SATURDAY, 7 DECEMBER 2024

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

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AIR INDIA EXPRESS FORECAST FOR GROWTH LOWERED, INFLATION RAISED

EXPANSION PLANS
SET FOR TAKEOFF
Air India Express, the RBI keeps rates unchanged, Q2 GDP showing
not a systemic
budget-carrier arm of Air

cuts CRR by 50 bps to 4%

India, plans to add 65
aircraft to its fleet over
the next three years, as it
embarks on an expansion
drive. Its parent airline is
set to induct 35 planes during the same
period. The quicker fleet expansion of Maintains neutral stance; sets stage for Feb rate action
slowdown: FM
Air India Express is on account of quicker RUCHIKA CHITRAVANSHI
deliveries of B737 Max aircraft, configured
exclusively with economy-class seats by
MANOJIT SAHA
Mumbai, 6 December
CAUTIOUS APPROACH New Delhi, 6 December

American manufacturer Boeing. 2> RBI's projections at MPC meets (in %) The slow pace of gross domestic

T
he Reserve Bank of India’s (RBI’s) product (GDP) growth in the
AKASA AIR INKS CODESHARE six-member monetary policy Growth forecast second quarter does not show
PARTNERSHIP WITH ETIHAD P2 committee (MPC) on Friday n October n December systemic slowdown; it was
decided to keep the policy repo impacted by a reduction in
rate unchanged at 6.5 per cent — the status capital expenditure due to
ECONOMY & PUBLIC AFFAIRS P6 quo for an 11th straight time — maintaining general elections in the first
Forex reserves up $1.51 bn, a “neutral” stance. Even as it reduced the
cash reserve ratio (CRR) by 50 basis points
quarter, Finance Minister
Nirmala Sitharaman said on
end 8-week losing streak to 4 per cent to boost liquidity in the system, Friday.
Country’s foreign exchange reserves rose for it lowered the 2024-25 gross domestic pro- 7.4 6.8 7.4 7.2 7.2 6.6 7.3 6.9 NA 7.3 “Growth numbers are not
the first time in nine weeks by $1.51 billion duct (GDP) growth projection to 6.6 per cent Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 necessarily going to get badly
to $658.091 billion for the week ended from 7.2 per cent earlier. The inflation pro- affected. I expect the third
November 29, coming off five-month lows, jection for this financial year, meanwhile, quarter to also make up for all
the RBI said on Friday. The reserves rose by was increased by 30 bps to 4.8 per cent.
Inflation forecast this. There are very good
$1.5 billion in the reported week. Repo rate is the rate at which the RBI n October n December chances and opportunities for
lends to commercial banks, while CRR is India to remain the fastest-
COMPANIES P3
the proportion of deposits that banks must 4.5 4.5 4.8 4.6 growing economy,” Sitharaman
keep with the central bank. One basis point 4.2 4.3 said. She was in conversation PHOTO: PTI
4.0
Ceat to acquire Michelin’s is the hundredth of a percentage point.
In what might make a case for a rate cut 4.8 5.7 NA
with 15th Finance Commission
Chairman N K Singh at the
I EXPECT THE THIRD
Casmo brand for ~1.9K cr in the next policy review in February, food India-Japan Forum 2024 here. QUARTER TO MAKE
Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26
Tyre maker Ceat has entered into a definitive prices, which have lately caused a spike in
Source: RBI
India’s GDP growth slowed UP FOR ALL THIS (5.4%
agreement with Michelin to buy its Camso
brand’s off-highway tyres and tracks business
PHOTO: PTI
headline retail inflation, are seen coming
down in the January-March quarter.
to a seven-quarter low of 5.4 per
cent in the July–September
Q2 GDP GROWTH).
for about ~1,905 crore, which includes two “IT IS ALL ABOUT DISSECTION OF The two external members of the MPC icy review, inflation has been increasing, period of FY25. Data released by THERE ARE VERY
manufacturing units in Sri Lanka and the INFLATION GROWTH CONDITIONS — Nagesh Kumar and Ram Singh — voted while there has been a moderation in the Controller General of GOOD CHANCES AND
global rights to the Camso brand. AND ACTING ACCORDINGLY. in favour of a 25-bp reduction in the repo
rate. Kumar had favoured a rate cut in the
growth. Accordingly, the MPC has adopted
the prudent and cautious approach of
Accounts for the period April–
October FY25 showed a year- OPPORTUNITIES FOR INDIA
TIMING OF ACTIONS IS THE KEY” previous policy meeting in October too. waiting for better visibility on growth on-year decline of nearly 15 per TO REMAIN AS THE FASTEST
BACK P16
Shaktikanta Das The December policy review came and inflation.” cent in capital expenditure. In GROWING ECONOMY”
Maruti, M&M join Hyundai Governor, Reserve Bank of India against the backdrop of the GDP growth
rate declining to 5.4 per cent in the July-
“The MPC remains committed to restor-
ing a balance between inflation and
its policy review, the Reserve
Bank of India on Friday lowered Nirmala Sitharaman
in announcing price hikes September quarter, and retail inflation growth, which has got unsettled recently,” its growth forecast for FY25 to Union Minister for Finance
A day after Hyundai Motor India, Maruti ‘The underlying slowdown breaching the central bank’s tolerance band Das said, remarking that the near-term 6.6 per cent from its earlier
Suzuki India, Mahindra & Mahindra, of 2-6 per cent to stand at a 14-month high inflation and growth outcomes in India had forecast of 7.2 per cent.
and JSW MG Motor on Friday decided to in growth is due to inflation’ of 6.2 per cent in October. The headline turned somewhat adverse since the Sitharaman said the
PAGE 7
increase prices across their model range retail inflation rate is projected to reduce to October policy. “It is all about dissection latest GDP growth numbers FinMin holds
from January 1 in a bid to pass on some the RBI’s target of 4 per cent in the second of inflation-growth conditions and acting should be considered in the
input cost pressure to consumers.
ON PAGE 4 quarter of next financial year. accordingly. The timing of actions is key.” context of an economy and
pre-Budget talks
RBI Governor Shaktikanta Das, who is Most market watchers expect the much- governance structure that were with economists
>DE-DOLLARISATION NOT OUR completing his second three-year term in awaited interest rate cut to start from the entirely focused on elections in The need for a
OBJECTIVE, SAYS RBI GUV P6 office next week, said: “Since the last pol- February policy review. Turn to Page 6 > the first quarter, which had a manufacturing policy,
ON bearing on Q2.
While highlighting that the
reining in food inflation and
raising investment in the
SPECIAL SATURDAY PAGE 4 PAGE 6 PAGE 10
purchasing power of Indians country were among key
was improving, the FM flagged suggestions given by
concerns about stagnating economists who met
NATIONAL INTEREST CRR cut to boost MuleHunter.ai A cautiously dovish, Drop in India-US wages within India as one of the Finance Minister Nirmala
factors affecting domestic Sitharaman and senior
Return of bad ideas lenders’ net to tackle par-for-the-course policy 10-yr bond yield consumption. “We are quite ministry officials in the first
& missing reformers interest margins financial fraud The monetary policy, RBI Governor
spread in 4 yrs seized of these factors which round of pre-Budget
There are three perfectly timed triggers Shaktikanta Das’s last before his might have a play on India’s consultations on Friday.
for this week’s column: Old, povertarian The RBI’s decision to cut the The RBI has developed an current term ends next week, The post-pandemic monetary own consumption… India has
instincts are back; the steel industry cash reserve ratio by 50 basis artificial intelligence and managed the expectations quite tightening across the globe has opportunities as much as its
lobbying for more import duties; and points, injecting liquidity of machine learning-based well. Those who were expecting a resulted in a sharp decline in share of challenges,” she said. countries, was a matter of
the absence of reformers like A D Shroff. ~1.16 trillion into the banking model MuleHunter.ai to rate cut will be disappointed but, the spread between the Indian She pointed out that the concern, as was climate change
SHEKHAR GUPTA writes 9> system, is expected to reduce address the growing issue overall, it’s par for the course. and the US 10-year treasury plateauing of demand, with respect to agriculture and
costs for banks. of mule bank accounts. TAMAL BANDYOPADHYAY writes bond yields in the last 4 years. particularly in developed allied products. Turn to Page 7 >

COMPANIES P3
Don’t want to go Byju’s
way, Aakash tells NCLAT LG India files for IPO, may raise ~15K cr Tata Power plans
Aakash Educational Services on Friday told
the National Company Law Appellate Tribunal
(NCLAT) that it did not want to go down the
South Korean parent BETTING BIG price. Just like LG India, HMI’s IPO
was entirely an offer for sale, with the
~1.25 trn capex
to sell 15% stake
path of Byju’s and so it has to amend its
Articles of Association to infuse funds by
selling equity. SHARLEEN D’SOUZA
LG India’s IPO size could be among India’s top five
Month Issue size (~ cr)
Seoul-based parent divesting 17.5 per
cent in its Indian arm.
This DRHP comes at a time when
for FY26-30
Mumbai, 6 December Hyundai Motor India Oct ‘24 27,870 South Korea is in turmoil after its SHINE JACOB
LIC May ‘22 20,557 President Yoon Suk Seol declared Tirunelveli (Tamil Nadu), 6 December
ECONOMY & PUBLIC AFFAIRS P7 The Indian subsidiary of South One 97 Communications Nov ‘21 18,300 emergency marital law, which was
Monthly PLFS data for rural, Korean major LG Electronics on
Friday filed its draft red herring pro-
Coal India Oct ‘10 15,199 reversed hours later. Morgan Stanley
India, J P Morgan India, Axis Capital,
Tata Power is planning to invest around ~1.25 trillion
between the next financial year (FY26) and FY30
NA 15,000*
urban areas from Mar-end spectus (DRHP) with the Securities
LG Electronics India
*Industry sources Source: PRIME Database
BofA Securities India, and Citigroup in order to double its operational capacity to 32 giga-
The National Statistics Office (NSO) is likely to and Exchange Board of India to raise Global Markets India are the book- watts (Gw) from 15.6 Gw now, a senior company official
start releasing the periodic force labour survey ~15,000 crore through an initial public The LG Electronics India IPO is an ~15,200 crore in 2010. Hyundai Motor running lead managers for the IPO. said on Friday.
(PLFS) data every month for the rural and offering (IPO). This comes within two offer for sale and is likely to offload India’s (HMI’s) listing in October, LG India competes with global as well This is in addition to
urban areas from March, in a bid to make months of the Indian unit of South up to 101.8 million equity shares, though biggest in India, received a as Indian firms like Voltas, Havells, the ~21,000 crore lined
data readily available to help policymakers, Korean automobile major Hyundai amounting to a 15 per cent stake. lukewarm response, garnering just 2.4 Godrej, Blue Star, Haier, Whirlpool, up for FY25, up 72 per
an official told Business Standard. going for a ~27,870 crore IPO — the This will make it India’s fifth- times the subscription. HMI’s shares Philips, Samsung, and Sony. cent from ~12,184 crore
largest in India. largest issue, ranking after Coal India’s still trade 4 per cent below their issue Turn to Page 3 > in FY24. Out of the total
capex of ~1.46 trillion
lined up between FY25

Year-end rush: Market recovery sets IPO Street abuzz again and FY30 to be used for
generation, transmis-
sion, and distribution,
POWERING UP
Tata Power’s capex
around 60 per cent will
ILLUSTRATION: AJAY MOHANTY road map in ~ crore
SUNDAR SETHURAMAN the Nifty 50 index and Nifty Smallcap be spent on renewables.
Mumbai, 6 December 100 rebounding 6 per cent and THE FIZZ IS BACK This is in line with the FY24 12,184
9 per cent, respectively, from their IPO tally this year is already company’s vision of FY25 21,000
After a brief lull, the initial public offer- November lows, the primary market highest ever for a calendar year achieving 70 per cent FY26 25,000
ing (IPO) market is buzzing again with is once again vibrant. Amount raised (~ crore) green energy power FY27 26,000
markets recovering from recent lows. The latest round of IPOs will generation by 2030, and
On Friday, three firms — Vishal further boost the tally for the year. 100 per cent by 2045.
FY28 24,000
59,302

Mega Mart, Sai Life Sciences, and One During the first 11 months of 2024, 76 The company’s FY29 25,000
49,436

MobiKwik Systems — announced firms raised ~1.34 trillion, surpassing renewable capacity is FY30 25,000
plans to raise a combined ~11,615 crore the 2021’s record tally of ~1.19 trillion. expected to touch 23 Source: Company
30,959

via IPOs. Several other companies, Bankers say the recent market sell- Gw by FY30, from 6.7
26,494

26,613

including International Gemological off made it challenging to price and Gw in FY24. The offi-
Institute and Avanse Financial execute deals, but the Maharashtra cial indicated that the company may also look at pub-
13,614

12,362

134,302

Services, are expected to follow suit. Assembly election results sparked a lic-private partnerships in nuclear energy once the
118,723
67,147
1,201

The surge in IPO activity comes dramatic market revival. Despite the government gives the go-ahead for that.
after a slowdown triggered by poor selloff, fundraising remained robust The company is targeting a 1.6-fold growth in reve-
listings, weak demand, foreign portfo-
lio investor (FPI) outflows, and earn-
during the two-month downturn,
largely due to three large deals. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 COMING UP NEXT WEEK Issue size (~cr)
nue to ~100,000 crore, a 2.4-fold growth in Ebitda (earn-
ings before interest, taxes, depreciation and amorti-
ings disappointments. However, with Turn to Page 7 > 5 21 26 36 24 16 15 63 40 57 76 Vishal Mega Mart Sai Life Sciences MobiKwik sation) to ~30,000 crore, and a 2.5-fold growth in profit
after tax (PAT) to ~10,000 crore by FY30, said Praveer
No. of IPOs 8,000 3,043 572 Sinha, chief executive officer (CEO) and managing
>MOBIKWIK CUTS DOWN ISSUE SIZE FOR THIRD TIME PAGE 10 Note: 2024 tally as of November Source: PRIME Database Source: Company director (MD) of the company. Turn to Page 3 >
2 COMPANIES
>
NEW DELHI | SATURDAY, 7 DECEMBER 2024 1

A-I Express’ expansion

IN BRIEF
Piramal Pharma to pay $407K Akasa Air inks
to VetDC Inc to settle dispute
codeshare pact
Piramal Pharma on Friday said it would pay
$407,400 to US-based VetDC to settle a dispute
over rejected batches of a product. VetDC claimed
damages on account of rejection of certain
batches of product manufactured, and supplied
plan ready for takeoff with Etihad
by Piramal Pharma Solutions Inc. “While the Airline to induct 65 planes in 3 yrs; defers Kolkata-Dhaka direct flights DEEPAK PATEL Airways will come into effect on
company continues to believe that its legal stand is New Delhi, 6 December flights operating from March or
appropriate against claims made by VetDC and maintains that it ISHITA AYAN DUTT & DEEPAK PATEL April next year.
has defence to VetDC’s claims, in order to solely avoid continued Kolkata/New Delhi, 6 December Akasa Air, the Indian low-cost "It will be interesting to see if
legal costs and uncertainties of protracted litigation, the Company carrier, has entered into a code- Akasa Air is able to secure addi-

A
and VetDC have both decided to settle,” Piramal Pharma said. PTI ir India (A-I) Express, the budg- share partnership with Etihad tional rights under the existing
et-carrier arm of Air India, plans Airways, the flag carrier of the bilateral rights," a source said.
to add 65 aircraft to its fleet over United Arab Emirates. Akasa Air did not respond to
Adani’s copper refinery to help the next three years, as it embarks on a
significant expansion drive.
This partnership allows queries sent by Business
Etihad to sell tickets on Akasa Standard on this issue.
cut imports dependence: Govt Its parent airline is set to induct 35
planes during the same period.
Air's flights, which marks a sig- At present, Akasa Air
nificant step in expanding the operates a daily flight on the
The government on Friday said that once Adani’s Kutch copper The quicker fleet expansion of Air reach of Akasa's services, indus- Mumbai-Abu Dhabi route.
refinery is ramped up to full capacity, which is likely by India Express is on account of quicker try sources told Business As the airline has signed this
early next year, the country will be self-sufficient in deliveries of B737 Max aircraft, config- FLEET COUNTER Standard on Friday. codeshare partnership, it is
refined copper. In a statement, the mines ministry ured exclusively with economy-class The decision to develop coop- intensifying its operations at Abu
said that till that time some amount of import of seats by American manufacturer Boeing. n A-I Express operates about 90 n Air India has a fleet of around 210 eration with the Gulf Dhabi airport. In addi-
refined copper will take place in India. In the last At present, Air India Express operates planes. Over the next 3 years, it is set to planes. Over the next 3 years, it plans carrier has come at a tion to the Mumbai-
financial year, India imported about 363,000 tonnes a fleet of approximately 90 aircraft, while receive 65 new planes and absorb 20 to take delivery of 35 new planes time when Indian car- A codeshare Abu Dhabi route, the
of refined copper cathode worth ~24,552 crore. Japan Air India has around 210 planes. older planes from its parent airline, Air while transferring 20 older planes to riers are divided on partnership airline will also have
accounts for about two-thirds of the refined copper imports. Speaking to reporters in Kolkata whether the Centre allows one daily flights on
India. This will bring its total fleet size A-I Express. This will increase its fleet
Tanzania is India's second important source of refined copper. PTI Thursday evening, Air India Express should hand more airline to Ahmedabad-Abu
to approximately 175 planes size to about 225 planes market and
Managing Director Aloke Singh said, “We bilateral rights to West Dhabi and
are looking at a fleet of about 175 aircraft Asian countries. sell seats Bengaluru-Abu
on a flight
Samvardhana Motherson to buy for Air India Express in about three years
from now.”
Of these, 400 are narrowbody planes.
According to sources, Airbus is
merged into Air India, forming a larger
full-service parent airline. With the merg-
In June this year,
Air India and SpiceJet operated by
Dhabi from the
summer season
95% stake in Japanese firm This means that Air India Express
plans to add about 85 aircraft to its fleet
expected to begin delivering its narrow-
body aircraft to the Air India Group later
er behind it, more diversification of route
network and customer segments is on
opposed it stating that
the Indian govern-
the other next year, when this
codeshare partner-
Auto components maker Samvardhana Motherson International over the next three years. than Boeing. the cards. ment should focus on ship will come into
on Friday said it will acquire 95 per cent stake in Japan-based Industry sources clarified that The fleet is fungible, Singh said, As part of the bigger transformation building major Indian effect.
Atsumitec for $57 million. The firm’s board approved the approximately 20 older planes are in the adding that it can move across the two of the Air India Group, routes are getting airports as hubs, while “It will be
acquisition via its subsidiary Samvardhana Motherson Automotive process of being transferred from Air entities – Air India and Air India Express. rationalised between the two airlines. Akasa Air and IndiGo interesting to
Systems Group BV, it said. Honda Motor shall continue to own India to its low-cost airline subsidiary, He mentioned that Air India Express Singh explained that Air India’s business said a decision should see if Akasa
remaining 5 per cent voting rights shares in Atsumitec Co, it noted. while around 65 will be brand-new deliv- has about 90 planes right now and this model was better suited for long-haul be taken after a holis- Air will be able to
The Japanese firm is engaged in the production of high precision eries, primarily from Boeing. fleet size will increase to about 100-plus and more premium-end of the market, tic analysis. secure more bilateral
machined components, including gear shifters, chassis and Last week, Air India CEO and by the end of this financial year. As far which means metro-to-metro routes A codeshare partnership rights under the existing
transmission parts, for both four wheelers and two wheelers. PTI Managing Director Campbell Wilson told as deployment of capacity is concerned, with a higher concentration of business. allows one airline to market and bilateral air services agreement,"
reporters in New Delhi that the Air India 50 per cent would be towards short-haul “Our focus is going to be primarily on sell seats on a flight operated by a source noted.
Group (comprising Air India and Air international while the balance was metro to Tier-II and -III cities. Short-haul the other. A bilateral right in avi- West Asian carriers like
NCLAT junks Jaiprakash’s India Express) plans to grow its fleet by
about 100 aircraft—from approximately
focused on domestic routes.
On October 1, the Air India Group
international is going to be Tier-II, Tier-
III cities connecting directly with over-
ation refers to the agreement Etihad, Emirates, and Qatar
between two countries that Airways have been asking India
plea against insolvency 300 to 400—over the next three years.
In February 2023, the Air India Group
completed the operational integration
and legal merger of Air India
seas airports,” the managing director of
Air India Express said.
allows airlines from both nations to increase bilateral rights so that
to operate a specific number of they can operate more flights to
The National Company Law Appellate Tribunal (NCLAT) on Friday placed orders for 470 aircraft—220 from Express Ltd and AIX Connect Pvt Ltd “We want to be a part of the India commercial flights between and from India.
rejected Jaiprakash Associates’s petition challenging the insolvency Boeing and 250 from European manu- (erstwhile AirAsia India) into a larger growth story, which is playing out more them. These rights define routes, However, carriers such as Air
proceedings initiated against the firm. While upholding an earlier facturer Airbus—in the world’s second- low-cost carrier (LCC). in the Tier-II, Tier-III cities – a very dif- frequencies, and other opera- India believe that granting more
order, NCLAT observed mere pending of loan restructuring largest single-tranche aircraft purchase. In the next month, Vistara was ferent aspirational India,” he added. tional terms for fair and mutual bilateral rights to certain Gulf
arrangement with the lender before the National Company Law air connectivity. countries will impede the growth
Tribunal (NCLT) does not debar the creditors to file insolvency Industry sources on Friday of its long-haul and ultra-long-
proceedings under section 7 of Insolvency & Bankruptcy Code 2016.
A Bench led by Chairperson Justice Ashok Bhushan upheld the
order passed by NCLT. PTI
Pilot rest norms likely from July: DGCA said the codeshare partnership haul flight operations to North
between Akasa Air and Etihad America and Europe.

BHAVINI MISHRA of untoward incidents. The

Serentica to invest ~50K cr New Delhi, 6 December
FACT n Delhi HC urged earlier
implementation and
revised FDTL norms, which
were issued in January, pro- Aero Dienst enters Indian
in renewables in Rajasthan SHEET
business aviation space
The Directorate General of set mediation for vide pilots with increased rest
Civil Aviation (DGCA) told the December 18, 2024 time.
Serentica Renewables on Friday announced ~50,000 crore Delhi High Court on Friday n Weekly rest While the regulator initial-
investment to develop 10,000 Mw renewable energy capacity in that the proposed norms on increased to 48 hours; n Norms aim to ly set June 1, 2024 deadline European business aviation service provider Aero Dienst GmbH and
Rajasthan. This announcement coincides with Serentica’s duty and rest timings for “night” redefined as manage fatigue with for airlines to implement the Indian aviation consultancy AeroSource International Pvt on Friday
participation in Rising Rajasthan 2024, an event highlighting the pilots could only be imple- midnight-6 am revised rest periods and proposed rules, it reversed its announced a strategic partnership aimed at strengthening their
state’s growth potential and investment opportunities, the mented from July 2025 in a mandatory fatigue decision to do so after airlines service offerings in the business aviation sector in India and the APAC
company said in a statement. With this investment, Serentica phased manner. n June 2024 deadline expressed concerns that they region. The tie-up will provide Indian corporates with end-to-end
withdrawn after reports
aims to progress Rajasthan's transition to clean energy through Additional Solicitor would have to reduce 15-20 solutions, including maintenance, repair, and overhaul services
impactful projects. PTI General Aishwarya Bhati, airlines warned of n Case to be heard per cent of flights to comply through the Germany-headquartered firm, while AeroSource will help
appearing for DGCA, said the 15-20% flight cuts again in January 2025 with the norms. Aero Dienst expand its footprint in one of the world’s fastest-growing
civil aviation regulator was Justice Tara Vitasta Ganju aviation markets. “Aero Dienst is thrilled to partner with AeroSource
Lookout notice against YSRCP looking to notify the proposed
flight duty time limitation manner. The implementation over six months.
on Friday questioned the avi-
ation regulator why the norms
International,” said André Ebach, Managing Director of Aero-Dienst
GmbH, which has more than 65 years expertise in the industry. “India
MP in Kakinada seaport case (FDTL) norms by July 2025, to
be implemented from the
of the revised rules regarding
duty and rest hours for pilots
FDTL norms are crucial as
they guarantee sufficient rest
could not be notified sooner
since they were ready in
is a dynamic market with tremendous potential, and AeroSource’s
proven expertise makes them an ideal partner for our expansion
A lookout circular (LOC) was issued against YSRCP MP same month in a phased has already been delayed by for pilots, minimising the risk January 2024. efforts.” BS REPORTER
Vijaisai Reddy by the Andhra Pradesh police, which had booked
him days ago in connection with the Kakinada Seaport and SEZ
share transfer case. The senior leader said the action was taken
with an “ulterior motive.” Besides him, the Andhra Pradesh CID
has issued LOC against Y Vikranth Reddy, son of another party
member Y V Subba Reddy, Sarath Chandra Reddy, the Non-
CCI clears DHL, FedEx of collusion charges Paytm parent
executive director of Aurobindo Pharma Ltd, highly placed
government sources said on Friday. PTI
REUTERS
New Delhi, 6 December
to investigate the fees companies
charged for airport services,
Reuters reported in January.
“On investigation no evidence
came to the forefront,” the report
noted. “The allegations levelled by
UltraTech receives CCI query
on India Cements buy
okays PayPay
Nissan Motor sets up National
An investigation by the
Competition Commission of India
(CCI) has concluded that there
The case was filed by the
Federation of Indian Publishers,
which complained that global
the informant could not be sub-
stantiated,” it added.
The investigation was complet-
UltraTech Cement on Friday said it has
received a communication from the
stake sale
Training Centre at TN plant was no price collusion between
the domestic units of delivery
companies, along with many
domestic firms, were deciding
ed in July and a report shared with
all parties in late October, accord-
Competition Commission of India
regarding the proposed acquisition of
AJINKYA KAWALE
Mumbai, 6 December
Automaker Nissan Motor inaugurated its first state- companies DHL, United Parcel charges together and controlling ing to one of the sources with direct The India Cements. The company said it
of-the-art National Training Centre, Nissan Service and FedEx, according to customer discounts, but no details knowledge. has received the same under Section One97 Communications, the company that
Academy, in Tamil Nadu to enhance the skills of its three sources and a document of the case have been made public The findings will come as a 29(1) of the Competition Act, 2002. The Act operates brand Paytm, on Friday said the
sales and service personnel across the country, said seen by Reuters. in line with the watchdog's rules. relief to the logistics industry, pertains to situations where the firm’s wholly-owned Singapore entity
a top official on Friday.The facility, located at the CCI ordered an investigation in The CCI’s findings said the which has faced scrutiny from Commission is of the [prima facie] approved stake sale in Japanese fintech cor-
Renault Nissan Automotive India plant in Oragadam 2022 into more than a dozen deliv- companies did not share “commer- 2015, when France levied a $735 opinion that a combination is likely to poration PayPay.
near Chennai, spans 10,500 sq ft. and is designed to provide ery companies for alleged collu- cially sensitive information million fine on 20 firms, including cause, or has caused, an appreciable The value of the deal is reportedly
education and training in sales, technical maintenance, and body sion on discounts and tariffs and amongst themselves,” according FedEx and DHL, for secretly col- adverse effect on competition within the pegged at $250 million although the com-
shop services for Nissan Motor India's dealership teams. PTI had reviewed thousands of emails to the report. luding to increase prices. relevant market in India. BS REPORTER pany did not voluntarily disclose the deal
size on the exchanges.
“We wish to clarify that we have been
informed by One97 Communications

Ixigo unlocks future of travel with AI for India’s next billion Singapore Private Limited, a wholly owned
subsidiary of the company (‘Paytm
Singapore’) at 12:49 pm (IST), that its board
of directors at its meeting held on
PEERZADA ABRAR manages 1,000 voice and activities based on their international trips, contributing December 6, 2024, approved
Bengaluru, 6 December interactions daily, totalling location, time, or weather to strong travel demand. The sale of stock acquisition
100 hours of conversation per conditions. platform has seen 50 per cent rights (SARs) in PayPay
When Rajnish Kumar, co-chief day. The company developed Insights from PLAN show an year-on-year (Y-o-Y) growth in Corporation, Japan,” the
executive officer of travel this multimodal technology increasing trend of Indians 2024, with a 55 per cent quarter- company said in a state-
technology firm Ixigo, travels to in-house. opting for five- to seven-day on-quarter increase from cities ment to the exchanges.
his favourite destinations like Tara, a chat-based travel international vacations. like Lucknow, Patna, The company did not
Spain, Malaysia, and Singapore, assistant, uses natural language Destinations such as Dubai, Bhubaneswar, Ahmedabad, respond to Business Standard’s
artificial intelligence (AI) plays a understanding, deep learning, Thailand, Singapore, the Mangaluru, query requesting a comment on the devel-
vital role in shaping his and contextual awareness. It also Maldives, and Bali lead the list, Thiruvananthapuram, Amritsar, opment till going to press.
itineraries. AI is also behind the assists users with post-booking driven by affordable airfares and and Surat. Popular destinations The Paytm stock hit a 52-week high dur-
trip planning for millions of its queries and issues. simplified visa processes. for these travellers include ing intraday trading. Its share price touched
customers, from flight searches “We can converse with Popular destinations like Singapore, Thailand, Malé, ~990.9 per share. The stock price closed at
and hotel bookings to payments. customers in Hindi and English, London, Paris, Japan, Dubai, and Oman. ~975.8, up 2 per cent. The company, in the
Ixigo’s AI-driven trip- understanding and resolving Ixigo’s Co-chief Executive Officer Rajnish Kumar (left) and Chairman Switzerland, and Sri Lanka also AI is also enabling ixigo to filing, also stated that this transaction will
planning tool, PLAN, has their queries with a local accent,” & Managing Director Aloke Bajpai rank in the top 10. build products that create more increase the consolidated cash balance of
generated over 282,700 Kumar said in a video interview. For domestic travel, 60 per value and enhance revenues. the company to the extent of sale consider-
personalised itineraries and “We handle thousands of calls travellers to plan, book, and planning, providing itineraries, cent of itineraries on PLAN are for Assured, the company’s flight, ation to be received by Paytm Singapore.
engaged more than 1.5 million daily, and the fascinating part is manage trips across trains, real-time information, and spiritual destinations. The bus, and train cancellation Carrying value refers to the measure-
users since its launch last year. that many users can’t tell whether flights, buses, and hotels. The personalised recommendations platform has seen a rise in product, is entirely governed by ment of the value of a company’s invest-
AI is transforming ixigo’s they’re speaking to a man or a two co-founders, IIT Kanpur based on input criteria. pilgrimage-related trips, with AI. The system determines ments or assets. During its June earnings
business by ramping up revenue, machine.” The voicebot now alumni, previously worked The tool harnesses the popular routes including visits to pricing based on sectors, call (Q1FY25) with analysts, Paytm chief
predicting airfares, and building includes emotion recognition, together at Madrid-based travel collective power of AI and the Tirupati temple, boat rides in dates, and airlines, without any financial officer Madhur Deora had said the
better customer service allowing it to identify user company Amadeus before comprehensive travel data to Ayodhya, and Krishna temple manual input. carrying value of the firm’s SAR in PayPay
experiences, said Kumar in an feelings for more empathetic returning to India. reshape how travellers organise tours. This reflects a growing “This approach not only was pegged at ~2,000 crore ($250 million).
interview. responses. The company plans to In July 2023, ixigo launched and prioritise their trips. Users interest in faith-based travel improves our revenue and PayPay is a payments services company
Currently, Ixigo’s AI chatbot, expand its language support. PLAN, India’s first generative AI- can craft personalised plans, among Indians. margins but also enhances based in Japan. It is a joint venture between
Tara, handles 86.95 per cent of Founded in 2007 by Aloke based travel planning tool, built discovering fact-checked More than 50 per cent of PLAN efficiency,” Kumar said. SoftBank and Yahoo Japan, with Paytm as
customer service queries without Bajpai and Rajnish Kumar, ixigo on OpenAI’s technology. The tool recommendations for users are from Tier-II and Tier-III a technology partner. It was founded in
human intervention. The system has focused on empowering assists travellers with trip attractions, hotels, restaurants, cities, with many booking More on business-standard.com June 2018.

