principal Chief Commissi- strong earnings growth, it saw a ratio declined to 51 per cent (60 per increases in banking stocks ICICI Bank 1,158.8 4.7
oner of Income Tax, Delhi) also took charge as perceptible decline in net interest cent in Q3FY24 and 57 per cent in following better-than- State Bank of India 826.2 3.1
a technical member of the tribunal which only margin (NIM) and suffered deterio- Q2FY24). expected quarterly profits
had Meera Swarup as a technical member. rating asset quality. Taken together, from index heavyweight ICICI
IndusInd Bank 1,487.8 2.9
Legal experts said that long pending the market was disappointed with Card metrics overview Bank. Shares of ICICI Bank UltraTech Cement 9,962.3 2.7
important cases will move forward now with a the share dropping 3.5 per cent. Cards-in-force rose 13 per cent Y-o- rose more than 4 per cent to Axis Bank 1,159.5 2.6
bench available to hear the cases. BS REPORTER The margin contraction was 39 Y (2 per cent Q-o-Q) to 18.9 million. reach new highs, contributing Compiled by BS Research Bureau Source: BSE
basis points (bps) quarter-on- New card sourcing declined 6 per to nearly 1 per cent of gains.
quarter (Q-o-Q) to 10.9 per cent cent Q-o--Q to 1 million (down 25 This took the market capitali-
Indegene sets IPO price coupled with poorer asset quality.
The gross NPA was up 20 bps Q-o-
per cent Y-o-Y), with the open mar-
ket channel contributing 56 per
sation of ICICI Bank to ~8 tril-
lion for the first time. Shares
the tune of ~8,677 crore.
“Trading in largecaps
returns. “There is optimism
about policy continuity after
band at ~430-452 Q to 2.8 per cent. However, profit cent to total sourcing. Spending of other top lenders such as became risky amidst profit- the elections and another
Indegene, a healthcare solutions company, after tax (PAT) grew 21 per cent Q- growth moderated to 11 per cent Y- State Bank of India (SBI) and taking by the FPIs. So traders round of reforms and market
on Monday announced its initial public o-Q to ~660 crore, while net interest expected credit loss (ECL) came in o-Y as corporate spending declined Axis Bank, too, hit record shifted their focus to small boom. Even global markets are
offering (IPO) price band at ~430-452 per income rose 2 per cent Q-o-Q. The higher at 7.6 per cent and 3.5 per 35 per cent Y-o-Y due to both sea- highs, driving the Bank Nifty and midcaps where foreign stable now, and investors there
share ahead of its launch on May 6. The total reason for higher PAT despite the cent in Q4FY24. sonal factors and also due to index 2.5 per cent higher. ownership is very less,” said are focusing more on earnings
offering is ~1,841.76 crore, with a fresh issue of margin drop was a reduction in revised RBI guidelines. Receivables India Vix ended the ses- Deepak Jasani, head of retail and ignoring the muddled out-
~760 crore and an offer for sale of 23 million operational expenses (opex). The Asset quality analysis grew at a pace of 4 per cent Q-o-Q sion at 12.2, a gain of 12 per research at HDFC Securities. look for rate cuts and the geo-
shares aggregating up to ~1,081.76 crore. The share of the revolvers in the mix The pressure on asset quality may (up 25 per cent Y-o-Y). cent, the highest single-day Analysts said the selloff in political tensions,” said Chokk-
IPO is set to close on May 8. Indegene intends improved to 24 per cent as against be of some concern, with GNPA The company management says gain since January 29. small and midcaps dissipated alingam. Going forward,
to use the proceeds from the fresh issue to pay 23 per cent in Q3FY24, and the EMI and NNPA ratios increasing 12bp that gross credit cost stood at 7.6 per Market players, mean- quickly, with investor interest market experts said the out-
off debt from one of its subsidiaries, ILSL mix declined to 37 per cent as and 2bp Q-o-Q to 2.76 per cent and cent in Q4FY24 versus 7.5 per cent while, attributed the recent in those stocks reviewing as look depends on the overall
Holdings. ANJALI SINGH against 38 per cent in Q3FY24. NII 0.99 per cent respectively. The PCR in Q3FY24. The company expects rally in small and midcaps to they found value in certain market conditions and lack of
rose 21 per cent Y-o-Y (2 per cent Q- or provisioning coverage ratio the average credit cost for FY24-25 flows from retail investors and small and midcap stocks fol- negative surprises regarding
o-Q) to ~1,410 crore. The margin improved to 64.9 per cent in to be lower than the current levels domestic institutions, while lowing a sharp drop in val- the outcome of the general
Sebi nod to ICRA's arm to decline of 39 bps Q-o-Q to 10.9 per Q4FY24. The drop in corporate but maybe still above 7 per cent due the underperformance in uations. “Quite a few stocks in elections. Following the sharp
provide ESG ratings cent, was owing to a sharp 45 bps
decline in yields and elevated bor-
spending also led to a decline in
overall opex, and as a result, the
to the RBI-mandated risk weights
and elevated interest costs. Manag-
largecaps (barring a few ses-
sions in April like Monday) is
this segment have reported
good results, attracting retail
rebound, valuations have once
again turned expensive, warn
Capital markets regulator Sebi has given rowing costs. RoA (return on assets) and RoE ement also believes that high inter- on account of selling pressure investors and some HNIs,” experts. The Nifty Smallcap
approval to ICRA's subsidiary Pragati Spending growth decelerated (return on equity) improved to 4.7 change (1.9 per cent) corporate spe- from foreign portfolio inves- said U R Bhat, co-founder of 100 is trading at a one-year for-
Development Consulting Services Ltd (PDCSL) by 18 per cent Q-o-Q, as corporate per cent and 22.2 per cent respec- nds (where the merchant pays tors (FPIs) amid rising bond Alphaniti Fintech. ward earnings price-to-earn-
to provide environmental, social, and spending declined 35 per cent Y- tively. Analysts have generally cut more) will normalise in one or two yields in the US due to expec- Chokkalingam G, founder ings (PE) multiple of 20x, com-
governance (ESG) ratings. This development o-Y due to the impact of the their FY25 EPS estimates after fac- quarters. Some analysts also beli- tations of delayed rate cuts, of Equinomics, said millions pared to a five-year average of
positions the ICRA Group among the recent RBI guidelines. Retail toring in the higher credit costs and eve that SBI Cards may need to ra- now pushed to December of new investors are flocking 17x, and the Nifty Midcap 100
few Indian entities offering holistic spending, however, grew 25 per likely continuing margin pressure. ise Tier-I capital at some stage and from June, in response to high to the market every week, who is trading at a one-year for-
risk-monitoring solutions, including cent Y-o-Y. Gross credit costs and The fee income declined 13 per this could impact share valuations. inflation. In April thus far, prefer mid- and small-cap ward PE of 29x, compared to a
ESG ratings and scores. PTI FPIs have been net sellers to stocks given the allure of high five-year average of 21x.
2 THE SMART INVESTOR
>
NEW DELHI | TUESDAY, 30 APRIL 2024

Brokerages bullish on ICICI Choose Aadhaar-based KYC: Once done,

Bank stock after Q4 results you may invest across fund houses
Keep Aadhaar, registered mobile number and scanned not mandatory for NRIs to have an
Aadhaar. But without Aadhaar their
documents handy before starting online procedure KYC status remains “registered’’
Bank’s market cap zoomed past ~8 trillion mark and settled at ~8.14 trillion forever. Each time they wish to invest
BINDISHA SARANG with a new fund house, they must re-
NIKITA VASHISHT
New Delhi, 29 April ON AN UPSWING Mutual fund accounts of many
do their KYC.
NRIs who have Aadhaar may use
ICICI Bank Sensex 120
investors have been flagged recently an Indian phone number for verifica-

