BS Delhi English 01-12-2022

THURSDAY, 1 DECEMBER 2022
20 pages in 1 section www.business-standard.com

NEW DELHI
~12.00
VOLUME XXIX NUMBER 163
THE MARKETS ON WEDNESDAY chg#
Sensex 63,099.6 p 417.8

Nifty 18,758.3 p 140.3
Nifty Futures* 18,874.5 p 116.2
Dollar
Euro
~81.4
~84.4
~81.7 **
~84.7 **
INDIA GDP GROWS AIR INDIA GROUP MOST FREQUENT FLYER
Brent crude ($/bbl)
Gold (10 gm)###
85.3##
~52,566.0 p
*(December) Premium on Nifty Spot; **Previous close;
84.3 **
~2.0 6.3% IN SEPT QTR ON 7 OF 10 BUSIEST DOMESTIC ROUTES
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E
DSPL - 315
OIPR no - 14005/13/0033/2223
NEW DELHI | THURSDAY, 1 DECEMBER 2022 1
>.
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THURSDAY, 1 DECEMBER 2022
20 pages in 1 section www.business-standard.com
NEW DELHI
~12.00
VOLUME XXIX NUMBER 163
THE MARKETS ON WEDNESDAY chg#
Sensex 63,099.6 p 417.8

Nifty 18,758.3 p 140.3
Nifty Futures* 18,874.5 p 116.2 WORLD P8 COMPANIES P3
Dollar
Euro
Brent crude ($/bbl)
~81.4
~84.4
85.3##
~81.7 **
~84.7 **
84.3 **
ALZHEIMER’S DRUG SHOWN TO THE MAN WHO REMADE
Gold (10 gm)### ~52,566.0 p
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~2.0
SLOW COGNITIVE DECLINE IN TRIAL INDIAN MANUFACTURING
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E
EDIT PAGE
TODAY, INDIA
Services sector helps FPIs, global cues
propel Sensex
COMMENCES ITS
G20 PRESIDENCY
Today, the greatest challenges we face —
climate change, terrorism, and pandemics
GDP grow 6.3% in Q2 past 63K mark
SUNDAR SETHURAMAN
SCALING A
— can be solved not by fighting each other,
but only by acting TRADE, HOTEL, TRANSPORT SERVICES MANUFACTURING CONTRACTS 4.3% AS Mumbai, 30 November
NEW PEAK
together. During
India’s presidency, the SURPASS PRE-COVID LEVEL FOR 1ST TIME PROFIT MARGINS COME UNDER PRESSURE India’s benchmark
indices gained for sev-
Sensex 63,400
G20’s agenda will be enth consecutive ses- 63,099.7
inclusive, ambitious,
action-oriented,
READING THE FINE PRINT SECTORAL PERFORMANCE (% YoY) Private sion on Wednesday,
closing at fresh highs
63,200
| Q2FY22 | Q3FY22 | Q4FY22
and decisive.
MOVING IN TANDEM (% YoY) GOVT SPENDING SLOWS (% YoY) | Q1FY23 | Q2FY23 consumption buoyed by positive
63,000
PM NARENDRA MODI global cues and strong
writes 9> GDP GVA 30 Private spending (PFCE) Agriculture 3.2
2.5
edges up in Q2 buying by foreign port- 62,681.8
Govt spending (GFCE) 30 4.1 India’s household folio investors (FPIs).
Investment (GFCF)
62,800
20 4.5 consumption as a The Sensex went past
ECONOMY & PUBLIC AFFAIRS P7 6.3 4.6
10.5 10.4 20 percentage of nominal the 63,000 mark for the
5.4 10 Manufacturing 5.6 62,600
Centre plans pilots on new 14.6 0.3
-0.2
gross domestic product
(GDP) showed recovery
first time.
Though trading was
Nov 29 Nov 30
DBT model for fertilisers 5.0
5.6 0 10
-4.3
4.8 in the July-September range bound for most SCORECARD
In a significant step, the Centre is planning to 9.7 2022 quarter (Q2FY23) of the session, it picked As on Nov 30 In ~ Chg 1D(%)
conduct pilots in a few districts of the country -10 Construction 8.1 compared with the same up momentum in the
8.9 -2.8 GAINERS
on a modified version of the direct benefit 0 period last year. 4> last 30 minutes. The
-20 2.0
transfer (DBT) in fertilisers that would 16.8 Sensex ended the ses- M&M 1,307.2 4.0
establish some connect between land -4.4 6.6 sion at 63,099, rising
-30 -10 UltraTech 7,076.8 2.2
holding and the nutrient’s consumption. Services 10.2 418 points or 0.6 per
Q1, FY20 Q2, FY23 Q2 Q3
FY22
Q4 Q1
FY23
Q2 8.1 Fiscal deficit cent. The Nifty closed Power Grid 224.0 2.1
5.5
COMPANIES P3 9.3
17.6 at 46% of BE at 18,758, gaining 140
points or 0.7 per cent.
LOSERS
Alstom, Medha bid for till October Both the indices ended
IndusInd Bank 1,167.4 -1.1
While the Reuters PFCE:Private final consumption The Centre’s fiscal deficit the month with gains SBI 602.5 -1.0
~26K-cr Vande Bharat deal and Bloomberg polls had pro-
expenditure; GFCE: Govt final
consumption expenditure; GFCF:Gross
fixed capital formation Source: MoSPI
touched 45.6 per cent of of around 4 per cent. HCL Tech 1,120.8 -0.7
Alstom India, Medha Servo, Titagarh ASIT RANJAN MISHRA jected 6.2 per cent growth for the quarter, the Budget target in the The Sensex has added Source: Bloomberg, exchanges
Wagons, and Siemens are among the five New Delhi, 30 November the Reserve Bank of India was spot on with first seven months of the 1,955 points, or 3.2 per
firms to have bid for a ~26,000-crore order its forecast of 6.3 per cent. India on path to current financial year, cent, in the past seven India continues to
register 6.8-7%
I
by the Indian Railways to manufacture 200 ndia’s economy grew 6.3 per cent in In the June quarter of FY23, the econ- higher than 36.3 per cent sessions. defy global peers P10
lightweight Vande Bharat trains, Business the September quarter of FY23, omy had expanded 13.5 per cent due to a growth, says in the corresponding FPIs bought shares
Standard has learnt. boosted by robust activity in services, low base in the equivalent period of Nageswaran P4 period of the last year. worth ~9,010 crore on Wednesday, according to provisional
even as manufacturing output con- 2021-22, when economic activity was With the GDP numbers data from the exchanges. The unusually high inflow tally
tracted unexpectedly, signalling uneven severely impacted by the Delta wave of the Edit: Growth out, the deficit stood at 8.3 was on account of MSCI rebalancing. Stocks such as Varun
ECONOMY & PUBLIC AFFAIRS P6 post-pandemic recovery in Asia’s third- pandemic. challenges P9 per cent of GDP in the first Beverages, Indian Hotels and Tube Investment saw mas-
Fintech lenders align biz largest economy. Turn to Page 6 > six months of FY23. 4> sive buying by passive trackers. Turn to Page 6 >
to comply with RBI rules