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

Ceat set to acquire Don’t want to go Byju’s way: Aakash to NCLAT

BHAVINI MISHRA appellate tribunal that it was vital for their claimed the amendments violated their

Camso for $225 mn

New Delhi, 6 December survival and future growth to amend the rights under a prior merger framework
AoA. agreement (MFA).
Aakash Educational Services told the “We don’t want to go down the path of On November 25, Karnataka High
National Company Law Appellate Think and Learn (parent of edtech major Court stayed an NCLT order that barred
Tribunal (NCLAT) on Friday that its move Byju’s). We want to stay afloat,” Aakash’s Aakash from passing a resolution to

KEY TYRE DEALS IN INDIA to amend Articles of Association (AoA) was

aimed at infusing funds by selling equity
counsel said. He said that the company
was not seeking a loan but intended to
amend its AoA.
The resolution was an attempt to
Date Target Acquirer Amount (in $ mn) and save the firm from going “down the raise funds by selling more equity. reduce the influence of minority share-
path” of Byju’s — the debt-ridden edtech The amendment to the AoA would holders, the investors had argued. They
Sep 14, 2015 Cavendish Industries JK Tyre 331.07 firm that owns Aakash. help infuse much-needed funds for the NCLAT has asked Aakash to move an reportedly accused Byju’s, which has a
Apr 11, 2008 Empresas Tornel SA de CV JK Tyre 67.55 However, the NCLAT did not set aside company’s survival, he added. application before the NCLT for relief stake in Aakash, of trying to give a greater
Jan 30, 2006 Apollo Tyres South Africa Pty Ltd Apollo Tyres 62.00 the National Company Law Tribunal AoA outline the rules and regulations and told the tribunal to decide the say to big investors like Manipal
(NCLT) order halting Aakash from amend- that govern a firm’s operations and define matter in three weeks from the date Education.
Nov 16, 2015 Reifencom GmbH/Bielefeld Apollo Tyres 48.76 ing its AoA and sent the matter back to its purpose. of filing the application Aakash had challenged the NCLT order
Aug 1, 2003 Auto Tyre Plant Balkrishna 3.54 NCLT. The proposed amendments allegedly in the Karnataka High Court, arguing that
Note: All M&A deals Source: Bloomberg NCLAT has asked Aakash to move an sought to dilute the rights of minority The dispute revolves around proposed the tribunal had failed to provide sufficient
application before the NCLT for relief and shareholders, including Singapore VII amendments to Aakash’s AoA. This was reasons for halting the resolution. The
told the tribunal to decide the matter in Topco I Pte Ltd, owned by Blackstone, reportedly first raised during an EGM. High Court granted an interim stay on the
SOHINI DAS compact line bias tyres and three weeks from the date of filing the which holds a 6.97 per cent stake in Minority shareholders, including NCLT order. However, it clarified that this
Mumbai, 6 December construction tracks. application. Aakash. Blackstone had alleged that its Blackstone, filed a mismanagement and stay should not be interpreted as a final
The acquisition assumes significance Aakash’s counsel argued before the rights and interests were being violated. oppression petition with the NCLT. They opinion on the matter.

C
eat, an RPG Group company, on as Ceat is trying to expand its geographical
Friday announced that it had footprint and is aiming to enter the US
entered into an agreement with market in 2025. In the 2023-24 annual
global tyre company Michelin to acquire
the Camso brand’s Off-Highway con-
report, Anant Goenka, vice-chairman,
RPG Enterprises noted that the company Copper industry to see 10-13% spurt No signs of stress
struction equipment bias tyres and tracks had entered 12 new geographies in FY24
across Adani group
in demand in H2FY25: ICA India
business. The all-cash deal, valued at and plans to enter “the world’s largest tyre
$225 million and including two manufac-
turing facilities in Sri Lanka and the
global rights to the Camso brand, is set
market, the US in 2025.”
“This expansion underscores our
capability to produce best-in-class pro-
entities: JP Morgan
to be completed within 6-9 months, sub- ducts to meet global requirements. The AMRITHA PILLAY expects a similar growth rate for the full Global brokerage JP Morgan has assigned
ject to regulatory approvals. entry into each country is done after gath- Mumbai, 6 December FY25. ‘overweight’ rating to four Adani group bonds
The acquired business recorded reve- ering deep customer insights, country- In the calendar year 2024, India wit- and has ruled out “any signs of stress” across
nues of $213 million last year. The specific product development and a India’s copper demand is expected to nessed a new entrant, Adani promoted the key listed entities of the conglomerate say-
announcement was made after market strong Go to Market (GTM) strategy clock a 10-13 per cent growth in the sec- Kutch Copper, announcing commis- ing most of them have leverage less than 5
hours. Ceat stock rose 5.5 per cent on the through a high-quality distribution net- ond-half of FY25, said a top executive sioned capacity in April. This, however, times.
BSE on Friday. Camso is a premium brand work,” Goenka had said. Currently, Ceat from International Copper Association Karmarkar noted will play out in the The review comes on the heels of charges
in construction equipment tyre and tracks exports to over 110 countries. Ceat said India (ICA). The executive noted there coming year. of bribery levelled against the group in the US.
with a strong presence in aftermarket and on Friday that the may be changes in raw material sourc- “The Adani smelter capacity The Adani group has denied the allegations.
original equipment (OE) markets across acquisition was a significant milestone in ing through imports going forward. addition got delayed by a few months, But the US firm has suggested that the
the EU and North America, Ceat said in a its ambition to become a leading global According to ICA India estimates, FY24 and we may see an effective 400 kilo uncertainty around international bonds seems
statement. Ceat will gain permanent own- player in the high-margin OHT segment. demand growth was at 13 per cent. tonnes (kt) from calendar year 2025 to have been settled.
ership of the Camso brand across all cate- “Over the last decade, Ceat has been Japan, a major exporter of copper onwards, hopefully reducing imports,” In a note, the firm rated four Adani group
gories after a three-year licensing period. focusing on building its OHT business, cathodes to India, and Indonesia, Karmakar said. bonds ‘overweight.’ Three of these bonds were
This acquisition strengthens Ceat’s which now consists of 900 product offer- a major supplier of copper concentrates Instead, the executive noted, issued by Adani Ports and Special Economic
portfolio in the high-margin Off-Highway ings and covers around 84 per cent of the to the country, are facing policy-related “Domestic supply so far this year has Zone (APSEZ) and one by Adani Electricity
Tyres (OHT) and tracks segments, range requirement in the agri- changes. seen an eight per cent rise in domestic Mumbai.
which include agricultural tyres, cultural segment,” it said. It Mayur Karmarkar, managing direc- availability of refined copper. Due to a The firm said that it was ‘neutral’ on the
harvester tyres, material handling said Camso will give Ceat the tor, International Copper Association nine per cent rise in Hindalco’s output, five other bonds and ‘underweight’ on a bond
tyres, and power sports tracks. ability to widen its product India said, “December and the year ICA India Managing Director Mayur which was impacted due to mainte- issued by Adani Green Energy in its report.
This will expand Ceat’s pro- base into tracks and con- ahead, may see some changes in whom Karmarkar said the domestic nance undertaken a year ago.” The nearest repayment is of $290 million
duct portfolio in the high- struction tyres. More we import from.” supply has seen an 8% rise According to industry estimates, in for APSEZ, due in January 2025.
margin Off-Highway importantly, it will give Japan, for instance, Karmarkar said, the first nine-months of calendar year Further, there is offshore debt repayment
Tyres (OHT) and tracks Ceat access to a global cus- “is yet to get certifications, which largest copper concentrate supplier to 2024 (January to September), India’s of about $300 million for Adani Cement com-
segments, which tomer base including mainly impact our ability to import India, at 35 per cent of total imported. total demand for copper was 644 kt, of ing up in March 2025.
include agriculture over 40 international copper cathodes from there. Domestic Karmarkar listed North America, Chile, which 442 kt was met through domestic However, the firm believes that the key to
tyres and tracks, har- original equipment companies are looking at other geogra- Peru as other geographies being sources. The executive also expects watch among the bond-issuing entities is
vester tyres and manufacturers, phies like UAE.” explored as substitutes for Indonesia. some constraints in supply of copper mainly Adani Green, which has a loan size of
tracks, power sports and premium Copper concentrates is the raw “Indonesia is discouraging export of scrap moving ahead. $1.1 billion that is also due in March 2025.
tracks and material international OHT material needed to make copper cath- copper concentrates, full impact of that “Availability of scrap has been good In terms of security, APSEZ has the least
handling tyres. distributors. odes. Cathodes are later processed to would show in 2025,” he said. in the first six months of FY25. However, share of secured debt, with about 77 per cent
Michelin will exit make different copper products like The ICA executive said that for the this may not continue into the next of the total debt as of FYE24 being unsecured,
operations More on business- wires, sheets and rods. second-half of FY25, demand growth year,” he said, noting multiple countries which mostly comprises the dollar bonds.
related to standard.com In the FY24, Indonesia was the will be close to 10-13 per cent. He are focusing on reducing scrap exports. PRACHI PISAL

> FROM PAGE 1

LG Electronics latest to
test India’s IPO market
In India, LG Electronics is according to the Redseer
the largest home appliances Report,” the company said in
and consumer electronics its DRHP.
player after Samsung India It added, “Additionally,
Electronics. we have been the number
Its revenue from opera- one player in this industry
tions in FY24 stood at ~21,352 for 13 consecutive years
crore while Samsung India (CY2011 to CY2023) as per the
Electronics’ revenue in the value market share
previous financial year stood in the offline channel in
at ~99,541.6 crore, according India, as noted in the
to the company’s DRHP. Redseer Report.”
Havells India and Godrej The company also said in
& Boyce Mfg Co stand at its DRHP that India’s appli-
number three and four, ances and electronics market
respectively, in dominating had grown at around 7 per
the Indian consumer elec- cent in the last five years and
tronics and home appliances this growth was expected to
space. accelerate to around 12 per
“We are the market leader cent in the next five years,
in India in major home appli- driven by rising disposable
ances and consumer elec- incomes, growing urbanisa-
tronics (excluding mobile tion, and an increasing pen-
phones) in terms of volume etration of appliances and
for the three-month period electronics in both urban
ending June 30, 2024, and rural areas.

Tata Power eyes 40 mn

customer base by 2030
Sinha was addressing the of cell and module production
media at Tata Power's newly capacity at the Tirunelveli
built 4.3 Gw solar module and unit.
cell manufacturing facility in The modules produced at
Gangaikondan near the facility are part of the
Tirunelveli, Tamil Nadu. Approved List of Models and
In FY24, the company’s reve- Manufacturers (ALMM) and
nue was seen at ~61,542 crore, are eligible for government
Ebitda at ~12,701 crore, and net schemes like the PM Surya
profit at ~4,109 crore, he said. Ghar Yojana. The company is
As per the road map, the confident that solar cells will
company's transmission line soon be added to the ALMM
reach is expected to increase list, giving a further push to the
from 4,633 circuit kilometres sector. The plant will also
(Ckm) to 10,500 Ckm. In dis- strengthen Tata Power's posi-
tribution, Tata Power aims to tion in rooftop and utility-
reach a customer base of 40 scale solar energy segments.
million by 2030 from 12.5 mil- Spread over an area of 317
lion now, he said. acres, the unit has a capacity
Sinha said the Tirunelveli of 4.3 Gw cells and 4.3 Gw
unit, built with an investment modules. “This is the largest
of ~4,300 crore through its single-location cell and mod-
step-down subsidiary TP Solar ule manufacturing facility in
Ltd, will largely cater to the India,” Sinha said.
domestic market only. India has set an ambitious
“This plant will be catering target of achieving 500 Gw of
to the Indian market only. This renewable energy capacity by
country offers huge opportu- 2030, out of which it has only
nity. Whatever we are produc- achieved 203 Gw till October
ing over here for the next 12 to 2024.
16 months is already tied up “We have to add 300 Gw
(with projects),” Sinha said, more to achieve the target.
adding that the company has Tata Power's plans are in line
the option to add another 4 Gw with that,” he said.
4 MONETARY POLICY REVIEW
>
NEW DELHI | SATURDAY, 7 DECEMBER 2024 1

“THE DECISION TO FORM A “RBI’S BALANCED APPROACH

COMMITTEE TO INVESTIGATE THE PROVIDES A STABLE MONETARY
ISSUE OF ETHICAL AI IN FINANCIAL ENVIRONMENT AMID GLOBAL
SERVICES IS TIMELY” UNCERTAINTIES”
CHALLA SREENIVASULU SETTY, CHAIRMAN, SBI RAJIV SABHARWAL, MD & CEO, TATA CAPITAL

WALKING THE TIGHTROPE

The central bank kept the policy rate unchanged but lowered the CRR,
which the RBI governor termed a ‘prudent and practical’ approach. But
sticky inflation and slowdown in growth may continue to pose a challenge

LIQUIDITY BOOST

CRR cut to improve lenders’

margins, may lift credit growth
SUBRATA PANDA & ABHIJIT LELE
Mumbai, 6 December
Move to ease account of goods and services
tax, a likely negative balance
liquidity: Real of payments (BoP) for the

T
he Reserve Bank of quarter, and increased inter- RBI Governor Shaktikanta Das (centre) flanked by (from left) Deputy Governors T Rabi Sankar,
India’s (RBI’s) decision
to cut the cash reserve
estate firms vention by the RBI in the for-
eign-exchange market.
M Rajeshwar Rao, Michael Debabrata Patra, and Swaminathan J at the central bank’s
headquarters in Mumbai on Friday PHOTO: PTI
ratio (CRR) by 50 basis points, Real estate firms on Friday Credit growth has come off

‘The underlying
injecting liquidity of ~1.16 tril- expressed hope that banks its highs because there has
lion into the banking would increase lending to the been competition for deposits
system, is expected to reduce sector and ease liquidity, to fund demand for loans.
costs for banks and provide a reacting after the RBI cut the According to the latest data
cash reserve ratio.

slowdown in growth
much-needed boost to credit from the RBI, credit growth in
offtake, which has slowed in Experts said that the move the fortnight ended November
recent months. will strengthen banks’ lending 15 slowed to 11.15 per cent
Of late banks have been capacity and make more funds year-on-year (Y-o-Y) while
grappling with higher available in the market. It deposit growth slightly out-
deposit costs.
Additionally, the CRR cut
is likely to be accretive to
banks’ margins and return on
would support developers to
borrow more for development,
they said. BS REPORTER
paced credit growth, reaching
11.21 per cent Y-o-Y.
According to SBI Research,
the reduction in the CRR may
is due to inflation’
assets (RoA), supporting their effect from the fortnight funding costs but also equip portion of loans linked to the not mathematically translate Reserve Bank of India (RBI) Governor SHAKTIKANTA What the governor has been saying is that
financial performance, said beginning December 14 and banks to sustain robust credit marginal cost of funds-based into any change in deposit and DAS, along with Deputy Governors MICHAEL PATRA, the average between 2021 and 2024 was 8 per
bankers and industry experts. December 28. The cut will growth and support the econ- lending rate,” Dugar added. lending rates. However, it may M RAJESHWAR RAO, SWAMINATHAN J and T RABI cent. Now, if you see the second half of the
On Friday, while the RBI’s restore the CRR to 4 per cent omy’s capital expenditure,” Although liquidity in bank- have a positive impact on mar- SANKAR, responded to a range of questions year’s projections, there is a reversion back
six-member rate-setting panel of NDTL, which was prevail- said Harsh Dugar, executive ing is surplus at the moment, gins (3-4 bps on the NIM) of during a post-policy media interaction. Excerpts: towards an upper rate of growth — 6.9, 7.3 —
decided to keep the policy ing before the commence- director, Federal Bank. system liquidity is expected to the banks. and that continues into 2026. So we are hopeful
rate, the repo rate, unchanged ment of the policy tightening “The benefits will materi- tighten in the coming months “Banks will have additional Have you heard from the government that we will reach that level again.
for the eleventh consecutive cycle in April 2022. alise primarily from Q4FY25 due to tax outflows, increase resources for lending to pro- whether you will continue after the current
time, it cut the CRR for banks “This move directly and is expected to be accretive in currency in circulation, and ductive sectors. This will also term, at least informally? How concerning is the stress in microfinance?
by 50 basis points (bps) to 4 addresses the twin challenges to the net interest margin volatility in capital flows. result in a lower cost of funds Das: I am not giving you any headline … it is Swaminathan J: The governor has said in
per cent from 4.5 per cent of of tight liquidity and elevated (NIM) and return on assets for Liquidity conditions, which for banks,” said M V Rao, man- better we stick to monetary policy. these segments, where enhanced slippage is
net demand and time liabil- deposit costs, which have con- banks. It will provide a com- had been in surplus over the aging director and chief being witnessed, we have requested banks
ities (NDTL) in two equal strained credit growth. This petitive edge to banks, espe- past two months, tightened executive officer, Central Bank How did you get the growth estimates and non-banking financial companies
tranches of 25 bps each with CRR cut will not only reduce cially those with a lower pro- recently due to outflows on of India. (for Q2) so wrong? to strengthen their underwriting
Michael Patra: If you look at demand, standards and to step up collection
the main problem is investment. On the efforts to ensure that the stress does not
supply side, the main problem is translate into non-performing assets. So,
LEVERAGING TECH manufacturing. The two are intertwined. In on the same theme, we continue to engage

Small finance banks can now offer manufacturing, the biggest issue is the slump
in sales growth and that is reflecting inflation
with the entities wherever we see any outlier
behaviour. At the system level, it is not a big

AI tool MuleHunter to pre-sanctioned credit line on UPI hitting the urban consumer. So when sales
growth is down, companies do not want to
invest in new assets because they see demand
concern.

A couple of times you have said the growth-

tackle financial fraud The RBI on Friday allowed small

finance banks to offer pre-
sanctioned credit lines through
banks are required to hold.
In September 2023, UPI's scope
was expanded by enabling pre-
as moderate and it can be met from existing
capacity. So the underlying slowdown in
growth is due to inflation.
inflation balance has got skewed and you have
to restore the balance. Does it mean you were
skewed in favour of growth and you are going
AATHIRA VARIER To counter it, the RBI is also currently Unified Payments Interface (UPI). sanctioned credit lines to be back to inflation or was the balance skewed in
Mumbai, 6 December running a hackathon on the theme “Zero Previously, only scheduled linked through the platform and Despite the reduction in the gross domestic favour of inflation and now it will become
Financial Frauds”, which includes a specific commercial banks were allowed used as a funding account by product forecast, the rates are basically pro-growth?
Reserve Bank of India (RBI) Governor problem statement on mule accounts, to to offer pre-sanctioned credit commercial banks, excluding maintained. The cash reserve ratio was Das: With regard to the growth-inflation
Shaktikanta Das said on Friday said the cen- encourage the development of innovative lines on the flagship payments payments banks, small finance reduced by 50 basis points. What is the balance, I did not say “skewed”, I just said
tral bank has developed an innovative arti- solutions to contain the use of mule platform. banks and regional rural banks. thinking behind that? unsettled. Basically what we mean is that last
ficial intelligence and machine learning accounts. “This will further deepen UPI credit line is meant to allow Das: As regards growth, the second half of this time we had said that the growth-inflation
(AI/ML) based model MuleHunter.ai to Deputy Governor Rabi Sankar said the financial inclusion and enhance individuals and small businesses year looks better than the first half. In the first balance was well poised. “Well poised” means
address the growing issue of mule bank platform will use the databases from all formal credit, particularly for ‘new to obtain pre-sanctioned credit quarter this year, there were issues growth looked good for that quarter
accounts that are often used for the banks and other payment sys- to credit’ customers,” said the RBI lines, which can be utilised that coincided with the elections. as well as for the whole year.
committing financial fraud. tem operators. after the monetary policy kept the immediately for transactions Probably that affected government On tenure extension Inflation was more than what we
Developed by the Reserve “Its AI engine will be trained key interest rate unchanged but through the payments platform. expenditure in particular. In the had expected. So, the well-poised
Bank Innovation Hub, the new based on this wide set of data to cut the cash reserve ratio that SUBRATA PANDA second quarter, the reasons for the character of the dynamics between
initiative is piloted with two be able to identify frauds much slowdown we have explained. I AM NOT growth and inflation — that has
public sector banks. more effectively in the financial Continuing monsoon rain also GIVING YOU become somewhat unsettled. Our
“As part of the Reserve Bank’s system. If you look at frauds, the affected activities. Manufacturing effort is now to restore that balance,
continued efforts to prevent and number of frauds is increasing, was slow. So, I have explained why ANY HEADLINE which means we want inflation to
mitigate digital frauds, an innovative
AI/ML-based model, MuleHunter.ai has
and the amount involved in frauds
is increasing, although the number of
RBI to introduce new benchmark we expect the second half to be
better this year. On inflation, we
be brought down closer to
the target.
SHAKTIKANTA DAS
been developed by the Reserve Bank
Innovation Hub (RBIH), Bengaluru. This
frauds per transaction is coming down over
the years. But the number is increasing fast
SORR based on secured money mkt have given a road map. So, we need
more credible evidence that things Are there any changes in rules on
will help the banks to deal with the issue of enough for us to be concerned about it,” The RBI has proposed to introduce a new benchmark for the interest rate are happening the way we are expecting. stake acquisition by banks in insurance
mule bank accounts expeditiously and Sankar said at a press conference after MPC. derivatives market based on secured money markets. Based on the When there is a time for a particular action, be companies?
reduce digital frauds,” Das said during his Bank frauds have more than trebled to recommendations of the Mumbai Inter-Bank Offer Rate (MIBOR) it a rate cut, be it liquidity action … it has to be M Rajeshwar Rao: We have put out a draft
Monetary Policy Committee (MPC) speech. 32,363, amounting to ~2,714.64 crore in FY24 Committee and the feedback received, and aligned with current market well timed. circular on forms of business, where we have
The RBI has taken several measures to than FY22, when 8,752 frauds were reported, dynamics, the RBI has proposed to establish a benchmark derived from written about what percentage of holding and
prevent and mitigate digital fraud in the amounting to ~9,298.4 crore, according to secured money markets, encompassing both basket repo and triparty Is the trend growth for India much lower than what type of business banks can invest in. So,
financial sector, including the issuance of data given by Minister of State Finance, repo (TREP), governor Shaktikanta Das said on Friday. This benchmark, what we have been talking about? regulatory action will be taken on the basis of
cybersecurity and cyber fraud prevention Pankaj Chaudhary in a response to a query to be known as Secured Overnight Rupee Rate (SORR), will be developed Patra: It is not, I think, appropriate to make a that. We are waiting for feedback.
guidelines, among others. According to RBI, in the Lok Sabha. These are frauds in com- with the support of Financial Benchmarks India Limited (FBIL), which judgement on the trend rate on one data point. Das: Regarding mis-selling (in insurance), we
fraudsters use money mule accounts to mercial banks and AIFIs with amounts has been requested to take the proposal forward. BS REPORTER So what was expressed as 8 per cent was not a have clear instructions to banks. There is no
channel the proceeds of fraud. involved ~1 lakh and above in each case. trend. It was just the average from 2021 to 2024. need to do anything new.

COMMENT
A policy addressing market microstructure RBI has expanded its policy
consultation process through
Connect 2 Regulate.
takeaways. The real gross emphasises that near-term cost of funds and lendable in FY25 already migrated). Responsible and Ethical The measure will be open to
domestic product (GDP) forecast inflation and growth outcomes in resources. Thus, the concept of core Enablement of artificial all including scholars for directly
for FY25 has now been revised to India have turned somewhat To be fair to RBI, liquidity in liquidity has now lost its intelligence (AI). Similar sharing suggestions and ideas
6.6 per cent. adverse since the October policy. the banking system has been relevance and what is important standards on ethical AI have been with RBI, making the financial
This downward revision is Consumer price index (CPI) adversely impacted with the is systemic liquidity that has been adopted in jurisdictions such as regulation process more
nothing new as the Reserve Bank inflation for 2024-25 is now implementation of SNA Sparsh just positive in FY25. in Singapore. democratic and participatory.
SOUMYA KANTI GHOSH of India’s (RBI’s) growth projected at 4.8 per cent. and the CRR move could be the The proposal on SORR is The objective is to provide RBI will also use podcast for wider
projections in FY22 and FY23 On the development and beginning of a series of liquidity expected to give further boost to firms having financial products information dissemination.
The Monetary Policy Committee were revised downwards in regulatory policy side, the measures to counter this. derivatives markets and provide and services with a set of In all, the policy has travelled
(MPC) kept the rates and policy October on an average by 90 basis coverage has been very wide, Government cash balances, a an additional input for banks to foundational principles to considerable space in addressing
stance unchanged. points (bps). touching upon banking, financial counter cyclical measure to price loans, if necessary. consider when using AI in the emerging issues in financial
The MPC reiterated its At this rate, the 6.6 per cent markets and policy address systemic liquidity, has The loan limit has been raised decision making and promote services.
commitment to restoring the growth projections by RBI look to communications. entered a new phase with the keeping in mind the inflation in public confidence and trust in the We hope the next policy
balance between inflation and be higher than consensus. On the banking side, first and launch of SNA Sparsh. agriculture inputs. The present use of AI. announcement will make a
growth in the overall interest of On the inflation front, food foremost is the 50-bps cut in CRR. SNA Sparsh completely hike appears to be a routine In a similar vein, the use of concrete move on rates.
the economy. inflation is likely to soften in Q4 The proposed measure restores eliminates the role of commercial exercise. technology to detect mule
The cut in cash reserve ratio with seasonal easing of the CRR at April 2022 but not banks, as central ministries and On the digital banking side, accounts is also timely to prevent The author is Member 16th Finance
(CRR) was not a part of the policy vegetables prices and kharif March 2020 at 3 per cent. The state treasuries are now the RBI has proposed to misuse of banking channels for Commission and Group Chief
document. harvest arrivals. measure is positive for banks as it integrated on RBI’s eKuber constitute a committee to money laundering. Economic Advisor, State Bank of
The policy has some key However, the overall outlook immediately impacts the overall platform using IFMIS (~3.7 trillion develop a Framework for On the communications side, India. Views are personal
.
NEW DELHI | SATURDAY, 7 DECEMBER 2024 5
<

Himachal Pradesh Government

Jal Shakti Vibhag
NOTICE INVITING TENDER
Sealed item rate tenders are hereby invited on behalf of Governor of Himachal Pradesh from the approved/
enlisted contractors in Jal Shakti Vibhag for execution of following job so as to reach in the office of Executive
Engineer, JS Division Salooni on or before 11.12.2024 upto 11.00 AM. The tenders will be opened on the
AMOUNT / EMD NODAL same day at 11.30 AM in the presence of contractors or their authorized representative who may wish to be
SR. NAME OF OPENING DATE WEBSITE OF THE
NAME OF WORK NOTICE TENDER (APPROX.) IN OFFICER/CONTACT present. The tender’s documents can be had from the office of the Executive Engineer JS Division Salooni
No. BOARD/CORP./AUTH CLOSING DATE BOARD CORP./AUTH
RUPEES DETAILS/EMAIL at any time in working days upto 10.30 AM upto 11-12.2024 on cash payment of cost of tender form (Non-
SUPPLY OF 10 NOS. DOUBLE FACE 7'6" STEEL BOOK DISPLAY RACKS refundable) as mentioned against work. The tender’s document should accompany earnest money in the
INDIRA GANDHI UNIVERSITY, shape of saving instruments, bankers/cheque “demand draft or fixed deposit, duly pledged in favour of
1 FOR ATAL BIHARI VAJPAYEE LIBRARY, INDIRA GANDHI UNIVERSITY, 03.12.2024 6.94 lacs www.igu.ac.in 9255405507
MEERPUR(REWARI) Executive Engineer JS Division Salooni”. The tender without earnest money will be summarily rejected. The
MEERPUR, REWARI 07.01.2025 [email protected] offer shall remain valid upto 120 days. The undersigned shall have the right to reject any or all tenders without
assigning any reason:-
FORFURTHER INFORMATION KINDLY VISIT www.etenders.hry.nic.in 13/2025/40/30914/I/5/7
Sr. Name of work
No.
Estimated Earnest Cost of Time.
cost money form
1. Augmentation of WSS to census Vill. Khaloh and Daror in GP. 481287/- 9630/- 250 Six
Bhajotra Tehsil Salooni Distt. Chamba HH (SH:- C/O RCC Months
Intake 2 nos. Excavation Laying and jointing of GI pipes at RD
0 to 1950 25mm dia 700/0 to 790, 700 to 1450 20 mm dia)
(Job No.I )
2 Augmentation of WSS to census Vill. Khaloh and Daror in GP. 491576/- 9850/- 250 Six
Bhajotra Tehsil Salooni Distt. Chamba HP (SH:- C/O RCC Months
Intake 1 nos. Excavation Laying and jointing of GI pipes at RD
2750 to 5150 25mm dia RD 850 /0 to 590 6100/ 0 to 620
20mm dia (Job No. 2)
3 Augmentation of WSS to census Vill. Khaloh and Daror in GP. 429636/- 8600/- 250 Six
Bhajotra Tehsil Salooni Distt. Chamba HP (SH:- Excavation Month
laying and jointing of GI Pipes at RD 1400/0 to 450,1400 to
2100,460 to 1240,460/0 to 550 & 6100 to 6950) 20mm dia )
Job 3
4 Augmentation and Remodelling of WSS to census Vill. 498961/- 10000/- 250 Six
Soorie in GP Soorie Tehsil Salooni Distt. Chamba HP Months
(SH: C/O RCC Intake 2 Nos. Excavation laying and jointing
of GI pipes various dia at various RDs) Job No 1
5 A/R & M/O to WSS Malal Narna (Phase 1st in GP Manjhli 164982 3300/- 250 Six
Tehsil Salooni Distt. Chamba HP (SH:- Excavation laying Months
and jointing of GI pipes at RD 0 to 2000 ) 32mm dia
Terms and conditions:-
1. Before offering the rates the terms and conditions attached with the schedule of quantity may be gone
through carefully.
2. Conditional tenders will be out rightly be rejected.
3. The contractor shall enclose his enlistment/Renewal order with his application for obtaining the tender
documents.
4. Latest Income Tax clearance certificate as well as Pan No. and GST No. must be attached with the
application failing which the documents will not issued to those contactors.
5. The contractor shall produce registration of labour license from the competent authority under Contract
Act. 1970 failing which no tender shall issued to him.
Sd/-
(Er.Hemant Puri)
3734_2024-2025 Executive Engineer, JS Division Salooni
6 MONETARY POLICY REVIEW
>
NEW DELHI | SATURDAY, 7 DECEMBER 2024 1

