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MONDAY, 17 APRIL 2017

20 pages in 1 section www.business-standard.com
MUMBAI (CITY)
~6.00
VOLUME XXI NUMBER 171

How markets performed last week

% chg over Dec 30, ‘16
Index on *One- --————————————————————————————————————————————————————————

Apr 13, ‘17 week Local currency in US $

Sensex 29,461 0.1 10.6 16.7
Nifty 9,151 0.5 11.8 17.9 BUSINESS LAW P14 PERSONAL FINANCE P16
Dow Jones 20,453 -0.7 3.5 3.5
Nasdaq
Hang Seng
5,805
24,262
-0.4
-0.4
7.8
10.3
7.8
10.0 OPENING THE SOCIAL SECURITY LAST-MINUTE HOTEL DEALS
UMBRELLA FOR A RAINY DAY TO GET A ROOM WITH A VIEW
Nikkei (Apr 14) 18,336 -4.8 -4.1 3.4
FTSE 7,328 -0.1 2.6 3.9
DAX 12,109 0.4 5.5 6.4
*Change (%) over previous week Source: Bloomberg PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE

SC ORDER PUTS BRAKES

ON SALES OF TRACTORS,
CONSTRUCTION VEHICLES More stocks at lofty Clean Money 2.0
valuations again casts wider net
Tractor and construction equipment
vehicle makers’ business has had a
near-freeze across the country since April 1.
Regional transport offices in most states
have refused to register these vehicles after
the Supreme Court order of last month,
CBDT probes property deals, foreign
which stopped sales of two-wheelers, exchange remittances
three-wheelers, passenger and
commercial vehicles meeting only BS-III
Number of scrips trading above 50 times and 100 times earnings at record highs
SHRIMI CHOUDHARY
emission standards. AJAY MODI writes 2 > VISHAL CHHABRIA
& SHEETAL AGARWAL ASSESSING ASSET BUBBLES Mumbai, 16 April

ILLUSTRATION: AJAY MOHANTY

Mumbai, 16 April The income tax department (I-T)
ECONOMY P4 Date Jan 29, ’15 has widened the net to nab tax

I
Sand mining saps the ndian stock markets
have not looked back
Sensex value 29,682 evaders who have not just deposit-
ed unaccounted cash during the
lifeblood along Kosi river since their low on
Sensex P/E (x) 20.13
note-ban period but have also made
With the recent lifting December 26, 2016, and Stocks with P/E* Nos high-value property deals and sent
of a ban on mining have emerged as the top More than 100 23 money abroad under the guise of
and a proposal to performer among major Between 50-100 52 outward remittances in the second
build a road through markets globally in 2017. phase of Operation Clean Money, A BIGGER APERTURE
core tiger habitats in In a bull market such as this, Date Sep 8, ’16 which kicked off last week. Focus areas of Phase-II
SCORCHED Uttarakhand, its almost all stocks tend to run up,
Sensex value 29,045
The tax department last week
identified 60,000 individuals; | Tax wing to probe real estate
EARTH-I fragile ecology is being
threatened like never
irrespective of their fundamen-
tals, which is reason enough for Sensex P/E (x) 21.45 1,300 of them were termed deals of ~6,000 crore
before. In the first of a investors to be careful. Stocks with P/E* Nos high-risk under the second phase of
| Scrutinise misuse of outward
two-part series, GEETANJALI KRISHNA looks A key measure to identify a More than 100 18 Operation Clean Money to detect
at the effects of sand mining in the state. potential risk or reward is a the generation of black money
remittances of ~1,800 crore
Between 50-100 56
stock’s price-to-earnings (P/E) in the system. | To examine the role of
multiple. This ratio is arrived “The shortlisting of these public sector bankers,
COMPANIES P2 at by dividing the stock price Date Apr 13, ’17 individuals was not only based on
100+ P/E stocks 50+ P/E stocks doctors in government
Now, vehicle recalls set with its earnings per share or
by dividing the company’s
Sensex value 29,461
Price in ~ on P/E* Price in ~ on P/E*
cash deposits but also included
other crucial factors,” said Central
hospitals, bureaucrats
to get a codified route Sensex P/E (x) 22.62
market capitalisation with its Apr 13, ’17 (x) Apr 13, ’17 (x) Board of Direct Taxes Chairman | Taxmen seek internal
Stocks with P/E* Nos
With the Lok Sabha net profit. The higher the mul- Indian Hotels 128 268 United Spirits 1,902 99 Sushil Chandra in an exclusive enquiry against government
passing the Motor tiple, the more the price an More than 100 23 interaction with Business Standard. officials’ to share information
Max Financial 656 116 Trent 270 91
Vehicles Amendment investor is paying to buy the Between 50-100 58 These 1,300 individuals have with the CBI
Bharat Earth Movers 1,379 109 ABB 1,455 82
Bill, a significant stock and vice versa. been described as “high-risk”,
change is expected in At present, 81 stocks in the *Filtered for BSE 500 companies Note: These are some of the well-known names on the list mainly due to their real estate deals
MOTORING the whole ecosystem BSE 500 universe are trading Source: Exchange
Compiled by BS Research Bureau
Figures for share price and P/E have been rounded off; P/E: Price to earnings,
based on trailing 12 months ended December 2016 Source: Capitaline
and land purchases, which were found to be excessive compared with
CHANGE-I around vehicles and
road safety. In the first
at a P/E of 50 or more, based on
their financials for the
their tax profile and earnings; the total value of their property deals is
estimated to be over ~6,000 crore.
part of a series on the trailing 12 months ended as the companies have posted a peaked at 29,682 on January 29, 2015, 75 stocks were trading at a In another 6,600 cases, the I-T wing has found people misusing
impact of the Motor Vehicles Act, AJAY MODI December 2016. loss. The current scenario is 2015, and at 29,045 on P/E of 50 or more, while those the outward remittance route under the Liberalised Remittance Scheme
examines the issue of vehicle recall. Within these, 20 command similar to what was seen in September 8, 2016, and at that over 100 were at 23. and remitted over ~1,800 crore.
a P/E of 100 to 640 times; three January 2015 and September time their P/E was 20.13 and Turn to Page 19 > According to Chandra, the exercise in the second phase is
are trading at more than 1,000 2016, when markets had made 21.45, respectively. The based on integrating data sources, which the department has received
times their earnings. Another tops comparable to current latest Sensex value is 29,461 PERSONAL FINANCE 16 > from third parties. Turn to Page 19 >
ON 56 stocks have a negative P/E, levels. The S&P BSE Sensex and P/E is 22.62. In January > A rally without spine?

SPECIALS
MONDAY
WHEN INVESTORS TENANTS FORCE
CALL THE SHOTS AT CUTS IN MUMBAI
E-COMMERCE FIRMS OFFICE RENTS

BRAND WORLD: Brands line

up on the highway to the South
Baahubali 2, VIP 2 draw big national brands
into their lair. T E NARASIMHAN writes 13 >
START-UP CORNER: Selling
fruits & veggies is a piece of cake
Ninjacart,aB2Bagri-marketingplatform,needs Many of the famous founders of Indian Late last month, Deutsche Bank
toexpand.AABHISHEK JEJANI writes 15 > e-commerce companies are fast losing renegotiated the lease rental for its
their halo, as marquee investors corporate office of 90,000 sq ft at
STRATEGY: BigBasket capture the centre stage of business. The Capital, a premium commercial
widens offline cart With a growing appetite for returns and building at the Bandra-Kurla Complex
To make the shift in strategy a success, it exit in a marked-down market, in Mumbai. It did so by 15 per cent. With
needs to acquire a host of new capabilities. investors who poured in billions of a number of options and reduced lease
SANGEETA TANWAR writes 12 > dollars into firms such as Flipkart, rents, office tenants in Mumbai are
Snapdeal, Ola, Zivame and others are renegotiating their rents downward
STATSGURU: BS analyses now in full control of the operations when their lock-in periods are close to
the broad-based revival in of several online majors. expiring. Even earlier in some cases.
economic activity 4> KARAN CHOUDHURY reports 3> RAGHAVENDRA KAMATH reports 2>

GSTN ready for last-minute

rush from taxpayers
SAHIL MAKKAR & ISHAN BAKSHI
New Delhi, 16 April
BUSINESS ENABLER
FRAMEWORK
Indian taxpayers typically wait till the
last moment to file their tax returns.
This habit is expected to linger in the
regime of the goods and services tax
(GST), which would be rolled out on
the goods and services tax network
(GSTN) throughout the country.
The GSTN anticipated this
last-minute rush and designed its
system to withstand a massive surge
in transactions in the last few days.
Source: GSTN website
“We have designed the system in a
such a way that almost 50 per cent of
the registered taxpayers with the ideal situation would be if taxpayers returns each month — GSTR-1 for
GSTN can upload their files (invoices) upload their invoices daily. outward supplies made by the
concurrently in the last few days. Currently, around eight million taxpayer and GSTR-2 for inward
Though it may take some time traders and companies are supplies received by the taxpayer.
to process all files simultane- registered with various In GSTR-1, the firm will have to list
ously, our system will not state governments and the invoice details. It will have to give the
crash,” a confident Prakash Centre. Of these, 5.65 mil- GSTN company ID of the firm to
Kumar, chief executive officer lion have registered with whom it is selling goods as well as
of the GSTN, told Business COUNTDOWN the GSTN. These taxpayers details of the supplies. The data will
Standard, while demonstrat- have been allotted a GST reflect in GSTR-2 of the company to
ing how the system would work. identification (ID) number — a 15- which it is selling. Turn to Page 19 >
Kumar said the GSTN had set up digit number based on their income
servers in Delhi and Bengaluru to tax permanent account number
handle the transactions through its (PAN) and the state of registration. BS PRIMER: DECODING THE NEW
portal. It is creating a capacity to han- This number serves as a unique INDIRECT TAX REGIME 9>
dle three billion invoices a month. identifier of the company and is used BIZ ENTITIES TO RAISE SOME CONCERNS 9 >
Officials are also planning to to track its transactions on both sides A LONG LAST MILE 14 >
launch awareness campaigns to — as a buyer and as a seller. MODI CALLS FOR A ‘LONG JUMP’ TO
educate taxpayers on uploading Under the GST regime, a taxpayer GIVE INDIA ADVANCED TAG 20 >
invoices in a timely manner. The will typically have to fill two types of
https://t.me/srikakulam bubbly

2 COMPANIES
>
MUMBAI | MONDAY, 17 APRIL 2017 1

IN BRIEF

Assembly unit in India a matter

Tenants force cuts in Mumbai office rents
of when, not if: Volvo Cars RAGHAVENDRA KAMATH the brunt of escalations as well
Mumbai, 16 April
RENT RENEGOTIATIONS from the 2011 numbers. Hence,
when the opportunity arose,

L
Swedish luxury carmaker Volvo Cars will ate last month, Ger- Old New they have gone back to rene-
consider assembling its vehicles in India, many-based Deutsche Tenant Area rent rent Change (in %) gotiate their rentals, in line
where it is looking to garner 10 per cent Bank renegotiated the DeutscheBank BKC 306 265 15 with market rates," he said.
market share in the high-end segment by lease rental for its corporate Visa BKC 356 275 23 Lease rents in Mumbai
2020. The company is also gearing up to office of 90,000 sq ft at PlatinumPartners LowerParel 159 138 13 have gone down by 10-15 per
enter into pre-owned car segment with its The Capital, a premium com- MarshIndia LowerParel 201 175 13 cent in this period.
global programme Volvo Select in India as mercial building at the Bandra- Zim&StarShipping Kalina 216 158 27 Shah said another reason is
it looks to widen customer base here. Volvo Cars sells a range of Kurla Complex (BKC) in this Source: CRE MATRI; rates in ~sq ft that companies are looking at
luxury cars and SUVs from the hatchback V40 D Kinetic to SUV XC90 city. newer ways to reduce office
T8 Excellence priced between ~26 lakh and ~1.28 crore. It has It did so by 15 per cent, from by 13-27 per cent in recent ating it downwards, as rents are costs. With the promoting of
been witnessing double digits growth for the last two years. a monthly ~306 a sq ft to ~265 a months in the Mumbai mar- lower now,” said Tiwari. policies like hot-desking and
“India is among the fastest growing markets for Volvo cars sq ft. Its earlier agreement ket. For instance, Star Shipping Tiwari said there were work-from-home, there is a
globally. This year also we are looking at double-digit growth,” started in the year 2012 at ~278 renegotiated its rent down- options available for clients correction in the requirement
Volvo Auto India Managing Director Tom von Bonsdorff said. PTI a sq ft per month, with a lock- ward by 27 per cent in the and property owners are also for office space.
in period until March 2018, the Kalina area. not ready to leave marquee Ashok Kumar, managing
annual escalation being 10 per Thus, Deutsche Bank’s rent is ants in Mumbai and the Delhi Experts say the office mar- tenants which occupy large director of Gennext Partners, a
Dish TV expects Lodha group sales cent till it reached ~306 a sq ft.
And, the lock-in period has
now aligned with the market
average,” says Abhishek Tiw-
region are renegotiating their
rents downward when their
ket recovered in 2011-12 after a
sharp decline in 2009, in the
spaces.
Ashish N Shah, chief oper-
commercial property services
firm, says the trend is differ-
merger with up 30 pc at ~8,500cr been extended until March ari, co- founder of CRE Matrix, lock-in periods are close to wake of a global financial slow- ating officer at Mumbai-based ent in Bengaluru and Hydera-
Videocon d2h by Oct in FY17 2022, sources said. a realty data analytics entity. expiring. Even earlier in some down. “Most tenants entered Radius Developers, agrees. bad, where developers are ask-
“The average rent of a Deutsche is not alone. With cases, experts say. into agreements at peak rates in "The market has seen correc- ing for higher rent after expiry
Zee group Realty major Lodha group’s Grade-A office in BKC, Mum- a number of options and According to CRE Matrix, 2012. As the lease agreements tion between 2011 to 2016. of lease agreements, as supply
direct-to- sales bookings rose by 30 per bai, is ~269 a sq ft per month. reduced lease rents, office ten- clients have renegotiated rents are expiring, they are renegoti- Most occupants were bearing is limited in these cities.
home (DTH) cent last financial year to
service arm about ~8,500 crore driven by
Dish TV expects growth in the domestic
to complete merger
with Videocon Group’s DTH
market and foray into London.
Mumbai-based developer
The Motor Vehicles Amendment Bill has proposed significant changes to issues around vehicles Paytm unveils
arm Videocon d2h by October achieved a modest 10 per cent and road safety. A three-part series looks at the impact the new rules will have on insurance food wallet
2017 after receiving necessary rise in sales bookings from
claims and taxi aggregators, starting with car recalls
regulatory approvals. The
merged entity would have a
projects in India at about
~7,000 crore during the last to whet
Vehicle recalls set to get a codified route corporate
subscriber base of 27.2 fiscal with demand getting
million, creating the largest affected for three months post
DTH service provider in the
industry. “We have to receive
approvals from regulatory
demonetisation. “Our new
sales bookings grew by 30 per
cent last financial year at AJAY MODI recall information on their web-
appetite
bodies like Competition Com- around ~8,300-8,500 crore. New Delhi, 16 April site and also share it with indi- KARAN CHOUDHURY
mission of India, National Out of this, about ~7,000 crore vidual owners. A recall should New Delhi, 16 April
Company Law Tribunal and sales were from Indian market The Motor Vehicles (Amend- be made in cases of a manufac-
stock exchanges. The merger and rest from London where ment) Bill 2016 is set to stream- turing defect that could com- In an effort to tap into the
is expected to be completed we launched our first project,” line the vehicle recall process, promise the safety of a vehicle, ~25,000 crore ‘tax-free allo-
by October this year after Lodha group Managing Direc- with the legislation clearly the code says. Vehicles within wance’ market, mobile wal-
getting clearances," Dish TV tor Abhishek Lodha said. PTI< defining the conditions under seven years of manufacture are let company Paytm has
CEO Arun Kapoor said. PTI< which the government can covered under the recall. rolled out a ‘food wallet’ to
order such a recall and penalise The industry responded replace the traditional meal
Sanofi to boost the manufacturer concerned. well to this code and has voucher and provide tax-sav-
85% Indian firms volumes as price The Bill, which will revamp recalled more than two mil- ing opportunities to corpo-
optimistic on control hits margins the laws governing transporta- lion vehicles since the code rate employees.
tion in the country, was passed was introduced. Car makers, According to Paytm, this
economic recovery With price by the Lok Sabha last week and big and small, have recalled will help employers pass on
Corporate India is among the controls is now awaiting ratification by hundreds of thousands of food allowance to employ-
fourth most optimistic continuing to the Rajya Sabha. Among other vehicles and addressed the ees under the government-
globally as 85 per cent of the crimp margins, things, the Bill seeks to intro- defects while bearing the cost. approved tax-redemption
businesses are hopeful of Sanofi India duce measures that would However, there has hardly bracket. The ‘food wallet’ will
economic recovery, expects a muted enhance road safety. been any recall of two-wheel- be be available in the Paytm
compared to 48 per cent in
China, a survey has said. The
growth in the domestic
market in 2017 and therefore
The recall of vehicles has
been a grey area under the exist-
er and commercial vehicles in
the country.
REVERSE GEAR app, and the food allowance
passed on to employees will
Grant Thornton International will be focusing on volumes ing laws, and largely practised The new legislation states Major vehicle recalls in India be digital, eliminating risks
Business Report says that in as well as exports. “We by manufacturers voluntarily. the government can order a Company Year Number of its loss or expiry.
the first quarter of 2017, 85 expect to continue to face While most car makers have recall if there is a defect in a “Paytm’s food wallet
per cent respondents were annualised negative impact been doing recalls for the last vehicle that could harm the Volkswagen Dec '15 323,700 comes with a unique interface
optimistic about economic of price cuts imposed in 2016. two decades, the recall of two- environment, the occupants or Honda (City, Civic, Jazz, CR-V) Sept '15 223,578 where employees can see on
recovery. India is ranked Due to this reason, growth of and three-wheelers and com- those on the road. A recall can Ford (Figo, Fiesta Classic) Sept '13 166,021 real-time balance in the pass-
fourth on the global domestic business will be mercial vehicles is unheard of. also be initiated in case a per book and can locate the clos-
optimism index during the muted in value terms in 2017. “Some measures may look cent (to be decided when the GM (Spark, Beat, Enjoy) July '15 155,000 est food outlet in the ‘nearby’
January-March quarter of Therefore our focus will be to harsh but they are in the right rule is notified) of owners or a Ford (Figo, Fiesta Classic) July '12 128,655 feature on the app. This wallet
2017, and is behind drive the volume growth as direction. If there is a case for testing agency approaches the can be used at office cafete-
GM (Tavera) July '13 114,000
economies like Indonesia, well as exports, which is recall and the company does government. In such a case, the rias and also at a wide range of
Philippines and Malta. PTI likely to grow steadily,” not initiate one, the govern- manufacturer must either Maruti Suzuki (Swift, Dzire, Ertiga) April '14 103,311 online and physical mer-
Sanofi India said in its ment will direct a manufactur- replace the vehicle or reimburse Source: Companies chants,includingsmallstand-
annual report for 2016. PTI< er to do it. If it still does not the entire cost of the vehicle or aloneoutlets. Thelistincludes
Firms contributed recall, the government will take repair it. There will be provi- KFC, Burger King, Zomato,
25% less to PM’s Hidesigntoopen15
action and impose sions for imprison- worry today is retaining the possible, many vendors look to Japanese company Takata, one Pizza Hut, Café Coffee Day
penalty on the compa- ment and penalty in confidence of buyers. Now, one cut costs by compromising on of the world’s biggest airbag and Big Bazaar, among oth-
Relief Fund in FY16 storesacrossIndia ny. One can expect a case of failure. can expect these processes to the quality. manufacturers. Millions of cars ers,” the company said.
Companies’ contribution formal recall frame- The industry wel- be quicker,” said Abdul Majeed, Majeed said the incidence from top car makers like Toyota In addition to the ease
towards the Prime Minister’s inFY18 work,” said Vishnu comes the move, but partner at Price Waterhouse. of recall was only expected to have been recalled globally in and convenience, customers
Relief Fund fell by 25 per cent Premium leather goods Mathur, director gen- insistsnothingchanges Some also raise concerns go up. “Vehicles are getting the last couple of years after can also enjoy added bene-
to ~80.55 crore during 2015-16 manufacturer Hidesign is
compared to the previous looking to launch 15 stores
eral at Society for
Indian Automobile MOTORING for them. “We already
have a proactive and
about the efficacy of the regula-
tory machinery to detect a case
more sophisticated and there
is use of newer technologies
instances of explosion in air
bags (supplied by Takata) and
fits like exclusive deals, dis-
counts and cashback.
financial year, a report across airports and malls this Manufacturers (Siam), CHANGE-I robustsystemtovolun- of recall. “The first such deci- and components. These will deaths were reported. The con- Employers can instantly
tracking the corporate social financial year.”Hidesign plans the apex body of auto- tarily recall vehicles in sion has to come from the com- take time to settle and in spite sequence: millions of dollars in transfer money to the food
responsibility spend of 1,270 to open 15 stores, nine of mobile makers. the interest of cus- pany as it will be the first one to of quality checks there could penalty and loss of top cus- wallets of employees based
firms has revealed. However, which will be in airports, and In July 2012, Siam intro- tomers and their safety,” said a discover it. If a company keeps it be challenges,” he said. tomers like Honda and Nissan anywhere in the country wi-
during the financial year about five-six will be across duced a voluntary recall code spokesperson at Maruti Suzuki. under the wraps, then discov- Indeed, most of the recalls in who decided against using the th a click of a button, without
ended March 31, 2016, the malls,” its president Dilip for its members. It’s not that Last year, the country’s biggest ery only can happen in case of India have happened due to company’s air bags. any hassles of procuring,
1,270 companies collectively Kapur said. The company recalls were not happening car maker announced a recall of an accident or malfunctioning,” quality issues from small com- Still, a recall is something handling and distributing
spent ~8,185 crore, which was would invest ~20 crore to open before. Jagdish Khattar, former more than 75,000 units of said an industry official. ponent vendors. It is these ven- everyone is advocating. “If the bulky coupons and cards.
27 per cent more than ~6,400 new stores, he said. Hidesign managing director at Maruti Baleno, manufactured over the One can see the scale of dors who in most cases have to problem comes from the cus- This solution is already live
crore spent during FY15, acco- will open stores at the airports Suzuki, said the company had previous few months, due to a recalls going up as the market bear the cost of the free replace- tomers and then you decide to at some corporate offices.
rding to the report by the CII- of Delhi, Mumbai, Bengaluru recalled Omni vans more than defect in the airbag controller expands and inconsistency in ment of component during a recall, it looks reactive. It would “Paytm food wallet will
ITC Centre of Excellence for and Kochi, and some more 15 years ago. There was also a software. the quality of inputs shows up, recall. The dealerships and adversely affect their image. So, change traditional meal
Sustainable Development. stores will be opened at tier-I recall of Zen before Omni. Experts said all companies especially at the lower level of service stations, too, are bur- doing recall proactively is only voucher space and will ben-
The companies collectively cities, he added. The brand The Siam code puts the will align to the recall system the automobile value chain. As dened when a recall is executed. in the interest of manufactur- efit all stakeholders —
had budgeted ~10,257 crore, has 80 stores across the coun- responsibility of initiating recall once it gets formalised. “But if makers squeeze lower and low- A recall can indeed bring ers,” said Khattar. employers, employees and
which is 15 per cent more than try and abroad. It entered the of a defective vehicle on the you see the trend, companies er prices out of component death for a component maker food retailers,” said Kiran
the minimum budget US in 2014 to make global manufacturer. The code asks have not been holding back manufacturers to make their by impacting profitability and Next: Insurance premium Vasireddy, senior vice presi-
required. PTI inroads. PTI manufacturers to state the news of a defect as their bigger price tags as competitive as operations. Take the case of might not go down dent, Paytm.

Supreme Court order puts brake on sales of tractors, construction vehicles

AJAY MODI
New Delhi, 16 April
SALES TAKE A
Equipment Manufacturers’
Association, says the Supreme
Court order has been misun-
SBI slips on tractor loan settlement plan
BACK SEAT
T
ractor and construction derstood by RTOs. “This is an
equipment vehicle
makers’ business has Tractor sales in units
important season for sales. We
are not able to bill anything at
TRACKING SBI’S BAD LOANS
had a near-freeze across the most places. The detailed SC 1,61,829 Farm loans SME
country since April 1. order came this Thursday and
1,25,068
551,463

Regional transport offices it only talks about vehicles

634,151

(RTOs) in most states have under Rule 115. We now expect 17,194
refused to register these vehi- a clarification to emerge,” said
590,672

582,000
493,764

cles after the Supreme Court Sundaresan, also vice-chair-

order of last month, which man and managing director at
13.30% 7,047
10.30%
stopped sales of two-wheelers, Schwing Stetter, a construction
three-wheelers, passenger and equipment maker.
commercial vehicles meeting The impacted segment is Total loans As % of domestic Non-performing
only BS-III emission standards. valued at ~20,000 crore, with (~ cr) advances loans (~ cr)
The order was not meant annual volume of 48,000 units. Source: SBI Q3Fy17 presentation
for tractors, combines and FY13 FY14 FY15 FY16 FY17 Sundaresan said the past 15
heavy construction vehicles, Source: Industry days had been a ‘nightmare’ for
which have different emission most entities, which have spent ABHIJIT LELE SBI executives said. The lender saw better
norms. However, the RTOs long hours with ministries and Mumbai, 16 April traction with its OTS scheme for small and
have declined to allow their Rajesh Sinha, director (sales rules for emissions from agri- month. “Our association is lawyers to address the situation. medium enterprises (SMEs). The scheme received
registration. It was late last and marketing) at John Deere, cultural tractors, power tillers, making the required represen- The SC order banning sales StateBankofIndia’sone-timesettlement(OTS) 2,772 applications (~671 crore), out of which 2,703
week when Odisha and Guja- a leading tractor maker. construction and earth moving tations. While this is a pan- and registration of BS-III vehic- schemefortractorloanshasfailedtogetadequate applications (~647 crore) were approved. The
rat resumed doing so. India is a large tractor mar- vehicles, and combine har- India development, we do not les from April 1 shook many response.Only~24croreworthcaseshavecome schemes were floated as a part of a process to
“Registration and sales of ket, with average monthly sale vesters. All these come under expect this to disrupt business companies. Two-wheeler ma- underit.Inaportfolioofaround~4,000croreof clean up the books, after making prudential
tractors are completely stalled. of 48,000 units. Mahindra & Rule 115A; other vehicles meant significantly,” he said. kers had to liquidate hundreds tractorloans,about~800croreworthloanswere provisions for non-performing loans. The tractor
RTOs do not want to do any- Mahindra is the largest. Rajesh for transportation of goods and Tractors follow the Bharat of thousands of BS-III stocks eligibleforthescheme.Thebankisassessing loan book was part of the bank’s farm loan
thing that might form con- Jejurikar, president of its farm passengers are under Rule 115. (Trem) Stage III A emission at hefty discounts. Commer- reasonsforthelukewarmresponse,andmight portfolio and the lender announced a settlement
tempt of court. We are in touch equipment sector, would not Raman Mittal, executive norms, different from the BS- cial vehicle makers remain lookatextendingtheMarch31deadline. scheme to shed debts with prospects of low
with the Union ministry of comment on the issue. director at Sonalika ITL, hopes III norms for other vehicles. saddled with inventory of BS- Crop failure and inability to deploy tractors were recovery, after adequate provisioning. SBI was to
road transport and expect it to The Central Motor Vehicles the registration process to be Anand Sundaresan, presi- III stock valued at a few thou- some of the reasons for the loans turning bad, take a haircut of 40 per cent on these loans.
issue a clarification,” said Rules have separate and distinct back in place by the end of this dent at the Indian Construction sand crores.
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 COMPANIES 3 <

When investors call the Dilip Buildcon to monetise old projects

to execute new hybrid annuity ones
shots at e-comm firms
KARAN CHOUDHURY at the centre of many deci-
MEGHA MANCHANDA
New Delhi, 16 April

Infrastructure firm Dilip

Net profit jumped 151.7 per
cent to ~108.6 crore on a
41.9 per cent rise in net sales to
~1,388.4 crore in the December
NewDelhi,16April sions in the company. Last Buildcon, in a bid to get quarter of 2016 over the same
January, when Binny Bansal National Highway (NH) con- period a year earlier.

M
any of the famous became the CEO, replacing tracts, is planning to monetise With the government
founders of Indian Sachin Bansal, it was largely its old projects for executing focusing on tendering more
e-commerce compa- seen as a move to show to new hybrid annuity projects highway contracts on the
nies are fast losing their halo, investors Flipkart’s serious- being offered by the central hybrid annuity mode, compa-
as marquee investors capture ness to take on Amazon. government. Dilip Buildcon might opt for a follow-on public offer during the year nies like Dilip Buildcon, MEP
centre stage at the business. However, exactly a year lat- According to sources, the Infra and Sadbhav
With a growing appetite for er, Tiger’s go-to ‘turnaround company has firmed up plans Last week, Dilip Buildcon projects. They will account for Engineering stand to benefit
returns and exit in a marked- man’, Kalyan Krishnamurthy, to sell its completed projects, announced that it had bagged 40 per cent of the mix of the due to cleaner balance sheets.
down market, investors who was brought in as CEO. It was mainly in Himachal Pradesh, two EPC (engineering, pro- company’s highway projects The central government
poured billions of dollars into
companies such as Flipkart,
SHADOW ON E-COMMERCE HALO only after that did the compa-
ny manage to orchestrate the
Gujarat, Maharashtra and curement and construction) in 2017-18. The remaining con-
Madhya Pradesh. projects worth about ~700 tracts would be executed on
was unable to achieve its road
contract award target of
Snapdeal, Ola, Zivame and The not-so-high stakes of start-up founders $1.4-billion funding round and The company is executing crore in Maharashtra from the EPC mode. 25,000 km last year.
others are now in full control Company Founders % stake the merger with eBay. three NH contracts worth ministry of road transport and Dilip Buildcon, which has a The number of EPC awards
of the operations of several Giving the reins to profes- ~3,333.13 crore and covering a highways. But the company is market capitalisation of might go up during the cur-
online majors. FLIPKART Sachin Bansal, Binny Bansal 5.0 sional CEOs is a time-tested length of 261.72 km in Uttar focused on executing hybrid ~5,070.7 crore on the BSE, rent year as the finance min-
According to experts, while SNAPDEAL Kunal Bahl, Rohit Bansal way in the Silicon Valley to Pradesh, Maharashtra and annuity NH projects during might also opt for a follow-on istry has increased the budg-
founders such as Sachin 6.5 ensure a company performs. West Bengal, according to the 2017-18. public offer during the year. etary outlay for National
Bansal, Binny Bansal of OLA Ankit Bhati, Bhavish Aggarwal 10-14 Back home, another latest data of the National According to a source, the When and how much have not Highways to ~64,000 crore in
Flipkart, Kunal Bahl and Rohit SHOPCLUES Sandeep Aggarwal 12.5 online company — Zivame — Highways Authority of India company will participate in been decided. Queries to the 2017-18 from ~57,676 crore in
Bansal of Snapdeal have all Radhika Aggarwal, Sanjay Sethi Insingledigit recently witnessed a lot of (NHAI). bids to win hybrid annuity company were not answered. 2016-17.
been celebrated as pioneers of churn. Former CEO-Founder
Allfiguresareindustry,marketestimates
the Indian e-commerce sector Richa Kar gave her resigna-
for long, it is the firms with tion to the board in February
money bags, whether in media, the rivalry was not fac- In a letter to employees, even as the company pivoted
Silicon Valley or New York, tored in when SoftBank, Bahl indicated he was to a marketplace model. The
Tokyo or Hong Kong, which biggest investor in Snapdeal, ‘requesting’ the board to not investors, which include
are taking the core business decided to sell the firm to leave his team in the lurch. Zodius Technology Fund and
decisions. Tiger Global, one of the biggest Experts believe investors Khazanah Nasional Berhad,
Consolidation in the sec- investors in Flipkart, a source have been calling the shots for investment holding arm of
tor, which has seen eBay India said. some time now. This is the Malaysian government,
become a part of Flipkart and According to at least three because investors saw that reportedly said the founders
the proposed merger between persons close to the board of even after multiple funding were not able to handle the
Bengaluru-based firm’s merg- Snapdeal, founders Kunal rounds, founders were not pressures of running a multi-
er with Snapdeal, is being han- Bahl and Rohit Bansal, who able to improve either the top ple shareholder-held compa-
dled by top executives from together hold only 6.5 per cent line or bottom line. ny.
SoftBank, Tiger Global and stake in the company, are “After two to three rounds According to recent media
eBay. mere spectators now, as exec- of funding, if the business is reports, the investors in
“It all boils down to who utives at SoftBank are taking still not performing, investors Zivame found running the
owns the largest percentage in all the calls. had to step in. This is going to company via a person
the company. If investors hold “SoftBank holds 33 per cent be the trend, going forward,” appointed by the board much
more, they would be the ones stake in the company, while said Arvind Singhal, chairman better than founders who
calling the shots,” said the founders hold just 6.5 per- and managing director, might not be able to handle
Sandeep Aggarwal, founder cent combined. Right now all Technopak. the demands of investors and
and chief executive officer they are trying to do is get a Things are not different shareholders.
(CEO), Droom. good deal for them, as well as down south in Bengaluru,
Even as Flipkart and the employees who were given home to Flipkart. Tiger Global,
Snapdeal founders might have employee stock options,” said which owns close to 35 per
at times clashed on social a source close to the board. cent in the company, has been

Cairn and partners to invest Snapchat

backlash hits
~3,240 crore in Ravva Field snapdeal
PRESS TRUST OF INDIA
Cairn needs 3rd New Delhi, 16 April
party reserve In a case of mistaken identity,
audit for licence many people downgraded
and uninstalled the mobile
extension application of e-commerce
Cairn India will have to platform Snapdeal instead of
submit a third-party audit social networking app
report on balance oil and Snapchat, to mark their
gas reserves in its protest against certain unver-
Rajasthan block to get a 10- ified comments of Snapchat’s
year extension of licence chief executive about the
beyond 2020. Weeks after Indian market.
the Cabinet approved a Social media was on
policy for extension of Sunday abuzz with criticism
licence of pre-bidding against Snapchat CEO Evan
PRESS TRUST OF INDIA the minutes of the meeting held rounds of oil and gas fields, Spiegel after a report quoted
Hyderabad, 16 April last month. the petroleum ministry has one of the company’s former
According to the company’s issued a gazette notifica- employees as saying that
Cairn India, along with its part- annualreportofFY16,theRavva tion, listing the ones that Evan told him that the “app is
ners, is to invest ~3,240 crore in Fields produced 18,602 barrels will be eligible. These, 10 only for rich people” and that
the Ravva Fields in the ofoilequivalentperday(boepd) blocks — six in Gujarat, two he (CEO) was not interested
Krishna-Godavari basin to average daily gross operated in Rajasthan, one in Assam in expanding the business to
undertake 20 developmental production in 2016-17 against and one extending across “poor countries” like India
wells and for setting up related 23,845 boepd in FY16. Assam-Mizoram-Manipur and Spain.
infrastructure, as the oil and Cairn India officials did not — will be eligible for a 10- Snapchat has rubbished
gas production is dwindling respond to an e-mail seeking year extension. PTI the allegations.
from existing wells. additional information. However, soon after the
Cairn India approached the The Ravva field (PKGM-1 controversy erupted,
ministry of environment need- Block), in the shallow offshore Singapore. #BoycottSnapchat became
ed for clearances. area of K-G basin, completed There are eight unmanned one of the top trending topics
According to the minutes of 21 years of successful opera- offshore platforms and a on Twitter, with over 69,000
a meeting last month by Expert tions with Cairn India as the 225-acre onshore processing tweets.
Appraisal Committee (EAC) operator, with 22.5 per cent facility at Surasaniyanam in People began to uninstall
under the ministry, the pro- participating interest. East Godavari district of the app and give it poor rat-
posal was given a green signal Exploration, development Andhra, which processes the ings and reviews on various
as far as the Coastal Regulation and production in the block are natural gas and crude oil pro- app stores. “Dear CEO of
Zone is concerned. governed by a production shar- duced from the field, the annu- Snapchat...why don't you
“The cost of the above pro- ingcontractthatrunsuntil2019, al report said. come to India and check
posed oil and gas development in partnership with Oil and Overtheyears,duetoageing out Indians’ phones,” wrote
is estimated to be approximate- Natural Gas Corporation, of the field, production of oil a user in review of
ly ~3,240 crore,” the EAC said in Videocon and Ravva Oil and gas has declined. Snapchat's app.

Infosys to ramp up local hiring in US

amid visa concerns, says COO
PRESS TRUST OF INDIA US with a lot more local hiring,” promised stricter immigration
New Delhi, 16 April Infosys Chief Operating Officer lawsandprotectionoflocaljobs.
U B Pravin Rao told investors Besides, a legislation
Information technology major on a recent conference call. (Lofgren Bill) has been intro-
Infosys plans to focus more on He added at this stage, duced that proposes doubling
local hiring in the US and is also Infosys had not seen any of the minimum wages of H1B
looking at setting up develop- “undue things” that would visa holders to $130,000.
mentandtrainingcentresinthe impact the way it does business. Recently, the US
country, as part of its efforts to “In this year, we will continue Citizenship and Immigration
tide over visa-related issues. that focus. We will accelerate it. Services had come out with a
Infosys has been in favour We will also start looking at policy memorandum that
of a healthy mix of local and developments and training cen- potentially makes it difficult
global personnel, though hir- tres in the US as well,” he said. for IT professionals to work in
ing locals in foreign markets Rao, however, did not talk the US at entry positions.
often pushes up operational about the investments Any change in visa norms
costs for IT outsourcing Infosys would make on the can affect the movement of
companies. expansion. labour as well as spike opera-
With the US government The North American mar- tional costs for the IT players.
mulling measures to make visa more locals. ket accounted for about 60 per Indian firms like TCS,
normsstricterundertheDonald “We are closely monitoring cent of Infosys’ $10.2-billion Infosys and Wipro that are
Trump administration, Indian the overall situation with revenue in the financial year dependent on visas are now
IT firms have been contemplat- respect to visa... in the past 24 2016-17. focusing on bringing on board
ing tweaking their business months, we have focused on During his election cam- more locals to comply with the
models and accommodating increasing our presence in the paign, US President Trump had norms.
https://t.me/srikakulam bubbly

4 ECONOMY
>
MUMBAI | MONDAY, 17 APRIL 2017 1

Economy braces for Met Withtherecentliftingofabanonminingandaproposaltobuildaroadthroughcoretiger

habitatsinUttarakhand,itsfragileecologyisbeingthreatenedlikeneverbefore.Inthe
firstofatwo-partseries,BusinessStandardlooksattheeffectsofsandmininginthestate

monsoon forecast Sand mining saps the lifeblood

along the Kosi river
GEETANJALI KRISHNA
Ramnagar (Nainital), 16 April

Five years ago, Chandrashekhar Tamta used

to get 20 quintals an acre from his litchi
orchard in village Choi, Ramnagar. Today,
the yield has dropped to about 14 quintals
an acre.
Along Ramnagar’s famous fruit belt, his
neighbours have seen similar dips in litchi
and mango yields but they have more press-
ing problems to worry about. Next door,
Ganga Singh Chauhan can’t walk a couple of
steps without getting breathless and is under-
going treatment for asthma. A few metres
ahead, Manju Yadav has just obtained an oxy-
gen tank for her aged father, suffering from
chronic obstructive pulmonary disease.
“Coughing has just become a habit now,” says
her neighbour Pratap Singh Rautela. “We
A farmer in Chikmagalur on Sunday. On schedule is the first IMD forecast on the 2017 southwest monsoon, an don’t even notice it anymore.”
annual event that sets the tone not only for agricultural production but also the manner in which the economy, These problems have a single root cause.
stock markets, inflation and interest rates would move in the year PHOTO: PTI Situated on the banks of the Kosi, Choi has
become the cynosure of illegal sand mining in
SANJEEB MUKHERJEE the area. A temporary ban on mining by the
NewDelhi,16April Uttarakhand high court on March 28 gave its
ALL EYES ON IMD residents some respite. On April 10, the

T
his week, many eyes would be Supreme Court stayed the order, and it has A pile of stones left behind during a raid in Choi. Today, nine sand stockpiles in Choi have
on the large red building on been business as usual along the Kosi and destroyed land that was once fertile and productive PHOTO: GEETANJALI KRISHNA
Lodhi Road here that houses the Dabka.
the headquarters of India The riverbed along Choi has always been least eight fatal accidents, the had several legal precedents,
Meteorological Department (IMD). mined for sand and stones. But residents say last one involving a six-year- the latest being the National
On schedule is its first forecast on their problems have exacerbated since the old child, on these roads in the Green Tribunal’s 2016 decision
the 2017 southwest monsoon, an government allowed stockpiling in the vil- last two years.” to ban mining on the Gaula,
annual event that sets the tone not lage in 2013. Today, nine sand stockpiles in Environmentalists aver that which flows into the
only for agricultural production but Choi have come up on land that was once fer- riverbed mining in the Terai Ramganga, on the grounds
also the manner in which the tile and productive. “We’ve noticed that the and Bhabhar regions of the that it flows through an eco-
economy, stock markets, inflation areas used for stockpiling sand have become Himalayas has far-reaching logically fragile wildlife area.
and interest rates would move in the permanently sterile,” says Chauhan, point- ecological consequences. Yet, mining continues there,
year. ing to one where the soil has turned white “These areas are natural thanks to a politician-bureau-
The impact of a failed monsoon is *Percentage of Long Period Average (LPA). At present, the LPA of seasonal rainfall over the and barren. sponges, absorbing water flow- crat-mafia nexus and the
not as severe as was the case in the Moreover, dust from the stockpiles has ing down the Himalayas,” says
SCORCHED ceaseless demand for sand and
country as a whole is 89cm. Rainfall below 90 per cent of the average is considered as a
deficient. Rainfall between 96-104 per cent of LPA is normal and that between 105 to 110 per
past. Even so, the June-to-September cent of LPA is ‘above normal’. Rainfall above 110 per cent of the average would mean an adversely affected the productivity of the Ajay Rawat, environmentalist building materials.
rains are vital for farming. Less than
half of arable land in the country is
excessive monsoon. IMD issues its first forecast in April, which is subsequently updated in June
Source: IMD
abundant litchi and mango trees. “It has lit- and retired professor of
erally choked many of my trees to death,” Kumaon University. “Mining
EARTH-I While many locals support
the mining ban, others stand
under canal irrigation. The south- says Tamta, pointing to the grey dusty cast of riverbeds here can affect Environmentalists aver to lose too much. One of them
west monsoon provides a little more Weather watchers are keeping their rain down to the leaves. groundwater recharge not that riverbed mining has built a road through his
than 70 per cent of the country’s figures crossed and have predicted a 12 per cent below the normal. Most of this riverbed mining illegal and, only close to the dense forests in the Terai and Bhabhar private land in Choi, connect-
annual precipitation. 50:50 chance of an El Niño this year. A reassuring factor is the Indian therefore, uncontrolled. According to law, of Corbett, but all the way regions of the Himalayas ing the riverbed to the main
Private weather forecasters, led The IMD’s latest report on this, Ocean Dipole (IOD), another of the only chugaan, picking up mining materials by across the Indo-Gangetic has far-reaching road. Rumour has it he charges
by Skymet, predict slightly less than in end-March said in June-August, factors that has a bearing on the hand, is allowed here. Yet, excavators are a plain.” ecological consequences. ~150 for a truck to pass
average rain for 2017, with the sea surface tempera- southwest monsoon. It is expected common sight in Choi and other mining areas Indeed, water levels in Indeed, water levels in through. The 200-odd trucks
the El Niño weather phe- IMD chief ture anomaly was expected to remain neutral during the four- in the region. Choi, which used to be as high Choi, which used to be as operational here make at least
nomenon again playing a K J Ramesh to cross the El Niño thresh- month southwest monsoon. Some A settlement of migrant labourers has as 15 feet, have dipped in some high as 15 feet, have five trips a day. About 150 vil-
key role. An El Niño is had said some old of 0.5 degrees Celsius. weather scientists believe that in come up on the riverbed. During mining sea- areas to 150 feet. Also, even as dipped in some areas to lagers around the Kosi and
characterised by gradual weeks earlier This typically should mean the absence of a clear picture on El son (mainly summer), there are as many as the forest department states 150 feet Dabka have signed a petition
warming of the sea sur- that an El Niño the weather phenomenon Niño, this would be a vital factor in 9,000 labourers living here. that none of the riverbed min- to disallow mining and
face temperature along would not be would be in an evolving determining the rains. An IOD is “There’s noise and dust all night as ing on Kosi and Dabka is tak- stockpiling so close to their
the equatorial Pacific present during stage during the peak mon- defined as an irregular oscillation dumpers carry sand to the stockpiles, where ing place close to forest and wildlife habitats, homes. Others say the high court’s blanket
Ocean. It has an overbear- the monsoon soon months. of sea-surface temperatures, in larger trucks are loaded all night,” says the recent killing of a man-eating tiger close ban on mining was anyway an impractical
ing impact on the Indian development IMD chief K J Ramesh which the western Indian Ocean Chauhan. “None of us are able to sleep in to the mining area on Dabka’s riverbed belies decision.
rains and 80 per cent of El stage had told this newspaper becomes alternately warmer and peace.” He shows the furrows pockmarking their assertion. “We can’t wish away our need for sand,”
Niño years has seen a some weeks earlier that an then colder than the eastern part. the riverbed, some so deep that groundwater Residents and scientists are also worried says Yadav, as she locks her gate to keep her
below-normal monsoon; 60 per El Niño would not be present during There are also other factors which has pooled in their depths. Piles of stone lie about the impact of this uncontrolled mining three-year-old from stepping out on the vil-
cent have been outright drought the monsoon development stage. determine the southwest monsoon. everywhere, dumped when trucks have had on flooding during monsoons. “This is bound lage road. “But, if mining is not strictly
years. However, some private weather fore- Whether these combine to generate to flee government raids. Yadav describes to lead to greater floods in the years to come,” regulated and continuously monitored,
Till mid-December, the oceans casters believe an evolving El Niño a normal one in what happens on their narrow village roads says Yadav, “and all this damage to the we will leave a barren, dead world for our
were in a neutral state. In 2017, can be as bad as a full-blown one. 2017 would be clearer in the next few when these raids are in progress. “Trucks riverbed may cause the river to change children.”
they’ve started heating, the first indi- This had happened in 2014, when an days. move down these roads at breakneck speeds, course”.
cation of an El Niño reappearance. evolving El Niño pulled monsoon trying to avoid capture. There have been at A recent riverbed mining ban in the state Next: Road construction in fragile environments

Start-up balm
The Insolvency
Bankruptcy Board plans to
and STATSGURU 1: SENSEX SOARS, SHRUGS OFF GROWTH
CONCERNS
2: BUT INDIA ISN’T AN OUTLIER, OTHER
EMERGING MARKETS HAVE ALSO RALLIED

Divorced
S&P BSE Sensex Index (Base=100)
fast-track the resolution
process for “smaller cases”,
including for start-ups, and
complete them within 90
days. The board has been set
up under the Insolvency and
from reality?
Bankruptcy Code.
PTI IN THE THIRD QUARTER of 2016-
17, gross domestic product
(GDP) grew at a robust 7 per
Business Standard cent. But there is little
MUMBAI EDITION evidence of a broad-based
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.
MUMBAI | MONDAY, 17 APRIL 2017 ECONOMY 5 <

Axis Bank logs 1 million UP-based sugar mills to take part

in raw sugar import programme
micro-borrowers DILIP KUMAR JHA
Mumbai, 16 April
ar being designated ports away cost of production higher be-
from the refinery,” said Vivek cause of lower volume. They
ing for imports in the ports of
south, west and east India,”
The bank has A couple of Uttar Pradesh-
Saraogi, Managing Director, will not fire boilers for proce-
Balrampur Chini. ssing few thousands of raw
said Narendra Murkumbi,
Managing Director, Shree
ruled out based large sugar mills are
planning to participate in the
Sugar mills participating in sugar,” said a senior industry
imports, however, are assess- official.
Renuka Sugars Ltd.
Faced with a sharp deficit
any buyout raw sugar import programme ing financial viability for con- Abinash Verma, Director in sugar availability in the
to extend operations of their verting raw into refined sugar General of the apex industry western and southern Indian
PRESS TRUST OF INDIA refineries despite risk on prof- and sell the sweetener in and body Indian Sugar Mills Asso- states including Maharashtra,
Mumbai, April 16 it margins due to high inland around Uttar Pradesh, the ciation, however sees better Gujarat, Tamil Nadu, Karna-
transportation cost from state which already flushed business potential for south taka, Andhra Pradesh and

P
rivate lender Axis Bank the designated ports to the out with sugar this India-based sugar West Bengal, the government
has touched 1 million refinery. year with its esti- Sugar mills mills being their allowed 300,000 tonnes of raw
micro-borrowers mark At least two large sugar fac- mated production participating in refineries closer to sugar import through ports in
and is not keen on acquiring tories with their refineries in of imports, the designated ports. the South zone and 150,000
stake in any microlender, a Uttar Pradesh that Business 8.7 million tonnes, however, are Shree Renuka tonnes and 50,000 tonnes of
senior official has said. Standard spoke to, are prepar- nearly 40 per cent of assessing Sugars with its the unrefined sweetener imp-
Three years after getting ing to apply for import of raw 20.3 million tonnes financial refineries in all three ort through the west and east
into the segment, the bank sugar which they confirmed output estimated for viability for locations Haldia zones, respectively.
touched 1 million borrowers on condition of anonymity. the current crushing converting raw (West Bengal), Interested importers may
mark recently and all of them Simbhaoli Sugars Ltd, accord- season. into refined Kandla (Gujarat) and apply to the designated region-
are women who have availed ing to its chief financial officer “The landed cost sugar two places in Karna- al offices of the Directorate
of credit through the joint Sanjay Tapriya, has not yet of imported raw taka will benefit General of Foreign Trade until
lending group model, Axis decided whether to take part sugar from Brazil currently from the government’s move April 23 and quota allocations
Bank’s retail banking head in import of raw sugar or not. stands at ~31.50 a kg as against to allow 0.5 million tonnes of under TRQ will be handed out
Rajiv Anand said. “We are yet to take a final call the current prevailing price in raw sugar import this year. on April 27th valid for import
Stating that the book on whether to import raw sug- and around Uttar Pradesh at Other mills in these regions upto June 30.
stands at ~1,100 crore now, he in the space. offerings and is targeting to test action has been taken ar or not this year,” said ~35.50 a kg (ex-factory). will also benefit with savings of For actual import, however,
hinted that the bank would As many as 90 per cent of take it to 22 states by 2020, he against all those indulged in Tapriya. Estimating ~2 as transporta- ~4 a kg from processing of the importers need to apply
focus on expanding the busi- Axis Bank’s borrowers have added. irregularities.” He also said, Balrampur Chini and Dwa- tion and refining costs, Uttar imported raw sugar and ~1.50 a with Apeda which would issue
ness organically rather than been tapped by the bank’s ded- Even as the bank faces reg- speculation of the bank merg- rikesh Sugar, however, have Pradesh sugar mills will be kg of premiums over prevailing a non-transferable Registra-
buying into a microfinance icated team of 1,600 people ulatory action for alleged irreg- ing with another one does not decided to stay away from raw able to sell the sweetener with prices in Uttar Pradesh. tion–Cum-Allocation–Certi-
company. while the rest have ularities during the note-ban have any bearing on its expan- sugar imports, confirmed their ~2 a kg of profit. In this “We have refining capacity ficate (RCAC) on first come
“As of now, we As many as 90% come from inter- period, Anand said he was sion strategies, underlining senior officials. “We do not see process, however, small sugar in all three zones where gov- first serve basis with a validity
don’t believe there of Axis Bank’s mediaries, Anand “proud” of the work done by that such talk has been financial viability in convert- factories would not be able to ernment has assessed a short- of 45 days and extendable for
is any need for us to borrowers have said. his retail banking staff. denied. ing raw sugar into refined sug- process raw sugar being their age. Hence, we will be apply- another similar period.
take on any equity been tapped by The average Anand said the average Even as the advent of digi-
stake in an MFI,” the bank’s ticket size of its transactions jumped four tal banking raises concerns on
Anand said. dedicated team micro loans is times of the usual during the the relevance of the network-

like
It can be noted of 1,600 people
that other lenders while the rest
Kotak have come from
~18,000 and there is
a three-tier rate
structure with
period, and the bank also had
to work with the rules getting
changed every day almost.
led model, Anand said 90 per
cent of customers for the
banking system do not use
Jaitley expects six banks to raise
funds via FPO as market improves
Mahindra Bank and intermediaries interest ranging Asserting that Axis Bank is digital alternatives.
IDFC Bank, and oth- from 12 to 22 per not the only one to have been He said physical networks
ers have acquired stakes in cent, he said, asserting that found of indulging in irregu- are important from a brand
MFIs, while IndusInd Bank is this is a “profitable” business larities, Anand admitted that trust perspective and that the
in talks with Bharat Financial for the bank. “there have been a few stray nature of the work undertaken PRESS TRUST OF INDIA capital from the market dur- kets, including follow-on pub- means, including public offer
(formerly SKS) for what can be Axis Bank is present in 18 incidents and we have a zero at the branches can undergo a New Delhi, 16 April ing the current financial year,” lic offer, to meet Basel III and overseas issuance of sha-
one of the biggest acquisitions states with its microlending tolerance on such issues. Stric- change eventually. a senior finance ministry offi- requirements, which kick in res, during the current fiscal.
With stock prices on the mend, cial said. from March 2019. The funds will be raised
the finance ministry will “It is up to individual banks This will be over and above either through follow-on public
nudge at least six public sector to decide when they want to ~70,000 crore banks will get as issue, qualified institutional

Credit growth falls to 60-year low banks to hit markets to raise

funds and ease the pressure on
the exchequer of pumping in
capital according to the Indra-
raise capital and how much,
but in our assessment, there
are a few fit candidates for this,
including State Bank of India
capital support from the gov-
ernment. Of this, the govern-
ment has already infused
~50,000 crore in the past two
placement, rights issue, private
placement, Global Depository
Receipt, American Depository
Receipt or a combination of
PRESS TRUST OF INDIA reason for the massive plunge forming asset (NPA) genera- NPAs to increase to ~7.5-7.7 dhanush plan. (SBI), Bank of Baroda and fiscals and the remaining will these, SBI had said last month.
Mumbai, 16 April is the rising corporate bond tion rate continues to show lakh crore or 9.7-10 per cent for “Time has come for banks Punjab National Bank,” the be pumped in by the end of The fund-raising will be
market from where companies signs of moderation. March 2017 and ~8.2-8.5 lakh to tap capital market and we official said. 2018-19. done at an opportune time or
Saddled with high bad debt are tapping funds even for The annualised fresh NPA crore or 9.9-10.3 per cent for think that at least half a dozen According to the scheme, SBI has already taken board as may be approved by the
and weak corporate demand, working capital as most of generation declined to 4.1 per fiscal 2018 with upside risks in banks would take advantage public sector banks need to approval for raising up to government and the RBI, it
credit growth plunged to a six- them could have been turned cent during the third quarter of case of slower resolution of of the opportunity and raise raise ~1.10 lakh crore from mar- ~15,000 crore through various added.
decade low of 5.08 per cent in away by banks due to their 2016-17 compared to 10.7 per SDR accounts, leading to high-
the financial year 2016-17, as over-leveraged balance sheets. cent during the fourth quarter er slippages.
against 10.7 per cent a year ago, It can be noted that the of the financial year 2015 -16, Warning of more pains on
according to the Reserve Bank credit growth in financial year 6.1 per cent during the first the restructured accounts, spe-
data. 2016-17 is the lowest since quarter of 2016-17 and 5.8 per cially those under the 2/25
For the year to March, 1953-54 when it had inched up cent in the second quarter of scheme, Icra said, of the 40
banks’ outstanding credit by a paltry 1.7 per cent, accord- 2016-17, Icra had said in a large borrowers with a total
stood at ~78.81 trillion com- ing to the apex bank data. report. Fresh NPA additions to debt of ~316,000, 29 per cent
pared to ~75.01 trillion as of In this year to March 2016, gross NPAs during Q3 of fiscal of the debt turned NPA till
April 1 2016, show the central banks reported a credit growth 2017 inched down to ~26,400 December 2016. Bank depo-
bank data. The numbers are of 10.69 per cent at ~75.30 tril- crore compared to ~1.36 lakh sits, however, grew by 11.75 per
surprising as the economy has lion. According to domestic crore during the first nine cent during fiscal 2017, helped
been clipping at close to 7 per rating agency Icra, the outlook months of the fiscal 2017, part- by large flow of funds into the
cent during the year under on the asset quality of the ban- ly aided by higher write-offs banking system after demon-
review and interest rates have king sector seems to be weak during the last quarter. etisation of high value notes
been heading south. One main even as the fresh non-per- Icra has projected gross last November.