With the Reserve Bank of India’s (RBI’s)
digital lending guidelines kicking in, players
operating in this space have made the KIRIT PARIKH PANEL RECOMMENDATIONS
requisite operational changes, and in some
cases, tweaked their business model to align
with the norms prescribed by the regulator. ‘Remove caps on gas
ECONOMY & PUBLIC AFFAIRS P6
‘Will sustain high growth,
prices by Jan 1, 2027’
inflation to fall next year’ SUBHAYAN CHAKRABORTY
Finance Minister Nirmala Sitharaman on
Wednesday exuded confidence that India will
New Delhi, 30 November OTHER
succeed in handling inflation better as it has India should have completely free SUGGESTIONS
already put in place a "very good framework" and market-determined pricing for | Fixed floor price
in place to address supply side pressures on natural gas extracted from legacy of $4 per
food prices. Virtually participating in 'Reuters fields and remove all caps by MMBtu to
NEXT' event, she also acknowledged that January 1, 2027, the Kirit Parikh offset
inflation due to imports of commodities like committee constituted to review gas
earnings loss
crude oil is going to persist. prices has recommended in its
report, which was submitted to the by ONGC & OIL
Centre on Wednesday. | Ceiling price of $6.5 per
TODAY 8.30 PM Till then, the committee has MMBtu to be raised by
CROATIA BELGIUM suggested a floor price of $4 per $0.5/MMBtu till 2027
MMBtu (metric million British
VS thermal unit) be kept in place to | No change suggested for
CANADA MOROCCO cover the cost of gas production by difficult fields such as KG-
Oil India (OIL) and the Oil and D6 run by RIL and BP PLC
VS
Natural Gas Corporation (ONGC), | Measures to boost gas in
TOMORROW 12:30 AM Parikh told Business Standard.
energy mix to 15% by 2030
JAPAN SPAIN The committee has also recom-
mended a ceiling price of $6.5 per
VS mmBtu, which may be increased Oil and gas stocks rise 10
COSTA RICA GERMANY yearly by about $0.5 per mmBtu till
2027, Parikh said.
on recommendations
VS
At present, the government fixes
the prices of gas produced from the per cent of annual gas output of
RELATED REPORTS P18 old fields of state-run ONGC and about 91 billion cubic metres.
OIL. Such fields account for about 80 Turn to Page 6 >
Air India group most frequent flyer

on 7 of 10 busiest domestic routes
It is 2nd biggest operator on 3 other routes
DEEPAK PATEL (city pairs)” to see what kind of
New Delhi, 30 November market share the merged entity
will have there, according to
The Air India group — which senior competition lawyers.
comprises Air India, Vistara, The seven routes where the Air
Air India Express, and AirAsia India group is the leader in terms
India — as a merged entity is the of weekly flights are Delhi-
biggest operator on seven of the Mumbai, Delhi-Bengaluru,
top 10 busiest routes in India. But Mumbai-Bengaluru, Mumbai-
BUSY DOMESTIC ROUTES WHERE it remains a distant number two,
after IndiGo, in the overall
Goa, Delhi-Pune, Mumbai-
Chennai, and Delhi-Srinagar.
AIR INDIA GROUP DOMINATES domestic market. This dominance can help the Air
Total weekly flights being operated on these routes The Tata group and Singapore India group to attract corporate
| IndiGo | Air India Group* | Other airlines Airlines (SIA) announced on traffic that does not mind
Tuesday that Vistara will be spending big bucks to purchase
Delhi-Mumbai 214 344 141 699 merged into Air India to create a seats, especially in premium
Delhi-Bengaluru 184 276 71 531 single full-service airline, with SIA economy or business class cabins.
holding a 25.1 share in the new Overall, IndiGo and the Air
Mumbai-Bengaluru 154 194 112 460 entity. AirAsia India is already in India group currently operate
Mumbai-Goa 64 108 140 312 the process of merging into Air 10,196 flights per week and 4,826
India Express to create a single flights per week in India,
Delhi-Pune 88 147 72 307 low-cost subsidiary of Air India. respectively, positioning
Mumbai-Chennai 102 112 63 277 Before any airline merger themselves at the first two spots in
approval, the Competition the domestic aviation market,
Delhi-Srinagar 61 104 93 258 Commission of India (CCI) according to aviation analytics
*Air India Group consists of Air India, Vistara, AirAsia India and Air India analyses air traffic between “point company Cirium's data.
Express Source: Cirium of origin and point of destination Turn to Page 6 >
2 COMPANIES NEW DELHI | THURSDAY, 1 DECEMBER 2022
> Hinduja Global Solutions > NMDC >Aditya Birla Sun Life Asset Ma > Biocon > Cantabil Retail India
STOCKS Launches global Raises prices of ores Receives approval Completes the acquisition Opens five new
IN THE NEWS customer experience by ~300 per tonne from IFSCA as fund of the biosimilars businesses showrooms in
hub in Colombia management entity & assets of Viatris Inc India in November
~1,288.2 CLOSE ~117.7 CLOSE ~434.2 CLOSE ~283.2 CLOSE ~1,105.5 CLOSE
p5.5% UP* p0.5% UP* p1.3% UP* p0.4% UP* p0.6 % UP*
*OVER PREVIOUS CLOSE
>
IN BRIEF
BSIV ‘scam’: ED probes role of Tatas eye quick turnaround E- marketplaces
Ashok Leyland; firm clarifies projected to
The Enforcement Directorate (ED) said on Wednesday
it has attached assets worth more than ~22 crore of
former Andhra Pradesh TDP MLA J C Prabhakar
Reddy, his associates and companies linked to
by merging Vistara, Air India see enterprise
them in a case related to an alleged BSIV vehicles ANEESH PHADNIS
scam. In a statement, the federal agency said it was
also probing the role of major automobile manufacturer
Mumbai, 30 November
BETTER TOGETHER Q2FY23 market share
value zoom 3x
T
Ashok Leyland, headquartered in Chennai, in the case. A he Tata group’s decision to oper-
spokesperson for Ashok Leyland said the investigation was not ate a single full-service airline
International routes Domestic routes SURAJEET DAS GUPTA
against the company but "third-party scarp customer... We have after the merger of Vistara with 12.3% 1.7% 8.7% 9.9% New Delhi, 30 November SCALING UP
submitted all documents and details as required by the Enforcement Air India will enable faster turnaround n Deal volume
Directorate pertaining to this matter, which clearly establishes that and limit the expenditure on brand Digital marketplaces are pro- n Companies that raised funds
we are not implicated in any manner. Ashok Leyland is compliant building, industry experts said. jected to see their enterprise n Series C+**
with all emission requirements,”the spokesperson said. PTI On Tuesday, Tata group and value more than double or tri- 200
Singapore Airlines (SIA) announced the ple and their contribution to
merger that will make Air India the sec-
Air India Vistara Air India Vistara gross domestic product to go 135 135 130
Prasanth Kumar, GroupM Media’s ond largest domestic (IndiGo is the
largest) and largest international carrier.
Source: Aviation
consultancy CAPA Source: DGCA
up from 2-3 per cent currently
to 5 per cent by 2027, according
100
80 80
110 110
CEO, elected AAAI president The merger will be completed by March