A
n in-line ICICI Bank because their Know Your Customer tion (they can’t get OTP from here on
result for the quarter 116.29 (KYC) has not been updated in their overseas mobile numbers).
115
ended March 31, 2024, accordance with the new rules that “Many NRIs face issues as KRAs
has led to analysts raising tar- 110 came into force on April 1. are unable to validate their mobile
get price and earnings Base = 100 Markets regulator, the Securities numbers because they have changed
per share (EPS) forecast on 105 and Exchange Board of India (Sebi), CORRECT PAN-MF FOLIO or are inactive. This puts their KYC on
the stock. has revised its list of officially valid MISMATCH BY APRIL 30 hold, stopping new investments or
ICICI Bank, they said, 100 documents (OVD). Bank statements fund redemption. For NRIs to get
appeared least vulnerable to and bills used to be acceptable for n The name and date of birth in the Aadhaar, they will have to come to
103.37 mutual fund (MF) folio must now
regulatory action on its digital 95 mutual fund (MF) KYC, but not any- India,” says Pankaj Mathpal, manag-
offerings or for risk monitor- Dec 29,’23 Apr 29,’24 more. Non-compliance with KYC match those on the PAN card or other ing director, Optima Money Manager.
ing lapses. norms is leading to investors’ proof of identity The lack of a streamlined process
Compliance with regu- accounts being frozen. is hitting NRIs hard. “NRI investors
latory norms shall be one of HOW BROKERAGES INTERPRET BANK’S Q4 RESULTS “KYC is an ever-evolving land- n Correct any mismatch by April 30, 2024 who need to update their KYC details
the key valuation drivers over scape. Whenever regulators see a sys- or revise their phone numbers must
the next 12 months, and ICICI NUVAMA INSTITUTIONAL RoA/RoE of 2.26 per cent/18 per the scope for upgrades is still temic risk, they try to plug it with new n MFs are n To prevent any resort to traditional methods, like
ticks most boxes, even as EQUITIES cent in FY26. We expect the available. Over the past regulations. Regulated entities and required to discrepancies, sending physical documents via cou-
many of its peers are being Buy — Target price: ~1,295 bank to sustain a 14 per cent quarter, the bank has wide- investors must comply with the letter cross-verify the investors are being rier. They can’t complete these tasks
pulled up for lapses, analysts ICICI Bank remains the most CAGR in net profit over FY24-26. ned its valuation differential and spirit of the guidelines,” says name and date asked to provide online,” says Rushabh Desai, founder,
noted. consistent in delivering core with other private banks. The Sanket Nayak, co-founder of DigiO, an of birth against the names and Rupee With Rushabh Investment
Meanwhile, on the earnings, granular growth, and JM FINANCIAL ability for the bank to trade at identity verification startup. the PAN records dates of birth of all Services.
bourses, ICICI Bank stock moderating opex growth Buy — Target price: ~1,330 meaningfully higher mult- maintained holders, including
price gained 5 per cent to hit ahead of peers. With an early- Management expects some iples, however, looks unlikely. Check your status What should you do?
by the guardian and
a fresh record high of mover advantage in leveraging increase in deposit costs to We are seeing most banks An investor’s KYC status could be one Investors can validate their KYC both
~1,163 apiece on the BSE in technology for growth and risk continue although they wish comfortable to grow at 15 per of the following:
income-tax power of attorney online and offline.
Monday’s intraday trade. The management, we view ICICI to maintain NIMs around cent CAGR and not necessarily KYC validated: “This means that department (PoA) “While online validation works for
market capitalisation of the Bank as less vulnerable to current levels by playing on looking to accelerate faster as the KYC has been done using many, some like senior citizens may
private lender zoomed past regulatory lapses than peers favourable risk-reward the focus has shifted to Aadhaar. The mobile number and individual asset management com- not find it easy. Such investors may
~8-trillion-mark and settled at We revise FY25E and FY26E EPS growth strategy. We expect building a sustainable long- email have also been validated,” says panies (AMCs) by giving the remain- do it offline by submitting the forms
~8.14 trillion. The stock closed upwards by 5 per cent and 6 credit cost to normalise, going term franchise with fewer Nayak. ing valid documents. There are 44 and documents at the offices of AMCs
4.67 per cent higher as against per cent, respectively. This, ahead, and build average lending mistakes. KYC registered: KYC has been AMCs. If you have done KYC with or registrar and transfer agents
1.28 per cent rise in the along with a rollover in base, credit cost of 52 bps over FY25- done but using documents other than Fund House A and now want to invest (RTAs),” says Jinal Mehta, certified
benchmark S&P BSE Sensex. pushes up the target price to 26. We believe ICICI Bank PRABHUDAS LILLADHER Aadhaar. with Fund House B or C, financial planner and founder,
In Q4FY24, ICICI Bank ~1,295 from ~1,200 earlier. firmly remains on a path to Buy — Target price: ~1,450 KYC on hold: “This you will have to do the KYC Beyond Learning Finance.
posted net profit of ~10,707 deliver 2.3 per cent/18.5 per Balance sheet profile has means you can’t do any MF process with each one of At present, KRAs are also under
crore, registering a growth of MOTILAL OSWAL cent average RoA/ RoE over further improved since share transaction because your them,” says Jimmy Patel, pressure as a large number of inves-
17 per cent year-on-year (Y-o- FINANCIAL SERVICES FY25-26, aided by asset of retail/SME has increased PAN-Aadhaar seeding was- managing director and tors have been getting their KYCs val-
Y). Its net interest income Buy — Target price: ~1,300 quality being in good shape, from 73.6 per cent in FY23 to n’t done or your email or chief executive officer idated since April 1. Take all the nec-
(NII) increased by 8 per cent ICICI Bank reported another continued growth moment- 75.4 per cent in FY24; LDR has phone number is incor- (CEO), Quantum AMC. essary precautions to smoothen the
Y-o-Y to ~19,093 crore, with steady quarter aided by a um while margins are expe- reduced to 83.8 per cent; and rect,” says Nayak. Investors whose KYC process at your end. “Have your
net interest margin at 4.4 per stable mix of a high-yielding cted to moderate slightly.ICICI LCR is adequate at 123 per cent. status is on hold cannot do Aadhaar number and registered
cent versus 4.43 per cent
quarter-on-quarter (Q-o-Q).
portfolio (retail/business
banking) and continued
Bank has continued to deliver
a best in class return profile
Opex intensity is likely to
reduce; as we lower opex for
The implications
If your KYC status is ‘val-
YOUR any MF transaction. They
need to re-do their KYC.
mobile number handy when you start
the process. Keep scanned copies
NII was aided by loan traction in BB, SME, and among its larger private peers FY25/26 by 3 per cent; we see a idated’, you can carry on MONEY Save yourself the head- ready in the required format and size.
growth of 3 per cent Q-o-Q secured loans. Although the which will help it retain its 12.7 per cent CAGR in opex. with your investments. ache: Do Aadhaar-based Give proper permissions to the cam-
and 16 per cent Y-o-Y with pace of NIM contraction has valuation premium. Hence, our core PAT for FY25/26 If it’s ‘KYC-registered’, KYC so that you have to do era,” says Mehta.
deposits up 6 per cent Q-o-Q decelerated, persistent is raised by 4.5 per cent. Likely you may continue with existing KYC once and can then invest across Aadhaar-based KYC allows you to
and 20 per cent Y-o-Y. funding cost pressure may KOTAK INSTITUTIONAL RoA/RoE for FY26 at 2.1 per investments. But to invest with all MFs. invest across all fund houses and can
The bank’s loan-to- keep margins low. We increase EQUITIES cent/17.2 per cent remains one a new fund house, you need to be done online. “Aadhaar can be used
deposit ratio (LDR) stood at EPS estimate by 2 per cent for Buy — Target price: ~1,300 of the best-in-class. Mainta- redo your KYC. Overseas trouble via DigiLocker, e-Aadhaar, m-Aad-
83.8 per cent against 86.6 per FY26, with little change to our We have marginally increased ining multiple at 3.0x, we “If you don’t want to give Aadhaar, Non-resident Indian (NRI) investors, haar, or even physical Aadhaar, with
cent Q-o-Q. FY25 outlook. We expect our earnings and believe that raise the target to ~1,450. you will have to do KYC with all the too, are facing KYC-related issues. It is the numbers masked,” says Patel.