Mumbai zone
service tax
mop-up falls
short of
revised target
PRESS TRUST OF INDIA
Mumbai, 16 April

The service tax collection

from the Mumbai zone has
missed the revised target by a
whisker at ~81,599 crore,
which is a growth of 18.8 per
cent from ~68,696 crore a
year ago, a senior official has
said.
The Union Budget 2017
had set a target of ~76,300
crore from the Mumbai zone
but this was revised upwards
to ~83,000 crore.
The service tax depart-
ment of Mumbai zone is
responsible for over one-
third of overall service tax
collection from the entire
country. “Our revenue mop-
up increased 18.8 per cent to
~81,599 crore in the year gone
by (FY16/17) over the previ-
ous year (FY15/16),” Chief
Commissioner of service tax
Piyusha Patnaik said.
“We were able to collect
more revenue by taking sev-
eral steps like tracking defau-
lters who had filed returns
but couldn’t make payment,
better handling of audit and
above all, realisation of arre-
ars,” he said.
Gross revenue collection
by the department for March
also grew 13.6 per cent at
~11,237 crore up from ~9,895
crore in the year-ago period.
Explaining the reasons for
missing the target, he said the
department had made refu-
nds to the tune of ~1,435 crore
duringtheyear, which though
was lower than ~1,505 crore
refunds in the year ago.
https://t.me/srikakulam bubbly

6 WORLD
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MUMBAI | MONDAY, 17 APRIL 2017 1

IN BRIEF

Erdogan declares victory as North Korean test missile ‘fizzles’

US and China are working on a range of responses to the latest attempt, says Trump’s NSA McMaster
opposition contest result
Turkish President Recep Tayyip Erdogan (pictured) LUCIA MUTIKANI & SUE-LIN WONG sought to defuse some of the tension,
declared victory in a referendum to increase his Soul/Pyongyang, 16 April KIM JONG UN’S BIG NUCLEAR PUSH IS CLOSING IN ON AMERICA saying the test of what was believed to
powers as opposition parties contested the result. Kim Jong Un has sped up North Korea’s nuclear programme since he tookpower in late 2011, testing more powerful be a medium-range missile had come
With 98 per cent of ballots counted, Turks approved he United States, its allies and weapons and developing longer-range missiles to carrythem. His regime is thoughtto possess rockets thatcan hit as no surprise.
the most radical constitutional overhaul since the
republic was founded 93 years ago by 51.3 per cent to
48.7 per cent, according to the state-run Anadolu news
T China are working together on a
range of responses to North
Korea’s latest attempted ballistic mis-
South Korea and Japan with as manyas 20 atomic bombs, and it’s nowfocused on building a long-range missile
capable of hitting Washington, DC, with a nuclear warhead.
WHERE NORTH KOREA’S MISSILES COULD HIT Estimated maximum missile ranges from North Korea
“We had good intelligence before
the launch and good intelligence after
the launch,” the advisor told reporters
agency. Erdogan will have authority to appoint ministers and top sile test, US President Donald Trump’s on condition of anonymity.
judges at his discretion and call elections at any time. national security advisor said on “It’s a failed test. It follows another
As Erdogan was declaring victory for the “Yes” camp, broad swathes of Sunday, citing what he called an inter- failed test. So really no need to rein-
the opposition were alleging foul play. Erdal Aksunger, the deputy national consensus to act. In development Intercontinental- force their failure. We don’t need to
head of the CHP, the largest opposition bloc, said 2.5 million votes “We are working together with our expend any resources against that.”
range
were “problematic” and that the state-run Anadolu Agency was allies and partners and with the The adviser said the missile’s flight
“manipulating” results, announcing totals that were different from Chinese leadership to develop a range Medium-range Intermediate-range lasted four or five seconds.
the official tally. BLOOMBERG of options,” national security advisor Pence, addressing an Easter serv-
HR McMaster said on ABC’s This Week 0 1,500 4,000 10,000 11,500 15,000 ice with American troops in South
programme. Korea, said the US commitment to
Senior Chinese Death toll from “This latest missile test just fits into Km South Korea was unwavering.
a pattern of provocative and destabil- “Let me assure you under President
banking regulator Aleppo bomb attack

Taepodong-2

BM-25 Musudan
KN-08
KN-14

No-Dong
ising and threatening behavior on the Tokyo Guam Hawaii Washington, DC Trump’s leadership, our resolve has
under investigation at least 126 part of the North Korean regime,” never been stronger. Our commitment
Aseniorofficialat The death toll from a bomb McMaster said. to this historic alliance with the coura-
theChina blast on a crowded Syrian bus He said the president has asked the geous people of South Korea has never
Banking convoy outside Aleppo reached national security council to integrate NUCLEAR TEST POWER Min- range BALLISTIC MISSILE been stronger.”
Regulatory at least 126 people, the Syrian the efforts of the Defense and State LAUNCHES Pence was beginning a 10-day trip
Commission Observatory for Human Rights departments and US intelligence agen- Estimated yield, kilotons Max- range to Asia in what his aides said was a sign
UnderKim Jong Un
(CBRC)isunder monitoring group said on cies to develop options if “this pattern (From 2011) of US commitment to its ally in the face
investigationforsuspectedlinks Sunday. Syrian rescue workers of behaviour continues and if the North Kim Jong Un 13 21 of rising tension.
takes Hiroshima, 18 18
toaloanscandal,thefinancial the Civil Defence said that they Korean Regime refuses to denu- The US nuclear-powered Carl
power 1945
magazineCaixinreported,citing had carted away at least 100 clearise.” “There is an international Vinson aircraft carrier strike group is
consensus now, including the Chinese
sourcesclosetothematter.Yang bodies from the site of
7 8 also heading to the region.
Jiacai,assistantchairmanofCBRC, Saturday’s blast, which hit leadership, that this is a situation that China, which Trump has urged to
hasbeenunderinvestigation buses carrying Shi’ite residents just cannot continue,” McMaster said. 4 do more to rein in North Korea, has
sinceApril9inconnectionwith as they waited to cross from The North Korean missile “blew up <1 2-6 6-9 6-9 10 spoken out against its weapons tests
almost immediately” after its test
Oct 9, May 25, Feb 12, Jan 6, Sept 9,
thescandalinHubeiprovince, rebel into government territory File footage of a North Korea’s ballistic
2006 2009 2013 2016 2016 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 and has supported UN sanctions. It has
CaixinsaidlateonSaturday, in an evacuation deal between launch on Sunday, the US Pacific missile in South Korea on Sunday AP/PTI repeatedly called for talks while appear-
Source: Bloomberg
followingdaysofrumours warring sides. The British- Command said. ing increasingly frustrated with the
circulatingonlinethatYanghad based Observatory said the Hours later US Vice-President Mike North.
gonemissing.China’sgraft number was expected to rise. Pence landed in South Korea for talks missiles were on display in the parade. Trump on Sunday acknowledged We will see what happens!” Trump said China banned imports of North
watchdogonApril9also Those killed were mostly on the North’s increasingly defiant Tensions have been steadily rising that the softer line he has taken on on Twitter. Trump has backed away Korean coal on February 26, cutting off
announcedaninvestigationinto residents of the villages of al- arms programme. His visit comes a day as Trump takes a hard rhetorical line China’s management of its currency from a campaign promise to label its most important export. China’s cus-
thechairmanofthecountry’s Foua and Kefraya in Idlib after North Korea held a grand mili- with North Korean leader Kim Jong was linked to China’s help on the North China in that way. toms department issued an order on
insuranceregulator,Xiang province, but included tary parade in its capital city of Un, who has rebuffed admonitions Korea issue. South Korea said the North’s latest April 7 telling traders to return North
Junbo,themostseniorfinancial rebel fighters guarding the Pyongyang, marking the birth anniver- from China and proceeded with “Why would I call China a currency show of force “threatened the whole Korean coal cargoes, said trading
regulatortobeinvestigatedas convoy, the Observatory sary of the state founder. What nuclear and missile programs seen by manipulator when they are working world.” But a US foreign policy adviser sources with knowledge of the order.
partofagovernmentfight said. BLOOMBERG< appeared to be new long-range ballistic Washington as a direct threat. with us on the North Korean problem? travelling with Pence on Air Force Two REUTERS
againstgraft. REUTERS<

Iran boosts
Mitsui Insurance to
boost Japanese debt
investment
gas-output capacity
with new projects Tech giant LeEco Barclay brothers bid for
loses corporate
Iran, holder of the world’s
Japan’sMitsuiSumitomo
InsuranceCoplanstoincreaseits
investmentinJapanese
biggest natural gas reserves,
boosted output by inaugurating
six projects at the giant South
Grosvenor House hotel
corporatedebtthisfiscalyearto
huntforhigheryieldsamidthe
low-yieldingdomesticbond
Pars offshore field. The country
raised total production capacity
at South Pars to 570 million cubic
finance head SHARON SMYTH
16 April
July, 3 Associates Capital
Management, an investment
vehicle of several wealthy UK
environment,aseniorexecutive meters a day of gas, putting it SELINA WANG David and Frederick Barclay, families, and two Middle
saidonFriday.Thecorecompany almost on par with 16 April the billionaire owners of the Eastern partners submitted a
ofMS&ADInsuranceGroup neighbouring Qatar, which Daily Telegraph, bid more $1.3 billion bid for Grosvenor
Holdings,whichhad6.57trillion produces from an adjacent LeEco’s global head of corpo- than £600 million ($751 mil- House and the two New York
yenintotalassetsasofSept2016, portion of the same deposit, Oil rate finance is leaving, accord- lion) for London’s Grosvenor stakes, a bid hampered by the
planstoinvestabout100billion Minister Bijan Namdar ing to a person familiar with House Hotel, the Sunday complexity of the financing
yeninJapanesecorporatebonds Zanganeh said Sunday at a the matter, the latest sign of Times reported, citing a per- behind the hotels, the Times
fortheyearendedMarch2018, ceremony in the port city of retrenchment by the Chinese son with knowledge of the said.
TomonoriMano,managerof Assaluyeh. Iran invested $20 technology giant. matter that it didn’t identify. The Barclay brothers are
investmentplanning billion to complete the six Winston Cheng, who The property was put up for only interested in buying
departmentatMitsuiSumitomo, projects, or phases, President joined LeEco in 2015, will be sale three years ago by its cur- Grosvenor House, a luxury
toldReutersinaninterview. Hassan Rouhani said at the president of international at rent owner, the Sahara Group. hotel operated under the JW
That’sanincreasefrom70billion event. REUTERS< Chinese e-commerce compa- The company is controlled by Marriott brand next to Hyde
yenininvestmentduringlast ny JD.com, leading new busi- Indian businessman Subrata Park in London’s Mayfair
fiscalyear. BLOOMBERG< ness initiatives including Controlled by billionaire Jia Roy, who was imprisoned in The property was put up for sale three years ago by its current neighborhood, the Times said.
Brazil’s Odebrecht investments and mergers and Yueting, LeEco has witnessed early 2014 for allegedly owner, the Sahara Group The talks may fail to produce a

S Africa finance paid $3.3 bn in bribes acquisitions, the person said. several high-profile executive defrauding investors and deal given the messy sales
LeEco declined to comment. departures in the past year released on parole. The Times line of Monday to deposit sev- Sahara also owns majority process, the newspaper cited
aide advocates over a decade JD.com didn’t respond to a said Roy must raise 1.3 billion eral hundred million pounds stakes in New York’s Plaza and the person as saying.
Odebrecht SA , request for comment on maker Vizio for $2 billion, a pounds in bail and has a dead- to the Indian regulator. Dream Downtown hotels. In BLOOMBERG
nationalisation the Brazilian Friday. deal that the company said fell
An advisor to South Africa’s new engineering Cheng previously held apart because of regulatory
finance minister advocated the company at managing director roles at hurdles. LeEco’s US plans have
state takeover of banks, mines
and insurance companies in a
newspaper editorial, two weeks
the center of a
historic corruption
scandal, paid out a total of
Bank of America Merrill Lynch
and Goldman Sachs Group
Inc. Merrill Lynch was a lead
also been set back by lacklus-
ter sales, job cuts, and delayed
payroll to US employees.
Saudi to reform billions of $ of unfinished projects
after President Jacob Zuma’s about $3.3 billion in bribes in underwriter for JD.com when Controlled by billionaire MARWARASHAD Many of these projects are relics of a the private sector, possibly through build-
ouster of Pravin Gordhan the nine years through 2014, the company went public in Jia Yueting, LeEco lured exec- 16 April decade-long boom of high oil prices and operate-transfer (BOT) contracts,” said one
shocked investors and led to a according to testimony cited by 2014, a deal Cheng worked on. utives from global technology lavish state spending, which ended when source familiar with the plan, declining to
debt downgrade. In an opinion local media on Saturday. He also advised JD.com that giants and banks to run its Saudi Arabia’s government is ordering oil began sliding in mid-2014, making it be named as the matter is not yet public.
piece titled “Our chance to Through a department same year when Tencent operations. In the past year, its ministries and agencies to review increasingly difficult for Riyadh to find Under BOT contracts, private investors
complete the revolution,” specifically established to pay Holdings bought a 15 per cent there have been several high- billions of dollars’ worth of unfin- the money needed to complete their finance and build projects and operate
published in South Africa’s politicians and other recipients stake. JD.com has become profile executive departures. ished infrastructure and eco- construction. them for a period of time to earn a profit
SundayTimes, Christopher for public works contracts, Alibaba Group Holding’s Todd Pendleton, a marketing nomic development projects with Officials will study the feasibili- before eventually transferring ownership to
Malikane, an economics Odebrecht paid as much as $730 biggest competitor in China’s executive, and Shawn a view to shelving or restructuring ty of the projects in light of the gov- the government. Riyadh has said it is keen
professor at Johannesburg’s million annually in both 2012 online shopping sector. Williams, a senior vice-presi- them, government sources said. ernment’s reform drive, which aims to begin bringing the private sector into
University, also proposed the and 2013, the years when bribe LeEco’s ambitious interna- dent from Samsung Riyadh’s Bureau of Capital and to diversify the economy beyond oil projects to ease pressure on state finances.
establishment of a state bank payments peaked, according to tional expansion plans have Electronics, left LeEco after Operational Spending Rationalization, set exports, and decide whether to suspend “Other projects could be suspended if
that would combine all a spreadsheet that a former suffered from a cash squeeze about a year, according to sev- up last year to make the government more them indefinitely or try to improve how they do not meet the current economic
government-owned financial executive reportedly gave and other roadblocks. Cheng eral people familiar with the efficient, is compiling a list of projects that they are conducted. objectives,” the source said.
institutions. investigators as part of a plea played a key role in LeEco’s matter and Williams’ LinkedIn are under 25 per cent complete, the sources “Some projects could be retendered so Recommendations for some projects may
BLOOMBERG< deal. REUTERS< proposed acquisition of TV profile. BLOOMBERG told Reuters. they can be executed in partnership with be made within days, he added. REUTERS

Investing in solar and wind in a coal and oil moment

NORM ALSTER strongholds. “The windiest places in the production in red states could splinter low as we’ve seen” by measures like price
16 April country are all red states,” said Garvin the GOP on Trump’s plans.” to book, Guinness said.
Jabusch, a manager of the Shelton Green Still, solar’s recent past has been Part of the problem, he said, is that
Alternative energy investments like wind Alpha mutual fund. miserable for many investors. The solar power has been widely viewed as a
and solar power have not performed well And the solar industry now employs Guggenheim Global Solar ETF has lost heavily subsidised market. But the latest
in recent years. To make matters worse, over 260,000 workers nationwide, many over 24 per cent a year over the last three extension of the federal Investment Tax
the Trump administration has opted for a of them in states that have leaned years, according to Morningstar. Wind Credit phases out solar subsidies for
resurgence of coal and other carbon Republican. Texas, Florida, Arizona and has fared better, but with an annual total homes by 2021.
fuels, not an emphasis on alternative North Carolina are among the largest return of 4.95 per cent the last three years Solar power will soon have to compete
energy. solar employers. First Trust Global Wind Energy ETF has without government support, Guinness
Yet there is a reasonable argument The reliance of these states on wind lagged in an exuberant bull market. The said, but he’s untroubled by the switch.
that the outlook for investing in and solar could foreshadow continuing Standard & Poor’s 500-stock index, for “We’re excited about the transition from
renewable energy may actually be quite support for alternative energy within example, gained over 10 percent a year in a government market to a nonsubsidised
good. For one thing, wind and solar sectors of the Republican party, despite the same period. market,” he said.
power have been rapidly winning market the pro-fossil-fuel stance of the But for solar power, the fundamental Such excitement may be difficult to
acceptance. Last year, the installed president. Along with Gina M Raimondo, economic outlook may conceivably be sustain in the wake of recent Trump
capacity of solar power in the United the Democratic governor of Rhode improving. “The reason solar stocks have actions. On March 28, the president
States nearly doubled. And wind is now Island, Sam Brownback, the Republican done poorly is a big oversupply of panels, signed an executive order to initiate a
being harnessed to produce 5.5 percent of governor of Kansas, recently wrote a which drove down the price,” said rewrite of President Obama’s Clean
America’s electricity, according to the US letter to President Trump that said Richard Asplund, research director for Power Plan, an initiative designed to
Energy Information Administration. “expanding renewable energy the MAC Solar Index, the tracking index speed utility conversion from coal. Under
Five states draw at least 20 per cent of production is one of the best ways to meet Solar’s recent past has been miserable for many investors. The Guggenheim Global for the Guggenheim Solar fund. “Pricing that plan, renewable energy sources were
their electricity needs from wind. the country’s growing demand for Solar ETF has lost over 24% a year over the last three years. Wind has fared better, but looks better for this year and next.” The projected to become more important
Kansas, for example, relied on wind for energy.” And, the governors added, “The with an annual total return of 4.95% the last three years First Trust Global Wind Guinness Atkinson fund, loaded with than coal and second only to natural gas
less than 1 per cent of its electric power as nation’s wind and solar resources are Energy ETF has lagged in an exuberant bull market PHOTO: REUTERS Chinese solar panel producers, has in electricity generation by 2030, said
recently as 2005. By 2016, wind produced transforming low-income rural areas in suffered large losses the last three years. Chris Namovicz, lead renewable energy
29.6 per cent of its electric power, ways not seen since the passage of the support for solar and wind power. power, you’re not going to be supportive But it was up nearly 5 per cent in the first analyst at the US Energy Information
according to government figures. Homestead Act over 150 years ago.” “Policies that favour coal over other of pro-coal policies.” quarter. Administration. If the Clean Power Plan
Intriguingly, all five of the most wind- Ryan Issakainen, exchange-traded sources would be sound in places like Edward Guinness, portfolio manager Guinness says that investors have is really abandoned, he said, “in 2040,
dependent states — Kansas, Iowa, fund strategist and senior vice president West Virginia,” he said. “But if you’re in of the Guinness Atkinson Alternative been too gloomy. “The sentiment on the renewables will still be third, behind both
Oklahoma, North Dakota and South at First Trust Bank, said that such the middle part of the country where Energy fund, went further, saying, “I sector is terrible,” he said. Negative coal and natural gas.”
Dakota — are traditional Republican sentiments could maintain policy you’ve got more opportunity for wind think the presence of wind and solar sentiment has produced valuations “as ©2017 The New York Times News Service
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MUMBAI | MONDAY, 17 APRIL 2017 7

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8
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MUMBAI | MONDAY, 17 APRIL 2017 1

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MUMBAI | MONDAY, 17 APRIL 2017 ECONOMY 9 <

IN BRIEF
DRAFT GST RULES
Withdrawal trend reverses
in Jan Dhan accounts
Arresting the trend of withdrawals that
began in December, the net balance in
Jan Dhan accounts swelled by ~1,000
Business entities to raise some concerns
DILASHA SETH
crore to ~63,971.38 crore during the week
ended April 5. The net balance in the
New Delhi, 16 April E-commerce definition
too wide: Assocham
A
accounts opened under the Pradhan goods supplier with annual
Mantri Jan Dhan Yojana (PMJDY) was turnover under ~20 lakh and
~62,972.42 crore on March 29, according not registered under the goods Thegovernmentmustclearlyoutlinethescope
to the Finance Ministry’s data. Total deposits in these accounts and services tax (GST) network might of‘e-commerce’underthegoodsandservices
had increased to a record high of ~74,610 crore on December 7 escape the need for prior online regis- tax(GST),asthecurrentdefinitioncaninclude
and thereafter, started declining gradually. According to the tration and Electronic Way (e-way) Bill evencommodityderivativesexchangeswhere
PMJDY data for April 5, it is for the first time the net balance in foranyconsignmentover~50,000,with thereisnoactualdeliveryofgoods,Assocham
the accounts has shown an increase on a weekly basis. PMJDY the onus falling on the registered recip- hassaid.“E-commercedefinition,asgivenin
was launched in August 2014 to increase banking penetration ient in that case. GSTdispensation,hasbeenleftsowidethatit
and promote financial inclusion in the country. Meanwhile, According to the draft e-way rules, couldgowellbeyondAmazonorFlipkart
the number of Jan Dhan accounts have increased to 28.23 crore where goods and services go from an marketplaceplatformsandmayevencoverthe
of which 18.50 crore have been seeded with Aadhaar. The unregisteredsuppliertoarecipientwho commodityexchanges,”itsaid. PTI
deposits in the accounts had surged following demonetisation is registered, the movement will be
of old ~500 and ~1,000 notes in November last year. PTI< considered to be ‘caused by recipient if
recipient is known at the time of com-
Services rate decision this week
mencement of movement of goods.’ Taxofficialsofthecentralandstate
governmentswillholdthisweektheir
EPFO weighs exit Of 38,000 black TheGSTexemptionlimitis~20lakh
annual turnover in all states except maidenmeetingondevisingaformulafortax
policy to maximise money tip mails, those of the Northeast, where the lim- ratetobeleviedonservicesunderthegoods
returns on only 16% probed it is ~10 lakh. Those in the exemption andservicestax(GST)regimefromJuly1.The
bracket will not need to register under taskistokeeptheimpactofGSToninflation
investments the GST network, unless they want to andpricesnearneutralorzero. PTI
TheEmployeesProvidentFund avail of input tax credit.
Organisation(EPFO)has By the draft rules, moving goods
decidedtobringoutanexit worth more than ~50,000 under GST The draft has been put in the public up to ports and movement for job- over to a transporter, the supplier will the common portal, a unique e-way bill
policytoliquidateits will require prior online registration of domain for comments by April 21. work. Suppliers will also have an option also need to furnish the details of trans- number (EBN) shall be made available
investmentsingovernment the consignment and securing of an e- Businesses are expected to raise some to issue e-way bills even if the value of porter in the prescribed form and the to the supplier, the recipient and the
securities,ETFsandstateloans way bill, to check tax evasion by allow- concerns. These include enhancing the goods involved in movement is less transporter will be required to generate transporter on the common portal. The
tomaximisereturnsforits ing officials to inspect consignments threshold from ~50,000 for generation than ~50,000. the e-way bill on the common portal. transporter or person in charge of con-
members.EPFOhasnoexit anytime during the transit. ofe-way bills, doing awaywith the need The rules authorise the tax com- The e-way bills generated by the veyance will be required to carry the
policyatpresentasitlargely “The only relief for the industry is for intra-state supplies and physical missioner or an officer empowered on GST Network will be valid for one to 15 invoiceorbillofsupplyordeliverychal-
investsingovernment the fact that the e-way bills need to be verification of transport. the former’s behalf to intercept any days, depending on distance to be lan, and a copy of the e-way bill or the
securitiesthathaveadefinite The email address launched generated either by the supplier or the There are also concerns on genera- conveyance to verify the e-way bill or travelled — one day being for 100 e-way bill number, either physically or
maturitywindow.Theissue by the Finance Ministry for transporter, not the customer, reducing tion of e-way bills for cases such as free number in physical form, for all inter- kilometres and 15 days for more than mapped to a Radio Frequency
wasdiscussedattherecent getting tips about black the dependency for obtaining this from of cost supplies, supply of non-GST state and intra-state movement of 1,000 km transit. Identification Device embedded on to
meetingofEPFO’sapex money received over 38,000 customers,” say consultants PwC India. goods, movement for import or export goods. When the goods are handed Upongenerationofthee-waybillon the conveyance.
decision-makingbody,the emails, but only 16 per cent of
CentralBoardofTrustees(CBT), them were forwarded for
onApril12whereitsChairman further inquiry, the Central
andLabourMinisterBandaru
Dattatreyahadassuredthe
Board of Direct Taxes (CBDT)
said in a reply to an RTI query
BS PRIMER

Decoding the new indirect tax regime

trusteesofbringingoutanexit earlier this month. Jitendra
policy.TheEPFOisunder Ghadge, a city-based Right
pressuretoofferhigherinterest To Information activist, had
rateonEPFtoitsaround asked for information about
40millionsubscribers.TheCBT response to the email With the goods and services tax (GST) set to be rolled out What is left now, beside
haddecidedtoprovide address blackmoney- from July, Indivjal Dhasmana clears up some confusion about state GST Bills?
8.65percentinterestonEPF info@incometax.gov.in, Fitment of items in five GST rates,
depositsfor2016-17in launched last December. The
the indirect tax regime and finalisation of four GST
Decemberlastyear.Butthe remaining 32,018 emails rules — on input tax credit,
financeministryhadnot were closed without any of inward supplies or inputs by the composition, transition and
approvedthesameandasked action, it said. To Ghadge’s What is GST? 15th of the next month and returns valuation.
theEPFOtoreduceitbyupto query about number of It is a proposed new indirect tax by the 20th of the next month,
50basispointstoavoidany “false” emails received, CBDT regime, where one commodity will matching inward and outward Have other rules been
deficit. PTI< said this information was have the same rate, pan-India. supplies and claims on input tax cleared by the Council?
“subject to completion of There could be exceptions based credit. Five rules have been cleared —
investigation”. PTI< on local importance, in which case invoice, payment, refunds,
EU foreign policy those would be exempt. Which taxes will be registration and returns. Rules on
chief to visit India; to subsumed in GST? returns are yet to be made public.
Pranab Mukherjee Input tax credit Service tax, central excise duty,
push for FTA talks will inaugurate Refunds for taxes paid on input. state level value added tax and How many returns are
EuropeanUnionforeignpolicy This would be done in each stage, local taxes such as octroi. to be filed by companies
chief,FedericaMogherini,will GES today so that there is no cascading tax under GST?
arriveinDelhionFriday,fora PresidentPranabMukherjee on tax. GST Council Rules on returns are yet to be out,
two-dayvisit,duringwhich willinaugurateGlobal A body to recommend but the draft rules say it should be
sheislikelytostronglypush ExhibitiononServices(GES)on How is it different any changes in GST, 13. One each month and then a
forresumptionoftalksforthe Monday,whichwillhighlight from now? including rates. It final return. Currently, 13 returns
India-EUfreetrade India’spotentialtoboostits In GST, only two buckets will have the Union GST slabs It would be there for these five are to be filed for state-level VAT,
agreementbesidesdiscussing servicesexportsacrosssectors. will have to be created to finance minister as Five slabs have been approved by years only. 13 for excise and two for supplies.
preparationsfortheannual Finance Minister Arun Jaitley get input tax credit — one COUNTDOWN chair and state finance the council. These are zero, 5%, So, for suppliers, it would be a less
summitbetweenthetwo will also address the inaugural for State-GST and another ministers as members. 12%, 18% and 28%. There could be What is not included in tedious task in the goods and
sides.Mogheriniwillhold session to be held at for Central-GST. Currently, if one more for bullion. GST? services tax.
talkswithExternalAffairs Rashtrapati Bhavan. The third companies are selling in, say, Voting rights in GST Council Real estate, except for land
MinisterSushmaSwaraj, edition of the GES comes in seven states, they have to make The Centre will have one-third Will cess and surcharges be leasing, alcohol and electricity. Do companies have to file
coveringbilateral,regional the backdrop of increased seven buckets for taking input tax vote and all states combined will subsumed in GST? for registration in
andglobalissues.Theywill focus on services trade and credit in value added tax (VAT). have two-third. Each state will Yes, except for the cess on demerit, Is petroleum included? every state they are
alsoreviewpreparationsfor India’s submission to the Similarly, for excise duty, they have equal voting power. luxury and polluting items such as Yes. But, it will be zero rated till the selling, manufacturing
theIndia-EUannualsummit World Trade Organisation on have to make as many buckets as tobacco, luxury cars, aerated Council decides to impose GST on or offering services?
whichwillbeheldherelater trade facilitation in services. there are manufacturing units. For Requirement for approval drinks and coal over the peak rate it. Till then, central excise duty Yes. Life will be a bit complicated
thisyear,atopEUofficialsaid. India’s services exports services, only one bucket is by the Council of 28%. and state VAT will be imposed on for service providers currently
ShewillarrivefromBeijing increased from $52 billion in required. Every decision has to be passed it. they have to file only for a
andwillthenleaveforRussia. 2005 to $155 billion in 2015, with three-fourth voting. Use of this cess and its centralised registration.
ShewillalsomeetNational with a share of 3.3 per cent in Filing of statements and longevity Have all the Bills been
SecurityAdviserAjitDovaland global services exports. In the returns Does the Centre have a It would be used for compensating enacted for rolling out GST? Are e-commerce companies
willexplorethepossibilityof first 11 months of 2016-17, They will have to file a statement veto? states for any revenue loss due to Yes, except for state GST Bills, required to collect one per
enhancingcounter-terror services exports stood at of outward supplies by the 10th of No, but the Centre alone can block GST for the first five years of the which will have to be passed in cent tax at source?
cooperationbetweenthe $146.5 billion, growing at the next month of sale, statement a resolution. rollout, slated from this July. respective states. Yes.
twosides. PTI< three per cent. PTI<

THE LAST PART OF A FOUR-PART SERIES ON THE IMPACT OF A STRONG RUPEE ON KEY EXPORT-ORIENTED Need to buy
INDUSTRIES LOOKS AT THE AUTOMOBILES SECTOR paper trail
machines now:
Automakers largely absorb the impact CEC to Govt
Exchangeriskmanagement&naturalhedgesoffsetpartofpressure;somealsobenefitfromsignificantimportofinputs Citing “prevailing environ-
ment”, Chief Election
Commissioner Nasim Zaidi
AJAY MODI has urged the government to
New Delhi, 16 April VEHICLE EXPORTS FROM INDIA speed up release of funds for
timely procurement of paper
| FY ‘14 | FY ‘15 | FY ‘16 | FY ‘17

O
ne of every five cars and every 10 trail machines so that these
two-wheelers produced in this can be deployed in the 2019
758,830
653,053

country gets exported. India also Lok Sabha elections.

596,142
621,341

exports commercial vehicles and three- In a fresh letter to Law

407,600
404,441
353,392

wheelers in large numbers. In addition, Minister Ravi Shankar

271,894

2,482,876
2,457,466
2,084,000

2,339,273

automobile components worth ~70,000 Prasad, he has also said the

64,552

crore get exported every year. Not to forget Supreme Court, while hear-
56,287
30,652

67,927
43,719
23,813

53,237
35,197

thousands of tractors and millions of tyres, ing a contempt petition, has

to destinations across the globe. directed the poll panel to
So, any strengthening of rupee against Passenger Medium&heavy Light Three- Two- bring on record the approx-
the dollar hits the sector, reducing the vehicles commercial commercial wheelers wheelers imate time within which the
export income of companies and putting vehicles vehicles entire system of voter verifi-
pressure on their margins. The industry Source: SIAM able paper audit trail
produced 3.79 million passenger vehicles (VVPAT) can be introduced.
(cars, vans and utility vehicles) and shipped short duration. Businesses need to take happens in the yen, the export realisation content in cars, especially in the bigger and material is more than 40 per cent in many Though the CEC did not
out 758,830 units in FY17. such fluctuations in their stride and adjust would be in dollars. premium ones. These imports get billed in of their products. While sourcing of com- elaborate what he meant by
Hyundai, Ford and Maruti operations accordingly,” he said. “We absorb the impact of any fluctuation dollars; so, a weaker dollar is good. In recent ponents from local vendors brings a host of “prevailing environment”, he
Suzuki are the top three car Maruti has a well-structured in foreign exchange. As the rupee turns quarters, car makers had taken decisions benefits and mitigates currency fluctua- was apparently referring to
exporters. Hyundai did not exchange risk management policy. stronger, there is a small decline in prof- to increase prices in the domestic market, tion risks, complete localisation is not fea- Opposition parties questioni-
respond to queries seeking a com- “The company manages this risk by itability to that extent. At our end, we try to attributing the decision to a weaker rupee, sible due to unavailability of desired tech- ng the reliability of the EVMs
ment on the impact from the appropriate hedge instruments, push distributors in our export markets to among other things. A strong rupee now nology or quality, both due to lack of and pressing for the depl-
stronger rupee. R C Bhargava, CURRENCY depending on market conditions and expand volume. There is no other measure makes the margins better, unless compa- economies of scale. oyment of more VVPATs,
chairman at Maruti Suzuki, said
exporters cannot expect the
IMPACT the view on currency,” the country’s
biggest car maker said in its latest
at this point,” said Roy Kurian, vice-presi-
dent (sales & marketing) at Yamaha India.
nies pass on the gains to customers.
Toyota, for instance, imports almost 30
Motherson Sumi, the country’s biggest
auto component maker, said it did not need
which dispel doubts about
votes cast using EVMs. The
exchange rate to be always annual report. Its risk on foreign The company ships about 14,000 two- per cent of the content by value for its to hedge, as most of its exports are in the euro Bahujan Samaj Party, the
favourable for them. “The rupee has exchange fluctuation, it said, was mainly wheelers or 18 per cent of its production Innova Crysta and Fortuner bestsellers. and to subsidiaries abroad. “Exports contin- Aam Aadmi Party and the
strengthened but is still weak compared to on account of import of components, raw every month. The situation is similar with many others. ue to be steady. We have a natural hedge,” Congress had attacked the
what it was a few years ago. In today’s cli- materials, royalty payments (to Japanese The strengthening rupee has a signifi- Luxury car makers Mercedes-Benz and said G N Gauba, chief financial officer. EC for allegedly using “tam-
mate, the currency fluctuation is so fre- parent Suzuki) and export of vehicles. While cant positive angle as well for the industry. Audi will benefit more from the stronger pered” EVMs.
quent that any hedging only works for a royalty payments and the bulk of import There is significant imported raw material rupee, as the content of imported raw Series concludes PTI
https://t.me/srikakulam bubbly

10 ISSUES AND INSIGHTS

>
MUMBAI | MONDAY, 17 APRIL 2017 1

A shortfall too big to ignore deployment? An assessment that can

indicate such correlation or the lack of it
would be useful in arriving at what the
ideal authorised strength of IAS officers
> CHINESE WHISPERS

A 23 per cent gap between the authorised strength of IAS officials and their actual number raises ought to be in different states.
Interestingly, the shortfall in
questions about the priority of manpower requirements of administration and governance Chhattisgarh and Punjab is only 15 per
cent and 16 per cent, respectively. States
bers. One, why have the governments in cers needed in states and at the Centre. the actual requirement of such officers such as Madhya Pradesh, Odisha,
states and at the Centre allowed this gap If the government could do without 23 should be undertaken. Andhra Pradesh, UP, Arunachal
to continue without taking necessary per cent of the authorised posts, surely The stock response of the Union Pradesh, Goa, Mizoram and Union ter-
steps to bridge it? Not too many people a start could be made in government Ministry of Personnel, Public ritories have a shortfall range of 18-19
in the government system seem to be downsizing by abolishing these vacan- Grievances and Pensions to questions per cent. In contrast, apparently better-
bothered. Do requirements of adminis- cies as the first step. The second step on the shortfall in IAS officers is that administered states have a deficit that
tration and governance enjoy such a low would be to re-calculate what the autho- their annual intake is being raised. But raises questions about the correlation
RAISINA HILL priority that a manpower deficit of this
order can be ignored?
rised strength of IAS posts should be in
each of the states and at the Centre.
the problem of a 23 per cent gap
between the authorised strength and
between governance and the shortfall
rate — Maharashtra, Haryana and
A K BHATTACHARYA The second question that the gap The third step should be to do away actual deployment is not new and the Himachal Pradesh (22 per cent gap for
raises is even more disconcerting. If with the current system of reviewing government has been troubled by this each of them), Gujarat and Tamil Nadu
he gap between the authorised administration could go on in spite of a the strength of IAS posts in states once gap for quite a few years. This problem, (24 per cent each), Karnataka and West

T strength of officials belonging to

the Indian Administrative Service
(IAS) and the actual number of such offi-
23 per cent shortfall in the deployment
of IAS officers, is there something wrong
in the way estimates of the authorised
in five years. Instead of a five-year
review, any estimate of authorised IAS
posts should be subject to the state or
therefore, is not going to be solved
through a supply-side response. Instead,
there is need for a demand-side solu-
Bengal (28 per cent each) and Kerala (32
per cent).
It is possible to argue that some of Cut-out contest
cials functioning from different states strength of such officers have been the Centre justifying the need for an tion by reassessing the actual need for these states are no longer as well- For the duration of the Bharatiya Janata
and at the Centre last year was estimated made? It is likely that the requirement of enhancement in strength. The most such posts. administered as they used to be and Party (BJP) national executive in
at 1,470. At 23 per cent of the authorised IAS officers in different jobs has been recent review of authorised strength of There is another issue at stake here. the gap only reflects deterioration in Bhubaneswar from April 14 to 16, the
strength, the gap is quite significant, overestimated as part of the so-called IAS officers took place in Uttar Pradesh The widest gap between the authorised governance. But the extent of the gap capital city of Odisha witnessed a cut-out
though no comparable data for previous planning for sudden shortages or emer- (UP) in December 2014. That review led strength and actual deployment of IAS in different states calls for a fresh war. Larger-than-life cut-outs of Prime
years are available to indicate if the gap gency situations. to a five per cent increase in UP’s IAS officers is seen in Bihar at 37 per cent; review of the ideal authorised strength Minister Narendra Modi and BJP chief Amit
has been widening for some time. But If that is the case then the immediate cadre strength to 621 officers. An embar- the narrowest gap is in Rajasthan at 14 of IAS officers in the country, instead of Shah competed for space with those of
this gap alone is sufficient to indicate the requirement is to undertake a country- go on fresh reviews of authorised per cent. Is it possible to establish a cor- the bland response that more IAS offi- Chief Minister Naveen Patnaik and his
state of India’s famed steel frame. wide assessment to arrive at a more real- strength of IAS officers in states should relation between governance and the cers are being inducted to address the father Biju Patnaik. One of the second-
Two questions arise from these num- istic and reduced number of IAS offi- be imposed and a de novo assessment of extent of shortfall in IAS officers’ apparent shortage. rung leaders of the BJP thought it was his
moment in the sun as well and asked his
supporters to erect his cut-outs. However,
a message soon went out to tear these

Evenly balanced risks

down. The party conveyed to the leader
that his cut-outs, if at all, can be put up
along with those of three other second-
rung state unit leaders. The hoardings,
meanwhile, had Modi, Shah and four state
leaders, including Union ministers
In the short term the market could fall further or rise to new highs easily. In the long term, the sentiment remains bullish Dharmendra Pradhan and Jual Oram.

ment rate dropped to a 10-year low at (GST), and so on. Like every other
4.5 per cent. Inflation seems headed MEASURED STEPS commentator, the central bank has its Taxing times
up and a tight labour market makes it +
proverbial fingers crossed in the hopes Tax officials have been burning the
likely that the Federal Reserve will of a good monsoon. Other downside midnight oil since November 8, when
Correction started.
tighten soon. Support at 9,100-9,150 risks include “ebbing consumer opti- demonetisation began, with the intent of
Investors are still wondering about mism on the outlook for income about nabbing black money hoarders. They have
Donald Trump’s policy direction. the general economic situation and been monitoring high-value deposits in
Trump said recently in an interview about employment gains”, going by the bank accounts and making such taxpayers
that the USD “was getting too strong” polling in the March 2017 round of the explain the source of their cash. Besides
(though USD has weakened a lot since RBI’s Consumer Confidence Surveys. late night duties, tax officials are said to be
he was sworn in). He also stated a pref- To that, one would add that the sacrificing their weekends and holidays.
FRONT RUNNING erence for “a low-interest rate policy”, inevitable chaos of changeover to the They were working over the three-day
DEVANGSHU DATTA which is not in his hands. new tax system could mean a short- weekend that began on Good Friday, busy
India has mixed macroeconomic term to medium-term dip in growth preparing an action plan to identify tax
news. Exports seem to be rebounding. rates until the economy adjusts to GST. evaders. When asked why they were
eopolitics left investors puzzled Exports grew by 4.7 per cent in 2016-17, The Supreme Court’s ruling banning working so hard, a senior official replied,

G and markets without a clear

sense of direction in the past
fortnight. The US hit Syria with a mis-
which is excellent since three of the
past four fiscals have seen shrinkage.
February and March 2017 saw big year-
liquor sales within 500 metres of a
highway will lead to the loss of up to an
estimated one million jobs. That’s
“Government servants are working on
holidays for the betterment of the nation.”

sile strike and dropped a massive, non- on-year increases over corresponding Value
--------------------------------------------------------------------------------------------------------------------------------------
bound to have some adverse impact.
nuclear bomb in Afghanistan. The months though this was partly due to Mar 31 Current (Apr 13) Change % The RBI also expects most com-
Syrian strike has led to heightened ten- base effects. Imports also rose, and this Nifty value 9,173.75 9,150.8 -0.25 modity prices, other than crude, to App-happy
sions with Russia. Turkey heads into a included a big jump in gold imports. Index PE 23.26 23.2 -0.26 harden next fiscal. The bank’s poll of At a conference, a journalist asked Power
referendum that could lead to consti- The trade deficit is about $105 bil- Index dividend yield 1.25 1.26 0.80 professional forecasters suggests that and Coal Minister Piyush Goyal (pictured)
tutional change to a presidential gov- lion and the current account deficit is modest growth is expected through the why research and development (R&D)
Index book value 3.37 3.49 3.56
ernment. Either way, the results will about 0.7 per cent of gross domestic 2017-18 with little change in interest work on some government projects had
USD INR (RBI reference rate) 64.85 64.41 0.68
cause volatility across forex markets product (GDP). The INR is ruling costs. Bank credit is expected to pick got delayed. Taking potshots at the
and affect European Union equity mar- strong, and overvalued by the Reserve FII net equity buys/sales (Apr 1-13) (~cr) 30,906* 2,998 up slightly to around 10 per cent, from media, Goyal responded that R&D work
kets as well. Bank of India’s (RBI) calculations. The DII net equity buys/sales (Apr 1-13) (~cr) -4,395.61* 1,843.44 a multi-year low of five per cent was not as easy as writing a
*Mar 1-31 net equity buys/sales, +200-Day Moving Average
In India as elsewhere, corporate USA is threatening protectionism NB FIIs bought net debt of ~25,355 cr (Mar 1-31) and bought net debt of ~13,532 cr (Apr 1-17) in 2016-17. news report. To this
results season gets moving. Infosys while the UK is embroiled in the The Nifty is in the middle of what another journalist
came through with Q4, 2016-17 results throes of Brexit. So it remains to be looks like a small correction that’s retorted that writing a
and guidance for 2017-18. The results seen if this positive export trend for GDP growth by about 30 basis five months and it could climb above landed on good support. Next week news article was not as
were flat. The guidance was a little is sustainable. points from the January 2-17 estimate. the RBI’s medium-term target of four could see the correction continuing if easy as launching an app.
below expectations. Infy also says it The Index of Industrial Production Gross-value added (GVA) may be a bet- per cent. The central bank held rates foreign portfolio investors continue to Goyal has launched a
will disburse about ~13,000 crore to (IIP) indicates year-on-year contrac- ter indicator than GDP given that the steady at its April review. It is unlikely sell as they have done for the past few string of mobile
shareholders by March 2018. The stock tion in February 2017, and 0.4 per cent latter includes net indirect taxes. GVA to cut rates given that it sees a “hard- sessions. Also, look for news flow to apps for real-time
lost some ground. TCS is due to cumulative growth for the April 2016- numbers suggest that growth fell by 1.1 ening of inflation expectations across continue driving trends. information
declare results on Tuesday and that February 2017 period. That’s effec- per cent during Q3. product groups”. If the market does fall further, it on various
could set the pace for the information tively zero. This is yet another number March inflation was 3.81 per cent The Monetary Policy statement was could knock another three per cent off central
technology industry. that leads to doubts about official esti- year-on-year on the Consumer Price cautiously positive. Growth accelera- values. It could also bounce to new government
The US economy remains strong. mates of GDP growth at 7.1 per cent Index (CPI). This is higher than the 3.55 tion is expected due to various highs as easily. To use the RBI’s termi- schemes.
March saw 98,000 non-farm jobs cre- for the fiscal. per cent in February. The Wholesale favourable factors, including remon- nology, “risks are evenly balanced” in
ated, well below consensus expecta- In its latest release, the Central Price Index for February was at 6.55 etisation, a global rebound, structural the short-term. In the longer-term, the
tions of 180,000. But the unemploy- Statistics Office has cut its estimates per cent. That’s the highest CPI value in reforms via goods and services tax bull market continues.

BUSINESS LIFE > LETTERS

Whatif we could upload books to ourbrains? Welcome move segregate itself and to distinguish itself
from other castes.”
Human brain might interface directly with non-biological forms of intelligence With reference to the front-page report,
“RBI tightens screws on banks to ease
I appeal to all to realise that it was the
vastness of thinking in our civilisation
CATHY O'NEIL bad debt” by Anup Roy and Abhijit Lele that made our sages and seers attain
(April 14), the Reserve Bank of India’s extraordinary limits of consciousness,
What if humans could upload all the (RBI) proposed advanced risk manage- and for humans to benefit from achieve-
great classics of literature to their ment measures known as Prompt ments in science and philosophy.
brains, without having to go through Corrective Action (PCA) in alignment N Narasimhan Bengaluru
the arduous process of reading? with Basel norms are welcome.
Wonderful and levelling as that may PCA as a corrective measure could Animated poll analyses
seem, it’s a prospect that I’m not sure help the RBI trim the banking system if
we should readily embrace. commercial bank fails to comply with It seems India is the most vibrant and
A while ago, I listened to an revised prudential norms or do not vocal democratic nation and its media an
interview with futurist Ray Kurzweil improve their performance. Threshold animated one. Chatting about elections, a
on astrophysicist Neil deGrasse limits specified in PCA for four financial focused on productivity, skill training and passion in normal times, has turned into
Tyson’s radio show StarTalk. Kurzweil indicators, namely capital adequacy, asset the need to shift people from agriculture to a mania due to the unending cavalcade of
described how our brains might quality, return on asset and leverage can industry, as a strategy to overcome pover- elections, big, small or even a by-poll.
someday interface directly with non- help the central bank alert scheduled ty. He was an economist first, who flow- Panellists on TV are revelling in the
biological forms of intelligence, commercial banks. The earlier version of ered to become a legal luminary and limelight afforded by discussions over
possibly with the help of nano-bots The learning that we do when we read a book has little to do with knowledge PCA was first imposed on a few banks shaped the Constitution. It is worth reflect- elections. Pre- or post-poll analyses of
that travel through our capillaries. and much to do with responding emotionally and morally to the story iSTOCK due to their poor asset management. ing on some of his thoughts on Hinduism, even a minor by-poll showcases their
Given how much faster this While the RBI’s revised PCA deserves the caste system and its perversions. spread of history, politics and how
interface would be than regular emotionally and morally to the story. biological brain. First, that the “true special mention with respect to survival of “The first and foremost thing that assuredly they extrapolate these to draw
reading, he went on, we’d be able to As I’ve become older, I forgive meaning” of the book is codified once banks, individual banks should be proac- must be recognised is that ‘Hindu socie- outlines of bigger polls in the future.
consume novels like The Brothers hypocrisies more quickly, and I and for all by a computer, and is tive in managing their rate-sensitive ty is a myth’,” Ambedkar said in his book Percentage changes in party votes from
Karamazov in moments, rather than identify with decay more readily. I inserted into our long-term assets and liabilities to improve earnings The Annihilation of Caste. Some of the the last known base data are dissected to
the current rather clumsy form of understand spiritual conflict but I’m memories. This would inevitably be and augment economic value of equities. quotable quotes from the book: “Hindu such a degree that it would relegate the
ingestion known as reading, which, not alarmed by it. Thus the book itself unsatisfying, because it would mean For example, some assets are more society… is only a collection of castes… best psephologists to kindergarten!
he said, “could take months”. is different each time it’s read by a that if I “read it again” I’d actually sensitive to market interest rate move- Each caste had no conception of their R Narayanan Ghaziabad
At this point Tyson interjected: different version of me. experience the same exact thing. ment while some liabilities are not or vice having constituted a community… A
Are you saying we could just upload I’m not sure what Kurzweil thinks Also, whose experience gets codified? versa. Any of these possibilities affects a caste has no feeling that is affiliated to Letters can be mailed, faxed or e-mailed to:
War and Peace? Yes, Kurzweil when he says our computer minds Finally, there’s the possibility that bank’s net interest margin and prof- other castes, except when there is a The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
answered: “We will connect to won’t need to bother to read the book, the book’s true meaning would itability, and induces portfolio risks. Hindu-Moslem riot… Its survival is the
New Delhi 110 002
neocortical hierarchies in cloud with and I want to give him and his other change depending on the state of my While asset-liability management is be-all and end-all of its existence. Castes Fax: (011) 23720201 · E-mail: letters@bsmail.in
pre-loaded knowledge.” futurist computer-brain friends some brain — that the interface would look a prime focus of a bank, non-performing do not even form a federation. On all oth- All letters must have a postal address and telephone
This snippet of conversation has credit. They surely mean more than into my mind, see and understand asset management is central to sustain its er occasions each caste endeavours to number
baffled and fascinated me ever having the text of the book itself my patience with hypocrisy and operational effectiveness. That assumes
since. I confess that I do not know a available to us, or even memorised. spiritual conflict, and then transform banks’ risk aversion to lending in rela-
lick about neuroscience. But just That wouldn’t represent knowledge. the story accordingly. In which case, tion to borrowers’ credit worthiness. > HAMBONE BY MIKE FLANAGAN
knowing something about reading It must be something deeper, a every time I uploaded that book or Kushankur Dey Odisha
makes the above story implausible, representation of the book possibly as any other, I’d experience a different
if not alarming. a narrative, or maybe a movie. But story. I doubt this is possible, and in Fitting tribute
From my perspective, the learning again, if we have access only to that any case I would find the lack of
that we do when we read a book has movie, it doesn’t represent the same active participation creepy. That said, President Pranab Mukherjee’s gesture of
little to do with knowledge — what learning that would come through I’d definitely pay a monthly dedicating the new economics institution
would a pre-loaded version of The reading and experiencing the book. subscription to try it out. modelled on the London School of
Brothers Karamazov constitute? — There are only two more Economics to B R Ambedkar in Bengaluru
and everything to do with responding possibilities left, at least in my limited © Bloomberg on April 14 was a fitting tribute.
Next year marks the centenary of
Ambedkar’s PhD in economics, which
https://t.me/srikakulam bubbly

>
OPINION 11
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM.