2024. The decision effectively means the
to a report released by Accel,
jointly with Bain & Company.
Prasanth Kumar, chief executive officer (CEO) phasing out of Brand Vistara. There is, The report projects that the
for South Asia of GroupM Media (India), has however, no final word yet on the future enterprise value of the com- 2018 2021 Till
been elected the president of the Advertising look and product attributes of the panies would go up from $150- Oct CY22
Agencies Association of India (AAAI) for 2022- merged airline. It is possible that the 200 billion currently to $500
23 . “Advertising is, in my opinion, a dynamic Vistara brand might still manifest itself billion by 2027. 3.5 16.0* 4.5
and idea-driven industry. Collaboration with in one way or the other, said a person Enterprise value refers to
industry organisations will allow us to shape familiar with the merger process. the value of a firm based on its
Deal value ($ bn)
the industry in a progressive way that benefits The Tata group and SIA did not last round of fundraise, and is
Note: *till October 2021 it was $ 14 billion;
everybody. I look forward to building synergies with like-minded immediately respond to questions from used by unlisted companies as **Those who have drawn late
people and organisations...,” Kumar said on his appointment. Business Standard on the matter. few years, it has rapidly expanded its review and rating site),” said Nigam. a proxy for market cap. stage capital Source: Accel, Bain & Co
Rana Barua, the group CEO of Havas Group India, was unanimously “From the very time the Tatas bid for fleet. But to become financially viable, "Even if Air India adopts the Vistara pro- The report Rise of Digital
elected the vice president of the AAAI. BS REPORTER Air India, this merger would have been it needed a bigger scale,” said Ambi duct wholesale, it will be a huge improve- Bazaars in India points out
thought through. The buyout would have Parameswaran, brand strategist and ment on its currently uncompetitive that marketplaces have a cur- ‘E-economy to
made complete economic sense only if founder of Brand-Building.com. “That cabin products." rent gross merchandise value
Go First inducts 55th A320neo; Vistara was to be a part of the same will happen if its operations are inte- The person aware of the merger pro- (GMV) of $100 billion which is create 10 mn
improvement on cards: Berry
entity,” said N Chandramouli, CEO, TRA
Research, a Mumbai-based brand intel-
grated with Air India. There are a
lot of synergies possible and the
cesses quoted above said, “There is no
decision yet about many aspects of future
expected to hit $350 billion in
2027. There are two market-
jobs in 2 years’
ligence and advisory firm. “The cost, market is looking for a big, strong alter- branding. For instance, what will be the places having a GMV of over India’s digital economy
Go First on Wednesday announced inducting the 55th A320neo time and energy involved in building and native to IndiGo.” name of the frequent-flyer programme $10 billion, and 15-20 of them has created almost 9
aircraft and also expects to increase the number of flights as it will maintaining two brands is extremely Vistara, which draws its name from of the merged airline? What will be the have a GMV ranging from $1 million jobs and the figure
soon receive serviceable engines from P&W. Meanwhile, Go First's high, and the merger will also bring in the Sanskrit word “vistaar”, took to the uniform and aircraft livery? When United billion to $10 billion. is expected to cross 10
new chairman Varun Berry on Wednesday expressed optimism Vistara’s frequent flyers to Air India.” skies for the first time in January 2015. and Continental Airlines merged in 2012, But there are also areas of million in two years, said
regarding overall improvement for the airline with expected Added Shashank Nigam, founder & The brand’s name and logo were the brand name United was retained but concern, such as the sharp communications minister
delivery of new engines. AGENCIES CEO of Simpliflying, an aviation brand designed by Bengaluru-headquartered the livery remained Continental’s.” slowdown of funding in 2022, Ashwini Vaishnaw at the
strategy firm, “Air India’s merger with design firm Ray + Keshavan. The name “Vistara was the inheritor of the which fell by one third over the ESC-STPI Start-up Initiative
Vistara completes the consolidation pro- reflects “limitless possibilities and brand legacy left behind by Jet Airways; previous year. In calendar year conclave. BS REPORTER
RIL seeks shareholder nod to cess within multiple Tata airlines. The
simplicity of Air India’s structure signif-
ambitions”.
The airline, which is popular with cor-
an airline that believed in being ahead
of the rest. Brand Vistara has been built
2021 till October, investors had
put in a record $14 billion ($16
alter MoA for EPC undertaking icantly improves the chances of its suc-
cessful turnaround."
porate fliers and celebrities, has many
firsts to its credit: a premium economy
with that passion," said Harish Bijoor,
Bengaluru-based brand strategist and
billion for the full year) in bile platforms, B2B com-
these companies, but in 2022 merce, and financial technol-
Reliance Industries (RIL) is seeking shareholder approval to alter its On a consolidated basis, Air India cabin, a value-based frequent-flyer pro- founder of Harish Bijoor Consults. "In it has gone down to a mere ogy, among others. The
memorandum of association (MoA) to include two new sub- made a loss of ~24,690 crore in the last gramme, Starbucks coffee on board, the aviation industry, there is reality at $4.5 billion in the same period. report says that the key reason
clauses pertaining to engineering, procurement and construction three years. Both Vistara and AirAsia among others. one end and romance at the other. The deal value multiple for the slowdown has been
(EPC) services. The development comes following the approval by India, too, have been making losses since “Vistara has a better product and Running just one brand is a business across segments has fallen by ‘the tempering of 2021 highs,
the RIL board in October to restructure the EPC business, which is their inception and requiring regular brand perception than Air India, being reality. Preserving Vistara is romance. 0.2x to 0.8x over 2021 across valuation corrections and
part of Reliance Projects and Property Management Services, a doses of fund infusion. among the top 20 global airlines (accord- The Tatas have embraced business real- horizontal e-commerce, edu- muted sentiments in the
wholly-owned subsidiary of the company. VIVEAT SUSAN PINTO “Vistara started small but in the last ing to Skytrax, an airline and airport ity and its importance.” cational technology, automo- global public markets’.
Samsung to hire 1K engineers By ’28, 50% India