— TENDER CARE — — Advertorial

HUDCO OBSERVES ITS 54TH THDC INDIA LIMITED AND SJVN
FOUNDATION DAY COLLABORATE IN DEVELOPMENT OF
HIGH-PERFORMANCE SPORTS ACADEMY
To commemorate 54 years of dedicated service to the nation, the
Housing & Urban Development Corporation Ltd. (HUDCO) orga- AT TEHRI POWER COMPLEX
nized its Foundation Day on 25th April, 2024 at India Habitat In a groundbreaking ceremony aimed at revolutionizing Water
Centre, New Delhi. Sports Development in India, THDC India Limited (THDCIL) and
Shri Sanjay Kulshrestha, CMD HUDCO congratulated and SJVN Foundation (a dedicated Trust of SJVN Limited) have
encouraged the employees “Our journey has been a long one, inked a Memorandum of
and this incredible Understanding (MoU) to
journey of ours is a establish THDCIL High-
testimony of the Performance Academy
vision, entrepreneur- in Tehri Power Complex,
ship spirit and com- Uttarakhand.
mitment of our vision- Highlighting the signifi-
ary heads of our cance of this historic
esteemed organisa- event, Sh. R. K. Vishnoi,
tion, along with the Chairman and Managing
support of successive Director, THDC India
governments and our Limited said that this
stakeholders includ- MoU underlines the commitment to not only provide affordable
ing our borrowing agencies.” He added that the efforts of HUD- Power 24 x7 to the Nation but also unleash the power of Sports
CO has been duly recognised by the Government of India there- Development in the Country in the realization of the vision of
by conferring a much coveted “Navratna” status. He said “the ‘Viksit Bharat’.
dedication, expertise and unwavering commitment of our shared Sh. Awadhesh Prasad, GM (SJVN) and Sh. Amardeep, GM
vision have been the driving force behind our achievements”. (THDCIL) signed this historic MoU at SJVN Office, Delhi in the
On this occasion, Awards for outstanding performances were gracious presence of Smt. Geeta Kapur, CMD, SJVN and Sh.
given to stakeholders, agencies as well as HUDCO employees. Shallinder Singh, Director (Personnel), THDC India Limited duly
The HUDCO publications, namely, HUDCO Design Awards – attended by Senior Officers of SJVN and THDC India Limited.
2023-24, SHELTER, HUDCO Darpan, Awaas Dhwani, Meru Smt. Geeta Kapur, CMD, SJVN said that this partnership with
Sandesh, Madhya Sandesh, Johaar and several other magazines THDC India Limited exemplifies the commitment of Power PSUs
released. to come together for Empowering our Youths for International
competitive events. Through the establishment of the High-
Performance Academy, we aim to create a conducive environ-
SBI CHAIRMAN, SHRI DINESH KHARA,
ment for athletes to excel and represent India on the Global
DONATED, UNDER CSR INITIATIVES,
Stage. Smt. Kapur added that this marks the beginning of a col-
BENEFITING MAHAKAL MANDIR UJJAIN, laboration that will help Empower the Youth of the Nation with the
UMEED CANCER HOSPITAL INDORE, latest Sports Infrastructure and motivate them to put on display
AND HEARTFULNESS NGO RATLAM India’s sporting excellence in International events.
SBI Chairman, Shri Dinesh Kumar Khara, continues to exem- Sh. Shallinder Singh, Director (Personnel) said that with this
plify a commitment to social responsibility through generous historic signing of MoU a new chapter of collaborative efforts by
contributions to key community initiatives. In a recent develop- Power PSUs has taken shape to nurture talent, promoting sports
ment, Shri Khara has made significant donations to support the excellence, and contributing to the holistic development of the
Mahakal Mandir, nation.
Umeed Cancer
Hospital, and
INDIAN BANK OFFICERS' ASSOCIATION,
Heartfulness NGO.
CHANDIGARH, ORGANIZES INTERZONE
The prominent
Mahakal Mandir CRICKET TOURNAMENT
was provided with Like last year, this year too, the Indian Bank Officers' Association
the two big LED Chandigarh organized the Interzone Cricket Tournament from
screens that will enable the live telecast of Pooja, Arti, and oth- 27th to 28th April, Saturday and Sunday, at the main cricket
er events to all devotees, enhancing the spiritual experience and ground of Panjab
community engagement within the temple premises. University
Further to his dedication to healthcare accessibility, Shri Khara Chandigarh with
has allocated a commendable sum of Rs 95 Lakhs towards the great fervor and
procurement of a mobile cancer detection bus for Umeed health enthusiasm. In this
& Medicare Hospital, under the direction of the renowned oncol- event, competition
ogist Dr. Gaurav Khandelwal. This contribution will facilitate can- was held among 8
cer screening and detection services for the underprivileged teams from various
populations of Indore and nearby rural areas, ensuring timely regions - Amritsar,
access to crucial healthcare resources. Jalandhar, Ludhiana, J & K, Chandigarh, Karnal, and Himachal
In a bid to promote environmental sustainability, a third dona- Pradesh. The tournament was ceremoniously inaugurated by
tion of Rs 37.50 Lakhs has been extended to the NGO field General Manager of Chandigarh, Mr. Sandeep Kumar
Heartfulness for a plantation project in Ratlam district, Madhya Ghoshal, who emphasized the importance of sports and fitness
Pradesh. This initiative underscores SBI's commitment to eco- in life. Federal President Comrade Baldev Chhabda and
logical balance and conservation efforts in the region affected Federal General Secretary Comrade Sachin Katiyar welcomed
with the degradation of forest. Sh Ghosal with floral bouquet.

NEW DELHI | TUESDAY, 30 APRIL 2024 STOCKS 3 <

IN THE
> STOCK
> Supreme Industries > Godrej Industries > SBI Life Insurance Co

NEWS Top gainer

among A-group
Hits new all-time
high at ~919
Volume jumps 69x
over 2-week average OF THE DAY
companies on BSE on BSE Cummins India
~4,402.3 PREVIOUS CLOSE ~869.6 PREVIOUS CLOSE ~1,415.3 PREVIOUS CLOSE Hits new all-time high at
~4,953.8 CLOSE ~908.2 CLOSE ~1,423.3 CLOSE ~3,338; Surged 68 per cent
p 12.5% UP p 4.4% UP p 0.6% UP YTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
29 Apr ’24 Chg (%) Con Std 29 Apr ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3081.2 0.0 0.9 100.0 140.0 ITC 438.2 -0.4 5.3 28.5 26.7 price price (%) price price (%)
Adani Ports 1317.3 -0.6 0.9 39.4 217.7 JSW Steel 895.8 1.0 1.2 19.6 22.2 Au Small Fin 648.0 638.9 6.5 648.0 813.0 HCL Techno 1381.2 1387.1 -5.8 1381.2 1048.0
MOST BULLISH MOST BEARISH
Apollo Hosp 5968.4 -4.6 0.6 104.8 85.9 Kotak Mah Bank 1640.4 2.0 2.3 18.7 24.8 IREDA 192.0 181.4 6.3 215.0 215.0 Apollo Hosp 5738.0 5966.8 -4.7 5738.0 4410.1
Asian Paints 2868.2 0.8 1.3 50.6 51.5 Vodafone Idea 13.6 13.5 1.1 United Brew 2007.2 2038.3 -1.5 Bank of Maha 71.5 71.1 5.2 71.5 71.5 IDFC 119.0 121.7 -4.4 107.0 88.1
L&T 3634.3 0.8 4.8 39.5 51.8
Axis Bank 1159.3 2.6 3.2 33.1 14.4 GMR Infra 88.3 87.4 1.1 L&T Tech Ser 4656.1 4714.5 -1.2 ICICI Bank 1163.3 1158.8 4.7 1163.3 1163.3 IDFC First Bank 80.1 81.7 -3.7 75.1 63.0
LTIMind 4744.0 -0.9 0.4 30.7 31.3
Zee Enter 150.9 149.3 1.0 IndiaMART Int 2591.1 2623.3 -1.2 Max Health 845.4 838.1 4.4 909.0 909.0 GMR Airports 87.0 87.6 -3.5 73.0 40.0
Bajaj Auto 8760.1 -2.4 1.1 31.7 32.7 Mah & Mah 2062.1 0.8 2.0 24.9 25.1 LIC Hsg Fin 673.5 666.9 1.0 Apollo Tyres 489.5 494.7 -1.1 NBCC 144.7 142.3 4.4 176.5 176.5 SBI Card & Pay 718.1 724.1 -3.5 678.8 678.8
Bajaj Fin 6826.6 1.4 1.8 36.7 33.4 Maruti Suzuki 12689.9 -0.1 1.6 48.6 30.2 Oberoi Relty 1493.1 1479.3 0.9 Tata Chem 1090.8 1099.5 -0.8 Aditya Birla 241.5 240.8 4.1 241.5 241.5 MCX 3897.9 4066.0 -2.4 3076.6 1289.2
Bajaj Finsrv 1595.7 -0.1 1.0 31.2 217.6 Nestle India 2509.8 1.1 0.9 - 75.7
Bharti Airtel 1332.5 0.5 3.4 89.9 167.2 Union Bank 157.0 156.8 3.9 163.2 163.2 Exide Ind 453.2 455.6 -2.4 290.4 186.3
NTPC 363.0 2.0 1.7 20.8 19.3 BSE NSE YES Bank 28.5 27.1 3.7 32.8 32.8 DLF 877.0 886.3 -2.4 767.0 415.2
BPCL
Britannia
618.8
4799.9
1.5 0.6 63.0 4.6
0.0 0.6 53.5 54.8
ONGC 283.2 0.1 1.4 10.1 12.1 Index Stock Index Stock PUT-CALL RATIO Bank of India 156.2 155.6 3.5 156.4 156.4 Bajaj Auto 8734.9 8759.8 -2.3 7507.3 4427.3
Power Grid 293.7 0.5 1.3 17.7 17.6 Navin Fluo 3451.0 3424.7 3.5 3451.0 4922.0 HDFC Std Life 571.3 575.0 -2.2 561.4 529.8
Cipla 1408.0 -0.1 0.7 30.7 33.5
Reliance Ind 2930.1 0.9 9.7 28.5 47.0 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 453.3 -0.6 1.0 9.5 17.9 Contracts 6273 - 520097 1612712 Central Bank 68.7 68.2 3.5 76.9 76.9 SAIL 164.4 164.8 -2.2 116.2 80.5
SBI 826.5 3.1 3.1 11.6 12.9 Market 2135.9 2865.5 0.7 L&T Finan 172.3 168.9 3.1 179.0 179.0 IEX 154.8 155.3 -2.2 129.2 116.1
Divis Lab 3989.3 -0.7 0.5 58.1 77.6 Open Int.(000) 6 - 16883 10102199
SBI Life Ins 1422.4 0.5 0.6 - 75.2 SBI 831.0 826.2 3.1 831.0 831.0 Max Fin Sre 972.1 976.3 -2.2 855.1 630.4
Dr Reddys 6297.1 0.7 0.7 20.1 26.4 Shares(In Mn) - - 11.8 2379.8 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2492.2 -0.3 0.7 15.6 13.0 IOC 178.0 176.8 3.1 196.8 196.8 Bharat Forge 1273.8 1282.9 -2.1 1063.4 748.2
Eicher Motor 4571.9 -0.6 0.6 32.6 35.6 Value(~ crore) 520 - 34314 121387
Sun Pharma 1521.6 1.0 1.6 41.0 376.5 IndiaMART Int 1.5 Godrej Cons 0.3
Grasim Ind 2386.6 1.9 0.9 23.0 106.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1098.5 -0.4 0.7 91.0 106.9 Coromndl Int 1.3 Ramco Cements 0.3
HCL Techno 1387.4 -5.9 1.4 24.0 32.3 Contracts 192856643 - 355705232 4689947
Tata Motors 1000.6 0.1 1.7 17.1 39.3 Eicher Motor 1.2 United Brew 0.4
HDFC Bank
HDFC Std Life
1529.5
575.1
1.3 11.2 25.3 19.1
-2.2 0.6 90.4 78.8 Tata Steel 167.4 1.0 1.3 - 47.3
Open Int.(000)
Shares(In Mn)
1703
-
- 611517
- 10669.9
4389952
5680.9
Piramal Entp 1.2 HDFC Std Life 0.4 MOST TRADED TOP M-CAP TRENDS
TCS 3870.2 1.3 3.8 30.5 32.1 Axis Bank 1.2 Atul 0.4
Hero MotoCorp 4457.7 -0.8 0.6 31.7 23.4 Value(~ crore) 16100349 - 25585835 360933 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 650.1 0.1 0.9 14.5 46.9 Tech Mahindra 1288.3 0.7 0.8 53.4 59.1 BSE+NSE BSE+NSE
Titan Company 3604.9 0.6 1.5 98.5 91.7 1 Reliance Ind 1982685.5 BS200 Sunil Health 40.7
HUL 2226.1 0.2 1.9 51.7 51.7 (~ crore) (Mn shrs)
ICICI Bank 1160.2 4.7 7.8 23.9 19.9 UltraTech 9964.5 2.7 1.1 44.9 46.0 ACTIVE CALLS ACTIVE PUTS ICICI Bank 3367.2 29.4
2
3
TCS
HDFC Bank
1400421.8
1161414.1
UP 7 DAYS Piccadily A 40.7
IndusInd Bank 1487.3 2.8 0.9 - 12.9 Wipro 463.0 -0.4 0.6 21.9 26.5 HUDCO 18.6 Alphalogic Tech 40.7
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg BSE 3103.3 11.2 4 ICICI Bank 814033.8
Infosys 1434.8 0.3 5.0 22.7 21.9 Nifty 50 22643.4 1.0 100.0 24.8 28.9 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 2808.3 18.5 5 Bharti Airtel 755800.8 Chambal Fert 16.8
Std.Battery
DOWN 7 DAYS
40.7