Volume XXI Number 171

ILLUSTRATION BY AJAY MOHANTY
MUMBAI | MONDAY, 17 APRIL 2017

FRBM 2.0 sold for ~30, this hurts. Banks are keen to hide bad
Fiscal prudence is about the quality of expenditure, not just quantity news. Every manager, every CEO of a bank is keen
to avoid this recognition of bad news. This is where

A
committee to review the Fiscal Responsibility and Budget Management
banking regulation must come in.
Act (FRBM) has suggested steep targets for achieving fiscal rectitude by Bank regulation has to do two things. First, the
the Central and state governments. A key recommendation is to move RBI should insist that there should be a clean sale
towards using public debt-to-GDP (gross domestic product) as the of the NPA in exchange for cash. The shell game of
main variable to map fiscal performance. The committee, after running several tests paying for an NPA using pieces of paper should
and looking at the global norm, has settled at a 60 per cent debt-to-GDP ratio as be stopped.
Second, the RBI should force banks to rapidly
the anchor, to be achieved by 2022-23. At present, India’s debt-to-GDP ratio is
mark down the value of an asset once it has gone
around 68 per cent, which makes India one of the most indebted economies bad. The value of the asset on the books of the
among the emerging ones. In the existing FRBM approach, the focus has been sole- bank should go to zero fairly quickly. The bank
ly on the fiscal and revenue deficits. The shift to the debt-to-GDP target as the medi- should face the internal question as follows: “This
um-term goal looks logical. The committee has also recommended using the fis- asset has got a value of near 0 in our books, now are
cal and revenue deficits as operational targets to achieve the debt anchor: By we better off extracting value from it on our own,
or are we better off auctioning it into the market
2022-23, the former should be 2.5 per cent of GDP and the latter 0.8 per cent of GDP.
and getting some hard cash in return?” When the
The targets, however, look quite arbitrary. For example, it is imprudent to treat problem is posed like this, banks will make ration-
the revenue deficit as merely the gap between current receipts and consumption al decisions.
expenditure. India needs massive spending on health care and education, which What is required in banking regulation is not
represent vital investment in human resources, without which no economy can much different from basic notions of accounting

How can ARCs help

compete effectively in the emerging, knowledge-intensive world. And if public under the International Financial Reporting
Standards (IFRS). Assets must be carried at an esti-
spending in education and health care is to grow, a revenue deficit becomes mate of prospective market value, and conservative
unavoidable. Also, the target of reducing government debt to 60 per cent implies accounting practices must be followed, through
a virtual ban on fresh debt that is over and above what is needed to service exist-

solve the banking crisis?

which the accounting value of the asset is shaded
ing debt. The recommendation of the committee in this regard looks impractical. on the lower side. The simple application of the
In his dissent note, Arvind Subramanian, chief economic adviser (CEA) and IFRS would go a long way in addressing the failures
also a member of the committee, has also spoken against affixing “arbitrary” tar- of banking regulation in India.
We must note that both elements of regulation
gets for debt and the fiscal and revenue deficits and has said that the government
should aim to wipe out the primary deficit. The primary deficit is the fiscal deficit
For an ARC to make sense, it must be a simple private equity fund. — forcing sale in exchange for cash only, and forc-
ing a very rapid mark-down of the value of NPAs
minus interest payments, and it measures whether the government collects The notion of the RBI writing regulations governing ARCs was wrong — only pertain to regulating banks. There is no role
enough revenue to meet its annual running cost. The CEA has also pointed to for the RBI, or any financial regulator, in the work-
here is much interest in the role of asset Legislative Reforms Commission) checklist. Private ing of private equity funds such as ARCs. The
India’s vulnerability in this regard by showing that despite reducing the general
government (both Centre and states) primary deficit between 2007 and 2016,
India still had much higher levels of it than global peers. The situation is made worse
T reconstruction companies (ARCs) in solving
India's banking crisis. In order to do this, we
need to remedy the basic mistakes that have been
equity funds have no retail investors, so there is no
consumer protection problem. They make no
promises, so there is no micro-prudential regula-
notion of the RBI writing regulations governing
ARCs was wrong.
Once we get the basic concepts right, the ARC
by the fact that these high deficits persisted even when India registered much high- made in the regulation of ARCs to date. We must tion problem. They are not large enough to rock the industry will work. There is quasi-infinite capital
er growth by global standards. His suggestion is to “fix the roof while the sun shines” ask: Why will an ARC fare better than a bank in economy, so there is no need for systemic risk reg- available in the global financial system from
— that is, reduce the primary deficit while India’s growth rate is far in excess of the dealing with an NPA? Why will a bank accept the ulation. With the three justifications for regulation investors in ARCs. Hence, the scale on which this
interest rate. More so, as unlike interest payments, which are “largely pre-deter- bad news by selling assets to an ARC? out of the way, private equity funds should be operates can be very large. But this requires
Banks in India fare poorly in giving loans and in unregulated. addressing one more policy mistake: The capital
mined”, the primary balance is in the ambit of government control.
dealing with an NPA. Why do we believe that an Unfortunately, the notion of an ARC in India controls that hinder foreign capital coming into
The CEA’s position may give the government more room because the primary ARC will work better? Both groups today is a mess. The ARC does not ARCs. We will be better off if the term ARC is abol-
deficit for the Centre, at least, is already close to zero. As such, in his scheme, not of firms will hire from the same pay cash. It pays the banks using ished, and all we have are private equity funds.
much further fiscal correction is required. The point, however, is that while workforce. pieces of paper. The entanglement The ARC industry in India has failed. This does
there is merit in wanting to eliminate the primary deficit, this approach is more For an ARC to make sense, it of the bank does not end when the not mean that the government needs to start an
suited for developed economies, where tax revenues are higher and demands on must be a simple private equity asset is sold. There are intrusive ARC. We need to diagnose the policy failures
fund. There would be managers ARC regulations which are riddled through which the ARC industry failed. The policy
government for capital expenditure are far more modest. A zero primary deficit
and investors. The managers would with conceptual confusion. These failure is in the concept that the ARC is an RBI-reg-
would make it impossible to borrow for capital/infrastructure projects unless there convince investors to commit cap- mistakes have choked the ARC ulated person and the RBI regulations that shape
is a substantial revenue surplus. For a country like India, fiscal prudence must take ital to the venture. The ARC would concept at birth. the life of the ARC to a great extent. This was done
into account the quality of expenditure and not just the quantity. buy a bad loan by paying hard cash. Let's turn to the bank. A bank as part of the overall effort to hide bad news about
It would then process the bad asset. has to decide that it will sell an banks. That approach has failed. It has given us
The profits that it makes would go asset. It would run an auction, and recurring banking crises, and it must be reversed.
back to its investors, with perform- SNAKES & LADDERS an ARC (or some other private A long list of mistakes in banking regulation

Back in the cart ance-linked payments to the man- AJAY SHAH

agers. The managers of the ARC
would use tools like the
person) would be the highest bid-
der. This auction would be simple
as it would just involve paying
have given us recurrent banking crises. The status
quo is nice for the RBI and banks, but it is bad for
the taxpayer and the economy. We need to address
Flipkart must not squander its latest funding on discounts Securitisation and Reconstruction of Financial hard cash. Once the asset is sold, the bank achieves these mistakes at the root cause. This calls for
Assets and Enforcement of Security Interest Act closure. strengthening intellectual capacity at the RBI, and

F
lipkart, the homegrown e-retail major, has raised $1.4 billion from (SARFAESI) and Insolvency and Bankruptcy Code When an asset with a nominal value of ~100 is revamping the legal foundations of the RBI and of
Tencent Holdings, eBay and Microsoft in its single-largest round of (IBC) in order to realise the maximal value. Any sold for ~30, the bank has to take a loss of ~70 in its banking regulation, so as to break with bank-friend-
funding so far. This comes almost two years after it had mobilised $2.4 public sector ARC is a confused concept as it would profit and loss statement. To the extent that it has ly bank regulation.
not have this incentive structure. started writing down the value of the asset, the hit
billion in three rounds, ending in July 2015. At its peak, Flipkart was val-
Do private equity funds require regulation? Let’s would be smaller. The writer is a professor at National Institute of Public
ued at $15 billion. But, after it came to light that the Indian e-retail opportunity walk through the FSLRC (Financial Sector If a loss of ~70 is experienced when an asset is Finance and Policy, New Delhi
was not as big as initially expected and that Flipkart was still a long distance away
from profitability, investors had started to mark down their investments. The most
dramatic of the write-downs came when Morgan Stanley revalued Flipkart at $5.4
billion. That is why raising these funds is all the more creditable. The latest val-
uation is pegged at $11.6 billion and sends out the message that Flipkart has a
viable business strategy in place.
Want the government to ‘act’? Think again
In the past, Flipkart had unwisely used money raised from investors to here are reports of strong protests having bro- The reason private colleges and schools are able to protestors) are either exploiting these laws or being
acquire customers through deep discounts. According to some estimates, its
burn rate was as high as $80 million a month in 2015, when the discount wars
were at their peak. So long as the money was easy, there was nobody to question
T ken out in Gurgaon and Faridabad over the
steep hike in the school fees by some 40 private
schools. Schools do charge usurious fees, do not invest
charge usurious fees is because there are so few good
ones. This, in turn, is because the supply of all the
resources needed to set up educational establish-
subjected to harassment and extortion. Then the
courts, especially the lower courts, come in with
their own nasty judgments from time to time, using
in better education systems and then arm-twist par- ments is controlled or influenced by the government. these new “protective” laws. It is financially crip-
the strategy. But investors soon realised that giving discounts was like putting ents to buy products and services from vendors dic- Land/building is expensive (bad town planning), a pling to anyone caught in the clutches of the police
money into a bottomless pit. There were no gainers in this game, and everybody tated by them. On top of all these costs, parents are few influential people are able to swing the permis- and court proceedings.
bled. Loyalty among customers was zero, and they were happy to move to often forced to hire teachers from the school for private sions to start schools and “follow the rules” to keep Apart from the public demanding government
another e-retailer if it offered more discounts. That is when the investors start- tuition. If you don’t, your kid is penalised. The whole them running (government corruption), with the action, the government itself intervenes in thousands
ed to push for lower discounts so that e-retailers could focus on unit econom- business of education stinks. Parents grit their teeth result that the really compassionate, thoughtful and of different ways every day — all for our own good, but
and go through it. Since they couldn’t stand it any competent educationists are kept out. The business is usually harming us. India is a land of laws and regu-
ics and become cash-flow positive. Loyalty was sought to be created by offering
longer, they took to the streets. The public anger is jus- so foul that only politicians and people close to them lations. New perverse ones get added on top of the old
them a wider choice, exclusive deals and a better shopping experience. Indeed, tified. But not the default solution can wade into this. In many parts of ones. Every aspect of our life is now controlled and
Flipkart had told analysts late last year that its burn rate was down a quarter from we think up as our immediate reac- the country, especially Maharashtra, governed. As a citizen if you were to follow every rule,
the peak levels — or at around $60 million a month. Though this had impact- tion: Appeal to the government to educational institutions are con- you will not be able to function. This is especially true
ed growth, it brought some sanity into its business model. That the earlier strat- fix it. We don’t realise that it is the trolled by politicians, set up as char- for enterprises. It may be a joke but not a complete sur-
egy needed a rethink was evident when Kalyan Krishnamurthy was appointed government that is the problem. itable trusts to get cheap land and prise that the government now wants to control the
This column is not about the soon grow into a business empire. In portions that restaurants serve. Whenever a new gov-
chief executive officer in place of co-founder Binny Bansal. Earlier, Binny Bansal
ethics of the education business. It is Kolkata, political units in each col- ernment is elected, it sets about working busily for us.
had replaced Sachin Bansal, the other founder, at the helm. Many felt the about the “solution” we think of in lege vet who gets admission. Merit But legislators don’t want to uproot the perverse sys-
change was imposed by Tiger Global, which has so far invested a billion dollars every problem area — farm loans, lists don’t matter. You have to pay to tem which keeps the issues alive on a slow boil. When
in the company — Mr Krishnamurthy was a Tiger Global appointee. exploitation by builders, poor health these political cells. The education the problem actually boils over, we demand govern-
Flipkart would be advised to stay the course and not squander the money it has care facilities or bad infrastructure: department knows it. Appealing to ment action. The government is happy to jump in
Strong governmental action. It is an them for redress will get you noth- and apply band-aid. We are happy that something
raised now on discounts even as it faces a formidable opponent in Amazon, which
has earmarked a whopping $5 billion for India. Of the $1.4 billion Flipkart has
obvious demand, but it may be IRRATIONAL CHOICE ing. Nevertheless, in the heat of the has been done — until the next crisis. Despite the
worth remembering that it is the DEBASHIS BASU moment, when things get unbear- continuous expansion of government and more and
received, analysts have said that $200-250 million will be used to acquire eBay’s busi- government that has boxed us into able, we want the government to more regulations, our lives are not simpler, merit does
ness in India. The remaining $1.2 billion can finance its cash burn for 20 months. certain situations and prevented bet- step in. We should be careful about not count much and the justice system is broken. Any
If it wants to utilise this money to expand its reach and acquire capabilities, it has ter options from coming up in the first place. Take the what we wish for. government that really wishes to improve our lives
no option but to reduce its burn rate. In an interview, Binny Bansal, the group CEO case of the education itself. It is a highly regulated When we want the government to intervene we must put each of its actions to the simple test: Will they
of Flipkart, indicated that the money would be used to scale up PhonePe, the digi- activity, with the education department having the are inviting trouble. Every serious case of public deliver durable peace, justice, lower costs and min-
powers to sanction schools, what is taught and what protests ends with the government agreeing to set imise friction? The answers would lead to a surprising
tal wallet, expand into newer categories like furniture and private labels, and imbibe
ought to be the school conditions. It can shut down a up a committee and eventually tighten the laws alterative form of governance. Smart politicians may
automation and artificial intelligence. Flipkart is reportedly in talks to merge school anytime. But nothing happens to schools, like the draconian laws we have enacted on issues want to consider it.
Snapdeal into itself at the insistence of SoftBank, which has a huge exposure to the which create so much of distress instead of creating a like dowry and rape. But does the situation on the
latter; if that happens, it will achieve both customers and supply chain capabilities. happy experience for students in their formative years ground improve? The unintended consequence is The writer is the editor of www.moneylife.in
and also parents, who are their customers. that a different set of citizens (distinct from the Twitter: @Moneylifers

A new rule book for the Great Game affiliation networks, with the idea that
these repositories of social capital can
be mobilised into civic capital.” But
the fascinating complexity and conse-
how the grand strategy she advocates
would apply to these political
realities.
Growing nationalism and authori-
endless competition for strategic ioned by the 17th-century Peace of or limits on information. quence of the web that is enveloping tarianism, after all, are also in part
advantage among sovereign and equal Westphalia, partly because they lack Slaughter, a former dean of the the world certainly justifies a reader’s consequences of the digital age and
powers, was in urgent need of a radi- the strategies for the web. Woodrow Wilson School of Public and extra effort. the echo chambers it has enabled, and
cal update for a world in which net- The grand strategy she proposes is International Affairs at Princeton, Slaughter’s government service if indeed the Networked Age is a clash
works spawned by the internet and an international develops her ideas in was in Hillary Clinton’s State of open and closed, many Americans
social media, both benign and malig- order based on a detailed journey Department, and her book was evi- and Europeans seem to be opting for
BOOK REVIEW nant, were shaping a far different three pillars: Open Slaughter declares we are at the through existing dently completed before the 2016 closed in all the forms Slaughter out-
SERGE SCHMEMANN global order. “The Chessboard and the society, open gov- dawn of a “Networked Age” research and schol- presidential election (there is no lines. That does not negate the need
Web” is meant as a guide for foreign ernment and an when “all humanity is connected arship, guided by mention of Donald Trump); the for a grand strategy of openness, of
At the start of the 2015 Henry L policy in this new world. open international beneath the surface like the numerous charts and grand strategy she outlines is course, but exploring the conse-
Stimson Lectures at Yale, on which Whether in human interrelations system. Open ver- giant colonies of aspen trees in graphs, on how new described as something the next quences of choosing “closed” would
this book is based, Anne-Marie or terrorism, efficient businesses or sus closed, she Colorado that are actually all one technologies and president should adopt. Granted, the make for a fascinating follow-up to a
Slaughter, a distinguished political nefarious crime syndicates, govern- declares, is the organism.” Yet foreign-policy ever-widening webs book is about a continuing global valuable study.
scientist, authority on international ment services or governments med- fault line of the makers, she argues, still play on have affected the shift in international relations and
law and now president of the New dling in each other’s politics, digital age, the way the two-dimensional chessboard behaviour of people not about the political movements du © 2017 The New York Times News Service
America think tank, explained that Slaughter declares, we are at the dawn capitalism versus fashioned by the 17th-century and nations. The jour that have led to the election of
the topic came to her while she was of a “Networked Age” when “all Communism was Peace of Westphalia narrative is not President Trump or to the rise of
serving as director of policy planning humanity is connected beneath the in the last century. always easy to follow, authoritarian and nationalist move-
THE CHESSBOARD AND THE WEB
at the State Department — in effect surface like the giant colonies of aspen In the new order, and I found myself ments in Europe and elsewhere, yet Strategies of Connection in a Networked
while she was practicing what she had trees in Colorado that are actually all in which competing states have been longing for more concrete examples on reading The Chessboard and the World
preached in her academic career. The one organism.” Yet foreign-policy replaced by networks, openness when confronting riffs like “A network Web and listening on YouTube to the Anne-Marie Slaughter
time-honoured exercise of interna- makers, she argues, still play on the means participation, transparency, strategy to build resilience across a lectures Slaughter gave, I found Yale University Press
tional politics as a “great game,” an two-dimensional chessboard fash- autonomy and resistance to controls society could start by searching for myself repeatedly yearning to ask her 296 pages; $26
https://t.me/srikakulam bubbly

12 STRATEGY MUMBAI | MONDAY, 17 APRIL 2017

“We are focused on ramping up some of the “As airlines build networks and “Our (Enfield) dealerships are unique
new businesses, such as alternative travel. We alliances, it makes sense to use and don’t cater to mass products. It is
want to leverage the existing manpower and common technologies. That is what not like a factory shop. We are working
use the best people to grow the business” has made Amadeus successful” to improve and enhance the experience”
ASHISH KASHYAP ALBERT POZO SIDDHARTHA LAL
Founder & group chief executive, ibibo President, Amadeus Asia Pacific Managing director and chief executive officer, Eicher
> .

BigBasket widens offline cart REUTERS

VANTAGE POINT
INSIGHTS FROM CUTTING-EDGE RESEARCH

Baby boomers influencing the

To make the shift in
strategy a success, it needs
future of health care technology
The future of health care is being
to acquire a host of shaped by both demographic
and technological changes. New
new capabilities and advanced technologies,
including robotics and wear-
ables, are changing the way that
SANGEETA TANWAR treatment and diagnoses can be
conducted, while greater life
nstitutional sales for long have been an expectancy and aging baby

I opportunity for various businesses to build

an alternative source of revenue on the
back of volumes. Traditionally, industries like
boomers are presenting unique
challenges to health care insti-
tutions and systems. Medical equipment manufacturers are also
finance, dairy and automobile have been big evolving in time with these changes in order to ensure their products
on institutional sales and see a large number are effective, up-to-date, and that they meet market standards and
of players benefiting from scale of economies. patient expectations. According to Infiniti Research, the global mar-
The latest kid on the block aspiring to make it ket for intensive care unit (ICU) and operating room equipment, driv-
to the big league of institutional sellers is en by these advancements and innovations, will grow at a CAGR of
BigBasket. The online grocery store is look- seven per cent until 2020.
ing to capture the HoReCa (hotels, restaurants Infiniti Research has recently completed a market intelligence
and caterers) segment with its offerings of study on market opportunities for ICU and operating room (OR)
meats, private labels, staples, fruits and veg- equipment for a leading medical technology company. The large
etables (F&V) and gourmet products. number of baby boomers entering into retirement age and facing age-
Present in 25 cities, BigBasket launched its related health issues is putting a strain on health care systems in sev-
HoReCa business in June 2016 and has rep- eral countries across the world, especially in North America. This
ortedly raked in a turnover of ~100 crore as of demographic is more likely to require in-patient surgical procedures
March 2017. It serves institutions in eight and to require emergency care and procedures than other age groups.
metro cities including Bengaluru, Delhi and
Mumbai, and some of the smaller cities such
as Jaipur. The company plans to invest ~50
crore over the next 12 months as it expands Digital supply chain will be
the business nationally.
Industry dynamics of catering to the busi- BigBasket plans to open warehouses, each about 20,000-25,000 square feet in size, across eight cities where it caters to different institutions predominant model in five years
ness-to-business (B2B) segment are
significantly different from tho- tutional selling and varying specifications Nine technologies are working
se of business-to-customer
THE BIGGER THE BETTER related to food items, the company needs to together to create next-genera-
(B2C). And hence, BigBasket is  To meet the diverse Indian F&V and include set up separate warehouses with sorting and tion supply chains that are digi-
focusing on acquiring new ca- requirements of the more international grading facilities. BigBasket plans to open tal, on-demand and always-on,
pabilities to handle large vol- warehouses, each about 20,000-25,000 according to the fourth in a series
HoReCa segment, the variants in its basket
umes and building requisite square feet in size, across eight cities where it of MHI Annual Industry Reports
infrastructure to serve the online grocery store has to  The widening of product caters to different institutions. developed in collaboration with
HoReCa segment. strengthen its sourcing offerings calls for an HoReCa is not a virgin market. There are Deloitte Consulting. These sup-
To meet the diverse require- capabilities upgrade of functions a number of local and regional players. There- ply chain models will soon bec-
ments of HoReCa players, the  It needs to look beyond including sorting and fore, BigBasket has to offer differentiated ome the new supply chain reali-
online grocery store has to stre- the standard offerings of grading of food products services to compete with existing players who ty. Eighty per cent of those
ngthen its sourcing capabilities. enjoy a strong relationship with hotels, surveyed believe digital supply chains will be the predominant mod-
The company is buying F&V directly from restaurants and caterers. el within five years. Sixteen per cent say they already are. This year’s
farmers. Unlike in the B2C market, here Choudhari, co-founder and tutional selling is different on many levels Choudhari is confident that BigBasket can report provides updates on the eight innovative technologies MHI pre-
BigBasket needs to further penetrate its sup- head, new focus on building alliances and from that of B2C. One such area is payments. make a huge impact by helping clients conso- dicted would have the most potential to transform supply chains
ply chain and diversify its sourcing so as to sales partnerships, BigBasket. In direct sales to consumers payment is lidate vendors by virtue of its multi-city pres- three years ago when the MHI Annual Industry Report was launched.
meet the higher demand for international According to Rini Dutta, co-founder, Cen- made on the spot in cash, whereas instituti- ence. Further, its technology-based platform The 2017 report also covers the potential of these technologies to
F&V. Primarily, it needs to look beyond the tric Brand Advisors, a player like BigBasket onal selling works on credit. Here, the typical can help reduce overheads and help stop leak- disrupt the industry as well as their adoption rates and barriers to
standard offerings of Indian F&V and will help bring in hygiene and standardisa- payment cycle is seven to 21 days. BigBasket ages by moving away from paper-based pay- adoption. The eight technologies are: Inventory and network opti-
include more and more international vari- tion as it looks to cater to HoReCa. The com- has tied up with banks and financial insti- ments to a more transparent system of billing. misation; sensors and automatic identification; cloud computing
ants in its basket. pany has systematically gone about strength- tutes to facilitate payments. Dutta observes the B2B space lacks big org- and storage; robotics and automation; predictive analytics; wear-
“The product range and assortment in ening its back-end infrastructure including BigBasket caters to about 1,500 hotels and anised players. It is fragmented. A new entrant able and mobile technology; autonomous vehicles and drones; and
institutional selling is different. Apart from sourcing and supply chain and is in a position restaurants including the likes of JW Marriott, like BigBasket has a huge advantage as it can 3D printing. This year's survey revealed the emergence of a ninth
that, one also has to focus on building all- to deliver a fresh and wide assortment of Le Meridien and Sheraton in Bengaluru, apart add value to clients with its expertise in artifi- innovation, the Internet of Things (IoT) that has growing impor-
iances and sales partnerships to tap into products to clients. from start-ups such as Oyo. cial intelligence and data analytics. Smaller tance in the digital economy.
the HoReCa segment,” says Abhinay The nature of operations in case of insti- Given the huge volumes involved in insti- and regional players lack such capabilities.

Online shoppers in India use

STATSPEAK two or more devices for shopping
The majority of today’s video service providers have either Android TV or Android Open Source Platform

FUTURE OF ANDROID (AOSP) on their technology road maps, with almost three out of four (72 per cent) considering Android
implementations as part of their short, medium, or longer-term set top box (STB) strategies, according to
a global survey by digital platform security Irdeto and consultancy firm Ovum
More than 51 per cent of online
shoppers in India use two or more
devices for shopping, according to
a recent report by performance
marketing technology company
IMPORTANCE OF ANDROID DO YOU BELIEVE VIEWS ON ANDROID SECURITY UPDATES Criteo. The report titled “The State
TECHNOLOGY ON STB STRATEGIES ANDROID WILL (How frequently do you think your of Cross-Device Commerce —
organisation would roll out the Android India” highlights a clear need for
Important for our BECOME THE NO. 1 security updates to your install base?) retailers to deepen their under-
immediate goals within
the next 2 years 25 PLATFORM IN TV
MARKET BY 2025?
As and when feature
updates are released 30
standing of cross-device consumer
behaviour trends. The data can
also be used to align their market-
Part of our medium-term
goals within 2018-21 25 ot
sure
Monthly 25 ing strategies to maximise the return on investment (RoI). “India’s
online shoppers have seen a paradigm shift in last decade. The fierce
Quarterly 19 competition of online players, increase of smartphones usage and in-
N

14
More of a long-term
strategy, beyond 2021 22 No Annually
16 ternet penetration has resulted in an extended customer online jour-
ney across devices,” said Dushyant Sapre, commercial director, Criteo.
18 Yes “Adoption of a cross-device measurement strategy is a critical
Not important for us 18 68 In line with the
Android release heart 7
beat; every 2 weeks
imperative for all retailers. Marketers not only need to adopt cross-
device measurement to ensure proper attribution, but also to ensure
Not sure 10 Don’t know 4
their expenditure is optimised for the channels delivering the highest
performance. Retailers who are able to deliver a seamless and per-
All figures in per cent Source: Is Android the future of the set-top box? 2017 sonalised customer experience across devices will stand out from the
crowd,” he added.

Brand: Siyaram’s
CAMPAIGN LOGIC Budget: ~5-7 crore*
Agency: Makani

Putting a new face to Siyaram’s Creatives

*Industry estimate

With its series of RITWIK SHARMA ads are direct in their communication and
attempt to project the company as a trend-
ural fabrics are the biggest fashion trends
and linen has been a frontrunner in the
The idea for the multi-channel cam-
paign, #TheNewFaceofLinen, has been
our consumers,” Gangadhar says.
The campaign was conceptualised by
new television ver the years, television commer- setter in linen. international market. With the new cam- drawn from fashion-conscious youths Makani Creatives Pvt. Ltd.

commercials,
textile major tries
O cials of blended fabric and garment
manufacturer Siyaram Silk Mills
have been laced with the familiar tagline
The ads showcase male and female
models sashaying in variants of linen
such as checkered, stripes and ethnic
paign, we intend to introduce a wide
range of linen fabrics in various prints,
textures, designs and weaves for the
who follow international trends and are
willing to experiment. With this cam-
paign, the company intends to target
Its director, Sameer Makani, says,
“Drawing from the product line, we saw
the task as breaking linen out of its fashion
of “Coming home to Siyaram’s”. In a just wear. N Gangadhar, vice-president, mar- Indian consumer. While the TVCs are men and women in the country aged 23 code or stereotype. Therefore, we wanted to
to project itself as a launched campaign, four short advertise- keting, Siyaram Silk Mills Ltd., says, focused only on the product’s proposi- years and above. portray linen in a different light altogether,
ments have shed the jingle while retaining “Siyaram’s has been a pioneer in bringing tion, a clear essence of balanced style “The campaign comes with the inten- Not just as a texture that is relevant to a
trendsetter in linen the familiar tune at the end frames. Barely international trends and global fashion and sensibilities suitable for a fashion tion of keeping true to our commitment to laid-back aesthetic, but also as high-fashion
15 seconds long each, the blink-and-miss into the Indian market. At present, nat- brand is portrayed.” innovation and offers the best of fashion to wear that is bold and full of attitude.”
Asked if this campaign marks a break
from earlier ones with the memorable jin-
gle, Makani says, “The brand’s positioning
— Come Home to Siyaram’s — has forged
an emotional connect with Indians across
the globe. Siyaram’s intends to continue
with the tagline as it helps the company to
identify itself as a global Indian.”
The Indian textiles industry is worth
around ~7.2 trillion, and it is projected to
reach nearly ~15 trillion by 2021. Siyaram
Silk Mills, which was set up in 1978, includes
brands such as Oxemberg and J
Hampstead, and claims to be India’s largest
producer of blended high fashion suit-
ing/shirting fabrics.
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 BRAND WORLD 13 <

ANALYSIS DATA TRACKER

Brands line up on the Future consumers

ing to Shobu Yarlagadda, producer of
Baahubali 2. He says that the movie has
become the brand today, implying that
it does not need a star to pitch its value By 2030, the global consumer universe is set to look dramatically different from
to brands just like many superhero films the one we have today. Technology, urbanisation and economics will drive
in Hollywood. Yarlagadda has roped in behavioural changes and open up new channels of access for consumers and

highway to the South 15 brands including Nestle, Britannia,

Oppo, AMD Radeon and others. There is
no in-film branding he points out,
except for Amrapali Jewellery; the rest
are all going to be a part of the movie’s
promotion and marketing exercise.
brands. A study by Euromonitor International (The future consumer:
Households by 2030) lays out the landscape

Single-person households will

become a major consumption group
households are not contracting, but
urban hubs are expanding at a much
Baahubali 2, VIP 2 draw big national brands into their lair, run up hefty Baahubali 2 was produced at a cost | Over 2016–2030, single-person faster pace; by 2030, some five billion
people will be living in 1.7 billion
of around ~200 crore and the team households will see faster growth
marketing budgets as audiences expand beyond the Southern states expects to earn around ~25-30 crore as than any other household type urban households
direct revenue from these associations. globally, 120 million new single | Urbanisation will drive demand for
T E NARASIMHAN More than the revenue component, person homes to be added home finance; the world’s largest
Mumbai, 16 April The movie the movies gain hugely in terms of mortgage markets, led by India, will
Baahubali 2 has visibility and reach according to | This demographic is being driven by
younger singles exchanging see surging growth rates in mortgaged
n a few weeks, Baahubali 2, the D Paranthaman, CEO, V Creations. His

I
signed 15 brands
sequel to the hugely popular mytho- including Oppo, production house worked on relationships for careers and households to 2030
logical-historical fiction film will hit Nestle and Rajinikanth’s Kabali. He had roped in education and the growing widowed Educated, digital consumers
the screens in India and the US. It Britannia nearly 12 brands for the movie, including and divorced elderly group | By 2030, the majority of the world’s
already has 15 brands in the bag, com- AirAsia, Mondelez International, homes will have unlocked access to
| Households with three or more
panies such as Nestle, Britannia among Amazon, Airtel and Shop Cj. “We would services including online video,
others that have a national and global have got marketing and branding worth
persons are growing slowly, a
reflection of the declining birth and gaming, gambling, social media,
footprint have all come on board. at least ~100 crore in Kabali,” he says.
Another movie, VIP 2 that stars Kabali was not a one-off success sto- fertility rates globally e-commerce, banking, e-health and
Dhanush and Kajol has also got the big ry, Paranthan says. His next venture, e-education, among others
What is driving single-person
brands on its rolls as did Rajinikanth- Velaiyilla Pattathari 2 (VIP 2) has seen a | Higher level of connectivity will
starrer Kabali that was released last year; growing interest from brands, although
households? transform consumption behaviour.
as movies made in the South break out not on the same scale as Kabali. The | Young people are focusing prioritising
One such trend is ‘cocooning’, living a
of the local mould in terms of storylines point he makes is that brands are now academic and career pursuits, many
fully domesticated lifestyle by
and star casts, big brands are flocking in. looking beyond the big stars as they see women are delaying having serious
receiving goods and services at home
And producers are pulling out the stops a valuable association in movies made in relationships and kids
without needing to leave the house.
in marketing, merchandising and dis- the South. In the 1980s, when the first | As life expectancy rises and the
tributing their films to a larger and wider brand associations were struck, these
E-commerce, takeaway foods, and
number of elderly people swells, there home entertainment are winners
set of moviegoers. were mostly in-film engagements and of
is a growing number of widowed,
Producers say that brands have been a far lower value than the deals today. | Over 2016–2030, number of homes
getting keener on movies in the South as Also the brands were largely local play-
divorced or otherwise single homes
with household heads with higher
they find that the audience is much larg- ers; Apoorvaraagangal in which K populated by persons aged 65+
education globally will increase by
er than the states the film is made in, Balachander introduced Rajinikant had More urban households, more around 100 million
sometimes even as large as big its heroine play the part of a sales girl for
Bollywood starrers. This is partly Medimix soaps, for instance. In Kamal
consumers of home loans | Improved education will enable more
because of the growing Southern dias- Haasan’s Ala Vandhan, there was a bal- | Urbanisation will continue to grow knowledgeable consumption of
pora and also because of the changing loon fight in which oil brand Gold quickly through to 2030, rural online banking products
storylines and production values of the BRANDS AND MOVIES Winner was featured. And when a glob-
movies. Kabali had reached over 12,000 | Batman v Superman: The Dawn of handbags and wallets forthe movie al FMCG major such as HUL came on
screens across the world on a par with Justice and Cadbury: Arange of Dairy board, it did so for products that had a
some big Bollywood releases of its time. | McDonald's and Kung Fu Panda 3: local fan base such as Fair & Lovely. Global households by family Largest markets by mortgaged
Excitement around Baahubali 2 has
Milkchocolate bars moulded in the type, 2016–2030 households, 2030
Kung Fu Panda toys a partof the Apart from the growing reach of the
been building for a few months with the shape of Batman and Superman movies because of the wider geograph-
Happy Meal plus a limited edition Single Rank Country Million % growth
movie producers and fans using digital ical spread of its audiences, many
| Star Wars: The Force Awakens and menu themed around the movie person households 2016–2030
media to drum up a buzz around the movies in the South are being dubbed in
Amazon India: Around 40 lakh 1 India 291.2 57.5
film. Its trailer became the seventh | Bollywood films Raees, and Rock On 2 multiple languages. This helps increase Couple
most-watched online video within 24 packages customised forthe movie the brand value of these movies too. For without 2 China 233.5 17.7
had merchandise deals with e- children 3 Brazil 53.9 26.6
hours of launch and has crossed over instance Kabali was released in six to
100 million views on YouTube so far. | Beauty and The Beast and Hidesign: commerce portal The Souled Store for seven languages; Bahubali 2 will be out Single 4 Indonesia 45.1 13.1
The movie is set to release in over 6,500 Alimited edition range of leather T-shirts, badges, posters, etc in four Indian languages on the first day parent 5 Nigeria 38.9 287
screens across the country on April 28. of release and will later be dubbed into family
6 Russia 37.7 62
Brands have worked with the movie has associated with the movie for Milk ed along with the product pack. Ali foreign languages including German, Couple 7 Pakistan 35.5 74.6
makers to come up with several innova- Bikis and Tiger biscuits. Around 150 mil- Harris Shere, vice-president, marketing Japanese, French and Chinese apart with
children 8 USA 31.1 11.7
tive merchandising and promotional lion Tiger and Milk Bikis packs will be at Britannia said, “It resonates perfectly from English. Analysts said it is a good
initiatives. Nestlé will use special co-branded with Baahubali merchan- with the personalities of both our time for South Indian films, although 0 5 10 15 20 25 30 35 9 Vietnam 27.4 148
Baahubali 2 packaging for five new dise and distributed across 1.2 million brands, Tiger and Milk Bikis, which are there is still a long way before the indus- % growth 10 Philippines 21.9 68.3
Munch limited edition packs and pro- outlets, the company said. Tiger will targeted towards kids across India.” try can catch up with Bollywood, just as
mote the film through a television cam- focus on a pan-India approach with Companies consider movies like Bollywood has a way to go before it can Source: Euromonitor International, Note: Figures for 2016–2030 are forecast

paign and on social media. Britannia attractive merchandise and tattoos gift- Baahubali valuable properties accord- match big brother Hollywood.

ECONOMY
>
1

Airtel doles out free data Don’t dump EPCG scheme for now
duced in 1990, when the import duty rates plies to EPCG authorisation holders earn

to postpaid customers
on capital goods were very high. Over time, deemed export benefits. The scheme also
the duty rates have come down and the incentivises domestic sourcing of capital
scheme has evolved, gaining in popularity. goods by reducing the export obligation to
At present, the basic duty rates on most cap- 4.5 times the duty saved.
ital goods is 7.5 per cent, bringing the aggre- Based on a proposition that the GST
gate duty rates to 26.4283 per cent. Of this, regime should not allow any upfront
PRESS TRUST OF INDIA If the usage charges are less 18.3 per cent can be taken as Cenvat Credit. exemption that will break a seamless flow
New Delhi, 16 April than ~499, the users will only A GST of 18 per cent will bring the aggregate of credit, an option being considered is to
be charged on the rates that import duty to 26.85 per cent, with Input levy full duty at the time of import. And,
obile operator Bharti are applicable, the e-mail Tax Credit available for 19.35 per cent. to let the capital goods importer rebate

M Airtel is handing out

free high-speed data
to its postpaid subscribers for
added. Airtel said the move
will protect consumers from
bill shocks while travelling
EXIM MATTERS
T N C RAJAGOPALAN
The scheme is very attractive because
the duty saving of 26.43 per cent on import-
ed capital goods is substantial whenever
himself of the GST portion through Input
Tax Credit and get the rebate of basic cus-
toms duty through a scheme similar to
the next three months to abroad. exporters set up new projects or expand the present post-export EPCG scheme.
counter aggressive offerings The company is sending Sections of the media have reported that their capacities or go for technological The finance ministry would prefer to
by newcomer Reliance Jio. out mails in batches to inform the Export Promotion Capital Goods upgradation. Even on locally procured collect all duties and grant the refund after
Airtel is offering up to all its postpaid customers (EPCG) scheme might be abolished when goods, they save the excise duty of 12.5 per exports are effected, rather than grant
30 GB of free data for the next about the offers. the Goods and Services Tax (GST) laws take cent. Without the scheme, they will have to upfront exemption. The latter would entail
three months for postpaid sub- Over the last few months, effect. Normally, I wouldn’t give impor- find more resources to fund the projects, following up on whether an export obli-
scribers logging onto the ‘My Airtel is offering up to 30 GB of free data for the next three Reliance Jio’s disruptive posi- tance to such reports. However, the com- their capital costs will go up and to that gation is fulfiled. Such a scheme might be
Airtel’ app by April 30. months to postpaid subscribers logging onto its ‘My Airtel’ app tioning in the market has merce ministry did recently take up this extent, their competitiveness will take a hit. convenient for the bureaucracy but
For those who have already by April 30 PHOTO: REUTERS forced other operators to issue for discussion at senior levels. It was The domestic capital goods industry has increase the fund requirement of
availed of a similar offer by the respond with generous count- based on a study on the impact of imports always been a bit wary of the EPCG scheme, exporters significantly. And, y dent their
company previous month, 10 Chief Executive Officer Gopal Citing an example, Airtel er-offers to retain customers, under the EPCG scheme on India’s export for making imports cheaper. In response to ability to build new capacities or upgrade
GB free data (one month valid- Vittal said in an e-mail to sub- said if a subscriber has not turning up the competitive and its capital goods sector, by the Centre its representations, used capital goods and their production facilities. So, it would be
ity) will be up for grabs, a com- scribers. activated a pack before travel- heat in a market of more than for WTO Studies in August 2015. some relating to electricity generation and unwise to abolish the EPCG scheme when
pany spokesperson said. In addition, Airtel has said ling abroad and in case the dai- 1.12 billion mobile subscribers. The EPCG scheme allows import of cap- transmission are not allowed now under the private investment in the economy is
“Now enjoy some free data it will offer the value to cus- ly usage exceeds ~499, Airtel Jio, which debuted previ- ital goods, including spares for pre-produc- scheme. Also, a specific provision has been weak, export revival is beginning and the
every month for the next three tomers who have not activated will automatically activate the ous year with free data and tion, production and post-production, at made to allow EPCG authorisation holders rupee is overvalued. The scheme must
months...That should cover the right international roam- ~499 pack (that includes voice offering, now has 72 mil- zero duty. This is subject to an export obli- to procure their capital goods from indige- continue its upfront exemption.
any long vacation you may ing pack, before their travel unlimited incoming calls, free lion paid subscribers (as on gation of six times the duty saved, to be ful- nous sources. The local suppliers may
have planned,” Bharti Airtel abroad. data, SMS) at no added cost. March 31). filed in six years. The scheme was intro- import their inputs duty-free and their sup- E-mail: tncrajagopalan@gmail.com

> THE BS CROSSWORD # 2704 > BS SUDOKU # 2207 > WEATHER TODAY’S FORECAST
O
Max/min temperatures in C
balance? (7,3) 18 Severe test for copper, back in
ACROSS 28 Impacted by the wind, perhaps small bed with large sides (8) NATIONAL
8 Broken knee produces plaintive (4) 20 Nevertheless, meditated Ahmedabad . . . . .Partly cloudy 43/25
cry (4) endlessly (6) Aizawl . . . . . . . . . .Partly cloudy 23/16
9 Offer wickedness as a diversion DOWN 22 Not much good but not in the Bengaluru . . . . .Thunderstorms 34/19
(4,6) 1 One is all in when such a view of those who have
Bhopal . . . . . . . . . . . . . . .Sunny 42/25
10 Gain a little territory in hard portrait is completed (4,6) benefitted from penicillin? (6)
conditions? (6) 2 Is very bad at playing Schubert Bhubaneswar . .Thunderstorms 34/26
24 Brazilian city — the first to have
11 By the genie, made young (8) arrangement (8) public disorder (4) Chandigarh . . . . . . . . . . .Sunny 40/24
12 Makes a speech that brings it 3 Battles taking on Chennai . . . . . . . . .Partly cloudy 38/28
25 Girl crying (4)
home to? (8) multinational corporation Delhi . . . . . . . . . . .Partly cloudy 41/24
14 Craft in which wives seldom risky propositions (6)
excel (6) Guwahati . . . . . . .Partly cloudy 29/19
4 Desire to hit out, having bagged
16 Put out the flags in SOLUTION to #2703 Hyderabad . . . . . .Partly cloudy 42/25
the century (4)
Pennsylvania before victory in Imphal . . . . . . . . . . . . .Showers 25/17
Europe? (4) 5 Being courteous and kind is said
to follow goodness (8) SOLUTION TO #2206 Indore . . . . . . . . . . . . . . . .Sunny 41/27
17 With a decision to make, one's Easy:
Kochi . . . . . . . . . . .Partly cloudy 33/26
boxed in (5) 6 State of majesty associated with
an elite force (6)
 Kolkata . . . . . . . . .Partly cloudy 32/25
18 To get you back, get restlessly
Solution tomorrow
eager to run (4) 7 Fuel considered all right in Lucknow . . . . . . . .Partly cloudy 39/24
19 Once the scourge of Kenya (3-3) church (4) Mangaluru . . . . . .Partly cloudy 33/25
21 One may take a lofty view of 13 Algebraic problem without HOW TO PLAY
Mumbai . . . . . . . . .Partly cloudy 35/26
some decoration (5,3) "A,B,C" - I need a drink (5) Fill in the grid so
23 Put in a dash (8) that every row, Pune . . . . . . . . . . . . . . . . .Sunny 39/25
15 Hope engendered by
26 Disreputable type taken in hand the will? (10) every column and Srinagar . . . . . . . . . . . . . .Sunny 26/11
by rodent exterminator (6) 17 This jumper rides up (3-5) every 3x3 box cont- Surat . . . . . . . . . . . . . . . . .Sunny 40/27
27 Lessening of one's sense of ains the digits 1 to 9 Thiru’puram . . . . .Partly cloudy 32/27
https://t.me/srikakulam bubbly

14 BUSINESS LAW
>
MUMBAI | MONDAY, 17 APRIL 2017 1

BRIEF CASEN  M J ANTONY

A weekly selection of key court orders

Insurer’s rejection quashed

The Supreme Court has dismissed two
Widening social GST roll-out: A
long last mile
security cover
appeals of the National Insurance
Company, which had rejected claims by
Hindustan Safety Glass Works Ltd and
Kanoria Chemicals & Industries Ltd for Admirable legislative
damage caused to its works by progress has been made
floodwater and fire. The insurance towards the implementa-
company repudiated the claims on grounds of delay, but the ILLUSTRATION: BINAY SINHA tion of goods and services
court found the delay was caused by the insurer itself. In the
first case of Hindustan Safety Glass Works, rain caused
Draft code on social tax (GST). The first week of
the new financial year in
damages which the first surveyor determined at ~24 lakh security & welfare April witnessed Parliament
against a claim of ~53 lakh. The insurer felt the surveyor’s passing the final set of GST
report was not bona fide and appointed another, who also would expand the laws i.e. central GST, inte-
reached the same figure. Then the insurer raised new issues
such as limitation for a filing suit in the National Consumer
benefits but add to grated GST, Union Territory
GST and compensation
Disputes Redressal Commission. The commission rejected it compliance costs for SIMPLY TAX cess, with minimal floor
and in the appeal, the Supreme Court described how the opposition. Further, the
government insurer caused the delay. The claim was filed in businesses MUKESH BUTANI GST council released four
1992, the day after the damage, but the surveyors took more sets of draft rules on crucial
than two years to assess the loss. “The entire delay is aspects related to input tax credit, valuation, transition provi-
attributable to National Insurance and cannot prejudice the ARINDAM MAJUMDER & SAYAN GHOSAL sions. These rules accompanied revised rules related to regis-
claim of the insured,” the judgment said, adding: tration, invoicing, payment and refunds (which were origi-
“To make matters worse, National Insurance actually hrough a Draft Labour Code on nally released in September 2016) for stakeholder consultation.
repudiated the claim of the insured only in 2001, well after the
complaint was filed with the National Commission.” The court
further underlined that “in a dispute concerning a consumer,
T Social Security & Welfare, the
government has drawn up a plan
to consolidate 15 different social secu-
As immediate steps, the aforesaid rules need to be debat-
ed with industry representatives and finalised to get moving
on implementation, since at the present, businesses are mere-
it is necessary for the courts to take a pragmatic view of the rity statutes into a common piece of ly able to absorb statutory provisions, given that finer proce-
rights of the consumer principally since it is the consumer legislation. dural nuances will emerge on journey towards the finalisation
who is placed at a disadvantage vis-à-vis the supplier of Through this, the ministry of labour & of such rules. A case in point is applicability of draft rules on
services or goods”. Similarly, in the Kanoria case, employment hopes to bring workers of valuation principles for intra-unit transfers, a most common
the report of a fire was made in 1993 but the repudiation almost all categories — including casual form of transaction. Similarly, transactions such as rent-a-
came in 1999. workers, those earning below the mini- cab services, tour operator, etc. which enjoy abatement, under
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> mum wage and those in the unorgan- the extant law will undergo changes, as specific valuation
ised, part-time, seasonal and self- mechanism or concessional benefits will have to be accorded
Conviction upheld in coal mine mishap employed sectors — under a robust, under GST.
In a coal mine disaster of 1996, the defined and comprehensive social secu- Another important element is mechanism (prescribed in
Supreme Court upheld the conviction of rity net. The impact, when it takes a final the draft rules) for transition of credits for excise, value-added
a manager and the agent for criminal shape, is likely to be felt by businesses in tax (VAT) and service tax under GST. While the method of
negligence, but reduced their jail terms of additional costs of compliance, transitioning has been provided under the draft rules, there is
sentence to a fine. The incident was 20 more so for small entities. no clarity on filing and compliance requirements under the
years old, the manager was now an The concept of amalgamating and present legislations i.e. excise duty, service tax and VAT/CST,
invalid and 75 years old, while the agent simplifying these laws are based on rec- and how they would be aligned to closing returns of June 30
was negligent only to a degree, it held. The other accused had ommendations of the Second National (assuming GST implementation will start from July 1). Likewise
already been sentenced to rigorous imprisonment and fined. Commission on Labour in 2002. Which final rules for registration/returns/ refunds will pin down
A mining sirdar had asked 17 loaders to continue work despite had taken inspiration from the Inter- understanding of documentation, related reporting and cred-
warnings by workers from the earlier shift that the roof was national Labour Organization’s Social it eligibility. Though, the draft rules are in the public domain,
about to collapse. The roof did collapse, killing four and Security (Minimum Standards) businesses are skeptical to rely on these and undertake changes
severely injuring several others. A probe found the Convention, 1952. The World Social Se- in their systems.
coal mine authorities had violated the system support rules curity Report, issued in 2010 by the ILO, The debate on stratification of products across the pre-
under the mines and minerals Act. A criminal complaint was reported India’s dismal record on social scribed rates of GST is open. Currently, only broad rate slabs
made before the chief judicial magistrate of Dhanbad security protection for citizens. have been made available by the GST council i.e. to recap,
who found seven persons guilty, including four public The Code envisages compulsory reg- leaving aside basic essential goods, 12, 18
servants who violated the rules and warnings. Their istration for all types of workers contribution for gratuity benefits & 28 for goods along with luxury cess not The govt has
appeals were dismissed by the Jharkhand High Court. Two through an Aadhaar-based system, WHAT WORKS FOR under the Code. “As of now, barring to exceed 15 per cent of the peak GST rate. to test the
convicts moved the Supreme Court; but it dismissed their portable social security accounts THE EMPLOYEE the state of Andhra Pradesh, there is no Though the council has clarified that the robustness of
appeals in a long judgment in the case Binoy Kumar vs State (VIKAS) and a three-tier regulatory  A worker earlier enrolling in four obligation to contribute gratuity pay- final GST rate would be (as close) to the the GSTN
of Jharkhand. structure, with a National Social separate schemes can now get all outs to any government body,” says upper side of the current amalgam of all portal before
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Security Council (headed by the Prime the benefits from a single body Atul Gupta, partner, Trilegal. This indirect tax levies, businesses will have to it is released
Minister), the Central Board and shifts the payment of gratuity from an wait for firming up pricing decisions. for public
CCI probe can’t be stalled State/UT Boards.  Social security contributions will employer-based model to a fund-based Delays in pricing strategy will have a testing
When the Competition Commission of Under the Code, contributions from be supplemented by government approach and allows for a more com- cyclical delay impact on negotiations
India (CCI) forms a prima facie opinion workers and employers will be supple- outlays prehensive social security structure. with vendors, distribution agents and so on. From an inter-
that certain firms have formed a cartel mented by government outlays to create The Code proposes to shift the lia- nal organisation standpoint, any increase in rates will neces-
 Payment of gratuity from an
and asks its director general to probe the a social security corpus in each state. This bility of gratuity payouts from contrac- sitate assessment of incremental working capital, its impact
allegation, it is an administrative will be used to provide assorted benefits
employer-based model to a tors to principal employers of contract on cash flows and rejigging of supply chain. All of the above
decision. It is a direction to one of its to workers such as pension, provident fund-based approach, creating more labourers. This move will enhance the will require advance meticulous planning and execution, a
departments and does not involve fund, accident compensation and group comprehensive social security latter’s social security benefits but luxury not available given the timelines. This coupled with
adjudicatory function. The firms against which the probe is insurance, as well as sickness and mater- structure could mean additional payouts and the fear of anti-profiteering law obligating businesses to
being conducted has no right to inspect documents and nity benefits.  The Code gives supremacy to social compliance burden for sectors like pass the benefits of lower tax to the customers could further
evidence against them at that stage, the Delhi High Court ruled “The idea is to amalgamate and security liabilities, as opposed to automobiles and construction. procrastinate pricing decisions. The challenge though would
last week in the appeals of Premier Rubber Mills and Somi rationalise various existing laws. These The greatest opposition to the Code be less pronounced in the context of services.
other debts in cases of liquidation
Conveyor Beltings Ltd. In these cases, the commission, on its give every worker a right to the bene- might come from small businesses, pre- Come July 1, a fundamental change is switch from the age-
own, ordered a probe by the director general as it felt the firms fits,” said a senior ministry official. To viously exempt from many social secu- old practice of indirect taxes such as excise on manufacturing,
had been indulging in a bid-rigging cartel in the market for this effect, the Code even gives IMPACT ON rity contributions. “Large corporate VAT or CST on sale of goods and service tax on rendering of
conveyor belts and exchanged commercial and confidential
price sensitive information among themselves prior to
supremacy to social security liabilities
as opposed to all other debts, in cases of
BUSINESS firms already have an organised social
security structure. It’s the smaller firms
services to applicability of GST i.e. on the activity of ‘supply’.
This necessitates that business IT systems are equipped to
 Increased social security payouts
submission of bids. The firms told the high court their company liquidation. that employ up to nine workers each process invoices issued by vendors on which credit can be
application for permission to inspect documents and get However, this could also mean an  Higher compliance costs, especially which are likely to oppose the Code,” availed, coordinated in a manner that the reporting require-
certified copies was rejected on the ground of confidentiality. increased burden of contribution for the for small business says a senior NITI Aayog official. ments associated with filing returns on the GSTN portal are ful-
Their right to defend themselves had been arbitrarily denied, employer. Currently, employers con-  Additional payouts in gratuity
According to Gupta, the shift from filed. In the present transitional situation, taxpayers are unable
they argued. They also challenged the regulations related tribute 8.33 per cent of basic pay to the having to make multiple registrations to freeze their business processes and positions, including
contributions for contract workers
to the investigation. The high court rejected all their Employees’ Provident Fund (EPF, if the to comply under the existing laws shift to a robust IT system, which could handle this level of
contentions and allowed the investigation by the director worker earns a monthly wage over might simplify compliance related transactional data.
general to proceed. ~15,000). If the employee is eligible for issues for corporates after implemen- Periodic updates on the readiness of the GSTN, an online
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Employees State Insurance (ESI) (i.e if for certain sectors, says a spokesperson tation. But, the inclusion of self- GST portal forming the backbone of government’s imple-
earning a monthly wage under ~21,000) from Confederation of Indian Industry employed professionals, Hindu mentation plan and dependent upon disclosure of transac-
High court intervenes in ITC’s trademark suit the employer contribution is a further (CII). “How the added expense is viewed Undivided Familiess and the unor- tional data will be welcome. The government has to test the
The Calcutta High Court ruled last week 4.75 per cent of wages. by companies depends on their outlook ganised sector, and the necessity of robustness of portal, still under wraps, before it is released for
that it has jurisdiction to decide a trade Under the proposed Code, the on comprehensive social security.” compulsory registration, might com- public testing. Coinciding with portal are related aspects for tax-
mark suit moved by ITC Ltd against a employer contribution to social secu- One of the biggest issues the Code plicate matters. Issues with imple- payers on final formats for returns, registrations, payments etc.
cooperative bank in a “nondescript” rity goes up to 17.5 per cent of wages, might resolve is the ongoing ambigui- mentation of the Aadhaar-based reg- draft of which were released in September 2016. In summary,
Kerala town. The name of the bank is with reduced rates for industries hav- ty on payment of social security con- istration process and its underlying all of the above have to converge and form an integral part of
Irinjalakuda Town Co-operative Bank, ing cess obligations. The existing safe- tributions on wage components. “The data privacy concerns are also areas implementation for a transformational tax regime change.
abbreviated as ITC Bank. The corporation ty nets, such as EPF and ESI, will be definition of ‘wages’ in the Code is of concern. On a positive note, I am reminded of a quote from a famous
with its registered office in Kolkata alleged infringement of its subsumed in this. more specific as compared to the social However, experts still say this Code American essayist, poet, philosopher (and also a tax resister)
trade mark and accused the bank of trying to pass off its “Rather than a single worker enrolling security laws enacted just after India’s has received a more favourable response Henry David Thoreaux – All endeavour calls for the ability to
services as that of the big corporation. It asserted that the in four schemes, he can get all the bene- independence,” says Nishanth than the previously drafted Industrial tramp the last mile, shape the last plan, endure the last hours
website of the bank is accessible everywhere and that the fit from a single body,” says Brijesh Ravindran, member, employment & Relations Code and Wage Code. As with foil. The fight to finish spirit is the one – characteristic we must
cheques or drafts carrying the name "ITC Bank" are being Upadhyay, general secretary of the HR practice, Nishith Desai Associates. many such attempts to modernise possess if we are to face the future as finishers!
issued and can be encashed at all banks situated within Bharatiya Mazdoor Sangh. Apart from contributions towards India’s complex system of labour laws,
the jurisdiction of the Calcutta High Court. Similarly, the debit The costs associated for compliance the social security fund, there is a when this new system sees the light of The writer is a partner with BMR and assisted by Anshul Agarwal.
cards issued can be used at ATMs everywhere. The bank under the new system might increase requirement to make a two per cent day is difficult to gauge. Views are personal
submitted that the high court could not claim jurisdiction in
this case as it operated in Kerala. The high court rejected
its defence.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Banker’s gratuity can’t be withheld