across R&D facilities in India
Samsung India is planning to hire around 1,000 engineers across
NDTV shares rally for CoC may ask bidders to subscriptions to
be 5G: Ericsson
India for research and development facilities in Bengaluru, Noida,
Delhi and Samsung Semiconductor India Research in Bangalore. five days, surge 25% sweeten offers for RCap Rapid 5G deployment by
The consumer electronics major will recruit engineers from VIVEAT SUSAN PINTO Indian telecom firms will
multiple streams, the company said. SOURABH LELE Mumbai, 30 November enable 5G subscriptions to
DEV CHATTERJEE & ABHIJIT LELE reach around 31 million by
The stock of NDTV continued to rally for the fifth day in a row Mumbai, 30 November end of 2022, and 690 million
Govt defers sale of AAI’s residual on Wednesday, climbing 5 per cent to hit its highest
permissible trading limit for the day on the BSE. This is the The committee of creditors
by 2028, according to the
November Ericsson Mobility
stake in 4 joint venture airports fourth straight day that the stock has hit the upper circuit, BSE
data showed. In five days, the stock has rallied nearly 25 per
(CoC) of Reliance Capital
(RCap) is likely to ask the bid-
report. The report said
average data traffic per
The government has decided to temporarily defer the proposed cent. NDTV founders Prannoy Roy and Radhika Roy resigned ders of the bankrupt company smartphone remains the
sale of AAI's stakes in the private joint ventures operating the as the directors of promoter group entity RRPR Holding on to sweeten their offers as the highest in India. BS REPORTER
airports at Delhi, Mumbai, Hyderabad and Bangalore, according to Tuesday, as the Adani Group nears takeover of the media current bids are too low.
a senior official. State-owned Airports Authority of India's (AAI) company. The stock climbed 5 per cent to ~447.70 — its upper According to a banking
residual stakes in the four major airports are to be sold under the circuit limit – on the BSE on Wednesday. Since the launch source, in its meeting here on Deloitte: Most
government's ambitious National Monetisation Pipeline (NMP). PTI of the open offer by the Adani group for an additional Wednesday, the CoC decided to
26 per cent stake in NDTV on November 22, the stock make a detailed evaluation and Indian firms to up
price has increased by 19 per cent. RRPR Holding, have a discussion on all the
investments in AI
WhatsApp banned 2.3 million which has been acquired by the Adani group,
held 29.18 per cent in the media 447.7
bids made for the company. No
final decision has been taken Several entities, including Hindujas, Piramal-Cosmea About 88 per cent Indian
accounts in India in October company. However, the Roys still
hold 32.26 per cent in
Nov 30 on the fate of the bids, the
source said.
Financial Holdings, Oaktree, and Ahmedabad-based Torrent,
made bids for the entire assets of Reliance Capital
organisations plan a year-
on-year increase in AI
WhatsApp on Wednesday said it banned 2.3 million accounts in NDTV as promoters. Several entities, including investments in 2022 against
India in October, including 0.8 million accounts that were barred Hindujas, Piramal-Cosmea deadline. Piramal-Cosmea the valuation done by it, said a 82 per cent in 2021. Only 39
proactively before being flagged by users. The number of accounts 376.3 STREET CHEERS Financial Holdings, Oaktree, made the best offer for the banker close to the develop- per cent are looking to up
blocked in October was 13 per cent less than the 2.6 million Nov 22 and Ahmedabad-based company but it was far lower ment. As many as 55 firms sub- their AI investments by over
NDTV (Stock price in ~)
accounts the messaging platform banned in September. PTI Torrent, made bids for the than the CoC’s expectations of mitted expressions of interest 20 per cent this year, said
entire company by the Monday around ~8,000 crore, based on (EoIs) for RCap. Deloitte India. BS REPORTER
Meta global prez