SCOUTING FOR CAPITAL A cautiously dovish,

Hike in FCNR(B) deposit rate may par-for-the-course policy
have limited impact on flows
“It’s all about managing expectations.” That’s financial year is a one-off case, the
what Reserve Bank of India (RBI) Governor RBI said. Similarly, the 6.21 per cent retail
Shaktikanta Das said while settling down for inflation in October, a 14-month high, also
the customary post-policy interactions with does not set a trend.
the media on Thursday. Going by the RBI estimate, the GDP
SUBRATA PANDA & ABHIJIT LELE
Mumbai, 6 December STATUS CHECK have difficulty to source funds through
this channel.”
The monetary policy, Das’ last before his
current term ends next week, managed the
growth rate could be 6.8 per cent in the third
quarter and 7.2 per cent in the fourth. The
n During April-Sep, $5.34 bn However, he added that while the expectations quite well. Those who were real GDP growth rate for the first quarter of

T
he Reserve Bank of India’s flowed into FCNR(B) accounts interest rate differential between India expecting a rate cut would be disappointed, FY26 is projected at 6.9 per cent and that of
(RBI’s) decision to raise the and the US remains low, this move by but it was par for the course overall. the second quarter at 7.3 per cent.
interest rate ceilings on foreign
n The outstanding amount the RBI is aimed at providing banks The RBI’s monetary policy committee has The RBI expects 5.7 per cent inflation in
currency non-resident bank [FCNR(B)] stood at $31.08 billion an additional avenue for raising funds, left the repo rate unchanged at 6.5 per cent the third quarter of the current year (against
deposits is expected to have a limited n FCNR(B) account helps thereby encouraging more dollar but cut the cash reserve ratio (CRR) or the an earlier estimate of 4.8 per cent) and 4.5
impact on attracting inflows. maintain a fixed deposit in inflows. These inflows will also likely portion of deposits that commercial banks per cent in the fourth quarter (against 4.2 per
This comes as the softening of rates India in freely convertible give a cushion to the rupee. keep with the central bank by 50 basis points cent). It is projected at 4.6 per cent for the
in global markets has led to domestic foreign currencies for a tenure According to latest RBI data, during to 4 per cent. One basis point is a hundredth first quarter of next year and 4 per cent for
banks raising funds from overseas ranging from one to five years April-September 2024, about $5.34 bil- of a percentage point. the second.
investors at highly competitive rates. lion flowed into FCNR(B) accounts, This will release ~1.16 trillion into the The “risks are evenly balanced” for both
As a result, industry experts believe compared to $1.92 billion in the corre- banking system in two phases between the GDP and inflation projections. It may not
that banks are more likely to opt for sponding period a year ago. The out- December 14 and 28. cross 6.5 per cent. Most analysts still feel that
sourcing funds from global capital Currently, interest rates on against currency fluctuations during standing amount in FCNR(B) accounts In his interaction with the media, Das even the latest GDP estimate for the current
markets rather than locking at higher FCNR(B) deposits are subject to ceil- tenure of the deposit. stood at $31.08 billion. described the CRR cut as “normalisation” of year is a bit ambitious.
interest rates for NRI deposits. ings of overnight ARR for the respec- According to a senior public sector The decision to raise the upper limit its level. It was raised to 4.5 per cent in How does one find the tone of the policy?
On Friday, the RBI announced that tive currency/swap, plus 250 bps for banker, this move by RBI is unlikely of FCNR rates will not bring any new April 2022 when the last policy-tightening Well, it depends on what was one’s expec-
to attract more capital inflows, banks deposits of 1 year to less than 3 years’ to work as banks already are less active capital inflows, said SBI Economic cycle started. tation. Those who were
have been permitted, with effect from maturity. It is overnight ARR plus 350 in garnering FCNR(B) deposits at the Research in a note. It added that instead Why did the RBI go for a expecting a rate cut would
December 6, to raise fresh FCNR(B) bps for deposits of 3 years and above present interest rate ceiling. Banks will a cash reserve ratio (CRR) cut on such CRR cut? It expects tighter surely find the tone hawkish,
deposits of 1 year to less than 3 years’ and up to 5 years’ maturity. easily get money in foreign currency products would have been helpful. liquidity in the next few keeping in mind the GDP
maturity. This is at rates not exceeding An FCNR(B) account lets cus- at rates cheaper than interest rate According to three senior public months on account of print for the second quarter.
the alternative reference rate (ARR) tomers maintain a fixed deposit in FCNR(B) deposits, he said. sector bank executives, the easing of advance tax outflow, rise in The 10-year bond yield rose 6
plus 400 basis points (bps) and India in freely convertible foreign cur- Echoing his views, Gopal Tripathi, interest rate ceiling for FCNR(B) currency in circulation and basis points, reacting to the
deposits with maturity between 3 and rencies for a tenure ranging from one head, treasury & capital markets, Jana deposits will have minimal impact. significant amount of for- status-quo policy. The prices
5 years at rates not exceeding ARR plus to five years. Small Finance Bank, said, “With the This comes as interest rates offered on eign capital outflow. and yields of bonds move in
500 bps. This relaxation by the RBI is Since the account is maintained in overnight interest rates in both the US such deposits are well within the exist- India’s foreign exchange opposite directions.
available till March 31, 2025. foreign currency, it secures funds and India having narrowed, banks ing ceiling. reserves rose to $704.9 bil- For the rest, it is a cau-
lion on September 27. In the tiously dovish policy.
next two months, by RBI Governor Das
CLEAR STANCE EVOLVING SCENE November 22, the pile of for-
eign exchange reserves
BANKER’S TRUST repeatedly emphasised the
commitment to restore a bal-
dropped to $656.6 billion. TAMAL BANDYOPADHYAY ance between inflation and

De-dollarisation ~ reverses initial gains on The combination of dollar

sale by the RBI to prevent a sharp fall in the
local currency and the erosion in valuation
growth and the central
bank’s respect for the flexible inflation-tar-
geting mandate. Only durably low

not our objective, concern over RBI moves contributed to this drop.
To attract more capital inflows, the RBI
has raised the interest rate ceiling on foreign
inflation could create strong foundations
for high growth.
In other words, there is no change in the

says RBI guv RUPEE SPOT INDIA 10Y GSEC YIELD ANJALI KUMARI
Mumbai, 6 December (vs $)
Inverted scale
(%)
currency non-resident bank account (FCNR-
B) deposits by 150 basis points across matur-
ities till March 31 of 2025.
RBI’s approach to monetary policy. Fighting
inflation while supporting growth is the priority.
When do we see a rate cut? The stance
Change % This is not unique. The RBI has been was changed in October, from “withdrawal of
The rupee appreciated sharply doing this once in a while to attract accommodation” to “neutral. In December
ALL WE HAVE DONE IS on Friday after the Reserve
0.046 foreign capital. came the CRR cut. Will we see a rate
PERMIT OPENING OF VOSTRO Bank of India (RBI) cut the cash When the rupee faced a free fall against cut in February?
reserve ratio (CRR) by 50 basis the dollar in 2013 due to the so-called “taper The RBI has not committed to it. In
ACCOUNTS AND WE HAVE points (bps) and hiked interest tantrum” in the US, India mobilised $26 bil- Governor Das’ words, prudence, practicality
ENTERED INTO A DEAL WITH A rates ceiling on fresh FCNR (B) lion through FCNR-B deposits. But that was a and timing would be the guiding principles
COUPLE OF COUNTRIES TO deposits raised by banks.
However, the domestic cur-
different story. The mobilisation was done by
offering a special swap window for banks.
for the RBI’s future actions. Of the three, tim-
ing of action is the key.
DO LOCAL CURRENCY rency reversed its initial gains Source Bloomberg Source Bloomberg The banks were permitted to swap fresh Before the February policy, the RBI will
DENOMINATED due to concerns on potential FCNR(B) dollar funds, for a minimum tenure have the CPI inflation print for November
benefits. If banks significantly responses of other countries, of three years, at a fixed rate of 3.5 per cent and December and the Union Budget for
TRADE” increase deposit rates, the chal- make it challenging to provide per annum. FY26 on its table. If there is no negative sur-
SHAKTIKANTA DAS lenge lies in deploying these a precise assessment of rupee On expected lines, the RBI pared its gross prise on the inflation front, we could see a
RBI Governor high-cost funds effectively. at this stage. Patra reiterated domestic product (GDP) growth projection rate cut in February. For now, let’s keep our
Consequently, inflows may that the RBI will take action as and revised upwards its retail inflation esti- fingers crossed.
AATHIRA VARIER wants to de-dollarise,” Das remain subdued, as bank required based on evolving cir- mate for FY25. The real GDP growth now is
Mumbai, 6 December said. “All we have done is boards might be hesitant to cumstances. Currently, he projected at 6.6 per cent, sharply down from The writer is an author and senior advisor to Jana
that we have permitted the raise rates to such levels, said stated, there are no concerns, 7.2 per cent estimated earlier. As for retail Small Finance Bank Ltd. His latest book: Roller
Reserve Bank of India (RBI) opening of Vostro dealers. and the measures announced inflation, the estimate is up from 4.5 per cent Coaster: An Affair with Banking. To read his
Governor Shaktikanta Das accounts, and we have The rupee appreciated up to the FCNR ceiling shows an are aimed at facilitating greater to 4.8 per cent. previous columns, please log on to
said on Friday that de-dol- entered into agreements 84.53 per dollar during the day open acknowledgment that inflows and providing invest- The shockingly low GDP print to 5.4 per www.bankerstrust.in
larisation was not the with a couple of countries on Friday, before settling at capital flows are not coming to ment opportunities for NRIs. cent in the second quarter of the current X: @TamalBandyo
objective of the central to do local currency- 84.70. The local currency had the market as expected. The RBI Governor Shaktikanta
bank, and that it was only denominated trade. That is settled at 84.73 per dollar on practical implications are dif- Das said foreign exchange
a part of “derisking” Indian
trade, as dependence on a
single currency could be
basically to de-risk our
trade. Dependence on one
currency can be problem-
Thursday.
The RBI has raised the cap
on FCNR deposit rates for the
ferent,” said a treasury head at
a private bank.
At the post-monetary policy
reserves remain robust despite
recent depletion, much of
which is attributed to valuation
Forex reserves jump $1.5 billion,
“problematic”.
He was responding to a
atic at times because of
appreciation or deprecia-
1-3 year tenor from AAR + 200
bps to AAR + 400 bps, effective
press conference, deputy gov-
ernor Michael Patra said that
losses. He said that the reserves
are more than adequate, and end consecutive weeks of decline
question on US President- tion,” he added. until March 2025, to encourage uncertainties, such as the the RBI remains confident in
elect Donald Trump’s He also said a Brics cur- foreign currency inflows. upcoming administration the ability to manage any Reach $658 bn TAKING 800
threat that Brics countries rency was an idea floated “The RBI’s decision to raise change in the US and the potential spillovers effectively.
would face 100 per cent by one of the countries, but for the week STOCK 658
tariffs if they chose to no decision had been taken
ended Nov 29
move away from the
US dollar.
on the matter. “Unlike the
Eurozone, which has a sin-
MFI stress not big concern Collateral-free agri loans PRESS TRUST OF INDIA
Foreign
exchange 638
700

“With regard to de-dol-

larisation, etc, so far as
gle currency and they have
geographical contiguity,
at system level: RBI dy guv limit increased to ~2 lakh Mumbai, 6 December reserves in
$ billion 600
India is concerned, there is Brics countries are spread The Reserve Bank of India (RBI’s) Deputy Reserve Bank of India has hiked the India’s forex reserves
no step which we have all over — that also has to Governor Swaminathan J on Friday said that limit for the collateral-free agriculture loans by increased by $1.51 billion to
taken which specifically be kept in mind.” stress in microfinance (MFI) is still not a big banks from ~1.6 lakh to ~2 lakh in view of the $658.091 billion for the week
concern at a system level despite the increase overall inflation and rise in agricultural input ended November 29, the RBI 500
in slippages witnessed in the sector. The apex costs. This will enhance coverage of said on Friday.
RBI to launch podcasts for bank has asked the lenders to strengthen their
underwriting standards and collection efforts
small and marginal farmers in the formal
credit system.
The overall reserves had
dropped by $1.31 billion to
Nov 26,’21 Nov 29,’24
Compiled by BS Research Bureau Source:RBI

effective communication to limit the conversion of stress into Non- This limit was enhanced from ~1 lakh, set in $656.582 billion in the pre-
Performing Assets (NPAs). the year 2010 to ~1.6 lakh in the year 2019. The vious reporting week. The nent of the reserves, by $595 million to $66.979 bil-
To further its initiative to spread awareness among wider “Governor has said that in these segments agricultural growth is supported by healthy kitty has witnessed a declin- increased by $2.061 billion to lion during the week, the
audience, the Reserve Bank of India (RBI) plans to launch where enhanced slippage is being witnessed, kharif crop production, higher reservoir levels ing trend in the recent past $568.852 billion, the data RBI said.
podcasts to effectively disseminate information of interest we have requested the banks and NBFC to and better rabi sowing, RBI governor and had dropped by a record released on Friday showed. The Special Drawing
to the general public, the central bank said on Friday. The strengthen their underwriting standards and Shaktikanta Das said in his statement along $17.761 billion in the week Expressed in dollar terms, Rights (SDRs) were up by $22
RBI stated that it has been leveraging both traditional and to step up their collection efforts to ensure that with policy. prior to the last. The forex the foreign currency assets million to $18.007 billion, the
modern communication methods as integral tools to the stress does not translate into NPAs. So, on The credit to agriculture and allied activities reserves had increased to an include the effect of appreci- apex bank said. India’s
enhance transparency, amplify the impact of its decisions, the same theme, we continue to engage with registered a growth of 15.5 per cent (year-on- all-time high of $704.885 bil- ation or depreciation of non- reserve position with the IMF
and explain the rationale behind them. In recent years, the the entities wherever we see any outlier behav- year) in October 2024, compared with 17.4 per lion in end-September. US units like the euro, pound was also up by $22 million to
RBI has significantly expanded its public awareness iour. At the system level, it is still not a big con- cent seen in the same month of last year, RBI For the week ended and yen held in the foreign $4.254 billion in the report-
initiatives, including active engagement on social cern,” Deputy Governor said during a post MPC data showed. November 29, foreign cur- exchange reserves. ing week, the central bank
media platforms. BS REPORTER press meet. BS REPORTER BS REPORTER rency assets, a major compo- Gold reserves decreased data showed.

Households expect inflation > FROM PAGE 1

to rise further: RBI survey Das attributes CRR cut to

ABHIJIT LELE
Mumbai, 6 December

Indian households expect inflation

of households’ inflation expecta-
tions was conducted during
November 2-11, 2024, covering
6,091 respondents in 19 major
as the respondents’ sentiments
towards current earning moder-
ated marginally, they displayed
high optimism on future income.
tight liquidity conditions
to rise further while consumer cities. Female respondents It was consistent with their opin- “As the worst of the quarterly Governor Das cited tight liquid- ranted close monitoring. On
confidence took a knock due to accounted for 52.9 per cent ion on employment con- growth reading and the peak infla- ity conditions for the RBI’s decision Inflation, Das said the October
weaker sentiments, according to of this sample, RBI said ditions. tion seem to be behind us, we to reduce CRR in two tranches. surge was driven by a sharp uptick
RBI’s forward-looking surveys in in a statement. Households antici- expect the MPC to derive comfort “Even as liquidity in the banking in food inflation, which was likely
November. The survey pated higher spending from that and commence easing system remains adequate, sys- to ease from the fourth quarter.
Households’ median percep- showed that a some- over a one-year hori- the rate from February 2025, cut- temic liquidity may tighten in the “Food inflation pressures are likely
tion of current inflation rose by 30 what larger share of zon on the back of ting the policy repo rate by 25 bps,” coming months due to tax out- to linger in the third quarter of this
basis points (bps) to 8.4 per cent, respondents expects higher essential as said Barclays economists in a note. flows, a rise in currency in circula- financial year and start easing only
as compared 8.1 per cent of the pre- the year-ahead price well as non-essential Barclays expects a cumulative tion, and volatility in capital flows,” from the March quarter, backed by
vious survey round held in and inflation to spending. They dis- reduction of 100 bps over the eas- he said. This CRR reduction is con- a seasonal correction in vegetables
September 2024. increase in November played somewhat higher ing cycle that will follow. sistent with the central bank’s neu- prices, kharif harvest arrivals,
Median inflation expectation survey compared to optimism about one-year Rahul Bajoria, economist at tral policy stance and would likely good rabi output and adequ-
for three months horizon moder- September 2024 round. ahead outlook for major economic Bofa Securities, also expects a release primary liquidity of about ate cereal buffer stocks.”
ated marginally by 10 bps to 9.1 per The increase was mainly due to parameters, except prices. The cumulative rate reduction of 100 ~1.16 trillion into the banking sys- He concluded his policy state-
cent, whereas it inched up by 10 higher pressures from food items future expectations index (FEI) bps. “We maintain our call for cuts tem, he said. ment on an optimistic note by
bps to 10.1 per cent for one year and housing-related expenses. improved to 121.9 in the latest sur- starting from the February MPC alignment of headline retail infla- He said the growth outlook for quoting Netaji Subhas Chandra
ahead period. Meanwhile, the consumer con- vey from 121.4 in September, meeting and expect 100 bps of cuts tion close to 4 per cent through the second half of this year and the Bose. “Never lose your faith in the
RBI’s latest round of the survey fidence survey showed that even it added. during the cycle, given a durable 2025,” he said. next year was resilient but war- destiny of India,” he said.
.
NEW DELHI | SATURDAY, 7 DECEMBER 2024 ECONOMY & PUBLIC AFFAIRS 7
IN BRIEF

No guidelines issued to states Economists stress need N CABINET WATCH N

Nod to 85 new KVs, 28

to implement UCC: Centre
The government on Friday rejected suggestions that it has issued
guidelines to states to implement a uniform civil code (UCC). In a
written response to a question in the Lok Sabha about “guidelines
for manufacturing policy Navodaya Vidyalayas
PRESS TRUST OF INDIA
issued by the government for implementing the UCC in different
states”, Law Minister Arjun Ram Meghwal asserted that “no such
Call for reining in food inflation and raising investment in pre-Budget talks New Delhi, 6 December

guidelines were issued by the Government of India to state RUCHIKA CHITRAVANSHI The Union Cabinet
governments for implementing the UCC”. The minister said B R New Delhi, 6 December approved on Friday the
Ambedkar, while moving the relevant provision in the Constituent opening of 85 new

T
Assembly, had said there was a uniform code of laws in the country, he need for a manufacturing policy, Kendriya Vidyalayas and 28
covering almost every aspect of human relationship. PTI reining in food inflation and raising new Navodaya Vidyalayas,
investment in the country were Union Minister Ashwini
among key suggestions given by economists Vaishnaw said.
India now shaping global who met Finance Minister Nirmala
Sitharaman and senior ministry officials in
It also gave its nod to
expanding one Kendriya These new Kendriya
conversations: Jaishankar the first round of pre-Budget consultations
on Friday.
Vidyalaya. The opening of
these new Kendriya
Vidyalayas would provide
an opportunity for over
S Jaishankar on Friday said it is a good time to be the external Various sugges- Vidyalayas will provide an 82,000 students PHOTO:PTI
affairs minister of the country, which is shaping global RUNUP tions were given to opportunity for over 82,000
conversations with confidence and facing challenges like on the TO the finance ministry Union Finance Minister Nirmala Sitharaman chairs the first Pre-Budget consultation students to receive afford- spread over a period of
borders with China with firmness and determination. Jaishankar, THE on the need for fiscal with economists for the upcoming Union Budget 2025-26 in New Delhi PHOTO:PTI able and high-quality edu- eight years from 2025-26.
who was conferred the 'India First' award at NDTV's 'Indian of the consolidation with cation across the country. As of date, there are
Year' event, called it a privilege to be the face of the country many suggesting by the individual. The economists were Yojana to health for all and providing some The total estimated 1,256 functional Kendriya
abroad at a time when India is undergoing a transformation while that flexibility on divided on whether the government should provisions in the budget for climate change requirement of funds for Vidyalayas, including three
staying true to its traditions. "We are more aspirational, more this aspect can put take an approach of consumer demand-led were among some of the other suggestions the establishment of the 85 abroad — Moscow,
ambitious, more capable, and more confident. But most of all, we
are an India that is more Bharat," Jaishankar said. PTI
BUDGET more resources in development or investment and export-led economists made to the finance ministry. new Kendriya Vidyalayas Kathmandu and Tehran —

2025-26 the hands of the gov-

ernment.
growth. Chartered accountant and econo-
mist Anil Sharma proposed that the govern-
Among the 13 economists who attended
the meeting were Suresh Babu, director,
and the expansion of one
existing Kendriya
and 13.56 lakh students are
studying in these schools,
“All economists ment should take steps to set up skilling uni- Madras Institute of Development Studies; C Vidyalaya is ~5,872.08 crore an official statement said.
Centre may make hallmarking agreed that the
country needs a manufacturing policy
versities at the district level to address the
issue of unemployment.
Veeramani, professor and director, Centre
for Development Studies; Nikhil Gupta, chief
of gold bullion mandatory beyond the industrial policy. There were also
suggestions on the supply-side measures
“We have suggested that on the lines of
central universities, skilling units can be
economist, Motilal Oswal and Samiran
Chakraborty, chief economist, Citigroup. Rithala-Kundli corridor
The government is considering a proposal to make hallmarking of
gold bullion mandatory and is also framing regulations for
lab-grown diamonds as part of its efforts to protect consumers'
which can be taken to tackle food inflation
such as cold chain storage at the local level,”
said Ashwini Mahajan, national co-con-
opened at the district level. This may be a
state subject but if the Centre takes the ini-
tiative, it will give impetus to employment,”
Also in attendance were Sitikantha
Pattanaik, chief economist, National Bank
for Agriculture and Rural Development
of Delhi metro approved
interest, Consumer Affairs Secretary Nidhi Khare said on Friday. venor, Swadeshi Jagran Manch. Sharma said. (Nabard) along with Gaura Sen Gupta, chief PRESS TRUST OF INDIA Ashwini Vaishnaw said the
Addressing a CII Gems and Jewellery conference, she emphasised Economists suggested that there was The ongoing pilot project of the Prime economist, IDFC First Bank and Namrata New Delhi, 6 December project is scheduled to be
on the need to protect consumers' interest by ensuring that scope to reduce personal income tax. Minister Internship Scheme was also Mittal, economist, SBI Mutual Fund. completed in four years
people get quality and accurate products.The Secretary One of the economists suggested that touched upon in the meeting where the need Economist Bharat Ramaswami from Ashoka The Union Cabinet from the date of its sanc-
highlighted the successful implementation of mandatory there was a need to make a distinction for greater industry participation was University, Lekha Chakraborty, professor, approved on Friday the tion.
hallmarking of gold jewellery and gold artefacts, which started between individual and corporate tax. This flagged by the government, according to National Institute of Public Finance and 26.463 km Rithala-Kundli This line will be an
from June 23, 2021. PTI is especially since the dividend distribution sources. Development of agriculture, Policy and Ira Dugal of Thomson Reuters corridor of the Delhi extension of the opera-
tax paid by companies earlier is now paid expanding Prime Minister Jan Arogya also took part in the consultations. Metro’s Phase-IV project tional Shaheed Sthal (New
that will further enhance Bus Adda)-Rithala (Red
Govt appoints Chaturvedi RBI connectivity between the
national capital and neigh-
Line) corridor and will
boost connectivity in the
representative on IBBI board
The government has appointed Vaibhav Chaturvedi as the
ex-officio member of the Insolvency and Bankruptcy Board of
NSO to release unemployment bouring Haryana.
The entire stretch will
comprise 21 stations, all of
them elevated.
northwestern parts of
Delhi, such as Narela,
Bawana and parts of
Rohini.
India (IBBI), according to an official notification. Currently,
Chaturvedi is the Chief General Manager of the Reserve Bank of
India (RBI). As the RBI's representative, Chaturvedi will contribute
data every month from March Addressing a press con-
ference, Union Minister
The completion cost of
the project is ~6,230 crore.

to the IBBI's efforts in ensuring a smooth and transparent

resolution process under the Code, which aims to resolve stressed
SHIVA RAJORA
New Delhi, 6 December
SHORT STORY said an official.
Developed countries typi-
assets and enhance credit discipline in the financial sector. PTI
The National Statistics Office
n Surveys
underway to
n Current
weekly status
n The NSO currently
releases the PLFS data
cally release job data every
month, which is widely tracked
AgustaWestland: CBI reply on
(NSO) is likely to start releasing release PLFS (with a for urban areas on a by markets and economists to plea of ‘middleman’ sought
FinMin to banks: Adopt advanced the periodic force labour survey
(PLFS) data every month for the
data for both
rural and urban
reference
period of 7 days)
quarterly and yearly
basis, while for rural
measure the resilience of the
economy. The Supreme Court on Friday sought CBI’s response on a
tech for detection of fraud rural and urban areas from
March, in a bid to make data
areas on a to be used in the areas it is done only The dominance of the infor-
mal economy in India has made
plea filed by alleged middleman Christian Michel James
seeking bail in the purported ~3,600-crore
monthly basis surveys annually
The Finance Ministry on Friday directed banks to adopt advanced readily available to help policy- tracking employment data AgustaWestland scam case.
technologies, including artificial intelligence (AI)/ machine makers, an official told Business more frequently a difficult task. A bench of Justices Vikram Nath and P B Varale issued
learning (ML) solutions, for real-time detection of mule accounts, Standard. n Replacing the erstwhile Employment and Unemployment The latest survey about urban notice to CBI and directed it to file its reply within four
training and up-skilling bank staff on fraud detection and Currently, the NSO releases survey, the government started PLFS in April 2017 areas for the June quarter of weeks. “Issue notice, returnable four weeks,” the bench
prevention. The meeting was chaired by financial services the PLFS data for urban areas FY25 was released last month, said. The alleged scam pertains to the purchase of 12 VVIP
secretary M Nagaraju with I4C, Reserve Bank of India, NABARD, on a quarterly and yearly basis, ment data on a monthly basis, data as possible for the Indian while the annual survey for helicopters from chopper design and manufacturing com-
PSBs, Pvt & Payment Banks on Friday to address the growing and only annually for rural on par with developed labour market. The surveys are July 2023-June 2024 with data pany AgustaWestland. James moved the apex court chal-
challenge caused by digital financial frauds, especially areas. “Come March, we will economies. The idea is to pro- well underway and we are con- for rural areas was released in lenging the Delhi High Court's September 25 order refus-
mule accounts. BS REPORTER start releasing the unemploy- vide users with as real-time fident of releasing the results," September. ing him bail in the case. PTI