The Bombay High Court last week
‘Taxes are increasingly being discussed at board level’
ordered payment of gratuity to a bank JANE McCORMICK, partner, global head of tax, KPMG, shares with Sudipto Dey her insights on how ed is financial services. We are already seeing
employee who was prematurely businesses could prepare for a fragmented and changing global tax landscape. Edited excerpts some banks move part of their business to
terminated 20 years ago, alleging Europe. From a tax perspective, tariffs and
financial irregularities. In this case, You see corporate boardrooms discussing customs procedures are the biggest concerns
Nannubhai Desai vs UCO Bank, the court tax and tax implications more than before for businesses. The main thing companies
noted that the bank had not issued a in 2017? need to do is modelling to see how the impact
show-cause notice to the employee, it had not proved the Absolutely. Taxes and their impact are hits the supply chain. Businesses cannot risk
extent of financial loss and no criminal or civil suit had been increasingly being discussed at the board waiting for two years to figure out the impact
filed against him. The court also noted that the Payment of
JANE MCCORMICK level. There are two things that are driving on their supply chain.
Gratuity Act is a welfare legislation and the employer is not Global head of tax, KPMG that. One, there is a call from civil society for
empowered to forfeit gratuity. “Forfeiture of gratuity has companies to be transparent and responsible How will the tax reforms proposed by the
serious consequences and any order providing for such How does the global tax landscape look like about what they do with tax. So, tax is not just US president impact the global tax
forfeiture is a quasi-judicial order. It goes without in the backdrop of Brexit, the Trump factor, a financial issue, but it is about the percep- scenario?
saying, it must be passed after following principles of and the anti-globalisation sentiment? tion of the business and has reputational It could be one of the most significant tax
natural justice which call for an impartial and fair inquiry The phrase we have been using is fragmen- risks. The other thing is that because of all reforms the world has seen in terms of
after giving adequate notice and affording sufficient tation and change. There is a view that Base these changes tax is not something that can impact — it could tear up the global agree-
opportunity to show cause to the delinquent employee,” Erosion and Profit Shifting (BEPS) marks the only be dealt with in the finance function. ment on how you deal with taxes.
the judgment said. high-water mark of the globalisation of tax Developments like Brexit and the tax The most common reaction of businesses
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> policy. We are now moving to a situation of (reform) proposals in the United States will is to wait for reforms to come and then react
more fragmentation and change at national have a significant impact on business and to the situation. But Brexit or the tax reforms
GAIL’s challenge to rules dismissed levels. So, rather than going to a more har- will call upon people to re-work business in the US have such a significant impact on
The Delhi High Court last week dismissed monised, consistent, and coherent interna- strategies. That elevates tax to be a business business that one cannot afford to wait (for it
the petition of Gas Authority of India Ltd tional tax system, we are probably going to issue discussed at the board level. to happen). Corporate tax rates have been
(GAIL) challenging a set of regulations have more fragmentation and confusion. going down across the world. There is some
dealing with tariff, distribution Coming to Brexit, how should companies degree of tax competition among countries in
networks and laying of pipelines passed How should industry prepare for such prepare for it? relation to the headline rates. However, when-
under the Petroleum and Natural Gas a scenario? The biggest issue is whether Brexit also ever the rates go down, this is invariably fol-
Regulatory Board Act. In this writ Companies, more than anything else, want means leaving the single European market as lowed by a broadening of the (tax) base.
petition, GAIL vs Petroleum and Natural Gas Regulatory Board, certainty. So, the three biggest things compa- that is what drives a lot of tax. Unless new At the same time, competition on tax
the public sector undertaking pleaded that 12 tariff orders nies need to prepare for are: Change, change arrangements are negotiated, it looks like rates becomes important only when all oth-
issued by the board fixing tariff for gas pipelines should be and change. Tax directors need to be conne- the UK will leave the market. As a fallout er factors are similar. Tax rate is just one of
held illegal as the board has no power to do so. The high court cted with what is going on outside. They there will be tariffs across Europe and cus- the things that make an investment destina-
rejected the contention. have to be good in scenario planning. toms procedures. The business most affect- tion attractive.
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 START-UP CORNER 15 <

Selling fruit & vegetables is a piece of cake LAUNCH PAD

Ninjacart, a B2B agri-marketing FAC T B OX

Founded Area of business Funding Area of operation
platform, needs to expand its reach, Investors Team strength

writes Abhishek Jejani

May 2015 B2B agri-marketing
platform
$3 million in 2016,
$5.5 million in 2017
Accel Partners, Qualcomm
Ventures, M&S Partners,
Bengaluru
170
Mistletoe Inc, NRJN Family Trust

he everyday hassle of transferring

T fruit and vegetables from vendors to

retail stores has come to an end for
Raghavendra Swamy as he now relies on Apurv Agrawal, co-founder & CEO of SquadRun
Ninjacart to do it for him. The head of mer-
chandising of departmental store
FoodWorld says he can maintain the “qual-
ity” and “freshness” as well through
Combining human,
instant orders at the grocery store.
Bengaluru-based Ninjacart is a busi- artificial intelligence
ness-to-business (B2B) agri-marketing
platform connecting fruit and vegetables
farmers directly with retailers. Last week,
to automate process
the company raised $5.5 million (~37 crore) Data automation start-up SquadRun has
from new investors — Mistletoe Inc and raised $2.1 million in its second round of
Nandan Nilekani’s NRJN Family Trust. funding from Blume Ventures, Contrarian
Existing investors Accel Partners, Capital, 91springboard, angel investors, and
Qualcomm Ventures and M&S Partners others. Besides, it has partnered Uber,
also participated in the funding round. Sephora, Tata group, Flipkart, and others.
Co-founded by Thirukumaran Founded by Apurv Agrawal, Kanika Jain,
Nagarajan, Sharath Loganathan, and Vikas Gulati in 2014, the company uses
Kartheeswaran K K, Ashutosh Vikram, artificial intelligence to
Sachin P Jose and Vasudevan automate most of the SquadRun
Chinnathambi in May 2015, the compa- process; the rest is done plans to grow
ny had raised $3 million (~20 crore) last by people. (Artificial intel- in banking,
Co-founders of Bengaluru-based start-up Ninjacart
year from existing investors. days. It charges a platform and distribu- ligence is the theory and telecom and
tion fee from the farmer's selling price and development of computer insurance
Concept ities in India, the team has built a logistics ensures that farmers receive their payment systems able to perform industries,
Ninjacart started as an on-demand gro- system with which they are able to supply EXPERT Efficient supply chains key to growth without any commission or logistics fee. tasks normally requiring and aims to
cery delivery company, but after facing an the produce from farm to stores in less TA K E “We are transacting 60 tonnes of fruit and human intelligence, such provide tools
inefficient and broken supply chain it piv- than 14 hours,” Nandan Nilekani said. A business model that focuses on model wherein efficient supply vegetables a day. We hope to reach city lev- as visual perception, spe- that save
oted to becoming a B2B platform. Poor Currently, 30 per cent of fruit and veg- benefiting farmers — connects chain management and el break-even at 150 tonnes a day and ech recognition, decision- manual
logistics, lack of market information, dis- etables are wasted because of an ineffi- them directly to customers like stemming losses along the chain organisational level break-even at 300 making, and translation labour
tribution inefficiency and marginal farm- cient supply chain and broken agri-mar- hotel, restaurants and reduces will play a crucial part. The tonnes a day,” says Nagarajan. “We have a between languages.)
ing lead to creation of numerous middle- keting ecosystem but the company claims wastage — is indeed a good Indian economy is at a cusp turnover of ~3 crore per month.” With a 32-member team, SquadRun uses
men who are involved in supplying to have less than 4 per cent wastage in its proposition. Given the fact where such efficient supply internet to tap 75,000 people across India,
produce from farm to store. As a result, supply chain. “Initially, we started in B2C farmers have been at the chains can add significantly to Road ahead the Philippines, Malaysia, Uganda, and
farmers are shortchanged and stand to and quickly pivoted to B2B when we receiving end for many decades, growth of gross domestic Ninjacart aims to reach the mark of 300 Kenya, for their analytical skills. Above 18,
earn less than half of what the consumer realised the bigger pain point and superi- Indian economy needs many product and it is highly tonnes to achieve break-even in the next six these people earn ~100 per hour.
pays. Also, the necessity to go to the mar- or economics. The opportunity is big as it such models to evolve and scale imperative that NinjaCart gets it months. To achieve scale, the company The company reached break-even on the
ket every day puts retailers and restaura- a very large market with inherent ineffi- PALAT with good foundation. Scaling is right. Indian farming landscape will be focusing on building a strong farmer revenue front in June 2016.
teurs at a disadvantage. ciencies. It is a difficult execution-orient- VIJAYARAGHAVAN indeed tough but it is a is dotted with small land hold network to ensure consistent supply. SquadRun chief executive Apurv
The start-up aims to solve this prob- ed business so the team has to be good at Founder & CEO, challenge to relish, as there is farmers and we need to bring all Ninjacart will use the raised funds in areas Agrawal says, “The price varies according to
lem by enabling farmers with a supply- running operations,” says Abhinav Lawrencedale Agro significant growing support from available resources of using like technology, data science, customer the plan one chooses but it typically costs
chain platform to sell directly to busi- Chaturvedi, principal, Accel Partners. Processing (LEAF) public and private stakeholders. technology smartly for the acquisition and sourcing. It will also invest one-third to one-tenth less than in-house
nesses, thereby helping to maximise The other challenge will be to benefit of the farming in supply-chain innovation and automa- and outsourcing companies.”
farmers’ income. It picks up the produce Opportunity work on a sustainable business community. tion to improve reliability. With 170 With over 88 per cent of user transac-
from farms and delivers it to businesses, The fruit and vegetables market is worth employees, the start-up aims to increase its tional data still unstructured, according to
helping more more than 1,000 farmers to approximately $150 billion (2015) and it is customer count fourfold. The company IDG, a data and marketing services firm, the
sell their produce daily to more than 500 growing at 9 per cent a year. It is expected and co-founder of Ninjacart. “The viabili- agri-marketing ecosystem,” he adds. sees varying seasons, volatile prices, incon- field is expected to grow 10 times over the
retailers and restaurants in Bengaluru. to reach $224 billion by 2020, according to ty of our business model is proven for sistent supply and logistics as major chal- next five years. Thus, scaling up continues to
“The team’s strong technology-first data compiled by Euromonitor. “The pro- decades. Ninjacart rides on a proven busi- Revenue lenges. To deliver 300 tonnes, an army of be SquadRun’s biggest challenge. The com-
thinking enables the fruit and vegetables duce we deal with is for everyday con- ness model with innovative execution, bet- The company makes money by charging trucks is required to ensure on-time deliv- pany plans to grow in banking, telecom,
supply chain to be extremely cost efficient, sumption, which makes the opportunity ter cost and a strong value proposition for customers at the time of delivery in cash as ery with minimum wastage. The challenge insurance industries, and others, and aims
thus improving farmer earnings and living comparable with markets for milk and farmers and customers while solving the it does not offer credit. However, from will be to build a reliable and responsive to provide tools that save manual labour.
standards. Despite limited cold chain facil- water,” says Thirukumaran Nagarajan, CEO problems left unsolved by the traditional farmers it enjoys a credit period of up to 15 logistics network, says Nagarajan. SHAMEEN ALAUDDIN
https://t.me/srikakulam bubbly

16 PERSONAL FINANCE MUMBAI | MONDAY, 17 APRIL 2017

VALUE OF ~1 LAKH SENSEX

1-YEAR
GOLD SILVER FD (SBI) PPF
INVESTED IN VARIOUS ASSET 1,14,963.66 1,00,292.50 1,12,299.67 1,07,000 1,08,700
CLASSES 1-YEAR 1,14,963.66 1,00,204.75** 1,08,609.79** 1,05,075 1,08,700
POST-TAX RETURNS
#Silver prices suffered losses
**Taxed at 30% income tax slab 5-YEAR 1,72,344.51 1,01,852.18 75,539 1,55,635 1,51,060
* Taxed at 10 per cent without indexation
All post-tax returns calculated on capital 5-YEAR 1,72,344.51 1,01,666.98* NA# 1,36,847.93 1,51,060
gains, except PPF POST-TAX RETURNS
Sensex data as on April 13, 2017 As on April 13, in ~; data compiled by BS Research Bureau
> .

locality is where you wish to stay.

A rally without
spine?
Get hefty discounts with To overcome this problem,
Findmystay has provided a tool
called ‘price slider’. “It tells you the
average cost of the hotel room in a
particular locality and of a certain

hotel booking apps

star quality. You can then quote a
price lower than that. But, of course,
The Nifty is trading at a P/E you should not quote one that is
ridiculously low,” says Simran Sial,
over 23 — well above the co-founder, Findmystay. Next, you
get a list of hotels that have accept-
discount for 15% EPS growth You can get a discount of 25% or more and stay in a hotel room which, in the normal ed your price, and you can choose
from these. Sial says travellers can,
The Reserve Bank of India course, might be beyond your budget IMAGES: iSTOCK
on an average, get a discount of
(RBI) uses multiple sur- around 30 per cent through the plat-
veys to assess consumer SANJAY KUMAR SINGH form. Findmystay covers about 45
and expert expectations. cities and offers accommodation in
It doesn’t publish too n the past, when 46-year old 4,000-odd hotels.
much detail about the
way these surveys are con-
structed. So, we must take
I information technology (IT) pro-
fessional Nirmalya Barua had to
book hotel rooms for business or
To get a good rate, it is advisable
to book in advance. “Rates are lower
when a lot of inventory is available
the rigour on trust. One leisure travel, he would go to the and move up as it diminishes,” says
MARKET INSIGHT set of surveys involves
professional forecasters.
website of an online travel agency
because it offered a wide range of
Sial. He adds that customers are usu-
ally able to get a good discount by
DEVANGSHU DATTA Another involves con- choices. When looking for budget booking seven days in advance.
sumer and household options, he would book through Big discounts for small business-
expectations. The professional forecasters are asked hotel room aggregators, where he es: Large companies have their own
questions about macroeconomic trends. The questions was assured of value-for-money travel desks. Since they can promise
to consumers range around inflation expectations, pricing and no-frills but standard- large volumes to hotels, they are able
employment, spending plans, etc. ised quality. Lately, he has begun to to negotiate good discounts. Smaller
Such surveys could have large error factors — at sev- rely on multiple mobile apps, corporates don’t command the same
eral levels. Survey construction could also lead to bias- depending on his needs, which heft. Therein comes Savvymob. “We
es. Forecasters are also often wrong in their projections, include travelling at the last aggregate the demand from a num-
as are households. However, assuming the surveys are moment or seeking a room at his ber of smaller companies and offer it
well-constructed and rigorous, the results are important. desired price. In recent times, these to the hotel. If we offer 10 of our
Professional forecasters’ projections influence insti- apps, which negotiate for discounts clients to a hotel, it offers us better
tutional investment flows and corporate strategies. Also, with hotels on the customer’s rates,” says Bikram Sohal, chief exec-
central banks take household inflation expectations seri- behalf, have grabbed travellers’ utive officer.
ously, as these can be self-fulfilling. Household expecta- attention in a big way. He adds that they are able to get
tions influence buying, savings and investment deci- Book a room at the last minute: a price at least 20-30 per cent cheap-
sions. In India, household savings form, by far, the largest Imagine you have to travel to a city er than what is offered by an online
component of national savings. Consumption also makes
the largest contribution to gross domestic product (GDP).
for a business meeting at short
notice and have not booked a hotel
IT'S RAINING DISCOUNTS displaying it on the app,”
says Khan.
travel agency. Savvymob now has
tie-ups in at least a hundred coun-
The March 2017 survey targeted 21 professional fore- room in advance. Or, your one-day City Hotel Locality Original Discounted Discount Until recently, one limitation of tries and can offer its customers an
casters who are mildly optimistic about this financial trip to a new city gets extended at the price (~) price (~) (%) the Nightstay app was that you could inventory of about 300,000 hotel
year, albeit less so than in the earlier round of the same last minute, leaving you without an book only on the same day. Also, rooms. These apps get you rooms
survey in December 2016. accommodation for the night. In all Park Plaza Sushant Lok 7,892 3,199 59 your stay can’t extend beyond three spanning the entire spectrum from
Delhi-NCR
In detail, these forecasters expect gross value added these scenarios, you can turn to the Radisson Blu Greater Noida 6,725 3,649 46 nights. “We target the unplanned budget to luxury and at both busi-
(GVA) growth to rise to 7.3 per cent in 2017-18 (up from Nightstay app on your mobile traveller. Our experience has been ness and leisure destinations.
6.7 per cent in 2016-17). They believe services and indus- phone. The Lalit Sahar 10,328 4,899 53 that unplanned travel does not gen- Ensuring quality: Besides a good
Mumbai
try will see acceleration but agriculture will get slower. This platform aggregates unsold Sahara Star Vile Parle East 14,856 5,999 60 erally extend beyond three nights,” price, another aspect that worries
Gross savings rates and private final consumption expen- inventory from hotels and sells it to says Khan. Lately, they have relaxed travellers is whether they will have
diture will improve a little. Merchandise export and last-minute customers at a dis- Chancery Pavilion MG Road 7,288 3,549 51 their rules to permit bookings one a quality experience at a hotel.
Bengaluru
import will grow after three years of near-stagnation. counted rate. Says Nasr Khan, Hyatt Bangalore MG Road 9,898 5,149 48 day in advance. But in that case you Many of these platforms have tied
The inflation indices will move in opposite directions. founder and chief executive officer, must book for at least two nights. up with TripAdvisor and offer its
Consumer Price Index (CPI)-based inflation (estimated at Nightstay: “Hotel inventory is a per- Raintree Hotel Tyanampet 10,980 3,699 66 Quote your price: Nowadays, ratings of hotels on their app and
Chennai
3.6 per cent in the fourth quarter of FY17) will rise to 5.3 per ishable commodity. If you don’t sell The Park Anna Salai 7,899 4,799 39 some hotel booking apps even allow web site, which you can consult.
cent in Q4 of FY18. Core CPI (excluding food and fuel) it today, the unsold inventory goes you to quote the price you wish to They also check the hotel’s stan-
Source: Nightstay app; All discounts as on April 13, 2017
amounts to less than half of the CPI weight. But, core will waste. We ask hotels to put their pay for a hotel room. Findmystay dards before signing it up. “We have
run at a “sticky” 4.9 per cent. Wholesale Price Index- unsold rooms on our platform at a midnight. Nightstay has tie-ups with ensures the rates on their platform lets you do so through what is known a checklist of 20-25 criteria. Only
based inflation will ease from the current 6.55 per cent to discounted rate.” Across India, 800 hotels across 12 cities. are lower than those offered any- as the reverse bidding model. if a hotel passes them all do we bring
3.7 per cent by Q4, 2017-18. informs Khan, the average occupan- The rates you can get at Nighstay where else. “If a hotel wishes to be Customers first enter the date of it on board. Further, if we get two or
Both the central and combined fiscal deficits are cy of hotels is only 61 per cent. In are at least 25-30 per cent lower than showcased by us, it must give us the stay, city and sub-location, and then three complaints about a hotel,
expected to reduce slightly, with the central fiscal deficit other words, 39 per cent of the inven- you would on the hotel’s website. lowest rates. We check regularly the state the price they are willing to pay we drop it from our platform,” says
down to 3.2 per cent from 3.5 per cent for 2016-17 of the tory goes waste. Sometimes, if the supply of rates that others are offering for the for a room. Nightstay’s Khan. For these players,
GDP. Bank credit is expected to rise 10 per cent, better than The inventory available for the unutilised inventory is high, dis- same hotels. If the prices they have If you are a novice traveller or ensuring quality is a paramount
the multi-year-low of six per cent in 2016-17. Yields on the day is put up on the Nightstay app counts can soar to 40-50 per cent or given us are not the lowest, we send unfamiliar with the destination, you concern since about half of
91-day treasury bill and the 10-year government bond and website at nine in the morning. more (see table). a notification. If the hotel still does- would wonder what the average rate their business comes from repeat
are expected to be at 6.3 per cent and 6.7 per cent, respec- Starting then, you can book until The Nightstay management n’t make amends, our system stops of a hotel room in that city and customers.
tively, by March nest year. This gives a fix on interest rate
expectations. It is just 20-30 basis points lower than in
2016-17. The implication: Little change in policy rates.
The consumer surveys polled 5,084 urban house-
holds. A large proportion of the respondents (81 per cent)
expect higher inflation in the next three months, com-
pared to the previous round (68 per cent expected price
WHAT SIPs HAVE FETCHED OVER THE PAST DECADE
increase in December 2016). About 45 per cent of respon- SANJAY KUMAR SINGH  The 10-year SIP returns improve as Fund Corpus value (~) Returns (%) Fund Corpus value (~) Returns (%)
dents expect inflation rates to accelerate. you go down the market cap ladder Large-caps
Current expectations about the general economy are
Flexi-cap
The recently published Sebi investor
negative, for the first time since September 2014. Future  This does not, however, mean you Birla SL MNC 371,802 21.62 DSPBR Opportunities 277,079 16.06
survey said nearly 60 per cent of
expectations have worsened but remain positive overall. investors buy mutual funds (MFs) should invest more in flexi-cap ICICI Pru Value Discovery 354,125 20.71 Kotak Opportunities 267,497 15.42
There are marginally improved expectations in terms of through the systematic investment funds and mid- and small-cap
UTI MNC 331,207 19.46 Birla SL Frontline 267,784 15.40
income, employment and spending. plan (SIP) route. It’s the best strategy, funds than in large-cap funds
Both professional forecasters and households could be Birla SL India GenNext 319,690 18.80 HDFC Equity 266,651 15.24
that averages your cost of purchase  These funds are more volatile and
wrong in consensus assessments and RBI’s own assess- Tata Equity P/E 316,670 18.62 Birla SL Top 100 264,982 15.22
and lets you tide over the ups and so the largest chunk of your portfolio
ment might differ markedly from those revealed by the L&T Equity 256,632 14.61
downs in the stock market should be in large-cap funds Escorts High Yield Eq 305,787 17.97
survey. In fact, going by previous surveys, households
seem to consistently overestimate inflation in the con-
effectively. Almost ~5,000 crore
comes into MFs through the SIP route  By having a long investment
sensus. Professional forecasters’ median forecasts are horizon of seven years or more,
each month. If you had been an Fund Corpus value (~) Returns (%)
often “conservative” and underestimate changes in macro-
early adopter of the SIP approach, you can smoothen out the Mid- & small-cap
trends in both directions. Right or wrong, these surveys
offer nuanced and slightly negative projections on many see the tables for the returns you volatility in flexi- and
mid- and small-cap Canara Rob Emerg Equities 425,693 24.14
counts. At first glance, there is nothing to justify the huge would have made.
funds, and benefit Franklin India Smaller Cos 415,601 23.69
rally over the past three months. Looking closer, the
 Many diversified equity funds from their high Sundaram Select Midcap 370,300 21.54
expected acceleration across industry and services could
be reflected in higher growth rates for corporates. An old have given annualised returns of return potential L&T Midcap 367,846 21.42
rule of thumb suggests corporate earnings can grow at 14 per cent and above, going all
the way to 24 per cent, over the Franklin India Prima 367,695 21.41
twice GVA — that's about 15 per cent — during a favourable
cycle. The National Stock Exchange’s Nifty 50 is now trad- past decade for those who took DSPBR Small & Mid Cap 365,005 21.27
ing at a price-to earnings ratio of over 23, well above the rea- the SIP route. These are very
attractive returns Source: Ace MF, data as on April 12, 2017; Corpus value is for SIP of ~1,000 for the
sonable discount for 15 per cent earnings per share growth. past 10 years

Putting a price on your spare room

room for a commercial activity, While certain commercial activ-
again subject to permission from ities are exempt from tax, some
your society. But, first check which could be charged the commercial
commercial activities are permit- charges on property, water and elec-
ted to be carried out in residential tricity rates. Keep this in mind.
You could give it on rent to a paying guest, for commercial activity, areas by the municipal corpora-
or run a bed and breakfast scheme WHILE LETTING OUT tion. There have been instances
where owners have gone to
Bed and breakfast
One could also run a bed and break-
THAT EXTRA SPACE court for renting out their proper- fast service. For this, a licence from
PRIYA NAIR electricity, water, etc, in the charge but both parties involved gener- I Include charges for water, ty for commercial activities like a the tourism department is required.
because it is difficult to fit separate ally get such a deal in writing to electricity in the rent yoga centre, or offices for chartered It is available for a certain fee and
A large three-bedroom house can meters. “If you are letting out only safeguard their respective accounts, lawyers and doctors. after all the no objection certificates
I Take permission from
be difficult to maintain for an eld- one room, it is difficult to get a sep- interests,” says Ashwinder Raj “Commercial activities that are and documents that are mentioned
erly couple living on their own, arate meter because the ownership Singh, chief executive officer - municipal corporation for any non-polluting and do not put a on the respective state’s tourism
especially in a metro like Mumbai is with one person. Unless it is an residential services, JLL India. commercial activity strain on infrastructure such department website.
or Delhi, where the cost of living is independent house, where you can In many cases, the owner I If the commercial activity is
as water or sewage are usually per- For example, Maharashtra
higher. But, if they rent out the show more than one owner and a might not want to register the mitted, according to municipal Tourism Development Corp-
not eligible for exemption, you
extra room, it can be an additional separate entrance, and try to get agreement because it will corporation rules. These vary oration seeks documents such as
source of income. separate meters,’’ says Siddhart involve additional cost like will have to bear higher tax from city to city,” says Goel. property card, 7/12 abstract, iden-
With your housing society’s per- Goel, senior director, research serv- stamp duty, says Ghulam Zia, I Licence from tourism Running a commercial kitchen tification from two local respected
mission you could rent out the room ices, India, Cushman and executive director, Knight department is a must for bed might not be permitted in a resi- persons like special executive
to a student who cannot afford to Wakefield. Frank. and breakfast service dential building. magistrate, sarpanch, talathi etc;
pay high rent. Or if the building is Typically, water and electricity “An agreement is more If your house is in a gated com- rate of rooms and menu rates;
close to a commercial area, you charges are applied on a propor- important when the entire munity, chances are the society NOC from Grampanchayat,
could rent it out for a commercial tionate basis, and other charges house is given on rent, as it the tenant gets access to com- might not permit a commercial Nagarparishad, Nagarpalika,
activity. Running a bed and break- including cable, internet, maid, etc. gives the owner control over the mon areas like kitchen and living activity. Too many outsiders com- Mahanagarpalika, photograph of
fast scheme is another option, pro- are charged on actual usage. An house, in case the tenants refuse to which is what usually happens in room, in addition to the bedroom, ing into the building could prove to rooms, receipt of property tax,
vided you get all the approvals. owner keeping a PG invariably vacate. But, in the case of PG, the case of paying guests. and if it includes services like clean- be a nuisance for others. It could water, electricity bill, etc.
charges deposit which is generally landlord is living in the same prem- The rent in this case will depend ing and so on. Otherwise the charge also impact the valuation of other “Since a bed and breakfast is
Renting for residential purpose lower than the usual deposit ises. So, he still has control over the on the kind of room, facilities, etc. could be ~ 7,000-10,000, says Goel. houses. But, if it is a mixed-use closer to hospitality, one has to fol-
The easiest way is to rent out your charged for an entire house. These property,’’ he points out. For instance, if the rent for a two building and your apartment is on low the rules and regulations. One
extra rooms to a paying guest (PG). conditions must be mentioned in And, tenants will not be able to BHK (bedroom, hall, kitchen) is Renting for commercial the ground floor, letting out part of may not find too many takers if your
While doing so, one will have to the agreement. claim tax exemption if the owner ~30,000, for renting out one room purpose the space for commercial activity is house is in a city, but in a tourist des-
include the cost of facilities like “An agreement is not necessary does not provide a rent receipt, you can expect ~15,000, provided Another option is to let out the easier. tination it can do well,” says Zia.
https://t.me/srikakulam bubbly

MUMBAI | MONDAY, 17 APRIL 2017 POLITICS & PUBLIC AFFAIRS 17

“How dare somebody talk like this, "I strongly condemn such statements. "A strong message should go from
especially against a woman The state government the government against such
chief minister? Is this the way you is free to take appropriate behaviour and action must
are going to protect women?” legal action on this issue" be taken against the guilty"
JAYA BACHCHAN, Samajwadi Party MP on bounty announced on MUKHTAR ABBAS NAQVI, Minister for Parliamentary Affairs
West Bengal CM Mamata Banerjee MALLIKARJUN KHARGE , Congress MP and opposition leader
> .

Delhi’s local polls arouse national interest

While BJP has made the elections a matter of prestige, ELECTED MUNICIPAL CORPORATIONS IN DELHI
Aam Aadmi Party’s national prospects hinge on these NORTH DELHI CIVIC BODY EAST DELHI CIVIC BODY
PHOTOS: SANJAY K SHARMA The North Delhi Municipal Corporation inherited a debt of around The smallestamong the three civic bodiesand inherited debtof
~750 crore during the trifurcation of the MCD in 2012. It has 22 around ~451 crore during the trifurcation of the MCD in 2012. Its
colonies in the A, B and C categories. Schools run by this property taxcollection is the lowest,as nota single colony falls in
corporation recorded the highest dropout. The residences of the poshA, Band Ccategories.Areas underthese civic bodiesare
Delhi’s Lieutenant Governor and chief minister fall under its susceptible to outbreakof disease because of uncleaning ofgarbage
jurisdiction. Main problems in the area are illegal construction, and open drains. EastDelhi is believed to be having highest
cleaning of garbage and clogged drains. concentration of migrantpopulation from UttarPradeshand Bihar

6,254,758 56,000 3,949,846 26,000

| Total households | Total households
POPULATION SCHOOL DROPOUT | Property taxpayers POPULATION SCHOOL DROPOUT | Property taxpayers
IN 2011 (BETWEEN 2012-13 Figuresinlakh(approx) IN 2011 (BETWEEN 2012-13 Figuresinlakh(approx)
AND2016-17) 10.0 AND 2016-17)
3.5 4.0 2.28
2012 MCD EXPENDITURE (~cr) 2012 MCD EXPENDITURE (~cr)
ELECTIONS RESULTS | Education ELECTIONS RESULTS
FINANCE (‘16-’17) | Education FINANCE (‘16-’17)
Others 16 | Sanitation Others 10 | Sanitation
BJP | Public health | Internal revenue BJP | Public health
59 35 | Internal revenue
| Budget deficit | budget deficit

1,038.47
(Figuresin~cr) Figuresin~cr
TOTAL TOTAL

892.4

351.48
819.25
819.89
104 2,755 2,754 64

692.93
1,478
2,041
INC INC
29 19

SAHIL MAKKAR least four million households. These teams are to explain to peo- SOUTH DELHI CIVIC BODY
New Delhi, 16 April ple that most of the promises made before the Delhi assembly
election in 2015 have been fulfilled. These include reducing pow- The richest among the three civic bodies in

A
few days before the Punjab Assembly elections, par- er bills by half, providing free water supply up to 20,000 litres a NORTH DELHI the national capital, despite having
ties in opposition, mainly the Congress, managed to month and free education loan up to ~10 lakh.
MUNICIPALITY received the highest debt of ~850 crore
plant an element of doubt in voters’ minds about the The AAP government also raised the minimum wage for during the trifurcation of MCD in 2012. It
Aam Aadmi Party’s (AAP’s) performance in Delhi. unskilled workers from ~9,724 to ~13,350 a month, for semi- is as big as the North Delhi Municipality,
The Opposition ran a concerted campaign that the Arvind skilled workers from ~10,764 to ~14,968 and for skilled workers
Kejriwal-led Delhi government had failed to deliver on most gov- from ~11,830 to ~16,182. The pension for senior citizens, persons
with 104 wards. It has the biggest share
ernance issues, beside being at loggerheads with the Bharatiya with disability and widows was increased by ~1,000 a month. EAST DELHI of tony colonies, such as Green Park, and
Janata Party (BJP) government at the Centre. Many were per- The 110 Mohalla Clinics started by the city government treat- MUNICIPALITY collects the highest revenue in property
suaded that the Narendra Modi government would deny funds ed 2.6 million, the party claims, and 10,000 beds were added to taxes. It has 388 approved colonies, 86
and resources to Punjab if AAP won the state. government hospitals. The education sector has got 24 per cent rural villages, 81 urbanised villages, 111
This took the wind out of AAP’s sails and the party lost its of the Budget; the highest among all states and Union

Yam
unauthorised colonies, 252
strong momentum before the polling. Territories. Twenty four schools and 8,000 classrooms have
unauthorised regularised colonies and 32

una
All eyes are now trained at the elections, on April 23, to the been added; another 10,000 are expected in the next finan- SOUTH DELHI
JJ resettlement colonies.

Rive
three municipal corporations in Delhi. Currently, the BJP rules cial year. Its actions against private schools in nursery MUNICIPALITY
all the three — East, South and North civic bodies. stage admissions and fee hikes have been well received.

r
These local bodies are mainly tasked with the work of clear- Enough to win the civic elections? The answer is per-
ing garbage, primary education and primary health care. And,
the elections are being keenly observed by both AAP sympa-
haps a No. AAP has begun to make new promises, includ-
ing waiver of property tax, to attract the rich and 6,214,059 54,000
thisers and other parties across the country. middle-class, and water subsidies for tenants to woo migrant POPULATION SCHOOL DROPOUT
Both the AAP supporters and those on the fence would take the workers from Uttar Pradesh and Bihar. This was mainly to IN 2011 (BETWEEN
results as a referendum on the AAP performance in Delhi. Political counter the BJP’s move to influence the migraant population. 2012-13 T0
parties not currently part of the BJP-led National Democratic Similarly, AAP is trying to woo civic employees, especially the
Alliance (NDA) government at the Centre would see it as either a garbage and sanitation workers, regularly having their pay
2016-17)
rise or fall of another opposition force. Loss for AAP is likely to fur- delayed because of mismanagement in the civic bodies and
ther compel regional satraps to form a rainbow coalition against also because of a tussle between the Delhi government and the
FINANCE(‘16-’17)
the NDA government before the 2019 general election. three municipalities over funds. AAP has promised the 55,000- | Total households | Internal revenue
AAP leaders agree a win in the civic elections would consoli- odd cleaners and sweepers of salaries on the seventh of every | Property taxpayers | Budget deficit
date their position. “AAP is an alternative party. A win in these month, besides health facilities. Figuresinlakh (Figuresin~cr)
elections will further strengthen the faith of AAP supporters,” says AAP leaders are busy reminding people about the record out- (approx)
2,755
Dilip Pandey, convenor of its Delhi unit. break of dengue and chikungunya cases in the national capital 11.0
There is a sense in the AAP leadership that the BJP and the last year. It is the responsibility of the civic bodies to fumigate 4.75
Congress are in a ‘friendly fight’ in the Delhi elections, aimed to and keep a check on breeding of mosquitoes. Last year, 4,431 250
keep their party out. A similar rumour kept circulating during the cases of dengue and 9,749 cases of chikungunya were reported.
Punjab Assembly election. “The Congress should have high- AAP says its organisational strength has grown from its first
lighted the BJP’s failure in the civic bodies. The BJP is fighting the Delhi assembly election in 2013. It claims a cadre presence on most 2012 MCD EXPENDITURE (~cr)
elections not on the basis of their achievements in the past 10 years polling booths, estimated at a little over 13,000 in Delhi. It believes
ELECTIONS RESULTS | Education
but on mudslinging. The BJP is scared, as its councillors are fac- Muslims (17 per cent) and Dalits (13 per cent), which voted for it
ing anti-incumbency, and they have failed,” alleges Pandey. in the 2014 Delhi assembly election, would continue to do so in Others 31 | Sanitation
The BJP has made the elections a matter of prestige, involv- the civic polls. The party’s hopes are based on the 2016 munici- WILL ‘MODI WAVE’ WORK? | Public health
898.97

ing the party’s national president Amit Shah and several cabi- pal bypolls, where AAP won five of the 13 seats. The Congress, BJP The BJP is expecting to win
857.25

net and state chief ministers. The party has replicated the and independents won rest of the seats. on Prime Minister TOTAL
Gujarat style of election fighting by denying poll tickets to most However, things have changed in the past year. The BJP has Narendra Modi’s 104
of its incumbent councillors. The BJP is expecting to win on increased its presence among Dalits and consolidated its vote popularity, similar to its
221.55

Prime Minister Modi’s popularity, similar to its success in the bank of middle class and traders. The result of the bypolls at success in the recent INC
recent elections in five states. The aim would be to contain Rajouri Garden assembly seat, where the AAP candidate lost his elections in five states. The 29 BJP
AAP to a minimum, as happened with the Bahujan Samaj Party deposit to the BJP-Shiromani Akali Dal winner, has sent the aim would be to contain 44
and the Samajwadi Party in Uttar Pradesh. alarm bells ringing. The party is now focusing more on 57 AAP as happened with the
The BJP’s aggressive stance has forced AAP on the back foot. wards either won by independents or non-BJP parties, and Bahujan Samaj Party and
Instead of riding on Kejriwal’s popularity, the party has formed another 60 seats where the margin of victory was less than the Samajwadi Party BJP: Bharatiya Janata Party;
around 4,000 teams for door-to-door campaigning, is to reach at 1,000 votes. in Uttar Pradesh INC: Indian National Congress
Source: Delhi govermnent's civic bodies and media
reports

STORY IN NUMBERS PERISCOPE

PM Modi’s packed home visit
A DIFFERENT PLAY: TENDULKAR, REKHA PERFORM BADLY PrimeMinisterNarendraModiisinhishomestate,Gujarat,on
Former cricketer Sachin Tendulkar and nomination in 2012. While the 62-year-old translates to an expenditure of ~3,60,000 a expenditure incurred on him/her would be Mondaytoinaugurateseveralprojects,includingahospitalinSurat
actress Rekha are the worst performers in actress attended the Upper House for the day on Rekha and ~2,56,000 a day on high. In Rekha’s case, it is the opposite. andSumulDairy’scattlefeedplantinTapidistrict.ThePMisalso
attending the Rajya Sabha among the 12 least number of days, compared to those Tendulkar. The difference is only because of Each MP is entitled to the following: scheduledtoinauguratePhase-IoftheSAUNI(SaurashtraNarmada
nominated members. While Tendulkar has nominated with her, the expenditure the allowances, since all other components | Salary : ~50,000 a month AvataranIrrigation)project.ProvidingdetailsofModi’sscheduled
attended 23 of the 348 days since his incurred on her is the highest till date: ~65 are fixed for every Member of Parliament visit,BJPMPfromSurat,CRPatilsaid,“ModiwouldlandattheSurat
| Constituency allowance: ~45,000 a month airportontheeveningofApril16,wherewewillgivehimagrand
nomination in 2012, Rekha has attended 18. lakh as salary and expenses. Expenditure (MP). If a particular MP attended the House welcome.Nextmorning,hewillinaugurateKiranHospitalin
| Office expense allowance: ~15,000 a month
Further, Rekha has not attended more than a incurred on Tendulkar is ~58.8 lakh, more often than others and has travelled KatargamareaofSurat.”Thehospitalhasbeenbuiltatacostof~400
single day in any session since her according to the Rajya Sabha data. This more extensively than others, the | Travel and daily allowance: Variable
crorebyatrust,hesaid.
PMModiwouldthenheadtoBajipuravillageintheneighbouring
Tapidistricttoinaugurateacattlefeedplantandanicecreamplantof
SuratDistrictCo-operativeMilkProducers’Union,popularlyknownas
SumulDairy.“HewillalsoaddressalargegatheringatBajipura.We
expectthatover300,000womenwouldturnupforthismegaevent,”
SumulChairmanRajubhaiPathaksaid.Accordingtohim,thePMhad
Anu Rekha Sachin K Parasaran K T S Tulsi Sambhaji Swapan Das Roopa Narendra M C Mary Suresh Subramanian performedtheground-breakingceremonyoftheprojectin2014
Aga Tendulkar Chhatrapati Gupta Ganguly Jadhav Kom Gopi Swamy duringhistenureastheGujaratchiefminister.
Apr 27, 2012 Apr 27, 2012 Apr 27, 2012 Jun 29, 2012 Feb 25, 2014 Jun 13, 2016 Apr 25, 2016 Oct, 2016 Apr 25, 2016 Apr 25, 2016 Apr 25, 2016 Apr 25, 2016
INDUSTRIALIST ACTRESS CRICKETER LAWYER LAWYER SOCIAL WORKER JOURNALIST ACTRESS ECONOMIST SPORTS PERSON ACTOR POLITICIAN Rahul’s defamation case to be heard
Nominated Nominated Nominated Nominated Nominated BJP Nominated BJP Nominated Nominated BJP BJP The defamation case filed by the Rashtriya Swayamsevak Sangh
(RSS) against Congress Vice-President Rahul Gandhi’s alleged
Attendance in remark regarding Mahatma Gandhi's assassination will come
69.83 5.17 6.61 82.42 88.40 96.88 89.87 84.09 65.82 60.76 64.56 92.41 up for hearing on Friday. He was not present at the last hearing.
the Rajya Sabha
Last November, Rahul was granted bail on the basis of personal
(%) surety by Maharashtra's Bhiwandi court. A local RSS functionary,
Rajesh Kunte, had filed the case against Rahul for claiming at an
Questions election rally on March 6, 2014, that the right-wing organisation
asked in the 0 0 22 0 134 96 0 0 0 0 0 16
had killed Mahatma Gandhi.
Rajya Sabha Though the apex court has stayed the proceedings against
Participation him, the Congress leader appeared before Magistrate D P Kale in
in the Rajya 13 0 0 9 54 2 9 0 13 3 3 13 Bhiwandi on July 8 last year. He had in September last year
Sabha debates withdrawn his petition filed in the Supreme Court and said that
DATA: RAJYA SABHA & INDIASPEND
he would face trial.
https://t.me/srikakulam bubbly

18 THE SMART INVESTOR MUMBAI | MONDAY, 17 APRIL 2017

BSE 200: TOP 5 GAINERS OF LAST WEEK QUICK TAKE: REC POWERING AHEAD “PEOPLE ARE USUALLY EITHER TOO PESSIMISTIC OR
BSE price in ~ April 7 April 13 % chg Rural Electrification Corporation has gained 36% TOO OPTIMISTIC ON INDIA AND THEY’RE TOO
Piramal Enterprises 1,917.80 2,237.60 16.7
Rural Electrification Corporation 183.70 206.80 12.6
in the past one month. Analysts say the progress OPTIMISTIC AT THE MOMENT. INDIA IS THE SINGLE
on implementation of power sector reforms like
Aditya Birla Fashion and Retail 159.30 178.55 12.1 UDAY has been good and will lead to better
MOST EXPENSIVE MARKET GLOBALLY. IT’S MORE
Bajaj Finserv 4,213.25 4,607.15 9.3 growth and margins for companies like REC. EXPENSIVE THAN THE US”
Bharat Petroleum 675.20 730.85 8.2 Hence, they see more gains ahead for the stock RAJIV JAIN, Chairman and CIO, GQG Partners
<

Cash levels in equity MFs FUND HOUSE-WISE MOVEMENT OF CASH LEVELS

Cash as % of AUM
ICICI Prudential MF
Nov-16
4.53
Dec-16
6.90
Jan-17
12.08
Feb-17
8.92
Mar-17
8.80
STREET
SIGNS

double in 4 months
HDFCMF 1.43 2.58 1.51 3.79 1.50
Reliance Nippon MF 1.20 2.35 2.10 2.73 2.20
Birla Sun Life MF 4.27 4.88 3.66 4.50 4.70
Will anchor investors flip
D-Mart shares?
SBI MF 4.58 4.93 5.26 5.38 4.60 The 30-day lock-in period on anchor
UTI MF 3.83 2.99 2.95 3.43 3.10 investors of Avenue Supermarts, the
Equity funds sitting SUDDEN SURGE IN CASH AS STOCK
KotakMF 6.86 6.39 5.78 4.45 18.90 operator of D-Mart, ends on Monday. The
question market experts are asking is
IDFCMF 6.96 7.84 5.33 6.74 21.70
on ~39,600 crore PRICES RISE DSP BlackRockMF 5.16 3.67 4.40 5.34 3.90 whether anchor investors will sell at least a
part of their shares, due to the good returns
cash or 6% of AUM Cash (~ cr) (LHS) Cash as a % of AUM Axis MF 1.99 8.43 6.34 10.75 11.50 that they are already sitting on. While most
44,000 6.20 AUM is assets under management; AUM and cash data are for the equity segment of them say they plan to stay on with the
Source: Edelweiss Fund Insight Report
CHANDAN KISHORE KANT investment as they are in it for the long
Mumbai, 16 April 33,000 5.40 move on interest rates cash. Amid this, I think return of haul or have strong personal equation with
have kept fund managers money from IPOs allotment too promoter Radhakishan Damani, some fund

C
ash levels in equity mutual guessing and resulted in a would have added up the cash.” managers said the returns have surpassed
22,000 4.60
funds (MFs) have reached cautious stance. But, he isn’t A chief investment officer (CIO) their expectations and they won’t mind
almost six per cent in March worried due to the increase of a bank-sponsored fund house partial profit-taking. D-Mart had raised
amid a sharp rise in stock prices. 11,000 3.80 in cash levels. echoes similar views. He says that ~560 crore from anchor investors before its
The cash levels are the highest in “Cash level of six per industry got a massive net inflow IPO. The stock is currently trading at
at least two years. At ~39,600 crore 3.00 cent, although high, is not of ~50,000 crore in the past six ~780.50, 160 per cent higher than the issue
0
at the end of March, these are May, ’16 Mar, ’17 alarming and nowhere close months. “All of the inflows don’t price of ~299.
more than double the levels seen to 2009-10 levels, when the get deployed immediately. The SAMIE MODAK
at the end of November 2016, industry took a conscious cash sharp run up in stocks has delayed
according to a report by Edelweiss. call to as high as 15-20 per cent. the cash deployment,” he adds. PrimeFocusrisesonsalebuzz
On a year-to-date basis, cash as a I see the current aggregate cash Fund managers, however, The share price of media services company
percentage of equity assets under levels as a temporary blip and as ruled out sustained selling and Prime Focus has been rising steadily
management (AUM) has opportunities come in, fund man- said they would deploy the cash in the past few weeks on reports that
increased 116 basis points, or by agers would start re-deploying depending on how earnings pan Anil Ambani’s Reliance group had
~18,800 crore. The benchmark cash in stocks,” said Belapurkar. out. They don’t rule out a correc- initiated talks with Dalian Wanda Group,
indices have gained more than 10 An official at Kotak Mutual tion of up to five per cent, given Tencent and others to sell Reliance
per cent during this period, while ponent has been seen at fund outlook for certain sectors trig- Money managers said they Fund said, “It is partly due to shift the steep rise in markets over the MediaWorks’ entire 35 per cent stake in
the rally in the broader market has houses, including IDFC Mutual gered some profit-taking, said pulled out money from stocks in of positions from cash to futures last few months. “Those times will the company, which could trigger an
been even sharper. Fund, Kotak Mutual Fund and fund managers. the technology, pharma, oil, for the arbitrage opportunity.” throw opportunities and excess open offer for another 26 per cent stake.
Continuous and robust inflows Axis Mutual Fund, and are largely Neelesh Surana, head of equi- cement and some non-banking Fund inflows have also cash could be easily absorbed,” Reliance group had sold around 10 per cent
into equity schemes coupled with responsible for the rise in cash ty at Mirae Asset, says, “There finance companies. been robust. says the above cited CIO. stake in Prime Focus in October 2015.
profit-booking by fund managers with the equity funds segment. were selective pockets that the Kaustubh Belapurkar, director Surana say, “Markets have As on 31 March, the total equi- Prime Focus’s share price has risen from
in the mid and small cap space are Schemes of Birla Sun Life AMC, money had been chasing. This led (fund research) at Morningstar moved quite fast in recent times ty assets (including equity-linked ~83 to ~115.60 in April – a rise of 40 per cent
seen as the reason for the increase put together, have also seen cash to an erosion of margin of safety India, says events like demoneti- while inflows remained strong. savings schemes) stood at about in two weeks
in the cash pile. levels rise. which may have triggered selling sation, the US presidential elec- Last minute cash inflows in tax ~5.4 lakh crore managed by near- JOYDEEP GHOSH
The sudden surge in cash com- Expensive valuations or weak resulting into high cash.” tion and the US Federal Reserve saving schemes, too, have added ly 480 schemes.
WindfallforliquidMFs
Debt mutual funds (MFs) saw a spurt in
investments on Thursday, ahead of the long
weekend. According to sources, many large

IS THERE CORRELATION BETWEEN FLOWS AND RETURNS? ManaksiaIndustries:Anewstory corporates parked their surplus cash into
liquid MFs to make some treasury income.
“As Friday was a bank holiday, a lot of
The first non-large- equipment whenev- the brothers went their separate companies delayed their payment
That markets dowellwhen overseas inflows go the brokerage as technicallyeverysecondary cap company to er it engages in cap- ways. From a purely cultural per- obligations and instead put that money in
up and correctwhen foreign institutional markettrade includes selling and buying, have reported finan- ital expenditure — spective, the rebound of liquid funds. They will withdraw it on
investors (FIIs) press the sell button is a popular resulting in zero netflow. cials for the last at a considerably Manaksia Industries represents Monday when markets open,” said an
adage heard on theStreet. However, an Actual “liquidity” is the “prevalentsentiment quarter of FY17 (and lower cost than his second coming. From the lit- industry official, adding that a large Sensex
analysis of netinstitutional investor inflows of the market,which is based on expectations effectively the full peers. Result: a high tle that I know, this man is not company has invested in liquid funds of
and marketreturns shows it is more than just about either improvementor deterioration in year) has been the return on gross likely to walk into the sunset four different asset management
netinflows that drive the market. For instance, fundamentals (primarilyearnings) or Kolkata-based block. with a sheathed sword. The last companies.
so far in 2017, netinflows ofclose to $3 billion continuation of prevalenttrends,” the Manaksia Three, if the time he grew a nominal compa- SAMIE MODAK
havecome in but the markets haveclimbed 11.2 note says. Industries. assets for every ny into a multi-business indus-
percent, incontrast to 2014,when the markets
got netinflows of just$629 million butthe
“Wecan onlyhope that the currentexcitement
about the Indian market, especiallythe mid-
One would have
cast a dismissive
MARKET MIND expansion
from within at a
come trial group; this time I am put-
ting a quiet rupee on the fact that
“big deal” except MUDAR PATHERYA moderate cost, then he will do the same – if only > EVENTS THIS WEEK
Sensexsoared 30 per cent.While the flows are cap and small-cap, stocks reflects the market’s
that the company by that logic it flows quicker.
important, sentimentis a bigger factor than confidence in a sharp recoveryin economic
has been the first for a second that the company generates ade- Six, the numbers: Manaksia
liquidity, says a reportbyKotakInstitutional activityand earnings and not simply Date Particulars
successive quarter, which tells quate profits. When reinvested, Industries reported an Ebidta of
Equities. For instance, if tomorrowthe US Fed expectations that the marketand underlying me of a reinvention in the it creates an attractive virtuous ~14.72 crore in the third quarter 17-Apr India - wholesale price index
cuts the interestrates by100 basis points, stocks stockswill deliver positivereturns simply company’s personality (with cycle. There is proof at hand: the with an interest cover of six US - NAHB housing market &
will go up sharplywithoutanymeaningful based on ‘liquidity’ and increased much steam left in rebound, company increased its metal times with a good component of empire manufacturing indices
inflows.There is no correlation between ‘participation’ byretail investors into the if you want to hear it loud processing capacity (for the commission income; in the China - GDP data
institutional activityand marketreturns, says market,” the note adds. SAMIE MODAK and clear). manufacture of caps and clo- fourth quarter the company China - industrial output &
There are a number of rea- sures) from 150 tonnes per year reported a consolidated Ebidta retail sales
A. Investments ($ mn) B. Equity issuance ($ mn) sons why I like this company. to 350 tonnes per year — at such of ~12 crore and an interest cov-
18-Apr US - industrial production &
Year FII FII DII Total IPO Follow- Total Net inflow Sensex One, it is a proxy of the coun- a piffling cost that all was fund- er of four times with a decline in
capacity utilisation figures
(cash) (futures) on (A-B) return (%) try’s fast-moving consumer ed from accruals (and likely to commission income.
goods (FMCG) revolution. be commissioned across the next I am keenly watching the
Results: TCS
2009 17,854 -4,066 5,375 19,163 4,103 7275 11,378 7,785 85.3 Whatever FMCG product needs quarter, if you really want to expansion of metal processing 19-Apr Results: Yes Bank & IndusInd
to be capped or closed in India know). capacity (for caps and closures) Bank
2010 29,321 -5,292 -4,504 19,525 8,340 12,665 21,005 -1,480 17.4
largely goes to Manaksia (I said Four, the company is more going on stream with any sub- 20-Apr US - continuing & initial
2011 -512 -1,086 5,943 4,345 1,328 2,557 3,885 460 -24.6 “largely”, not completely). So if than just a manufacturer; it pos- stantial debt increase as my first jobless claims
2012 24,548 -2,282 -10,854 11,412 1,274 5655 6,929 4,483 25.7 one is backing the FMCG sector, sesses a rich track record of hav- lead that FY18 could be substan- 21-Apr US - Markit PMI services,
I would rather put my cash on ing pioneered technologies. The tially better. manufacturing, composite
2013 19,986 1,502 -12,942 8,546 235 7,867 8,102 444 9
this proxy than on a thin-mar- company’s recall is that of a PhD I can smell a story building Results: ACC & HDFC Bank
2014 16,162 -4,076 -5,090 6,996 197 6170 6,367 629 29.9 gin brand that keeps hitting the holder in a subject where most here. Source:websites;
2015 3,274 -373 10,315 13,216 2,099 13139 15,238 -2,022 -5 sales plateau every few quarters. competitors have barely scraped CompiledbyBSResearchBureau
Two, this is not strictly a caps sectoral matriculation.
2016 2,903 -425 5,425 7,903 3,956 3736 7,692 211 1.9
and closures company; this a Five, this company is man- The author is a stock market writer,
BULK DEALS
2017* 6,699 -1,366 -49 5,283 626 1705 2,331 2,952 11.2 precision engineering company, aged by B K Agarwal who creat- tracking corporate earnings and
Date Name Client Type Qty Price (~)
which explains why the compa- ed the multinational Manaksia investor psychology to gauge where
Apr 12 City Union Bank Ardisia SELL 13353000 145
*Till April 12; FII: Foreign institutional investors; DII : Domestic institutional investors Source: Kotak Institutional Equities ny also manufactures its own Group before it demerged and markets are not headed Apr 10 Somany Ceramics Latinia SELL 1706400 680
Apr 11 JM Financial Morgan Stanley Asia SELL 10000000 99
Apr 11 JM Financial Baron Intl. Growth Fund BUY 9974916 99
Apr 10 Somany Ceramics Franklin Templeton MF BUY 1425000 680
Apr 11 Somany Ceramics Latinia SELL 956000 680

‘Investors should not worry about short-term market volatility’