Clegg terms draft Zetwerk set for $1-bn revenue in FY23 on China Plus One
data Bill ‘promising’
PEERZADA ABRAR (CEO) of Zetwerk. The operating revenue
He said, “About 10-15 per cent of expanded to $670 million from
Bengaluru, 30 November
our revenue — that comes from GROWING BASE $110 million in 2020-2021. “With
Manufacturing unicorn Zetwerk international markets — would not > Zetwerk has acquired US-based > The buy will expand Zetwerk’s this acquisition in North America,
SOURABH LELE who is on India, said the inter- said it is on track to cross over $1 have been possible without this manufacturing services presence in North America and Zetwerk is well-positioned to help
New Delhi, 30 November net foundationally works on billion in revenue during the kind of global shift that is company Unimacts at a valuation position it for additional even more businesses create self-
the idea that data flows current financial year. At a time happening across the board.” of $39 million expansion in the coming months reliant supply chains in renewable
In his first reaction to the openly across borders. “In when companies are considering Acharya said the acquisition of energy and infrastructure,” said
revised draft data protection broad terms, it seems to me the China Plus One strategy, it is Unimacts will immediately expand > Unimacts operates in industries > This comes less than six Vaibhav Agrawal, partner at
bill from the big techs, Meta’s that the Indian government turning out to be a big opportunity Zetwerk’s presence in North such as industrial products, months after Zetwerk acquired Lightspeed Venture Partners and
global affairs president Nick has done really thoughtful for Zetwerk, which is a global America and position it for material handling, and renewable three Indian manufacturing Zetwerk Board member.
Clegg on Wednesday appreci- work in terms of the revised source of manufacturing across additional expansion in the energy segments supply chains Zetwerk has more than 2,000
ated the new draft calling it a draft. It’s a clear, cogent piece industrial and consumer products. coming months. This acquisition customers across North America,
“promising turn of events.” of draft legislation. I want to To strengthen its international comes less than six months after Asia-Pacific and the Middle East. It
Earlier this month, the congratulate everyone who operations, Bengaluru-based Zetwerk acquired three Indian Alan Hays, chief operating officer Arnold. The partnership with has a network of more than 10,000
Ministry of Electronics and has worked on it.” Zetwerk has acquired US-based manufacturing supply chains (COO), along with the team at Zetwerk will enable Unimacts, with manufacturing partners
Information Technology As per the new draft, the manufacturing services company across aerospace and defence, oil Unimacts, will be joining Zetwerk. the necessary capital to scale up its worldwide.
released a revised draft of central government would, Unimacts at a valuation of $39 and gas, and railways. Zetwerk’s This will take its global employee presence in the US, Europe and In May this year, Zetwerk also
data privacy bill, renamed ‘after an assessment of such million. Unimacts operates within acquisition of Unimacts will count to 1,900. Mexico. This also includes access commissioned a mega
The Digital Personal Data factors as it may consider nec- various industries, including provide the company with Arnold said with the recent $1.2- to a strong off-shore footprint manufacturing facility at Noida
Protection Bill, 2022. essary, notify a list of coun- industrial products, material immediate access to marquee solar trillion infrastructure Bill and in India and Vietnam. in Uttar Pradesh. The factory has
Released more than three tries or territories outside handling, and renewable energy and wind-power customers. Inflation Reduction Act, the Zetwerk’s 2021-2022 been established to create
months after discarding the India to which the transfer of segments. Zetwerk will also gain access to the renewable energy sectors of solar financial results original design manufacturers
previous draft, the new one personal data will be allowed. “Our entire US business is built large-scale consolidated demand and wind in the US are poised for showcased strong growth (ODMs) in hearables, wearables
has eased the data localisa- The top executive said that on China Plus One theme. US Unimacts has generated so far. significant growth. “We strongly across categories. and Internet of Things (IoT)
tion mandate of the earlier India is entirely entitled to companies that were buying from The executive team at believe that joining the Zetwerk The company’s gross devices.
version, which had alarmed expect a principle of reciproc- China are now looking to explore Unimacts, including Matthew family will translate into broader merchandise value (GMV) Post the supply chain
many big multinational tech- ity on cross-border data flows India,” said Amrit Acharya, co- Arnold, CEO, Andrew Woglom, offerings for customers in the US grew six-fold, to $770 million disruptions due to Covid over
nology companies. Clegg, around the world. founder and chief executive officer chief financial officer (CFO), and and around the world,” said from $130 million. the last two years, customers are
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NEW DELHI | THURSDAY, 1 DECEMBER 2022 COMPANIES 3 <
Alstom, Medha in race for ~26,000-cr Vande Bharat order

Indian Railways to manufacture 200 lightweight trains; technical bids submitted
DHRUVAKSH SAHA with Straddler, three others have the cost to manufacture one 16-coach trains have been introduced. The
New Delhi, 30 November formed partnerships with public sec- trainset of Vande Bharat is ~130 crore. latest tender will also take the
tor undertakings (PSUs), said senior The tender was floated earlier this Railways one step closer to introduc-
A
lstom India, Medha Servo, officials in the know. While Titagarh year, and three extensions were given ing sleeper-class Vande Bharat trains,
Titagarh Wagons, and Wagons is in a joint venture (JV) with to prospective bidders. The technical an announcement Union Railways
Siemens are among the five Bharat Heavy Electricals , TMH has evaluation committee will examine Minister Ashwini Vaishnaw made
bidders for a ~26,000-crore order by partnered with Rail Vikas Nigam the proposals made by the five bid- recently. The sleeper version of the
the Indian Railways to manufacture Limited (RVNL), a railways PSU, and ders, after which the process will train is likely to have a different inte-
200 lightweight Vande Bharat German multinational corporation move to financial bids, where the rior design. Currently, Vande Bharat
trains, Business Standard has learnt. Siemens has joined forces with company/JV with trains are running solely with a seat-
Russia’s Transmashholding (TMH) BEML. There is no clarity on the lowest bid will be ing facility, which limits their ability
is the fifth bidder. whether Alstom India is part of
It will take selected to manufac- to undertake long-distance journeys.
The closure of the technical bids a JV or it is going solo.
18-24 months ture these trains. While production of these trains
for the mega tender kickstarts the Officials said it would take
for Railways to Senior railways offi- would be expedited, there are ques-
process of rolling out 400 Vande 18-24 months for the Railways
procure the cials stated that the tions about how the Railways plans
Bharat trains over the next three to procure the first prototype
first prototype ministry is likely to to deal with speed restrictions slow-
years, as announced by Finance from the manufacturer.
from the award the contract ing the train down and safety risks to
Minister Nirmala Sitharaman in her According to the tender doc-
manufacturer to multiple entities, its frontal nose panel.
Union Budget 2022 speech. ument, these trains will be man- and wants to ensure The flagship Railway project was
At least four of the five firms that ufactured at railway production that serial produc- recently in the news after a cattle
have submitted the bids have formed units in Latur and Chennai. tion of these trains begins in a matter impact on the Gandhinagar-Mumbai
consortia to participate in the tender. The value of the tender is cur- of months. train caused the nose panel of the
While Medha Servo has bid along rently at ~26,000 crore, implying that So far, five pairs of Vande Bharat train to break off.
VIKRAM KIRLOSKAR 1958-2022