Cash bundle on Singhvi’s seat rocks upper house No re-consideration Farmers to resume
WINTER SESSION and ruling alliance MPs trading continued to raise slogans, he on joining RCEP: Goyal stir today; committed
charges and the Congress MP adjourned the House for the day.
demanding a probe into the Soon after the official papers India in 2019 decided not to join the mega free
‘security lapse’. Singhvi also
suggested that glass enclosures
should be erected to prevent
were laid on the table in the
morning, Chairman Jagdeep
Dhankhar said security staff had
trade agreement Regional Comprehensive
Economic Partnership (RCEP) as the pact was
not addressing its concerns and since then
to buy at MSP: Govt
anyone from planting “ganja” recovered a wad of ~500 notes there has been no change in that position,
IN THE HOUSE on seats in an MP's absence. The
Rajya Sabha was adjourned for
from the seat allotted to Congress
MP Abhishek Manu Singhvi,
Commerce and Industry Minister Piyush Goyal
said on Friday.
the day within minutes of leading to an uproar in the House. The RCEP agreement is being negotiated
A wad of currency notes found meeting after lunch as treasury who was in Chair, sought to Leader of Opposition Mallikarjun among 10 Asean members (Brunei, Cambodia,
from the seat allotted to benches were on their feet pacify the members of the ruling Kharge said the chairman should Indonesia, Laos, Malaysia, Myanmar, the
Abhishek Singhvi in the Rajya seeking answers from the party and urged them to sit down not have named the member Philippines, Singapore, Thailand, and
Sabha rocked the Upper House opposition. and allow the House to function. without an investigation being Vietnam) and their six free-trade pact partners
on Friday with the opposition Deputy Chairman Harivansh, As unrelenting BJP members completed. PTI Australia, China, India, Japan, South Korea
and New Zealand. In a reply to the Rajya
Sabha, Goyal said that the structure of RCEP did
not adequately address
PM-KISAN: ~20,657 crore 87K PVTG households got power Semicon chip import rose the ambitions and
disbursed to 96 mn farmers connections under PM JANMAN to ~1.7 trillion in FY24 concerns of India's
stakeholders. Due to
The government has disbursed ~20,657 crore to Over 59,000 pucca houses have been constructed The semiconductor imports in India rose that, India decided
over 95.8 million farmers in the latest install- and more than 87,000 Particularly Vulnerable 18.5 per cent to ~1.71 trillion in 2023-24, not to join the bloc, in
ment under the PM-KISAN scheme. In a reply to Tribal Groups (PVTG) households have received Government informed on Friday. According its current form. During Security personnel using tear gas to disperse farmers during their foot
Rajya Sabha, Minister of State for Agriculture electricity connections within a year under the to data shared by the Minister of State for the third RCEP Leaders march towards Delhi, at Shambhu border in Punjab on Friday PHOTO:PTI
Ram Nath Thakur said that 95.8 million farmers Pradhan Mantri Janjati Adivasi Nyaya Maha Electronics and IT Jitin Prasada, India Summit in Bangkok,
received ~20,657.36 crore under the PM-KISAN’s Abhiyan, the government said. The Minister of imported 18.43 billion semiconductor chips India conveyed its positi- AGENCIES ‘Farmers’ uplift a must
18th installment for August-November 2024 State for Tribal Affairs, Durgadas Uikey, in a in FY24. Citing the Directorate General of on that current structure of Shambhu/New Delhi, 6 December
for India’s growth’
period. The PM-KISAN scheme was launched in written reply said on Thursday that 6,350 villages Commercial Intelligence & Statistics (DGCIS) RCEP did not address the
February 2019 to supplement the financial with PVTG populations have been provided portal, he said that in 2022-23, 14.64 billion outstanding issues and A large group of farmers, with a RSS-affiliated Bhartiya Kisan
needs of land-holding farmers. PTI piped water supply in the last year. PTI chips were imported into the country. PTI concerns of the country. PTI host of demands including legal Sangh (BKS) in its two-day All India
guarantee for minimum support Congress held in Guwahati in
price (MSP), debt waiver and pen- Assam passed a resolution saying
sion, temporarily halted their that the country’s development
Delhi march from Shambhu bor- won’t be possible without the
> FROM PAGE 1 der on Friday after some of them uplift of farmers. The BKS also
were allegedly hurt in police called for a clear-cut policy on
action which was trying to stop genetically modified crops from
India will continue to be FPI revival triggers IPO rush them. They will resume their
protest and march to Delhi on
Saturday. Meanwhile, around the
the government. BS REPORTER

voice for Global South: FM However, bankers said most trans-

same time and about 40 minutes
drive from the protest spot, Union
Sarwan Singh Pandher, a
farmer leader, claimed that five to
Addressing a query on states actions lacked broad participation, agriculture minister Shivraj Singh six protesting farmers were
undertaking reforms relating to while some merely scraping Chouhan reasserted the govern- injured due to the teargas shelling
factors of production, through. ment’s stand in Parliament, saying by Haryana security personnel.
Sitharaman said it was in the Bankers said the rush to close the Centre was committed to pur- The farmers, gathered under
interest of the country and the IPO deals is triggered by a revival in chasing all farm produce at MSP. the banner of Samyukta Kisan
momentum the economy would FPI flows. Also, the last 10 days of a There were signs of thaw too. Morcha (non-political) and Kisan
need to sustain. She said some month is generally avoided due to Some farmer leaders said that Mazdoor Morcha, have been
states were already aligning with concerns over lack of FPI participa- they were willing to sit for talks camping at Shambhu and
central policies for regulatory tion. with the government and the Khanauri border points between
ease and business facilitation. “The sell-off did impact sub- administration. And that the offi- Punjab and Haryana since
“The government is talking with scription numbers,” said Deepak Between October and November, 14 companies raised nearly ~70,000 cials have asked them for their February 13 this year, after their
many states to understand where Kaushik, EVP and group head of crore, despite modest subscription levels for marquee IPOs charter of demands which will be march to Delhi was stopped by
their difficulties arise. This gy, the aspirations of the people, ECM at SBI Capital Markets. “While sent after consultation with all security forces. The farmers are
engagement will continue; we and the needs of the economy are recent IPOs have not seen double- 14 companies raised nearly ~70,000 Ajay Garg, managing director of leaders. Latching on to the also demanding farm debt waiver,
will talk with the states and take complementary for India and digit subscriptions, demand from crore, despite modest subscription Equirus, said that initial public protests, Congress leader Rahul pension for farmers and farm
them on board,” the FM said. Japan. The two countries, she long-term investors remains intact. levels for marquee IPOs, such as offering fortunes were tied to the Gandhi in a post on X condemned labourers, no hike in electricity
Sitharaman also emphasised said, should work together to pro- Additionally, there is decent Hyundai Motor India, Swiggy, and secondary market, which has seen the Haryana Police action, saying tariff, withdrawal of police cases
that in a global reset, India would vide technology and stability to demand from FPIs for upcoming NTPC Green Energy, which gar- a decent revival and improved par- that the government should listen (against farmers), and “justice for
continue its role as a voice for the the Global South and the global issues,” he said. nered less than three times sub- ticipation after the state election to the demands and find solutions the victims of the 2021 Lakhimpur
Global South. She said technolo- commons. Between October and November, scription. results. sympathetically. Kheri violence.
8 WORLD
>
NEW DELHI | SATURDAY, 7 DECEMBER 2024

US payrolls rebound
from storms and strikes, Trump’s China tariff plan has $64 bn hole
rise to 227,000 in Nov Goods worth billions escape taxes due to undercounting of imports Former PayPal COO Ex-senator Perdue is
The US job market returned to hurricanes, support the Federal BLOOMBERG to be White House Trump’s pick for
health last month after a
storm- and strike-constrained
Reserve’s view that the job
market remains solid yet no
6 December
US UNDERCOUNTING IMPORTS FROM CHINA AI and crypto czar China ambassador
P
October, with a solid advance in longer a big source of inflation. resident-elect Donald Figures in $ bn Chinese direct exports to the US US direct imports from china
payrolls helping to temper While price pressures have Trump has prom- 600
concerns of a worsening remained elevated in recent ised to impose 10 427.8
slowdown in labour demand. months, officials have begun per cent tariffs on all
Nonfarm payrolls reducing interest rates to imports from China as 450
296.4
increased 227,000 last give the economy a soon as he takes office next
month following an nudge and ensure month. But that might be Difference 363.6 300
upwardly revised hiring is sustained. difficult to achieve fully 220.8 -64.1
36,000 gain in Chair Jerome because tens of billions of 75.6 150
October, according Powell said earlier dollars worth of goods will
to Bureau of Labor this week that the probably escape those 2009 2024
Statistics figures central bank’s import taxes due to loop- Note: 2024 data is through October. Chinese data is FOB. US data shows
import price excluding import duties, freight, insurance and other costs
released Friday. Since decision to start rate holes and undercounting of how Donald Trump says he is selecting President-elect Donald Trump
the figures have been
choppy lately, economists are
cuts with a half-point move
in September was meant to
much is actually arriving from China.
In recent years, some experts have
LARGE GAPS EXIST BETWEEN venture capitalist David Sacks of Craft
Ventures LLC to serve as his artificial
announced he’s nominating former
Senator David Perdue as the US
keeping an eye on payrolls send a “strong signal” of the pointed out a widening gap between CHINESE AND US TRADE DATA intelligence and crypto czar, a newly ambassador to China, enlisting a
growth over the past three Fed’s intention to support the US and Chinese trade data that they Figures in $ bn Chinese US imports Difference created position that underscores the businessman with experience
months, which averaged labor market. Policymakers believe is driven by three factors: the exports to US from China president-elect’s intent to boost two working in Asia for one of his key
173,000. The unemployment reverted to their usual quarter- “de minimis” tariff loophole, an rapidly developing industries. diplomatic posts.
TOTAL 381 322 59
rate edged higher and wages point reduction at November’s underreporting of the value of “David will guide policy for the “He will be instrumental in
rose by more than forecast. meeting, and several have imports by US importers eager to Clothing 26 13 13 Administration in Artificial implementing my strategy to
The figures, after accounting suggested it may soon be time reduce the cost of tariffs and over- Small low-value packages 15 5 11 Intelligence and Cryptocurrency, two maintain Peace in the region, and a
for payrolls swings related to a to pause cuts as the economy reporting by Chinese exporters eager areas critical to the future of American productive working relationship with
Boeing Co strike and proves resilient. BLOOMBERG to maximize tax rebates.
Furniture, bedding 23 14 9 competitiveness. David will focus on China’s leaders,” Trump said in a
The anomaly has appeared in Machinery 69 61 7 making America the clear global post on his Truth Social network
global trade data from early 2020, Plastic items 18 15 3 leader in both areas,” Trump said on Thursday.
when China started to say it was sell- Thursday in a post on his Truth Social The US ambassador to China will
Unclassified commodities 0 4 -4
IN BRIEF ing more goods to the US than
America reported buying from the Pharmaceutical 2 6 -4
network. Trump said that Sacks
would also lead the Presidential
act as a critical bridge between the
world’s two largest economies during
Asian manufacturing behemoth. The Note: Shows trade in first nine months of 2024. Data is rounded off so may not add up perfectly Council of Advisors for Science and tariff negotiations. Perdue would
Romanian top court annuls gap has grown steadily since and at
$64 billion in the first 10 months of
Source: China's General administration of Customs, US Census Bureau Technology.
Sacks, is a venture capitalist and
bring to that role an extensive track
record as a top outsourcing executive
presidential election result this year it’s on track to exceed the
record set last year. icies,” according to the most recent $160 billion of imports from China
part of Silicon Valley’s “PayPal Mafia.”
He first made his name in the
in Asia that included stints living in
Singapore and Hong Kong. In a 2019
Romania’s top court annulled the result of the first round of the The upshot: Not only will tens of report to Congress from the US-China didn’t get counted last year, mostly technology industry during a stint as editorial, he also warned against US-
country's presidential election after accusations of Russian billions of dollars worth of shipments Economic and Security Review due to US importers avoiding tariffs the chief operating officer of PayPal, China ties slipping into a period of
meddling and said on Friday the entire process, which was due to likely avoid Trump’s tariffs, but the Commission. by under-reporting or misreporting the payments company whose “distrust.” “Having lived in Asia, I
conclude this weekend, would have to be re-run. The second US data also downplays just how The US under-reported imports their purchases. founders in the late 1990s included understand the gravity of this
round had been scheduled for Sunday and voting has already dependent US businesses and con- from China by about 20 per cent -25 Another factor causing the data billionaire entrepreneur Elon Musk. responsibility and look forward to
begun in polling stations abroad. It would have pitted Calin sumers remain on trade with China. per cent last year, according to Adam gap is the “de minimis” rule, which In Sacks, Trump is tapping one of his implementing President Trump’s
Georgescu, a far-right, pro-Russian candidate, against pro- “Distorted trade data may prevent Wolfe of Absolute Strategy Research, means that small packages valued at most prominent Silicon Valley strategy to make the world safe again
European Union centrist leader Elena Lasconi. Having polled in US policymakers from designing who gave testimony to the less than $800 don’t get counted or supporters and fundraisers for a and to represent the US’ interests in
single digits before the first presidential election round on effective trade and supply chain pol- Commission. He estimates that up to tariffed by the US. prime position. BLOOMBERG China,” Perdue wrote on X. BLOOMBERG
November, 24, Georgescu - who wants to end Romanian support
for Ukraine against Russia's invasion - surged to a first-place
finish that raised questions over how such a surprise had been
possible. Friday's ruling plunged the country into institutional
chaos as current President Klaus Iohannis's term ends on
December 21 and it was unclear who would be head of state after
Syrian rebels enter two central S Korea’s Yoon under
this date. Analysts said the ruling may erode institutions, trigger
street protests and ultimately still endanger the nation's pro-
Western course. REUTERS towns, close in on city of Homs pressure to resign amid
ASSOCIATED PRESS port. Homs province is Syria’s
impeachment threat
Uber launches 1st Robotaxi Beirut, 6 December largest in size and borders
Lebanon, Iraq, and Jordan. REUTERS what he called “anti-state
service outside of US Syrian insurgents entered two
central towns early Friday just
“The battle of Homs is the
mother of all battles and will
Seoul, 6 December forces” and overcome obstruc-
tionist political opponents.
Uber Technologies Inc has begun offering its first autonomous north of the central city of decide who will rule Syria,” said South Korea’s ruling party Yoon rescinded the decla-
rides outside the US in Abu Dhabi, making good on an earlier Homs, bringing them closer Rami Abdurrahman, the leader said President Yoon ration about six hours later
partnership struck with Chinese vehicle partner WeRide Inc. Syria's third largest city, an Observatory’s chief. Pro-gov- Suk Yeol needed to be after parliament, including
Riders are able to request autonomous vehicles at UberX or Uber opposition war monitor ernment Sham FM said the removed from power for try- some members of his party,
Comfort rates around key tourist areas of the capital of the United and pro-government media insurgents entered Rastan and ing to impose martial law, voted to oppose the decree.
Arab Emirates, the company said in a statement. Those areas both reported. Talbiseh without facing any increasing the pressure on The conservative PPP has
include Saadiyat Island, Yas Island, and routes to and from Zayed The break into Rastan and resistance. him to quit even though vowed to oppose the impeach-
International Airport, with plans to expand the operating territory Talbiseh came a day after members of his People Power ment bill, a position it
in the future. Safety operators will be present in the autonomous opposition gunmen captured Israeli strike cuts border Party reaffirmed its formal reaffirmed on Friday night fol-
vehicles during the initial launch period, and Uber expects the the central city of Hama, Syria’s between Lebanon, Syria opposition to his impeach- lowing a lengthy meeting of
launch of a fully driverless service in 2025. The latest foray marks fourth largest, after the Syrian An Israeli airstrike cut a pri- ment late on Friday. its lawmakers - at least some
further progress by Uber in its hopes to become the go-to app for army said it withdrew to avoid HTS rebels, after their swift takeover of Aleppo in the north mary border crossing point On Saturday, lawmakers of whom would need to back
hailing autonomous vehicles, without having to develop its own fighting inside the city and and Hama in west-central, press onwards to the city of Homs, between Lebanon and Syria, will vote on the main opposi- it for the motion to succeed.
self-driving technology. It has struck at least seven related spare the lives of civilians. on Friday PHOTO: REUTERS days after it was reopened, tion Democratic Party's Acting Defence Minister
partnerships since June, including with Alphabet Inc.’s Waymo, The insurgents, led by the Lebanon’s National News motion to impeach Yoon, who Kim Seon-ho said reports that
and is also invested in autonomous startups including WeRide. In jihadi Hayat Tahrir al-Sham Assad’s seat of power. point between the capital, Agency reported Friday. The shocked the nation late on had swirled throughout Friday
Abu Dhabi, Uber said the service is supported by the local group, or HTS, have said that Homs, parts of which were Damascus, and Syria’s coastal airstrike on the Arida border Tuesday when he gave the that there might be another
government’s Integrated Transport Centre. BLOOMBERG they will march to Homs and controlled by insurgents until provinces of Latakia and Tartus crossing in the country’s north military sweeping emergency attempt to impose martial law
Damascus, President Bashar 2014, is a major intersection where Assad enjoys wide sup- caused heavy material damage. powers in order to root out were not true.

World Bank secures record

$100 bn for poorest countries
Donor countries have pledged a record $100 billion three-year
replenishment of the World Bank's fund for the poorest nations,
HK’s IVF rules send people into black market for babies
providing a vital lifeline for their struggles against crushing debts, BLOOMBERG called baby bonuses — HK$20,000 treatment rules and “ultra-low birth
climate disasters, inflation and conflict. The World Bank made the 6 December payments to have a child — in just rates are contributing to that
announcement early on Friday in Seoul at a pledging conference under a year, while a local lawmaker discussion,” she said.
for the International Development Association, which provides A woman in Hong Kong had to travel proposed hanging baby photos in In the meantime, online forums
grants and very low-interest loans to 78 low-income countries. to two different countries to attempt government offices to encourage are flooded with information from
The total exceeds the previous $93 billion IDA replenishment conceiving a baby on her own. A gay family creation. Hong Kong’s birth Hong Kong couples and single
announced in December 2021. REUTERS couple in the city resorted to even rate per woman stands at a world-low women on alternative destinations
bigger extremes: Banned from 0.8, according to the UN Population for infertility treatments, with some
surrogacy, they turned to the black Fund, with South Korea a close licensed clinics and hospitals offering
US appeals court upholds market in mainland China to have
their first child.
second at 0.9.
Like much of Asia, Hong Kong
travel assistance for foreign patients.
Dating app-like services have also
TikTok law forcing its sale At a time Hong Kong is trying to
reverse one of the world’s lowest birth
bans for-profit surrogacy and limits
access to any treatments involving
sprouted to connect single women
with sperm donors overseas. Black-
A US federal appeals court on Friday upheld a law requiring rates, residents seeking to have a baby egg fertilisation to couples that are market brokerages for egg donors and
Chinese-based ByteDance to divest its popular short video app outside of traditional means are straight, married and infertile — Hong Kong has banned for-profit surrogacy and limited access to any surrogates are doing brisk business.
TikTok in the United States by early next year or face a ban. The running into strict rules on fertility locking out single people and the treatments involving egg fertilisation to couples that are straight, married Hong Kong’s rules on who can
decision is a complete win for the Justice Department and treatments. That’s leading some of LGBTQ community. Though IVF and infertile — locking out single people and the LGBTQ community access fertility are “completely
opponents of the Chinese-owned app and a devastating blow to them to go abroad for expensive — contributes just 4 per cent to 5 per outdated,” said Winnie Chow, a co-
ByteDance. The ruling now increases the possibility of an and sometimes illegal — measures to cent of the city’s total births each year, “Every baby counts. Every workforce,” said Emily Tiemann, a founder of the law firm CRB who
unprecedented ban in just six weeks on a social media app used have a shot at parenthood. the issue is emerging as additional baby that is born is health policy manager at the think formerly served on a council that
by 170 million Americans. The ruling is likely be appealed to The baby shortfall is so dire that both an equality and economic someone who’s going to contribute to tank Economist Impact in New York. oversees Hong Kong’s IVF clinics.
the Supreme Court or full appeals court panel by ByteDance and Hong Kong’s leader handed out problem for one of the world’s the economy through their taxes, Lawmakers in some countries are She said it’s a reason why some
TikTok. REUTERS HK$520 million ($67 million) in so- financial hubs. through their wages, be a part of that looking to open up their fertility- people relocate.

THE BS CROSSWORD #3551 BS SUDOKU #4447

ACROSS: 20 Eliot's hero needs somewhere to suggests a safe investment (4,4) 19 Spread out to tell the tale (6) Easy:
8 Sensible creature a lion turns
sleep when a woman comes 3 A conference of tribesmen from 21 Gray moving with a couple of 
round (4,4) Ibadan ? (6) learners in Scotland (6) Solution on Monday
out to be (8)
23 Paper thrown at the match (8) 4 Money not permanently 22 The children I left out playing
9 Strange noises in Greek union
(6) 24 Wrong note to begin speech on, invested in HMS Belfast? (8,7) get very wet (6)
as low as one can get ! (6) 5 Howe’s climactic reverie of
10 South African sportsman in SOLUTION #3550
favour of a drink (6) 25 Wizard end to the season if screwing Maggie? (3,5)
nothing comes up (6) 6 The farewell of love left in the
11 Steroid scattered on garden (8)
SOLUTION TO #4446
26 Daughter's forsaking casual air (2,4)
12 A little flower she, albeit
affair for marriage (8) 7 This perennial makes you
grabbing every other one in the
Emirate! (3,5) gamble and rant wildly (8)
13 Figure this to be the GI they DOWN: 15 Simple or complicated requests HOW TO PLAY
butchered (6) 1 Starting zooming around, (8) Fill in the grid so that every
14 Reveal the secret that lets the George ranked extra badly in 16 This neat solution is in doubt (8) row, every column and
other fellow win (4,3,4,4) the Croatian capital (6) 17 Military men backing tribal split every 3x3 box contains the
18 Speaks in a way oil men like (6) 2 Embellishment to a book that dealing with dispute (8) digits 1 to 9

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>
NEW DELHI | SATURDAY, 7 DECEMBER 2024 OPINION 9

A fiscally low-cost solution to China’s economic challenges potentially deterring would-be innovators.
Lastly, although Chinese laws osten-
sibly protect private property and pri-
Given this constraint, China should sises accurate and complete disclosures icantly enhance investor confidence with cymaking is essential for reducing uncer- vate firms, entrepreneurs often view the
focus on policies that stimulate entre- rather than picking winners, could remove minimal impact on government revenue. tainties that deter domestic and foreign playing field as heavily tilted in favour
preneurship, investment, and economic these barriers, enabling dynamic com- Far from encouraging or condoning cor- investors. China’s ban on after-school of majority state-owned enterprises,
growth without adding to the govern- panies to access the funding they need to ruption or tax evasion, setting a clear tutoring serves as a cautionary tale. Before especially when it comes to funding
ment’s debt burden. Policymakers could expand their workforce and increase time frame for prosecuting crimes or fil- the ban was announced during the access, government procurement, licen-
take several steps to bolster investor and investment. By facilitating public listings, ing lawsuits would strike a necessary bal- summer of 2021, the Chinese edtech sec- sing, and regulation. Correcting these
consumer confidence while maintaining policymakers could create valuable exit ance between ensuring accountability tor had established itself as a global leader, imbalances could unlock the potential
fiscal discipline. opportunities for early-stage investors, and maintaining economic stability. leveraging information technology to of China’s private sector to drive growth
First, adopting a more liberal capital- attracting more capital from domestic and This imperative is especially relevant offer scalable learning opportunities for and innovation.
market regime that makes it easier for pri- international private equity and venture in China, where, decades ago, it was children and adults. Many companies in None of this is to say that large-scale
SHANG-JIN WEI vate-sector firms to be listed on domestic capital funds. This would help to cultivate nearly impossible to obtain permits, land, the sector were publicly traded unicorns fiscal and monetary interventions are
stock exchanges can boost investment firms that could become future giants. or funding without resorting to bribery. with valuations above $1 billion. But the unnecessary. But the institutional
beyond those waiting to launch an initial Moreover, allowing prominent pri- While statutes of limitations already exist unexpected policy shift dealt a major blow reforms proposed here could stimulate

T
he Chinese stock market has rallied public offering. Currently, Chinese secu- vate-sector firms such as Ant Group, within the Chinese legal system, local to the industry. investment, job creation, and innovation
recently in anticipation of another rities regulators follow a paternalistic JD.com, and ByteDance to go public — governments often prosecute infractions To be clear, the reasoning behind the without imposing a higher burden on
round of government stimulus. model, selecting firms they deem “suit- even on overseas stock exchanges — committed 20 or even 30 years ago, dis- ban was not without merit, as authorities taxpayers or increasing government
This is understandable, as the authorities able” for investors. This approach often would send a powerful signal that the couraging entrepreneurship and causing raised legitimate concerns that children debt, thereby steering the Chinese econ-
have rolled out multiple monetary and fis- excludes firms that are not yet profitable Chinese government values private-sec- successful businesspeople to consider were spending too much time in after- omy onto a healthier and more sustain-
cal stimulus packages to stave off deflation — a standard that would have disqualified tor entrepreneurs. This could inspire a emigration. Establishing a reasonable school learning programmes narrowly able growth trajectory.
and boost gross domestic product (GDP) global giants like Alibaba, Tencent, new generation of innovators, helping statute of limitations would foster a fairer, focused on improving grades at the
growth. But with public debt already well Amazon, and Tesla from going public in China reclaim its position as a global more predictable business environment expense of creativity, sports, and leisure. The author is professor of finance and
above historical norms, there is limited China at the time of their IPOs. Shifting to leader in entrepreneurship. and encourage entrepreneurs to remain Yet despite these good intentions, the pol- economics at Columbia Business School and
room for further fiscal intervention with- an IPO system like that in the United Second, introducing a statute of lim- in the country. icy’s abrupt implementation led to wide- Columbia University’s School of International
out risking a future debt crisis. States, where regulatory oversight empha- itations on financial crimes could signif- Third, transparent and consistent poli- spread uncertainty and value destruction, and Public Affairs. ©Project Syndicate, 2024

ILLUSTRATION: BINAY SINHA

Return of bad ideas &

the Swatantra Party (read his prescient interven-
tions in the Rajya Sabha debate on bank nationa-
lisation). H T Parekh (former CMD of ICICI and
later founder of HDFC) became a backer too. The
Emergency did not deter him. There is a personal

missing reformers story in this.

In January 1976, at the peak of Mrs Gandhi’s
Emergency power, I was a journalism student. As
part of my curriculum, I was interning for six
There are three perfectly timed triggers for this week's column: Old, weeks at The Times of India newsroom in New

Roughhousing in Karnataka Sandur constituency, where E ered a Santhosh acolyte, joined

povertarian instincts are back; the steel industry lobbying for more
import duties; and the absence of reformers like A D Shroff
Delhi. I’d come dutifully, walking from my favou-
rite aunt’s place in Old Delhi’s Bazar Sitaram, and
sit all day waiting for work. The chief reporter, the
late B K Joshi, would give me none. He won’t even

T
Tukaram had won in the previous the padayatra. here are three perfectly timed triggers for of it in a cri de coeur in The Indian Express look at me. Once I gathered the courage to ask
election, defeating the BJP. Assembly elections in this week’s National Interest. First, the easy (“Dreams of Viksit Bharat stumble over Nehruvian him why. He said, “You’ve graduated in science
Although in regionally dispa- Karnataka are due in May 2028. virality of a social media post mixing up impulses”). This shows how the old defenders of with very good marks. I don’t want you wasted in
rate areas, the losses had one thing But Mr Yatnal’s ambitions are India’s gross domestic product (GDP) with the economic reform, supporters of the Narendra journalism. Go back, enrol in the chemical engi-
in common. A section of the BJP undisguised. “I am not a selfless wealth (as determined by market capitalisation) Modi government, are also hurting. The year’s neering department at your Panjab University.
blamed it all on the state party pres- politician or a saint. I will become of its billionaires and talking about how it exposes GDP growth has been cut by the Reserve Bank of Then I will help you get a licence to set up a factory
ident, B Y Vijayendra, whose father, Karnataka’s no 1 politician in the the stark inequalities in our society. India to 6.6 per cent. Our foreign direct investment to make paints or tyres.” He said he just couldn't
B S Yediyurappa, is among the coming days. The media will Some really, really smart people fell for it. more than halved from $56 billion in 2019-20 to see a “bright young fellow” ruined by journalism.
Karnataka BJP’s towering leaders. come to me after I become chief All good people, after all, have their hearts in $26.8 billion in 2023-24, and trending towards that This was peak Emergency. No freedom, no news,
PLAIN POLITICS This is not the first internal spat
the party has faced in the state.
minister,” he told local media in
Belagavi last week.
the right place. India’s inequalities are deep,
wide, and in many ways getting worse. So, what
much at best this year. Trade is stalled.
And the third was pure serendipity. Earlier this
no jobs and full censorship.
Because I was persistent, one day, his face
ADITI PHADNIS The current tussle is between Mr Karnataka is one of the states is the argument? week, I had the honour of being invited to speak twisted in that “you are so self-destructive” smirk,
Vijayendra and the team headed that triggered Hindu mobilisation It is just that GDP is the sum of all national at the annual event of the Forum of Free he bent and fished out an invite from his trash

I
n more than half a dozen states, by former Union minister and in 1992 following the Idgah income in a year, whereas wealth is what you’ve Enterprises (FFE) in Mumbai. The FFE was set up basket. “Go cover this,” he said, “and don’t think
the Bharatiya Janata Party MLA Basanagouda Patil Yatnal. Maidan controversy in Hubbali saved up and built over your past incomes, the in July 1956 by Ardeshir Darabshaw (AD) Shroff we’ll publish it.” It was to get me off his back.
(BJP) is in the Opposition. Mr Yatnal and his team — cur- and contributed the largest com- market value or capitalisation of your equity as an intellectual and philosophical counter to I took a bus ride to the YMCA on New Delhi’s
In Jharkhand it has been out rently in New Delhi to petition the plement of activists during the holdings and your assets. Wealth is not income Jawaharlal Nehru’s hard drive to the Left following Jai Singh Road where M R Pai (then secretary of
of power for five years, but it BJP’s leadership — say the pres- Ram Mandir rath yatra. It is not and vice versa. the Congress Party’s Industrial Policy Resolution FFE) was delivering a message on free markets,
robustly criticises the Jharkhand ident’s performance is suboptimal. known for indiscipline. And so the The total capitalisation of Indian markets, clos- that April, which strangled Indian entrepreneur- and eviscerating Mrs Gandhi’s licence-quota raj
Mukti Morcha, the ruling party, They argue that Mr Vijayendra’s ordinary BJP worker is confused. ing in on $6 trillion, is way more ship for three and a half decades, and mai-baap sarkar. He was also distributing lit-
regularly, focusing on deficiencies only credentials are that he is his He would like to see action against than the country’s GDP. Ambani, until P V Narasimha Rao broke tle booklets, each discussing such specific issues
in governance and delivery. In father’s son. This is not quite true: dissidence, while acknowledging Adani, Birla, Tata, and all of the shackles in 1991. in great detail. There was a register for you to enter
West Bengal, despite periodic His contribution in growing the that the issues raised by Mr Yatnal India’s billionaires will draw their This policy divided Indian your mailing address if you wanted to keep receiv-
internal differences among BJP in areas where it never had a are ideologically powerful. wealth mostly from it. Most of the industry into categories A, B and ing these. How my own views on the economy, or
leaders on how the Mamata presence, like South Karnataka, has Mr Vijayendra and his sup- rest of us 1.42 billion will contrib- C. The first, the commanding more specifically political economy, evolved sub-
Banerjee-led Trinamool Congress been impressive. His appointment, porters have said they would be ute a humble share to the GDP. heights, belonged entirely to the sequently is owed to that encounter with FFE in
government should be targeted, seven months after the BJP’s dis- happy to talk to Mr Yatnal. They How could a mythology like government (PSUs), category B no small measure.
the Opposition is fierce. In Punjab, astrous performance in the also feel this kind of activity this, however romantic, find could have the private sector in It is possible that the 1991 reform took the
it is yet to emerge as a significant Assembly elections, suggested the derails the BJP’s primary duty as such currency 33 years after some areas where it already exist- energy out of FFE. As if, with the philosophical
Opposition voice. It tries in Delhi. party’s central leadership had Opposition. the 1991 reforms? This gives us ed, and C was open, but only with victory, that cause had been achieved. The forum
But wherever it is in the thought long and hard before giv- But there are wheels within the first trigger: That old, pov- licensing. It had much appeal and does live on with eminent lawyer H P Ranina as
Opposition, nowhere is the party ing him the job: A leader was wheels. In the past, Siddaramaiah, ertarian instincts are back, NATIONAL INTEREST the Congress continued to be re- president. But it’s no longer an intellectual pow-
as much at odds with itself as it is needed who was acceptable all over chief minister and Congress assailing the hearts and minds elected in spite of the so-called erhouse that will reach out to people young and
in Karnataka. Internal squabbling the state. The Lok Sabha election leader, has had cordial relations of the smartest. SHEKHAR GUPTA Hindu rate of growth. Indira old in all parts of the country to counter the relent-
spilled out into the open after the results showed it was the right deci- with Mr Yediyurappa. At his birth- The second is the steel indus- Gandhi completed her father’s less return of bad old ideas: Import substitution,
results of the by-elections last sion: The BJP’s national numbers day celebrations four years ago, try doubling down on lobbying for even more Socialist putsch with mass nationalisations government-mandated incentives (PLI, for exam-
month, all of which the BJP lost. came down in the Lok Sabha polls when Mr Yediyurappa was chief duties on imports, making India’s steel among the between 1969 and 73. These included New India ple), retrospective taxation, protectionism, the
Three Assembly seats — Shiggaon, but in Karnataka of the 28 Lok minister, Mr Siddaramaiah not most expensive anywhere. The price is paid by the Assurance and Bank of India, both of which Shroff return of the big state, goodbye to privatisation.
Sandur, and Channapatna — fell Sabha seats, the BJP won 19. only attended the function but domestic user—you and me—who builds homes had helmed. For those who might say it is risky to speak up
vacant after their representatives But Mr Yatnal and co feels Mr complimented him on his com- and buys automobiles; it’s passed on to the gig Shroff had been a member of the eight-member given how powerful the establishment is,
resigned on being elected to the Vijayendra should be sent home. mitment and sincerity. Many in worker’s scooty, the farmer’s tractor or plough, the group of eminent Indians who drew up the remember A D Shroff took on Nehru even on his
Lok Sabha. The Shiggaon seat was So much so that on the Waqf land- the Yatnal group see a conspiracy kadhai (wok) and humble chamcha (spoon) in Bombay Plan for India’s economy in 1944. He was central argument. Capitalism, Nehru said, was bad
held by BJP leader and former encroachment issue, Mr Yatnal between the Siddaramaiah-led your kitchen. This, when micro, small, and also a non-official member at the first Bretton for democracy and political freedoms; Shroff said
chief minister Basavaraj Bommai, ignored the state party’s cam- Congress group struggling to stave medium enterprises are crying about steel prices Woods gathering. He and the Bombay Plan lost it was his kind of socialism that came loaded with
who was elected to the Haveri Lok paign, launching his own paday- off covert attacks from within, and driving them to bankruptcy, and when the bigger the philosophical battle for the direction of our that venom, and that economic and political free-
Sabha seat. atra from Bidar with banners that the Vijayendra-led BJP. “boys”, the automakers, whisper to you — looking post-Independence economy. The fighter and free doms must go hand in hand. India’s economic
Channapatna was earlier rep- featured images of Prime Minister This is only a suspicion: There left and right to make sure nobody is watching — spirit in him responded by building the FFE, an reform has lost steam, is sliding backwards in some
resented by H D Kumaraswamy, Narendra Modi but none of Mr is no factual basis for it. Mr about shipping containers sitting in our ports institution that would teach Indians the virtues of areas, and an institution like the Forum of Free
who had defeated the BJP in the Vijayendra. The Bidar unit of the Vijayendra is conscious that he forever, awaiting clearance. unfettered entrepreneurship and the evils of gov- Enterprise is missing just when it’s most needed
previous election when his party, BJP filed police reports against Mr has to show his mettle and re- Their issue isn’t just the price. About 20 per ernment controls. You can read more about him — to protect our hard-won economic freedoms in
the Janata Dal (Secular), was in alli- Yatnal. The group got implicit establish the BJP’s primacy in cent of the steel needed by the auto industry is of in an excellent biography written by Sucheta Dalal. 1991. Now, you can see why this was the third and
ance with the Congress. Now he is backing from the B L Santhosh Karnataka. But his supporters say the kind not yet made in India. The government, Here is the irony. His institution fought Mrs the most troubling of these triggers.
a Union minister and a BJP ally. faction as C T Ravi, member of the he cannot do so with one hand however, doesn’t care, having gone full protection- Gandhi’s Socialist surge at her peak. Its supporters
The Congress retained the Legislative Council and consid- tied behind his back. ist. Surjit Bhalla and Karan Bhasin highlight some included Nani Palkhivala and Minoo Masani of By special arrangement with ThePrint