Apr 12 EIDParry Sundaram BNP Paribas MF SELL 2098296 270
Apr 12 City Union Bank IDFC MutualFund BUY 3618785 145
Apr 12 City Union Bank Sundaram Mutual Fund BUY 3456250 145
Apr 12 EIDParry ICICI Lombard General Ins. SELL 1500000 270
Apr 13 Indiabulls Real Estate Shaastra Securities SELL 2687623 103
Apr 13 Indiabulls Real Estate Shaastra Securities BUY 2687623 102
With the fourth quarter earnings season for 2016-17 underway, CHANDRESH NIGAM, managing director and chief executive officer at Axis Mutual Fund, tells Puneet Wadhwa that with the helping the medium-term bull case Apr 12 Somany Ceramics Latinia SELL 380200 681
Apr 12 Hubtown Anand Rathi Direct India SELL 2000000 100
markets being fairly valued, the returns from here will be a function of which companies and sectors are able to deliver consistent growth. Edited excerpts: for both equities and bonds. Apr 12 Hubtown Rathi Global BUY 2000000 100
Source: BSE/NSE

around and the same thing should get What is your advice to both existing Which sectors offer valuation
reflected in corporate earnings. and new investors in equity comfort at current levels?
markets? What about investors in Which ones will lead the next
> COMMODITY PICKS
How do you see foreign portfolio and the debt segment? phase of rally?
mutual fund flows playing out over As I mentioned earlier, this is a time With the markets being fairly val-
CHANDRESH NIGAM the next few quarters? Do you see when India’s structural long-term ued, the returns from here will be a MUSTARD SEED
Managing Director & Chief Executive Officer, active retail participation? investment thesis is getting a boost function of which companies and 4,120
(~ / qtl)
Axis Mutual Fund We expect flows to remain supportive. from all the structural reforms — infla- sectors are able to deliver consistent 4,040
Domestic investors are in the midst of tion targeting by the Reserve Bank, GST growth. In our portfolios, we have 3,960
Will markets move higher over the a structural rebalancing, away from rollout, bankruptcy reform, financial been overweight on private sector 3,880
next 12 months, despite corporate physical and into financial assets; that inclusion, fiscal prudence, to name a banks, quality non-banking finance
3,800
earnings and capital expenditure process has a long way to run. Foreign few. According to us, long-term companies, automobile and ancil- Mar 1 2017 Apr 13
cycle showing no signs of a pick-up? portfolio investors have always been investors (both debt and equity) should lary companies, and select media
The market never moves in a straight supportive of Indian markets, except not worry about potential short-term and consumer durable companies.
Mustardseedistradingat~3,937perquintalat
line. Corrections (stock price falls) are a during periods of crisis. market volatility and should invest to Jaipurspotmarkets.Intheweekahead,pricesare
healthy part of any bull market. While participate in this story. What is your view on banks expectedtoheadtowards~3,980.Slowpaceof
nobody can predict the market What are the key domestic and global investing in real estate investment farmersellingamidgooddemandfrom
over a shorter time risks to the rally? What is the Are the markets ignoring the likely trusts and infrastructure processorscouldlendsupporttopricesinthe
period, we feel probability you assign to these impact of a deficient monsoon and investment trusts? nearterm.
that the medium risks/events materialising? GST implementation on India Inc This is an overall part of improving
to long-term What shocks the market typically is not and the economy? the capital flows into real estate and
prospects are known risks but always what comes as Markets, in the short term, are all infrastructure sectors. While it might GUAR SEED
sound, as the a surprise — the unknowns. Having about sentiment and flows. These take some time for the structures to
4,140
economy is said that, in the near term, the biggest have been supportive of the recent get launched and popularised, we are (~ / qtl)
set to turn issue will be how GST (goods and serv- rally. Having said that, we are also quite positive about the move. 4,030
ices tax) implementation pans out and seeing a reduction in the India risk 3,920
the potential for short-term disruption premium, due to the steady and con- What are your expectations from the 3,810
from that. Globally, we have seen that tinuous improvement in our macro March quarter results season and
3,700
these sort of big changes do cause and the structural reforms being car- projections for FY18 and FY19? Mar 1 2017 Apr 13
shorter term pain to the economy. ried out by the government. This is Earnings are still weak for the broad
market, although select quality com- Guar seed prices in Jodhpur market are trading
IN THE NEAR TERM, THE BIGGEST ISSUE WILL BE HOW GST IMPLEMENTATION panies will deliver. Broader market at ~4,115 per quintal. Prices are expected to trade
earnings should improve slowly over higher towards ~4,250 following persistent
PANS OUT AND THE POTENTIAL FOR SHORT-TERM DISRUPTION FROM THAT. the next few quarters — although the export demand and lower arrivals.
GLOBALLY, WE HAVE SEEN THAT SUCH BIG CHANGES DO CAUSE SHORT-TERM rollout of GST and risk of shorter-term
PAIN TO THE ECONOMY disruption make it very difficult to give Prerana Desai,
a specific road map on earnings. V-P (research), Edelweiss Agri Services and
Credit, Edelweiss Agri Value Chain
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 ECONOMY & PUBLIC AFFAIRS 19 <

100% FDI likely in > FROM PAGE 1

cash, ATM firms More stocks at lofty Clean Money...

valuations again
This includes statement of financial transactions submitted by
banks, property dealers and registration authorities which had
PRESS TRUST OF INDIA banks have so far been caught sharedthelistoftoppropertydealsthathavetakenplaceinthepast
New Delhi, 16 April in a policy tangle, with the three years.
home ministry insisting that Chandrafurtherexplainedthatcashdepositsmadeduringthe

C
ash and ATM manage- 100 per cent FDI could not be Comparable numbers when ratios. This time, even as stocks still trade at over 20 demonetisation drive exposed the hidden bank accounts and
ment companies will allowed for them if they pro- Sensex peaked on September metal companies (Tata Steel, times the two-year forward permanent account number (PAN) details which helped them
soon be allowed to vide private security guards or 8, 2016, were 74 and 18, Vedanta) have posted losses (FY19) earnings, which is not unearth more information on the individuals.
attract 100 per cent foreign armoured vehicles. respectively. in recent times, the stock cheap. So, too, for stocks Chandra met tax officials from across the country in Mumbai
direct investment as they are Companies that make Notably, the Sensex fell returns have been phenome- with a P/E between 50 and last Friday and Saturday to discuss details of the second phase of
not required to comply with devices such as currency 22.6 per cent in a little over a nal. Nischal Maheshwari, 100. its operation. “Under the second phase, we have outlined three
the Private Security Agencies authenticators and sorting year’s time after peaking in head of institutional equities For stocks trading at 50- options to identify tax evaders. First, we will do a deeper scrutiny
(Regulation) Act (PSARA). and currency counting January 2015, while it fell by at Edelweiss Securities, plus PEs, Gautam Sinha Roy, of the individuals identified. Second, we may launch an open
A clarification to this effect machines will also benefit 11.3 per cent in two months explains: “Cyclicals are at the senior vice-president at enquiry,ifwegetmoreinformation,apartfromthedatacompiled.
is likely to be issued by the from this clarification, they from its peak in September bottom of the cycle when Motilal Oswal Asset Third,incaseofstrongevidence,wewouldundertakeenforcement
home ministry shortly. added. Several players, includ- 2016. An unreasonably high industrials slow down; Management, has sound action and book the individuals on the spot,” said Chandra.
The clarification will be clarification that these com- ing TVS Electronics and ITI, P/E multiple means the hence, they post losses. advice. He says, “Investors According to tax officials, of the seven million accounts of
against the backdrop of the panies will not have to com- are in such businesses. stock price has run up but Investors should, thus, look should only hold on to these PANcardholdersthatsawsurgeindevaluednoteafterthecurrency
confusion among firms in ply with PSARA and would be Cash management compa- the company’s earnings are at their enterprise value to stocks if they have very swap,35percenthadneverfiledtheirtaxreturnsortheirdeposits
cash and ATM management eligible to attract 100 per cent nies handle over ~40,000 crore yet to catch up. Most of these Ebitda (operating profit) strong earnings growth visi- did not match with their tax profile.
relating to compliance with FDI,” an official said. of cash per day. 100-plus P/E stocks have ratio; most of bility. The ones Tax department sources also said that during the probe, they
the Act, under which they There are about a dozen The government in 2015 outperformed the BSE 500 them are inexpen- While there is no that don’t deliver found information concerning the role of some bankers, govern-
can receive FDI only up to cash management players in permitted 100 per cent FDI index, with gains of 20 to 100 sive on this front. certainty in equity healthy earnings ment officials and bureaucrats during the demonetisation drive.
49 per cent. the country, including Writer under the automatic route for per cent since December 26. We like Vedanta markets, the growth are more Sourcessaidgovernmentofficialssuchasbankers,doctorsandoth-
The issue was discussed at Safeguard, SIS Securitas, white label ATM operations One reason for the gains and other cyclical parameters to likely to witness ers, were on the radar as they had deposited cash in the range of
a meeting convened by the CMS, Secure Value, Logicash, with an aim to promote could be that markets tend stocks, as recovery consider include time or price cor- ~5-10 lakh. A senior I-T official said that during their enquiry,
Prime Minister’s Office (PMO) Brinks Arya, Securitrans financial inclusion. to react first in hope of an will be very the estimated rection in their there were some government employees who claimed to have
last month. and Scientific Security FDI into the country grew improvement or deteriora- strong.” earnings growth valuations.” used their accounts and PAN to deposit other people’s money.
“In that meeting, it was Management Services. 22 per cent to $35.85 billion tion in any company’s One way of low- for the next Interestingly, Somegovernmentservantssaidtheywerehelpingindividualswho
decided that the home min- According to experts, com- during April-December of prospects. But, it is only in ering the risk is by one to two years, there are many didn’t have bank accounts to deposit the invalidated currency.
istry would be asked to issue a panies managing cash for 2016-17. hindsight that investors filtering out the quality of prominent names TheCBDTisshortlyexpectedtowritetotherespectivedepart-
come to know whether the undeserving company in the list. Many of ments and offices of these employees for an internal enquiry and
market was right or wrong. stocks. While management, them could be jus- share the details with the Central Bureau of Investigation. “The
There are many examples to there is no certain- long-term tifiably com- matter needs to be examined further,” said Chandra.
prove this. Investors should, ty in equity mar- potential to scale manding high val-
> FROM PAGE 1 thus, be cautious while deal- kets, the parame- up a business and uations, due to
ing in the highly valued ters to consider so forth strong growth

GSTN ready for scrips.

Coming to valuations, a
caveat here is that the P/E
include the esti-
mated earnings
prospects. Thus,
experts suggest
growth for the next one to investors go a step ahead of

last-minute rush...
ratio tends to vary across sec- two years, quality of compa- P/E and look at the P/EG
tors and growth cycles. For ny management, long-term ratio, of price/earnings to
example, consumer food potential to scale up a busi- growth. This is a stock’s P/E
companies usually trade at a ness and so forth. divided by the growth rate of
multiple of over 20, due to A closer look at the 100- its earnings for a specified
steady growth prospects. We plus P/E companies reveals time period.
have also seen the swing in that earnings of 16 compa- Rakesh Arora, managing
valuations of information nies are estimated to grow by partner, Go India Advisors,
technology and pharmaceu- over 20 per cent annually says, “High-growth stocks
tical companies - from high during FY16-19. Another 21 are also valued using the
P/E when growth rates were are expected to post profit in P/EG ratio. This factors in
strong to the current low P/E FY19 as compared to loss in the pace of growth these
due to slowdown and other FY16, by Bloomberg consen- stocks are building into.
concerns. Likewise, com- sus data. However, in cases Theoretically, if the P/EG
modity producers typically where earnings estimates are ratio is below one, it is fine to
trade in single-digit P/E available, a majority of the invest at those valuations.”

To deal with teething issues, big companies such as Maruti Suzuki or Hindustan Unilever, which
generate hundreds and thousands of invoices, can use the services of GST Suvidha Providers,
which would act as intermediaries between companies and the GSTN

On the basis of the supply to be able to access data in and medium-sized compa-
side data, firms will be able to order to maintain the integri- nies into the system, officials
avail themselves of input tax ty of the entire chain. in the GSTN expect GSPs to
credit. To deal with teething assist a wide variety of tax-
Take, for example, the issues, big companies such as payers, including small and
case of Maruti Suzuki. The Maruti Suzuki or Hindustan medium enterprises and
company will upload invoic- Unilever, which generate small retail vendors. This
es from outward sales in hundreds and thousands of would entail assistance in
GSTR-1 and inward supplies invoices, can use the services rearranging the purchase,
received in GSTR-2. The of GST Suvidha Providers sales register data in the GST-
details filled by Maruti in (GSPs), which would act as compliant format, and inte-
GSTR-1 will reflect in the intermediaries between com- gration of their accounting
GSTR-2 of its counterparts, panies and the GSTN. packages/ enterprise
and vice versa. And those concerned resource planning with the
Now, firms have the right about the integration of small GST system.
to either accept the informa-
tion uploaded by its counter-
party, edit it or reject it. If
both parties accept the
bills, another form, GSTR-3,
will be automatically gener-
ated for claiming input tax
credit.
Deadlines have been set
to file these returns. GSTR-1
has to be filled by the 10th of
the month, while GSTR-2 is
to be filed by the 15th.
Every company would be
required to file these three
tax returns every month and
all invoices will have to be
uploaded in the system.
As companies can avail
themselves of input tax cred-
it only after their counter-
parties have uploaded their
invoices and/or accepted
them, the system has an
inbuilt incentive for compa-
nies to push their counter-
parties to upload their tax
details.
There are also other forms
such as GSTR-5 for non-resi-
dent foreign taxpayers and
GSTR-10 for government
entities.
On the GSTN dashboard,
a firm will be able to see the
various taxes it has paid,
notably Central GST, State
GST, Integrated GST, and
cesses. Officials of the GSTN
said that the proceeds of the
State GST would be routed to
states via the Reserve Bank
of India.
Firms will also be able to
see the mismatches in the
receiver and supplier data on
their dashboard. A segment-
wise breakup of invoices —
business-to-business, busi-
ness-to-consumer, exports,
imports, etc — is also avail-
able.
The GSTN has also tied up
with the Customs authority
https://t.me/srikakulam bubbly

20
>
MUMBAI | MONDAY, 17 APRIL 2017 1

Modi calls for a ‘long jump’ Mumbai, Hyderabad, Chennai

airports on alert after hijack threat
to give India advanced tag PRESS TRUST OF INDIA
New Delhi, 16 April

Security at international air-

ports in Mumbai, Hyderabad
PMsaysmixofpro-poorsteps&good and Chennai was put on maxi-
mum alert after state police
governancetomakeanewIndiaby2022 forces and the Central
Industrial Security Force (CISF)
ARCHIS MOHAN were informed about a possi-
Bhubaneswar, 16 April ble aircraft hijack attempt.
Security protocols at these
Prime Minister Narendra Modi on Sunday civilian air facilities was
stressed the need to pursue a road map of increased to a level done on
“P2G2” — combining pro-poor proactive ini- Republic Day and Indepen-
Security personnel stand guard at the Chennai International
tiatives with good governance — as he shared dence Day and the CISF, which
Airport on Sunday following a hijack alert PTI PHOTO
his government’s vision of building a “new guards the airports, and police
India” by 2022. were taking special measures. investigations conclude, all specific and actionable.
Addressing the Bharatiya Janata Party Mumbai Police last night security drills to thwart a Anti-sabotage sweeps are
(BJP) leaders on the concluding day of the got an e-mail, purportedly sent hijack-like scenario are being being carried out at the three
party’s two-day national executive here, by a Hyderabad-based woman. carried,” he said. airports and security agencies
Modi said the government’s economic poli- She claimed she overheard six “The woman wrote what are carrying out full passenger
cies like the goods and services tax (GST) men telling each other that “all she heard could be ‘true or not’ checks, baggage scanning, pre-
would foster more honesty in business and the 23 people have to split from but chose to inform the embarkation checks and like
improve tax compliance. This can help dou- here and board flights in three authorities as she felt it was measures.CISFhaspressedinto
ble tax revenue in the next two years from the cities and hijack planes”. her duty as a citizen,” a senior service its sniffer dog squads
2014 level of ~13 lakh crore. CISF Director-General O P officer said. and quick reaction commando
The PM said the country needed to pull off Singh told PTI the security The contents of the e-mail teams for sanitisation drills.
a “long jump” to be counted among advanced apparatus at these airports were shared with all security “There is no reason to pan-
nations on the 75th year of its independence in had been put on “an enhanced and intelligence agencies last ic and all the operations at
2022. Modi said the focus of BJP governments alert and protocols have been night and a meeting of all these airports will be conduct-
and its allies, whether at the Centre or in states, stepped up”. stakeholders at these airports ed as normally as possible so
should be to make the lives of the poor sus- “The e-mail could eventu- was subsequently convened that passengers don’t face any
tainable, ensure social justice and economic ally turn out be a hoax but till with the input being declared problem,” a senior officer said.
equality to workers and peasants.
On social justice, he spoke about efforts to Narendra Modi visits the Lord Lingaraj temple
give constitutional status to a National
BJP national meet commends
Air India to empower staff
in Bhubaneswar on Sunday PTI PHOTO
Commission for Socially and Educationally
Backward Classes, saying this would benefit On Jal Dhan, Gadkari said the Modi gov-
all OBCs across religions. ernment was the first to allocate ~85,000 crore Modi govt policies
to tackle unruly fliers
Briefing the media on the PM’s speech, BJP as part of the Pradhan Mantri Krishi Sinchayee
leader and Cabinet minister Nitin Gadkari said Yojana, adding that better water management ARCHIS MOHAN complimented the
Modi underscored how “Muslim sisters” suf- would reduce agrarian stress, bring prosperity Bhubaneswar, 16 April government’s effort on a
fered because of ‘triple talaq’. to villages and reduce farmer suicides. statutory National
The government didn’t want conflict or ten- The PM said merely building infrastructure The Bharatiya Janata Party Commission for Socially and PRESS TRUST OF INDIA him, we will make these public,” an official said.
sion within the Muslim community, and its such as roads and hospitals wasn’t enough. (BJP) adopted two resolutions Educationally Backward New Delhi, 16 April Under the new guidelines, an airport man-
women deserved social justice, Gadkari quot- Delivery of services in hospitals, schools and at its national executive Classes. It also slams ager would be empowered to take action
ed Modi. state-run transportation was important. meeting here. opposition parties for Air India (AI) plans more autonomy to its man- against a passenger showing unruly behaviour
The PM said the cornerstones of his gov- On allegations of rigging of electronic voting The first, a political blocking the passage of a agers at airports under a stricter framework either onboard or on the ground, without wait-
ernment’s vision would be Jan Dhan, economic machines (EVMs), he asked his party col- resolution, congratulates constitution amendment Bill being prepared to deal with unruly fliers. ing for approval of the chairman.
empowerment of the poor; Van Dhan, forest- leagues not to pay heed to “manufactured con- Prime Minister Narendra Modi in this regard in the Rajya Since Shiv Sena MP Ravindra Gaikwad “The guidelines have a provision to seek
based economy to empower the tribal popula- troversies”. Similar controversies, he said, had and Finance Minister Arun Sabha. assaulting an AI staffer last month, the nation- financial compensation from any such pas-
tion and protect the environment; and Jal been raked up over ‘award wapsi’ and alleged Jaitley for ensuring passage of The move for statutory al carrier and the government have been senger for the loss of revenue if the flight is
Dhan, to ensure better irrigation. attacks on churches. the goods and services tax status is an effort by the BJP to exploring ways to bolster the existing mecha- held up due to such incidents,” the official said.
He talked about the need to protect the Modi asked party leaders to implement the (GST), and for presenting a consolidate support among nism to rein in unruly passengers. The airline has also changed the log book
livelihoods of the tribal population, and on pro-poor vision and achieve the dream of con- ‘pro-poor budget’. the other backward classes Providing more autonomy for managers, a entry format to ensure the exact reason for
ethical exploitation of natural resources. structing a “new India”. He called upon them to Crediting the PM for the (OBCs), after the Uttar Pradesh stronger mechanism to report incidents of delay in flights are recorded, rather than gener-
Odisha is a state the BJP aims to win in 2019. take inspiration from Mahatma Gandhi, who party’s emphatic wins in assembly poll success. In his untoward behaviour and monetary compen- ic explanations. The government is planning a
According to the 2011 census, tribals comprised pursued the objective of India’s independence recent state assembly polls, speech at the meet, the PM sation from unruly fliers are being looked at. ‘no fly’ list as part of stronger measures to deal
22 per cent of its population. with single-minded focus from 1922. the resolution said Modi had said the new Commission “The draft guidelines, prepared with the with unruly behaviour by individuals onboard.
The BJP also plans to do better in the north- Party chief Amit Shah said the BJP had an emerged as the most popular would benefit all classes listed assistance of Air India’s legal department, are Following the Gaikwad incident, AI and
eastern states, which have sizable tribal popu- iconic leader in Modi and should leverage it to leader in independent India. under the OBC category, now with Chairman and Managing Director other domestic airlines had barred him from
lations. expand across India. The second resolution which spanned religions. Ashwani Lohani. Once we get a go-ahead from flying with them. AI later revoked the ban.
https://t.me/srikakulam bubbly

The Smart 1QUICK TAKE: CRUDE TO MOVE IN $45-$55 RANGE

Investor
TSI P2 COMMODITIES P12
Oil prices have fallen 10% in a month
following resumed supply of shale oil,
US FEDERAL BSE PLANS GOLD
which got viable after the price spurt RESERVE LIFTS FUTURES AND
MUMBAI |
FRIDAY, 17 MARCH 2017
on OPEC’s production cut. Analysts
expect oil to trade in $45-$55 range,
MARKET SPOT TRADE AT
barring negative surprises SENTIMENT GIFT CITY
WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING <

Rally after US Fed rate Regulator allows insurers to

invest in infrastructure funds
hike stumps experts RAGHAVENDRA KAMATH
Mumbai,16March

The Insurance Regulatory and

ty & mergers and acquisitions at Nishith
Desai Associates, said since Reits and
InvITs offered low-risk fixed income, insur-
ance companies would look to invest in
HAMSINI KARTHIK Development Authority of India (Irda) has them.
Mumbai,16March cleared investment by insurance compa- While a handful of companies have
nies in Real Estate Investment Trusts filed application for InvITs, none of the

U
sually, a rate hike by US Federal (Reits) and Infrastructure Investment companies has filed for Reits.
Reserve or Fed isn’t viewed as pos- Trusts (InvITs), thus making an important Companies such as Stellite Power, IRB,
itive, particularly for emerging mar- breakthrough for the sponsors. RInfra and IndiGrid have filed papers for
kets (EMs), because higher interest rates Insurance companies are allowed to creating InvITs.
increase the price of funds (liquidity) that buy into commercial real estate, and let- Only the Embassy-Blackstone joint
typically chase riskier assets like EM equi- ting them invest in Reits is expected to venture has filed for intent papers with
ties, for higher returns. If past perform- deepen the commercial property market, Sebi for Reits.
ance is any indicator, the traders were brac- according to experts. According to realty consultant JLL
ing up for some correction or consolidation In a circular dated March 14, Irda said India, around 229 million square feet of
in Thursday’s trading session. But, what an insurer could invest not more than 3 per office space is currently Reit-compliant.
happened instead was totally contrary to cent of its fund size or in not more than 5 “Even if 50 per cent of this space is list-
past performances and even logic. The S&P per cent of the units issued by a single ed in the next few years, we are looking at
BSE Sensex gained 187 points and CNX Reit/InvIT, whichever is lower. a total Reit listing worth $18.5 billion.
Nifty closed at its all-time high of 9,153 Irda has said that no investment will be Moreover, India’s stock of Grade A com-
points. Experts unanimously say that made in a Reit/Invit in which the sponsor Irda said an insurer could invest not mercial assets is increasing, with Reits act-
Thursday’s trading session is clearly a case is under the promoter group of the insur- over 3% of its fund size or in not ing as a sure-fire growth catalyst,” JLL said.
of sentiments overtaking logic or underly- er. more than 5% of the units issued by InvITs might give a fillip to the cash-
ing market fundamentals. And, from cur- Irda said the Reit/Invit rated not less a Reit/InvIT, whichever is lower starved infra space by infusing capital to
rent levels, downside is much higher than
upside.
A LOOK AT PROFITS INDEX TRACKER than AA would form part of approved
investments and Reit/Invit rated less than Irda's move will help those floating a Reit,"
the tune of ~20,000 crore over the next 18
months, said a report by rating agency
Sensex’s earnings-per-share estimates Base is 100
“BJP (Bharatiya Janata Party) winning AA would be part of other investments. said a senior executive of a real estate com- Icra.
election in Uttar Pradesh has changed the FY17E FY18E “Since insurance companies are one of pany planning to float a Reit.
sentiments even for foreign institutional the major subscribers of Reits globally, Ruchir Sinha, co-head of private equi-
1,941

1,849

1,849

investors. So any news tends to be inter-

1,830

1,838

1,715
1,626

preted by sentiments and that’s what

1,548

1,538

1,524

1,483

1,432

played out on Thursday,” Lalit Nambiar,

senior vice-president and fund manager,
equity, UTI Mutual Fund, says. Another
fund manager points out that some seg-
Government could launch 2nd
public-unit fund by early May
ment of institutional investors’ interpret-
Mar 31, Jun 30, Sep 30 Nov 08 Dec 31 Mar 16
ed US Fed rate hike and the commentary
2016 2017
by its chief as signs of improvement in Compiled by BS Research Bureau Source: Exchange
growth in the US. Janet Yellen (the US Fed
chief, pictured) has targeted for two rate and I don’t see the current rally any differ- incremental domestic fund flows, stock ARUP ROYCHOUDHURY age fees are the same as trad- ETF. Everything should be proposed second ETF will also
hikes this year and three next year. ent from what was in the past,” Nambiar selection may become very tricky. NewDelhi,16March ing in an individual stock. An finalised by end-April or early be a new fund offer (NFO) fol-
“Normally, this would be interpreted as a adds. “The market is behaving blind to “Therearefewerqualitynameslefttocon- open-ended ETF has no upper May," said a senior government lowed by additional offers.
cap on global liquidity. But this time, equi- another round of earnings downgrade,” sidercomparedtoayearago,andmyguessis The government is firming up investment limit but a closed official aware of the develop- "Government may provide
ties the world over view Fed’s decision as CEO of domestic brokerage flags off. if the rally continues to be sentiment-driven, plans for launching another one has. ments. appropriate discount for differ-
green shoots of growth. When the leader- “Without visibility on earnings, it might be we will run out of options soon,” he cautions. CPSE ETF (central public sector This CPSE ETF will draw on The request for proposal ent investors in the form of a
ship in the US is taking aggressive stance tough to justify valuations,” says Pramod There are other risks to earnings. Dhananjay enterprises exchange-traded the success of the (RFP) for asset suitable mix of upfront and
on protectionism, it is unlikely that India Gubbi, head of equities, Ambit Capital. Sinha, equity strategist, Emkay Global fund) and will likely have it first one, which was The request for managers for the back-end loyalty discount," the
would gain from US growing this time,” “Not much of earnings' downgrade likely Financial, states that with higher Fed rate, ready to hit the bourses by ear- launched in March proposal for asset second ETF in advertisement had said.
he warns. Experts suggest that measures due to adoption of goods and services tax ReserveBankofIndia(RBI)toomaynotreduce ly May. The discussions 2014, and whose managers for said August last year The constituent firms of the
such as lowering tax rates for companies, in FY18 getting priced in. If the commen- its rates. Experts feel that this could worsen between the Centre and the third tranche is the ETF could clarified that the first ETF are Coal India, Oil and
which will increase their presence in the tary after March quarter's earnings isn’t loangrowth.“Implicationsofthiscouldbefar asset manager, ICICI Mutual open for subscrip- contain govt’s ETF could also con- Natural Gas Corporation, GAIL,
US, could be detrimental to India. “Indian strong, I expect a break in the rally,” Gubbi worse as it can further dampen the earnings Fund, on the stocks of the ETF tion till Friday. The share stake in tain government's Rural Electrification Corp,
equities are completely ignoring the glob- adds. Chhaochharia is factoring in for eight projections,”Sinhastates. are in final stages, sources say. first CPSE ETF is non-state-owned stake in non-state- Power Finance Corp, Container
al headwinds,” Gautam Chhaochharia, per cent cut in earnings estimate for FY18. Fornow,expertsadviseinvestorstolatch ETFs are index-tracking managed by companies owned companies. Corp of India, Indian Oil, Oil
head of India research, UBS says. Nambiar, who largely handles a portfo- ontotheirsavingsandbeveryselectivewith funds that can be traded on Reliance Mutual Officials have said India, Bharat Electronics, and
What also worries experts is the lack of lio of mid-cap stocks, says he is now con- their stock picks as at “frothy” valuations exchanges just like a stock, so Fund and has so far garnered that, hence, the ETF could Engineers India. Of these, the
depth in market fundamentals in the cur- centrating on stocks which could be rela- (Sensex at 22.9 times its companies’ FY17 they combine the diversified ~9,000 crore over the previous include Centre's stake in Axis largest are ONGC, with a 23.62
rent rally. “Only two bull market rallies out tively immune to global headwinds and estimatednetprofits),downsideriskishigh- holdings of a fund with the low two tranches. Bank, Larsen & Toubro, ITC, percentweight,CoalIndia(17.18
of six that Indian market has witnessed so could start delivering earnings once capac- erthanupsidegains.Already,FY18earnings cost and tradability of a share. "DIPAM (Department of and Hindustan Zinc. It could per cent), and GAIL (16.81 per
far (1993-97 and 2003-07) have been sup- ity-expansion cycle kicks in. “But, are we estimate has been lowered by nearly 12 per The biggest advantage is that it Investment and Public Asset also include state-owned banks, cent). The other companies'
ported by growth in earnings. Otherwise, paying the right price for the stocks is the cent since last March, and experts say there provides diversification to Management) and ICICI Mutual which were not included in the weights range between 1 and 8.5
it is largely just a price-earnings expan- question to ask,” he adds. Experts believe is scope for it to be lowered further. investors and is cheaper than Fund are working on the con- first CPSE ETF. per cent.
sion. This has been the nature of equities that while it may not be a challenge to raise investing in a fund. The broker- stituents of the second CPSE Just like the first ETF, the

THE COMPASS

For Biocon, windfall seen from drug launch

Settlement with innovators of a key drug clears up legal hurdles, offers up a revenue machine
RAM PRASAD SAHU US. Biocon launched the drug, Used to treat low White Blood Cell
used to treat early-stage and late- count, it has been assigned a per-
Biocon stock is up five per cent this week after its stage breast cancer, in India in share value of ~80.
partner Mylan settled up with Roche and 2014 and is registering documents Morgan Stanley analysts assign
Genentech, which hold patent for cancer drug for it in other emerging markets. one-year forward price-to-earn-
trastuzumab. With analysts predicting more gains Analysts are positive about ings of 30 for Biocon, with a stock
for the stock, the development looks significant Mylan’s settlement with Roche target price of ~1,264. They justify
for Biocon. and Genentech removing legal this 40 per cent premium to its
In 2016, the cancer drug is said to have clocked hurdles and paving the way for three-year average by citing
sales of just under $7 billion (~46,000 crore), large- launch in key developed markets improving business fundamen-
ly from developed markets of the United States or within a strict time frame. tals; 30 per cent premium to peers
US and the European Union. Analysts at Morgan The importance of the drug can is all down to the company being
Stanley believe Mylan and Biocon would clock be seen from the fact that, out of the only pure-play Indian story on
sales of $200 million within two years of the drug’s the five key biosimilars Biocon global biosimilar opportunities. In
launch, factoring in a 60 per cent erosion in its expects to launch in developed addition, prospects for domestic
price as well as a market share of 15 per cent. This markets, the drug alone represents formulations and contract
should help Biocon clock $40 million (~260 crore) the biggest revenue potential. (A biosimilar is research, as well as commercialisation of new facil-
in profit, factoring in a profit share of 35 per cent designed to have active properties similar to a drug ity in Malaysia, also support these valuations. Citi
with partner Mylan. Any gains from emerging mar- that has previously been licensed.) Analysts at Citi Research has a stock target price of ~1,315. Given the
kets would rack up over and above this profit esti- Research value the drug at ~195 a share, with the current stock price of ~1,121, there is a potential of
mate. overall valuation for the five products at ~515 per 13-18 per cent. While launch clarity helps, any delay
The cancer drug is expected to be launched in share of Biocon. The Street expects the next biosim- could make pressure the valuations.
the second half of 2018 in Europe and in 2019 in the ilar, pegfilgrastim, to be launched in 2018 or 2019.

Should investors worry on HDFC Life, Max Life’s slower growth?

While managements of both are confident of growth picking up, some analysts wait for signals
SHEETAL AGARWAL our bank partners during this period to
HDFC AND MAX LIFE LAG PEERS improve the quality of new business written
At a time when most bank-led life insurers have significantly. We are already seeing an uptick in
grown at a healthy clip, HDFC Life and Max % Y-o-Y change our bancassurance business and we believe
Life, to be joined up soon, have lagged behind, Annual premium equivalent growth (%) Feb FY17* this upward trajectory will continue," says
particularly in the individual (consumer) seg- ICICI Prudential Life Insurance company 57.0 29.0 Subrat Mohanty, senior executive vice-presi-
ment that makes up bulk of the premiums. SBI Life Insurance 18.5 38.4 dent, HDFC Life.
This has weighed on the share price of Max Management of Max Life Insurance, too,
Financial Services (holding company of Max
HDFC Standard Life Insurance 2.7 6.1 remains positive. Prashant Tripathy, senior
Life), which has fallen nearly six per cent over Max Life Insurance Company 10.8 22.9 director and finance chief at Max Life
the past one month as against a four per cent *This year so far Sources: IRDA, Antique Stock Broking Insurance, says, "We have witnessed some
rise in the S&P BSE 200 index. So, should slowdown in January and February but the
investors be worried? measure used for comparison of life insurance rev- reasons were short term. We are confident that with
A key reason for the slowdown could be that HDFC enue by normalising policy premiums (single premi- strong performance in March, we will be able to bring
Bank has consciously decided not to push insurance um and regular premium) into the equivalent of regu- back the growth momentum." Few leading players
products to consumers during demonetisation (note lar annual payments. have witnessed some high growth years driven pri-
ban), says Nitin Aggarwal, an analyst at Antique Stock Slowdown in Max's business is also likely due to marily by Ulips (unit-linked insurance plans) sales, he
Broking. On the other hand, in their endeavour to effi- the upcoming union with HDFC Life, believe analysts adds. Ulips are a smaller proportion (one-third) of
ciently deploy huge deposit inflows after demonetisa- at Kotak Institutional Equities. They also believe high Max's total new business premiums.
tion, most banks have stepped up cross-selling of their growth in early FY17 was on account of a low base of While the management commentary is positive,
insurance and mutual fund products to their cus- FY16 in case of Max. some analysts prefer to wait and watch. Improvement
tomers leading to a spike in life insurance premium However, the management team of both compa- in premium growth is key to support valuations. "We
growth. In fact, private life insurers witnessed a 42 per nies is taking corrective measures and remains con- will watch out for HDFC Life's performance for one
cent growth in individual annualised premium equiv- fident of recovery. HDFC Life, for instance, believes more month before concluding anything," says
alents (APE) in the demonetisation month of that slowdown in the bancassurance individual seg- Aggarwal. Analysts also say that investors must watch
November, more than double than the 20 per cent ment led to its weaker performance in Q2 and Q3 of out for continued high competition in this business.
growth seen between April and October 2016. APE is a this financial year. "We were working closely with
https://t.me/srikakulam bubbly

2 THE SMART INVESTOR

>
MUMBAI | FRIDAY, 17 MARCH 2017 1

DOING GOOD, WHILE DOING BUSINESS

Institutional investorAdvisory Services (IiAS) studied the FY16 corporate social Dovish US Fed boosts
market sentiment
responsibility (CSR) initiatives and disclosures of the S&P BSE 100 companies.
The data reveal companies are taking their CSR initiative seriously.
Overall spends of the universe increased 25% to ~6,550 crore, or
1.7% of their three-year average profits. The largest increase in
overall spends have been from public sector undertakings (PSUs),
which have increased their spends by 41%. PSU spends, at 1.8%,
are higher than those of non-PSUs (which are at 1.7%). Over 60% of
the aggregate FY16 spend was made towards the causes of education, Nifty at new high, prices climbed, after the dollar
index fell to a one-month low.
hunger, health care and poverty alleviation. Contributions to the Prime
Minister’s Relief Fund, and to the Swachh Bharat Campaign aggregated a equities see surge MARKETS ACROSS THE WORLD WELCOME FED MOVE European stocks also got a
Asia Country Mar 16, 2017 % chg* boost from defeat of a populist
little less than ~400 crore. As many as 48 companies undertook CSR
initiatives that were strategically positioned to the core business. Here are
in foreign flows Hang Seng Hong Kong 24,288.28 2.08
party in the Netherlands poll,
reducing political uncertain-
some key numbers: COMPILED BY N SUNDARESHA SUBRAMANIAN Jakarta Composite Indonesia 5,518.24 1.58 ty in the region. The gains
BS REPORTER FTSE Bursa Malaysia KLCI Malaysia 1,737.14 1.15 were broad-bases, with the
CSR HIGHLIGHTS IN FY16 PUBLIC SECTOR DRIVES THE CSR SPENDS IN FY16 Mumbai, 16 March Stock Exch of Thai Thailand 1,557.05 1.05 Nifty Midcap index gaining 1.7
In FY16, PSUs spentan aggregate of ~2,420 cr on CSR, per cent to a record high and
~6,550 CR ~7,600 CR Taiwan TAIEX Taiwan 9,837.83 1.00

T
a significantincrease from the ~930 cr spentin FY13 he benchmark Nifty on the Nifty 500 gaining 0.9 per
was spent on CSR wastheprescribed the National Stock Shanghai SE Composite China 3,268.94 0.84 cent. The India VIX index, a
| 2015 | 2016 (~ cr) 17%
initiatives by the amounttobe Figures in % are increase in CSR spends from FY15 Exchange clocked a new Straits Times STI Singapore 3,163.52 0.83 gauge for market volatility,
S&P BSE 100 spentbythe all-time high on Thursday, KOSPI South Korea 2,150.08 0.80 dropped 4.1 per cent to a new

4,130
companies S&PBSE100 even as the US Federal Reserve Nifty 50 India 9,153.70 0.76 low of 11.91, signalling a posi-
41%
3,520

raised its policy rate, the third tive undercurrent. There were
S&P BSE Sensex India 29,585.85 0.64
46 1.7% 41% increase since December 2015. nearly two advancing shares
2,420

Domestic stocks and cur- Nikkei 225 Japan 19,590.14 0.07 for every one that declined on
of three-year increase
1,710

companies rency climbed, along with oth- the BSE.

average in CSR
America (As of March 15)
spent2% er global markets, after the US Adani Ports and Tata Steel
ormore of profits was spends central bank said its monetary
S&P 500 United States 2,385.26 0.84 gained a little more than four
theaverage spent by the by PSUs PSU spends Non-PSU spends policy stance would remain Nasdaq Composite United States 5,900.05 0.74 per cent each and were the
three-year S&P BSE 100 from last CSR spends as a % accommodative for “some Dow Jones Indus Avg United States 20,950.10 0.54 biggest Sensex gainers on
1.8 time”, implying its three-rate Thursday. Bajaj Auto and
profits on on CSR in year of three-year Europe (18:00 IST)
CSR FY16 FY ‘16 hike forecast for 2017 would Asian Paints gained about two
average profits FY ‘13 0.6 not be overshot. Euro Stoxx 50 Pr Eurozone 3,439.87 0.90 per cent. Among sectoral
The Nifty 50 index, a gauge DAX Germany 12,098.28 0.74 indices, the BSE Metal index
SECTORAL SPENDS fortheperformanceofthecoun- FTSE 100 Britain 7,413.28 0.61 gained the most at 2.8 per cent,
try’s top companies across sec- CAC 40 France 5,014.45 0.58 followed by the BSE Power
tors, rose nearly 0.8 per cent to index at 1.8 per cent.
*Change over previous close Compiled by BS Research Bureau
9,153.7.The30-sharebenchmark Analysts expect pro-risk sen-
Sensex on the BSE exchange timent to continue on hope of
rose 0.6 per cent or 187.74 points more rate hikes in 2017. The rupee’s weakening. On ty markets emanating from global economic growth after
METALS AND INFORMATION to 29,585.85, about 1.4 per cent Fed’s stance bodes well for Thursday, FPIs net bought foreign liquidity flows. The the Fed highlighted the US
ENERGY BANKS AND NBFCs MINING TECHNOLOGY RETAIL AND FMCG away from a new high. The Indian equity markets, where shares worth ~1,360 crore, tak- markets will now take a direc- economy's robustness.
rupee gained 0.4 per cent to we expect the positive momen- ing their three-day investment tion based on earnings growth However, concerns remain over
~2,170 CR ~1,280 CR ~740 CR ~720 CR ~510 CR close at 65.41 against the dollar. tum to continue,” said Sanjay tally to ~6,600 crore ($1 billion). prospects for the next fiscal,” market valuations and lack of
8 among the 12 6 among the 22 7 among the 8 2 among the 5 8 among the 13 “The message from the Fed Kumar, chief investment offi- “The Fed's statement made said Rakesh Tarway, head of sustained pick-up in earnings
companies in this companies in this was less hawkish than antici- cer, PNB MetLife Insurance. it clear that the path for rate research, Reliance Securities. and economic growth.
companies in this companies in this companies in this
pated. It has maintained its Foreign portfolio investor hikes is on expected lines for Most Asian and European
sector met/ sector met/ sector met/ sector met/ sector met/ stance of gradually normalis- (FPI) flows into the Indian 2017. Clarity on the path will stocks also advanced on the COMMODITIES, P16
exceeded the exceeded the exceeded the exceeded the exceeded the ing interest rates, pegging two market accelerated with the remove overhang on the equi- Fed decision. Metal and gold Commodity prices move up
prescribed spend prescribed spend prescribed spend prescribed spend prescribed spend

TOP FOUR CSR THEMES IN FY16 (~ cr) TOP 5 COMPANIES BY

CSR FUND ALLOCATION
(~ cr)
RCap to spin off health biz from general insurance
Reliance 650 PRESS TRUST OF INDIA arate the health segment. ~50,000 crore ($8 billion) by gic and equity partners, it on BSE, up 8.47 per cent from
Industries New Delhi, 16 March Sector regulator Insurance 2020. RGIL's health insurance added. Ravi Viswanath has the previous close. In the
EDUCATION HUNGER, RURAL ENVIRONMENT Regulatory and Development portfolio recorded gross pre- been named the CEO of intra-day trade, the stock had
HEALTH CARE DEVELOPMENT SUSTAINABILITY NTPC 490 Reliance Capital will set up a Authority of India (Irdai) is yet mium of ~570 crore ($87 mil- Reliance Health Insurance Co. climbed 9.45 per cent to touch
AND POVERTY PROJECTS standalone health insurance to approve the plan. lion) as of March 31, 2016. Shares of Reliance Capital the 52-week high of 609. On
1,460

company by carving it out Reliance Health Insurance, Reliance Capital said the on Thursday surged by NSE, it closed 9.07 per cent
ONGC 420
1,000

from the general insurance the proposed new company, proposal to separate health around nine per cent after the higher at ~607.25. It had
2,030

1,960

entity. will be a wholly owned sub- business will enhance man- company announced plans to touched year-long high of
1,490

530

TCS
430

290
470

The board of directors of sidiary of Reliance Capital, a agement focus on this seg- set up a standalone health ~609.50 during the day.
Reliance General Insurance company statement said. ment. It will provide flexibili- insurance firm by carving it Following the uptick, the
ITC Company (RGIL), a subsidiary Health insurance business, one ty to the company to unlock out from the general insur- market capitalisation of the
FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 250 of Reliance Capital, has of the fastest growing in India, value by bringing in global ance entity. company increased by ~170.3
Source: IiAS approved the proposal to sep- is estimated to double to about leaders in this space as strate- The scrip settled at ~603.50 crore to ~3,653.14 crore.

More legs to the rally in Delta Corp IN BRIEF

MFs’ asset base from smaller
The company is a concept play on expansion of the casino and gaming industry in India cities up 44% at ~3 lakh cr
SHEETAL AGARWAL Jhunjhunwala recently stepped ingful expansion in the compa- also looking to sell off these avenue to drive profitable
Mumbai,16March up his stake in the company to DELTA CORP ny’s return ratios like return on assets which have a book value growth. But more importantly, Contributionofthecountry's
10.28 per cent from 9.74 per cent BSE price in ~ equity. Increasing the use of of about ~200 crore. Apart from the scalability of an online busi- smallertowns—knownas
Casino and hotel operator Delta earlier—anindicationofhispos- capacityatcurrentlyoperational deleveraging its balance sheet ness is much higher than of beyond-15cities(B15)—to
Corp(Delta)hasahostofgrowth itiveviewsonthestock.Notably, casinos as well as the launch of (loans of ~26 crore), it will also physical capacity, and hence it mutualfunds’(MFs’)assetbase
catalysts in place going forward. even as the stock has run up 2.7 the Daman casino will aid provide fuel for expansion. can drive up Delta's revenues surged44percentto~3.07lakh
Under-penetration of casinos in times in the past one year to the Delta’s revenue growth. Given Delta is also tapping the much faster than anticipated. crorebyendofFebruarydueto
India, launch of the company’s current level of ~172 apiece on that 68 per cent of its costs are inorganic route to grow and has These catalysts could con- investor-friendlyinitiativesby
casino in Daman (Union the back of strong financial per- fixed in nature, increase in acquired online gaming portal tinue to support the rally in Sebi.MutualFunds’assetsunder
Territory) and value unlocking formance, there is room for fur- capacity use tends to drive up Adda52.com. The deal will Delta’s scrip, believe analysts. management(AUM)fromB15
from sale of land parcels are ther upside. profit margins. improve Delta’s presence in the While delay in the launch of the locationsgrewfrom~2.13lakh
among the catalysts. The com- After achieving break-even Investors should note that online gaming segment and is Daman casino is an immediate croreinFebruary2016to~3.07
pany'sleadershippositioninthe in FY15, the company’s net prof- the above profit estimates do likely to be EPS accretive in the downside risk, any tightening lakhcroreattheendofthelastmonth.Inthelast12months,assets
Indiangamingindustrymakesit it growth is pegged to grow by 82 over FY17 to FY19 according to not factor in any gains from the second year of acquisition, esti- of regulations around casinos fromsuchtownshavegrownduetoinvestor-friendlyinitiativesby
well poised to benefit from percentthisfinancialyearto~77 Bloomberg consensus esti- sale of Delta’s land parcels in mate analysts. Adda52.com could over the medium-to long- themarketsregulatorSebiandcampaignsbyassetmanagement
growthofthismarketinIndia.In crore and at a compounded mates. Such a strong earnings Goa, Sri Lanka and non-core enjoys similar margins as Delta term also affect Delta's companies(AMCs),ICRAsaidinanote.Currently,B15accountsfor16.7
fact, ace investor Rakesh annualgrowthrateof77percent growthwouldalsoleadtomean- investments. The company is and hence is an additional prospects meaningfully. percentofthetotalassetsoftheindustry.Theshareofdirectplans
inB15townsis23.4percentagainst46.2percentinT15cities. PTI

BNP Paribas MF Radio City FM

> TODAY’S PICKS YOUR MONEY eyes ~7,000-cr operator’s shares
average AUM to list on Friday
Nifty
Current: 9,154 (fut: 9,177), Target: NA
Stop-loss long positions at 9,100.
Avoid withdrawing provident BNPParibasMutualFundsaid
onThursdayitisaimingto
cross~7,000croremarkin
Shares of Music Broadcast Ltd,
a Jagran Group firm that runs
Radio City FM channel, will list
Stop-short positions at 9,250. Big
moves could go till 9,300, 9,050.
A long 9,100p (41), short 9,000p
(22) could gain 10-15 if the futures
fund money to buy a house averageassetsunder
management bytheyear-
endfromaround~6,000
crorenow.Thefundhouseis
on the stock exchanges on
Friday. The IPO, the first in 11
years by a radio channel,
received robust response and
falls on profit booking. Instead,usephysicalassetsuchasgoldorsellsharesifyouaresittingonprofits alsolookingatachievinga
growthof30percentinits
was subscribed more than 39
times last week. Earlier in
TINESH BHASIN goal. Typically, there’s invest- least 10 EPF subscribers need systemicinvestmentplan 2006, Entertainment
Bank Nifty ment in the Employee to form a group to buy houses inflowsbytheyear-end. PTI< Network's initial public offer
Current: 21,250 (fut: 21,325) You would soon be able to use a Provident Fund (EPF), fixed from a builder or construct (IPO) was subscribed 40.61
Target: NA
Stop-loss short positions at
major chunk of your retirement
money to buy a house. The
deposits and few mutual funds
or insurance plans. “In such
homes on their own to avail the
benefit. “It would mean that
BSE, Sentifi ink times. DB Corp's was the most
recent media sector IPO in
21.225. Stop-long positions at Employees’ Provident Fund cases, one has to look at the the government is promoting pact for social 2009. Music Broadcast's IPO
21,400. Big moves could go till Organisation (EPFO) is plan- investments in different cooperative structure, which is media updates comprised fresh issue of
21,650, 21,000. Major resistance ning to allow its subscribers to instruments. Rather than com- a good move. Subscribers com- shares of up to ~400 crore
at 21,375-21,400. withdraw up to 90 per cent of pletely dipping into the PF, ing together to construct their and an offer for sale of up to
their funds to buy or construct they can withdraw partially own house means the costs 2.6.6 million scrips by the
a house or even pay equated from all instruments,” says will be lower than what devel- existing shareholders. Price
Hindalco monthly instalments Steven Fernandes, a Mumbai- opers offer,” says Malhar band for the offer was fixed
Current price: ~199 But despite the option, it based financial planner. Majumder, a certified financial at ~324-333 and the IPO was
Target price: ~203 might not be a great things to According to him, the with- planner. open for subscription during
Keep a stop at ~197 and go dip into your retirement kitty drawal from equities needs to The labour minister has March 6-8. PTI<
long. Add to the position to buy a house. “It would be be planned and over the course money though you may have said EPFO will add a new para-
between ~201 and ~202. Book
profits at ~203.
better to save for the initial
down payment and then opt
of many months. This way,
even if the markets are down,
investments in other instru-
ments that can help you meet
graph, 68 BD, to the Act, which
means the current provisions
TheBSEhastiedupwith
Switzerland’salgorithmic-
Ashoka Buildcon
for a loan. But don’t liquidate you can tide the volatility and your expenses once you are out for eligibility would apply. For basedanalysisfirmSentifito gains 5% on
retirement kitty, even if it not incur a loss. If you with- of a job. Also, look at retirement example, a person should be a reportsocialmediaupdates order win
Asian Paints means you have to go for a draw everything from the PF, money only if it is your first subscriber for at least five relatedto40,000globally
Current price: ~1,087 Target price: ~1,105 smaller property,” says Suresh you will lose the compound- house, and the property is not years before he can withdraw listedstocks.Underthe Shares of Ashoka Buildcon
Keep a stop at ~1,075 and go long. Add to the position between Sadagopan, founder, Ladder 7 ing benefit of many years. He, bought for investment. money. The property also partnership,Sentifiwould ended nearly five per cent
~1,095 and ~1,100. Book profits at ~1,105. Financial Advisories. therefore, suggests to look at a The provision to withdraw needs to be in the name of the track,analyseandreport higher on Thursday after the
Instead of using your prov- combination of different money from the EPF account applicant or jointly owned socialmediamessageson firm said its subsidiary has
ident fund (PF) money, finan- investments. has always existed but it came with one’s spouse. The appli- variousstockswhichwould emerged as the lowest bidder
NTPC cial advisors say a person can Withdrawing from PF is with a rider. A subscriber could cation also needs to be made beprovidedonBSEwebsite. for a ~1,187.10 crore road
Current price: ~161 Target price: ~158 pledge gold for purchasing a also advisable only for some- get only 24 times the wages through the employer. The Theinform-ationwouldbe project in Andhra Pradesh.
Keep a stop at ~163 and go short. Add to the position between property. Using a real asset to one who has at least 15-20 years (basic salary plus dearness company processes the papers relatedtorankingofthemost On BSE, the scrip closed at
~158.5 and ~159. Book profits at ~158. create another one is a better of service left. Over the years, allowance). The new scheme, after the verification and talkedaboutstocks,themarket ~195.20, up 4.89 per cent. It
option than using a financial these individuals can replen- too, will come with riders sends it to the regional EPFO attentiontostocksfromglobal had opened at ~186.70 and
DEVANGSHU DATTA asset. ish the money withdrawn by attached. While the details are office. voicesinnewsandsocial touched a high of ~199.65 in
But most individuals save stepping up their investments not out yet, the Labour media,comp-arisonofmarket intra-day trade. On NSE, the
Target prices, projected movements in terms of next session, haphazardly. They don’t use slowly. If you have few years Minister Bandaru Dattatreya attentionandstockpriceover stock ended at ~193.90, up
unless otherwise stated instruments based on each left to retire, don’t use the PF told the Rajya Sabha that at time. PTI< 4.67 per cent. PTI<
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> FUTURES TRADING

Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry
[Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date