Index Index 6 SBI 737305.8 Voltas 13.5

INDEX PE SHRS TRDS 1 YR SBI 2344.3 28.7 Aster DM Health -31.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Midcap
Nifty Midcap
29/04/24
29/04/24
11050
11025
674.9
465.4
11.5
5.0
695.1
556.0
Nifty Midcap
Nifty Midcap
29/04/24
29/04/24
11025
11000
602.2
465.6
5.8
9.7
5849.2
771.1
Vodafone Idea 2273.8 1644.7
7
8
LIC India
Infosys
619976.5
595648.4
Axis Bank
UP 3 DAYS
13.2
Guj Toolroom -31.4
SENSEX 25.3/29.6 9.9 257 26 4 22.2 IREDA 2248.5 121.3 Sun Pharma A -30.1
Asian Paints 2868.1 0.8 1.5 50.6 51.5 Maruti Suzuki 12695.8 0.1 1.9 48.6 30.2 Nifty Midcap 29/04/24 11075 233.1 4.2 397.9 Nifty Midcap 29/04/24 11050 228.9 2.7 4041.9 9 ITC 546829.9 Enginers Ind 11.5
NIFTY 50 24.8/28.9 292.0 6766 32 18 25.3 Capfin India -30.1
Axis Bank 1159.5 2.6 3.7 33.1 14.4 Nestle India 2510.6 1.1 1.0 - 75.7 Nifty Midcap 29/04/24 11100 225.6 4.0 101.0 Nifty Midcap 29/04/24 10975 155.2 2.3 122.0 Kotak Mah Bank 1895.5 11.6 10 HUL 523244.2 Aditya Birla 11.3
C = CONSOLIDATED; S = STANDALONE Tirth Plast -30.1
Bajaj Fin 6827.4 1.4 2.2 36.7 33.4 NTPC 363.1 2.1 1.9 20.8 19.4 Nifty Midcap 29/04/24 11000 165.2 1.7 -10.9 Nifty 02/05/24 22500 125.1 7.9 93.1 YES Bank 1798.6 652.4 11 L&T 499534.1 Bank of Maha 11.2
Yug Decor -29.3
Bajaj Finsrv 1595.5 -0.1 1.1 31.2 217.6 Power Grid 293.7 0.5 1.5 17.7 17.6 CASH DERIVATIVES Stock Stock Axis Bank 1787.7 15.5 12 Bajaj Fin 422616.1 Coromndl Int 10.7
TURNOVER BSE NSE BSE NSE
Enterpr Int -21.5
Bharti Airtel 1333.3 0.6 4.0 90.0 167.3 Reliance Ind 2930.5 0.9 11.4 28.5 47.0 IDFC First Bank 30/05/24 90 151.3 42.0 28.7 IDFC First Bank 30/05/24 75 37.1 13.2 42.8 13 Maruti Suzuki 399154.4 IREDA 8.9
Apollo Hosp 1675.3 2.8 UP 3 DAYS
HCL Techno 1387.1 -5.8 1.7 24.0 32.2 SBI 826.2 3.1 3.6 11.6 12.9 VALUE(IN ~ CRORE) 8048 110881 16100869 26102469 IDFC First Bank 30/05/24 85 110.0 30.6 24.6 IDFC First Bank 30/05/24 80 33.4 18.3 50.5 14â HCL Techno 376410.4 Tech Mahindra 8.7
HCL Techno 1645.9 11.8 Nimbus Proj 44.3
HDFC Bank 1528.8 1.3 13.1 25.2 19.1 SHARES(IN MN) 1054.7 5375.6 - 18742.4 PNB 30/05/24 140 57.6 19.4 3.2 Tata Steel 30/05/24 150 15.4 12.1 0.1 15 Sun Pharma 365161.5 IRFC 8.0
Sun Pharma 1522.0 1.2 1.9 41.0 376.5 Supreme Ind 1378.0 2.9 Arex Inds 32.1
HUL 2227.0 0.2 2.3 51.7 51.7 TRADES(000) 4148 34596 - 86757 IOC 30/05/24 200 40.3 12.0 29.8 IDFC First Bank 30/05/24 70 12.5 4.6 70.1 16 Axis Bank 357951.2 DOWN
Tata Motors 1000.5 0.1 2.0 17.1 39.3 IRFC 1226.4 75.9 Alliance Int Me 30.7
ICICI Bank 1158.8 4.7 9.2 23.9 19.9 IDFC First Bank 30/05/24 96 39.1 11.3 19.8 IOC 30/05/24 170 12.4 6.4 -7.7 17â ONGC 356399.3 L&T Tech Ser -9.9
Tata Steel 167.4 0.9 1.6 - 47.3 Shanti Edu Init 23.3
IndusInd Bank 1487.8 2.9 1.1 - 12.9 MARKET-CAP (~ CR) TRADED TOTAL Bajaj Fin 1170.0 1.7 18 NTPC 352086.1 Max Fin Sre -5.3
TCS 3870.6 1.5 4.5 30.5 32.1 Narendr Prop 23.1
Infosys 1435.0 0.3 5.9 22.7 21.9 Reliance Ind 1117.6 3.8 19â Adani Enter 351068.7 Indiab Real -4.4
Tech Mahindra 1288.8 0.9 0.9 53.4 59.1 BSE 40,676,372 41,305,201 Clara Inds 23.0
ITC 438.0 -0.4 6.2 28.5 26.7
JSW Steel 896.0 1.1 1.4 19.6 22.2 Titan Company 3605.2 0.6 1.7 98.5 91.7 NSE 40,224,616 40,886,338 SPURT IN VOLUMES Tata Power
Trent
1104.8
1064.5
24.8
2.5
20
21
Tata Motors
Kotak Mah Bank
332524.6
326068.6
Page Inds
Persistent S
-3.2
-2.7
IB Infotech
DOWN 3 DAYS
22.3
UltraTech 9962.3 2.7 1.3 44.8 46.0 DERIVATIVES 26,600,932 26,600,932
Kotak Mah Bank 1640.3 2.0 2.7 18.7 24.8 Company Days 2-week Avg Change Close *Price 22 Titan Company 320065.2 Ambuja Cem -2.2
IDFC First Bank 965.8 119.0 Gconnect -15.9
L&T 3633.9 0.9 5.6 39.5 51.8 Wipro 463.0 -0.4 0.7 21.9 26.5 Volume Volume % price %chg 23 Avenue Supermar 291741.8 Infibeam Aven -1.5
Mah & Mah 2062.9 0.9 2.4 24.9 25.1 BSE SENSEX 74671.3 1.3 100.0 25.3 29.6 TRADING ACTIVITY HDFC PVT Bk 8414376.0 51238.8 16321.9 24.6 1.6
MCX
HUDCO
898.0
868.2
2.2
37.1
24 UltraTech 287610.2 Others
VJTF Eduser
CITADEL
-13.7
-13.4
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Green En 286170.9 UP 7 DAYS
Shivalik Rasaya 872670.0 17676.4 4836.9 690.5 20.0 IndusInd Bank 825.6 5.6 Balgopal Commer -13.2
Equity Debt Equity Debt 26â Adani Ports 284491.8
Net Net Net Net Shiva Mills 793212.0 19223.3 4026.3 110.4 20.0 Netlink Solu 97.6 PNGS Gargi Fash -12.0
KPIT Techno 821.8 5.5 27â Coal India 279294.9
WORLD INDICES On 26 Apr -2373 94 - - Aarti Surfactan 2329743.0 58125.8 3908.1 728.5 10.9 UltraTech 817.8 0.8 28 Asian Paints 275108.2
SAB
Sonalis
47.4
40.7
B N Rathi S
Transgl.Food
-11.8
-11.7
On 25 Apr 27 484 - - HDFC Nifty ETF 3728693.0 110560.7 3272.5 34.3 -0.1 Tata Steel 811.1 48.3 29 Power Grid 273158.6
Indices Close % Chg* Indices Close % Chg*
On 24 Apr 4227 -3200 - - Sarla Perf F 2051636.0 110759.4 1752.3 65.4 12.5 30 HAL 268712.5 (T+2) cycleStocks which rose/fell continuously
IRCON Intl 807.4 31.2
Americas (Apr 26,24) Asia/Pacific (Apr 29,24) On 23 Apr -3458 -1876 2348 -973 Supreme Ind 2868559.0 160002.1 1692.8 4953.8 12.5
Nasdaq Composite 15927.9 2.0 Taiwan Taiex 20495.5 1.9 On 22 Apr -2619 945 3136 -701 Dspamc - Dspgol 1340267.0 76758.9 1646.1 71.8 -0.1
Apr till date -8677 -10546 19249 26730
Dow Jones
S&P/ TSX Composite
38239.7
21969.2
0.4
0.4
Jakarta Composite
Kospi
7155.8
2687.4
1.7
1.2 2024 till date 109 43946 101576 -87019
Orissa Bengal
Medicam Bio
1265321.0
436468.0
78291.8
30152.6
1516.2
1347.5
62.2
589.5
20.0
20.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Apr 26,24) Shanghai Se Comp 3113.0 0.8 Quarterly Foseco Group A Aptech Guj Leas Fin
FTSE 100 8178.6 0.5 Kuala Lumpur Comp 1582.7 0.5 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Geojit Financia Adani Power Best Agro Omax Autos
APRIL 30 Jayaswl Nec Adani Wilmar Blue Dart E Group X
CAC 40 8094.8 0.1 Stock Exchange of Thai 1362.0 0.2 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Mold-Tek Techno Cigniti Tech Blue Star Indus & Prud
DAX 18147.8 -0.1 Straits Times 3282.1 0.1 NET Net Fut OI Opt OI OI Adani Energy So Navkar Corp Greenpanel Inds CEAT Kretto Syscon
HIGH *Aditya Birla . . . . . . . . . 241.5 *Veritas . . . . . . . . . . . 1558.7 *Int Travel . . . . . . . . . . . 781.0
IBEX 35 11097.8 -0.5 Volatility (Apr 26,24) BS 200 *Nat Alum . . . . . . . . . . . 193.0 *Swelect Energy . . . . 1526.4 *Red Tape . . . . . . . . . . . 741.8 Adani Total Gas NDL Ventures Orient Cement CIE Automotive Pulsar Intl.
On 26 Apr 6169 -5727 0.3 5.1 3.8
Asia/Pacific (Apr 29,24) CBOE Dow Jones 13.0 21.1 On 25 Apr 89099 9537 0.2 2.6 3.2 *Dixon Tech . . . . . . . . 8656.7 *PNB . . . . . . . . . . . . . . . 138.8 *Dhanuka Agri . . . . . . 1427.4 *JITF Infra . . . . . . . . . . 730.6 Central Bank RPG Life Security & Inte JBM Auto Saven Techno
Nikkei 225 (Apr 26) 37934.8 0.8 CBOE S&P 500 15.4 2.6 On 24 Apr -31078 4443 0.3 3.2 3.5 *Trent . . . . . . . . . . . . . 4498.9 *Samvardhana Mot . . . 133.0 *Bondada . . . . . . . . 1419.3 *Vijaya Diagnost . . . . . 719.5 Chola Inv Group IF Group B KEI Ind Tradewell
On 23 Apr -25625 3199 0.3 4.7 3.6 Divis Lab . . . . . . . . . . . 4104.0 *Bank of Maha . . . . . . . . 71.5 *Yuken India . . . . . . . 1412.9 *Diamond Power . . . . 717.6 Exide Ind IRB InvIT Fund Mangalam Cem KPR Mills Holdi
Hang Seng 17746.9 0.5 * Change over previous close
On 22 Apr -15433 4177 0.3 4.4 3.7 *HAL . . . . . . . . . . . . 4045.2 Others *Rane Hold . . . . . . . . . 1385.0 *Tulive Develop . . . . . . 708.1 Havells I Group T Netweb Technolo Lloyds Engineer Group XT
*Elantas Beck . . . . . 11330.0 *Wonder Electric . . . 1299.0 *Aegis Log . . . . . . . . . . 707.2 IndiaMART Int Shilchar Tec PNB Gilts Lloyds Metals Galaxy Agric