APPOINTMENTS
The man who remade Indian manufacturing
VENU SRINIVASAN it, and thinking of how it could be better. His to be with and well-liked. In a rare acknowl-
philosophy was that if it had to be done, it edgement of how personable he was, those
With much sadness, so many of us woke up should be in the best possible way, and if that who knew him closely knew that he had a
to the news that Vikram Kirloskar, vice- meant he had to get his hands dirty on the very deep friendship with the founding
chairperson of Toyota Kirloskar Motor, had shop floor and ask a million questions, he family of Toyota. They regarded him as one
passed away late Tuesday. As I reminisce on would do it. His lineage and family wealth of their own. With his commitment to excel-
the nearly 40 years I have known him, I can never got in the way of the engineer and lence, he had made his way into their minds
unequivocally say that he had such a rare learner in him. and hearts.
and deep understanding and passion for When he returned to India after learning He was also a great captain of industry,
automotive manufacturing that it would on the Toyota shop floor and got to work, he and he led both the Confederation of Indian
make Toyota, which pioneered the Toyota very nearly erased all signs of manufacturing Industry and SIAM (Society of Indian
Way, proud. that the Indian automotive units were used Automobile Manufacturers) with great empa-
Many of us know Vikram as the man who to. He redesigned the shop floor to amplify thy and presence. His love of people shone
brought the iconic Japanese carmaker Toyota the lean manufacturing methods he learned through when the Covid pandemic kicked in,
to India. But few know the back story and at Toyota. He innovated. and Vikram ensured his suppliers got the help
hard work that went into creating a system I still remember him showing me the they needed to tide over the challenges they
of manufacturing that was everything Toyota manufacturing design and taking me around were facing. He worked with the state to get
could have hoped for and then some more the factory floor, and it was a remarkable the local communities the help they needed
because it was perfectly calibrated for man- change — with the unmistakable attention for hygiene kits or food.
ufacturing in India. to detail that was Vikram’s hallmark. Even Vikram, with his humility, immense good-
A mechanical engineer from the more interesting was that he had gotten rid will and warmth, will always be missed. But
Massachusetts Institute of Technology, of excessive automation that would be impor- chain and the automotive ecosystem in he will stay with us through his lasting legacy
Vikram put his degree to work. Vikram didn’t tant in Japan but unnecessary in India. He southern India. He made his mark as the of world-class processes and manufacturing
leave it to his battery of engineers to create knew he had to create jobs and livelihoods in most knowledgeable person on the Toyota systems that help power millions of vehicles
the blueprint for Japanese manufacturing in his country, but that quality and process manufacturing system and zero-defect man- on our roads, not just in India but elsewhere
India. Instead, he spent weeks and months could not be sacrificed. ufacturing and helped put India on the map in the world. His imprint, like his persona,
shadowing the general manager of Toyota on And so, in just a few years, Vikram built a for Japanese manufacturing. has travelled widely.
it’s shop floor, learning every nuance, under- giant quality-driven automobile manufactur- Behind the face of the solid engineer was
standing every machine function, absorbing ing system that had percolated to the supply also an affable man who was immensely easy The writer is chairman emeritus of TVS Motor Co
4 Q2 GDP NUMBERS
>
CROSSING THE COVID HURDLE

Private spending propped up GDP growth as consumers splurged on high value items despite inflationary pressures.
Govt spending, however, contracted, signalling that both the Centre and states kept their revenue expenditure in check
Private consumption edges up in Q2

Infra investment nPrivate final consumption expenditure nGovernment final the same period last year.
almost flat; govt SHARE IN consumption expenditure nGross fixed capital formation “Consumption GDP has
recorded a modest growth of 6 per
consumption falls NOMINAL cent, while investment GDP has
GDP recorded a strong jump of around
30.5
29.6
29.4
29.2
26.1
ARUP ROYCHOUDHURY 20 per cent when compared to the
New Delhi, 30 November pre-Covid period (Q2FY20). Going
11.9
11.3
10.3
9.6
9.2
forward, the most critical aspect
59.5
59.2
61.6
63.2
61.1
India’s household consumption as would be a further pick-up in the
a percentage of nominal gross domestic demand scenario as the
domestic product (GDP) showed
Q2FY22 Q3 FY22 Q4FY22 Q1FY23 Q2FY23* external environment would
recovery in the July-September All figures in percentage | *PE: Provisional Estimate remain challenging. The pick-up in
Source: mospi.gov.in
2022 quarter (Q2FY23) compared the private capex cycle would be
with the same period last year. Gross fixed capital formation they were earlier due to the impact India Ratings. contingent on continued improve-
Infrastructure investment, on the (GFCF) was 29.6 per cent of GDP in of the war in Europe. A broad-based recovery in PFCE ment in the domestic demand sce-
other hand, remained almost flat, Q2FY23, as against 29.2 per cent in “We believe that in the absence is some distance away because the nario,” said Rajni Sinha, chief econ-
while government consumption Q1 and 29.4 per cent in Q2FY22, of corporate sector capex, govern- current consumption demand is omist, Care Ratings.
showed a decline for a second indicating that the central and state ment capex is providing the neces- skewed towards goods and services Aditi Nayar, chief economist at
straight quarter. governments are still driving infras- sary support to the ongoing recov- consumed largely by households ICRA Ratings, said GDP growth was
Private final consumption
expenditure (PFCE), a proxy for
household and private sector con-
sumption, was 61.6 per cent of
tructure spending.
In the recent pre-Budget consul-
tations with Finance Minister
Nirmala Sitharaman, representa-
ery. While Union government
capex grew by 49.5 per cent year-
on-year (YoY) during H1FY22, the
combined capex of 19 large states
falling in the upper-income
bracket, Sinha said.
However, government final con-
sumption expenditure (GFCE)
boosted by the performance of pri-
vate consumption expenditure and
GFCF, whereas government expen-
diture displayed a discouraging
Economy will
nominal GDP in Q2FY23, as against
61.1 per cent in the previous quarter
and 59.5 per cent a year ago.
tives of India Inc admitted that they
were not as optimistic about ramp-
ing up their investment plans as
grew by 7.5 per cent during the
same period,” said Sunil Kumar
Sinha, principal economist with
dropped to 9.2 per cent as a share
of GDP from 11.3 per cent in the pre-
vious quarter and 10.3 per cent in
contraction in Q2FY23, on account
of the modest degrowth in the non-
interest revenue expenditure.
grow over 6.8%
SLIGHT SLIPPAGE
INDIA MIMICS GLOBAL TRENDS
in FY23: CEA
Fiscal deficit at 46% of
SHRIMI CHOUDHARY
GROWTH SEEN TAPERING IN New Delhi, 30 November
The Indian economy is on track to register 6.8-7 per cent GDP
Budget Estimates till Oct THE JULY-SEPT QUARTER growth in FY23, said Chief Economic Advisor (CEA) V Anantha
Nageswaran, on Wednesday. He further said he is more optimistic
about the growth story than many global agencies have forecast
INDIVJAL DHASMANA On Wednesday, GDP data released by the for India for the upcoming FY24. Nageswaran, while presenting
New Delhi, 30 November IN NUMBERS Apr-Oct as %
of Budget government showed that the Indian economy the outlook following the release of GDP data for the July-
nBudget Estimates of 2022-23 Estimates of expanded 6.3 per cent in the July-September September quarter, said he expects domestic demand to drive
The Centre’s fiscal deficit touched 45.6 per cent nApr-Oct (~ trn) 2022-23 quarter compared to last year. The growth growth amid an uncertain external environment. He, however,
of the Budget target in the first seven months Total receipts 22.8 had fallen drastically from 13.5 per cent in cautioned that tightening of financial conditions in the US and
of the current financial year, higher than 36.3 13.8 60.7 the April-June quarter and was even other advanced economies remains
per cent in the corresponding period of the lower than last year’s number of 8.4 per The domestic price a “future risk”.
Total expenditure 39.4
last year. With the GDP numbers out, the def-
21.4 54.3 cent. However, a Business Standard rise is expected to ease The CEA said the economic
icit stood at 4.7 per cent of GDP in the first six analysis shows that India seems to be further, on the back recovery momentum is continuing
months of FY23. Fiscal deficit 16.6 mimicking the trend of other economies. and the GDP is averaging the 2019-
Experts are certain that the deficit — a gap 7.6 45.6 Barring the US, China, Eurozone and the
of softening global
commodity prices and 20 level.
between the government’s expenditure and Note: Receipts don't include market borrowings UK all recorded a slowing of growth rate in "Q2 GDP (growth) was in line
revenues — will overshoot the Budget
Source: Controller General of Accounts
the July-September quarter in 2022 when
expectations of a with most market participants’
Estimates in the current financial year by up compared to the year-ago period. In China, good Rabi crop, expectations. In 2022-23, the econ-
to ~1 trillion. However, according to per cent that under ceteris paribus conditions, an for example, growth moderated from Nageswaran said omy is on track to achieve 6.8-7 per
of GDP, it may not surpass the Budget additional ~1 trillion deficit would be absorbed 4.9 per cent in July-September 2021 to cent growth," Nageswaran said.
Estimates of 6.4 per cent or show only slight quite seamlessly at the targeted ratio of 6.4 per 3.9 per cent in July 2022. ISHAAN GERA He further said key growth driv-
slippage as the nominal GDP may overshoot cent,” Bank of Baroda chief economist Madan ers -- such as sales recovery during the festival season, buoyant
the Budget assumption by up to ~22 trillion. Sabnavis said. There may not be a slippage in tax collections, credit growth, capital formation in both private
“Given that GDP in nominal terms would
be about ~272-280 trillion as against the assum-
the worst case of more than 0.2-0.3 per cent
though there are very good chances of the
GDP GROWTH HAS SLOWED ACROSS THE WORLD and public sectors -- show that the Indian economy has main-
tained momentum despite global headwinds. He also noted that
(% growth, y-o-y) nJul-Sep 2021 nApr-Jun2022 n Jul-Sep 2022
ed ~258 trillion in the Budget, we do believe budgeted amount being achieved, he said. capex was strong in the first seven months of FY23, even though
13.5 consumption was less. Regarding global agencies’ projections on
Indian economic growth, the country’s top economist said that
8.4 8.5 these agencies have not factored in improved balance sheets of
HIGH BASE & WEAK ACTIVITY 4.9
6.3
4.3 4.4
financial and non-financial corporate sectors and the country’s
growing digital infrastructure.
3.9 3.9
2.7 2.6 “India’s growth as estimated by most global agencies is based
Core sector growth