INDEX FUTURES ON NSE Asian Paints 1076.15, 1090.25, 1071.55, 1088.5 [22L, 3746, 24322] 43L 30/03/17 Colgate 965, 981.2, 963.1, 978.7 [8L, 1137, 7749] ......................... 11L 30/03/17 Hind Zinc 293.4, 297, 290.35, 295.1 [160L, 4991, 46921] .............. 137L 30/03/17 Jubilant Fd 1106.2, 1124.7, 1106.2, 1116.15 [10L, 2089, 11672] ...... 22L 30/03/17 Power Fin 135, 136.8, 134.9, 136.3 [131L, 2183, 17815] ............... 314L 30/03/17 Tata Chem 564.45, 584.4, 564.45, 583.1 [32L, 2124, 18384] ........... 33L 30/03/17
Dow Jones 20970, 21030, 20967.5, 21022.5 [9.6K, 319, 2010] ..... 33.2K 17/03/17 Aurob Pharma 681.25, 695.5, 680.3, 689.95 [69L, 9843, 47512] .... 149L 30/03/17 Containr Crp 1266.85, 1266.95, 1226.55, 1242.7 [6L, 1280, 7950] ... 12L 30/03/17 Hindalco 194.7, 199.75, 193.25, 199.2 [517L, 14758, 101627] ....... 416L 30/03/17 Just Dial 590.05, 616.5, 586.45, 613.5 [112L, 9357, 68166] ............. 30L 30/03/17 Power Fin 134.45, 135.7, 133.8, 134.6 [23L, 379, 3064] .................. 24L 27/04/17 Tata Comm 742.55, 780.8, 742.55, 777.7 [53L, 3791, 40785] .......... 59L 30/03/17
Nifty 9156, 9181.25, 9152.1, 9176.15 [74L, 99303, 682613] .......... 260L 30/03/17 Axis Bank 516.6, 518.8, 513.35, 515.35 [85L, 7111, 44034] ........... 268L 30/03/17 Crompton Grv 70.7, 73.6, 70.5, 73.3 [159L, 1324, 11508] ............. 152L 30/03/17 HPCL 522.05, 524.7, 515.75, 522.3 [114L, 5446, 59554]................ 211L 30/03/17 Karnataka Bk 141.55, 143.2, 140.6, 142.05 [215L, 2910, 30452] .... 317L 30/03/17 Power Grid 193.75, 196.25, 193.75, 195.85 [63L, 1565, 12229] ..... 283L 30/03/17 Tata Elxsi 1445.55, 1463.45, 1445, 1452.95 [3L, 802, 4661] ............ 11L 30/03/17
Nifty 9186, 9208.75, 9180.7, 9201.55 [5L, 6016, 41476] ................. 42L 27/04/17 Bajaj Auto 2896, 2956.8, 2876.05, 2948.45 [11L, 4489, 32745] ........ 13L 30/03/17 Cummins (I) 875.7, 890.85, 875.7, 888.2 [6L, 930, 4941] ................. 8L 30/03/17 HUL 908.95, 914.85, 898.1, 909.65 [26L, 4294, 23403] ................... 80L 30/03/17 Kaveri Seed 524, 540.9, 521.9, 534.1 [48L, 3190, 25505] ................ 41L 30/03/17 PTC India 87.5, 89, 87.35, 88.75 [51L, 639, 4507] ........................ 165L 30/03/17 Tata Global 142.25, 145.95, 142, 145.25 [130L, 2879, 18737] ........ 324L 30/03/17
Nifty 9200, 9245.85, 9200, 9228.65 [2L, 3307, 22867] .................... 23L 25/05/17 Bajaj Fin 1135.45, 1172, 1131, 1159.1 [26L, 5123, 29457]............... 44L 30/03/17 Dabur India 275.55, 276.65, 272.25, 275.95 [47L, 1884, 12936] ..... 124L 30/03/17 IBN18 Broadcast 43.3, 43.85, 43, 43.4 [198L, 1164, 8585] ............ 879L 30/03/17 Kotak Mah Bank 851.35, 857.25, 850.55, 853.65 [29L, 3661, 24989]105L 30/03/17 Reliance Cap 565.8, 611.4, 565.2, 605.9 [447L, 29793, 264071] .... 120L 30/03/17 Tata Mot-DVR 289.75, 293.65, 288.85, 293.1 [43L, 2046, 12529] ... 195L 30/03/17
Nifty Bank 21278.65, 21347.1, 21250.05, 21310.8 [22L, 55895, 476269] . . . . . . . . . . . . . . 23L 30/03/17 Bank of Baroda 168, 170.2, 166.9, 169.05 [322L, 9207, 54339] ..... 531L 30/03/17 Develop Cr Bank 165.9, 167.7, 165.3, 166 [40L, 879, 6575] ............ 49L 30/03/17 IBN18 Broadcast 43.35, 43.95, 43.35, 43.6 [58L, 341, 2528] ........... 82L 27/04/17 L & T 1563.2, 1577.75, 1562.95, 1572.65 [29L, 5850, 45944] ........... 85L 30/03/17 Reliance Cap 568.7, 614, 568.7, 610.05 [8L, 560, 4985] ................... 6L 27/04/17 Tata Motors 480.15, 482.75, 478.1, 481.95 [118L, 7892, 56898] .... 389L 30/03/17
Nifty Bank 21335, 21378.95, 21290.7, 21352.95 [57.1K, 1427, 12180]1L 27/04/17 Bank of India 128.25, 129.6, 126.7, 128.85 [170L, 2841, 21835] .... 245L 30/03/17 Dewan Hsg 352.3, 359.8, 351.8, 358.5 [161L, 5379, 57528]........... 188L 30/03/17 ICICI Bank 287.45, 288.15, 283.3, 285.55 [267L, 10677, 76264] .... 637L 30/03/17 L&T Finance Hol 122.2, 123.4, 121.95, 122.6 [129L, 1428, 15758] . 189L 30/03/17 Reliance Com 37.25, 38.35, 37.2, 38.2 [153L, 1272, 5765] .......... 1016L 30/03/17 Tata Power 84.95, 86.9, 84.95, 86.4 [73L, 809, 6262] ................... 288L 30/03/17
S&P 500 2386.25, 2391.5, 2385.75, 2390.5 [2L, 713, 4257] ............... 3L 17/03/17 Bata India 531.95, 536, 526.05, 534.15 [20L, 1838, 10738] ............. 37L 30/03/17 Dish TV 108.8, 109.2, 106.5, 108.05 [153L, 2185, 16497] .............. 260L 30/03/17 IDBI Bank 76.8, 77.45, 76.2, 77.2 [127L, 1593, 9794].................... 309L 30/03/17 LIC Hsg Fin 592.45, 594.95, 590.45, 593.8 [34L, 3105, 20260]......... 69L 30/03/17 Reliance Ind 1309.6, 1312.85, 1296.5, 1300.6 [70L, 13958, 90887] 196L 30/03/17 Tata Steel 484.3, 501.75, 483.8, 500.55 [436L, 21775, 215399] ..... 216L 30/03/17
S&P 500 2381.25, 2386.5, 2380.75, 2383.5 [1L, 583, 3472] ............... 3L 21/04/17 BEML 1309.75, 1340.3, 1305, 1337.9 [16L, 2718, 21650] ................ 22L 30/03/17 Divis Lab 773.45, 781.5, 770.9, 773.2 [15L, 2455, 11445]................ 50L 30/03/17 Idea Cellular 113.9, 115.5, 111.55, 113.35 [935L, 13359, 106625] . 880L 30/03/17 Lupin 1457.1, 1464, 1454.7, 1458.45 [13L, 3326, 19413]................. 78L 30/03/17 Reliance Ind 1317.55, 1322.4, 1303.05, 1306.7 [3L, 630, 4122] ......... 7L 27/04/17 Tata Steel 487.25, 503.5, 486.05, 502.65 [9L, 457, 4546].................. 9L 27/04/17
Total [108L, 167563, 1245144.98] ............................................... 357L Bharat Elctn 159.9, 166.25, 157.65, 165.3 [199L, 4428, 32415] ..... 295L 30/03/17 DLF 148.5, 150.15, 147.45, 149.4 [260L, 5203, 38726] .................. 317L 30/03/17 Idea Cellular 114.15, 115.8, 111.95, 113.7 [22L, 308, 2463] ............ 24L 27/04/17 M & M Fin 293.65, 297.3, 292.95, 294.95 [83L, 3314, 24462] ........ 170L 30/03/17 Reliance Infra 582.4, 600.65, 581.75, 597.15 [190L, 14642, 112617]81L 30/03/17 TCS 2517.95, 2537.2, 2511.55, 2530.3 [10L, 4058, 25618] .............. 59L 30/03/17
INDEX FUTURES ON SGX* Bharat Forge 1046, 1056.8, 1043.5, 1050.4 [20L, 3310, 20881] ....... 39L 30/03/17 Dr Reddys 2755.5, 2773.5, 2754.5, 2762.3 [5L, 2616, 14464] .......... 33L 30/03/17 IDFC 54.4, 55.6, 54.4, 55.2 [233L, 1766, 12839] ........................... 917L 30/03/17 Mah & Mah 1328.2, 1337.35, 1324.3, 1326.9 [12L, 2384, 15863] ..... 37L 30/03/17 Reliance Power 47.25, 49.1, 47.25, 48.9 [199L, 1655, 9580] .......... 560L 30/03/17 Tech Mahindra 482.05, 484.7, 478.9, 483.25 [22L, 2026, 10745] ... 111L 30/03/17
Nifty -, -, -, 8910 [-, 35744, 637] ...................................................... - 30/03/17 Bharti Airtel 363.25, 365.25, 359.4, 361.35 [50L, 2956, 18150] ..... 398L 30/03/17 Eicher Motor 24263.5, 24599, 24170, 24538.65 [67.7K, 2709, 16523]2L 30/03/17 IDFC Bank 62.4, 62.65, 61.8, 62.1 [120L, 1500, 7463] ................... 597L 30/03/17 Marico 288.45, 295.35, 286.45, 292 [27L, 1025, 7767].................... 46L 30/03/17 Rural Elect 160.15, 162.75, 160, 162.3 [127L, 2111, 20499] .......... 286L 30/03/17 Titan Company 464.05, 470.6, 463.45, 465.9 [24L, 1590, 11137] ..... 63L 30/03/17
Nifty -, -, -, 8951.5 [-, 18, 0]............................................................. - 27/04/17 Bharti Infratel 312.35, 312.9, 309.5, 310.85 [18L, 1125, 5595] ........ 98L 30/03/17 Enginers Ind 150.45, 153.15, 149.65, 152.85 [154L, 2204, 23404].. 235L 30/03/17 IFCI 28.9, 29.55, 28.9, 29.4 [238L, 1081, 6954] ............................ 633L 30/03/17 Maruti Suzuki 6179.3, 6193.45, 6145.1, 6161.65 [5L, 3553, 32861] . 26L 30/03/17 SAIL 60.95, 64.4, 60.6, 63.95 [627L, 5225, 39477] ........................ 458L 30/03/17 Torrent Pwer 192.8, 203.65, 192.25, 201.2 [47L, 1561, 9272] ......... 50L 30/03/17
Total [-, 35762, 637.28] ................................................................... - BHEL 167.95, 169.5, 167.55, 169 [220L, 4400, 37099] .................. 292L 30/03/17 Exide Ind 223, 225.2, 222.2, 223.1 [88L, 2194, 19610] .................. 188L 30/03/17 India Cement 163.4, 166.65, 162.85, 164.65 [84L, 2413, 13961] .... 225L 30/03/17 MindTree 469.45, 473.7, 469.45, 472.1 [8L, 635, 3594] .................. 28L 30/03/17 SBI 278.5, 281.25, 276.75, 280.1 [434L, 14467, 121161] ............... 782L 30/03/17 TVS Motor 441.75, 443.65, 439.2, 439.9 [30L, 1504, 13263] ........... 52L 30/03/17
STOCK FUTURES ON NSE Biocon 1120.95, 1129, 1116.4, 1124.8 [13L, 2153, 14494]............... 29L 30/03/17 Federal Bank 86.9, 89.6, 86.9, 88.85 [503L, 4575, 44466] ............. 648L 30/03/17 Indiab Real 83.9, 84.7, 83.3, 84.15 [92L, 918, 7706] ..................... 338L 30/03/17 Mothersons S 366.75, 370.3, 366, 367.3 [39L, 1557, 14327] ........... 81L 30/03/17 SBI 279.7, 281.95, 277.65, 280.95 [20L, 679, 5698] ........................ 50L 27/04/17 UltraTech 4057, 4099.25, 4044.05, 4072.15 [5L, 2686, 21875] ......... 24L 30/03/17
ACC 1430, 1436, 1422.1, 1428.3 [9L, 2170, 12401] ........................ 19L 30/03/17 Bosch 22925.15, 23119.95, 22841.35, 22951.15 [22.5K, 900, 5166]89.8K 30/03/17 GAIL 379.7, 381.2, 377.55, 380.4 [48L, 2383, 18118] .................... 329L 30/03/17 Indiabulls Hous 916.7, 956.65, 916.7, 950.7 [55L, 6935, 52169] .... 147L 30/03/17 MRF 57312.1, 57312.1, 56375.05, 56549.25 [33.5K, 2230, 18980] 49.5K 30/03/17 Sesa Sterlite 261.2, 266, 259.7, 265 [467L, 13339, 123088] .......... 379L 30/03/17 Union Bank 151.95, 155.8, 149.3, 155 [216L, 5388, 32867] ........... 224L 30/03/17
Adani Enter 102.65, 104.2, 101.8, 103 [257L, 3211, 26511] ........... 201L 30/03/17 BPCL 642.15, 650, 638.4, 648.4 [60L, 4998, 38686] ...................... 153L 30/03/17 Glenmark 909.55, 909.55, 894.9, 900 [8L, 1101, 6939] ................... 32L 30/03/17 Indo Count 189.65, 194.4, 188.05, 189.65 [46L, 1301, 8706] ........... 45L 30/03/17 NCC 81.25, 83.2, 81.25, 83 [97L, 1214, 8008] .............................. 301L 30/03/17 Sesa Sterlite 259.7, 265.4, 259.5, 264.65 [19L, 532, 4889] ............. 20L 27/04/17 Union Bank 150.65, 153.75, 147.8, 153.25 [14L, 360, 2163] ............ 19L 27/04/17
Adani Ports 312.95, 326.75, 312.6, 325.55 [221L, 8822, 71039] ..... 115L 30/03/17 Britannia 3209.05, 3243.8, 3202.1, 3229.3 [2L, 853, 5508] .............. 13L 30/03/17 GMR Infra 16.65, 17.45, 16.45, 17.35 [940L, 2088, 16056] .......... 2099L 30/03/17 Indraprst Gs 1027.85, 1039.7, 1024.5, 1033.95 [14L, 1239, 14096] .. 19L 30/03/17 NHPC 30.65, 31, 30.6, 30.95 [91L, 336, 2792] .............................. 231L 30/03/17 Shriram TrFn 1071.95, 1071.95, 1041.1, 1054.35 [15L, 2458, 15537]26L 30/03/17 United Brew 781.85, 782.85, 770.95, 774.1 [3L, 396, 2149] ............ 14L 30/03/17
Adani Ports 316, 328, 316, 327.05 [11L, 436, 3533] ......................... 9L 27/04/17 Cadila Healt 447.65, 451.65, 430.3, 443.75 [33L, 2064, 14645] ....... 38L 30/03/17 Godrej Cons 1664.75, 1691, 1655.7, 1686.25 [2L, 427, 2865] ............ 5L 30/03/17 IndusInd Bank 1362.15, 1388.05, 1358.05, 1380.65 [30L, 4984, 41154] . . . . . . . . . . . . . . . 64L 30/03/17 NIIT Techno 421.75, 424, 417.75, 418.6 [5L, 311, 1963] ................... 9L 30/03/17 Siemens 1264.55, 1275.9, 1255, 1268.55 [7L, 1338, 8473]................ 9L 30/03/17 United Spirt 2255, 2255, 2215.25, 2226.5 [9L, 3470, 19375] ........... 33L 30/03/17
Adani Power 39.4, 40.2, 39.1, 40.1 [263L, 1314, 10432] .............. 1337L 30/03/17 Cairn India 290.1, 296.8, 290.1, 295.5 [129L, 3680, 37929] ........... 261L 30/03/17 Godrej Ind 503.55, 517.25, 500.05, 515.55 [27L, 1819, 13913] ........ 16L 30/03/17 Infosys 1014.35, 1032, 1014.35, 1029.15 [43L, 8562, 43895] ......... 272L 30/03/17 NMDC 137.3, 139.5, 135.4, 138.7 [157L, 2622, 21800] .................. 229L 30/03/17 Sintex Ind 98.25, 101.9, 98.05, 101.35 [393L, 5522, 39406]........... 441L 30/03/17 UPL 716.9, 719.9, 710.1, 713.2 [38L, 3187, 27351] ......................... 67L 30/03/17
Adi Bir Nuvo 1529.15, 1537.1, 1520.75, 1533.2 [6L, 1464, 8960] ..... 27L 30/03/17 Canara Bank 292.2, 297.25, 289.25, 296.2 [176L, 5702, 51632] ..... 152L 30/03/17 Granules 131.6, 132.35, 130.4, 131 [17L, 343, 2251] .................... 148L 30/03/17 IOC 374, 378.5, 372.55, 377.75 [94L, 3122, 35180]....................... 179L 30/03/17 NTPC 159.95, 161.75, 159.35, 161.5 [84L, 2103, 13530] ............... 297L 30/03/17 Sintex Ind 99.1, 102.35, 99.1, 101.75 [20L, 278, 1993] ................... 67L 27/04/17 Voltas 393, 394.1, 389.1, 391.85 [36L, 1794, 14052]....................... 53L 30/03/17
Ajanta Phar 1722.05, 1774.5, 1722.05, 1763.4 [2L, 573, 4042] .......... 5L 30/03/17 Canara Bank 290.5, 294.95, 287.85, 294.2 [6L, 207, 1866] ............... 9L 27/04/17 Grasim Ind 1057.4, 1061.65, 1047.75, 1054.6 [21L, 2820, 22289] .... 67L 30/03/17 IRB Infra 248.45, 249.4, 244.4, 247.5 [92L, 3698, 22837] .............. 142L 30/03/17 Oil India 335.85, 338.4, 334.05, 337.55 [15L, 650, 4947] ................ 27L 30/03/17 SKS Microfin 812, 815.45, 800.35, 807.55 [27L, 2733, 22102] ....... 171L 30/03/17 Wipro 496.2, 502.6, 495.2, 500.9 [21L, 1709, 10217] ...................... 59L 30/03/17
Allahabad Bk 71.25, 72.4, 70.75, 72.2 [116L, 1159, 8299] ............. 149L 30/03/17 Castrol 419.35, 424.8, 418.8, 422.9 [24L, 1706, 10090] .................. 97L 30/03/17 Havells I 434.75, 438.4, 434.1, 437.25 [28L, 1417, 12375]............... 44L 30/03/17 ITC 271, 272.4, 268.65, 269.45 [62L, 2574, 16660] ....................... 534L 30/03/17 ONGC 193.4, 193.95, 192.05, 192.65 [123L, 3287, 23759] ............. 407L 30/03/17 South Ind Bk 20.45, 20.7, 20.35, 20.65 [122L, 367, 2496] ............. 754L 30/03/17 Wockhardt 742, 762.8, 740, 749.45 [29L, 4756, 21504] .................. 35L 30/03/17
Amara Raja 870.95, 899.35, 870.95, 887.6 [25L, 4114, 21926] ........ 20L 30/03/17 CEAT 1266.6, 1276, 1252, 1256.95 [30L, 4284, 37863] ................... 25L 30/03/17 HCL Techno 861, 862.45, 850.3, 858.55 [27L, 3919, 23489] ............ 70L 30/03/17 Jain Irrig 94.5, 95.4, 94.35, 95.1 [63L, 702, 5994]......................... 383L 30/03/17 Oracle Fin 3971.65, 4038, 3929.2, 3963.4 [1L, 995, 5938] ................ 3L 30/03/17 SRF Ltd 1581.05, 1636.2, 1576.2, 1626.85 [12L, 2453, 19783] ........... 9L 30/03/17 Yes Bank 1534.75, 1546, 1525.1, 1534.1 [52L, 7400, 79600] ........... 83L 30/03/17
Ambuja Cem 234, 236.15, 233.55, 235.55 [41L, 1648, 9677] ......... 122L 30/03/17 Century Tex 1035.45, 1043, 1016.7, 1022.45 [76L, 6950, 78586] ..... 83L 30/03/17 HDFC 1440.55, 1455.6, 1434.75, 1452.6 [29L, 5833, 42199] .......... 120L 30/03/17 Jet Airways 463.25, 468.9, 455.25, 465.8 [24L, 2422, 11219] .......... 49L 30/03/17 Oriental Bank 126.35, 130.3, 126.05, 129.85 [157L, 2621, 20166].. 152L 30/03/17 Strides Arcb 1164.7, 1164.7, 1130.7, 1148.1 [9L, 1861, 10699] ....... 18L 30/03/17 Yes Bank 1545, 1550.9, 1531, 1538.75 [2L, 242, 2613] ..................... 5L 27/04/17
Andhra Bank 55.65, 56.3, 55.3, 56.2 [78L, 781, 4360]................... 193L 30/03/17 Century Tex 1045.05, 1046.15, 1021, 1027.3 [2L, 204, 2315] ............ 2L 27/04/17 HDFC Bank 1425.3, 1426, 1418.55, 1422.1 [34L, 6747, 47990] ...... 318L 30/03/17 Jindal Steel 125.7, 130.8, 124.25, 128.55 [199L, 2210, 25508] ....... 344L 30/03/17 Page Inds 14700, 14850, 14499.4, 14696.35 [24.0K, 479, 3512] ... 32.3K 30/03/17 Sun Pharma 712.05, 721, 708.5, 711.4 [81L, 11583, 57961] .......... 289L 30/03/17 Zee Enter 527.9, 529.4, 523.7, 527.05 [20L, 1517, 10387] ............... 91L 30/03/17
Apollo Hosp 1220.1, 1236.8, 1220.1, 1229.85 [4L, 1108, 5450]........ 12L 30/03/17 CESC 829.3, 848.1, 823.15, 843.05 [27L, 2476, 22763] ................... 41L 30/03/17 HDFC Bank 1423.3, 1423.3, 1416.35, 1419.75 [3L, 551, 3912] ......... 15L 27/04/17 JP Associat 15.2, 15.3, 14.8, 14.95 [195L, 287, 2926] ................. 1504L 30/03/17 PC Jeweller 391.65, 421.25, 388.5, 418.8 [46L, 3090, 19064] .......... 10L 30/03/17 Sun Pharma 717.2, 724.5, 713, 715.25 [3L, 451, 2265]..................... 7L 27/04/17 Total [18340L, 630819, 4781449.23] ........................................ 36443L
Apollo Tyres 195.7, 198.75, 194.7, 196.35 [109L, 3640, 21450] ..... 140L 30/03/17 Cipla 604.05, 607, 600.05, 602.75 [17L, 1748, 10554]..................... 65L 30/03/17 HDIL 76.9, 77.4, 75.8, 76.45 [150L, 1878, 11501] ......................... 255L 30/03/17 JSW Energy 63, 64.8, 62.9, 64.4 [179L, 2235, 11446] ................... 563L 30/03/17 Petronet LNG 392.4, 396.4, 391.5, 394.5 [27L, 1804, 10665] ........... 60L 30/03/17 Sun TV Net 747.2, 766, 747.2, 761.8 [96L, 4808, 72990]................. 75L 30/03/17 # In ~ lakh, K-in thousand, L-in lakh
* Nifty futures traded on the Singapore exchange.Open Interest in number
Arvind 405.95, 410, 405.5, 408.4 [66L, 3287, 26811] ...................... 63L 30/03/17 Coal India 295.25, 296.7, 292.4, 293.3 [72L, 4216, 21076] ............ 170L 30/03/17 Hero MotoCorp 3375, 3400, 3346, 3361.8 [8L, 4120, 27770]........... 15L 30/03/17 JSW Steel 186, 194.85, 185.35, 193.1 [236L, 7882, 45157]............ 406L 30/03/17 Pidilite Ind 704.95, 706.95, 701, 702.45 [6L, 595, 4186] ................. 15L 30/03/17 Sun TV Net 751.4, 767.5, 749.95, 763.95 [3L, 137, 2089] ................. 3L 27/04/17
of contract.One Contract= 2 USD X Nifty. Notional Value in USD Mn
Ashok Leyland 92.45, 93.2, 91.9, 92.3 [234L, 3346, 21682] ........... 650L 30/03/17 Coal India 296.9, 298, 294, 294.65 [7L, 395, 1985]......................... 12L 27/04/17 Hexaware Tch 225, 226.75, 221.7, 224.2 [34L, 1125, 7558]............. 40L 30/03/17 JSW Steel 187.3, 196, 187.3, 194 [15L, 502, 2899] ......................... 33L 27/04/17 PNB 146.65, 148.7, 145.45, 147.8 [478L, 6827, 70291] ................. 474L 30/03/17 Syndicate Bank 68.65, 69.85, 67.95, 69.55 [81L, 901, 5600].......... 139L 30/03/17 Filtered for Traded value more than ~18.00 Crore

> INDEX OPTIONS

Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry
Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date
[Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts,
Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#]

INDEX OPTIONS ON NSE 9250, 39, 42.4, 33.7, 38.05 [10L, 12668, 88229] .................. 4L 30/03/17 20600, 630.35, 657.4, 600.85, 631.8 [11.0K, 276, 2344] ..... 240 16/03/17 21800, 0.05, 0.1, 0.05, 0.05 [3L, 6457, 56305] ..................... 2L 16/03/17 8100, 1.15, 1.5, 1.1, 1.3 [1L, 1664, 10110] .......................... 9L 30/03/17 9000, 27, 28.2, 20.1, 21.95 [104L, 138385, 936591] ........... 48L 30/03/17 19600, 4.65, 5.45, 4.15, 4.8 [18.4K, 461, 3615]............... 43.1K 30/03/17 20800, 81.25, 85.85, 62.75, 65.8 [2L, 5342, 44601] ........... 1L 30/03/17
Call options 9300, 19.9, 29.8, 19.9, 23.65 [94L, 125630, 878387] .......... 41L 30/03/17 20700, 559.95, 560, 496, 529.1 [30.0K, 750, 6368] ........... 1.7K 16/03/17 21800, 25, 25, 10.85, 12.6 [4L, 10668, 93085] ..................... 2L 23/03/17 8200, 1.3, 1.6, 1.05, 1.5 [3L, 4355, 26788] ........................ 17L 30/03/17 9000, 75.05, 76.95, 68, 69.55 [6L, 7392, 50300] ................ 14L 27/04/17 19700, 0.1, 0.1, 0.05, 0.05 [22.2K, 556, 4381] ................ 48.7K 16/03/17 20900, 14.8, 14.8, 0.05, 0.05 [92L, 231124, 1932266] ........ 7L 16/03/17
Nifty(75) 9300, 91.8, 101.9, 83.25, 91.85 [5L, 6927, 48775]................ 7L 27/04/17 20700, 677.1, 678.9, 619, 645.75 [11.5K, 287, 2451] ....... 22.6K 30/03/17 21800, 63, 66.1, 45.8, 55.05 [1L, 2855, 24960] ............... 53.6K 30/03/17 8200, 4.25, 4.25, 3.45, 3.65 [53.0K, 707, 4350] ................... 4L 27/04/17 9000, 115.65, 118.8, 110, 112.1 [54.8K, 730, 4990] ............. 1L 25/05/17 20000, 0.05, 0.1, 0.05, 0.05 [4L, 11103, 88824] ................... 5L 16/03/17 20900, 47.15, 50.15, 26.8, 30.45 [2L, 6176, 51719]....... 80.7K 23/03/17
7000, 2160, 2173, 2145, 2167.95 [24.7K, 329, 2260] ............ 6L 30/03/17 9300, 150.95, 159.9, 141.55, 157.6 [3L, 3597, 25497] .......... 3L 25/05/17 20800, 449, 472, 401.75, 432.85 [85.1K, 2128, 18074] ...... 4.2K 16/03/17 21900, 0.1, 0.1, 0.05, 0.05 [55.5K, 1388, 12159] ............. 26.6K 16/03/17 8300, 1.6, 1.7, 0.65, 1.6 [3L, 4421, 27526] ........................ 15L 30/03/17 9000, 168, 169, 158.55, 160.95 [1L, 1465, 10072]................ 1L 29/06/17 20000, 1.35, 4.8, 1.35, 2.7 [51.2K, 1281, 10249] ............. 41.9K 23/03/17 20900, 90, 110.5, 82.05, 85.8 [2L, 4799, 40305] ........... 61.2K 30/03/17
7500, 1650.85, 1670, 1648, 1662.7 [33.8K, 451, 3097] ......... 8L 30/03/17 9350, 15, 15.95, 11.1, 13.85 [7L, 9922, 69677] .................... 4L 30/03/17 20900, 345.2, 372, 299.45, 334.45 [94.1K, 2353, 19987] ... 1.3K 16/03/17 21900, 15.7, 15.7, 5.65, 6.85 [3L, 7128, 62463] ................... 1L 23/03/17 8300, 5.5, 5.55, 4.7, 5.1 [88.3K, 1177, 7331] ....................... 3L 27/04/17 9000, 254.95, 260, 250, 251.15 [31.5K, 420, 2915] .............. 5L 28/12/17 20000, 11.1, 12.4, 8.6, 9.55 [3L, 8459, 67707] ..................... 5L 30/03/17 21000, 11.2, 11.2, 0.05, 0.05 [149L, 371255, 3118827] .... 11L 16/03/17
8200, 960.95, 979, 951.05, 975.55 [21.2K, 283, 1944] .......... 8L 30/03/17 9400, 9.9, 10.15, 7.1, 8 [57L, 75721, 534276] .................... 27L 30/03/17 21000, 230.15, 278, 204.85, 241.05 [8L, 18970, 161165] ... 7.2K 16/03/17 21900, 45.85, 47.5, 35.05, 38.4 [51.0K, 1276, 11198] ...... 23.9K 30/03/17 8400, 1.75, 2, 1.65, 1.9 [11L, 15043, 94792] ...................... 27L 30/03/17 9050, 36.8, 39.75, 29.6, 30.6 [7L, 8829, 60149] ................... 3L 30/03/17 20000, 65, 74, 59.45, 62.65 [13.9K, 348, 2794] ............... 24.5K 27/04/17 21000, 67.8, 73.4, 44.65, 48.95 [6L, 15699, 132218].......... 2L 23/03/17
8300, 856, 880.5, 852, 875.9 [49.6K, 661, 4543] .................. 7L 30/03/17 9400, 55.75, 59.15, 52.5, 57.75 [4L, 5875, 41660]................ 7L 27/04/17 21000, 333, 341.3, 278.85, 320.9 [50.6K, 1265, 10785] ... 37.0K 23/03/17 22000, 0.1, 0.1, 0.05, 0.05 [2L, 4783, 42091] ...................... 2L 16/03/17 8400, 6.2, 8.6, 5.55, 7.6 [1L, 1859, 11722] .......................... 6L 27/04/17 9100, 52.2, 53, 41, 42.9 [115L, 152992, 1049599] .............. 41L 30/03/17 20100, 0.05, 0.1, 0.05, 0.05 [42.8K, 1071, 8611] ............. 47.7K 16/03/17 21000, 125.1, 138.25, 103.45, 110.55 [10L, 24334, 205579]7L 30/03/17
8400, 759.7, 778, 751, 773.7 [43.1K, 574, 3944] .................. 6L 30/03/17 9400, 105.2, 115, 102.75, 113.2 [31.0K, 413, 2945] ............. 1L 25/05/17 21000, 426.75, 452.05, 386.85, 415.4 [3L, 6363, 54507] ....... 5L 30/03/17 22000, 10.25, 14.4, 3.75, 4.25 [4L, 9304, 81894] ................. 2L 23/03/17 8400, 24, 25.55, 24, 24.85 [50.1K, 668, 4221] ..................... 2L 25/05/17 9100, 102.7, 112.75, 97.3, 99.25 [4L, 4812, 33217] .............. 4L 27/04/17 20100, 3.45, 6, 2.2, 2.6 [14.3K, 358, 2879] ..................... 14.3K 23/03/17 21000, 275, 292.6, 249.45, 260.25 [14.7K, 368, 3131]... 18.5K 27/04/17
8500, 660, 680.9, 654.5, 675.75 [1L, 1977, 13584] ............. 12L 30/03/17 9450, 5.25, 5.6, 4, 4.7 [3L, 3927, 27847] ........................ 89.3K 30/03/17 21100, 171.85, 190, 111.1, 135.55 [22L, 54475, 462829] ... 6.6K 16/03/17 22000, 29.85, 37, 23.75, 26.35 [6L, 15810, 139299] ............. 5L 30/03/17 8500, 2.95, 2.95, 1.35, 2.35 [15L, 19947, 127196] .............. 30L 30/03/17 9100, 147.45, 151.9, 142.25, 143.95 [21.4K, 285, 1977] .. 19.7K 25/05/17 20100, 18.85, 18.9, 10, 10.75 [10.8K, 269, 2164] ............ 20.0K 30/03/17 21100, 18.5, 19.75, 0.05, 0.1 [222L, 556191, 4695430] ...... 9L 16/03/17
8600, 586.3, 586.3, 554, 575.8 [87.6K, 1168, 8025] ............. 8L 30/03/17 9500, 4.05, 4.4, 3, 3.3 [34L, 45997, 327845] ...................... 42L 30/03/17 21100, 252.35, 280, 215, 251.4 [49.6K, 1241, 10596] ...... 19.3K 23/03/17 22000, 168.2, 175, 150, 154.85 [20.9K, 523, 4636] ......... 21.9K 27/04/17 8500, 12, 12.65, 8.2, 10.35 [3L, 3595, 22948] .................... 13L 27/04/17 9150, 66.55, 72.55, 57.6, 59.75 [9L, 12585, 86979] .............. 3L 30/03/17 20200, 0.05, 0.1, 0.05, 0.05 [67.8K, 1694, 13688] ........... 72.4K 16/03/17 21100, 99.4, 101.1, 68.05, 75.4 [3L, 8674, 73496] ........ 63.4K 23/03/17
8700, 491.9, 491.9, 456.45, 478.6 [1L, 1539, 10578] .......... 10L 30/03/17 9500, 34.75, 35.35, 31, 34.35 [6L, 8165, 58376] ................ 24L 27/04/17 21100, 374.25, 374.9, 323, 343.9 [90.5K, 2262, 19406] ... 21.8K 30/03/17 22100, 0.3, 0.3, 0.05, 0.05 [15.8K, 395, 3492] ................ 16.2K 16/03/17 8500, 31.4, 33, 29.8, 31.3 [38.4K, 512, 3276] ...................... 1L 25/05/17 9200, 98.05, 100.05, 78, 82.4 [45L, 59791, 416549] ........... 15L 30/03/17 20200, 3.35, 6.4, 2.1, 2.7 [17.9K, 447, 3612] .................... 8.4K 23/03/17 21100, 172, 172.85, 132.35, 139.95 [1L, 3529, 29999] .. 28.2K 30/03/17
8700, 515.25, 518, 494.4, 512.1 [41.4K, 552, 3810] ............. 6L 27/04/17 9500, 71, 80.8, 71, 78.7 [1L, 1612, 11576] .......................... 1L 25/05/17 21200, 103.55, 116.85, 25.15, 39.95 [137L, 342050, 2908368]. . . . . . . . . . . 56.0K 16/03/17 22100, 9.85, 9.85, 1.6, 2.65 [29.3K, 733, 6481]............... 11.9K 23/03/17 8500, 62.35, 66.8, 59.7, 63.1 [57.2K, 762, 4893] .................. 5L 29/06/17 9200, 150, 150, 135.1, 138.75 [3L, 4610, 32304] ................. 3L 27/04/17 20200, 14.9, 18.85, 12, 12.95 [28.1K, 702, 5677] ............ 54.4K 30/03/17 21200, 40, 54.7, 0.05, 0.55 [262L, 654473, 5554222] ....... 11L 16/03/17
8800, 358, 384, 358, 379.1 [3L, 3557, 24456] .................... 10L 30/03/17 9500, 392, 412, 390, 408.75 [40.9K, 545, 4047] ................... 5L 28/12/17 21200, 181.55, 217.5, 161.95, 189.7 [2L, 4861, 41585] .... 55.2K 23/03/17 22200, 0.05, 0.05, 0.05, 0.05 [8.1K, 203, 1803] ................ 4.8K 16/03/17 8500, 152, 155.45, 148, 149.75 [45.2K, 602, 3906] .............. 6L 28/12/17 9250, 124.3, 146.9, 106.9, 108.95 [2L, 2164, 15194] ............ 1L 30/03/17 20300, 0.15, 0.15, 0.05, 0.1 [63.6K, 1591, 12919] ........... 63.5K 16/03/17 21200, 130.8, 140.1, 100.9, 110.65 [4L, 10591, 90315] . 92.6K 23/03/17
21200, 182.2, 213.2, 165.5, 174.85 [2L, 5528, 47290] ... 71.5K 30/03/17
8800, 490, 490, 406.45, 426.7 [33.0K, 440, 3041] ................ 5L 27/04/17 9550, 2.15, 2.45, 2, 2.15 [21.6K, 288, 2063] ................... 32.1K 30/03/17 21200, 301.95, 317.5, 264.1, 281 [2L, 4878, 41922] ........ 48.4K 30/03/17 22200, 13.5, 14.9, 9.15, 11.4 [20.4K, 510, 4531] ............. 23.8K 30/03/17 8550, 2.15, 2.6, 1.85, 2.45 [31.1K, 414, 2656] ................ 72.7K 30/03/17 9300, 161.15, 164.75, 140.85, 144.8 [8L, 11019, 78125] ....... 4L 30/03/17 20300, 4.8, 4.8, 3.15, 3.55 [22.6K, 565, 4589] ................ 12.8K 23/03/17
21300, 82.55, 98, 35, 47.7 [88L, 220656, 1885743]....... 20.0K 16/03/17
8900, 275.8, 289.5, 263.6, 284.95 [6L, 7399, 50907] .......... 17L 30/03/17 9600, 1.7, 1.9, 1.35, 1.4 [7L, 8850, 63730] ........................ 12L 30/03/17 21300, 49.55, 75, 0.05, 0.5 [330L, 824872, 7032669] ......... 18L 16/03/17 22400, 0.05, 0.05, 0.05, 0.05 [30.0K, 750, 6720]............... 1.2K 16/03/17 8600, 3.1, 3.4, 2.65, 2.9 [20L, 26295, 169659] ................... 23L 30/03/17 9300, 195.35, 210, 185.1, 188.65 [2L, 2245, 15988] ............. 2L 27/04/17 20300, 20, 24.4, 12.2, 16.4 [35.8K, 896, 7283] ............... 47.9K 30/03/17
21300, 170.35, 194, 145, 155.5 [2L, 6152, 52824] ........ 69.2K 23/03/17
8900, 332.3, 347.65, 323.65, 341.35 [1L, 1719, 11902]......... 4L 27/04/17 9600, 19, 19.45, 15.8, 18.75 [3L, 4417, 31861] .................... 4L 27/04/17 21300, 153.5, 171.4, 116, 139.25 [5L, 11706, 100378] ......... 1L 23/03/17 22500, 5.55, 5.6, 4, 5.1 [35.0K, 874, 7868].......................... 1L 30/03/17 8600, 16.35, 16.75, 14.4, 14.65 [2L, 3263, 21084]................ 7L 27/04/17 9400, 237.7, 247.85, 223.4, 228.35 [3L, 4506, 32579] .......... 3L 30/03/17 20400, 0.2, 0.2, 0.05, 0.05 [2L, 5854, 47769] ...................... 2L 16/03/17
21300, 210.65, 257.45, 205.8, 217.2 [1L, 2641, 22743] . 32.8K 30/03/17
8900, 381.55, 409.8, 381.5, 404 [32.6K, 435, 3036] ........ 60.8K 25/05/17 9600, 46.9, 54.6, 46.25, 52.9 [19.4K, 259, 1874] ............. 26.7K 25/05/17 21300, 239.2, 250, 211, 224.8 [3L, 8277, 71277]............. 75.7K 30/03/17 22500, 65.9, 83.85, 58.1, 66 [12.3K, 307, 2771] ............... 8.3K 27/04/17 8600, 40.7, 42, 38, 39.4 [66.5K, 887, 5748] .................... 94.4K 25/05/17 9400, 257.35, 267, 250, 252.05 [31.1K, 414, 3000] ......... 24.0K 27/04/17 20400, 7.85, 7.9, 3.55, 4.45 [27.0K, 676, 5517]............... 16.3K 23/03/17
21400, 144.25, 180.8, 113.55, 144.5 [10L, 24111, 207819]960 16/03/17
8950, 225, 239.8, 216.85, 236.4 [84.9K, 1132, 7791]............ 1L 30/03/17 9700, 1.2, 1.3, 0.9, 1.05 [3L, 3960, 28812] .......................... 6L 30/03/17 21400, 23.7, 27, 0.05, 0.1 [274L, 684176, 5857755] ........... 17L 16/03/17 Total [1714L, 3658228, 30204221.3] ............................. 592L 8650, 2.85, 3.95, 2.85, 3.45 [73.7K, 983, 6380]............... 79.4K 30/03/17 9500, 332.9, 340.9, 316, 319.9 [1L, 1377, 10155] ................ 6L 30/03/17 20400, 20, 30.9, 15, 21.55 [50.1K, 1252, 10229] ............. 50.7K 30/03/17
21400, 225.15, 255.65, 184.7, 208.4 [55.6K, 1391, 12030] . . 10.9K 23/03/17
9000, 177.9, 202, 175.6, 193.7 [30L, 39381, 271242] ......... 28L 30/03/17 9700, 9.4, 24.9, 7, 10.4 [3L, 3890, 28327] ........................... 2L 27/04/17 21400, 110.6, 126.25, 81.3, 97.9 [6L, 15276, 131360] .......... 2L 23/03/17 INDEX OPTIONS ON NSE 8700, 6.6, 6.6, 4, 4.25 [36L, 47575, 310585] ...................... 36L 30/03/17 9500, 343, 343.7, 323.8, 325.9 [82.2K, 1096, 8084] ............. 1L 27/04/17 20500, 0.35, 0.35, 0.05, 0.05 [6L, 15045, 123370]................ 4L 16/03/17
21400, 259.7, 310.2, 253.05, 264.95 [54.0K, 1351, 11714] . . 11.0K 30/03/17
9000, 263.45, 271.15, 249.05, 266.25 [2L, 2278, 15818] ....... 8L 27/04/17 9800, 0.8, 0.8, 0.6, 0.7 [96.2K, 1283, 9431] ......................... 4L 30/03/17 21400, 191, 204.45, 163.65, 176.2 [2L, 6066, 52359] ...... 57.8K 30/03/17 Put options 8700, 25, 25.15, 21.15, 21.55 [6L, 7405, 48444] ................ 10L 27/04/17 10000, 829, 837.75, 811.05, 816.95 [71.6K, 955, 7755] ...... 12L 30/03/17 20500, 11.1, 12.6, 5.5, 5.95 [3L, 7741, 63497] ..................... 2L 23/03/17
21500, 226.15, 275.1, 205.8, 242 [2L, 3906, 33969] ....... 1.2K 16/03/17
9000, 362.75, 393.1, 362.75, 389.7 [1L, 1467, 10304] .......... 3L 29/06/17 9800, 5, 6.4, 4.4, 6.25 [96.5K, 1286, 9458].......................... 2L 27/04/17 21500, 9, 9.9, 0.05, 0.05 [206L, 514865, 4428165] ............. 14L 16/03/17 Nifty(75) 8700, 58, 58, 49.95, 52 [2L, 3161, 20750] ........................... 3L 25/05/17 10000, 796.95, 807.5, 775.75, 790.45 [32.6K, 434, 3514]. 83.3K 27/04/17 20500, 35.25, 40.45, 28, 29.85 [11L, 26263, 215716] ........... 6L 30/03/17
21500, 293.85, 324, 262, 276.7 [62.6K, 1565, 13640].... 44.2K 23/03/17
9000, 700, 713, 684.8, 708.85 [35.3K, 471, 3427] ................ 7L 28/12/17 9800, 19, 21.5, 19, 21.25 [21.6K, 288, 2121] .................. 30.4K 25/05/17 21500, 78.85, 88.95, 54.05, 64.9 [9L, 23635, 203888] .......... 3L 23/03/17 6000, 3.05, 17.4, 3.05, 13.45 [44.9K, 598, 2696] .................. 4L 28/12/17 8750, 6.2, 6.5, 4.5, 5.15 [3L, 4142, 27199] .......................... 3L 30/03/17 11000, 1718, 1735, 1693.8, 1701.7 [35.3K, 471, 4493] ......... 2L 29/06/17 20500, 137.65, 148, 124, 128.1 [24.1K, 603, 4977] ......... 24.8K 27/04/17
21500, 320.2, 368.15, 305, 320.05 [1L, 3563, 31116] .... 83.2K 30/03/17
9050, 146.75, 156.25, 136.9, 151.85 [2L, 2931, 20212]......... 2L 30/03/17 9900, 0.55, 0.7, 0.5, 0.5 [25.1K, 335, 2488] ......................... 2L 30/03/17 21500, 146.05, 160, 124.1, 134.55 [11L, 27443, 237509] ...... 8L 30/03/17 7000, 0.4, 0.9, 0.3, 0.3 [39.2K, 523, 2746] .......................... 3L 30/03/17 8800, 5.65, 9.5, 5.6, 6.75 [74L, 98287, 649231] ................. 59L 30/03/17 Nifty Bank(40) 20600, 0.25, 0.7, 0.05, 0.1 [7L, 16523, 136151] ................... 2L 16/03/17
21800, 505.25, 574, 486, 528.65 [24.8K, 620, 5532] ....... 1.8K 16/03/17
9100, 98.9, 119.65, 98.9, 115.9 [91L, 120756, 834064] ....... 34L 30/03/17 10000, 0.6, 0.6, 0.45, 0.5 [2L, 3178, 23836] ...................... 10L 30/03/17 21500, 355.7, 355.7, 325, 334.4 [16.0K, 400, 3494] ........ 20.2K 27/04/17 7500, 0.85, 0.9, 0.6, 0.65 [47.0K, 626, 3522] ....................... 6L 30/03/17 8800, 34.95, 37.75, 30.45, 31.85 [5L, 6346, 42044] ............ 12L 27/04/17 18000, 3, 3, 1.3, 1.95 [17.8K, 444, 3197] ....................... 48.0K 30/03/17 20600, 19, 19, 7.3, 7.9 [1L, 3258, 26859] ....................... 35.7K 23/03/17 22000, 697.45, 750.85, 682, 702.9 [15.1K, 378, 3433]... 72.1K 30/03/17
9100, 194.05, 200.1, 182.75, 197.3 [4L, 4991, 34780] .......... 6L 27/04/17 10000, 1.65, 3.8, 1.55, 3.35 [32.2K, 429, 3219] ................... 1L 27/04/17 21600, 2.9, 2.95, 0.05, 0.05 [101L, 253007, 2186032] .......... 7L 16/03/17 7600, 1, 1.4, 0.35, 0.95 [30.4K, 405, 2309].......................... 2L 30/03/17 8800, 65.1, 71.05, 65, 67.5 [30.3K, 404, 2687] ............... 56.4K 25/05/17 18500, 2.45, 2.5, 1.55, 2.1 [10.4K, 261, 1932] ..................... 1L 30/03/17 20600, 46.95, 52.5, 35.95, 38.4 [60.5K, 1513, 12494] ...... 72.6K 30/03/17 22100, 903.95, 995, 903.95, 995 [9.9K, 248, 2291] ......... 9.9K 23/03/17
9150, 78, 106.85, 74.15, 83.85 [10L, 13340, 92344] ............. 2L 30/03/17 11000, 0.35, 0.6, 0.3, 0.4 [52.6K, 701, 5784] ....................... 4L 30/03/17 21600, 53.8, 61.1, 33.6, 40.3 [4L, 9650, 83538] .............. 83.0K 23/03/17 7800, 1, 1, 0.7, 0.95 [51.2K, 683, 3996] .............................. 3L 30/03/17 8850, 11, 11.4, 8.35, 8.7 [5L, 6375, 42360] ......................... 3L 30/03/17 19000, 0.05, 0.05, 0.05, 0.05 [12.2K, 305, 2318] ............. 62.8K 16/03/17 20700, 1.45, 1.45, 0.05, 0.05 [14L, 34908, 289042] .............. 3L 16/03/17 NIfty CPSE(250)
9200, 59.6, 64.65, 50.4, 58.55 [129L, 171378, 1189589] ..... 54L 30/03/17 Nifty Bank(40) 21600, 123.35, 150, 94.35, 102.2 [2L, 4150, 36027] ........ 67.2K 30/03/17 7900, 1, 1.2, 0.75, 1.1 [93.8K, 1250, 7407].......................... 4L 30/03/17 8900, 15.3, 16.1, 7.6, 11.55 [87L, 115493, 772014] ............ 52L 30/03/17 19000, 1.5, 2.8, 1.4, 2.05 [28.6K, 715, 5435] ....................... 2L 30/03/17 20700, 21.75, 25.55, 10.5, 11.7 [3L, 7219, 59813]................ 1L 23/03/17 2525, 18, 18, 0.05, 0.1 [72.0K, 288, 1823] ..................... 7.0K 16/03/17
9200, 139.55, 141.45, 124, 138.4 [5L, 7300, 51104] ........... 10L 27/04/17 20000, 1330, 1330, 1245, 1306 [10.8K, 270, 2299] .............. 1L 30/03/17 21700, 1, 1, 0.05, 0.05 [15L, 36610, 317777]....................... 8L 16/03/17 8000, 0.95, 1.2, 0.95, 1.15 [2L, 3034, 18206] ..................... 14L 30/03/17 8900, 50.2, 52.95, 46.05, 47.55 [6L, 7667, 51465] .............. 10L 27/04/17 19500, 0.05, 0.1, 0.05, 0.05 [12.5K, 313, 2441] ................... 1L 16/03/17 20700, 63, 67.7, 48.05, 50.25 [2L, 5483, 45524] ............. 90.3K 30/03/17 Total [1583L, 3239599, 25907934.09] .......................... 691L
9200, 196.2, 210.05, 188.95, 205.45 [20.2K, 269, 1896] ....... 1L 25/05/17 20500, 724.75, 773.8, 688.5, 727.35 [30.7K, 767, 6513] .... 2.9K 16/03/17 21700, 40.8, 40.8, 19.95, 23.25 [4L, 10426, 90602] ......... 86.2K 23/03/17 8000, 2.5, 2.7, 2.15, 2.4 [55.3K, 737, 4423] ......................... 2L 27/04/17 8900, 88.15, 92, 86, 87.4 [1L, 1546, 10424] ........................ 1L 25/05/17 19500, 2.2, 2.2, 1.1, 1.6 [46.0K, 1150, 8971] .................. 46.1K 23/03/17 20800, 2.1, 2.4, 0.05, 0.05 [34L, 85883, 714563] ................. 6L 16/03/17 # In ~ lakh, K-in thousand, L-in lakh
9200, 591.35, 591.35, 591.35, 591.35 [22.5K, 300, 2203]. 22.5K 28/12/17 20500, 855.05, 855.5, 787.2, 834.9 [15.4K, 385, 3285] ......... 4L 30/03/17 21700, 83.1, 90.45, 68.35, 75.55 [1L, 2883, 25112] ......... 91.1K 30/03/17 8000, 92.05, 95, 90.25, 91.95 [50.3K, 670, 4067] ................. 9L 28/12/17 8950, 15.15, 22.9, 15.15, 15.95 [6L, 8015, 53907]................ 3L 30/03/17 19500, 3.5, 3.85, 2.4, 2.95 [65.0K, 1624, 12669] .................. 2L 30/03/17 20800, 27, 40, 16.2, 18.7 [3L, 8739, 72785] ................... 88.7K 23/03/17 Filtered for notional value more than ~ 18.00 Crore