MAJOR INDICES Apr till date
2024 till date
167501
-1033448
-13150
-2750
-
-
-
-
-
-
*InterGlobe Avia . . . . 4012.9
*Cummins (I) . . . . . . . 3338.3 *Force Motors . . . . . 10272.7 *ASM Tech . . . . . . . . . 1249.0 *Suraj Produc . . . . . . . 703.0 IOC Group X VSSL P & G Health Gd Tr.Agency
*Colgate . . . . . . . . . . . 2875.0 *Inox Wind Energ . . . 8049.0 Ebbetf0425 . . . . . . . . 1204.5 Group A Bombay Oxygen Group M Privi sp chem Lerthai Financ
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Grasim Ind . . . . . . . . 2393.2 *Jamshri Raelty . . . . . 7293.0 *M M Forgings . . . . . . 1179.0 LOW 5-Star Business DHP India MRP Agro Ramkrshn Frg Orchasp Ltd
S&P BSE Sensex 73,730.2 73,982.8 74,721.2 73,922.3 74,671.3 941.1 1.3 *Havells I . . . . . . . . . . 1671.4 *Supreme Ind . . . . . . 5000.0 *GE T&D Ind . . . . . . 1143.7 BS 200 Castrol FGP Group X South Ind Bk MAY 03
*Voltas . . . . . . . . . . . . 1477.4 *Simplex Mill . . . . . . . 4466.6 *ZF Steering . . . . . . . 1120.0 NONE Dwarikes Sug Golkonda Alumin Classic Filam Voltamp Tran BS 200
S&P BSE Sensex 50 23,533.4 23,620.8 23,785.5 23,565.9 23,770.3 236.9 1.0 S&P BSE SECTORAL INDICES *Axis Bank . . . . . . . . . 1164.1 *Dr Agarwals . . . . . . . 3660.0 *Kirl Pneu . . . . . . . . . . 1117.5 Others Gravita I India Gelat Zenotech Lab Group B Adani Green En
*ICICI Bank . . . . . . . . 1163.3 *Premier Expl . . . . . . 2789.0 *IST . . . . . . . . . . . . . . . 1105.1 Abslliquid . . . . . . . . . 1000.0 IFCI Int Travel Group XT Asso Alcohols Godrej Prpty Ent Network WAA tech Group XT Kansai Nerol BS 200
S&P BSE-100 23,553.7 23,653.7 23,799.8 23,580.0 23,785.6 231.9 1.0 Prev cls Close % Chng
*Glenmark . . . . . . . . . 1098.0 *Mkventures Cap . . . 2575.0 Excel Ind . . . . . . . . . . . 1090.8 Sunrise EM . . . . . . . . . . . 56.3 Neogen Chem ISF Mena Mani Inds. Astec Life HFCL Inox Green Group P Axtel Ind Zen Techno Gujarat Gas
S&P BSE-200 10,275.8 10,322.6 10,376.1 10,288.6 10,370.6 94.8 0.9 Auto 50,130.0 50,211.6 0.2 *Containr Crp . . . . . . 1088.1 *Eimco Elecon . . . . . . 2379.2 *Zen Techno . . . . . . . . 1067.5 *Garbi Fin . . . . . . . . . . . . 18.0 Newgen Soft Tec Regency Invest Nalin Lease Fin Bliss GVS MRF JSW Infra Gothi Plas Ceenik Exp Group B Lupin
Bankex 54,606.3 56,081.1 2.7 *SBI . . . . . . . . . . . . . . . . 831.0 *RIR Power . . . . . . 2310.0 *Techno Electric . . . . 1067.0 *Vitesse . . . . . . . . . . . 11.3 Nuvoco Vistas Sarda Proteins MAY 02 Digicontent MRPL Kabra Extrus Group T Evexia Nagarjuna Fert Marico
S&P BSE-500 32,877.3 33,035.0 33,156.8 32,912.1 33,139.2 261.9 0.8
Cons. Durables 54,995.9 55,189.7 0.4 Aarti Inds . . . . . . . . . . . 769.5 *Centum Elec . . . . . . . 2097.2 *Kirloskar Oil . . . . . . . 1054.0 Mayukh Dealtrad . . . . . . . 8.9 Proct & Gamb Stanpacks I BS 200 Linc Titan Company Kriti Inds Inox Wind Energ Longview Tea Raw Edge Ind Group A
S&P BSE IPO 14,188.9 14,390.6 14,435.7 14,274.7 14,286.5 97.6 0.7 Cap. Goods 63,115.1 63,236.6 0.2 *Canara Bank . . . . . . . 624.8 *Sika Interp . . . . . . . . 2068.9 *Mirae -ET . . . . . . . 1000.0 *Atal Realtech . . . . . . . . . 8.8 Star Health Teesta Agro Adani Enter N K Indust. Group A Kriti Nutrit Lloyds Enterpri Swastik Inv The Anup Engg Bombay Dyng
FMCG 19,629.8 19,651.3 0.1 *Tata Power . . . . . . . . . 451.5 *Century Tex . . . . . . . 2033.6 *Eyantra Ve . . . . . . . 963.9 Deccan Poly . . . . . . . . . . . 8.8 Symphony Vertex Sec Adani Ports Plastiblends Aarti Drugs Next Media Tree House Triveni Glas Group P GHCL
S&P Dollex-30 7,263.8 - - - 7,344.4 80.6 1.1 *Ganon Prod . . . . . . . . . . . 8.1 Group B Group XT Coal India R System Intl Aptus Value Hou
Healthcare 35,441.0 35,562.5 0.3 Chambal Fert . . . . . . . . 439.0 *Shakti Pumps . . . . . . 1880.7 *Meson . . . . . . . . . . 949.2 Paushakltd Group X MAY 04 Guj.Contain. Grindwell N
Nifty 50 22,420.0 22,475.6 22,655.8 22,441.9 22,643.4 223.5 1.0 Infra 598.4 602.2 0.6 Vedanta . . . . . . . . . . . . 408.0 *DOMS Inds . . . . . . . . 1877.0 *Last Mile Enter . . . . . . 935.0 *MEP Infra Dev . . . . . . . . 7.6 Ador Welding Loyal Equipment Coforge Transwar Fin Carborundm Rane Brake Amba Ent BS 200 Group T Happiest Minds
IT 34,420.8 34,432.9 0.0 *Hind Copper . . . . . . . . 401.9 *Welcast Stl . . . . . . . . 1861.9 *Godrej Ind . . . . . . . . . . 918.9 *Integra.Hite . . . . . . . . . . 6.1 Bharat Wire RR Metalmakers Dabur India Group M Firstsource Steel Exchng Moongipa Cap Kotak Mah Bank Nila Infra Group B
Nifty next50 64,134.6 64,508.4 64,652.4 64,094.2 64,488.1 353.5 0.6 *CMI . . . . . . . . . . . . . . . . . 5.1 CyberTech Swastik Safe Federal Bank Indo Us Bio-Tec Go Fashion
Metal 31,394.6 31,519.7 0.4 Biocon . . . . . . . . . . . . . 314.6 *Super Sales . . . . . . . 1839.9 *Pitti Engg . . . . . . . . . . 904.8 Tata Techno NICCO Parks Group A Sambhaav Med Aeroflex Indust
Nifty 500 20,839.4 20,911.1 21,002.1 20,847.9 20,992.2 152.8 0.7 Oil & Gas 28,932.1 29,228.3 1.0 *BHEL . . . . . . . . . . . . . . 283.4 *Tide Water . . . . . . . . 1836.0 *Kaveri Seed . . . . . . . . 890.4 *08Mpd . . . . . . . . . . . . 1.6 DB Intl Stk Vivanza Bios RailTel Corp Group MT Inox Wind Tatva Chintan Odyssey Tech Avenue Supermar Group X Apcotex Ind
Power 7,081.5 7,145.4 0.9 *NMDC . . . . . . . . . . . . . 261.4 *Bharat Paranter . . . . 1791.2 *Swastik Inv . . . . . . . . . 824.0 *Shalimar Prd . . . . . . . . . 0.5 De Nora MAY 01 Group A Khemani Dist Raymond Vinyl Chem REL Birla Corpn High Energy GHCL Textiles
India VIX 10.9 10.9 12.5 10.9 12.2 1.3 11.9 *Concord Biotech . . . 1689.3 *Electrotherm . . . . . . . 788.4 *Nouveau Global . . . . . . . 0.5 Filatex BS 200 Agi Gree Group T Group B Virinchi Con Umiya Tubes IDBI Bank Vijay Text Kamdhenu
PSU 19,808.8 20,044.6 1.2 *HUDCO . . . . . . . . . . . . 242.7
Nifty CPSE 6,206.7 6,243.1 6,252.9 6,191.0 6,223.5 16.9 0.3 Realty 7,608.3 7,533.1 -1.0 Fino Payments Ambuja Cem Ajanta Phar Gallantt Ispat Asian Energy Group MT VMS Ind J & K Bank MAY 06 Muthoot Microfi
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (749.3) (748.0) (6409.0) (6410.5)
m ~50 H ~2 Open 751.3 748.0 6499.3 6460.6
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 769.5 769.3 6499.3 6464.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 745.1 746.1 6350.0 6349.2
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 754.9 755.4 6451.7 6451.9
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 127K 1624K 5564 159K
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 63.1 63.1 113.1 113.1
company name is followed by shares traded, and also the 52 Wk H/L 770/438 769/438 6770/3391 6773/3390
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 27365 27383 136712 136716
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 Aditya Bir Fa Aditya Birla m H m mH H  « « « « m m « H
(25864.8) (25895.0) (2524.4) (2533.1) (3079.9) (3080.4) (1325.9) (1324.6) (268.8) (268.5) (231.2) (231.3)
O 25860.6 26040.0 2539.3 2535.0 3119.0 3110.0 1335.1 1334.3 273.3 271.0 233.3 233.0 O O
26450.0 26507.0 2561.1 2561.5 3119.0 3110.5 1335.1 1335.8 274.5 274.4 241.5 241.7
w 25801.7 25808.4 2518.0 2516.1 3052.0 3051.5 1307.0 1307.0 264.7 264.6 229.7 229.7 w w
26277.6 26289.6 2526.2 2525.4 3079.6 3081.2 1317.0 1317.3 268.6 268.9 240.8 240.7
446 15391 15470 726K 29658 649K 143K 2192K 663K 6574K 603K 18029K
48.7 48.8 20.3 20.3 99.9 100.0 39.3 39.4 - - 322.7 322.5
W 29628/20594 29639/20605 2760/1704 2746/1704 3349/1786 3350/1785 1425/657 1425/657 277/184 277/184 242/155 242/155 W W
M 55840 55865 47439 47424 351069 351257 284492 284546 27292 27318 62612 62586 M M

Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL Britannia« Can Fin HomeH
(6729.9) (6731.2) (1597.1) (1597.3) (2373.4) (2375.8) (390.6) (390.8) (184.2) (184.2) (268.1) (268.0) (1363.3) (1363.4) (503.5) (503.1) (238.9) (238.9) (1310.4) (1309.9) (1325.5) (1326.0) (278.8) (278.9) (307.0) (306.4) (674.3) (674.2) (28871.8) (28877.2) (609.4) (609.5) (4797.5) (4800.5) (747.0) (747.0)
O 6839.2 6790.0 1604.9 1603.0 2399.3 2381.0 393.5 392.5 184.8 185.0 269.2 269.1 O 1380.2 1371.0 507.0 507.8 240.5 240.2 1311.1 1312.3 1329.4 1324.5 283.4 281.9 O 310.8 310.5 681.4 677.0 29185.3 29100.0 614.2 615.0 4826.8 4815.0 755.3 751.9
6839.2 6839.6 1604.9 1603.0 2406.0 2410.0 409.4 409.5 185.1 185.0 273.8 273.9 1380.2 1372.1 508.0 507.8 240.5 240.2 1316.8 1316.9 1345.8 1346.0 283.4 281.9 314.6 314.7 684.7 684.5 29687.5 29700.0 624.5 624.5 4827.6 4825.6 755.3 753.8
w 6710.5 6713.1 1587.9 1587.4 2363.6 2362.1 392.0 392.0 182.2 182.0 265.0 265.0 w 1349.0 1348.0 503.1 503.1 234.9 234.9 1273.8 1273.6 1320.3 1320.0 274.9 274.8 w 301.0 300.9 664.6 664.4 28960.8 29008.8 607.3 607.2 4781.2 4776.0 728.4 728.2
6827.4 6826.6 1595.5 1595.7 2397.8 2396.0 401.7 401.7 183.9 183.9 272.7 272.6 1358.8 1356.7 504.6 504.4 235.5 235.4 1282.9 1282.0 1333.3 1332.5 276.8 276.9 306.0 306.2 674.6 674.7 29279.7 29287.2 618.7 618.8 4801.0 4799.9 745.6 746.3
43786 1681K 28854 1133K 2135 272K 281K 7476K 695K 7474K 1309K 22257K 18467 505K 46475 454K 665K 19876K 38330 1178K 51102 3196K 826K 16489K 920K 17313K 162K 2700K 606 29397 257K 7954K 2925 147K 65574 1465K
33.4 33.4 31.2 31.2 38.2 38.2 16.6 16.6 9.9 9.9 8.0 8.0 65.8 65.7 57.1 57.1 47.8 47.8 46.7 46.6 90.0 89.9 - - 30.6 30.6 33.5 33.5 37.1 37.1 4.6 4.6 53.5 53.5 14.0 14.0
W 8190/6156 8192/6156 1742/1330 1741/1330 2794/2067 2796/2067 486/343 486/344 272/170 272/170 286/173 286/173 W 1770/1308 1771/1307 679/501 680/501 242/104 242/104 1330/748 1330/748 1364/774 1354/774 283/77 282/77 W 315/218 315/218 862/272 862/273 31375/17925 31400/17931 688/332 688/331 5386/4350 5386/4348 905/617 910/617
M 422616 422567 254554 254586 46349 46315 8102 8102 29626 29626 141023 140971 M 17463 17436 58820 58797 172109 172073 59729 59690 755801 755347 96383 96418 M 36738 36756 18626 18628 86346 86368 134212 134233 115655 115628 9928 9937

Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH Divis LabH Dixon TechH DLFH
(617.5) (617.6) (313.5) (313.5) (422.8) (422.9) (1172.2) (1171.7) (1409.4) (1409.2) (160.1) (160.3) (455.5) (455.8) (5250.9) (5251.0) (2855.3) (2855.1) (1068.2) (1068.0) (1184.8) (1184.5) (3239.4) (3240.9) (509.0) (509.0) (1799.3) (1799.8) (2478.3) (2477.1) (4025.4) (4016.4) (8571.8) (8580.2) (907.7) (908.0)
O 624.2 622.5 316.2 315.0 425.7 426.2 1166.7 1173.0 1418.6 1419.0 163.0 163.0 O 457.8 458.7 5332.4 5290.0 2865.0 2863.0 1088.1 1083.0 1186.2 1192.9 3241.0 3251.1 O 512.0 512.4 1803.0 1810.0 2491.1 2509.0 4025.4 4025.0 8589.3 8568.1 912.0 913.0
624.8 624.8 316.2 315.7 439.0 439.0 1175.0 1176.1 1418.6 1420.1 163.0 163.0 458.7 458.7 5332.4 5304.9 2875.0 2873.7 1088.1 1083.9 1210.6 1211.4 3338.3 3336.3 512.5 512.8 1836.0 1836.4 2508.7 2510.0 4104.0 4100.0 8656.7 8655.0 914.2 915.0
w 613.6 614.2 311.9 312.0 424.0 424.0 1160.7 1161.2 1392.3 1392.4 158.5 158.5 w 450.7 450.6 5170.0 5167.4 2812.7 2813.0 1036.6 1036.4 1173.7 1174.1 3241.0 3247.1 w 505.9 506.0 1791.0 1790.3 2425.0 2425.0 3972.0 3971.1 8443.4 8445.1 877.0 876.9
621.1 620.9 314.2 314.3 426.7 426.7 1171.0 1170.9 1407.6 1408.0 158.8 158.9 453.2 453.3 5182.2 5184.2 2826.5 2823.8 1050.0 1049.6 1203.8 1204.0 3302.9 3305.8 506.7 506.7 1832.3 1832.7 2442.7 2443.9 3988.8 3989.3 8470.2 8470.6 886.3 886.1
178K 7948K 58191 947K 128K 4755K 17537 599K 36039 1082K 126K 4842K 146K 5306K 2582 286K 12101 197K 113K 3847K 32339 467K 9160 527K 62214 1373K 9645 332K 38828 355K 44974 753K 14499 300K 96439 3109K
8.1 8.1 46.2 46.2 12.7 12.7 30.6 30.6 30.6 30.7 12.0 12.0 9.5 9.5 45.8 45.8 61.0 61.0 52.7 52.6 21.6 21.6 64.6 64.6 50.0 50.0 33.2 33.2 79.6 79.7 77.6 77.6 143.4 143.4 92.3 92.3
W 625/291 625/291 328/252 328/252 439/250 439/250 1310/872 1310/871 1519/898 1519/897 168/120 168/120 W 488/223 488/223 6840/4055 6847/4056 2875/1562 2874/1560 1088/610 1084/610 1288/909 1272/908 3338/1557 3336/1556 W 597/489 597/489 2429/1767 2431/1767 2535/1864 2535/1864 4104/3050 4100/3051 8657/2847 8655/2843 967/415 968/421
M 112667 112630 20206 20209 17094 17096 98366 98361 113646 113682 11762 11770 M 279295 279326 32036 32049 76881 76807 63977 63949 35438 35444 91555 91635 M 89778 89787 34365 34372 33318 33334 105883 105895 50652 50654 219373 219336

 M « « H m « M « N «  Granules« Grasim IndH Gujarat GasH HAL Havells I« HCL TechnoH

(424.3) (424.0) (2345.4) (2342.4) (551.7) (551.4) (3985.2) (3984.4) (1639.3) (1640.1) (1472.3) (1473.8)
O O O 427.0 426.6 2350.3 2355.0 555.5 554.8 4010.9 4006.4 1671.4 1656.5 1416.9 1415.0
427.7 427.7 2393.2 2392.8 557.7 558.0 4045.2 4044.8 1671.4 1660.5 1433.5 1436.0
w w w 418.3 418.7 2309.0 2309.6 548.6 548.4 3975.0 3975.3 1634.0 1631.5 1381.2 1381.0
420.2 420.5 2388.1 2386.6 551.4 551.6 4018.0 4017.7 1645.0 1644.5 1387.1 1387.4
43112 636K 28013 617K 30167 339K 86890 1202K 46464 1115K 298K 11493K
25.8 25.8 106.3 106.2 34.4 34.4 43.7 43.7 86.9 86.9 24.0 24.0
W W W 481/272 480/272 2393/1661 2393/1660 621/397 620/397 4045/1443 4170/1768 1671/1211 1661/1212 1697/1048 1697/10
M M M 10186 10193 157253 157158 37958 37969 268712 268696 103092 103058

H M  H « H H M H H « H  H « H H O H « H m « m M

O O O

w w w

W W W
M M M

H « H w  O « ON H H « « m W «

O O O

w w w

W W W
M M M

H M  & H & & H H H H M « H M&M H M &M  M M H M « M  M H

O O O

w w w

W W W
M M M

M M H H M M M N m N H N « N « NH NM « N O O Q ON  O  M«

O O O

w w w

W W W
M M M

 N « « m H N H w w N m m « m M «

O O O

w w w

W W W
M M M

« & m m m H N m « N  m mm m « M H w « « «

O O O

w w w

W W W
M M M

M  m «  « M « w« H H « « W H H « m « «

O O O

w w w

W W W
M M M
4
>.
NEW DELHI | TUESDAY, 30 APRIL 2024 1
l

         

4   ! ' 56  6 /!4 706 -2 #!6
!*82 $!8 6-86 ! ,016 "9:
      ! " #!$
                              
              !""!   #  $ %       &'!  %    '  
          !""!       ( $   )  % $        
  %  *"   +     $     ,
 )  % -(  $        ) (-  )  %   $ )  (  
( )(         .   /-  0   1 $     $ $  )
 ) %  #  $ %       )+   2     &'    %    3       
     !""!        (  $ $ ,
 )  %4      -  $ -    )+   3     &'      $   -)  
   ,
 )  %  $     $ )  (  )      %   $ $    ( %   $ $ 
% )  )5  (      .   /-  0          ) %     ,
$! ! .>,1 ? "! ? &  &"! ' &  !
'"9 23 & ! )
$'. $ % & '( )'*  ' *' ) %5656=:7 ,2 ! $8 3 > ; )< .$-
= +  ,- ./0)1 ! > ! )@3'! !31 %A7%7 ))0))'

23 .!4    /  /   / $  6(   / 7 , &3  8 6 1  (   +
!"  *   +!"  *  7   22     +22    &"",!! 9 :  3',3" 9 ;      ; 5
; ;$  <8 $  6(  = 8  ;     6   >?  @ &3      @ /
7 , &A 6 1 +8 7  @ / 7 , &B 6 1  @ / 7 , &C 6 1+8
     