2.1 2.2
0.4 on the recent data of 2019-2020, and then 2021 onwards continues
-0.6
to rely on the lower capital formation… The fact that both finan-
cial and non-financial sectors have improved their balance sheets
slows to 20-month low US China India Eurozone UK

Source: MoSPI, ONS UK, Trading Economics and media reports
is not well factored in agencies’ forecasts… Besides, digital infras-
tructure has also played an important role in formalising the
economy and providing better financial access to many excluded
SHIVA RAJORA However, cement (-4.3 per cent) and refin- sectors — that too is not accounted for,” he explained.
New Delhi, 30 November ery products (-3.1 per cent) output contracted The International Monetary Fund has projected the Indian
for the first time in over a year. DOWNWARD REVISIONS economy to grow at 6.8 per cent FY23, while the Reserve Bank has
Growth in production by eight infrastructure The eight core industries account for 40.27 (Forecasts, 2022, GDP growth, %) nJun-22 nNov-22 pegged it at 7 per cent. About inflation, Nageswaran said the
industries, which comprise the core sector, per cent of the weighting of items included in domestic price rise is expected to ease further, on the back of soft-
slowed down sharply to a 20-month low of 0.1 the Index of Industrial Production (IIP). 6.9 6.6 ening global commodity prices and expectations of a good Rabi
per cent in October, owing to a high base effect Madan Sabnavis, chief economist at Bank crop. As far as the inflation outlook is concerned, the RBI expects
4.4 4.4
and weak activity. Crude oil, natural gas, refin- of Baroda, said while this (output deceleration) the rate to ease to the target range in the third quarter of the cur-
3.3 3.3 3.6
ery products, and cement registered a contrac- was a sign of weakening activity, the high base 3.0 3.1 rent fiscal year, and decline even further in the last quarter of
tion, while the power industry witnessed mar- effect also had a role to play. 2.5 2.6 FY23, he said. He also expects the corporate earnings outlook to
ginal growth. The corresponding last year “Given that growth last year had moderated 1.8 brighten as price pressure moderates and supply chains improve.
figure was 8.7 per cent. from November onwards, we may expect a Elaborating on risks, the CEA said if financial conditions in the
The October number is the lowest since better performance from the core sector. Given US and other advanced economies become tighter, then that will
February 2021 when there was a contraction the weighting of around 40 per cent in IIP, we have implications on the strength of the dollar, capital inflows,
of -3.3 per cent. In September this year, core can expect growth in industrial production to US China India Euro area UK World etc, and also if the geopolitical environment deteriorates further,
sector output growth was 7.8 per cent. also be low, at 2-3 per cent,” he added. it may have implications for the supply of crude oil.
Data released by the industry department Coal was the only industry within this Source: OECD
on Wednesday showed sequential deceleration group that registered healthy growth of 4.6
in output growth in sectors like coal (3.6 per per cent, despite a high base effect and this
cent), steel (4 per cent), electricity (0.4 per cent) may be linked to better demand from indus-
and fertilisers (11.8 per cent). Crude oil (-2.2 per try, as electricity production also grew but at
cent) and natural gas (-4.2 per cent) production a lowly 0.4 per cent. Steel production and continued with the investment-
contracted for the fifth and the fourth consec-
utive months, respectively.
cement output growth were driven by govern-
ment capex. Looking beyond the noise to 2.5 per cent in Q2FY23 as against the contact-intensive segment —
GDP ratio holding at 35 per cent as
against the pre-pandemic level of 31
per cent in Q2FY20. The Central
government has played a key
1.3 per cent in Q1FY23. This was trade, hotels and transportation. supportive role by front-loading
GOING STEADY despite tighter financial This sector was impacted the most capital expenditure, currently
conditions, decline in company by the pandemic and has been the tracking higher by 61.5 per cent YoY
Farm sector clocks 4.6%