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3M India (11078.40)11187.65 [2K] B . . . . . . . . . . . . . . . . . . 60.4 15250/10009 AKZO Noble I (1608.70)1604.5 [5.26K] B . . . 33.0 1745/1252 Chennai Petr (369.05)375.35 [4.48L] B . . . . . . 5.0 405/178 Gallant Isp (485.55)486.35 [10.77K] B . . . . . 33.4 663/434 #Indiabulls Vent (41.95)46.1 [8.7M] B . . . . 51.5 46/13 m m m m m
8K Miles Softwa (620.90)624.1 [21.61K] B23.2 853/570 #Alembic (35.85)36.95 [1.04M] B . . . . . . . . 13.3 47/32 Cigniti Tech (362.60)360.7 [67.4K] B . . . . . . . 55.1 495/341 Garware-Wall (677.60)687.75 [17.63K] B . . 18.6 706/319 Indian Bank (273.70)277.95 [1.91L] A . . . . . . 11.4 310/85 # m # m
#Alembic Pharma (609.70)604.45 [33.14K] A28.4 699/515 mCity Union B (148.10)147.95 [3.16M] A . . 18.3 169/86 Gateway Dist (251.60)254.6 [70.39K] A . . . . 25.3 326/210 mIndian Hotel (122)121.6 [5.54L] A . . . . . . . . . . . - 143/89 m m m
Aarti Drugs (576.80)583.4 [13.47K] B . . . . . . 19.9 686/432 #Alkem Labs (1927.50)1953.5 [25.81K] B . 34.7 2185/1153 Clariant Ch (643.85)667.45 [24.63K] B . . . . . 58.1 840/589 #GATI (132.05)137.45 [2.78M] A . . . . . . . . . 33.9 189/104 Indian Metal (643.90)647.7 [21.01K] B . . . . . 67.5 776/109 m M m m
Aarti Inds (791.15)796.7 [56.64K] B . . . . . 22.0 818/461 #Allcargo Log (167.95)169.55 [3.28L] B . . . 17.1 222/144 Claris Life (320.20)324.25 [1.05L] XC . . . . . . 23.1 430/129 #Gayatri Proj (139.70)138.7 [43.02K] B . . . 34.8 156/98 Indian Metal (645)649 [74.33K] B . . . . . . . . . . . . . - 778/107 # #
#ABB India (1210.35)1205.35 [26.27K] A . . 67.9 1434/931 #Amrutanjan (537.80)537.25 [11.8K] B . . . 32.1 661/385 Coffee Day (231.90)233.4 [60.9K] B . . . . . . . . . . . - 277/190 GE Power India (573.85)568.8 [13.37K] B . . . . . . - 665/436 #Indoco Rem (258.55)255.85 [23.13K] B . . 29.6 362/250 m #  W
Abbott India (4498.15)4587.55 [3.52K] B . . . 33.2 5049/4354 #Anant Raj (49.50)50.5 [1.44M] B . . . . . . . . 23.2 65/31 mCoromndl Int (315.70)319.95 [3.18L] A . . 21.9 358/170 #GE T&D Ind (301.35)307.2 [2.22L] A . . . . . . . . . - 498/278 Ineos Styroluti (609.55)611.2 [7.08K] B . . . . 14.8 679/537 M m m M
Accelya (1427.85)1397.45 [6.16K] B . . . . . . . 22.2 1890/856 #Andrew Yule (23.80)24.15 [1.73L] XC . . . . 26.0 28/18 #Corp Bank (47.45)48.65 [8.6L] A . . . . . . . . . . . . - 56/33 mGenus Power (38.55)38.45 [1.61L] B . . . . . 17.8 60/33 Infinite Com (223.80)223.2 [13.87K] B . . . . . . 5.7 255/189 M m M m m
Adani Trans (66.05)65.4 [7.51L] A . . . . . . . . . . NA 70/29 Apar Ind (742.95)768.1 [48.92K] B . . . . . . . . . 17.1 789/456 Cox & Kings (192.15)201.75 [1.06M] A . . . . . . - 242/147 mGeojit Financia (49.75)50.95 [4.17L] B . . . 25.4 51/30 Info Edge (821.90)837.8 [1.3L] A . . . . . . . . . . 44.4 1025/711 MW
Aditya Bir Fa (148.75)152.75 [1.12M] B . . . . . NA 178/123 APL Apolo Tb (1096.15)1143.5 [38.35K] B . . 20.4 1153/631 mCRISIL (1967.70)1969.15 [42.95K] A . . . . . 43.0 2500/1767 GHCL (271.65)269.1 [1.35L] B . . . . . . . . . . . . . . 7.6 299/110 Ingersoll (673.85)681.05 [20.05K] B . . . . . . . 29.5 790/612 m  m # W M
Advanced Enzyme (1730.35)1734.95 [2.24L] B49.4 Aptech (228.95)241 [1.66M] B . . . . . . . . . . . . 56.5 251/56 Cyient (465.45)465.2 [16.73K] A . . . . . . . . 15.8 554/405 GIC Housing (316.55)323.75 [2.46L] B . . . . . 12.7 354/206 INOX Leisure (248.60)249.9 [1.46L] B . . . . . . 52.0 293/189 m m
2376/1168 Arcotech (669.10)678.3 [11.85K] B . . . . . . . . 40.5 813/290 Gillette I (4106.30)4168.5 [17.74K] B . . . . . . 57.2 4898/4022 Inox Wind (179.25)181.4 [6.43L] B . . . . . . . . . 10.8 295/163 # # M m M #
mAegis Log (208.10)208.6 [2.54L] B . . . . . . . 57.1 211/93 mAsahi (I) Gl (217.50)215.35 [18.95K] B . . . 50.2 224/136 D B Corp (382)381.75 [1.58L] A . . . . . . . . . . . . 18.7 448/290 #GMDC (113.45)114.55 [2.02L] A . . . . . . . . . 12.8 123/64 Insectcides (556.20)555.05 [23.77K] B . . . . . 41.5 589/305 m m
Agro Tech Fd (581.25)570.05 [5.27K] B . . . . . 48.1 609/426 #Ashiana Hsg (185.35)195.75 [3.13L] B . . . 14.1 204/116 D B Realty (41.70)42.25 [1.59L] B . . . . . . . . . . . . . - 62/35 GNFC (259.70)258.55 [2.11L] B . . . . . . . . . . . . 10.5 292/76 Intell Des Aren (112.45)113.5 [6.98L] A . . . . . - 252/108 #M m m M
#Ahluwalia Co (310.85)311.2 [7.16K] B . . . 22.6 338/235 Ashoka Build (185.25)193.8 [5.06L] B . . . 62.0 201/111 #Dalmia Bhar (1899.45)1909.7 [41.51K] B 61.6 2085/701 #GOCL Corp (346)351.9 [9.35K] B . . . . . . . . . 121 374/130 InterGlobe Avia (881.45)891.4 [3.35L] B . . . 16.2 1095/790 M # m  m
#AIA Engg (1479.65)1495.1 [65.51K] A . . . 29.6 1582/885 Astec Life (592.75)591 [66.42K] B . . . . . . . . . 97.7 694/185 #Dalmia Sugar (180.50)175.75 [1.98L] B . . . 7.1 202/85 #Godfrey Ph (1258.70)1284.15 [6.52L] B . . 52.1 1543/800 Intl Pap APPM (312.70)313.05 [13.27K] B . . 34.2 355/270 M m m
#Astra Micro (113.50)114.4 [2.36L] B . . . . . 21.8 139/102 #Dcmshriram (276.20)275.75 [39.95K] B . 10.0 297/130 Godrej Prpty (375.40)376 [7.37L] A . . . . . . 50.2 394/271 #Ipca Labs (552.25)549.85 [65.22K] A . . . . 38.2 644/404 M # M
> ETF mAstral Poly (503)538.3 [3.51L] B . . . . . . . . . 74.5 564/367
#Astrazen Ph (943.15)952.7 [25.15K] B . . . 85.4 1235/908
Deep Inds (316.85)318.05 [1.29L] B . . . . . . . . 16.0
Deepak Fert (260.10)272.9 [3.41L] B . . . . . . . 17.9
332/131
285/144
Goodyear (761.85)772.5 [45.64K] B . . . . . . . 14.2 921/470
#Graphite (106.75)114.95 [1.05M] B . . . . . . 32.6 116/69
ISGEC Heavy Eng (5827.40)5992.55 [20.72K] B24.0
6067/4000
M
M
m 
 M
m
m
#

m W Atul (2191.55)2212.4 [8.55K] A . . . . . . . . . . . . 23.1 2492/1450 #Deepak Nitrt (119.05)116.25 [1.74L] B . . 13.6 134/63 #Greaves Cott (165.95)168.05 [4.47L] B . . 23.8 170/115 mITD Cemnt (156.90)156.25 [1.48L] B . . . . . 50.4 179/101 M m
Atul Auto (411)408.65 [71.4K] B . . . . . . . . . 21.4 568/391 Den Network (83.70)82.3 [1.19L] A . . . . . . . . . . . - 104/60 Greenlam Inds (653.30)654.1 [748] B . . . . . NA 860/471 ITI (51.40)52.1 [7.61L] B . . . . . . . . . . . . . . . . . . . 7.8 54/23 M
Autom Axle (633.30)631.7 [5.5K] B . . . . . . . . . . . - 805/528 Dena Bank (36.80)37.3 [5.12L] A . . . . . . . . . . . . . . - 44/28 mGreenply Ind (289.85)287.05 [1.15L] B . . . 26.2 308/171 #M # # m
#Avanti Feeds (714.70)732.15 [39.44K] B . 23.1 747/386 DFM Foods (1748.10)1725.8 [1.32K] B . . . . . 72.4 2145/1642 Grindwell N (339.05)343.8 [17.72K] B . . . 32.7 385/288 mJ & K Bank (72.60)74.5 [9.51L] A . . . . . . . . . . . . - 92/56 M M m
Dhamp Sugar (225.95)226.45 [2.63L] B . . . . . 6.2 234/76 #GRUH Finance (368.30)366.45 [1.57L] A . 48.7 391/233 J Kumar Infr (253.10)255.35 [4.31L] B . . . 17.9 328/105 mM M m m
mBaj Hind Sug (14.05)14.1 [4.55M] B . . . . . . . . . - 24/13 #Dhanuka Agri (795.35)794.55 [19.48K] B 32.1 800/550 #GSFC (123.40)123.85 [1.77M] A . . . . . . . . . 18.6 125/62 #Jagran Prak (181.85)182.6 [1.67L] B . . . . . 13.4 213/145 #M M
mBajaj Corp (368.40)366.1 [62.44K] B . . . . . 24.3 439/325 Diamond Pwr (42.80)42.1 [1.46L] B . . . . . . . . . NA 63/22 GSK Consumer (5428.90)5502.25 [15.73K] A35.06600/4708 mJai Corp (72.45)74.45 [1.12M] B . . . . . . . . . . 114 84/52 M m m
M #Bajaj Elect (306.75)308.65 [6.62L] A . . . . . 30.1 330/185 Dilip Build (335.05)343.45 [2.23L] B . . . . . . . 23.9 347/178 GSK Pharma (2707.40)2747.6 [21.98K] A . . 70.5 3872/2600 Jamna Auto (211.85)215.4 [2.04L] B . . . . . 17.7 241/129 mM MW m m m # m
Bajaj Hold (2075.80)2109.75 [32K] A . . . . . . . . 9.5 2245/1395 #Dishman Phar (243.70)247.55 [1.2M] A . . 19.9 269/128 GTL Infra (6.15)5.7 [28.4M] B . . . . . . . . . . . . . . . . . - 7/2 Jayant Agro (621.10)641.2 [67.58K] B . . . 25.2 648/108 mM m m m M # M
#Balaji Amine (335.45)337 [9.29K] B . . . . . 12.0 380/135 mDPSC (40.50)41.75 [11.98K] B . . . . . . . . . . . . NA 49/15 Guj Alkalies (408.40)408.75 [54.76K] B . . . . . . 8.9 434/160 Jaypee Inf (11.30)11.05 [1.28M] B . . . . . . . . . . . . - 14/5 mM M m m M
#Balkrishna I (1377.75)1420.7 [1.85L] A . . 18.7 1459/582 Dr Lal PathLabs (951.10)945.45 [1.6L] B . . . 59.4 1280/770 #Guj Amb Exp (105.55)110.6 [2.09L] B . . . . . 9.9 120/37 #JB Chemicals (326.35)327.15 [46.84K] B . 15.9 404/231 M M
#Ballarpur I (19.95)20.1 [3.94M] B . . . . . . . . . . . - 21/12 Dredgng Corp (523.50)627.25 [2.74M] B . . . 42.5 628/322 mGuj Fluoro (590.10)611.6 [1.51L] B . . . . . . 18.8 666/436 JBF Ind (249)266.35 [4.71L] B . . . . . . . . . . . . . . . . . - 272/177 #M # # m M
M Balmer L Inv (390.30)391.4 [14.24K] XC . . . . 24.4 429/271 Dynamatic T (2857.10)2844.15 [1.59K] B . . 43.7 3656/1577 Guj Ind Power (101.05)100.7 [1.25L] B . . . . . . 7.3 116/77 JBM Auto (271.65)277.3 [1.7L] B . . . . . . . . 29.2 327/111 #M # m # W
Balmer Lawr (212.70)228.65 [4.63L] B . . . . . 16.6 287/135 Guj Petronet (161.45)159.05 [7.68L] A . . . . . 19.1 173/123 Jindal Poly (353.75)422.5 [2.84M] B . . . . . . . 14.5 538/299 #M  M m
mBalram Chini (149.55)149.5 [5.53L] A . . . . . 7.5 162/95 eClerx Ser (1380)1390.55 [49.98K] A . . . . . . 14.3 1784/1190 Guj Pipavav (158)162.05 [1.83L] A . . . . . . . . . 33.5 198/121 #Jindal Saw (80.75)84.7 [3.73M] B . . . . . . . . . 9.0 86/ mMM M m m
#Banco Prod (201.25)204.95 [73K] B . . . . . 13.8 242/99 mEdelweiss Finan (140)140.1 [1.14M] A . . . 20.8 148/53 Gujarat Gas (674.65)679.9 [42.18K] B . . . . . . . NA 707/470 # M M M
m Bank of Maha (32.30)32.4 [1.5L] B . . . . . . . . . . . . - 39/23 mEID Parry (279.85)280.1 [1.44L] A . . . . . . . . 353 310/191 #Gulf Oil Lub (701.75)722.25 [21.28K] B . . 30.1 892/454 # M M M
Bannr Am Sug (2010.05)2004.55 [1.54K] B . 14.1 2340/1252 #EIH (108.95)108.5 [49.17K] B . . . . . . . . . . . 89.5 127/91 mGVK Power (6)6.1 [2.89M] A . . . . . . . . . . . . . . . . - 8/4 m M
BASF India (1216.30)1222.4 [9.16K] B . . . . . . 264 1348/754 EIH Asso Ht (330.80)331 [1.43K] B . . . . . . . . . 23.5 379/256  m #M
Bayer CropSn (3844.75)3854.7 [6.28K] A . . 39.7 4595/3455 Elantas Beck (1848.65)1842.7 [433] B . . . . . 26.8 1879/1235 #Hath Cable (38.15)38.15 [5.17L] A . . . . . . . . . . - 40/24 mM # m M
Bengal Assm (1424.30)1709.15 [20.7K] XC . 48.7 1709/448 Electrost St (4.50)4.55 [7.73L] B . . . . . . . . . . . . . . - 7/2 mHatsun Agro (515.15)518.1 [4.53K] B . . . . . 108 527/289 # M M # M #
mBerge Paint (228)230.95 [5.01L] A . . . . . . . 73.2 277/159 mElectrst Cst (28.15)28.65 [2.16M] B . . . . . . 11.3 30/17 Hawkins Cook (2851.75)2910.05 [1.18K] B . 33.5 3610/2475 mM M m M m # M
BF Utilities (395.20)402.25 [1.71M] A . . . . 208 644/356 mElgi Equip (212.10)214.85 [27.4K] B . . . . . 40.7 228/124 mHBL Power (43.30)44 [4.52L] B . . . . . . . . . . 42.3 48/29 M m m
m m BGR Energy (135)136.75 [3.39L] B . . . . . . . . . 17.2 156/99 mEmami (1046.25)1048.35 [1.39L] A . . . . . . 71.5 1260/901 #HCL Info (52.05)53.15 [1.45M] B . . . . . . . . . . . - 65/36 M M M m m m W M
m m Bharat Rasa (2696.45)2685.4 [3.37K] B . . . . 24.2 2828/851 Empire Ind (1680.60)1656.75 [68] XC . . . . . . 32.4 1995/1485 Healthcare Glob (236.45)239.65 [55.13K] B . 109 265/167 W M m m # m
#Bhushan Stl (54.85)55.7 [4.94L] B . . . . . . . . . . - 64/35 Endurance Tech (700.50)704.3 [67.21K] B . . . NA 729/519 Heidelberg (119.05)116.85 [2.38L] B . . . . . . 41.7 151/72 m M m #
Birla Corpn (704.90)704.75 [62.06K] B . . . . . 20.1 804/350 Ent Network (846.45)834.35 [16.05K] B . . . . 64.9 905/653 Heritage Foods (1080.85)1094.05 [42.57K] B36.2 1174/492 m # m
M mBliss GVS (148.75)153 [1.77L] B . . . . . . . . . 28.8 185/79 Equitas Hold (167.10)169.3 [1.18M] B . . . . . 28.7 206/134 mHFCL (13.10)13.2 [4.42M] B . . . . . . . . . . . . . . . . - 20/11 m m m
M W BLS Infotech (1672.75)1681.9 [17.75K] XD . . . . - 2040/850 Eros Intl M (199.15)219.4 [3.74M] B . . . . . . . . 8.0 238/142 #Hikal (194.75)197 [43.51K] B . . . . . . . . . . . 26.3 257/116 #  m M # m M  m
M M BLS Intl Ser (1672.90)1672.85 [5.3K] B . . . . . . NA 2050/974 Esab India (599.05)600 [8.34K] B . . . . . . . . . . 26.7 689/525 Himatsing S (363.85)358.65 [36.97K] B . . 20.1 385/183  # m m m W
M Blue Dart E (5103.15)5079.85 [18.14K] A . . . 77.5 6418/4161 #Essel Prpack (231.95)238.25 [1.07L] B . . . 19.9 264/152 Hind Copper (66.95)68.9 [1.7M] A . . . . . . . 172 74/42 m M m m W
M M #Blue Star (560.65)572.55 [61.25K] B . . . . . 36.2 589/355 mEsteem Bio (39.05)38.3 [25K] M . . . . . . . . . . NA 50/26 Hind Media (290.85)293.35 [50.71K] B . . . . . 11.1 314/243 m # # m M W
#Bodal Chem (136.50)134.8 [3.18L] B . . . . 12.2 155/62 Eveready Ind (245.80)250.7 [1.58L] B . . . 20.9 291/200 #Hind Nat Gl (115)112.1 [3.62K] B . . . . . . . . . . . - 156/73 # M m # mW M
#Bombay Burm (761.50)761.05 [1.31L] B . . . . - 825/353 Excel Crop (1796.55)1799.35 [942] B . . . . 27.4 2000/1085 Hind Oil (72.40)72.9 [5.17L] B . . . . . . . . . . . . . 34.0 79/30 M m #W
W #Bombay Dyng (68.50)71.2 [5.88M] B . . . . . . . - 72/42 Hinduja Glb (597.85)604.95 [15.48K] B . . . . . . 7.1 637/376 m # # m #W
Bombay Rayon (152.75)150 [4.5L] B . . . . . . . . . . - 196/126 FACT (34)33.5 [1.64L] B . . . . . . . . . . . . . . . . . . . . . . - 39/19 Hinduja Vent (516.95)515.95 [2.12K] B . . . . 10.3 603/390 # m M m W
Borosil Glas (6270.75)6399.25 [3.2K] XC . . . 11.0 8703/2541 FAG Bearings (4110)4187.3 [2.4K] B . . . . . . . 35.8 4479/3740 HMT (37.90)37.3 [3.79K] Z . . . . . . . . . . . . . . . . . . . - 50/32 # m W
m Brigade Ent (228.50)240.85 [9.59L] B . . . . . . 22.6 244/135 mFDC (208.35)207.65 [55.28K] B . . . . . . . . . . 20.9 244/165 Honda Siel (1388.90)1383.5 [4.12K] B . . . . . 23.6 1755/1115 m  M m M m Wm
Federal-Mog (494.65)496.75 [5.27K] B . . . . 44.9 594/303 Honeywell A (9942.50)9944.55 [637] B . . . . . 50.110500/7578 m # W
mCamlin Fin (90.15)92.4 [2.68L] B . . . . . . . . 54.7 120/82 FIEM Inds (857.45)855.7 [80.32K] B . . . . . . . 20.8 1510/734 mHSCL (43.95)43.9 [4.95L] B . . . . . . . . . . . . . 29.4 50/15 m WM # m
Can Fin Home (2098.05)2109.1 [75.44K] B . 26.5 2124/1011 #Finolex Cab (462.20)460.2 [41.05K] A . . . 21.8 474/239 #HSIL (330.25)333.25 [32.01K] B . . . . . . . . . 19.7 370/256  M m m
Capital First (690.45)694.75 [2.82L] B . . . . . 31.4 797/394 Finolex Ind (541.15)548.45 [4.32L] A . . . . . . . 22.7 558/349 #HT Media (82.70)82.8 [96.54K] B . . . . . . . . 10.6 97/69 # M #
#Caplin Point (374.70)377.9 [24.81K] B . . . 44.6 460/184 Firstsource (43.55)42.9 [1.99M] A . . . . . . . . . . 9.9 54/31 #Huhtamaki PPL (240.05)238.3 [30.94K] B46.8 326/200 m m m
#Capri Global (48.65)49.45 [27.97K] B . . . . 18.4 82/22 Forbes & Co (1895.90)1859.8 [4.7K] B . . . . . 40.7 2695/1100 # m M
mCarborundm (269.80)270.9 [4.02L] B . . . . 30.0 307/166 Fortune Fin (315.50)315.9 [7.83K] XC . . . . . . 77.1 410/122 ICRA (4169.25)4186.2 [749] A . . . . . . . . . . . . . 58.5 4550/3470 #  m
Care Rating (1495.80)1484 [58.99K] A . . . . . 29.4 1575/901 Foseco (1325)1326.3 [126] B . . . . . . . . . . . . . . 25.6 1575/1141 IFB Ind (606.05)603.5 [7.63K] B . . . . . . . . . . . 45.9 660/303 m m #
#CCL Products (335.75)338.05 [1.49L] B . . 33.1 372/188 NFuture Consumer (29.95)29.55 [2.77M] B . . - 31/18 IG Petro (363.90)367.55 [1.23L] B . . . . . . . . . 13.2 380/102 # M
Central Bank (98.80)99.45 [8.33L] A . . . . . . . . . . - 112/67 #Future Enterpri (26.55)26.75 [1.07M] B . . . 4.5 156/14 Igarashi Mtrs (804.25)810.8 [17.47K] B . . . . 33.3 840/491 M m W
mCentrum Cap (34.90)34.85 [2.84L] XD . . . . . . - 39/10 #Future Lifesty (214.15)218.15 [4.46L] B . . 130 221/75 #IIFL Holds (394.60)390.2 [1.16M] A . . . . . . 19.5 412/182  M M M
mCentury Ply (243.15)242.85 [1.55L] B . . . . 31.7 268/154 #Future Retail (267.70)267.75 [1.91L] B . . . . NA 278/115 IL&FS Tran (103.05)107.25 [1.22M] A . . . . . . 11.3 125/66 m # m #
Cera Sanitar (2600.35)2622.3 [8.37K] B . 34.5 2780/1710 #Ind Hum Pipe (388.35)390.05 [10.4K] B . . 25.2 460/155 m m m m m
#CGCEL (188.85)197.65 [1.37M] B . . . . . . . . . NA 207/125 G E Shipping (376.05)393.45 [2.86L] A . . . . . . 7.4 411/288 Ind Ove Bank (26.75)27 [8.63L] A . . . . . . . . . . . . . - 33/21 m m M # m m
Chambal Fert (82.35)82 [9.72L] B . . . . . . . . . . . 9.3 89/52 mGabriel I (114)116 [1.73L] B . . . . . . . . . . . . . 20.7 130/83 India Touris (398.35)418.4 [2.65L] B . . . . . . . . . . - 460/203 M # M m
https://t.me/srikakulam bubbly


MUMBAI | FRIDAY, 17 MARCH 2017 STOCKS 5 <

> BS 200
WHAT THESE STOCK PAGES CONTAIN AND WHY Industry P/E, 3) Quarter on quarter EPS on the basis of consolidated earnings compares the prevailing price to BV. stock above the risk-adjusted market Open Interest: OI is the number of option becomes valueless while ABBREVIATIONS: When a significant SYMBOLS
FOR FACE
BSE NSE BSE NSE
growth (Q/Q), and, 4) Standalone EPS wherever available. RoNW is the ratio of net profit to return, given its level of risk measured contracts open at end of day in the futures contracts are compulsorily change occurs in the day’s closing VALUE OF
in the trailing twelve months (TTM). The industry P/E is the aggregate net worth, while RoCE is the ratio of by beta. It is the return given by a futures and options segment. OI thus settled on expiry. On NSE, it is the lastvalue compared with the previous SCRIPS Aban Offsh (A) # ACC (A)
BS 200 stocks account for over 85 per also the price trend with highs/lows On Wednesdays: quarterly EPS for the market capitalisation of the industry PBDT to capital employed. Capital stock when the market index has zero indicates traders’ expectations. High Thursday of every month. close, the close price is underlined. PCLose (223.45) (223.55) (1420.75) (1420.40)
G ~100 Open 226.00 225.80 1421.00 1428.90
cent of the volume of shares, value (3-month and 52-week). last four quarters.On Thursdays; divided by the aggregate standalone employed is net worth plus total movement. A positive alpha indicates OI is typical when traders see a Put/call ratio: The ratio of open A significant change means a 3 per
H ~50 High 228.50 228.00 1429.00 1431.00
and trades on BSE and NSE. Routine The third sub-set of information is 1) Dividend yield %, 2) Payout ratio, net profit (trailing 12 months) of the long-term borrowings. High RoNW the stock performs better than continuing trend. interest in put options & call options. cent rise or fall in scrips whose market Low 224.40 224.10 1417.30 1419.00
information on other stocks are given on a particular stock’s one-year 3) Free float, and 4) FII stake. On industry, after excluding loss-making and high RoCE imply a business is expected, given its beta and vice- Market Lots: The designated value values are over 10 times paid-up I ~20 Close 225.25 225.20 XDO1421.651422.00
separately under Other Traded Stocks. return calculated on a point-to-point Fridays: 1) Book-value per share, companies. capital-efficient. versa. A high alpha value indicates of a single F&O contract. This differs FORMULAS: value or 15 per cent for the rest of N ~6 %Chng 0.81 0.74 0.06 0.11
Only NSE quotes are given in italics for basis for 1 month and 1 year followed 2) Price/book value, 3) Return on Net The market capitalisation is Standard deviation in the returns the stock has a strong trend from underlying to underlying. For Mean: Average of daily returns of a the shares. Shares 232K 620K 44092 284K
all other stocks. For the remaining by market cap. Worth (RoNW) and, 4) Return on shown in ~crore and is arrived at by of a stock measures the volatility of independent of the market’s moves. example, it is 50 Nifty and 25 Nifty scrip in the last 30 trading days. The letters H or L appended to  ~5 Trades 3129 8504 922 10803
stocks, we carry BSE quotes. In order to assess a scrip’s future Capital Employed (RoCE). On multiplying the closing prices of the stock over its trend. Beta indicates R Squared is the square of the Junior Standard Deviation: formula= sqrt prices indicate a new high or low in , ~4 PE - - 44.17 44.18
For BS 200 stocks, the company potential, the table contains ratios Saturdays, the focus is on the shares with equity capital. It changes how much the scrip moves for a unit coefficient of correlation between Strike Price: The price at which an (((n* åy2)- (å y * å y))/(n*n) the scrip; the letters XD after the 3 M H/L 260/203 259/217 1511/1270 1512/1270
K ~3 52 Wk H/L 286/171 286/171 1738/1238 1736/1244
name is followed by its BSE group in on valuation, profitability, strength, volatility of returns using: 1) Alpha, either because more shares have change in the index. A negative beta market returns and stock returns. It is option may be exercised. An option is Beta: formula ((n * å xy) - (å x* å traded quotes indicate that the scrip
brackets and the symbol indicating growth and efficiency. The idea is to 2) Beta, 3) Standard deviation, and been issued (or extinguished) or the indicates the share moves in a the percentage by which the market “in-the-money” if the market price y))/(n* å x2 - (å x * å x)), has gone ex-dividend after that date; # ~2 1 M returns -3.31 -3.33 -2.80 -2.98
1 Yr returns 21.53 21.37 11.62 11.64
the paid-up value . Four categories get an understanding of why a share 4) Mean price has moved. Book value is net direction opposite to the market and influences an individual stock’s exceeds the SP (in case of a call Alpha: formula (å y/n) - (Beta * (å XB denotes ex-bonus, XR ex-rights; m ~1 Mcap 1314 1314 26697 26704
of information are provided : First, may be active and what is in store at DEFINITIONS: worth (equity capital plus reserves vice versa. The beta of the index is 1. movement. R Squared could range option) and the market price is below x/n)) where n is 30 trading days, y is å XO ex-indicator for other corporate Face value Book-value 1036.38 1036.38 448.43 448.43
the basic information on the day’s the counter. P/Es have been arrived at by and surplus minus accumulated Beta is used in conjunction with R from 0 to 1, where 1 would indicate SP (in case of a put). Otherwise it is (sum) of daily price returns of a scrip actions like AGM/EGM/ preference of scrips is Price/Bk-val 0.22 0.22 3.17 3.17
trading. Information is also given on In this segment, a new byte of dividing the day’s closing price by its losses) divided by the number of Squared to draw inferences of perfect correlation between the “out-of-money” for 30 trading days, x is å (sum) of shares/mergers and others . ~10 in all RoNW 0.85 0.85 6.98 6.98
M denotes volume of shares in cases if not RoCE 6.06 6.06 10.00 10.00
the number of shares traded, and the information is given every day: reported earning per share (EPS) for shares outstanding as reported by a volatility. market index and the stock and 0 Expiry date: The date on which a daily index returns (BSE Sensex for specified.
number of trading transactions, as On Tuesdays: 1) Cash P/E, 2) trailing 12 months. EPS is calculated company. Price to book value ratio Alpha is the excess return of the indicates no correlation. derivative expires . An unexercised BSE stocks and Nifty for NSE stocks) million, L in lakhs & K in ‘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
Adani Enter (A) m Adani Ports (A) # Adani Power (A) Adi Bir Nuvo (A) Ajanta Phar (A) # Allahabad Bk (A) Amara Raja (A) m Ambuja Cem (A) # Andhra Bank (A) Apollo Hosp (A)  Apollo Tyres (A) m Arvind (A) Ashok Leyland (A) m Asian Paints (A) m Aurob Pharma (A) m Axis Bank (A) # Bajaj Auto (A) Bajaj Fin (A) #
PCLose (101.25) (101.20) (309.90) (310.30) (38.85) (38.90) (1518.65) (1519.65) (1741.65) (1743.25) (70.50) (70.40) PCLose (865.85) (865.40) (233.25) (233.00) (54.90) (55.00) (1212.80) (1212.90) (194.20) (194.10) (402.05) (401.95) PCLose (91.10) (91.10) (1063.90) (1064.05) (677.65) (678.00) (511.75) (511.70) (2870.35) (2873.10) (1134.15) (1134.55)
Open 102.50 102.45 311.00 312.00 39.10 38.90 1524.00 1524.00 1745.70 1745.50 70.95 71.00 Open 871.00 873.00 231.95 233.80 55.30 55.20 1220.00 1216.00 196.50 195.70 406.00 405.25 Open 92.00 92.00 1068.75 1071.25 681.05 682.00 514.45 513.00 2890.00 2881.30 1134.85 1139.70
High 104.00 103.95 325.65 327.35 39.95 40.00 1530.00 1531.00 1771.00 1771.95 72.10 72.10 High 896.40 896.00 235.70 236.20 56.00 56.05 1230.95 1233.00 198.50 198.65 409.30 409.70 High 92.85 92.90 1090.00 1089.50 692.25 692.90 516.90 516.80 2943.85 2944.90 1175.05 1178.00
Low 101.85 101.80 311.00 311.50 39.00 38.90 1515.50 1516.50 1745.70 1743.80 70.55 70.50 Low 871.00 872.45 231.95 232.75 55.10 55.10 1217.80 1216.00 194.65 194.60 405.00 404.70 Low 91.50 91.40 1068.75 1068.25 678.65 678.50 511.50 511.30 2865.40 2862.50 1131.55 1130.85
Close 102.70 102.75 324.55 325.70 39.90 39.90 1526.30 1526.55 1761.60 1763.80 71.95 71.85 Close 884.45 884.90 XD235.25 235.40 55.90 55.90 1224.30 1226.05 195.95 196.25 407.85 408.40 Close 91.90 91.90 1087.60 1087.55 687.20 687.60 513.60 513.65 2936.70 2936.40 1158.75 1163.50
%Chng 1.43 1.53 4.73 4.96 2.70 2.57 0.50 0.45 1.15 1.18 2.06 2.06 %Chng 2.15 2.25 0.86 1.03 1.82 1.64 0.95 1.08 0.90 1.11 1.44 1.60 %Chng 0.88 0.88 2.23 2.21 1.41 1.42 0.36 0.38 2.31 2.20 2.17 2.55
Shares 1038K 7120K 1297K 7052K 2006K 9916K 42837 210K 8694 82809 245K 2426K Shares 87454 1061K 70813 1386K 236K 2329K 14482 327K 397K 3823K 226K 1591K Shares 889K 11584K 90076 1382K 226K 2214K 1862K 5362K 18518 432K 83337 1235K
Trades 4855 29295 9068 83946 2051 13673 989 10466 776 9843 1079 9732 Trades 3896 24999 834 20059 832 7329 1100 16987 3549 30237 2934 23684 Trades 3810 39631 2157 38532 4948 45759 3755 83616 1548 22921 3129 39472
PE 12.10 12.10 18.21 18.28 21.28 21.28 17.73 17.74 29.39 29.42 - - PE 30.96 30.98 40.40 40.43 19.96 19.96 54.47 54.55 8.94 8.95 31.83 31.88 PE 30.84 30.84 53.63 53.62 17.27 17.28 26.68 26.68 22.19 22.19 37.43 37.58
3 M H/L 104/69 104/69 326/257 327/257 41/27 41/27 1555/1161 1558/1160 1837/1527 1840/1527 80/57 76/57 3 M H/L 943/821 941/822 244/197 245/197 59/46 59/46 1344/1111 1344/1112 199/172 199/172 409/322 410/321 3 M H/L 97/75 97/75 1090/850 1090/851 733/622 731/622 530/425 530/424 2944/2555 2945/2551 1175/762 1178/761
52 Wk H/L 104/58 104/58 326/170 327/170 41/23 41/23 1664/770 1640/770 2150/1312 2125/1310 88/49 88/49 52 Wk H/L 1077/821 1080/820 282/191 282/191 65/45 64/45 1443/1111 1443/1112 235/139 235/139 424/257 424/257 52 Wk H/L 113/74 113/74 1230/837 1227/843 895/622 895/622 638/418 638/418 3122/2252 3120/2250 1180/650 1184/649
1 M returns 9.61 9.54 9.04 9.57 14.49 14.49 1.63 1.61 0.98 0.98 2.20 1.99 1 M returns 3.59 3.57 -1.20 -1.18 4.19 4.19 -3.75 -3.61 9.35 9.33 8.33 8.44 1 M returns -1.97 -2.13 13.18 13.19 3.38 3.45 5.03 5.02 5.58 5.67 6.42 6.79
1 Yr returns 52.60 52.58 37.99 38.18 33.22 33.00 97.39 97.32 29.49 29.81 38.23 37.91 1 Yr returns -1.95 -2.07 7.86 7.91 10.69 10.58 -11.31 -11.34 14.96 15.17 50.01 50.48 1 Yr returns -3.42 -3.52 24.90 24.64 -5.36 -5.38 20.01 19.97 29.38 29.36 76.00 76.78
Mcap 11295 11300 67213 67451 15009 15009 19880 19883 15502 15521 5351 5343 Mcap 15106 15114 46712 46742 3808 3808 17032 17057 9974 9989 10537 10551 Mcap 26154 26154 104323 104318 40263 40286 122948 122960 84979 84971 63720 63981
Book-value 121.98 121.98 63.85 63.85 19.61 19.61 1115.52 1115.52 133.19 133.19 193.95 193.95 Book-value 123.05 123.05 51.73 51.73 147.75 147.75 248.25 248.25 121.40 121.40 102.40 102.40 Book-value 13.95 13.95 58.44 58.44 120.44 120.44 186.63 186.63 450.82 450.82 133.20 133.20
Price/Bk-val 0.84 0.84 5.08 5.10 2.03 2.03 1.37 1.37 13.23 13.24 0.37 0.37 Price/Bk-val 7.19 7.19 4.55 4.55 0.38 0.38 4.93 4.94 1.61 1.62 3.98 3.99 Price/Bk-val 6.59 6.59 18.61 18.61 5.71 5.71 2.75 2.75 6.51 6.51 8.70 8.73
RoNW 7.76 7.76 21.68 21.68 6.62 6.62 12.98 12.98 34.25 34.25 - - RoNW 23.29 23.29 7.87 7.87 6.34 6.34 9.58 9.58 17.69 17.69 13.71 13.71 RoNW 26.97 26.97 30.80 30.80 28.09 28.09 16.47 16.47 29.01 29.01 17.46 17.46
RoCE 7.75 7.75 11.89 11.89 10.62 10.62 9.99 9.99 43.66 43.66 5.33 5.33 RoCE 33.22 33.22 12.28 12.28 6.91 6.91 9.77 9.77 21.88 21.88 14.92 14.92 RoCE 16.88 16.88 44.25 44.25 25.37 25.37 6.40 6.40 41.77 41.77 11.10 11.10

Bajaj Finsrv (A)  Bank of Baroda (A) # Bank of India (A) Bata India (A)  BEML (A) Bharat Elctn (A) m Bharat Fin Incl (A) Bharat Forge (A) # Bharti Airtel (A)  Bharti Infratel (A) BHEL (A) # Biocon (A)  Bosch (A) BPCL (A) Britannia (A) # BSE (B) # Cadila Healt (A) m Cairn Ind (A)
PCLose (3926.00) (3938.65) (166.20) (166.50) (126.30) (126.25) (526.20) (525.60) (1297.05) (1299.35) (157.04) (156.96) PCLose (802.30) (801.90) (1033.05) (1034.30) (363.15) (363.20) (309.05) (308.90) (166.45) (166.90) (1116.60) (1116.45) PCLose (22959.25) (22784.75) (635.35) (636.50) (3188.95) (3190.25) (-) (945.35) (449.40) (449.40) (285.95) (285.80)
Open 3958.95 3950.10 168.00 167.60 126.55 127.50 525.00 530.00 1302.05 1303.10 159.00 159.40 Open 809.95 812.00 1040.00 1040.05 365.20 364.00 312.10 311.00 167.15 167.85 1116.60 1120.00 Open 22915.00 22899.00 641.40 639.00 3200.00 3197.00 - 949.95 451.00 450.00 286.80 287.50
High 4080.95 4081.30 169.40 169.65 129.00 129.15 535.00 534.70 1334.90 1336.00 166.15 166.30 High 815.00 813.80 1054.45 1054.00 366.00 365.60 314.00 311.75 169.35 169.40 1128.00 1128.00 High 23012.05 23012.60 649.35 649.40 3235.90 3238.20 - 952.30 452.00 452.00 295.55 295.80
Low 3950.00 3950.00 166.40 166.40 126.40 126.40 525.00 524.25 1301.00 1300.00 158.00 158.00 Low 798.45 798.60 1040.00 1040.05 359.40 359.10 309.35 309.25 167.15 167.40 1114.00 1113.00 Low 22775.90 22790.00 636.75 637.05 3200.00 3196.35 - 943.00 429.65 429.00 286.80 287.50
Close 4037.65 4040.05 168.25 168.55 128.40 128.35 532.05 531.85 1331.30 1333.10 SS165.10 165.15 Close 804.25 805.10 1044.40 1046.30 360.25 360.65 309.95 310.50 168.55 168.85 1120.80 1120.20 Close 22893.40 22927.00 647.00 647.75 3219.70 3225.05 - 945.25 XD442.80 442.70 294.25 294.30
%Chng 2.84 2.57 1.23 1.23 1.66 1.66 1.11 1.19 2.64 2.60 5.13 5.21 %Chng 0.24 0.40 1.10 1.16 -0.80 -0.70 0.29 0.52 1.26 1.17 0.38 0.34 %Chng -0.29 0.62 1.83 1.77 0.96 1.09 - -0.01 -1.47 -1.49 2.90 2.97
Shares 16355 111K 1276K 9620K 463K 2958K 45510 900K 48014 459K 888K 9148K Shares 437K 4294K 62127 465K 487K 2407K 63016 1573K 753K 5653K 29214 335K Shares 462 15540 151K 1875K 7027 113K - 127K 124K 1467K 155K 2914K
Trades 3022 11691 6778 42923 2022 15857 1625 18665 2615 17255 8504 56328 Trades 8752 67568 2072 16634 2409 34944 1561 33887 4161 36524 1291 11458 Trades 315 5406 3620 48993 814 7629 - 10780 3674 26873 2118 22156
PE 28.62 28.64 - - - - 45.38 45.37 105.35 105.49 25.56 25.57 PE 18.22 18.24 44.85 44.93 30.53 30.57 20.39 20.42 64.47 64.59 26.51 26.50 PE 41.67 41.73 10.70 10.71 44.73 44.80 - 41.43 33.23 33.22 - -
3 M H/L 4081/2541 4081/2541 192/146 192/146 139/103 139/103 536/416 535/416 1356/902 1356/901 166/133 166/133 3 M H/L 885/465 885/465 1094/850 1095/870 401/289 401/289 361/283 361/282 169/116 169/116 1144/882 1144/882 3 M H/L 23640/19000 24000/18973 735/601 733/600 3293/2776 3296/2773 -/- 1200/887 460/330 461/329 300/232 300/232
52 Wk H/L 4081/1634 4081/1631 192/128 192/128 139/79 139/78 614/400 614/399 1356/770 1356/771 166/107 166/107 52 Wk H/L 939/465 939/465 1094/687 1095/682 401/284 401/283 413/283 414/282 169/107 169/107 1144/455 1144/455 52 Wk H/L 25650/18005 25671/17672 735/411 733/413 3575/2523 3584/2519 -/- 1200/887 460/305 461/304 300/130 300/130
1 M returns 9.86 9.62 1.36 1.44 3.13 3.09 6.36 6.19 3.18 3.40 8.18 8.10 1 M returns -7.29 -7.28 -1.55 -1.39 -2.50 -2.40 0.24 0.89 9.88 10.11 1.41 1.34 1 M returns 4.32 4.60 -4.76 -4.60 -0.80 -0.70 - -2.27 -1.12 -1.63 2.53 2.26
1 Yr returns 144.44 144.59 18.40 18.49 35.44 35.32 9.32 9.50 29.93 30.10 52.91 52.37 1 Yr returns 54.68 55.13 26.52 26.76 5.48 5.84 -16.33 -16.01 52.05 52.25 141.81 141.45 1 Yr returns 25.77 25.93 50.00 49.80 19.57 19.55 - - 31.47 31.17 93.03 92.86
Mcap 64255 64293 38767 38836 13542 13537 6838 6835 5544 5551 39624 39636 Mcap 11096 11108 24314 24358 144006 144166 57329 57430 41254 41328 22416 22404 Mcap 69871 69973 93567 93676 38636 38701 - 5076 45329 45319 55198 55207
Book-value 169.41 169.41 174.46 174.46 298.16 298.16 89.87 89.87 506.66 506.66 391.02 391.02 Book-value 100.24 100.24 153.60 153.60 105.81 105.81 99.20 99.20 135.53 135.53 202.74 202.74 Book-value 2715.86 2715.86 193.75 193.75 147.45 147.45 - 488.89 52.28 52.28 260.10 260.10
Price/Bk-val 23.83 23.85 0.96 0.97 0.43 0.43 5.92 5.92 2.63 2.63 0.42 0.42 Price/Bk-val 8.02 8.03 6.80 6.81 3.40 3.41 3.12 3.13 1.24 1.25 5.53 5.53 Price/Bk-val 8.43 8.44 3.34 3.34 21.84 21.87 - 1.93 8.47 8.47 1.13 1.13
RoNW 6.05 6.05 - - 5.43 5.43 18.92 18.92 2.52 2.52 15.54 15.54 RoNW 21.91 21.91 18.18 18.18 10.54 10.54 12.98 12.98 4.25 4.25 22.10 22.10 RoNW 15.03 15.03 28.49 28.49 45.56 45.56 - 4.67 28.45 28.45 7.61 7.61
RoCE 7.23 7.23 4.00 4.00 5.60 5.60 27.19 27.19 4.53 4.53 20.81 20.81 RoCE 13.49 13.49 17.31 17.31 12.78 12.78 19.15 19.15 6.32 6.32 17.81 17.81 RoCE 22.33 22.33 23.27 23.27 63.19 63.19 - 4.69 27.49 27.49 8.71 8.71

Canara Bank (A) Castrol (A)  CEAT (A) Century Tex (A) CESC (A) CG Power (A) # Chola Inv (A) Cipla (A) # Coal India (A) Colgate (A) m Containr Crp (A) Cummins (I) (A) # Dabur India (A) m Datamatics (B)  DCB Bank (A) Delta Corp (A) m Dewan Hsg (A) Dish TV (A) m
PCLose (289.95) (289.55) (416.20) (415.95) (1258.10) (1259.80) (1020.35) (1019.95) (819.70) (818.80) (70.10) (69.90) PCLose (983.50) (988.05) (598.75) (600.20) (293.05) (292.70) (957.50) (956.70) (1254.95) (1254.10) (870.95) (872.15) PCLose (274.30) (273.85) (131.55) (131.35) (164.30) (164.05) (171.85) (172.00) (349.85) (349.70) (107.85) (107.80)
Open 291.00 292.45 418.55 418.10 1272.00 1270.00 1031.40 1035.05 825.35 820.00 70.25 70.05 Open 988.35 990.10 607.85 605.10 293.25 294.60 965.00 965.00 1260.00 1259.50 875.00 874.90 Open 273.25 274.20 133.00 132.50 166.00 165.25 172.20 173.00 350.10 352.00 107.60 108.65
High 296.85 296.80 423.40 423.00 1277.00 1277.00 1042.50 1042.00 844.50 846.65 73.80 74.00 High 1009.85 1010.00 607.85 605.90 295.80 295.50 982.00 981.80 1265.50 1265.20 890.00 889.85 High 275.75 275.60 133.45 133.70 167.05 167.20 175.50 175.40 359.25 359.30 108.95 109.00
Low 289.95 289.60 418.55 417.70 1251.50 1251.50 1015.45 1015.00 820.80 819.40 70.15 70.05 Low 985.00 984.90 598.20 598.05 291.30 291.20 965.00 964.40 1223.00 1223.55 875.00 873.90 Low 271.20 271.20 131.00 130.95 164.55 164.50 172.20 172.15 350.10 350.35 106.20 106.10
Close 295.90 295.65 422.25 422.00 1256.40 1256.90 1020.65 1021.50 838.85 838.85 73.20 73.55 Close 993.20 990.10 600.00 601.40 292.00 291.95 978.35 978.70 1240.30 1240.05 887.40 886.95 Close 274.45 274.90 131.65 131.65 165.10 165.40 173.05 172.90 358.05 357.65 107.55 107.60
%Chng 2.05 2.11 1.45 1.45 -0.14 -0.23 0.03 0.15 2.34 2.45 4.42 5.22 %Chng 0.99 0.21 0.21 0.20 -0.36 -0.26 2.18 2.30 -1.17 -1.12 1.89 1.70 %Chng 0.05 0.38 0.08 0.23 0.49 0.82 0.70 0.52 2.34 2.27 -0.28 -0.19
Shares 195K 2557K 88530 637K 71620 953K 141K 1704K 30886 737K 759K 5511K Shares 35475 916K 143K 852K 477K 8597K 37496 650K 30167 494K 141K 637K Shares 49660 3143K 58569 241K 160K 1733K 646K 2274K 238K 3200K 722K 4039K
Trades 2886 27887 2339 13814 2907 20599 4842 32168 1396 19731 2959 19731 Trades 992 9432 2677 18010 6817 70606 3206 19346 2574 19787 1510 17232 Trades 969 22853 765 2859 1459 13876 5357 14882 6491 30116 2806 20769
PE - - 30.94 30.92 12.72 12.73 175.18 175.33 13.63 13.63 - - PE 22.44 22.37 41.07 41.16 17.08 17.08 45.82 45.84 36.46 36.45 33.23 33.21 PE 37.89 37.96 11.14 11.14 21.76 21.80 44.18 44.14 12.91 12.90 18.48 18.49
3 M H/L 310/250 309/250 439/354 439/353 1277/1060 1277/1060 1043/746 1042/745 886/601 886/601 74/56 74/56 3 M H/L 1074/829 1076/827 622/548 621/548 332/282 332/283 982/862 982/861 1339/1055 1336/1056 920/781 921/780 3 M H/L 288/259 284/259 165/98 165/98 167/103 167/103 178/95 178/95 359/228 359/227 110/81 110/81
52 Wk H/L 330/171 330/171 495/354 495/353 1422/731 1420/730 1043/483 1042/484 886/455 886/455 89/46 89/46 52 Wk H/L 1244/654 1243/656 622/458 621/457 350/272 350/272 1033/788 1033/787 1544/1055 1540/1056 947/747 947/746 52 Wk H/L 320/242 320/242 165/49 165/49 167/72 167/72 195/62 195/61 359/171 359/171 110/77 110/76
1 M returns 1.49 1.29 -2.39 -2.45 11.20 11.22 10.14 10.11 -2.44 -2.43 11.67 12.29 1 M returns -2.25 -3.03 1.25 1.37 -7.76 -7.68 7.52 7.37 1.52 1.52 -0.16 -0.20 1 M returns 3.39 3.40 -7.74 -8.22 19.59 19.34 45.73 45.60 11.18 11.00 22.49 22.41
1 Yr returns 62.73 62.37 13.78 13.73 15.62 15.76 109.95 109.95 80.96 80.98 56.41 57.16 1 Yr returns 46.08 45.81 14.41 14.65 -0.80 -0.78 17.06 17.05 6.09 5.99 5.25 4.85 1 Yr returns 10.87 10.87 160.95 160.18 111.42 111.81 179.11 179.32 104.60 104.31 31.16 30.82
Mcap 17674 17659 20883 20870 5082 5084 11401 11410 11120 11120 4588 4610 Mcap 15521 15472 48267 48380 184438 184406 26611 26621 24182 24177 24599 24586 Mcap 48344 48424 776 776 4708 4717 4008 4004 11212 11199 11465 11470
Book-value 533.40 533.40 11.64 11.64 492.28 492.28 197.56 197.56 417.17 417.17 73.22 73.22 Book-value 234.83 234.83 147.24 147.24 53.67 53.67 37.48 37.48 409.05 409.05 114.40 114.40 Book-value 23.62 23.62 84.35 84.35 62.79 62.79 34.69 34.69 156.22 156.22 3.57 3.57
Price/Bk-val 0.55 0.55 36.28 36.26 2.55 2.55 5.17 5.17 2.01 2.01 1.00 1.00 Price/Bk-val 4.23 4.22 4.07 4.08 5.44 5.44 26.10 26.11 3.03 3.03 7.76 7.75 Price/Bk-val 11.62 11.64 1.56 1.56 2.63 2.63 4.99 4.98 2.29 2.29 30.11 30.13
RoNW 8.48 8.48 106.89 106.89 22.73 22.73 - - 6.63 6.63 5.53 5.53 RoNW 15.66 15.66 12.71 12.71 42.11 42.11 56.55 56.55 9.80 9.80 23.71 23.71 RoNW 30.11 30.11 9.02 9.02 10.86 10.86 5.30 5.30 14.91 14.91 181.88 181.88
RoCE 6.92 6.92 165.35 165.35 27.65 27.65 6.08 6.08 11.06 11.06 8.81 8.81 RoCE 11.17 11.17 12.36 12.36 61.58 61.58 81.23 81.23 13.29 13.29 28.61 28.61 RoCE 32.37 32.37 11.24 11.24 7.13 7.13 9.80 9.80 10.00 10.00 30.91 30.91

Divis Lab (A) # DLF (A) # Dr Reddys (A)  Eicher Motor (A) Enginers Ind (A)  Escorts (A) Exide Ind (A) m Federal Bank (A) # Force Motors (B) Fortis Health (A) GAIL (A) Glenmark (A) m GMR Infra (A) m Godrej Cons (A) m Godrej Ind (A) m Granules (B) m Grasim Ind (A) # Havells I (A) m
PCLose (767.90) (767.40) (146.40) (146.40) (2738.85) (2739.60) (24099.00) (24133.40) (150.40) (150.30) (518.70) (520.20) PCLose (220.60) (220.85) (86.50) (86.40) (4277.20) (-) (183.00) (183.05) (374.75) (375.30) (900.80) (899.45) PCLose (16.40) (16.35) (1654.55) (1654.60) (497.95) (497.85) (130.25) (130.40) (1047.90) (1048.55) (431.80) (432.40)
Open 772.95 769.10 147.25 148.00 2759.95 2750.00 24264.95 24250.00 150.50 151.10 522.00 523.60 Open 222.05 222.00 86.75 86.60 4305.00 - 185.50 185.00 376.00 377.20 909.00 905.00 Open 16.50 16.50 1656.00 1654.60 499.65 499.30 131.30 131.00 1054.90 1055.05 433.05 432.95
High 779.00 779.50 149.90 149.90 2764.00 2765.00 24560.00 24582.35 155.40 155.40 525.00 524.95 High 224.60 224.65 89.20 89.25 4414.00 - 185.85 185.80 379.40 379.45 923.50 906.20 High 17.35 17.35 1685.95 1689.25 514.90 515.00 131.70 131.90 1059.00 1060.00 438.00 437.85
Low 770.00 769.10 147.25 147.30 2746.15 2745.05 24200.05 24198.15 150.40 150.30 516.05 517.50 Low 221.05 221.25 86.75 86.60 4291.10 - 183.35 183.30 376.00 376.60 892.25 891.20 Low 16.40 16.40 1655.45 1650.15 498.25 498.00 130.00 129.85 1045.00 1044.25 433.00 432.50
Close 771.60 771.20 149.15 149.25 2752.30 2751.70 24514.50 24514.80 154.90 155.10 518.20 518.85 Close 222.00 222.10 88.50 88.45 4365.00 - 185.25 185.30 378.60 378.80 898.10 896.15 Close 17.20 17.20 1680.25 1686.05 513.35 513.15 130.35 130.45 1050.00 1050.55 435.55 436.10
%Chng 0.48 0.50 1.88 1.95 0.49 0.44 1.72 1.58 2.99 3.19 -0.10 -0.26 %Chng 0.63 0.57 2.31 2.37 2.05 - 1.23 1.23 1.03 0.93 -0.30 -0.37 %Chng 4.88 5.20 1.55 1.90 3.09 3.07 0.08 0.04 0.20 0.19 0.87 0.86
Shares 66314 580K 633K 5838K 22933 312K 1831 30262 377K 4934K 139K 615K Shares 226K 2704K 1025K 11396K 91009 - 172K 779K 256K 4273K 42748 499K Shares 8653K 42053K 12152 135K 30866 721K 49277 599K 180K 943K 95058 685K
Trades 2470 18172 3744 24013 1721 26660 781 9679 4385 33763 2642 9994 Trades 2450 18449 4080 34099 8888 - 2642 9074 1997 43000 3270 24225 Trades 2709 19458 883 18195 1055 13612 527 3715 1248 39860 1819 14623
PE 18.35 18.34 38.12 38.14 44.32 44.31 43.25 43.25 31.73 31.77 54.11 54.18 PE 26.71 26.72 26.09 26.07 28.95 - 22.51 22.52 15.96 15.97 23.06 23.01 PE - - 46.75 46.91 49.21 49.19 19.61 19.62 14.82 14.83 33.57 33.61
3 M H/L 1168/672 1168/672 156/101 155/101 3204/2702 3204/2700 25533/20210 25550/20228 170/142 172/143 528/278 528/277 3 M H/L 225/170 225/170 90/62 90/62 4530/3525 -/- 205/171 205/171 401/311 401/310 973/863 973/863 3 M H/L 17/11 17/11 1749/1413 1751/1411 525/392 525/393 137/98 137/98 1077/800 1077/800 446/311 446/311
52 Wk H/L 1380/672 1382/672 170/101 170/101 3689/2702 3690/2700 26602/17907 26641/17895 170/80 172/80 528/130 528/130 52 Wk H/L 225/130 225/130 90/43 90/42 4839/2550 -/- 205/143 205/142 401/251 401/251 993/729 994/730 52 Wk H/L 17/10 17/10 1749/1275 1751/1272 525/331 525/332 151/91 151/91 1077/720 1077/719 460/287 459/287
1 M returns 3.16 3.03 4.81 4.85 -5.59 -5.53 -2.10 -2.10 1.67 1.64 27.01 26.90 1 M returns 5.66 5.71 6.24 6.06 6.44 - -5.12 -5.19 -0.97 -1.01 -5.15 -5.32 1 M returns 19.53 19.86 4.21 4.32 6.11 6.06 2.88 3.20 0.90 0.96 2.27 2.29
1 Yr returns -20.80 -20.92 41.98 42.01 -11.83 -11.96 36.06 35.92 92.42 93.15 292.75 292.03 1 Yr returns 64.52 64.70 77.35 76.55 69.84 - 3.29 3.00 42.97 42.96 10.73 10.73 1 Yr returns 48.66 48.92 30.21 30.36 51.45 51.15 10.00 10.27 44.85 44.50 49.22 49.07
Mcap 20482 20472 26608 26626 45617 45607 66704 66705 10438 10452 6352 6360 Mcap 18870 18879 15248 15239 5753 - 9589 9592 64033 64066 25344 25289 Mcap 10382 10382 57229 57427 17254 17247 2981 2983 49014 49040 27218 27252
Book-value 161.53 161.53 153.36 153.36 705.98 705.98 1273.17 1273.17 40.52 40.52 149.58 149.58 Book-value 50.35 50.35 44.91 44.91 1123.25 - 77.22 77.22 209.28 209.28 108.31 108.31 Book-value 9.85 9.85 149.67 149.67 103.60 103.60 27.93 27.93 552.11 552.11 40.93 40.93
Price/Bk-val 4.78 4.77 0.97 0.97 3.90 3.90 19.25 19.25 3.82 3.83 3.46 3.47 Price/Bk-val 4.41 4.41 1.97 1.97 3.89 - 2.40 2.40 1.81 1.81 8.29 8.27 Price/Bk-val 1.75 1.75 11.23 11.27 4.95 4.95 4.67 4.67 1.90 1.90 10.64 10.65
RoNW 25.93 25.93 2.01 2.01 18.39 18.39 36.89 36.89 9.58 9.58 4.20 4.20 RoNW 16.68 16.68 13.00 13.00 12.12 - 2.47 2.47 6.36 6.36 23.56 23.56 RoNW 0.13 0.13 21.96 21.96 13.91 13.91 18.54 18.54 9.15 9.15 47.26 47.26
RoCE 31.90 31.90 6.61 6.61 18.32 18.32 54.46 54.46 14.71 14.71 6.00 6.00 RoCE 23.05 23.05 7.47 7.47 16.98 - 2.67 2.67 8.01 8.01 17.07 17.07 RoCE 3.84 3.84 19.35 19.35 9.01 9.01 19.77 19.77 11.19 11.19 56.48 56.48