The Matrix, reality and simulation Does the captain still take it all?
EYE CULTURE philosopher Nick Bostrom argued that live in a simulacrum, were interviewed. “Palmolive da jawaab nahin” dwarfing all his teammates. and Reebok, among others. Pant
posthumans might possess Indeed, there have been numerous shaving cream commercial. His Rohit Sharma, despite being the has at least 15 brands that he
ATANU BISWAS supercomputers capable of running notable proponents and debaters of the compatriot and vice-captain team’s hit-man, had a lukewarm sells: Adidas, JSW, Realme,
intricate simulations of their ancestors, simulation idea. By proposing that the Mohinder Amarnath, who was run with brands till he donned Cadbury, and Zomato being

I
t’s 25 years of Keanu Reeves starrer where the simulated entities exhibit a entire universe might be a massive Man of the Match in both the the mantle of captaincy. After some of them. Pandya, too, has
The Matrix, where Neo, the pro- form of artificial consciousness. In quantum computer, MIT physicist Seth semis and the final of the 1983 his elevation, his endorsements more than 20 ambassadorships
tagonist, lives in the year 2199 and, essence, it would be similar to us Lloyd took the simulation theory to the World Cup, however, got no suddenly more than doubled, in — Gatorade, BigMuscles,
more significantly, in a simulated simulating ancient Athens or Ujjain. next level. And Elon Musk claimed in endorsement contracts. count and in value. Hyundai Exter, Souled Store and
world that is a fake-out version of the Bostrom’s argument presents a 2016 that the likelihood that we are truly In later years, captains Dilip Has the axiom that the cap- Fancode Shop being some of
late 20th century, created by 21st-cen- trilemma: Either such simulations are living in the physical universe, or “base Vengsarkar, K Srikkanth, and tain-takes-all started to wane them. Gill is a sizzling hot favou-
tury artificial intelligence (AI) to
enslave humanity. The film popular-
not created due to technological
constraints or self-destruction,
reality,” is one in a billion. This concept
is thoroughly examined in David
YES, BUT... Azharuddin did not capture the
interest of the marketing world,
somewhat in the past few years?
After the longish reign of captain
rite with brands, especially those
targeting Gen Z. He is today the
ised the notion that we are all actually advanced civilisations choose not to Chalmers’ most recent book, Reality+: SANDEEP GOYAL nor did any other cricketers. But Kohli (68 Tests + 95 ODIs + 50 face of Coca-Cola, G-Shock,
lying in fluid pods, acting as feedstock develop them, or we are almost Virtual Worlds and the Problems of then, Captain Sachin Tendulkar T20s) and the continuing innings Bajaj Allianz, Tata Capital, Ceat

O
for machines, and that reality is an certainly living in one. Bostrom Philosophy (2022). ver the past four decades, arrived and opened the endorse- of captain Rohit Sharma (21 Tests and ITC Fiama, besides others.
illusion. The concept is as old as concluded that “we would be rational And can we hack it if we’re living in since brands began hir- ment floodgates. He took the + 48 ODIs + 62 T20s), we sud- Bumrah and Rahul are also
Plato’s Republic and as modern as to think that we are likely among the a computer simulation? David ing cricketers for baton from Kapil Dev with the denly have a number of India somewhat in demand.
Elon Musk’s Twitter feed. simulated minds rather than among Anderson, a computer scientist at the endorsements, the captain of the iconic “Boost is the secret of my captains, across different for- The spoils of the advertising
For many years, sci-fi has the original biological ones.” The total University of California, Berkeley, Indian team has always had a energy” campaign and went on mats, in our midst: Ajinkya war seem to have got more evenly
emphasised topics like computer number of simulated ancestors, or asked this question. In reality, The distinct edge and a clear advan- to appear in ads for MRF, Pepsi, Rahane (6 Tests + 3 ODIs + 2 democratised and distributed
gaming, virtual reality, and AI. For “Sims,” would far outnumber the total Matrix and the “simulation theory” tage. Brand managers have Adidas, and many more. No T20s), K L Rahul (3 Tests + 12 amongst the very many captains
instance, Daniel F Galouye’s novel number of real ancestors if even a therein appear more relevant than invariably favoured the captain other cricketer during his reign ODIs + 1 T20), Jasprit Bumrah (2 today — the recognition of being
Simulacron-3 (1964) describes a virtual small portion of them performed ever in this AI era. Mark Zuckerberg, over any of his team members. received as much attention. Tests + 2 T20s), Shikhar Dhawan named the top gun seems to
city created as a computer simulation “ancestor simulations.” Bostrom who aimed to create a fully immersive Sunil Gavaskar, India cap- Tendulkar, despite being retired (12 ODIs + 3 T20s), Hardik Pandya automatically attract brands.
for market research, where the asserted that “unless we are now living virtual reality environment akin to The tain in most of the Indian for almost a decade, continues (3 ODIs + 16 T20s), Rishabh Pant Broadening the captaincy has
simulated inhabitants possess in a simulation, our descendants will Matrix, may attest to that. With the cricket team’s outings from 1978 to be wooed by brands. (5 T20s), Ruturaj Gaikwad (3 obviously benefitted the various
consciousness, with all but one unaware almost certainly never run an state of knowledge and technology to 1985, was amongst the first to Captains Sourav Ganguly T20s), Surya Kumar Yadav (13 interim/stand-in/WIP (work-in-
of the true nature of their surroundings. ancestor-simulation.” today, the simulation hypothesis can’t feature in commercials — his (starting with Parry’s, Hero T20s) and Shubman Gill (5 T20s). progress) captains. It has sub-
Furthermore, it’s commonly held The depth of the rabbit hole was be conclusively demonstrated or Dinesh suitings campaign and Honda and more) and Rahul Rohit Sharma may still be the stantially enhanced their brand
that a speech novelist Philip K Dick gave demonstrated by MIT computer disproven, for sure. However, wouldn’t his Thums Up ads were trend- Dravid (kicking off with Kissan, first among equals, but today, value. Non-captains still face
in France in 1977 provided the scientist Rizwan Virk, author of The everything be pointless if we were setters of the 1970s and ’80s. Palmolive, Pepsi, Castrol …) fol- half a dozen others are probable resistance.
structural inspiration for The Matrix, Simulation Hypothesis (2019). really living in a computer simulation? None of the famous spin quar- lowed in Tendulkar’s footsteps claimants to the captain’s crown. I was reading the proposed
highlighting the modest origins from According to Virk, this indicates that But who cares! Isn’t Musk, a fervent tet — Bishan Singh Bedi, EAS with blistering knocks on the This has truly opened up the contract of one of the younger
which “sim-theory” initially gained there is just one “base reality” and supporter of the theory, the world’s Prasanna, B S Chandrashekhar, endorsements front during their endorsement market, which has turks the other day — it said
popularity. A few years after the film’s numerous “simulated realities.” So, most capitalistic person? or Srinivas Venkataraghavan, all innings, and continue to be become more fragmented than that if the player were to be
release, “simulation theory” was which reality — the one base reality or Regardless of The Matrix, Nick Gavaskar's contemporaries — sought after even today. Much ever before. However, it is still named captain in any format,
formally developed, proposing that the 99 simulated realities — are you Bostrom, Elon Musk, or the were featured in commercials, the same happened with captain the captains who dominate his endorsement fees would get
people are likely preset, coded most likely to be in? Your chances of peculiarities of quantum physics, we despite their equally impressive M S Dhoni. His teammates brand endorsements. Virat boosted by 50 per cent
constructs within a digital world, and being in the 99 are certainly higher. might still be living in “base reality.” cricketing achievements. Yuvraj Singh and Virender Kohli and Rohit Sharma remain instantly. Obviously, being cap-
that we are probably living in a In Rodney Ascher-directed 2021 Or perhaps the world we inhabit is the The 1983 World Cup winning Sehwag got a few endorsements, hot brand favourites, for sure. tain, even today, counts for
computer simulation rather than as documentary A Glitch in the Matrix, truest definition of “base reality.” India captain, Kapil Dev, first too, but the captain outscored But SKY (Surya Kumar Yadav) much more than just leading
“real” and substantial individuals. In people with varying perspectives, appeared as brand ambassador them by miles. And then came also endorses over 20 brands — the India XI on the field.
his 2003 paper “Are You Living in a including journalists, philosophers, and The author is professor of statistics, Indian for Boost in 1986 or 1987. He Virat Kohli, who nearly hit a cen- UniScholars, Maxima, Boult, SS
Computer Simulation?” Swedish likeable kooks who strongly think they Statistical Institute, Kolkata then featured in the famous tury in brand endorsements, Cricket, JioCinema, Royal Stag The author is chairman of Rediffusion
 QUICK TAKE: AXIS BANK BETTER PLACED THAN PEERS “Investors are looking forward to next

The Smart week’s Central Economic Work Conference

Investor
(Share price in ~) After underperforming this year with 8 per cent returns and the possibility of further reductions
versus Nifty’s 14 per cent, analysts believe Axis Bank in the reserve requirement ratio
is one of the top picks among private sector banks. by the Chinese central bank
Kotak Institutional Equities has set a target price of this month”
NEW DELHI | ~1,500, valuing the bank at 2.2x estimated FY26 book
SATURDAY, 7 DECEMBER 2024 value. The brokerage expects a rerating, driven by KENNY NG, Strategist,
China Everbright Securities
better than expected performance on slippages
International
<

Sharp drop in India-US 10-year FPI lobby opposes Sebi’s

proposed AI, ML norms
bond yield spread in past 4 yrs ILLUSTRATION: BINAY SINHA retail inflation in October was higher
Asifma seeks shared responsibility for AI-related breaches
KHUSHBOO TIWARI
Yield spread low than in the US by 361 basis points, up Mumbai, 6 December
despite rise in retail from a gap of 167 basis points in CASE FILE
October last year and the highest in the The Asia Securities Industry & Financial
n Sebi had proposed norms to
inflation in India last 15 months. Markets Association (Asifma) has raised
bring accountability on the
Historically, there is a positive cor- objections to the Securities and Exchange
KRISHNA KANT relation between the gap in the retail Board of India’s (Sebi’s) proposed norms for usage of AI/ML tools
Mumbai, 6 December inflation in India and the US and the regulating artificial intelligence (AI) and n Measures aimed at bringing
spread on the India 10-year and US 10- machine learning (ML) tools. responsibility on registered

T
he post-pandemic monetary year treasury bonds. In other words, The regulator had floated a consultation entities for any lapse or
tightening across the globe has the higher the retail inflation in India paper in November, aiming to bring the data breach
resulted in a lower rise in inter- compared to the US, the higher is the usage of AI and ML tools under the regu-
n Calls for usage of OECD’s
est rates in India compared with the
United States, resulting in a sharp HISTORICAL TREND bond yield or interest rate in India rel-
ative to the US.
latory ambit.
Further, it looked to define responsibil- definition of AI in the regulation
decline in the spread between the The correlation has, however, weak- ities of registered entities (RE) for lapses such
Indian and the US 10-year treasury Yield spread between India and US 10-year govt bond (in %) ened in recent years and spreads have as data breach, privacy concerns, investor
bond yields in the last four years. remained low, despite a rise in retail data, and action in case of violations.
The spread has now shrunk to inflation in India. In its submission to Sebi, the foreign
around 255 basis points or 2.55 per Analysts attribute this to an active portfolio investor (FPI) lobby argued that
cent, nearly 45 per cent lower than 10- management of the bond market by a one-size-fits-all approach could lead to
year average yield spread of 4.52 per the Reserve Bank of India (RBI). over regulation.
cent. The current spread is, however, “The RBI has been managing the Instead, the industry body advocated for
13 basis points higher than the 18-year long and short end of the yield curve a shared responsibility framework, where
low spread of 2.42 per cent in October by buying government bonds and thus financial institutions remain accountable.
last year. keeping the yields at relatively low However, third-party providers are respon-
The yield on India's 10-year govern- levels. We have to see how long it lasts, sible for specific parts of the AI value chain.
ment bond is up just 28 basis points in Source: Bloomberg, Compiled by BS Research Bureau given the steady depreciation in the “An intermediary cannot be held respon-
the last three years from 6.45 per cent rupee,” says Dhananjay Sinha, co-head sible for any bad decisions by a client or
at the end of December 2021 to 6.74 per sion in the spreads for the next eight cent during October this year from research and equity strategy external stakeholder based on the otherwise
cent on Friday. In the same period, the years before peaking at 6.78 per cent a 5-year low of 3.6 per cent in July Systematix Institutional Equity. accurate and fair output of an AI tool,”
yield on US 10-year treasury bonds is in July 2012. In the last 20 years, the this year. This hints at a rise in the yield Asifma said in its submission. tool, but then makes his/her own bad deci-
up 268 basis points from 1.51 per cent spread has been 4.54 per cent on aver- In comparison, the CPI in the spread in the coming months if the “While financial institutions will remain sion, this would be the responsibility of the
at the end of December 2021 to 4.19 per age, significantly higher than the cur- United States was 2.6 per cent during retail inflation in India continues to accountable, the responsibility of various RE. If that is indeed Sebi's intention, we are
cent currently. rent spreads. October, marginally up from a low of remain high compared to its level in controls in the generative AI lifecycle will very concerned that this would be a signifi-
Such a sharp compression in yield The yield spread remains low 2.4 per cent in September but well the United States. This could also depend on the deployment model. We sug- cant overreach and be an outlier as compared
spread last occurred between despite a rise in retail inflation in India below the post-pandemic average explain the RBI’s reluctance to cut its gest that responsibility (and liability) to requirements and guidelines in other juris-
November 2000 and May 2004 when in recent months. The retail inflation inflation rate of 5 per cent. As a result, policy interest rate, despite a slowdown should lie with the party who has control dictions,” Asifma has pointed.
it declined from 6 per cent to 0.64 per in India as measured by the consumer the retail inflation in India is now run- in India’s economic growth in the sec- over the specific element of the life cycle,” Additionally, the industry body
cent. It was followed by a steady expan- price index (CPI) accelerated to 6.21 per ning higher than in the US. India's ond quarter of FY25. it further added. expressed concerns that Sebi’s proposed
Asifma also pointed out the lack of clarity norms could lead to significant overreach
regarding reliance on AI tool outputs and and be inconsistent with requirements in
recommended using the OECD definition of other jurisdictions.

Mkts snap five-day MobiKwik cuts issue size for 3rd AI systems in the regulation.
“The way this requirement currently
reads is as if when a client or stakeholder is
Sebi has already specified reporting
requirements of AI and ML apps and tools
used by stock brokers, exchanges and asset

rally as RBI cuts FY25 time, sets price band at ~265-279

using accurate and fair output from an AI management companies, among others.

growth forecast Demat a/c

AJINKYA KAWALE & SUNDAR SETHURAMAN
Mumbai, 6 December
meant a reduction in valuation.
“It is disappointing for investors if an IPO
with an elevated valuation does not perform
PRESS TRUST OF INDIA Fintech firm MobiKwik is all set to following listing. People believe
Mumbai, 6 December launch its initial public offering these are bad businesses with a lot
additions
Snapping the five-day winning
(IPO) on December 11.
The company has cut down its IPO of cash burn but somebody has to
change that. Even if it means getting
run, benchmark Sensex dropped
by 56 points in a highly volatile
IPO size for the third time since it
floated its listing plans three years
a cut in valuation we are fine with
it,” Singh said.
hit 7-mth
trade on Friday after the Reserve
Bank of India (RBI) cut the
growth projection for 2024-25
back to ~572 crore from its 2021
plans of raising ~1,900 crore from
the market.
In 2021, the company initially
filed for a ~1,900-crore IPO, which it
further cut to ~700 crore in January
low in Nov
The number of new dematerialised
WATCH
and kept the policy rates The IPO is entirely a fresh issue this year. The company plans to raise
unchanged. THE DECLINE and there is no offer-for-sale com- ~572 crore from the markets this (demat) accounts added in
After oscillating between Sensex intraday ponent. The fintech company has time. Of the net proceeds of the IPO, November dropped to less than 3.2
highs and lows during the day, set the price band at ~265-279 mybs.in/ipo the firm will allocate ~150 crore to million, the lowest since April 2024.
the 30-share BSE benchmark per share. expand its financial services busi- This marks the second consecutive
Sensex declined 56.74 points or The Gurugram-based com- ness, ~135 crore for its payments busi- month of decline in new account
0.07 per cent to settle at 81,709.12. pany’s IPO closes on December 13. Anchor bid- ness and ~107 crore for research and develop- additions amid market turbulence
Intraday, it swung 419.72 points, ding for the IPO will begin on December 10. ment (R&D) in data, artificial intelligence (AI), triggered by foreign portfolio
hitting a high of 81,925.91 and a
low of 81,506.19. In the past five
When asked about a cut in the IPO valuation, machine learning (ML), product and technol-
the company’s co-founder and chief executive ogy. The remaining ~70.2 crore would be allo-
investors (FPIs) selling and
earnings disappointments.
DROPPING PACE
trading days, the BSE benchmark officer (CEO) Bipin Preet Singh said it wanted cated for capital expenditure involving its pay- Despite this, a total of 42.83
New account openings further slowed in November
jumped 2,722.12 points or 3.44 per to leave value for investors post listing even if it ment devices business. million new demat accounts have
cent. The NSE Nifty dipped 30.60 been added in the first 11 months of
points or 0.12 per cent to settle at 2024, taking the total count to 182
24,677.80.
The RBI on Friday kept its Vishal Mega Mart sets Suraksha Diagnostic million. Market players expect the
pace to pick up in December with
key interest rate unchanged cit-
ing inflation risks, but cut the
6.5 per cent for a record 11th
meeting in a row. price band at ~74-78 slips on market debut stability returning to the market
and upcoming IPO launches.
cash reserve ratio that banks are From the 30-share pack, Kedaara Capital-backed Vishal Mega Mart Shares of Suraksha Diagnostic Ltd ended The number of demat accounts
required to park with the central Adani Port, Bharti Airtel, Asian on Friday said it has fixed a price band of with a discount of over 5 per cent against in India has skyrocketed since
bank, boosting money with Paints, IndusInd Bank, Bajaj Fi- ~74-78 per equity share for its ~8,000 crore ini- the issue price of ~441 on Friday. The stock Covid-19 driven by simplified
lenders to support a slowing nserv, Reliance Industries, tial share sale, which will hit the markets on made its debut at ~437, registering a decline account opening, widespread
economy. With India’s GDP see- Infosys, UltraTech Cement, December 11. The initial public offering (IPO) of 0.90 per cent from the issue price on the smartphone and data adoption,
ing a sharper-than-anticipated HDFC Bank, HCLTech, and will conclude on December 13. The bidding for BSE. During the day, it dropped 5.94 per cent and favourable market returns.
dip in the July-September ICICI Bank were among the lag- anchor investors will open on December 10, the to ~414.80. The stock finally ended at ~417.95, Demat accounts have more than
period to 5.4 per cent — its slo- gards. red herring prospectus showed. The proposed down 5.22 per cent. At the NSE, its shares quadrupled since March 2020,
west pace in seven quarters, Tata Motors, Axis Bank, IPO is entirely an offer for saleof shares by pro- were listed with a discount of 0.68 per cent at when the tally stood at less than
inflation on the uptick and Maruti, Larsen & Toubro, ITC, moter with no fresh issue component, accor- ~438. The stock ended at ~417.05, lower by 41 million. SUNDAR SETHURAMAN Sources: CDSL, NSDL
rupee under pressure, the (RBI) and Tata Steel were among the ding to updated draft red herring prospectus. PTI 5.43 per cent. PTI
had few choices to make. gainers.
Its monetary policy commit- RBI Governor Shaktikanta
tee, which consists of three RBI Das said the cash reserve ratio
and an equal number of exter- has been cut by 50 basis points THE COMPASS
nal members, kept the repur- to 4 per cent, effective in two
chase or repo rate unchanged at tranches on December 14 and 28.

Gloomy outlook for growth may dampen market sentiment

N IN BRIEF N DEVANGSHU DATTA businesses also expect to be able cut the Fed Funds rates by 75 bps in
to pass on most of the input cost CY24. If it holds in ’25, the US dollar
Market regulator revamps investor The Reserve Bank of India (RBI)-
led Monetary Policy Committee
increases. If food inflation softens
as expected, and fuel costs don’t
is likely to strengthen. The RBI has
to be braced for this. It has already
charter to boost transparency (MPC) held the repo rate unchan- rise, the central bank expects spent significant sums to keep the
ged and continued with its neutral consumer price index (CPI) to stay rupee inside its desired band.
The Securities and Exchange Board of India (Sebi) on Friday unveiled monetary stance, scheduling a below the 6 per cent mark Economists are divided on the
an updated investor charter aimed to enhance investor protection, cash reserve ratio (CRR) cut to be through Q3 and Q4 and even stay possibility of a repo rate cut in Feb
market transparency, and trust and confidence among investors. The implemented in two tranches. below 5 per cent through H1FY26. ’25. It could happen if growth stalls,
updated charter has emphasised on ensuring confidentiality of investor However, the outlook was gloomy Overall, the RBI expects and/or the CPI drops to 4 per cent.
information and providing the right to exit at fair and reasonable and may be a dampener for inflation in FY25 to be around The Dec ‘24 CRR cut will push an
terms from the securities market related products or services. "Further, sentiment. 4.8 per cent, 30 bps above prior estimated ~1.1 trillion of liquidity
Sebi has strengthened the grievance redressal mechanism and The MPC warned about rising expectations. into the economy, but this may not
alternative dispute resolution mechanism with the launch of SCORES volatility in global markets, and cut RBI Governor Shaktikanta Das be enough if household
2.0 and SMART Online Dispute Resolution," the regulator said. PTI its GDP outlook for financial year pointed out that a rising US dollar consumption remains weak.
2025 (FY25) by 60 bps although it has resulted in large capital The market didn’t react very
hinted at possible recovery from outflows from emerging markets much to the MPC, implying
Sebi proposes allowing use of stock data Q4FY25 onwards. While the
decision to hold the policy repo
and volatility in equity markets.
The rupee has dropped to below
investors were braced for a no-cut
scenario. But the Bank Nifty lost a
with 3-mth lag for investor education rate at 6.5 per cent was taken 4-2 ~84.75 and foreign portfolio little ground and so did the Nifty
with two members wanting a cut, investors (FPIs) have sold heavily global growth and push inflation will clearly impact India badly. Financial Services Index
Sebi has come up with a consultation paper on draft circular to the decision to continue with the through October and November higher.” There could be issues for Indian indicating that traders may see
provide clarity on provisions related to association of persons ‘neutral’ monetary policy stance though they have been net buyers This is a diplomatic way to exporters and may be rising this update as bearish. It will be
regulated by the board, market infrastructure institutions (MIIs) and was unanimous. in December. If growth falls reference the tariff policies of the costs and challenges for the IT interesting to see the response of
their agents with persons carrying on prohibited activities. It noted Inflation in October has risen further, the Governor says policy upcoming Trump Presidency, services industry. the FPIs to the MPC. The Fed will
that anyone who is doing only investor education should not use significantly with upticks in food support may be required. which takes charge in January. If Since higher customs duties release a set of economic projec-
market price data of the preceding three months.The market inflation and also in core Das also said, “The outlook Trump does impose big customs will result in the US suffering infla- tions in mid-December and it has
regulator floated a consultation paper seeking responses to clarify inflation. The central bank’s is clouded by rising tendencies duties on US imports as he has tion, it’s also possible the US Feder- an FOMC meeting in late January.
points on how regulated entities such as stock brokers and surveys indicate businesses of protectionism which have promised, and also cuts visa al Reserve will review its stated Changes in its stance, if any, will
exchanges can associate with unregistered entities. AGENCIES expect input costs to rise, but the potential to undermine allotments for skilled labour, it policy of policy rate cuts. The Fed certainly influence the RBI.
.
NEW DELHI | SATURDAY, 7 DECEMBER 2024 11 <