    ! " !! # $

Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (The Act)
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
1 LOAN ACCOUNT NO. FLAT NO. 1005, 10TH FLOOR, 05.03.2024 Rs. 22,57,794.11 (Rupees
HHLNOI00129109 TOWER-G1, SUPERTECH-UP Twenty Two Lakh Fifty
1. NEETU KAMRA COUNTRY, PLOT NO. TS-1, Seven Thousand Seven
2. RAHUL KAMRA SECTOR-17A, YAMUNA EXPRESSWAY, Hundred Ninety Four and
GREATER NOIDA - 201301, UTTAR Paise Eleven Only) as on
PRADESH 05.04.2024
2 LOAN ACCOUNT NO. FLAT NO. T7-1203, 12TH FLOOR, 04.03.2024 Rs. 42,74,539.52 (Rupees
HHLDUB00465546 TOWER-T7, PRESITHUM, PLOT NO. Forty Two Lakh Seventy
1. ADARSH PREMNATH GH-F2, SDZ, SECTOR 25, YAMUNA Four Thousand Five
SHARMA EXPRESSWAY, JAYPEE SPORTS CITY, Hundred Thirty Nine and
2. ANJALI SHARMA GAUTAM BUDDHA NAGAR, GREATER Paise Fifty Two Only) as on
NOIDA - 201306, UTTAR PRADESH 09.04.2024
3 LOAN ACCOUNT NO. FLAT NO. T7-1201, 12TH FLOOR, 04.03.2024 Rs. 48,58,599.12 (Rupees
HHLDUB00465526 TOWER-T7, PRESITHUM, PLOT NO. Forty Eight Lakh Fifty
1. ADARSH PREMNATH GH-F2, SDZ, SECTOR 25, YAMUNA Eight Thousand Five
SHARMA EXPRESSWAY, JAYPEE SPORTS CITY, Hundred Ninety Nine and
2. ANJALI SHARMA GAUTAM BUDDHA NAGAR, GREATER Paise Twelve Only) as on
NOIDA - 201303, UTTAR PRADESH 09.04.2024
That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
the borrower.
In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
is available to the Company in law.
Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
time frame, Borrower may not be entitled to redeem the property.”
In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
the notice, without prior written consent of secured creditor. For Indiabulls Housing Finance Ltd.
Place: GREATER NOIDA Authorized Oicer
.l
NEW DELHI | TUESDAY, 30 APRIL 2024 5 <

BASF India Limited

Regd. Office: The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No.C-70,
‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051
We create chemistry CIN: L33112MH1943FLC003972 Tel: +91 22 62785600
Website: www.basf.com/in Email: [email protected]
NOTICE TO SHAREHOLDERS FOR TRANSFER OF EQUITY SHARES TO INVESTOR
EDUCATION & PROTECTION FUND (IEPF)
Notice is hereby given pursuant to the provisions of Section 124(6) of the Companies Act, 2013 read along with the
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the Rules”)
as amended, for transfer of equity shares of the Company in respect of which dividend has remained unpaid or
unclaimed for seven consecutive years, to the IEPF set up by the Central Government.
Accordingly, individual communication has been sent to those Shareholders whose shares are liable to be transferred
to IEPF under the said Rules at their latest available address. The Company has also uploaded the details of such
shareholders and shares due for transfer to IEPF on its website. Shareholders are requested to refer to the weblink
www.basf.com/in to verify the details of the shares liable to be transferred to IEPF.
In view of the above, all such Shareholders are requested to make an application to the Company / Registrar & Share
Transfer Agent (RTA) by 1st October 2024 for claiming the dividend declared during the financial year 2016-2017 and
onwards, so that their shares are not transferred to the IEPF. It may please be noted that if no claim / application is
received by the Company or the RTA along with the requisite valid documents i.e., Investor Service Request Form
ISR – 1, Form ISR - 2 and Form No. SH 13 (Nomination Form), original cancelled cheque stating your name as the
Account holder and other supporting documents, the Company will be compelled to transfer the underlying shares to
the IEPF, without any further notice.
Further, as per the Circular dated November 3, 2021 and December 14, 2021 issued by Securities and Exchange
Board of India, outstanding payments will be credited directly to the bank account if the folio is KYC Compliant. The
Investor Request Forms are available at the website of our RTA at: website https://www.tcplindia.co.in  Investor
Services Downloads Forms Formats for KYC. Payment can be made to shareholders holding shares in physical
form only if the folio is KYC compliant.
Kindly note that all the future benefits, dividends arising on such shares would be transferred to IEPF. The
Shareholders are requested to note the above provisions and claim all unpaid dividends from time to time. It may be
noted that as per present rules, the shares transferred to IEPF, including all benefits accruing on such shares, if any,
can be claimed back from IEPF authority after following the procedure prescribed under the said Rules.
For any clarification on the matter, Shareholders may kindly contact the Company’s RTA, Link Intime India Private
Limited having their office at C-101, 1st floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai - 400 083,
Tel : +91-810 811 8484 Email id : [email protected]
For BASF India Limited
Sd/-
Place : Mumbai Manohar Kamath
Dated : 30th April 2024 Director – Legal, General Counsel (India) & Company Secretary

ASSETS CARE & RECONSTRUCTION ENTERPRISE LTD.

Corporate Office : Unit No. 502, C Wing, ONE BKC, Plot No. C – 66, G – Block,
Bandra Kurla Complex, Mumbai – 400051. Tel : 022 68643101
Registered Office : 14th Floor, EROS Corporate Tower, Nehru Place, New Delhi – 110019
E-mail : [email protected] Website : www.acreindia.in CIN : U65993DL2002PLC115769

Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (The Act)
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
1 LOAN ACCOUNT NO. FLAT NO. 2206, ON 22ND FLOOR, 31.12.2022 Rs. 10,23,070.02 (Rupees
HHLNOD00324635 TOWER- COURTYARD, PROJECT Ten Lakh Twenty Three
1. KUSHMESH KUMAR ECO VILLAGE-1, PLOT 08, Thousand Seventy and
2. MANORAMA SHARMA SECTOR-01, GREATER NOIDA, Paise Two Only) as on
GAUTAM BUDDHA NAGAR - 201303, 31.03.2024
UTTAR PRADESH
2 LOAN ACCOUNT NO. FLAT NO. K-1/0207, 2ND FLOOR, 31.12.2022 Rs. 46,50,126.92 (Rupees
HHLEOK00204746 TOWER K-1, SUPERTECH ECO Forty Six Lakh Fifty
1. KIRTI UPADHYAY VILLAGE-4, PLOT NO. GH-01, Thousand One Hundred
2. MANJU UPADHYAY SECTOR 16-B, GREATER NOIDA, Twenty Six and Paise Ninety
NOIDA - 201308, UTTAR PRADESH Two Only) as on 31.03.2024
3 LOAN ACCOUNT NO. FLAT NO. 1902, 19th FLOOR, 31.12.2022 Rs. 42,41,307.70 (Rupees
HHLDCP00211201 TOWER-D, ECO VILLAGE-3, PLOT Forty Two Lakh Forty One
1. NAVIN BAJAJ ALIAS NO. GH-06, SECTOR-16B, GAUTAM Thousand Three Hundred
NAVEEN BAJAJ BUDDHA NAGAR, GREATER Seven and Paise Seventy
2. SUNITA BAJAJ NOIDA - 201303, UTTAR PRADESH Only) as on 01.04.2024

4 LOAN ACCOUNT NO. FLAT NO. 1804, 18TH FLOOR, 31.12.2022 Rs. 47,26,514.66 (Rupees
HHLLAJ00209140 TOWER J-2, SUPERTECH ECO Forty Seven Lakh Twenty
1. SHISHUPAL SINGH VILLAGE-4, PLOT NO. GH-01, Six Thousand Five Hundred
SAJWAN SECTOR 16-B, GREATER Fourteen and Paise Sixty
ALIAS S.S.SAJWAN NOIDA - 201308, UTTAR PRADESH Six Only) as on 31.03.2024
2. USHA SAJWAN
5 LOAN ACCOUNT NO. FLAT NO. 1503, 15TH FLOOR, 11.03.2023 Rs. 5,10,150.28 (Rupees
HHLNOD00344505 TOWER A-3, GOLF VILLAGE, TS-5, Five Lakh Ten Thousand
1. NISHA ADHIKARI SECTOR-22-D, YAMUNA One Hundred Fifty and
2. JAIT SINGH EXPRESSWAY, GAUTAM BUDDHA Paise Twenty Eight Only) as
3. MOHD. AFSHAN NAGAR, NOIDA - 201301, UTTAR on 31.03.2024
(GUARANTOR) PRADESH

6 LOAN ACCOUNT NO. FLAT NO. 0504, 5TH FLOOR, TOWER 31.12.2022 Rs. 14,85,012.12 (Rupees
HHLVAS00450042 CST/GARDEN HOMES, SUPERTECH Fourteen Lakh Eighty Five
1. NEBAR SINGH ECO VILLAGE-1, PLOT NO. 08, Thousand Twelve and
2. KARTAR SINGH SECTOR-01, GAUTAM BUDDHA Paise Twelve Only) as on
3. VIMLESH DEVI NAGAR, GREATER NOIDA - 201303, 26.03.2024
UTTAR PRADESH
7 LOAN ACCOUNT NO. FLAT NO. 1001, 10TH FLOOR, 31.12.2022 Rs. 10,51,315.09 (Rupees
HHLNOI00475309 TOWER 27 HEIGHTS, ECO VILLAGE Ten Lakh Fifty One
1. ANKIT SHARMA -3, PLOT NO. GH-06 SECTOR 16-B, Thousand Three Hundred
2. PRADEEP KUMAR GREATER NOIDA, GAUTAM BUDHA Fifteen And Paise Nine
3. RUBY SHARMA NAGAR - 201303 UTTAR PRADESH Only) as on 31.03.2024
That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
the borrower.
In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
is available to the Company in law.
Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
time frame, Borrower may not be entitled to redeem the property.”
In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
the notice, without prior written consent of secured creditor.

For Assets Care and Reconstruction Enterprise Ltd.

Acting in its capacity as Trustee of ACRE 102 Trust
Place: GAUTAM BUDDHA NAGAR/NOIDA/GREATER NOIDA Authorized Officer
6
>.
NEW DELHI | TUESDAY, 30 APRIL 2024 1
l