HCC (A) m HCL Techno (A) # HDFC (A) # HDFC Bank (A) # HDIL (A) Hero MotoCorp (A) # Hexaware Tch (A) # Hind Zinc (A) # Hindalco (A) m HPCL (A) HUL (A) m ICICI Bank (A) # ICICI Prud Life (B) IDBI Bank (A) Idea Cellular (A) IDFC (A) IDFC Bank (B) IFCI (A)
PCLose (39.80) (39.85) (839.90) (842.90) (1428.75) (1426.10) (1417.45) (1416.60) (76.10) (76.10) (3399.25) (3401.10) PCLose (224.55) (224.75) (292.30) (292.40) (190.80) (190.85) (515.25) (515.40) (899.70) (900.50) (285.15) (285.15) PCLose (376.95) (376.75) (76.00) (76.05) (112.90) (113.10) (53.75) (53.80) (61.55) (61.45) (28.70) (28.70)
Open 40.10 40.40 857.00 860.80 1430.10 1431.65 1417.45 1418.10 76.55 76.80 3367.00 3377.00 Open 223.85 223.85 297.00 299.80 193.50 194.00 515.25 518.25 909.00 908.00 286.00 286.55 Open 377.00 377.00 76.70 76.55 113.60 113.35 54.20 54.30 61.55 62.15 28.80 28.85
High 41.50 41.50 864.00 863.90 1454.65 1454.75 1422.00 1422.85 77.20 77.25 3387.35 3390.00 High 226.20 226.20 310.00 310.30 199.40 199.40 522.25 522.50 912.10 912.40 287.40 287.45 High 378.90 378.90 77.10 77.10 115.10 115.20 55.40 55.40 62.40 62.40 29.40 29.45
Low 40.10 40.25 850.05 849.60 1430.10 1431.15 1414.00 1413.65 75.60 75.55 3341.10 3341.05 Low 221.10 221.00 297.00 298.10 192.80 192.70 513.90 513.60 895.20 895.35 282.50 282.45 Low 368.65 369.15 76.00 76.00 111.30 111.30 54.20 54.10 61.50 61.50 28.80 28.80
Close 40.80 40.85 855.35 855.40 1449.70 1450.25 1418.20 1417.35 76.10 76.10 XD3348.80 3348.00 Close 222.90 223.10 307.90 307.80 198.55 198.75 520.10 520.30 905.80 906.20 284.45 284.50 Close 370.35 370.20 76.85 76.90 112.95 112.95 55.00 54.90 61.85 61.75 29.25 29.25
%Chng 2.51 2.51 1.84 1.48 1.47 1.69 0.05 0.05 0.00 0.00 -1.48 -1.56 %Chng -0.73 -0.73 5.34 5.27 4.06 4.14 0.94 0.95 0.68 0.63 -0.25 -0.23 %Chng -1.75 -1.74 1.12 1.12 0.04 -0.13 2.33 2.04 0.49 0.49 1.92 1.92
Shares 1340K 7086K 302K 1845K 463K 3407K 65607 1245K 742K 7427K 19282 745K Shares 60788 567K 405K 6811K 2063K 17634K 270K 4110K 56065 1053K 2230K 9738K Shares 94941 766K 341K 3777K 3625K 36790K 817K 14777K 986K 12652K 1388K 8849K
Trades 4327 14436 3144 56060 3035 139681 1525 25085 3354 21429 2269 23629 Trades 1000 8650 6802 71632 9569 120479 3534 76449 1780 32942 6272 86349 Trades 5938 26919 1498 12260 15650 124860 2694 21254 2208 35035 2414 12933
PE 71.53 71.62 14.85 14.85 20.13 20.13 26.06 26.04 21.98 21.98 19.25 19.25 PE 16.14 16.16 17.56 17.56 31.57 31.60 8.89 8.89 44.59 44.60 19.54 19.54 PE - - - - 80.82 80.82 12.63 12.61 - - - -
3 M H/L 45/35 45/35 869/778 870/779 1455/1198 1455/1197 1450/1169 1454/1168 77/52 77/52 3406/2957 3412/2958 3 M H/L 230/188 230/188 333/247 333/247 202/148 202/148 584/410 583/410 916/783 917/782 293/247 293/247 3 M H/L 379/294 379/294 87/65 86/65 122/67 122/66 61/50 61/50 66/55 66/55 33/24 33/24
52 Wk H/L 45/18 45/18 869/707 870/706 1463/1060 1464/1060 1450/1011 1454/1011 109/52 109/52 3740/2755 3740/2752 52 Wk H/L 274/178 274/178 333/158 333/158 202/81 202/81 584/247 583/247 954/783 954/782 298/213 298/213 52 Wk H/L 379/274 379/271 87/63 86/63 128/66 128/66 71/37 71/37 83/44 83/44 33/21 33/21
1 M returns 5.02 4.88 2.00 1.92 3.40 3.40 2.98 2.93 17.26 16.99 8.53 8.45 1 M returns 4.89 5.04 2.74 2.67 8.08 8.22 -4.30 -4.18 7.53 7.72 0.49 0.53 1 M returns 2.39 2.01 -5.23 -5.24 6.56 6.66 3.58 3.00 -1.67 -1.83 2.99 2.99
1 Yr returns 111.95 112.76 5.00 4.92 30.64 30.88 39.33 39.17 10.77 10.69 18.77 18.68 1 Yr returns -16.20 -16.17 82.24 82.02 145.12 145.37 105.75 105.77 6.65 6.66 25.01 24.92 1 Yr returns - - 15.30 15.55 12.56 12.39 45.89 45.43 37.90 38.14 23.68 23.68
Mcap 4124 4129 120707 120714 230089 230176 363073 362856 3303 3303 66876 66860 Mcap 6733 6739 130097 130055 44539 44584 52836 52856 196042 196129 165638 165667 Mcap 53157 53136 15822 15832 40702 40702 8778 8762 21011 20977 4861 4861
Book-value 6.96 6.96 193.41 193.41 320.19 320.19 242.21 242.21 253.39 253.39 398.23 398.23 Book-value 47.45 47.45 88.48 88.48 171.25 171.25 167.48 167.48 18.35 18.35 154.09 154.09 Book-value 37.08 37.08 118.11 118.11 71.50 71.50 63.30 63.30 - - 40.64 40.64
Price/Bk-val 5.87 5.87 4.42 4.42 4.53 4.53 5.86 5.85 0.30 0.30 8.41 8.41 Price/Bk-val 4.70 4.70 3.48 3.48 1.16 1.16 3.11 3.11 49.37 49.39 1.85 1.85 Price/Bk-val 9.99 9.98 0.65 0.65 1.58 1.58 0.87 0.87 - - 0.72 0.72
RoNW - - 20.67 20.67 20.05 20.05 16.47 16.47 2.41 2.41 38.90 38.90 RoNW 27.44 27.44 21.84 21.84 0.12 0.12 28.93 28.93 102.80 102.80 10.84 10.84 RoNW 31.05 31.05 3.59 3.59 11.95 11.95 - - - - 5.37 5.37
RoCE 9.10 9.10 24.95 24.95 11.37 11.37 6.50 6.50 5.01 5.01 53.37 53.37 RoCE 35.29 35.29 23.08 23.08 5.29 5.29 16.73 16.73 140.55 140.55 6.01 6.01 RoCE 34.87 34.87 6.73 6.73 9.86 9.86 6.80 6.80 - - 8.71 8.71

India Cement (A) Indiab Real (A) # Indiabulls Hous (A) # Indo Count (B) # Indraprst Gs (A) IndusInd Bank (A) Infibeam Inc (B) Infosys (A)  IOC (A) IRB Infra (A) ITC (A) m Jain Irrig (A) # Jet Airways (A) Jindal Steel (A) m JP Associat (A) # JSW Energy (A) JSW Steel (A) m Jubilant Fd (A)
PCLose (161.80) (161.95) (82.85) (82.95) (912.15) (912.60) (189.60) (189.20) (1019.15) (1020.05) (1349.65) (1348.35) PCLose (1399.00) (1399.15) (1012.10) (1011.95) (369.55) (369.75) (244.55) (244.45) (267.90) (268.20) (93.50) (93.60) PCLose (453.60) (453.35) (122.90) (122.95) (14.90) (14.90) (62.45) (62.35) (183.10) (183.50) (1098.95) (1099.75)
Open 162.00 162.10 83.00 83.40 920.00 915.20 190.80 188.30 1021.00 1021.50 1356.10 1359.40 Open 1399.00 1405.75 1012.00 1013.30 373.50 374.00 248.00 248.80 269.40 270.25 94.00 94.00 Open 456.55 459.05 125.40 125.50 15.20 15.10 62.50 62.65 185.10 185.60 1099.20 1108.10
High 165.90 166.00 84.40 84.40 953.00 952.90 194.00 194.00 1037.00 1037.45 1382.60 1383.00 High 1409.00 1411.00 1032.00 1031.70 377.00 377.00 249.55 249.40 271.00 271.25 95.25 95.40 High 466.00 466.70 130.50 130.60 15.20 15.25 64.45 64.50 194.00 194.30 1118.75 1120.00
Low 162.00 162.10 83.00 83.05 914.30 915.20 187.50 187.50 1021.00 1021.50 1353.25 1353.25 Low 1391.75 1391.00 1012.00 1013.30 371.00 371.00 244.25 244.25 267.55 267.50 94.00 94.00 Low 454.00 454.25 124.20 124.00 14.75 14.75 62.50 62.65 184.90 185.20 1099.20 1104.00
Close 163.85 163.90 83.75 83.80 945.90 947.00 188.55 189.20 1029.70 1030.25 1376.55 1376.55 Close 1403.45 1403.50 1028.50 1028.85 376.00 376.15 246.70 246.80 268.20 268.45 94.80 94.85 Close 463.15 463.40 128.00 128.35 14.85 14.85 64.10 64.05 192.30 192.45 1112.85 1111.70
%Chng 1.27 1.20 1.09 1.02 3.70 3.77 -0.55 0.00 1.04 1.00 1.99 2.09 %Chng 0.32 0.31 1.62 1.67 1.75 1.73 0.88 0.96 0.11 0.09 1.39 1.34 %Chng 2.11 2.22 4.15 4.39 -0.34 -0.34 2.64 2.73 5.02 4.88 1.26 1.09
Shares 214K 2903K 322K 3524K 212K 2664K 185K 2082K 17936 405K 38914 1145K Shares 119K 421K 103K 3351K 320K 3362K 265K 2413K 1250K 8686K 226K 1722K Shares 445K 2944K 2993K 21880K 3713K 31469K 588K 7125K 884K 8054K 39906 438K
Trades 1648 23868 1419 13812 5895 64189 2949 20516 1236 16623 1842 44030 Trades 2746 10997 4234 91634 2753 50844 2942 21946 7448 118339 1277 6372 Trades 7605 32528 16036 77318 2421 11072 2166 15102 7485 55163 2219 37874
PE 26.09 26.09 10.95 10.96 14.62 14.64 15.18 15.23 26.47 26.48 30.08 30.08 PE 230.60 230.61 16.47 16.47 10.98 10.99 13.15 13.15 32.47 32.50 23.90 23.92 PE 7.01 7.01 - - - - 11.54 11.53 16.98 17.00 81.54 81.45
3 M H/L 174/105 174/105 86/65 85/65 953/616 953/617 197/147 199/147 1071/850 1071/861 1383/1045 1383/1037 3 M H/L 1448/1039 1449/1037 1045/905 1042/901 404/299 404/299 250/183 249/183 292/222 292/222 99/80 99/80 3 M H/L 466/332 467/333 131/65 131/65 17/7 17/7 67/55 67/55 201/151 201/151 1119/761 1120/761
52 Wk H/L 174/77 174/77 105/51 105/52 953/600 953/600 216/135 217/135 1071/514 1071/512 1383/899 1383/901 52 Wk H/L 1448/431 1449/432 1278/900 1279/901 404/195 404/195 266/178 266/177 292/204 292/204 109/55 109/55 52 Wk H/L 670/332 670/333 131/56 131/56 17/5 17/5 86/54 87/53 201/120 201/120 1348/761 1349/761
1 M returns 1.02 0.95 6.35 6.41 10.73 10.86 14.76 15.19 -0.65 -0.74 2.97 2.88 1 M returns 3.68 3.30 2.88 2.87 -2.21 -2.36 8.08 8.32 -0.02 0.12 1.50 1.50 1 M returns 26.20 26.34 37.71 38.01 -0.60 -0.67 5.34 5.35 3.97 4.08 12.14 11.98
1 Yr returns 106.75 106.81 61.68 61.46 48.84 48.96 0.59 0.68 97.66 97.35 51.36 50.85 1 Yr returns - - -11.35 -11.44 88.59 88.76 6.43 6.54 24.17 24.42 69.74 70.29 1 Yr returns -11.49 -11.36 117.32 118.28 110.04 109.15 -6.42 -6.28 59.94 60.07 -2.48 -2.69
Mcap 5033 5035 4118 4120 40092 40139 3722 3735 14416 14424 82331 82331 Mcap 7501 7502 236240 236321 182582 182655 8670 8674 325595 325898 4362 4365 Mcap 5261 5264 11712 11744 3612 3612 10513 10505 46483 46519 7339 7332
Book-value 103.28 103.28 123.18 123.18 252.30 252.30 28.41 28.41 176.97 176.97 295.64 295.64 Book-value 122.04 122.04 251.75 251.75 156.50 156.50 137.35 137.35 27.93 27.93 52.92 52.92 Book-value - - 198.33 198.33 53.00 53.00 52.05 52.05 89.54 89.54 111.06 111.06
Price/Bk-val 1.59 1.59 0.68 0.68 3.75 3.75 6.64 6.66 5.82 5.82 4.66 4.66 Price/Bk-val 11.50 11.50 4.09 4.09 2.40 2.40 1.80 1.80 9.60 9.61 1.79 1.79 Price/Bk-val - - 0.65 0.65 0.28 0.28 1.23 1.23 2.15 2.15 10.02 10.01
RoNW 4.24 4.24 0.91 0.91 21.93 21.93 47.20 47.20 18.73 18.73 12.93 12.93 RoNW 1.42 1.42 23.65 23.65 14.76 14.76 13.17 13.17 29.23 29.23 3.62 3.62 RoNW - - 8.45 8.45 - - 16.35 16.35 7.79 7.79 14.31 14.31
RoCE 9.72 9.72 3.88 3.88 11.27 11.27 49.50 49.50 27.96 27.96 7.04 7.04 RoCE 1.57 1.57 32.84 32.84 14.94 14.94 9.77 9.77 45.19 45.19 8.40 8.40 RoCE 45.77 45.77 1.08 1.08 3.88 3.88 14.56 14.56 1.70 1.70 21.18 21.18

Jubilant Lif (A) m Just Dial (A) Karnataka Bk (A) Kaveri Seed (A) # Kotak Mah Bank (A)  KPIT Technologi (A) # Kushal Trade (T) # L & T (A) # L&T Finance Hol (A) Laurus Labs (B) LIC Hsg Fin (A) # Lupin (A) # M & M Fin (A) # Mah & Mah (A)  Manapp Finance (A) # Marico (A) m Maruti Suzuki (A)  Max Fin Sre (A) #
PCLose (800.95) (799.50) (590.65) (590.95) (139.95) (139.65) (518.40) (518.30) (842.55) (844.15) (131.30) (131.65) PCLose (183.88) (-) (1547.30) (1548.90) (121.00) (121.05) (525.65) (527.30) (586.85) (587.00) (1450.40) (1449.85) PCLose (291.35) (291.25) (1322.00) (1323.55) (93.25) (93.40) (286.35) (286.60) (6135.30) (6137.35) (558.60) (558.90)
Open 804.90 802.80 591.55 594.75 140.90 141.40 522.10 521.00 852.90 849.20 131.30 132.25 Open 180.20 - 1555.00 1559.00 121.90 121.75 529.00 530.95 588.00 590.00 1453.00 1452.95 Open 295.00 292.90 1325.00 1326.40 94.20 93.95 288.00 288.20 6150.00 6159.60 562.00 558.90
High 813.45 812.80 618.70 619.40 142.60 142.65 539.70 540.55 856.45 856.35 133.90 133.60 High 180.20 - 1574.40 1575.00 123.00 123.00 536.75 535.00 594.00 594.00 1460.00 1459.30 High 297.00 296.85 1333.35 1333.00 95.00 95.00 294.25 295.00 6179.90 6186.30 568.35 566.70
Low 790.75 790.10 591.55 591.50 140.15 140.10 520.80 520.30 849.15 849.20 131.30 131.25 Low 180.20 - 1555.00 1558.00 121.50 121.50 527.00 526.65 588.00 589.50 1451.20 1450.00 Low 291.80 291.80 1318.45 1318.45 91.75 91.70 287.00 286.75 6125.80 6131.70 556.00 555.50
Close 796.90 798.00 615.15 614.95 141.70 141.70 531.75 533.20 851.85 851.40 133.20 133.25 Close XB180.20 - 1568.30 1571.05 122.30 122.20 529.80 530.60 592.50 592.90 1456.40 1455.40 Close 294.45 293.50 1321.15 1320.90 93.95 94.05 292.70 293.15 6146.15 6155.45 565.30 565.25
%Chng -0.51 -0.19 4.15 4.06 1.25 1.47 2.58 2.87 1.10 0.86 1.45 1.22 %Chng -2.00 - 1.36 1.43 1.07 0.95 0.79 0.63 0.96 1.01 0.41 0.38 %Chng 1.06 0.77 -0.06 -0.20 0.75 0.70 2.22 2.29 0.18 0.29 1.20 1.14
Shares 91681 597K 689K 4502K 485K 4827K 112K 1320K 169K 1262K 28411 336K Shares 17965 - 132K 1597K 375K 3595K 24500 123K 128K 1955K 35721 1092K Shares 147K 2946K 174K 934K 665K 5346K 84597 1813K 22454 253K 52804 390K
Trades 3636 16481 12618 66635 2542 21475 3141 18207 1663 33037 367 4828 Trades 146 - 6542 74150 2733 26140 1954 3434 2687 55020 1871 30871 Trades 2481 45778 1575 33498 4548 21357 1847 23191 2873 35083 1068 9219
PE 25.55 25.59 33.07 33.06 9.52 9.52 21.26 21.32 34.15 34.13 9.63 9.63 PE - - 26.75 26.79 22.29 22.27 - - 16.16 16.17 22.04 22.02 PE 25.97 25.89 21.51 21.51 11.53 11.54 48.51 48.59 27.46 27.50 100.28 100.27
3 M H/L 830/552 833/555 619/318 619/318 143/104 143/104 540/381 541/380 856/692 856/693 147/128 147/128 3 M H/L 306/180 -/- 1574/1302 1575/1303 123/81 123/81 585/453 585/452 594/514 594/513 1572/1399 1574/1397 3 M H/L 310/244 310/244 1362/1142 1361/1141 106/58 106/58 294/239 295/238 6230/5043 6234/5041 638/513 639/512
52 Wk H/L 830/294 833/285 903/318 904/318 143/79 143/80 540/325 541/325 856/643 856/644 197/121 197/121 52 Wk H/L 306/58 -/- 1615/1177 1615/1178 123/56 123/56 585/453 585/452 624/432 624/431 1766/1294 1766/1280 52 Wk H/L 405/231 405/231 1509/1142 1509/1141 107/34 107/34 307/235 307/235 6230/3419 6234/3419 638/317 639/316
1 M returns 13.15 13.09 33.80 33.54 22.95 22.90 15.89 16.06 6.99 6.89 1.02 1.22 1 M returns -19.88 - 6.11 6.30 4.17 4.04 5.79 5.95 6.45 6.54 -0.10 -0.23 1 M returns 0.96 0.67 0.33 0.28 -9.31 -9.09 8.85 9.08 2.62 2.77 -5.81 -5.96
1 Yr returns 108.53 108.44 -4.77 -5.01 72.85 72.85 36.93 37.33 30.65 30.73 -5.80 -5.86 1 Yr returns 205.68 - 31.37 31.66 117.42 117.24 - - 31.51 31.58 -13.02 -13.07 1 Yr returns 25.99 25.29 10.25 10.22 165.02 165.30 19.37 19.41 69.17 69.32 67.10 66.64
Mcap 12695 12712 4343 4342 4006 4006 3672 3682 156774 156692 2631 2632 Mcap 4276 - 146315 146571 21472 21455 5603 5612 29901 29921 65764 65719 Mcap 16747 16693 82057 82041 7910 7918 37770 37828 185663 185944 15108 15106
Book-value 182.65 182.65 95.11 95.11 119.88 119.88 131.31 131.31 130.18 130.18 69.91 69.91 Book-value 11.34 - 471.37 471.37 47.22 47.22 80.54 80.54 182.59 182.59 243.26 243.26 Book-value 113.75 113.75 460.57 460.57 32.76 32.76 16.25 16.25 918.59 918.59 73.53 73.53
Price/Bk-val 4.36 4.37 6.47 6.47 1.18 1.18 4.05 4.06 6.54 6.54 1.91 1.91 Price/Bk-val 15.89 - 3.33 3.33 2.59 2.59 6.58 6.59 3.24 3.25 5.99 5.98 Price/Bk-val 2.59 2.58 2.87 2.87 2.87 2.87 18.01 18.04 6.69 6.70 7.69 7.69
RoNW 14.83 14.83 21.12 21.12 13.32 13.32 19.05 19.05 8.72 8.72 20.39 20.39 RoNW 73.57 - 11.58 11.58 10.33 10.33 15.57 15.57 18.10 18.10 20.67 20.67 RoNW 11.94 11.94 11.23 11.23 12.81 12.81 34.57 34.57 16.93 16.93 12.86 12.86
RoCE 13.11 13.11 29.48 29.48 7.89 7.89 19.71 19.71 6.30 6.30 23.25 23.25 RoCE 47.86 - 10.09 10.09 9.00 9.00 15.27 15.27 9.89 9.89 19.10 19.10 RoCE 10.06 10.06 11.64 11.64 12.05 12.05 42.91 42.91 24.13 24.13 16.91 16.91

Mcleod Russl (A)  MCX (B) MindTree (A) Mothersons S (A) m MRF (A) NBCC (B) # NCC (A) # NHPC (A) NIIT Techno (A) NMDC (A) m NTPC (A) Oil India (A) ONGC (A)  Oracle Fin (A)  Oriental Bank (A) Page Inds (A) PC Jeweller (A) Petronet LNG (A)
PCLose (167.95) (168.20) (1116.60) (1117.45) (467.85) (466.55) (363.60) (364.20) (56854.50) (56836.60) (179.85) (180.05) PCLose (81.10) (81.05) (30.55) (30.65) (416.20) (417.20) (140.75) (140.65) (158.75) (158.65) (333.20) (332.60) PCLose (190.70) (190.70) (3931.20) (3919.10) (125.15) (125.15) (14584.70) (14577.70) (385.45) (386.85) (389.25) (389.30)
Open 170.00 169.00 1123.60 1123.45 467.10 467.10 365.00 364.25 57235.00 57300.00 183.00 182.00 Open 81.45 81.25 30.70 30.75 422.55 420.00 137.10 137.00 158.65 159.45 335.75 336.80 Open 193.00 193.00 3940.00 3935.95 125.35 126.10 14535.95 14500.00 389.35 388.10 390.00 392.00
High 171.65 171.95 1129.90 1131.90 472.55 472.50 369.40 369.70 57429.90 57448.95 183.00 182.00 High 82.90 83.00 31.05 31.05 424.50 424.00 139.05 138.95 161.25 161.50 338.50 338.40 High 193.85 193.60 4019.50 4018.40 129.80 130.25 14785.35 14800.00 419.90 420.70 395.70 396.00
Low 169.00 168.50 1116.90 1117.25 465.20 467.10 365.00 364.25 56265.00 56200.00 179.10 179.50 Low 81.40 81.25 30.50 30.45 416.10 415.50 136.55 136.60 158.65 159.05 333.45 333.40 Low 191.20 191.25 3926.20 3917.05 125.35 125.70 14480.00 14451.30 389.00 387.25 389.75 390.25
Close 169.95 169.20 1122.25 1122.10 471.10 469.75 366.75 367.35 56428.85 56425.55 179.80 180.10 Close 82.60 82.65 30.90 30.95 417.25 416.50 XD138.00 138.05 161.00 161.25 337.30 337.50 Close 191.80 191.80 3944.00 3943.60 129.35 129.70 14619.55 14667.85 416.45 417.75 392.75 392.80
%Chng 1.19 0.59 0.51 0.42 0.69 0.69 0.87 0.86 -0.75 -0.72 -0.03 0.03 %Chng 1.85 1.97 1.15 0.98 0.25 -0.17 -1.95 -1.85 1.42 1.64 1.23 1.47 %Chng 0.58 0.58 0.33 0.63 3.36 3.64 0.24 0.62 8.04 7.99 0.90 0.90
Shares 78254 280K 20533 96824 30067 381K 119K 763K 2759 15441 339K 1739K Shares 532K 3212K 476K 4003K 6380 289K 651K 4228K 229K 3280K 35257 584K Shares 1139K 6733K 3453 58149 567K 3769K 432 7560 215K 1915K 99117 1009K
Trades 552 2513 1567 4956 969 10896 2212 20520 1714 7992 3327 15760 Trades 1663 12382 1184 7205 833 7256 3601 31681 1739 26115 1228 16629 Trades 5118 53131 720 6719 3745 24652 214 3894 7006 36912 2835 28234
PE - - 43.52 43.52 16.58 16.53 27.38 27.42 15.53 15.53 50.24 50.32 PE 41.54 41.56 12.52 12.55 10.88 10.86 16.60 16.61 13.21 13.23 13.53 13.53 PE 13.69 13.69 28.40 28.39 30.76 30.84 63.49 63.70 18.67 18.73 19.98 19.98
3 M H/L 179/137 180/138 1321/1085 1320/1086 534/440 536/433 369/303 370/302 57959/47578 57984/47512 198/143 198/143 3 M H/L 89/75 89/75 32/26 32/26 452/401 453/401 153/118 152/118 178/155 178/155 367/320 371/320 3 M H/L 212/188 212/188 4089/3078 4088/3086 134/102 134/102 15055/12820 15100/12810 424/353 424/353 417/344 417/343
52 Wk H/L 220/137 220/138 1420/809 1420/808 758/400 755/399 369/240 370/241 57959/30464 57984/30101 199/118 200/117 52 Wk H/L 96/69 96/68 32/20 32/20 588/370 587/367 153/85 152/85 178/125 178/125 367/229 371/229 52 Wk H/L 212/133 212/133 4089/2796 4088/2808 138/77 139/77 17351/10400 17399/10321 531/289 531/288 417/237 417/237
1 M returns -0.61 -1.37 -0.11 -0.09 -0.82 -1.14 4.94 5.02 12.71 12.62 2.77 2.86 1 M returns 0.24 0.36 2.83 3.00 -2.00 -2.01 1.25 1.37 -5.07 -5.01 1.06 1.23 1 M returns -1.29 -1.34 9.44 9.13 7.17 7.23 2.17 2.31 9.56 9.92 -1.96 -1.98
1 Yr returns -5.19 -5.45 36.38 36.71 -28.25 -28.48 49.24 49.27 66.76 66.27 42.38 42.86 1 Yr returns 13.01 13.14 43.72 43.95 -11.12 -11.76 43.82 43.88 26.97 27.12 46.83 46.94 1 Yr returns 35.36 35.55 16.48 16.18 45.83 45.73 28.18 27.80 21.43 21.95 58.88 58.77
Mcap 1860 1852 5723 5723 7915 7893 51473 51558 23926 23924 16182 16209 Mcap 4592 4595 34208 34264 2560 2556 43662 43678 132752 132958 27035 27051 Mcap 246142 246142 33556 33552 4478 4490 16301 16355 7460 7484 29456 29460
Book-value 140.61 140.61 236.69 236.69 142.58 142.58 30.18 30.18 16169.25 16169.25 16.72 16.72 Book-value 63.19 63.19 25.97 25.97 259.25 259.25 95.17 95.17 108.18 108.18 281.24 281.24 Book-value 143.96 143.96 431.96 431.96 431.61 431.61 453.11 453.11 129.86 129.86 85.66 85.66
Price/Bk-val 1.21 1.20 4.74 4.74 3.30 3.29 12.15 12.17 3.49 3.49 10.75 10.77 Price/Bk-val 1.31 1.31 1.19 1.19 1.61 1.61 1.45 1.45 1.49 1.49 1.20 1.20 Price/Bk-val 1.33 1.33 9.13 9.13 0.30 0.30 32.26 32.37 3.21 3.22 4.59 4.59
RoNW 2.42 2.42 3.52 3.52 25.18 25.18 30.07 30.07 34.51 34.51 20.67 20.67 RoNW 3.15 3.15 8.49 8.49 17.60 17.60 10.06 10.06 11.42 11.42 8.89 8.89 RoNW 7.65 7.65 31.72 31.72 1.04 1.04 46.05 46.05 17.18 17.18 14.45 14.45
RoCE 6.95 6.95 6.95 6.95 31.88 31.88 20.13 20.13 40.94 40.94 31.85 31.85 RoCE 12.11 12.11 8.72 8.72 22.98 22.98 14.46 14.46 7.13 7.13 10.80 10.80 RoCE 10.26 10.26 50.66 50.66 6.40 6.40 60.09 60.09 22.98 22.98 16.46 16.46

Pidilite Ind (A) m PNB (A) # PNB Hou Fin (B) Power Fin (A) Power Grid (A) PTC India (A) RBL Bank (B) Reliance Cap (A) Reliance Com (A)  Reliance Ind (A) Reliance Infra (A) Reliance Power (A) Rural Elect (A) SAIL (A) SBI (A) m Shriram TrFn (A) Siemens (A) # Sintex Ind (A) m
PCLose (700.70) (700.35) (145.25) (145.40) (1081.55) (1086.55) (135.15) (135.10) (193.00) (192.95) (86.45) (86.55) PCLose (476.10) (476.85) (556.40) (556.75) (36.80) (36.80) (1304.40) (1304.95) (575.90) (576.05) (46.90) (46.85) PCLose (159.30) (159.35) (60.05) (60.05) (277.40) (277.35) (1071.60) (1068.20) (1253.90) (1254.30) (97.25) (97.10)
Open 705.00 702.10 146.50 146.50 1093.00 1092.00 136.00 136.30 193.90 194.15 87.00 86.95 Open 479.45 479.90 561.80 563.50 37.30 37.25 1311.00 1310.00 578.00 581.00 47.05 47.25 Open 160.50 160.00 60.70 60.50 278.80 278.00 1067.80 1071.65 1256.00 1263.90 97.75 97.70
High 705.40 706.50 148.60 148.90 1109.35 1109.00 138.70 138.70 195.75 195.45 88.60 88.75 High 480.90 481.00 609.00 609.50 38.40 38.40 1311.00 1310.40 598.00 598.40 48.85 48.90 High 162.45 162.45 64.15 64.15 280.00 280.20 1071.95 1075.85 1270.50 1271.95 101.40 101.50
Low 697.00 697.40 145.70 145.75 1083.45 1080.20 136.00 136.00 193.00 192.75 86.95 86.90 Low 478.00 477.50 561.80 563.40 36.95 37.15 1294.60 1293.60 578.00 578.70 47.05 47.15 Low 159.95 159.40 60.50 60.50 276.10 276.05 1039.55 1038.80 1250.70 1250.40 97.75 97.70
Close 699.10 699.20 148.00 148.20 1098.60 1101.95 137.00 137.10 195.35 195.10 88.25 88.30 Close 479.65 479.15 603.50 604.10 38.20 38.20 1297.35 1297.65 594.25 594.65 48.65 48.70 Close 161.95 162.00 63.60 63.65 278.95 279.30 1049.60 1050.05 1262.70 1264.50 100.85 100.85
%Chng -0.23 -0.16 1.89 1.93 1.58 1.42 1.37 1.48 1.22 1.11 2.08 2.02 %Chng 0.75 0.48 8.47 8.50 3.80 3.80 -0.54 -0.56 3.19 3.23 3.73 3.95 %Chng 1.66 1.66 5.91 6.00 0.56 0.70 -2.05 -1.70 0.70 0.81 3.70 3.86
Shares 29083 269K 802K 8592K 41696 280K 776K 5989K 149K 2904K 141K 1063K Shares 102K 1197K 1635K 10429K 3869K 25906K 306K 3640K 800K 3715K 991K 5027K Shares 398K 3156K 1567K 15944K 3721K 18005K 30187 755K 25536 269K 1757K 14843K
Trades 815 8413 4911 40188 4294 10020 5195 44666 1071 28208 960 6235 Trades 2242 26919 27161 151462 7470 34915 7513 101204 11047 57396 3611 13372 Trades 3978 33153 5112 38663 11865 139878 1825 41966 1418 10981 6955 63631
PE 41.75 41.76 - - - - 5.32 5.33 14.19 14.17 10.38 10.39 PE - - 14.06 14.08 - - 14.40 14.40 7.65 7.65 11.29 11.30 PE 5.25 5.26 - - 49.66 49.72 19.03 19.03 15.32 15.35 9.08 9.08
3 M H/L 712/569 712/568 156/112 156/112 1138/800 1139/800 142/113 142/113 209/177 209/177 95/70 95/70 3 M H/L 488/326 488/325 609/408 610/407 40/31 40/31 1327/1014 1327/1013 598/439 598/439 49/39 49/39 3 M H/L 162/115 162/115 68/47 68/47 282/241 283/241 1090/778 1090/778 1271/1045 1272/1046 101/70 102/71
52 Wk H/L 770/565 769/562 164/71 164/71 1138/789 1139/792 142/78 142/78 209/136 209/136 95/57 95/58 52 Wk H/L 488/274 488/274 609/358 610/358 60/31 60/31 1327/926 1327/926 635/426 636/427 56/38 56/38 52 Wk H/L 162/76 162/76 68/38 68/38 289/167 289/166 1325/778 1324/778 1355/1011 1356/1011 101/68 102/68
1 M returns 2.14 2.28 5.57 5.67 1.14 1.33 4.74 4.78 -3.51 -3.68 2.44 2.32 1 M returns 14.90 14.51 16.61 16.66 15.23 15.23 20.65 20.66 6.32 6.24 10.69 10.68 1 M returns 12.39 12.35 6.18 6.35 3.78 3.69 11.70 11.75 4.13 4.09 7.75 7.52
1 Yr returns 17.46 17.37 78.74 79.09 - - 61.42 61.45 41.46 41.38 40.64 40.49 1 Yr returns - - 65.91 65.92 -24.80 -24.80 27.75 27.72 16.92 16.27 5.53 5.53 1 Yr returns 92.34 92.51 48.60 48.71 49.85 49.88 15.25 15.12 23.09 23.31 47.25 47.25
Mcap 35843 35848 31494 31536 18197 18253 36169 36196 102199 102068 2612 2614 Mcap 17968 17949 15246 15261 9508 9508 420858 420955 15628 15639 13647 13661 Mcap 31984 31994 26270 26291 222421 222700 23813 23824 44965 45029 5316 5316
Book-value 54.28 54.28 180.03 180.03 129.46 129.46 136.47 136.47 82.13 82.13 115.52 115.52 Book-value 79.77 79.77 559.83 559.83 148.12 148.12 748.46 748.46 1025.52 1025.52 74.53 74.53 Book-value 146.30 146.30 96.67 96.67 180.94 180.94 448.50 448.50 184.83 184.83 104.54 104.54
Price/Bk-val 12.88 12.88 0.82 0.82 8.49 8.51 1.00 1.00 2.38 2.38 0.76 0.76 Price/Bk-val 6.01 6.01 1.08 1.08 0.26 0.26 1.73 1.73 0.58 0.58 0.65 0.65 Price/Bk-val 1.11 1.11 0.66 0.66 1.54 1.54 2.34 2.34 6.83 6.84 0.96 0.96
RoNW 27.15 27.15 - - 15.28 15.28 17.16 17.16 14.00 14.00 12.58 12.58 RoNW 9.79 9.79 7.78 7.78 1.85 1.85 11.38 11.38 7.32 7.32 6.51 6.51 RoNW 19.70 19.70 - - 6.90 6.90 11.63 11.63 43.88 43.88 11.40 11.40
RoCE 38.04 38.04 4.32 4.32 8.40 8.40 10.91 10.91 8.32 8.32 11.68 11.68 RoCE 6.27 6.27 10.21 10.21 3.98 3.98 9.02 9.02 9.77 9.77 7.51 7.51 RoCE 11.32 11.32 - - 5.56 5.56 11.47 11.47 59.69 59.69 9.45 9.45

South Ind Bk (A) m SRF Ltd (A) Strides Shasun (A) Sun Pharma (A) m Sun TV Net (A)  Suzlon Energy (A) # Swan Energy (B) m Syndicate Bank (A) Tata Chem (A) Tata Comm (A) Tata Elxsi (A) Tata Global (A) m Tata Mot-DVR (B) # Tata Motors (A) # Tata Power (A) m Tata Steel (A) TCS (A) m Tech Mahindra (A) 
PCLose (20.25) (20.25) (1567.75) (1566.85) (1148.10) (1148.50) (706.25) (705.85) (749.25) (749.40) (17.05) (17.00) PCLose (145.50) (145.10) (67.85) (67.80) (564.85) (564.55) (752.00) (752.45) (1433.90) (1435.95) (140.90) (140.90) PCLose (286.30) (286.45) (473.35) (473.45) (84.80) (85.05) (478.55) (479.05) (2500.30) (2498.30) (478.05) (479.65)
Open 20.40 20.40 1575.00 1574.10 1155.00 1148.50 710.00 711.00 749.00 752.00 17.20 17.25 Open 147.00 146.10 68.50 68.50 566.95 565.00 752.00 751.55 1442.00 1442.25 141.00 141.60 Open 288.15 289.00 476.90 478.70 85.25 85.50 482.00 484.85 2501.00 2506.00 479.20 482.00
High 20.60 20.60 1628.00 1629.90 1159.45 1159.70 719.75 719.50 767.90 768.40 18.60 18.60 High 159.90 159.75 69.55 69.60 585.00 582.00 780.90 782.00 1456.90 1457.00 145.40 145.50 High 292.80 293.45 481.50 482.00 86.40 86.65 500.95 501.00 2525.00 2527.00 484.00 483.85
Low 20.25 20.20 1571.15 1570.30 1129.60 1130.00 707.40 707.10 749.00 749.30 17.10 17.10 Low 147.00 146.10 67.85 67.80 564.05 563.75 750.00 750.10 1439.15 1437.60 141.00 141.35 Low 288.15 288.25 476.15 476.15 85.10 84.00 481.75 481.95 2501.00 2506.00 478.95 478.50
Close 20.55 20.50 1622.15 1621.40 1143.65 1143.70 710.90 710.80 763.45 763.65 18.35 18.35 Close 158.15 158.30 69.10 69.30 580.45 580.50 776.35 776.45 1445.60 1446.50 144.65 144.70 Close 292.40 292.85 480.40 480.95 86.00 86.20 499.15 499.65 2518.95 2520.90 481.65 481.10
%Chng 1.48 1.23 3.47 3.48 -0.39 -0.42 0.66 0.70 1.90 1.90 7.62 7.94 %Chng 8.69 9.10 1.84 2.21 2.76 2.83 3.24 3.19 0.82 0.73 2.66 2.70 %Chng 2.13 2.23 1.49 1.58 1.42 1.35 4.30 4.30 0.75 0.90 0.75 0.30
Shares 608K 6676K 22282 320K 129K 285K 374K 3087K 121K 1273K 24369K 132351K Shares 426K 1354K 175K 2539K 59253 1611K 60541 833K 26124 179K 333K 3988K Shares 89670 2088K 1834K 6273K 818K 3901K 1251K 10392K 33932 786K 386K 4191K
Trades 1275 7232 1657 16174 1746 11568 8388 67669 2567 28269 13058 54892 Trades 5013 12602 1278 9882 1906 10614 2074 16695 1742 7706 2580 24590 Trades 1541 39047 7463 77790 1801 23548 17155 125001 2344 38597 1511 93785
PE 9.50 9.48 23.74 23.73 26.64 26.64 21.48 21.48 30.72 30.72 - - PE 5221.31 5226.26 - - 13.05 13.05 392.65 392.70 44.12 44.15 17.89 17.90 PE - - 16.52 16.54 17.00 17.04 - - 18.98 19.00 14.74 14.72
3 M H/L 22/17 22/17 1784/1445 1784/1444 1259/1014 1275/1014 728/608 729/608 773/458 774/469 19/14 19/14 3 M H/L 205/141 205/141 74/59 74/59 591/473 591/472 782/596 783/595 1558/1287 1555/1287 147/117 147/116 3 M H/L 346/267 346/267 553/435 552/434 86/73 87/73 505/377 506/377 2584/2154 2587/2153 515/426 515/426
52 Wk H/L 23/16 23/16 1970/1166 1970/1165 1259/918 1275/918 855/572 855/572 773/334 774/335 19/12 19/12 52 Wk H/L 213/58 214/57 82/59 82/59 591/355 591/355 782/356 783/355 2064/1022 2065/1021 158/115 158/114 52 Wk H/L 378/259 378/259 599/358 598/359 86/58 87/58 505/295 506/295 2740/2055 2745/2052 564/405 564/406
1 M returns 2.75 2.50 1.82 1.91 -3.48 -3.42 5.25 5.23 8.54 8.63 7.94 8.26 1 M returns 5.26 5.50 0.80 1.54 3.13 3.14 3.37 3.24 -0.89 -0.86 3.18 3.25 1 M returns 5.24 5.34 6.12 6.18 2.20 2.50 6.67 6.72 4.60 4.69 -4.23 -4.45
1 Yr returns 29.08 29.01 36.15 35.84 11.11 11.12 -14.16 -14.08 109.16 108.88 37.14 37.45 1 Yr returns 155.49 155.74 9.86 9.65 60.92 61.14 115.09 114.79 -24.42 -24.35 24.81 24.96 1 Yr returns 11.14 11.31 33.06 33.26 47.13 47.48 68.75 68.86 7.11 7.18 -0.94 -1.16
Mcap 3705 3696 9314 9310 10221 10221 170566 170542 30086 30094 9220 9220 Mcap 3498 3502 6250 6268 14788 14789 22126 22129 4502 4504 9129 9132 Mcap 14869 14891 138708 138867 23261 23315 48478 48527 496334 496718 46886 46832
Book-value 21.31 21.31 457.45 457.45 350.83 350.83 130.89 130.89 89.48 89.48 - - Book-value 19.43 19.43 136.40 136.40 246.84 246.84 - - 123.86 123.86 89.96 89.96 Book-value - - 279.70 279.70 54.63 54.63 293.23 293.23 331.71 331.71 147.58 147.58
Price/Bk-val 0.96 0.96 3.55 3.54 3.26 3.26 5.43 5.43 8.53 8.53 - - Price/Bk-val 8.14 8.15 0.51 0.51 2.35 2.35 - - 11.67 11.68 1.61 1.61 Price/Bk-val - - 1.72 1.72 1.57 1.58 1.70 1.70 7.59 7.60 3.26 3.26
RoNW 8.67 8.67 16.10 16.10 5.14 5.14 15.02 15.02 25.90 25.90 - - RoNW 0.70 0.70 - - 12.41 12.41 0.40 0.40 40.14 40.14 5.74 5.74 RoNW - - 13.65 13.65 5.91 5.91 6.95 6.95 37.17 37.17 21.70 21.70
RoCE 7.08 7.08 13.66 13.66 6.21 6.21 15.35 15.35 39.45 39.45 39.05 39.05 RoCE 1.96 1.96 5.20 5.20 10.84 10.84 5.46 5.46 61.44 61.44 8.82 8.82 RoCE - - 12.25 12.25 9.51 9.51 2.25 2.25 48.19 48.19 26.36 26.36

Titan Company (A) m Torrent Phar (A)  Torrent Pwer (A) TV18 Broadcast (A) # TVS Motor (A) m Ujjivan Fin Ser (B) UltraTech (A) Union Bank (A) United Brew (A) m United Spirt (A) UPL (A) # Vakrangee (A) m Vedanta (A) m Voltas (A) m Wipro (A) # Wockhardt (A)  Yes Bank (A) Zee Enter (A) m
PCLose (462.00) (462.05) (1352.30) (1350.70) (191.50) (191.20) (42.80) (42.75) (438.45) (439.25) (441.00) (442.10) PCLose (4015.30) (4017.45) (150.95) (150.85) (775.70) (776.35) (2268.05) (2271.70) (709.55) (710.80) (312.70) (313.10) PCLose (255.75) (256.10) (389.85) (389.00) (493.50) (494.80) (734.65) (735.20) (1530.50) (1529.05) (525.25) (525.60)
Open 464.00 463.00 1354.85 1359.95 192.50 192.80 43.10 43.10 440.50 441.45 444.90 445.10 Open 4025.00 4024.00 152.00 152.50 774.10 777.00 2265.00 2259.00 711.00 715.00 312.50 313.85 Open 259.80 260.50 390.00 392.85 500.00 497.30 737.00 741.00 1532.00 1540.00 527.00 527.95
High 470.50 470.60 1377.60 1379.90 203.00 204.00 43.75 43.75 443.35 443.45 446.95 447.00 High 4088.00 4093.95 156.90 156.90 783.00 781.55 2265.00 2259.00 719.65 719.85 317.90 318.95 High 265.30 265.40 394.00 392.95 501.10 502.90 758.95 759.45 1546.60 1545.45 550.00 527.95
Low 462.20 462.60 1354.85 1356.50 192.15 191.80 42.85 42.85 437.40 437.35 442.50 442.00 Low 4025.00 4024.00 151.25 151.20 769.90 768.05 2208.00 2210.00 706.65 706.00 312.50 313.60 Low 258.80 259.05 388.05 387.25 494.00 495.00 737.00 737.50 1520.00 1518.50 521.75 521.80
Close 465.30 465.80 1372.40 1372.75 200.20 200.95 43.25 43.25 438.20 438.40 444.00 444.00 Close 4055.55 4056.55 155.80 155.90 773.55 771.70 2217.65 2217.45 710.00 708.70 316.65 317.50 Close 264.35 264.55 390.00 390.10 499.55 500.55 745.95 746.30 1528.70 1527.95 524.70 525.45
%Chng 0.71 0.81 1.49 1.63 4.54 5.10 1.05 1.17 -0.06 -0.19 0.68 0.43 %Chng 1.00 0.97 3.21 3.35 -0.28 -0.60 -2.22 -2.39 0.06 -0.30 1.26 1.41 %Chng 3.36 3.30 0.04 0.28 1.23 1.16 1.54 1.51 -0.12 -0.07 -0.10 -0.03
Shares 72581 886K 14258 101K 218K 2348K 764K 5588K 61691 628K 50314 297K Shares 37615 177K 835K 4578K 4533 108K 39909 354K 83837 2030K 73117 807K Shares 917K 13837K 122K 1008K 713K 1659K 302K 1608K 237K 2040K 35337 901K
Trades 1715 29504 803 4212 4487 16710 1617 9808 1117 12070 1440 5033 Trades 1809 22587 5706 30566 374 4344 2580 22984 3057 32652 636 5879 Trades 6178 128627 5132 20542 1639 27493 7928 30747 6366 54715 1190 37880
PE 55.28 55.34 21.40 21.41 29.98 30.09 79.52 79.52 37.92 37.93 28.31 28.31 PE 41.06 41.07 19.72 19.73 74.63 74.46 121.60 121.59 22.79 22.75 34.18 34.28 PE - - 26.53 26.54 14.34 14.37 376.52 376.69 20.78 20.77 52.12 52.20
3 M H/L 471/307 471/307 1435/1208 1398/1205 214/170 214/170 44/35 44/35 443/346 443/346 465/285 464/285 3 M H/L 4088/3052 4094/3050 173/120 173/120 848/744 847/743 2429/1819 2428/1820 755/606 755/606 319/263 319/264 3 M H/L 275/205 276/205 394/301 394/301 505/446 506/445 773/627 774/627 1547/1091 1545/1091 550/429 533/428
52 Wk H/L 471/296 471/296 1768/1186 1770/1194 251/159 251/159 50/34 50/34 443/278 443/278 547/217 548/217 52 Wk H/L 4130/2978 4130/2981 173/105 173/105 976/690 977/690 2729/1775 2729/1773 755/431 755/431 319/160 319/162 52 Wk H/L 275/85 276/85 406/250 406/250 607/410 607/408 1129/627 1129/627 1547/792 1545/793 589/373 590/373
1 M returns 7.97 7.95 8.77 8.89 -3.07 -2.71 10.78 10.78 2.98 2.98 0.33 0.42 1 M returns 9.03 9.09 10.03 10.06 -2.17 -2.32 -6.26 -6.19 -0.13 -0.23 1.64 1.65 1 M returns 0.36 0.42 12.55 12.75 5.01 5.30 6.52 6.61 6.12 6.04 0.75 0.82
1 Yr returns 36.97 37.20 9.23 9.29 -16.37 -16.43 11.76 11.50 54.84 54.45 - - 1 Yr returns 33.99 33.92 23.31 23.49 -3.87 -4.11 -12.21 -12.35 62.77 62.06 42.99 43.54 1 Yr returns 206.14 206.72 55.07 54.56 -7.19 -7.17 -21.59 -21.64 91.25 91.10 35.86 35.78
Mcap 41309 41354 23224 23230 9622 9658 7415 7415 20819 20828 5300 5300 Mcap 111325 111352 10710 10717 20453 20404 32229 32226 35993 35928 16757 16802 Mcap 78372 78431 12905 12908 121436 121679 8246 8250 64782 64750 50392 50464
Book-value 39.31 39.31 200.27 200.27 156.78 156.78 21.07 21.07 30.74 30.74 100.33 100.33 Book-value 767.15 767.15 332.99 332.99 79.76 79.76 123.03 123.03 133.95 133.95 29.14 29.14 Book-value 132.48 132.48 72.39 72.39 183.84 183.84 350.32 350.32 325.33 325.33 64.88 64.88
Price/Bk-val 11.84 11.85 6.85 6.85 1.28 1.28 2.05 2.05 14.25 14.26 4.43 4.43 Price/Bk-val 5.29 5.29 0.47 0.47 9.70 9.67 18.03 18.02 5.30 5.29 10.87 10.90 Price/Bk-val 2.00 2.00 5.39 5.39 2.72 2.72 2.13 2.13 4.70 4.70 8.09 8.10
RoNW 19.75 19.75 50.82 50.82 11.49 11.49 3.40 3.40 25.28 25.28 14.80 14.80 RoNW 10.86 10.86 5.90 5.90 13.99 13.99 54.13 54.13 19.13 19.13 25.39 25.39 RoNW 5.66 5.66 16.10 16.10 20.05 20.05 8.41 8.41 18.42 18.42 16.48 16.48
RoCE 24.88 24.88 44.31 44.31 14.76 14.76 3.69 3.69 22.91 22.91 12.56 12.56 RoCE 12.03 12.03 6.36 6.36 18.79 18.79 27.07 27.07 19.99 19.99 35.46 35.46 RoCE 7.84 7.84 21.12 21.12 21.02 21.02 7.20 7.20 7.32 7.32 25.54 25.54
https://t.me/srikakulam bubbly

6 TAKE TWO
>
MUMBAI | FRIDAY, 17 MARCH 2017 1


NEWSMAKERS/SANDEEP AGGARWAL & RADHIKA AGGARWAL/CO-FOUNDERS/SHOPCLUES

Blurring the lines between

work and home
SUVEEN SINHA his rapid-fire speech.
New Delhi, 16 March Growing up, Radhika was
sure she will not marry some-
andeep Aggarwal was one from the armed forces; she

S quick to delete the

Facebook posts in which
he accused his wife, Radhika,
had moved enough cities
already. She wanted to settle
down in one place and
of various things, of which the live there.
relevant one is that she blocked She got half of her wish. She
him out of ShopClues, the e- did not marry an army man, but
commerce marketplace they the one she did marry moved
built together. The rest should countries within a year of their
never really have been a part wedding. And they kept moving
of public discussion. cities every two years, until they
“It was one of those weak came back to India in 2011 to set
moments when I ended up up ShopClues and live in
using a public platform to vent Gurugram. This was to be the
out,” says Sandeep. He may settled life Radhika yearned for.
not have heard the modern They raised $4 million in
aphorism: dance like no one is Series A funding in March
watching, email like one day 2012, when Nexus Venture
it may be read aloud in a came in as an early investor.
deposition. They raised another round,
Imagine, then, how far a Series B, of $5 million in early
Facebook post can travel. And 2013, when Helion came in
Aggarwal made two, whose and Nexus made a pro rata
screenshots would be investment to preserve its
ensconced on the hard drives equity percentage.
of journalists covering startups. Then Sandeep got arrested
It was out of character for a per- by the US Federal Bureau of
son whose default response to Investigation in San Jose,
a problem, honed during a California, on charges of insider
decade of being a Wall Street trading. He was later released
analyst, is to open a spread- on bail and came back to set up
sheet and look at data. Droom, an online marketplace
Of all the tremors to rock for cars and two-wheelers.
the startup world of late — Meantime, Radhika and
Snapdeal’s layoffs, Stayzilla’s Sanjay Sethi, who became the
shutting down, Flipkart’s fre- CEO after Sandeep stepped
quent devaluations — nothing down, took ShopClues from
will match the rumble at strength to strength. Everyone
ShopClues for poignancy. For thought Sandeep and Radhika
this is a story where the per- will be the unique couple to
sonal stakes are as high as the have two highly-valued start-
business interests and involves ups in the family. Few had an
children: Radhika and inkling they had been drifting
Sandeep’s two sons, aged 13 apart for a while.
and seven. They will no doubt be able
Sure, ShopClues is valued to tide over this crisis. All the
at more than a billion dollars, three protagonists here are
mostly because it has tried to over 40 and seasoned pros.
carve a special place for itself The business may also be able
among the e-commerce mar- to get over it. The board, led
ketplaces. Its unofficial self- by its main investors — Nexus,
description is “digital Karol Radhika was 19 when she met Sandeep (top), a couple of Helton, and Tiger Global —
Bagh”, after the middle class years her senior, at a college in Indore has put its faith in Radhika and
shopping haven in west Delhi. Sanjay. Noting that ShopClues
That involved getting a huge be the only genuine founder Indore. Till recently, he used has grown 30 times, the board
number of small traders on its of the company, is waging to joke that he has known said: “It is very disappointing
network, and may have insu- against Radhika, who has cho- Radhika longer than her par- to see an ex-founder, who dis-
lated the company from the sen to keep a dignified silence. ents have. Radhika is tall and associated from the company
fate that has befallen those that And those who have known has the crisp, refined manner for his criminal wrongdoings,
mirror Amazon. the couple are dazed at the of an army child who has gone is now engaged in a personal
No wonder, then, the turn of events. to a bunch of convent schools. vendetta on a public forum.”
ShopClues board moved swift- Radhika was 19 when she Sandeep, of medium height Now someone needs to
ly to protect it from the battle met Sandeep, a couple of years and build, is a wizard with speak up for protecting the
that Sandeep, who claims to her senior, at a college in numbers, which pepper children.

Getting back on track an

uphill climb for Snapdeal
KARAN CHOUDHURY
New Delhi, 16 March

A year ago, ASF Tower A and

B, the sprawling campus of
Snapdeal in Gurugram, would
be teeming with 20-some-
things furiously typing away
on their laptop screens, trying
to increase the gross mer-
chandise value, the ‘erstwhile’
go-to matrix of online mar-
ketplaces.
Cut to 2017, most of the
offices in ASF Tower have a
forlorn look. Missing are the
fresh grads in designer wear,
sprawled on beanbags and
glued to laptop screens or the
blaring music which they
loved playing while at work.
After getting rid of more than
80 per cent of the 10,000-
strong workforce, Snapdeal
bosses are contemplating
moving out to a smaller office
in Gurugram.
Things have turned from
bad to worse for the Kunal Snapdeal co-founders Kunal
Bahl- and Rohit Bansal-led views and statements, SHAKY FINANCIALS Bahl (left) and Rohit Bansal
company which is powered by accessed and reviewed by Losses (~ crore)
Japanese telecom and invest- Business Standard, Snapdeal Buying Freecharge for
ment giant Softbank. has cut down its employee close to $400 million, invest-
Over the past year, the strength to 1,200. 1,328 3,316 ments in the now closed e-gro-
once arch-rival of Flipkart has In a candid mail to his cery portal, Peppertap, and
lost the fight to global online employees a few days back, spending over ~200 crore on a
marketplace Amazon which Bahl listed out the reasons of Mar ‘15 Mar ‘16 rebranding exercise were
made rapid strides in 2016 and the company’s downfall and some of the major mistakes
is at the top of the e-com- revealed that a ‘painful’ process Revenue (~ crore) made by Snapdeal.
merce heap at present. Efforts to lay off staff was under way. 1,457 “The company has spent a
to raise additional funds have “Over the last two-three 933 huge amount on things which
fallen flat, with Softbank, years, with all the capital com- were unnecessary. It bought a
according to sources, refusing ing into this market, our entire wallet without understanding
to invest anymore in the industry, including ourselves, Mar ‘15 Mar ‘16 the whole business, just to
beleaguered company. started making mistakes. We Kunal Bahl and Rohit Bansal have show Alibaba that they are a
less than 6.5 per cent stake in the
Snapdeal had managed to started growing our business company viable business for the
raise around $1.7 billion. A much before the right eco- Chinese major to consider
large chunk of it came from nomic model and market fit when they enter India,” says a
Softbank, and in one of the was figured out. We also start- coupon books to going online senior analyst from an inter-
rounds it had managed to ed diversifying and starting with couponing to moving to national consultancy.
rope in Alibaba as well. new projects while we still being an online marketplace, “The whole ‘Unbox’ cam-
In the face of a severe finan- hadn’t perfected the first or Snapdeal has managed to sur- paign was another expense
cial crunch, 8,500 employees made it profitable,” he said. vive close to a decade. that should have been avoid-
were reportedly asked to quit Bahl in the past was able to However, this time around ed. Money should have been
over the past year. According to successfully pivot the compa- experts believe things are too spent more on technology
internal data, as well as inter- ny twice. From selling offline haphazard to be set right. than all this,” he adds.
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