DEBTS RECOVERY TRIBUNAL-I, DELHI,

4TH FLOOR, JEEVAN TARA BUILDING,
PARLIAMENT STREET, NEW DELHI-110001.
TA NO. 2189/2022
UCO BANK V/S M/S RIDDHI MEDICAL STORE & ORS.
To,
(1) M/S RIDDHI MEDICAL STORE, OFFICE AT
SHOP NO 3, PROPERTY NO C 39, GF,
PRASHANT VIHAR, SEC 14, ROHINI, DELHI- 85
Also At.: JA/6A, MIG FLATS, PHASE-1,
ASHOK VIHAR, DELHI-110005.
(2) VIKAS GUPTA S/o SH. MAHESH GUPTA
OFFICE AT SHOP NO 3, PROPERTY NO C 39, GF,
PRASHANT VIHAR, SEC 14, ROHINI, DELHI- 85.
Whereas the above named applicant has instituted
a case for recovery of RS-25,43,503(Rupees TWENTY
FIVE LAKH FORTY THREE THOUSAND FIVE
HUNDRED AND THREE Only) against you and whereas
it has been shown to the satisfaction of the Tribunal that it
is not possible to serve you in ordinary way. Therefore,
this notice is given by advertisement directing you to make
appearance before Ld Registrar on 10.01.2025 at 10.00
A.M. (for further details kindly visit DRT website
www.etribunal.gov.in Phone Number: 011-23748473).
Take notice that in case of your failure to appear on the
above mentioned day before this Tribunal, the case will be
heard and decided in your absence.
All the Advocates/Litigants shall download the "Cisco
Webex" application/Software; "Meeting ID" and
Password" for the next date of hearing qua cases to be
taken by 'Registrar/Recovery Officer-I/ and Recovery
Officer-II shall be available one day prior to the next date
at DRT Official Portal i.e. "drt.gov.in" under the Public
Notice Head.
In any exigency qua that, the Advocates/Litigants can
contact the concerned official at Ph. No.011-23748473.
Given under my hand and seal of the Tribunal on this
th
9 Sept 2024. NHPC Office Complex, Sector-33, Faridabad – 121003
By order of this Tribunal (Assistant Registrar)
Respondent may contact under mention Phone number
(CIN: L40101HR1975GOI032564)
for further enquiry. Ld. Registrar DRT-I, SCHEDULE
Phone No: 011-23748473 Email id: [email protected] [To be published in pursuance of Clause (7) of Regulation 23 of Central Electricity
Regulatory Commission (Conduct of Business) Regulations, 2023]
1. The petitioner above-named has filed a petition before the Central
Electricity Regulatory Commission, New Delhi for determination of tarif
for Bairasiul Power Station
2. The beneficiaries of the generating station are:
i) PSPCL-Punjab iii) BRPL, BYPL & TPDDL- Delhi
ii) HPPC-Haryana iv) HPSEBL, Himachal Pradesh
3. Capacity of the generating station : 180 MW
4. Approved capital cost of the project : ₹20,368.98 lakh as on
31.03.2019 allowed by
CERC vide order petition
dtd 29.08.2022 in
No. 143/GT/2020
Authority which has approved the capital cost : CERC
5. Scheduled date of commercial operation : Already in Commercial
Operation
6. Actual date of commercial operation : 01.04.1982 & 31.08.2021
KOTAK MAHINDRA BANK LIMITED after R&M
1ST FLOOR, UNIT NO.103, P.P TRADE CENTRE, PLOT NO.1, NETAJI SUBHASH PLACE, 7. Capital cost on the date of commercial : ₹30,229.32 Lakh
PITAMPURA, NEW DELHI-110034 operation as on
E-AUCTION SALE NOTICE FOR SALE OF IMMOVABLE ASSET UNDER THE PROVISIONS OF THE SECURITISATION AND 31.08.2021
RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (“SARFAESI ACT”) READ WITH 8. Details of tarif:
PROVISO TO RULE 9 (1) OF THE SECURITY INTEREST (ENFORECEMENT) RULES, 2002. (₹ in Lakh)
Notice is hereby given to the public in general and to the Borrower and the Guarantor(s), that the below described immovable property mortgaged/charged to
Kotak Mahindra Bank Limited (Secured Creditor/KMBL), the Symbolic Possession of which has been taken by the Authorized Officer of KMBL on 31/05/2024 Hydro Power Tariff for the Year-wise tariff sought to be determined
Sl.
and the same will be sold on “AS IS WHERE IS” , “AS IS WHAT IS” and “WHATEVER THERE IS” basis, by way of E-auction to be conducted on 27/12/2024, Generating previous year
for recovery of a sum of Rs. ? 22,78,65,725.63/- (Rupees Twenty Two Crore Seventy Eight Lakhs Sixty Five Thousand Seven Hundred Twenty Five and No. 2019-20 2020-21 2021-22 2022-23 2023-24
Station (2018-19)
Sixty Three Paise Only) due to KMBL from Taurus International (Projects) Pvt. Ltd. & Others and its guarantors as on 21/03/2024 together with further
interest at the contractual rate from 22/03/2024 till realization, together with all incidental costs, charges and expenses. Annual Fixed
1. 13,767.55 12,624.46 14,040.72 15,591.34 19,108.59 19,833.10
The details of Reserve Price, Earnest Money Deposit, property details and date of Auction are mentioned below. Charges
S. No. Particulars of Property Reserve Price EMD Encumbrances Primary Energy Primary Energy Charges are part of Annual Fixed Charges
2.
Charges and is 50% of Annual Fixed Charges
1. All that piece and parcel of the property being Taurus Ware House G+2, floor structure Rs. 71,37,00,000/- Rs.7,13,70,000/- Not Known
located at Plot No.673, KH: 875/2 being Non-agricultural land ad.ms. 3100.00 Sq. yds., of (₹ in Lakh)
Khasra No. 875/2, K-2 Block, Defence Enclave, Mahipalpur Extension, Part-II, Village
Mahipalpur, New Delhi, together with all existing buildings and structures thereon and Year-wise tariff sought to be determined
Hydro Power Tariff for the
buildings and structures as may be erected/ constructed there upon any time from/ after Sl.
the date of respective mortgages and all additions thereto and all fixtures and furniture and Generating previous year
No. 2024-25 2025-26 2026-27 2027-28 2028-29
plant and machinery attached to the earth or permanently fastened to anything attached to Station (2023-24)
the earth, both present and future. Boundaries:- East- Other property, West- Other
property, North- Road 15 Ft., South- Other property. Name of the Mortgagor: Mr. Annual Fixed
1. 19,833.10 17,859.37 18,471.00 19,013.88 19,550.86 20,129.15
Kanwarjeet Singh Kochhar alias Mr. Kanwarjeet Kochhar/ Mr. Kanwaljeet Singh. Charges
Last date for deposit of EMD and uploading Bid documents 26/12/2024 up to 4 p.m. at https://kotakbank.auctiontiger.net Primary Energy Primary Energy Charges are part of Annual Fixed Charges
2.
Charges and is 50% of Annual Fixed Charges
Date and time of E-Auction 27/12/2024 between 11 am to 12:00 p.m.
The end time of auction will be extended by 5 minutes each time a bid is made within 9. A copy of the petition made for determination of tarif is posted under
last 5 minutes of E-Auction.
‘Commercial’ on the website: https://www.nhpcindia.com
Bid Increment amount Rs. 10,00,000/- (Rupees Ten lakhs Only) or in multiples thereof
10. The suggestions and objections, if any, on the proposals for determination
To the best of knowledge and information, Kotak Bank is not aware of any other encumbrances or the dues outstanding towards statutory dues, property dues, land revenue of tarif contained in the petition may be filed by any person, including the
or any other dues with regard to the property put for auction. All Statutory dues like property taxes, land revenue dues, municipal taxes charges / dues, electricity dues etc.
shall be ascertained and borne by the Successful Bidder/ prospective purchaser(s). beneficiaries through the e-filing portal of the Commission, with a copy to
Presently, The mortgaged property is in possession of the tenants and the same shall be auctioned “AS IS WHERE IS”, “AS IS WHAT IS” and “WHATEVER THERE IS” the Petitioner within 30 days of publication of this notice.
basis.
The particulars in respect of the secured assets specified hereinabove have been stated to the best of the information and records available with the undersigned, who, Place : Faridabad (Ajay Shrivas)
however shall not be held responsible for any error, misstatement or omission in the said particulars. Date : 29.11.2024 General Manager (Comml.), Commercial Division
Important Terms & Conditions: 1. The Terms and Conditions of sale are available on the website/portal https://kotakbank.auctiontiger.net or
https://www.kotak.com/en/bank-auctions.html. 2. The auction shall be conducted only through “On Line Electronic Bidding” through website
https://kotakbank.auctiontiger.net on 27.12.2024 from 11:00 AM to 12:00 PM with unlimited extensions of 5 minutes duration each. The property put for auction is
under Symbolic Possession. 3. M/s e-Procurement Technologies Limited -Auction Tiger B-704, Wall Street - II, Opp. Orient Club, Nr. Gujarat College, Ellis
Bridge, Ahmedabad - 380006 Gujarat (India) on Telephone No. Ram Sharma -8000023297 and on E-mail ID: [email protected] &
[email protected]. 4. The intending bidders may visit Kotak Bank Website - https://www.kotak.com/en/bank-auctions.html for auction details. 5. For detailed
Terms and conditions of auction sale, the bidders are advised to go through the portal https:// https://kotakbank.auctiontiger.net and the said terms and conditions shall be
binding on the bidders who participate in the bidding process. Further, the bid has to be filled and submitted along with KYC documents online on the portal
https://kotakbank.auctiontiger.net on or before 26/12/2024 and the copy of the same is to be sent by mail to [email protected]. And
[email protected]. 6. Prospective bidders may avail online training from M/s. e - Procurement Technologies Limited (Auction Tiger) on above mentioned
contact numbers.7. Earnest Money Deposit (EMD) shall be deposited through RTGS/NEFT/FUND TRANSFER to the credit of Account No. 8411307138, Kotak Mahindra
— TENDER CARE — — Advertorial
Bank Ltd. A/c E-Auction, Malad (East) Branch, Mumbai, IFSC Code: KKBK0000646, on or before 26/12/2024 upto 4:00 p.m. Any bid submitted without depositing the
EMD amount shall stand automatically rejected. The EMD deposited by the proposed bidder shall not earn any interest. 8. The bid price to be submitted shall not be below
the Reserve Price and during the bidding process, bidders who have submitted bids shall improve their further offers in multiples of Rs. 10,00,000/- (Rupees Ten lakhs
only). 9. The successful bidder has to deposit 25% of the highest bid amount (which shall include EMD amount paid) immediately on closure of the e-auction sale HON’BLE MP BANSURI SWARAJ BANK OF BARODA CELEBRATES
proceedings or on the following working day in case business hours is closed on the day of Auction, in the mode stipulated in clause 5 above. The remaining balance 75% of INTERNATIONAL DAY OF PERSONS WITH
the highest bid amount shall be deposited within 15 days from the date of acceptance /confirmation of sale or within time period as agreed upon. 10. On receipt of the entire FLAGS OFF TWO MOBILE MEDICAL UNITS
sale consideration within the stipulated period as mentioned above, the Authorised Officer shall issue the Sale Certificate and the sale shall be complete, thereafter Kotak UNDER GAIL’S CSR INITIATIVE DISABILITIES 2024 UNDER THE THEME
Bank shall not entertain any claims. 11. The Authorised Officer has the absolute right and discretion to accept or reject any bid or adjourn/ cancel the sale/ modify any terms
and conditions of the sale without any prior notice and assigning any reason for the same. 12. All charges / dues including Registration Charges, Stamp Duty, Taxes, etc “BANKABILITIES – BANKING ON THE
payable for transfer of the ownership in the name of the successful bidder / purchaser etc. shall have to be borne by the Purchaser. 13. EMD amount shall be returned by Hon’ble Member of Parliament from New Delhi, Ms. Bansuri ABILITIES OF THE DIFFERENTLY ABLED”
Kotak Bank to the unsuccessful bidders within seven working days. 14. As per Section 194-A of the Income Tax Act, 1961, Tax at the rate as applicable shall be paid on the Swaraj yesterday flagged off two Mobile Medical Units (MMUs)
total sale consideration and TDS certificate be issued in favour of Kotak Mahindra Bank Limited, the mortgagor and owner of the property put for auction.
Statutory Notice under Rule 9 (1) of the Security Interest (Enforcement) Rules here under CSR Project of GAIL (India) Limited. In addition, GAIL Bank of Baroda marked the International Day of Persons with
The Principal Borrower / Guarantor / Mortgagor are hereby notified to pay the sum as mentioned above along with up to date applicable interest and ancillary expenses handed over one advanced life support ambulance to AIIMS, Disabilities 2024 with a special event at its Corporate
before the date of auction, failing which the property will be auctioned/sold and balance due if any, will be recovered with interest and cost and this notice shall also be treated
as notice of sale to the borrower/ guarantor and mortgagor mentioned hereinabove. New Delhi. Office titled “BankAbilities – Banking on the Abilities of the
For any other details, regarding the property please contact Ashwin Sharma-8655762148/Mr. Prabhjot Singh -8860603853. The flag-off was done by the Hon’ble MP in the presence of GAIL Differently Abled”, underscoring the Bank's commitment to
This is also a notice to the Borrower/guarantors that the auction shall proceed if the dues are not paid in full before the date of E-Auction.
It may please be noted that in case of any discrepancy/inconsistency between auction notices published in English and other in vernacular language then the Director (HR) Shri Ayush Gupta, AIIMS Director Dr. M Srinivas, recognise diversity, foster inclusion, and celebrate the unique
contents of the notice published in English shall prevail. AIIMS Medical Superintendent Dr. Nirupam Madaan and other abilities of differently-abled individuals. At the event,
Place: Delhi, Date: 07.12.2024 For Kotak Mahindra Bank Limited, Authorised Officer officials. Shri Debadatta Chand, Managing Director & CEO of the Bank
The MMUs are part of extended his good wishes and
Project Arogya, a flag- support to the differently abled for
ship Corporate Social achieving their aspirations.
Responsibility (CSR) On the occasion, the Bank
Project of GAIL. Under announced the introduction of
this project, free prima- complimentary Doorstep Banking
ry healthcare services Services for all its differently abled
are provided at the customers, both existing and new.
door-steps of the under- These customers can avail one
privileged communities free Doorstep Banking service
in the area. Through the qualified medical team in the MMU, free every month for the next 1 year. As a part of the celebrations,
medical services and medicines are provided to these commu- the Bank honoured Ms. Geeta Chouhan, Captain of India’s
nities who have limited access to the established Public Health Wheelchair Basketball Women’s team and a paraplegic sports
Care system. personality, for her outstanding contributions and achieve-
The GPS tracked MMUs shall provide medical services to about ments in the field of sports. Speaking on the occasion,
80 patients per day. In addition to these, low-cost sanitary nap- Shri Debadatta Chand, Managing Director & CEO, Bank of
kins are also distributed and basic diagnostic tests undertaken Baroda said, “The International Day of Persons with Disabilities
through these MMUs. These MMUs follow an ADCR Formula of is not just a celebration - it is a call to action. It reminds us to
Awareness, Diagnosis, Cure and Referral. Information, break down barriers, challenge stereotypes, and create oppor-
Education and Communication (IEC) and Behaviour Change tunities for everyone to live with dignity and achieve their fullest
Communication (BCC) activities are also undertaken by the potential. Bank of Baroda is proud to lead the way in empow-
team to generate awareness on health and hygiene related ering individuals with diverse abilities, ensuring they are valued,
topics. respected and supported in all facets of their lives.”

INDIAN BANK HONOURED WITH 'BEST PUBLIC SECTOR BANK' AND

'CEO OF THE YEAR' AWARDS AT TAMIL NADU LEADERSHIP AWARDS 2024
Indian Bank has been recognised with accepted the accolades on behalf of the
two prestigious awards at the 23rd edition institution, in the august presence of the
of the Tamil Nadu Leadership Awards Bank’s Executive Directors and senior
2024. The bank was honoured with the management team. The Tamil Nadu
‘Best Public Sector Bank’ award in the Leadership Awards, now in its 23rd year,
organisational category, highlighting the celebrates leaders and institutions that
Bank’s exemplary performance and have made a significant impact in their
Shri S L Jain, MD & CEO of Indian Bank leadership in the banking sector. The respective fields, contributing to the over-
was awarded the ‘CEO of the Year’ award awards were presented at a grand cere- all growth and development of the State
in the individual category for his visionary mony held in Chennai, where Shri L Jain and Nation.

CSR ACTIVITY BY MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

OF UNION BANK OF INDIA, MS. A MANIMEKHALAI AT RAJKOT

Managing Director and Chief Executive V.D. Parekh and Mahila Vikas Gruh and
Officer of Union Bank of India, donated Orbit Readers and other neces-
Ms A Manimekhalai visited Rajkot on sary study materials which will be very
Monday, 2nd December 2024. Through helpful for the beneficiaries development.
Bank's extensive CSR initiatives and com- The bank is committed towards fulfilling
munity development programs, Bank the Social Responsibility and will continue
remains deeply committed to giving back to do so in future also. Thereafter, as a part
to society and ensuring that no one is left of "My Bank My Pride", the initiative My Region and Junagadh Region in the pres-
behind. On the Occasion of World Bank My Pride Talk was conducted by ence of other dignitaries. During the talk
Disability Day and as per bank's commit- Rajkot Region to facilitate direct commu- several ideas feedback and concerns of
ment towards the betterment of Society nication and engagement between MD & field staff were shared and addressed and
and Corporate Social Responsibility, CEO Ms A Manimekhalai and branch also all the staff were motivated to perform
Ms A Manimekhalai had visited NGO heads of approx. 120 branches of Rajkot for bank's sustainable growth.
12 STOCKS
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NEW DELHI | SATURDAY, 7 DECEMBER 2024 1
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NEWS Top gainer

amongst A-group
Hits new all-time
high at ~2,150
Snaps 10-day
winning OF THE DAY
companies on BSE streak BSE
~283.2 PREVIOUS CLOSE ~2,017.7 PREVIOUS CLOSE ~544.9 PREVIOUS CLOSE Hits new all-time high at
~321.3 CLOSE ~2,141.6 CLOSE ~542.6 CLOSE ~5,445; Surged 91 per cent
p 13.5% UP p 6.1% UP  0.4% DOWN in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
6 Dec ’24 Chg (%) Con Std 6 Dec ’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 2506.4 -0.6 0.6 52.3 106.1 ITC 471.2 0.8 5.1 28.8 28.6 price price (%) price price (%)
Adani Ports 1259.1 -1.4 0.8 27.7 108.9 JSW Steel 1003.8 0.5 1.2 49.1 41.4 MCX 7046.7 6917.8 6.6 7046.7 7046.7 Can Fin Home 801.0 802.8 -4.0 801.0 680.5
MOST BULLISH MOST BEARISH
Apollo Hosp 7233.3 -0.6 0.6 115.7 92.6 Kotak Mah Bank 1777.0 0.1 2.3 16.0 21.1 Vedanta 505.5 501.3 6.2 523.6 523.6 CAMS 5060.0 5069.8 -3.3 4049.1 2616.5
Asian Paints 2429.7 -0.9 1.0 51.0 52.4 Hind Copper 289.6 287.8 0.6 Shree Cement 26880.4 27076.7 -0.7 Policy Bazar 2150.0 2141.6 6.1 2150.0 2150.0 M & M Fin 277.5 278.0 -2.9 254.5 246.3
L&T 3866.7 0.9 4.6 39.3 54.5
Axis Bank 1184.6 1.6 2.9 13.9 14.0 YES Bank 21.6 21.5 0.6 Adani Total Gas 727.3 731.1 -0.5 Delhivery 359.6 353.1 5.9 447.8 488.1 Alkem Labs 5500.0 5506.0 -2.5 5370.8 4409.9
Mah & Mah 3073.0 0.0 2.7 33.9 34.9
JSW Energy 678.3 674.4 0.6 Adani Green En 1205.7 1210.7 -0.4 Jubilant Fd 697.0 694.2 4.9 715.2 715.2 Tube Inv of Ind 3672.0 3682.6 -2.0 3338.8 3333.9
Bajaj Auto 9099.9 2.3 1.0 34.5 31.9 Maruti Suzuki 11318.0 1.2 1.3 26.4 25.9 NMDC 240.1 238.7 0.6 United Brew 1966.4 1968.6 -0.1 IRFC 159.6 158.0 4.7 171.8 229.1 PVR Inox 1527.0 1548.3 -1.9 1425.8 1203.7
Bajaj Fin 6850.3 0.0 1.7 29.3 27.2 Nestle India 2267.8 0.1 0.7 - 65.8 Supreme Ind 4765.9 4738.4 0.6 L&T Finance Hol 148.8 148.8 0.0 IEX 185.8 184.9 3.8 244.4 244.4 Au Small Fin 586.0 587.2 -1.8 557.4 554.0
Bajaj Finsrv 1635.2 -0.5 0.9 30.7 168.1 NTPC 369.5 0.1 1.5 17.2 18.6
Bharat Elctn 313.8 -0.2 1.0 57.6 50.5 CESC 203.8 197.8 3.6 212.7 212.7 Bharat Forge 1351.9 1355.0 -1.7 1287.6 1063.4
ONGC 260.1 -0.5 1.2 6.6 8.1 BSE NSE NHPC 86.8 84.8 3.3 97.0 118.5 Bajaj Housing F 143.6 144.1 -1.7 125.3 125.3
Bharti Airtel
BPCL
1597.9
300.4
-1.1 3.7 74.2 110.6
1.1 0.5 4.9 10.0
Power Grid 328.9 0.2 1.3 19.6 20.1 Index Stock Index Stock PUT-CALL RATIO IRB Infra 59.5 59.0 3.2 65.4 78.1 Adani Total Gas 728.6 731.4 -1.6 550.3 550.3
Reliance Ind 1311.6 -0.8 7.9 26.1 48.6 SJVN 122.8 120.7 3.1 135.0 170.5 Tata Chem 1117.4 1119.3 -1.6 993.5 933.0
Britannia 4870.9 0.0 0.5 55.0 56.3
SBI 863.7 -0.2 2.9 10.8 11.8 FUTURE (Open Interest in Mn) Put Call PC Ratio
Cipla 1477.4 -1.4 0.7 26.7 27.2 Contracts 4511 7 382223 1456787 Tata Motors 818.7 816.8 3.1 1049.8 1179.1 Adani Green En 1206.1 1210.4 -1.6 870.9 870.9
SBI Life Ins 1448.6 1.2 0.6 - 66.5 Market 2687.4 4046.6 0.7 Dr Lal PathLabs 3085.0 3072.5 2.9 3645.0 3645.0 Avenue Supermar 3787.6 3804.9 -1.5 3567.4 3567.4
Coal India 417.2 -0.3 0.8 7.3 15.2 Open Int.(000) 1 0 17540 10950335
Shriram TrFn 3126.4 0.0 0.8 16.0 15.0 InterGlobe Avia 4501.0 4478.5 2.9 5033.2 5033.2 Poonawalla Finc 352.4 353.3 -1.5 270.0 270.0
Dr Reddys 1253.7 1.1 0.7 19.6 21.8 Shares(In Mn) 0 0 8.0 2424.7 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1804.9 -0.5 1.7 39.2 161.0 Ipca Labs 1542.0 1537.5 2.8 1708.7 1708.7 Cipla 1476.1 1477.6 -1.4 1403.4 1192.8
Eicher Motor 4877.1 0.8 0.6 31.3 33.5 Value(~ crore) 369 0 27377 96821
Tata Consumer P 974.5 0.8 0.6 83.8 115.2 Dixon Tech 1.2 KEI Ind 0.2
Grasim Ind 2701.9 -0.2 0.9 31.6 383.3 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 816.8 3.1 1.5 9.0 32.1 Bank of Baroda 1.2 Cyient 0.3
HCL Techno 1922.7 -0.1 1.8 31.0 44.2 Contracts 404748337 3 118120226 7188357
Tata Steel 148.3 0.8 1.1 63.4 11.8 Piramal Entp 1.1 NCC 0.3
HDFC Bank
HDFC Std Life
1855.9
636.5
-0.5 12.3 22.1 21.5
-1.0 0.6 87.0 81.2 TCS 4445.5 -0.4 3.9 33.9 34.0
Open Int.(000)
Shares(In Mn)
5940
78
0
0
488994
2756.4
6244989
9279.1
TCS 1.1 CG Power 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1782.8 -0.2 1.0 53.3 59.5 Titan Company 1.1 Adani Total Gas 0.3
Hero MotoCorp 4629.6 -0.3 0.5 24.7 21.0 Value(~ crore) 33079443 0 7713976 491338 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 670.2 -0.1 0.9 14.8 26.8 Titan Company 3470.1 0.8 1.3 88.1 93.3 BSE+NSE BSE+NSE
Trent 7000.0 0.4 1.4 167.4 141.1 1 Reliance Ind 1775176.3 BS200 Elixir Cap 40.7
HUL 2483.8 -0.4 1.9 56.8 57.9 (~ crore) (Mn shrs)
ICICI Bank 1328.8 -0.6 8.2 21.2 21.4 UltraTech 11848.5 -0.7 1.2 52.2 53.0 ACTIVE CALLS ACTIVE PUTS BSE 3374.4 6.3
2
3
TCS
HDFC Bank
1608788.2
1419275.7
UP 7 DAYS Kapil Cotex 40.6
IndusInd Bank 990.4 -0.8 0.6 - 9.5 Wipro 297.4 -0.7 0.7 26.5 32.6 CESC 13.9 Suditi Ind 40.6
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg ITI 2550.7 79.7 4 ICICI Bank 937544.4
Infosys 1922.4 -0.6 6.0 29.6 28.9 Nifty 50 24677.8 -0.1 100.0 25.2 29.4 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HBL Power 1857.9 27.2 5 Bharti Airtel 909927.1 Laurus Labs 8.5
Olatech
Polo Queen Inds
40.6
40.6
Index Index 6 Infosys 798558.8 GAIL 7.8
INDEX PE SHRS TRDS 1 YR HDFC Bank 1708.3 9.2 DOWN 7 DAYS
BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
12/12/24
12/12/24
24700 109.9
25000 82.7
5.4 159.8
7.2 137.5
Nifty
Nifty
12/12/24
12/12/24
24700 105.3
24500 59.5
4.4 140.6
5.0 23.5
Tata Motors 1707.5 21.3
7
8
SBI
LIC India
771085.4
621937.3
Power Fin
GMR Airports
4.6
3.4
Bharat Global D -30.2
SENSEX 25.9/30.2 8.8 270 14 16 17.3 Zomato 1572.1 52.4 Multibse Ind -29.1
Adani Ports 1260.3 -1.2 1.0 27.8 109.0 Mah & Mah 3073.5 0.2 3.2 33.9 34.9 Nifty 12/12/24 25500 64.2 7.6 82.4 Nifty 12/12/24 24600 53.9 2.3 65.1 9 ITC 589571.5 UP 3 DAYS
NIFTY 50 25.2/29.4 226.7 5792 21 29 17.9 Sabrimala Inds -25.6
Asian Paints 2429.6 -0.9 1.1 51.0 52.4 Maruti Suzuki 11318.2 1.2 1.5 26.4 25.9 Nifty 12/12/24 24800 61.0 3.9 102.8 Nifty 12/12/24 24000 51.5 5.6 81.4 CDSL 1497.1 8.0 10 HUL 583675.9 MCX 11.3
C = CONSOLIDATED; S = STANDALONE Azad India -20.8
Axis Bank 1186.1 1.6 3.5 13.9 14.0 Nestle India 2266.2 0.1 0.8 - 65.8 Nifty 12/12/24 26000 58.3 10.8 43.2 Nifty 12/12/24 24650 44.1 1.4 330.2 Angel One 1461.7 4.5 11 L&T 531605.5 Policy Bazar 11.1
Neeraj Paper -18.3
Bajaj Fin 6858.5 0.2 2.0 29.4 27.2 NTPC 369.5 0.1 1.8 17.2 18.6 CASH DERIVATIVES Stock Stock Mazagon Dock 1421.4 2.9 12 HCL Techno 521834.9 Zomato 8.3
TURNOVER BSE NSE BSE NSE
Aryan Shares -18.2
Bajaj Finsrv 1635.9 -0.5 1.1 30.7 168.2 Power Grid 329.0 0.1 1.5 19.6 20.1 Vodafone Idea 26/12/24 8 280.5 193.6 -3.7 Vodafone Idea 26/12/24 8 81.7 130.8 -1.2 13 Sun Pharma 433025.7 PAYTM 8.1
Vedanta 1333.3 26.9 Universal Auto -16.3
Bharti Airtel 1598.0 -1.0 4.4 74.2 110.6 Reliance Ind 1311.8 -0.7 9.2 26.1 48.6 VALUE(IN ~ CRORE) 6734 108636 33079812 8329512 Vodafone Idea 26/12/24 9 246.6 285.9 -1.5 Vodafone Idea 26/12/24 7 31.7 100.1 3.1 14 Bajaj Fin 424538.1 Granules 7.8
SBI 1295.9 15.0 UP 3 DAYS
HCL Techno 1923.0 0.1 2.1 31.0 44.2 SHARES(IN MN) 937.4 4098.6 775 14468.2 Vodafone Idea 26/12/24 10 190.1 178.6 1.0 Vodafone Idea 26/12/24 9 29.6 66.2 4.0 15 Mah & Mah 382189.7 Waaree Energies 7.5
SBI 864.0 -0.1 3.4 10.8 11.8 Reliance Ind 1242.2 9.5 Ajcon Glob 50.7
HDFC Bank 1856.5 -0.4 14.5 22.2 21.5 TRADES(000) 3780 36863 - 38716 YES Bank 26/12/24 22 134.0 28.2 17.3 PNB 26/12/24 110 28.2 11.7 29.2 16 Axis Bank 367023.2 IRB Infra 7.2
Sun Pharma 1804.8 -0.3 2.0 39.2 161.0 ICICI Bank 1237.0 9.3 Siel 45.2
HUL 2484.2 -0.3 2.3 56.8 57.9 Canara Bank 26/12/24 110 100.8 18.9 5.5 Samvardhana M 26/12/24 170 25.4 3.4 47.6 17 NTPC 358243.5 DOWN
Tata Motors 816.8 3.1 1.8 9.0 32.1 Aeonx Digita 44.1
ICICI Bank 1328.6 -0.4 9.6 21.2 21.4 MARKET-CAP (~ CR) TRADED TOTAL PAYTM 1163.2 12.0 18 Maruti Suzuki 355844.2 Adani Green En -7.8
Tata Steel 148.3 0.8 1.3 63.4 11.8 Bang Oversea 41.0
IndusInd Bank 990.7 -0.7 0.7 - 9.5 Waaree Energies 1136.6 3.9 19 Kotak Mah Bank 353266.2 Adani Total Gas -4.5
TCS 4446.5 -0.3 4.6 33.9 34.0 BSE 45,952,419 46,715,104 Mkventures Cap 34.0
Infosys
ITC
1923.2
471.3
-0.6 7.1
0.8 6.0
29.6 28.9
28.8 28.6 Tech Mahindra 1782.7 -0.2 1.2 53.3 59.5 NSE 45,465,796 46,323,045 SPURT IN VOLUMES IRFC
Samvardhana Mot
1021.8
951.9
65.2
55.6
20
21
UltraTech
ONGC
342194.7
327150.2
Cipla
Nykaa
-3.7
-3.2
Niesspa
Utcrfs2Dmp
33.1
33.0
Titan Company 3470.9 1.0 1.5 88.1 93.3 DERIVATIVES 33,284,323 33,284,323
JSW Steel 1002.9 0.4 1.4 49.1 41.4 Company Days 2-week Avg Change Close *Price 22 Wipro 311048.3 PVR Inox -3.1
Axis Bank 934.2 7.9 DOWN 3 DAYS
Kotak Mah Bank 1776.9 0.0 2.7 16.0 21.1 UltraTech 11853.0 -0.6 1.4 52.2 53.0 Volume Volume % price %chg 23 Titan Company 308146.5
L&T 3865.8 0.9 5.4 39.3 54.5 BSE SENSEX 81709.1 -0.1 100.0 25.9 30.2 TRADING ACTIVITY Raj Oil Mills 518108.0 8079.3 6312.8 59.2 5.5
MCX
TCS
916.2
869.4
1.3
2.0
24 Power Grid 305943.2
Aditya Bir Fa
Glenmark
-2.9
-1.9
Strides Pharma
Rehspg
-55.3
-27.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 HAL 305140.9 Others
Landmark Prp 3556652.0 139109.8 2456.7 13.5 20.0 Mah & Mah 853.6 2.8 Niehspj -27.1
Equity Debt Equity Debt 26 Tata Motors 300645.7
Net Net Net Net Chemfab Alkl 343795.0 13909.5 2371.7 1121.8 11.4 UP 7 DAYS Niehspi -27.1
Tata Power 821.4 18.8
WORLD INDICES On 05 Dec 9489 555 - - Gabriel I 3261395.0 136413.1 2290.8 481.4 9.5 Trent 816.6 1.2
27
28
Zomato
Adani Enter
292407.1
289190.6
Raghuvir Syn
Delton Cable
103.3
48.6
Nippo ETF
Resspc
-27.1
-27.1
On 04 Dec 2864 -192 - - Art Nirman 330363.0 14613.8 2160.6 86.7 20.0 Swiggy 780.1 14.3 29 Siemens 277572.8
Indices Close % Chg* Indices Close % Chg*
On 03 Dec 9298 -315 -412 -5622 Savita Oil 747175.0 37432.7 1896.0 601.2 11.1 30 Adani Ports 272232.9 (T+2) cycleStocks which rose/fell continuously
L&T 759.7 2.0
Americas (Dec 05,24) Asia/Pacific (Dec 06,24) On 02 Dec 3794 294 3785 -2501 Aspinwall & Co 237093.0 13128.5 1705.9 322.9 13.8
S&P/ TSX Composite 25680.0 0.2 Shanghai Se Comp 3404.1 1.1 On 29 Nov -990 -485 3478 916 ITI 79652437.0 4524947.3 1660.3 321.3 13.5
Nasdaq Composite
Dow Jones
19700.7
44765.7
-0.2
-0.6
Jakarta Composite
Stock Exchange of Thai
7382.8
1452.0
1.0
0.1
Dec till date
2024 till date
25444
10377
343
107076
3373
409840
-8123
-318412
Gss Infotech
Asahi (I) Gl
2315158.0
1455182.0
131573.4
88788.0
1659.6
1538.9
74.9
748.2
10.0
3.5
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 05,24) Kuala Lumpur Comp 1613.3 -0.2 Group of notice. 2. To the Company Non- Executive Company . 2.
CAC 40 7415.7 1.2 Taiwan Taiex 23193.3 -0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company appoint of for the Quarter Independent Any other
Purpose Scrutinizer who and Financial Directors of the Matter with the
DAX 20407.1 0.2 Kospi 2428.2 -0.6 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock is not in the Year ended Company. 2. To permission of
IBEX 35 12123.1 0.0 Straits Times 3796.2 -0.7 NET Net Fut OI Opt OI OI DECEMBER 07 employment of 31st March discuss any the chair.
HIGH *AGI Infra . . . . . . . . . . 1821.0 *Lucent Industri . . . . . 640.5 *Bright Bros . . . . . . . . . 369.3
FTSE 100 8341.5 -0.1 Volatility (Dec 05,24) BS 200 *Orchid Pharma . . . . 1785.2 Medicam Bio . . . . . . . . 630.0 *Shree Pushkar C . . . . 359.0 Atv Projects: To the Company. 2024; iii. To other matter Tiaan Con-
On 05 Dec 81249 6000 0.4 4.8 5.8
Asia/Pacific (Dec 06,24) CBOE Dow Jones 13.8 0.7 *Oracle Fin . . . . . . . . 12849.4 *Xpro India . . . . . . . . . 1640.0 *A K Spintex . . . . . . . . . 561.0 *Artificial E . . . . . . . . . 354.7 consider fol- Bondada: take on record with the prior sumer: Meeting
On 04 Dec 5834 -5747 0.3 7.2 5.6
Hang Seng 19865.9 1.6 CBOE S&P 500 13.6 0.7 *Coforge . . . . . . . . . 8916.1 *Car Trade . . . . . . . . . 1496.9 *Modi Natural . . . . . . . 560.9 *Kaka Inds . . . . . . . . . . 340.0 lowing : 1. To Meeting of the report of approval of of the Board of
On 03 Dec 5753 -5849 0.3 6.2 5.5
*Deepak Fert . . . . . . . 1432.4 *Choice Int’l . . . . . . . . . 557.6 *Tainwala Chm . . . . . . 338.0 consider and board of direc- the Auditors on Chairperson Directors of the
Nikkei 225 39091.2 -0.8 * Change over previous close On 02 Dec 42998 32 0.4 5.7 5.4 *MCX . . . . . . . . . . . . . 7046.7
*Salzer Elec . . . . . . . . 1363.3 *Zaggle . . . . . . . . . . . 524.9 *Ramco Ind . . . . . . . . . 324.2 approve postal tor of the com- Financial State- Regal Enter: Company to
On 29 Nov 111 1829 0.3 4.5 5.2 *Persistent S . . . . . . . 6190.0
ballot notice to pany ments; iv. The Meeting of the consider and
MAJOR INDICES Dec till date
2024 till date
135833
-984969
-5564
-35036
-
-
-
-
-
-
*Policy Bazar . . . . . . . 2150.0
*HCL Techno . . . . . . . 1939.1
*SJS Enterprises . . . . 1343.8
*Ganesh Hsg . . . . . . . 1335.6
*Aayush Art And . . . . . 511.1
*Sai Capital . . . . . . . . . 509.9
*Silverok Comm . . . . . 292.4
transact the Mayur Leathr: Board Report Board of Direc- approve Prior
*PNGS Gargi Fash . . . 1230.0 *Bansal Wire . . . . . . . . 495.7 LOW following busi- To consider and for the financial tors of the Intimation of
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Tech Mahindra . . . . . 1799.8
*Agi Gree . . . . . . . . 1226.4 *Virtuoso Optoel . . . . . 489.3 BS 200 ness: To regu- approve the year ended 31st Company Board Meeting
*Piramal Entp . . . . . . 1251.6
NONE larize the standalone and March 2024; v. Sanchay Fin.: for Approval of
BSE Sensex 81,765.9 81,887.5 81,925.9 81,506.2 81,709.1 -56.7 -0.1 PAYTM . . . . . . . . . . . . . 990.9 *Hind Hardy . . . . . . . . 1200.0 *Platinum Inds . . . . . . . 486.2
Others appointment of consolidated fi- To fix the Date Meeting of the Audited Finan-
*Indian Hotel . . . . . . . . 831.2 *Ajmera Rlty . . . . . . . . 1152.7 *Time Technp . . . . . . . . 485.0
BSE Sensex 50 25,974.9 26,023.1 26,032.5 25,902.2 25,963.5 -11.4 0.0 BSE SECTORAL INDICES *Laurus Labs . . . . . . . . 593.0 *Delton Cable . . . . . . 1140.3 Transworld Ship . . . . . 480.0 Abslliquid . . . . . . . . . 1000.0
Mr. Rakesh Ti-
wari (DIN-
nancials of the
company for
time & venue of
the Annual
Board of Direc-
tors of the
cial Results
along with nual General ness matters regulatory/ stat- Capital and pro- Auditor of the
BSE-100 26,178.7 26,234.9 26,256.6 26,119.5 26,196.9 18.2 0.1 City Union Bk . . . . . . . . 187.2 *Asso Alcohols . . . . . . 1121.5 *IRIS Bus Serv . . . . . . . 455.6 Relicab Cable . . . . . . . . . 86.1
Prev cls Close % Chng 10805204) the financial General Meet- Company audit report for Meeting (AGM) with the Chair’s utory approvals posal for raising Company for a
Others Liquidsbi . . . . . . . . . . 1000.0 *Olatech . . . . . . . . . . 449.4 Advance LifeSty . . . . . . . 38.8
BSE-200 11,398.0 11,424.9 11,438.8 11,376.6 11,413.3 15.2 0.1 Non-Executive year ended on ing of the Com- SW Pinnacle the Quarter & for FY24. 2. Set- approval. as may be re- of funds term of five (5)
Auto 53,670.5 54,162.4 0.9 *Shilchar Tec . . . . . . . 8899.0 Abslliquid . . . . . . . . . 1000.0 *Tilaknagar I . . . . . . . . 444.0 *Globale Tessile . . . . . . . 29.0
Independent 31 March 2024. pany for the Exp: To con- Year ended on ting the Book Easy Trip Plann: quired including Brahm Infra: years commenc-
BSE-500 36,619.2 36,707.5 36,754.2 36,546.4 36,681.0 61.8 0.2 Bankex 60,942.0 60,995.6 0.1 *Dr Agarwals . . . . . . . 5759.0 *Jindal Poly . . . . . . . . 1000.0 *Elnet Techno . . . . . . . 444.0 Tejassvi . . . . . . . . . . . . 22.4
Director of the Muzali Arts: To financial year sider and ap- March 31st Closure period consider and without limita- Meeting of the ing from the
Cons. Durables 64,928.7 65,683.3 1.2 *Anand Rathi Wea . . . 4478.0 *Vimta Labs . . . . . . . . . 981.4 Bajaj Healthcar . . . . . . 442.0 Raconteur Globa . . . . . . 18.0
Company. To consider and ended 31st prove 1. To 2024. for the purpose approve the pro- tion the ap- Board of Direc- conclusion of
BSE IPO 16,736.8 16,776.6 16,835.5 16,702.9 16,799.9 63.1 0.4 Cap. Goods 72,612.9 72,814.7 0.3 *Sky Gold . . . . . . . . . . 4441.9 Medplus Health . . . . . . 875.5 *Goldiam Intl . . . . . . . . 441.1 *TruCap Finance . . . . . . 16.1
adopt New Ar- approve i. The March 2024; vi. discuss on of the AGM. 3. posal for issu- proval of tors of the Com- the 41st Annual
FMCG 21,101.5 21,171.2 0.3 *eClerx Ser . . . . . . . . 3875.2 *Arihant Fond . . . . . . . . 862.1 *Fermenta Biotec . . . . 440.0 Mitshi India . . . . . . . . . 16.0
Dollex-30 7,922.9 - - - 7,923.0 0.1 0.0 ticle of Associ- Audited Finan- Any other busi- Preferential DECEMBER 08 Reviewing the ance of fully shareholders of pany General Meet-
Healthcare 44,543.8 44,509.7 -0.1 *Indo Tech T . . . . . . . . 3059.0 *Afcom Holdings . . . . . 848.1 *B-Right Reale . . . . . . 435.5 Naturo Indiabul . . . . . . . . 9.1
ation in place cial Statements ness with the Issue of Equity BCG: To con- Annual Financial paid-up equity the Company Esha Media ing until the
Nifty 50 24,708.4 24,729.5 24,751.1 24,620.5 24,677.8 -30.6 -0.1 Infra 643.9 650.7 1.1 *Sunclay . . . . . . . . . 2674.0 *Ashika credit . . . . . . . 809.7 *Oasis Sec . . . . . . . . . . 434.8 *Consecutive Inv . . . . . . . 4.3 of the existing of the Company permission of Shares/ Share sider and take Performance of shares of the Rese: To con- conclusion of
IT 44,555.2 44,522.5 -0.1 *SAB . . . . . . . . . . . . . 2112.5 *63 Moons . . . . . . . . 804.9 *LE Lavoir . . . . . . . . . . 432.5 *Vivanza Bios . . . . . . . . . 3.2 Article of Asso- for the Finan- the chairper- Warrants to up the follow-
Nifty Next50 72,487.1 72,789.1 73,218.6 72,619.4 73,040.4 553.4 0.8 the Company Company to the DECEMBER 09 sider and rec- the 46th Annual
Metal 31,320.8 31,688.3 1.2 *Zen Techno . . . . . . . . 2034.6 *Likhami Cons . . . . . . . 800.9 *Goldencrest . . . . . . . . 429.4 *Rajnish Welines . . . . . . . 1.7 ciation and au- cial Year ended son. Promoters/Non ing business for the financial proposed allo- Asian Tea: To ommend the General Meet-
Nifty 500 23,278.0 23,315.8 23,358.2 23,221.7 23,312.1 34.2 0.1 Oil & Gas 27,273.7 27,329.6 0.2 *3B BlackBio Dx . . . . . 1989.3 *Inertia Steel . . . . . . . 743.7 *Windsor Mach . . . . . . 416.3 Standard Cap . . . . . . . . . . 1.0 thorize 31st March Palm Jewels: To -Promoters to- matters: 1. Fi- year ended tees through consider and appointment of ing of the Com-
Power 7,613.1 7,630.5 0.2 *VA Tech Wbag . . . . . 1919.8 *WPIL Ltd . . . . . . . . . . . 724.2 *Cian Agro . . . . . . . . . . 409.9 *Grandma Trad . . . . . . . . 0.8 Company Sec- 2024; ii. The consider and wards raising nalise and ap- March 31, 2024. preferential approve in- M/s. NA Shah pany (i.e. from
India VIX 14.5 14.5 15.0 14.0 14.1 -0.4 -2.7 *Eurekaforb . . . . . . . . 648.4 *Thirumala Ch . . . . . . . 395.0 Sanwaria Cons . . . . . . . . . 0.5
PSU 20,359.8 20,460.8 0.5 *Ceinsys Tech . . . . . . 1861.9 retary or direc- Audited Finan- approve 1. The of additional prove the date 4. Addressing issue, subject to crease in Autho- Associates LLP F.Y 2024-25 till
Nifty CPSE 6,594.2 6,595.0 6,645.5 6,575.7 6,601.0 6.8 0.1 Realty 8,391.1 8,390.8 0.0 m m w w tors for signing cial Results of appointment of capital by the for the 25th An- any other busi- the applicable rised Share as a Statutory 2028-29)

> 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 (449.1) (449.0) (7486.0) (7488.4)
m ~50 H ~2 Open 449.3 449.8 7559.8 7540.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 453.4 453.4 7571.2 7574.0
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 448.2 448.1 7491.1 7490.0
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 451.6 451.6 7546.3 7552.4
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 93830 1245K 2878 229K
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 36.5 36.5 132.3 132.4
company name is followed by shares traded, and also the 52 Wk H/L 770/423 769/423 9200/4342 9150/4340
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 16370 16371 159906 160035
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
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M 247596 247639 367023 366559 254339 254124 424538 424034 261196 261092 28393 28397 M 136756 136834 229235 229345 63089 63077 909927 909870 86703 86720 45611 45629 M 16816 16820 106987 106912 129960 130307 117391 117339 - 73068 24984 24983

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(108.2) (108.2) (-) (1855.9) (190.9) (191.6) (769.5) (769.3) (405.3) (405.2) (544.9) (545.0) (1292.1) (1291.4) (1498.9) (1498.3) (185.6) (185.4) (418.3) (418.4) (8825.5) (8817.8) (2912.7) (2914.0) (847.5) (847.2) (3458.1) (3456.7) (521.9) (523.2) (2709.6) (2709.3) (6096.0) (6096.2) (17302.0) (17298.6)
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w 107.8 107.7 - 1840.6 191.8 191.4 765.0 765.2 402.2 402.0 540.5 540.6 w 1268.5 1267.8 1476.1 1476.0 183.2 183.3 416.5 416.4 8757.2 8755.6 2878.3 2873.8 w 842.0 841.9 3457.1 3455.6 520.4 520.3 2697.6 2696.4 6104.8 6105.1 17222.7 17225.0
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W 129/83 129/83 -/- 1899/811 213/110 212/110 875/415 875/414 484/262 484/261 575/321 574/322 W 1650/1012 1652/1011 1702/1193 1702/1192 187/125 187/125 545/342 544/342 8916/4291 8920/4287 3893/2270 3890/2267 W 1194/758 1180/757 4170/1837 4172/1836 672/489 672/489 3169/2023 3169/2021 6449/3350 6285/3350 17530/5785 17530/5783
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NEW DELHI | SATURDAY, 7 DECEMBER 2024 13
<

Office of the Executive Engineer

Konar Canal Division, Bagodar
Bagodar,, Giridih
Memo No.- WRD/KCDivisionBagodar/Turnkey-01/2024-25 Dated: -
ADDENDUM
The addendum is being notified in view of the Pre-bid meeting held on dated
29.10.2024 and the clarification made/uploaded by the Department for the bid
WRD/KCDivision,Bagodar/Turnkey-01/2024-25 Dated:- 14.10.2024 having PR 338846 (Water
Resource) 24-25 (D), as per following:-
Reference Clause Particulars should be read as
Section -I Instructions To Laying of 39 KM of DI Pipes Laying of 39 KM of MS/ DI
Bidders ( ITB) Clause- of dia> 450mm and 116 KM Pipes of dia> 450mm and 116
4.5(A)(c)(3) and of HDPE Pipes with requisite KM of HDPE Pipes with requisite
APPENDIX to ITB valves for Underground valves for Underground Pipeline
Sl. No- 5 (III) Pipeline Irrigation projects. Irrigation projects.
Executive Engineer
PR 341425 Water Resource(24-25).D Konar Canal Division,Bagodar, Gridih

ALCHEMIST ASSET RECONSTRUCTION COMPANY LIMITED

(CIN No. U74999DL2002PLC117052)
A-270 (FF & SF), Defence Colony, New Delhi-110 024, Tel.: 91-11-46562580 - 83
POSSESSION NOTICE Fax: 91-11-46562584, Email: [email protected], Web: www.alchemistarc.com
Whereas, the authorized officer of Jana Small Finance Bank Limited (Formerly known E-AUCTION SALE NOTICE
as Janalakshmi Financial Services Limited), under the Securitization And Reconstruction [Please see rule 8(6) & Rule 9 Security Interest (Enforcement) Rules, 2002 & Appendix IV A]
of Financial Assets And Enforcement Of Security Interest Act, 2002 and in exercise of pow- E-Auction Sale Notice for Sale of Secured Asset(s) under the Securitisation and Reconstruction of Financial Assets and Enforcement of
ers conferred under section 13 (2) read with rule 3 of the Security Interest (Enforcement) Security Interest Act, 2002 (hereinafter referred to as "the SARFAESI Act,2002") read with Rule 8(6) & Rule 9 of the Security Interest
Rules 2002 issued demand notices to the borrower(s)/ Co-borrowers(s) calling upon the (Enforcement) Rules, 2002.
borrowers to repay the amount mentioned against the respective names together with Notice is hereby given to the public in general and in particular to Borrower, Mortgagor and Guarantor that the below described Secured Asset(s),
interest thereon at the applicable rates as mentioned in the said notices within 60 days mortgaged/charged to the Secured Creditor, the symbolic possession of which has been taken on 23-11-2023, by the Authorized Officer of Tourism
from the date of receipt of the said notices, along with future interest as applicable inciden- Finance Corporation of India Ltd. and after assignment of debt, “Alchemist Asset Reconstruction Company Limited, acting in its capacity of trustee
tal expenses, costs, charges etc. incurred till the date of payment and/or realisation. of Alchemist XXXIX Trust” (hereinafter referred to as the “Secured Creditor”) has become the Secured Creditor as such the symbolic possession is
held by the Authorised Officer of the Secured Creditor, will be sold on “As is where is”, “As is what is”, “Whatever there is”, And “Without
Sr. Borrower/ 13(2) Notice Date/ Date/ Time Recourse Basis” by the “Authorised Officer of the Secured Creditor” (“AO”) by way of “Online E-Auction through website
Loan No. Co-Borrower/ Outstanding Due & Type of https://www.bankeauctions.com on 10-01-2025 from 11:30 AM to 12:30 PM with unlimited auto extension of five (5) minutes each if enhanced
No. Guarantor/ Mortgagor (in Rs.) as on Possession bid is made before close of e-Auction, for recovery of dues aggregating to Rs. 96,04,89,723/-( Rupees Ninety-Six Crores Four Lacs Eighty-Nine
1 1) Mr. Manoj Kumar 16-09-2024 Date: Thousand Seven Hundred and Twenty-Three Only) due to Alchemist Asset Reconstruction Company Limited, acting in its capacity of trustee of
(Borrower), Rs.3,78,855.40 05.12.2024 Alchemist XXXIX Trust (Secured Creditor) from the Borrower & Mortgagor namely Ninaniya Estates Limited and Guarantors namely Shri Vijay
2) Mr. Dinesh Kumar (Rupees Three Lac Singh Rao, Shri Prateek Rao, and Smt. Nirmala Rao, as on 30-11-2024 together with further interest and charges due thereon to the AARC.
Time: The details of Reserve Price, Earnest Money Deposit (EMD) and the Secured Asset(s) are mentioned below.
30358850000251 (Co-borrower) Seventy Eight Thousand
3) Mrs. Meera Devi Eight Hundred Fifty Five 01:02 P.M. Detail of Borrower & Lot Description of Secured Asset (S) Reserve Price
(Guarantor/ and Forty Paisa Only) Symbolic Mortgagor and Guarantors No. Earnest Money Deposit (EMD)
Mortgagor) as on 15-09-2024 Possession
1. Ninaniya Estates Limited 1. All that piece and parcel of lands comprised in and forming part of proportionate Rs. 111.35 Crores
Description of Secured Asset: Property Detail: All that part and parcel of a (CIN undivided share of freehold land admeasuring about 6585 sq. mt. (1.63 acre) with (Rupees One Hundred
hotel building (Tower B) thereon having built up area admeasuring approx. Eleven crores and Thirty-Five
Residential Plot of admeasuring area 77 Sq.yds i.e. 64 Sq.mtrs situated at U45201RJ2004PLC019382) 2,91,118 sq. ft at Khasra No. 4/18/2/1, 18/2/2, 19, 21/2, 22, 26, 8/2, 48/12 min, 13/1
Khasra No.614, Mauza Bodla, Ward Loha Mandi, Tehsil & Dstrict Agra, Uttar Prism Tower, Tower A, Sector Lacs only)
min, Sector-2, Gwal Pahari, Gurgaon- Faridabad Road, Gurgaon, Haryana
Pradesh-283102. Owned by Mrs. Meera Devi, W/o. Mr. Nihal Singh. Bounded 2, Gwal Pahari, Gurugram- together with all building, structures, erections etc. constructed and/or to be Rs. 11.14 Crores
as: North: Other's Land, South: Land of Vimal Sharma, East: Land of Faridabad Road, Gurugram constructed thereon, both present and future and the plant and machinery (Rupees Eleven Crores and
Shashikant, West: 7.5 Feet wide Road. 122003. attached to the earth or permanently fastened to anything attached to the earth, Fourteen Lacs only)
Also At : 160, Karni Vihar, fixture and fittings erected/installed or to be erected/installed thereon and every
2 1) Mrs. Mala Devi 16-09-2024 part thereof.
(Borrower), Date: Ajmer Road, Near Rawat
Rs.3,35,539.50 2. All that piece and parcel of lands comprised in and forming part of built up area Rs. 20.40 Crores
2) Mr. Mahaveer 05.12.2024 Mahila College, Jaipur- admeasuring approx. 27, 393 sq. ft on 2nd, 5th , 6th & 7th Floors along-with
(Rupees Three Lac 201021. (Rupees Twenty Crores and
(Co-Borrower), Time: basement area of about 26815 sq. ft. in Tower-A, Prism towers along-with Forty Lacs only)
46059630000030 Thirty Five Thousand 2. Sh. Vijay Singh Rao s/o proportionate undivided share of freehold land admeasuring about 1629 sq. mt.
3) Mrs. KishanPyari 12:00 Noon Rs. 2.04 Crores
(Co-Borrower), Five Hundred Thirty Nine Shri Dhoop Singh Rao, (0.40 acres) in Khasra No. 4/18/2/1, 18/2/2, 19, 21/2, 22, 26, 8/2, 48/12 min, 13/1
Symbolic min Sector-2, Gwal Pahari, Gurgaon- Faridabad Road, Gurgaon, Haryana (Rupees Two Crores and
4) Mr. Ram Prakash and Fifty Paisa Only) Possession R/o No. 278/3, Old Delhi Four Lacs only)
Road Gurgaon-122001. together with all building, structures, erections etc. constructed and/or to be
(Co-Borrower) as on 10-09-2024 constructed thereon, both present and future and the plant and machinery
3. Sh. Prateek Rao attached to the earth or permanently fastened to anything attached to the earth,
Description of Secured Asset: Property Detail: All that part and parcel of a S/o Shri Vijay Singh Rao,
Residential Plot of admeasuring area 120 Sq.yds i.e. 100.33 Sq.mtrs situated at fixture and fittings erected/installed or to be erected/installed thereon and every
R/o No. 278/3, Old Delhi part thereof.
Khasra No.343, Mauja Ajijpur, Tehsil Sadar, Agra, Uttar Pradesh-283102 jointly Road, Gurgaon-122001.
owned by Mrs. Mala Devi, W/o. Mr. Mahaveer & Mrs. Kishan Pyari, W/o. 3. All that piece and parcel of lands comprised in and forming part of proportionate Rs. 131.75 Crores
4. Smt. Nirmala Rao undivided share of freehold land admeasuring about 6585 sq. mt. (1.63 acre) with (Rupees One Hundred Thirty-
Mr. Ram Prakash. Bounded as: North: 20 Feet wide Road, South: Plot of w/o Shri Vijay Singh Rao, hotel building (Tower B) thereon having built up area admeasuring approx. One Crore and Seventy-Five
Sagar, East: Plot of Manoj, West: Plot of Bhura. R/o No. 278/3, Old Delhi 2,91,118 sq. ft at Khasra No. 4/18/2/1, 18/2/2, 19, 21/2, 22, 26, 8/2, 48/12 min, 13/1 Lacs Only)
3 16-09-2024 min, Sector-2, Gwal Pahari, Gurgaon- Faridabad Road, Gurgaon, Haryana
Date: Road, Gurgaon-122001. together with all building, structures, erections etc. constructed and/or to be Rs. 13.18 Crores
1) Mr. Rahul Kumar Rs.14,42,759.40 05.12.2024 constructed thereon, both present and future and the plant and machinery (Rupees Thirteen Crore and
(Borrower), (Rupees Fourteen Lac Time: attached to the earth or permanently fastened to anything attached to the earth, Eighteen Lacs Only)
46059430000779 Forty Two Thousand fixture and fittings erected/installed or to be erected/installed thereon and every
2) Mrs. Nisha Joshi Seven Hundred Fifty 11:03 A.M. part thereof AND All that piece and parcel of lands comprised in and forming part of
(Co-Borrower) Nine and Forty Paisa Symbolic built up area admeasuring approx. 27,393 sq. ft on 2nd, 5th , 6th & 7th Floors
Only) as on 10-09-2024 Possession along-with basement area of about 26815 sq. ft. in Tower-A, Prism towers along-
with proportionate undivided share of freehold land admeasuring about 1629 sq.
Description of Secured Asset: Property Detail: All that part and parcel of a mt. (0.40 acres) in Khasra No. 4/18/2/1, 18/2/2, 19, 21/2, 22, 26, 8/2, 48/12 min,
Residential Plot No.35, admeasuring area 138.88 Sq.yds i.e. 116.12 Sq.mtrs, situ- 13/1 min Sector-2, Gwal Pahari, Gurgaon- Faridabad Road, Gurgaon, Haryana
ated at Khasra No.330 & 322, Sai Nath Puram Colony, Mauza Abhaypura, Tehsil & together with all building, structures, erections etc. constructed and/or to be
constructed thereon, both present and future and the plant and machinery
District Agra, Uttar Pradesh-282002. Owned by Mr. Rahul Kumar, S/o. Mr. Dinesh attached to the earth or permanently fastened to anything attached to the earth,
Kumar Joshi. Bounded as: North: Part of a Plot No.36 of Rubi, South: Plot No.34 fixture and fittings erected/installed or to be erected/installed thereon and every
of Ranveer Singh, East: 20 Feet wide Road, West: Plot No.39 of Nijam Bhai. part thereof.
4 16-09-2024 Date: Note: 1. Bidders are requested to note that the auction sale for the Lots will be considered in terms of the Priority as set out below:
1) Mr. Yasin Hasan Rs.20,28,852.53 (i) Priority number 1: In case auction sale of Lot No. 1 at the end of online e-bidding process is held to be successful by the AO then auction sale of
05.12.2024
(Borrower), (Rupees Twenty Lac other Lots shall be canceled.
Time: (ii) Priority number 2: In case auction sale of Lot No. 1 is not successful at the end of online e-bidding process then H1 bid of Lot No. 3 will be
46059420000674 Twenty Eight Thousand
2) Mrs. Barkat Jahan Eight Hundred Fifty Two 11:23 A.M. considered for approval and auction process for Lot 2 shall also stand cancelled and only Lot No. 3 will be considered.
and Fifty Three Paisa Symbolic (iii) Priority number 3: In case auction sale of Lot No. 1 and 3 are not successful then H1 bid of Lot No. 2 will be considered for approval.
(Co-Borrower) 2. The attention of all interested parties including Borrower & Mortgagor/Guarantor(s) is invited to the provisions of sub-section (8) of Section 13 of
Only) as on 15-09-2024 Possession SARFAESI Act, 2002 regarding time available to redeem the Secured Asset(s). The Borrower & Mortgagor/Guarantor(s) are specifically intimated
Description of Secured Asset: Property Detail: All that part and parcel of a hereby to treat this notice as 30 days Sale Notice (in terms of Rule 6(2), 8(6) r/w Rule 9(1) of the Security Interest (Enforcement) Rules, 2002) and
Residential Plot of admeasuring area 164.23 Sq.yads i.e. 137.31 Sq.mtrs situated are hereby given a last and final opportunity to exercise their right of redemption and discharge the liability in full on or before 09-01-2025 failing
at Khasra No.220, Mauza Dhanoli, Agra, Uttar Pradesh-283102. Owned by which the Secured Asset(s) will be sold on 10-01-2025 as per Terms & Conditions mentioned in this E-Auction Sale Notice and in the Bid Document
Mrs. Barkat Jahan, W/o. Mr. Yasin Hasan. Bounded as: North: House of Raja, published in the link provided below. For Encumbrances on the Secured Asset(s) being sold hereby, bidders are advised to see the Bid Document.
South: 10 Feet wide Road, East: 15 Feet wide Road, West: Other's Plot. The sale is strictly subject to the Terms & Conditions incorporated in this E-Auction Sale Notice and the Bid Document (published in the Link
mentioned below) containing details of the Secured Asset(s) and Terms & Conditions of sale which form part of this E-Auction Sale Notice.
Whereas, the Borrowers/ Co-borrowers/ Guarantors/ Mortgagors, mentioned herein 3. A person is not entitled to submit its bid if such person, or any other person acting jointly or in concert with such person is ineligible as per the
above have failed to repay the amounts due, notice is hereby given to the Borrowers provisions of section 29A of the Insolvency and Bankruptcy Code, 2016 and each bidder shall be required to submit a Notarised Undertaking along
mentioned herein above in particular and to the Public in general that the authorized with their KYC documents, declaring and confirming that bidder is not a connected party of Borrower/Promoters/Guarantor(s)/Mortgagor (as per
officer of Jana Small Finance Bank Limited has taken possession of the properties/ draft given in Bid Document).
secured assets described herein above in exercise of powers conferred on him under 4. As per Section 194-IA of the Income Tax Act, 1961, TDS shall be applicable on the sale proceeds if the sale consideration is Rs.50,00,000.00/-
section 13 (4) of the said Act read with Rule 8 of the said rules on the dates mentioned (Rupees Fifty Lacs only) or above. The successful bidder/purchaser shall deduct the applicable TDS @ 1% of the sale price and deposit it in favour
above. The Borrowers/ Co-borrowers/ Guarantors/ Mortgagors, mentioned herein of Ninaniya Estates Limited (mortgagor & owner), having PAN No – AACCN0975A, with Income Tax Department. Furthermore, only 99% of the sale
above in particular and the Public in general are hereby cautioned not to deal with the price is to be remitted to the Secured Creditor.
aforesaid properties/ Secured Assets and any dealings with the said properties/ 5. This E-Auction Sale Notice is without prejudice to any other rights available to the Secured Creditor under the SARFAESI Act, 2002; the
Secured Assets will be subject to the charge of Jana Small Finance Bank Limited. Insolvency and Bankruptcy Code, 2016; the Recovery of Debts and Bankruptcy Act, 1993 and/or any other law.
Place: Agra Sd/- Authorised Officer 6. Bidders shall submit the duly executed Bid Document on or before 03-01-2025 till 3:30 PM along with Earnest Money Deposit (EMD) by way of
RTGS/ DD / Pay Order drawn in favour of ‘ALCHEMIST XXXIX TRUST’ payable at New Delhi & addressed to “Authorised Officer, Alchemist Asset
Date: 07.12.2024 For. Jana Small Finance Bank Limited Reconstruction Company Limited, A-270, First & Second Floor, Defence Colony, New Delhi-110024” or through RTGS/NEFT, in Bank Account No.
048111100005288, beneficiary “Alchemist XXXIX Trust”, IFSC Code No. UBIN0804819, Union Bank of India, R.K. Puram Branch at New Delhi,
receipt of which shall be enclosed with duly filled Bid Document including the Auction Bid Form.
Registered Office: The Fairway, Ground & First Floor, Survey No.10/1, 11/2 & 7. For detailed Terms & Conditions of the sale, please visit the Link {Link: www.alchemistarc.com and click on LIVE AUCTIONS tab under Asset
12/2B, Off Domlur, Koramangla Inner Ring Road, Next to EGL Business Park, tab}. For any further clarification/information, interested parties may contact the AO at telephone numbers – 011 – 46562580-81-82-83 or email at
Challaghatta, Bangalore-560071. Branch Office: G-01, Ground Floor, Cyber [email protected].
Heights, Vibhuti Khand, Gomti Nagar, Lucknow, Uttar Pradesh-226010 Place: Delhi, Date: 07.12.2024 Sd/- (Authorised Officer)
14
>
NEW DELHI | SATURDAY, 7 DECEMBER 2024 1

Stressed Asset Management Branch, New Delhi

Unit No.603 B, Konnectus Tower, Bhav Bhuti Marg,
New Delhi-110001. Mobile Number: 7506145062
Email: [email protected]
Appendix IV [Rule - 8(1)] POSSESSION NOTICE (For immovable property)
Whereas The undersigned being the authorized officer of Union Bank of India, SAM Branch situated at 6th floor 603B Konnectus Tower
Bhavbhuti Marg New Delhi -110001 [India] under the Securitization and Reconstruction of Financial Assets and Enforcement Security
Interest Act, 2002 (54 of 2002) and in exercise of powers conferred under Section 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice as below calling upon the borrower M/s GRS Ispat Co Pvt Ltd, to repay the amount
mentioned in the notice within 60 days from the date of receipt of the said notice.
Date of Demand notice under section Amount mentioned in 13(2)
Name of the Bank
13(2) of SARFAESI Act Notice (Amt. in Rs.)
Union Bank of India (E-Corporation Bank) 12.01.2024 26,44,10,180.92/-*
TOTAL 26,44,10,180.92/-
*Amount mentioned in 13(2) dated 12.01.2024 is Rs. 26,44,10,180.92/- + cost incurred by the bank Rs. 10,00,000/- Total dues comes
Rs.26,54,10,180.92/- (Rupees Twenty-six crore fifty-four lac ten thousand one hundred eighty & paise ninety-two only) and
applicable interest thereon.
The borrower/guarantors having failed to repay the amount, notice is hereby given to the borrower/guarantors and the public in general
that the undersigned has taken physical possession of the property described herein below in exercise of powers conferred on him
under Sub Section (4) of section 13 of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the 5th day of
December of the year 2024.
The borrower/guarantors in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the
property will be subject to the charge of Union Bank of India SAM Branch situated at 6th floor 603-B Konnectus Tower Bhavbhuti
Marg New Delhi -110001 [India] for an amount of Rs.26,54,10,180.92/- (Rupees Twenty-six crore fifty-four lac ten thousand one
hundred eighty & paise ninety-two only) and applicable interest thereon.
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to redeem the
secured assets.
Description of Immovable Property
Residential Property bearing No. PU-108 Pitampura, Delhi 110034 measuring 253 Sq Mts surrounded by North: - Service lane,
South: - Road, East:- Plot No. 109, West:- Plot No. 107 owned by Mr Jawahar Singh Siroha
Date: 05.12.2024, Place: Delhi Authorized Officer, FOR UNION BANK OF INDIA
.
NEW DELHI | SATURDAY, 7 DECEMBER 2024 TAKE TWO 15 <

TIME CONTROLS
Four world title matches have been
decided by tiebreaks played at rapid
controls: Viswanathan Anand beat
Boris Gelfand in 2012, Magnus Carlsen
beat Sergey Karjakin in 2016 and
Fabiano Caruana in 2018; and in 2023,
Ding Liren beat Ian Nepomniachtchi. form for more than a year, and admitted that
The time control for each classical he has had issues with depression. However,
game is 120 minutes per player for the he appears to have overcome those problems,
first 40 moves, and 30 minutes for the going into this match.
rest of the game, with a 30-second There have been only two decisive games,
increment per move from move 41. with Ding and Gukesh trading wins in Games 1
Players are not allowed to agree to a and 3, but the play has been thrilling. Several
draw before Black's 40th move. In games have been cliffhangers, with both
theory, a game could continue players missing winning chances. One way or
indefinitely. If the match is tied after 14 the other, this looks to be one of the tightest
such games, there will be tiebreaks. matches ever.
The next set would be four games The title of world champion carries a brand
with 15 minutes per side and a 10- value that is hard to quantify. Here is one way
second increment starting with move 1. to see it: Though more than 6,500 people have
If a player scores 2½ points or more, he climbed Everest, there have only been 17 classi-
would win the championship. If the cal world chess champions in 138 years.
score is still equal, a mini-match of two Another way is: This match is being played for
games will be played, with 10 minutes a prize fund of $2.5 million with a sweetener in
per side and a 5-second increment that every decisive game carries a bonus of
starting on move 1. If a player scores 1½ $200,000 for the winner.
points or more, he would win. The world champion is also guaranteed a
If the score is still equal, a mini- multimillion-dollar match to defend the title
D Gukesh (left) is at the beginning of a long and glittering career, but is also perceived to have a weakness PHOTO: PTI match of two games will be played, with against the next challenger, and he will get
a time control of 3 minutes per side and invitations to high-level events for the rest of
Beginning with a bang a 2-second increment starting with his career. And, of course, there are sponsor-

CHECKMATING
Readers may be wondering what “classical” move 1. If a player scores 1½ points or ships and brand endorsements, in addition to
means. In chess, it is shorthand for a long time more, he will win the championship. lucrative streaming deals.
control. This match will ideally be decided If the blitz mini-match is tied, a
over 14 games played out at long time controls sudden death single blitz game with a Monetising victory
with alternating colours. time control of 3 minutes per side and a In the 21st century, such deals may be monetis-
Right now, the match is tied after nine 2-second increment starting with move able for large sums. For example, Carlsen, the
games. If the players are tied at the end of 14 1 will be played, and its winner will be 16th champion, made a controversial decision

HISTORY
games, there will be a series of four games at the champion. A drawing of lots will in 2022. He won the title in 2013 and defended
shorter time controls. And if that does not decide which player plays with which it successfully four times before quitting play-
break the deadlock, the time controls will get colour. If this game is drawn, another ing the title cycle. He is arguably the best chess
progressively shorter until the match is blitz game with reversed colours will be player in history. He is also a smart entrepre-
decided (see accompanying box). played at the same time control. This neur who set up a listed company, which he
Gukesh has done something unimaginable process will be repeated until later sold for $82 million. He has done multiple
by making it to a title match at 18 by winning somebody wins. corporate deals and makes money from
an extremely tough Candidates Tournament streaming, etc.
in April, edging out seven top grandmasters. The Norwegian grandmaster did the math
If Gukesh beats Ding, he will rewrite chess history by The young man has been cited as world cham- and figured out that he did not need to put in
pion material since he became a Grandmaster that he always looks for a concrete solution the hard yards to play the title cycle anymore.
becoming the youngest to win the classical world at the ripe young age of 12. Apart from win- rather than relying on his instincts or intu- Every title match involves months of brutal
championship since it started 138 years ago ning age group titles, Gukesh has picked up
individual gold medals as the best top board
ition. training. The two players go into huddles with
their respective teams and figure out
player at two successive Olympiads, and Battle of prodigies strategies. This involves deep analysis to work
spearheaded an Indian gold winning perform- Ding, too, was a prodigy. He won the Chinese out their opponent’s style, strengths, and
DEVANGSHU DATTA Gukesh of India. ance in 2024. Championship at 16, which is when commen- weaknesses, apart from strengthening their
New Delhi, 6 December The first world title match was held in 1886, But the teenager is only at the beginning of tators started singling him out as a world-beat- own play. It is an enormous investment, and
with Austrian-American Wilhelm Steinitz beat- what promises to be a long and glittering ing talent. The lawyer and poet has since dis- Carlsen did not want to do it anymore.

T
he Resorts World Sentosa, Singapore, ing the British-Polish Johannes Zukertort. career. Though Gukesh is obviously remark- played exceptional fighting spirit to go with his It is different for Gukesh and, perhaps, for
is hosting a world chess champion- This is the first time in the 138-year history ably talented, he would be the first to admit he talent. He qualified for a world title match Ding as well. Gukesh’s ambitions are hardly
ship that has already set records by of the classical world championship that a is not a finished product. Five-time world when Carlsen withdrew. He was behind several likely to ebb, whatever happens in Singapore.
the halfway stage. This features a match has featured two Asian contenders. champion Magnus Carlsen says Gukesh is an times in the 2023 match versus Russian grand- The teenager from Chennai has unabashedly
head-to-head battle between the defending Gukesh is by far the youngest challenger ever, incredible calculator who can crunch through master Ian Nepomniachtchi but equalised admitted he has always dreamt of being world
world champion, 32-year-old Ding Liren of and obviously, if he wins, he will become the tricky positions finding the best moves. But each time and finally took a decisive lead in champion. If he does not make it in this cycle,
China, and the challenger, 18-year-old D youngest ever world champion. Carlsen also says Gukesh has a weakness in the tiebreakers. Ding has since been in terrible he will most likely keep trying.

NAME CHANGE
A $500 bn haul reignites passive I, Sunil Kumar S/o Sh.
Balak Ram Malhotra
R/o H. No.-10,11, Ground
controversy on Wall Street floor sector-24 Pocket-19
Rohini Delhi-110085 have
LU WANG changed my name to
6 December Sunil Malhotra for all
purposes.
The passive-investing juggernaut is pick-
ing up speed — and it’s stirring up fresh PUBLIC NOTICE
angst about the dangers posed by the
I Parminder Singh S/o Lt. Sh.
index-tracking boom across Wall Street.
With almost a month still to go in 2024, Jagmohan Singh is the legal
index funds have raked in some $500 bil- heir of the property D3/43/3
lion in fresh cash, while their active coun- Rewari line Mayapuri industrial
terparts are set for outflows. In recent
area phase 2. Nobody can sell
weeks, that growing dominance prompted
outcry from active manager behemoths or buy this property without my
Apollo Global Management and Citadel, consent.
who have blamed the surge in index-fol-
Contact No. 9958799420
lowing cash for derailing the crucial role
of stock pickers as drivers of market effi-
ciency, among other charges.
But two of Wall Street’s largest banks
have mounted a fresh defense of the allo-
cation frenzy, which has seen US-listed technology related, keep Contrary to popular claims capable of creating market
passive ETFs grab a record $105 billion in getting bigger. To some that the price-agnostic dislocations in the short
the last month alone. market watchers, it’s money is fuelling market term. Super Micro
Contrary to popular claims that the proof that the index- distortions by blithely Computer Inc.’s entry into
price-agnostic money is fueling market fund proliferation is lavishing capital just to the the S&P 500 and Nasdaq
distortions by blithely lavishing capital just changing the funda- largest companies, a 100 this year followed a
to the largest companies, a Goldman Sachs mentals of investing, Goldman Sachs Group stock surge that was fueled
Group study showed the role of funda- leaving no natural buyer study showed the role of by AI-enamored day traders
mentals, like the stability of corporate to lift up the equity fundamentals, like the and institutional investors
earnings, remains an all-powerful driver laggards and close a val- stability of corporate — who later saw the shares
for stock valuations. Meanwhile, passive uation gap between earnings, remains an plunge amid allegations of
players hold a far weaker sway, if any. cheap and expensive all-powerful driver for accounting and governance
Similarly at Citigroup, a team led by stocks that is now stock valuations issues.
Scott Chronert found that active managers among the widest Given the stock’s
themselves exert a far bigger influence in history. A gauge tracking tech-heavy addition into major benchmarks, passive
than their passive rivals on a stock’s per- growth stocks, for instance, has crushed a demand may have added fuel to the
formance relative to its industry. It’s a value benchmark in all but two years since runup. Still in reality, the line between
rebuttal to critics like AllianceBernstein’s 2012. active and passive is thin because behind
Inigo Fraser Jenkins, who have alleged In a report by Apollo last month, Felix each index-tracking strategy, there is a
that index players are distorting asset von Moltke and Torsten Slok pointed to human in every step, writing the invest-
prices to a unique degree. the concentration of so-called ment rules and executing the trades. Super
The controversy continues to rage as “Magnificent Seven” as one unwelcome Micro was added to the S&P 500 following
ETFs, which are dominated by passive outcome from the passive fervor, among a decision by the panel which oversees the
products, increase their stranglehold other alleged aftershocks like higher vol- benchmark.
over cost-conscious investors. Passive atility and lower liquidity. The shrinking pool of active mangers
products now account for 62 per cent of Goldman, for one, is pushing back. continues to fuel fears about market health
US equity fund assets, up from 35 per Strategists led by David Kostin found that over the long haul. Those investors play a
cent about a decade ago per Bloomberg the Mag Seven overall have lower passive prime role in ensuring an optimal allocation
Intelligence. In turn, suspicions are only ownership than other S&P 500 members. of capital in the economy by identifying
growing that something is off in the In other words, indexing money has market mispricing, according to Stephen
underbelly of markets as benchmark- played a smaller role than expected in the Berger, Citadel’s global head of government
hugging managers become the go-to cohort’s dominance. Further, the team and regulatory policy. That role is under-
buyer across the largest indexes. showed that fundamental factors, such as valued by regulators, which “could present
“The market is not broken, but argu- earnings-growth expectations and asset a material financial stability risk,” he said
ably less efficient,” said Matthew Fine, a turnover, help explain half of the variation on a panel at a recent conference.It’s a sen-
value-focused fund manager at Third in valuations today, while passive owner- timent that finds sympathy with Third
Avenue Management. ship has no discernible impact. Avenue’s Fine, a 25-year market veteran
Among passive equity vehicles, ETFs At Citi, Chronert and his colleagues whose $730 million value fund has beaten
lured $500 billion in the first 11 months of compared stock returns against industry 98 per cent of its peers in the past five years.
2024, while mutual funds added $38 bil- peers, and concluded that the differences “The whole premise of investing pas-
lion through October, according to are more sensitive to active buying than sively is that ‘I’m going to let all those smart
Bloomberg-compiled data. Active coun- passive. Put another way, despite an people compete against each other, trade
terparts, by contrast, have been hit by total expansion in market share, indexing funds against each other. They’re going to create
outflows of more than $150 billion. remain “tailwinds for, not determinants price efficiency, and I’m just going piggy-
The passive era is coinciding with an of” share performance, the strategists back off of that in economic terms,’” Fine
increasingly top-heavy equity market, wrote. said. “Some portion of the capital must
where the seven largest companies, mostly Discretionary buyers are certainly stay with active management.” BLOOMBERG
16
>
NEW DELHI | SATURDAY, 7 DECEMBER 2024 1

Maruti, M&M join Hyundai The NFT is dead.

Long live the NFT?
in announcing price hikes The giddy craze for nonfungible tokens brought the crypto crowd to
art auctions. Now, long after the bubble burst, some still believe it did
Up to 4% increase to be effective from Jan 1; higher input costs drive the move
STEVEN KURUTZ
ANJALI SINGH 6 December
Mumbai, 6 December
“It was a mania,” said Noah Davis. “But manias are fun.”

F
ollowing Hyundai Motor India’s announce- Davis, the former head of digital art at Christie’s in
ment of a price hike, Maruti Suzuki India Manhattan, was recalling one of the wildest crazes ever.
(MSIL), Mahindra & Mahindra (M&M) and In his role, he helped facilitate the sale in 2021 of a
JSW MG Motor have decided to jack up prices work by Mike Winkelmann, better known as Beeple.
across their model range in a bid to pass on some Titled “Everydays: The First 5000 Days,” the piece was
input cost pressure to consumers. a collage that was sold as a unique digital file, or “non-
While the prices of Maruti models are fungible token.”
expected to rise by up to 4 per cent, those of M&M An anonymous bidder bought it for $69.3 million.
and JSW MG Motor will soar by up to 3 per cent And paid for it in Ether.
starting January 2025. Before the record-setting sale, Davis, 35, did not own
The decision comes as the automotive indus- a laptop, was not on social media, and did not know THE RISE AND FALL
try grapples with rising expenses across key com- that the abbreviation ETH stood for a type of crypto-
ponents and commodities. Prices in key raw currency. After the auction, he was fully on board. n The digital collectibles, n Collectors spent
materials like aluminium, zinc, and rubber have “I became totally immersed in the space,” he said. which traded for tens of $230 million on NFTs of
shot up, along with rising logistics expenses. A lot of people, many of them young and male, got thousands and in some cases NBA video highlights;
Aluminium prices have risen by 10.6 per cent caught up in buying and selling apes from Bored Ape millions of dollars through one person bid
year-on-year, while rubber prices have surged by Yacht Club or Pudgy Penguins, to name two popular online marketplaces like $560,000 to win an
26.8 per cent, contributing significantly to NFT collections featuring cartoonlike, computer-gen- OpenSea, were heralded as NFT of a New York
increased production costs according to erated artworks. The digital collectibles, which traded the future of art and a new Times reporter’s
form of community column about NFTs
Bloomberg data.
The impact of these cost pressures is com-
PRICE PINCH for tens of thousands and in some cases millions of
dollars through online marketplaces like OpenSea, n The boom couldn’t last. The rise of NFTs was linked
pounded by elevated logistics expenses. were heralded as the future of art and a new form of to soaring cryptocurrency values. Yet while crypto
A disruption in global shipping routes, par- Hyundai Motor India Up to ~25,000 community. prices have rebounded and hit record highs after a
ticularly along the Red Sea, has resulted in an Maruti Suzuki Collectors spent $230 million on NFTs of NBA video two-year slump, NFTs have not recovered
increase in container rates in 2024 compared to 4% highlights; one person bid $560,000 to win an NFT of
Mahindra & Mahindra Hike range
the previous year. Additionally, the adverse cur- 3% a New York Times reporter’s column about NFTs. The
JSW MG Motor
rency movements have further inflated the cost 3% owners of a Bored Ape NFT used the image as their
of imported components. itable to offset the Audi “Mahindra online avatars, as if to signal their membership in an and market NFTs in 2021, earning millions overnight,
3%
The country’s largest carmaker Maruti, in an rising input costs. Mercedes-Benz has made efforts exclusive club. They received perks like tickets to have struggled to recapture their initial success.
official communication to BSE, attributed the While we try to mini-
3% to absorb as much ApeFest, an exclusive party in New York where enter- In October 2023, Yuga Labs announced layoffs amid
BMW
price revision in its entire model range to rising mise its impact on our 3% of these tainers like Chris Rock and the Strokes performed. a restructuring effort as it tried to pivot to the metaverse
input costs and operational expenses. customers, a marginal Source: Company additional costs as On an episode of NBC’s “The Tonight Show Starring with a game called Otherside. Earlier this year, after
“While the company continuously strives to price increase shields us possible. However, Jimmy Fallon” at the peak of the NFT rush in 2022, Paris more layoffs Yuga’s co-founder Greg Solano, said in
optimise costs and minimise the impact on its from inflationary challenges,” stated Satinder a portion of this increase will need to Hilton and the program’s host showed off the Bored messages to his team the company had “lost its way.”
customers, some portion of the increased cost Singh Bajwa, Chief Commercial Officer, JSW MG be passed on to customers,” the company stated. Apes they had bought. Yuga Labs, the company behind This past summer, Faux found himself at a party in
may need to be passed on to the market,” Maruti Motor India. Hyundai on Thursday announced that it will the characters, was valued at $4 billion, roughly equiv- Nashville to celebrate a new NFT collection, Taproot
said in its filing. Mahindra & Mahindra, announced a price raise prices up to ~25,000 from January 2025, cit- alent to the amount Disney paid for Lucasfilm, the owner Wizards, which featured 2,108 unique drawings of
JSW MG Motor India also attributed price hike increase for its SUV and commercial vehicle ing similar reasons. of the “Star Wars” and “Indiana Jones” franchises. neon-colored wizards.
on its entire model range to continuously rising range, effective January 2025. Like its peers the Earlier, luxury car players Audi, Mercedes- The boom couldn’t last — and didn’t. The rise of “It was on the rooftop of a bar,” said Faux. “They
input costs and other external factors. company said that the price hike is a response to Benz and BMW had announced a price hike of 3 NFTs was linked to soaring cryptocurrency values. Yet were giving out free wizard hats. The place was packed.”
“Our dedication to quality remains a priority the rising costs due to inflation and increased per cent on their entire model ranges which will while crypto prices have rebounded and hit record That doesn’t sound like the “dead space” that Mr.
in doing so, minor price adjustments are inev- commodity prices. also be effective from January 1, 2025. highs after a two-year slump, NFTs have not recovered Faux described. He chalked it up to circumstance: the
and have endured a decline in value and cultural rel- party was held during a large Bitcoin conference in
evancy. Nashville where Donald Trump spoke.
“The space is so dead,” said Zeke Faux, the author Nevertheless, Faux, who described NFTs as “a fad

Pushpa 2 smashes box-office All We Imagine

As Light named
of “Number Go Up: Inside Crypto’s Wild Rise and
Staggering Fall,” a book that chronicled the crypto bub-
ble in merciless prose.
that was doomed to fail,” remains surprised that they
continue to hold any value at all.
One area where NFTs have not become an embar-

records with ~294 cr opening

Much of the frenzy was motivated by financial spec- rassing reminder of a cultural fad is the art world. At

best ’24 film by ulation, rather than enthusiasm for a new art form, in
his view. “If the core appeal is getting rich, when you
this year’s Art Basel Miami Beach, which begins this
week, fairgoers can mint their own NFTs, as part of the

Sight and Sound stop getting rich, you lose interest,” Faux said.
Prices were already sinking in 2022, when Faux
exhibition “Humans + Machines: NFTs and the Ever-
Evolving World of Art.”
PRESS TRUST OF INDIA paid $20,000 for a Mutant Ape, part of a spinoff collec- In 2023, Sotheby’s established the record for an art-
New Delhi, 6 December PRESS TRUST OF INDIA tion from Yuga Labs, so that he could attend an ApeFest work that was generated by an algorithm. “Goose,” part
New Delhi, 6 December party while researching his book. A similar NFT had of a digital series called Ringers by artist Dmitri
'Pushpa fire nahi, wildfire hai', the popular dialogue gone for $40,000 weeks earlier. Cherniak, sold for $6.2 million. Another work in the
from Allu Arjun’s Pushpa franchise has come true Director Payal Kapadia’s “All We Today, the price of the least expensive Bored Ape, Ringers series was acquired by the Los Angeles County
with the historic box office performance of the second Imagine As Light” has been known as the “price floor” sits at around $70,000, Museum of Art, which accepted a donation of its first
part, which has amassed ~294 crore gross globally on selected as the best film of the according to NFTpricefloor.com. In April of this year, blockchain art.
day one of its release. year by prestigious Sight and it was down 90 percent from its peak in 2021, although In the last two years, even as auction prices have
The day one collection of the Sukumar-directed Sound magazine that also voted some NFT values have risen along with cryptocur- generally come down, “there’s been a growing recog-
movie, a sequel to 2021’s Telugu blockbuster “Pushpa: Anora, La chimera, Dahomey rencies. Mutant Apes can be had for around $12,800. nition for this medium by institutions and museums,”
The Rise”, has shattered the record for the highest and Hard Truths amongst its Other NFT collections have had steeper drops in value Michael Bouhanna, 33, head of digital art and NFTs at
opening in the history of Indian cinema, which earlier top five. from the 2022 highs. Sotheby’s, said. “It’s in a more educational phase.”
belonged to SS Rajamouli’s “RRR” (~223.5 crore), fol- Kapadia’s Cannes Grand Prix A representation of cryptocurrency Ethereum Last month, Davis traveled to Marfa, Texas, to attend
lowed by “Baahubali 2” (~217 crore) and “Kalki 2898 winner, voted by the magazine’s appears next to the Bored Ape Yacht Club collection Art Blocks, a festival hosted by the generative art plat-
AD” (~175 crore). contributors, is “about love, but displayed on a screen.Credit...Florence Lo/Reuters form. It was no doubt a gathering of the faithful. “All
The film’s collection has beaten expectations of one that takes a clear stance Markers of cultural popularity, such as internet that speculative, explosive energy is now gone,”
the trade pundits, who had pegged the film’s opening against Islamophobia and other search traffic, sales volume and the issuance of new Davis said.
figure to be slightly over than ~150 crore. religious, caste and class prej- NFT collections (or lack thereof), indicate flagging
Production banner Mythri Movie Makers, which udices that constrict real interest. And the entrepreneurs who rushed to issue ©2024 The New York TimesNews Service
has bankrolled “Pushpa 2”, shared the box office fig- people’s lives”.
ures. The magazine said there are
“The Biggest Indian Film creates History at the more female than male directors
box office. #Pushpa2TheRule grosses 294 crores in the top ten, a feat that has
worldwide on Day 1 making it the highest opening
day in Indian Cinema,” studio posted on Instagram.
only happened once before, in
the pandemic year of 2020,
[ TECH DIGEST ]
In the sequel, Arjun returns as labourer-turned- when there were seven women mybs.in/tech
sandalwood smuggler Pushpa Raj, alongside listed. This year the count is at
Rashmika Mandanna as Srivalli and Fahadh Faasil
as SP Bhanwar Singh Shekhawat.
six.
Kapadia, in a message to
GOOGLE RELEASES DECEMBER Samsung previews
The movie released across the globe on Friday Sight and Sound team, shared FEATURE DROP FOR PIXELS One UI 7
with dubbed versions in Hindi, Tamil, Kannada, her delight at her film being
Bengali, and Malayalam. chosen as the best movie. Google has announced new features for Pixel devices as part of Samsung has released an open
The original film, directed by Sukumar and pro- The Day one collection of the movie has “Astounded, actually. And its December feature drop. These include new capabilities for beta of its upcoming One UI 7
duced by Mythri Movie Makers, was not only a com- shattered the record for the highest opening very grateful as well. We used to Gemini AI, ultra HDR photo sharing on interface, based on Android 15.
mercial success, amassing over ~300 crores in India, in the history of Indian cinema, which get a copy of Sight and Sound at Instagram, integration of the Pixel Referred to as “AI OS” by the
but also established a strong fan base beyond the tra- earlier belonged to “RRR” (~223.5 crore) our film school, the Film & Screenshots app with Circle to Search, company, the update introduces
ditional Telugu base and it has only grown since then. Television Institute of India. We improved theft protection, and more. new artificial intelligence
The Hindi version of “Pushpa 2”, whose trailer were all excited when the new Additionally, Google has confirmed that features, such as advanced writing
was launched by Arjun and Mandanna in Patna last HINDI FILM EVER with a Nett of 72 CRORES,” Mythri edition came out and clamoured the Pixel Fold, Pixel 6 series, tools, call transcription, and
month, also smashed records as it earned ~72 crore Movie Makers posted. to read it. The magazine and its and Pixel 7 series will enhanced on-device AI
net on day one. The film has surpassed the opening day figure of writers hold a special place in receive two additional capabilities. One UI 7 also brings a
“HISTORY MADE in INDIAN CINEMA. Shah Rukh Khan’s 2023 hit “Jawan”, whose Hindi every cinephile’s heart,” the operating system refreshed design and improved
#Pushpa2TheRule is HIGHEST DAY 1 OPENING version had earned around ~65 on day one. director wrote. upgrades. security features.

High obsessions
Crowley said. This sity. He had grown of verticality. By the turn of the 20th
absurd, forceful flare tired of the European century, Fanny held several high-alti-
of ego was a bad Alps, the highest and tude records for women and had ice-
augur. most dangerous of axed her way into the firmament of
Adverse weather which he’d con- the world’s greatest climbers. In 1902,
CHARLES CURKIN “Because it is there.” In The White his expedition, not from a fall or ava- conditions had kept quered. He thought she and Hunter climbed the
Ladder, an engaging and agreeably lanche — but by beheading, executed them confined to them “overcrowded,” Bhayakara Col, also in Karakoram.
In 1519, the Spanish conquistador ornate history of earlier mountain- by a warlord in Kashgar (now in their tents, ulti- and, as was the case There would be no records
Diego de Ordaz reached the summit eering, the British author Daniel Xinjiang, China) after being accused mately preventing with most of Light’s attained at its 19,260-foot apex.
of the stratovolcano Popocatépetl Light paints a vivid picture of this of spying. them from complet- heroes, he turned his Instead, while the group was
during an expedition in Mexico seemingly innate need and those Oscar Eckenstein, the Jewish- ing their mission. A attention to the descending an ice wall they had
under Hernan Cortés. who first heeded its call. British explorer known for contrib- fever befell Crowley, Himalayas, a vast climbed earlier in the day, the glacier
Approaching the peak, more than Centuries after the conquistadors, utions to climbing technology — causing him to unknown at the time. began to melt. Hunter attributed
17,000 feet above sea level, the scene the German climber and scientist including the development of better experience severe In 1895, he attempted their safe return to “todesmut,”
shifted from snow and Adolph Schlagintweit was crampons and ice axes — was deter- hallucinations. At Nanga Parbat, the which in German can be translated as
frozen chasms to eruptions gripped by the same yen for mined to defeat the Himalayan K2 one point, he drew world’s ninth-highest “a total disregard for one’s safety.”
of what were described as peril. In 1854, he embarked with (short for Karakoram), which the his revolver, only to peak, making it past What unifies Light’s heroes is that
“great tongues of flame.” his brothers on an ambitious midcentury mountain climber have it taken away 20,000 feet before he total disregard and a desperate,
Somehow, Ordaz and a expedition to study the geogra- George Bell would later dub the before he could hurt THE WHITE LADDER: disappeared. His body almost pathological urge to climb for
small band of compatriots phy and culture of the “Savage Mountain.” anyone. By his own TRIUMPH AND TRAGEDY AT was never recovered. climbing’s sake. One of the earliest
endured the long, gruelling Himalayas. An accomplished But, like Schlagintweit, account, he savagely THE DAWN OF Being the first primal urges observed in toddlers on
ascent — sickened by the BOOKS cartographer, Schlagintweit Eckenstein encountered men on his beat the party’s MOUNTAINEERING woman to stand atop a playground is for ascent — to climb
altitude, their backs weighed
down by their steel helmets & IDEAS craved not just glory, but to map
what he found. (Glory goes
adventures that were as dangerous
and unpredictable as the mountains.
Sherpa guides more
than once.
Author: Daniel Light Koser Gunge, just shy
of 21,000 feet above
the highest point on the jungle gym.
Because, why not?
and breastplates — and lived without saying.) One was a member of his 1902 expe- Another of Publisher: W.W. Norton rest of the Karakoram Mallory died in 1924 while
to tell the tale. Not to attain any The brothers managed to ascend dition on K2: the future occultist Eckenstein’s con- Pages: 416 range in Kashmir, attempting to summit Everest. His
strategic objective, but rather a more 22,259 feet on Ibi Gamin. Although Aleister Crowley. He had insisted temporaries, Albert wasn’t enough for body was discovered in 1999 encased
Price: $32.50
basic desire to conquer the mountain they didn’t reach the top, they set a upon bringing a collection of heavy, Mummery, a bespec- Fanny Bullock in ice, and it is still there.
itself. precedent for European adventurers vellum-bound poetry books up with tacled Brit who “cut Workman. She and
When asked by a reporter why he of the time, who had rarely ventured him. an awkward figure,” didn’t have the her husband, William Hunter The reviewer is an editor at Elle Decor
wanted to climb Mount Everest, so far. Schlagintweit was, in the end, “I would rather bear physical star- look of a serious alpinist. But his Workman — each one heir to a family magazine and a skiing obsessive.
George Mallory famously replied: not as lucky as Ordaz. He died during vation than intellectual starvation,” appearance belied an extreme inten- fortune — were in perpetual pursuit ©2024 The New York TimesNews Service