profitability, and export growth slowest to recover. In Q2, growth in April-October. In contrast state
slowdown. So, you may ask: How has just about inched back to pre- government capex has been on the
did growth improve in Q2? The pandemic levels. More than 60 per softer side with expenditure growth
answer lies in a combination of cent of this sector is trade, which of 7.7 per cent YoY in H1FY23, based
growth in second quarter transmission lags (the impact of the

rate-hiking cycle on growth is yet to
be felt), services growth recovery,
has picked up as indicated by a rise
in individual movement and e-way
bills (under goods and services tax).
on the fiscal accounts of 19 state
governments. Conditions support
private-sector capex recovery with
SANJEEB MUKHERJEE
New Delhi, 30 November
FARM SHOW GAURA SEN GUPTA and continued support from urban
consumption.
Hospitality, which has a 6 per cent
share (pre-Covid-19) in trade, hotels
the balance sheets of both banks
and companies in much better
GVA in agriculture and allied activities (in %) ECONOMIST, IDFC FIRST BANK Sector-wise, manufacturing and transportation, has witnessed a shape. However, the uncertain
Agriculture and allied activities clocked a 2022-23 nQ1 nQ2 GVA (gross value added) was strong pick-up as consumption global outlook could delay the
robust growth of 4.6 per cent at constant The pandemic has made even weaker than expected, reflecting patterns normalise. recovery with weakness in exports.
prices during the July-September quarter 4.5 4.6 17.4 15.0 relatively stable datasets such as lower company profits. However, Private consumption continues The Q2 GDP numbers are
12.9 10.4
of FY23. This was driven largely by good GDP difficult to analyse. If one were the performance of listed to gain momentum, growing 3.6 per unlikely to change the policy focus
performance of allied activities as very lit- to depend solely on year-on-year companies indicates this was cent (three-year CAGR). This likely of the Reserve Bank of India (RBI)
tle harvesting activities take place during Constant Current Inflation (YoY) growth rates, it would appear driven more by higher input cost reflects strong growth in urban from withdrawing
these months. prices prices impact that growth has slowed to 6.3 per pressures than a slowdown in sales. consumption. Urban wages growth accommodation, with growth
“Agriculture growth of 4.6 per cent cent in Q2FY23 from 13.5 per cent in We could see the performance of has outpaced inflation, supporting being in line with expectations.
Source: MOSPI
should be viewed with caution as it is only Q1FY23. However, the slowdown is manufacturing remaining on the demand. Inflation followed by global
early kharif harvest that would get partly a play of base effects, which softer side, despite reduction in The rural side of the recovery monetary policy will remain the
included. The allied sectors are more financial year. have distorted the YoY growth input cost pressures. This is has been more gradual with wage key determinant.
likely to have pushed up this growth rate,” Gross value added (GVA) for agricul- momentum. To overcome the because the sector tends to be growth averaging at 4.8 per cent in Both these factors support
said Madan Sabnavis, chief economist at ture, forestry and fishing during the com- distortion, we look at a three-year closely linked with export growth, April to September, which is continued front-loading rate hikes,
Bank of Baroda, in a note. parable period of last year was 3.2 per cent. compound annual growth rate which has been slowing over the lower than the average level of with the consumer price index
He said the high growth may not be due The long-term average growth for agricul- (CAGR), which will compare past few months. inflation. That said, agriculture expected to stay above the RBI’s
to residual impact of a good rabi harvest. ture and allied sectors is 3.5-4 per cent. recovery with the pre-pandemic Growth momentum in the GVA was much stronger than upper threshold of 6 per cent till
This is because its impact is typically felt What was also noteworthy was the period, or Q2FY23 over Q2FY20. On services sector picked up but the expected in Q2. Q4FY23 and the US Fed unlikely to
in the first and fourth quarters of any growth at current prices. this metric GDP growth improved scars of the pandemic are visible in The capex cycle recovery has end its fight against inflation.
.
NEW DELHI | THURSDAY, 1 DECEMBER 2022 5 <
THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES.
NOT FOR RELEASE, PUBLICATION AND DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA.
Our Company was incorporated as “Uniparts India Limited” under the Companies Act, 1956 at Delhi, pursuant to a certificate of incorporation dated September 26, 1994 issued by the Registrar of Companies, Delhi and Haryana at Delhi (“RoC”). Our Company received
a certificate of commencement of business on September 7, 1998 from the RoC. For details of change in the Registered Office, see “History and Certain Corporate Matters – Changes in the Registered Office” on page 188 of the Red Herring Prospectus dated
November 22, 2022 filed with the RoC (“RHP” or “Red Herring Prospectus”).
Registered Office: Gripwel House, Block – 5, Sector C 6 & 7, Vasant Kunj, New Delhi 110 070, Delhi, India; Tel: +91 11 2613 7979; Corporate Office: 1st Floor, B208, A1 & A2, Phase-II, Noida 201 305, Uttar Pradesh, India; Tel: +91 120 458 1400
Contact Person: Jatin Mahajan, Company Secretary and Compliance Officer; Tel: + 91 120 458 1400; E-mail: compliance.officer@unipartsgroup.com; Website: www.unipartsgroup.com; Corporate Identity Number: U74899DL1994PLC061753
OUR PROMOTERS: GURDEEP SONI AND PARAMJIT SINGH SONI

INITIAL PUBLIC OFFERING OF UP TO 14,481,942 EQUITY SHARES OF FACE VALUE OF ` 10 EACH (“EQUITY SHARES”) OF UNIPARTS INDIA LIMITED (“OUR COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ` [●] PER EQUITY SHARE (“OFFER PRICE”) AGGREGATING UP TO ` [●] MILLION, COMPRISING AN OFFER FOR
SALE OF UP TO 14,481,942 EQUITY SHARES AGGREGATING UP TO ` [●] MILLION, COMPRISING AS PER THE TABLE PROVIDED BELOW:
Name of Selling Shareholder Number of Equity Shares Offered Name of Selling Shareholder Number of Equity Shares Offered
Promoter Group Selling Shareholder Investor Selling Shareholder
The Karan Soni 2018 CG-NG Nevada Trust Up to 1,100,000 Equity Shares (` [●] million) Ashoka Investment Holdings Limited Up to 7,180,642 Equity Shares (` [●] million)
The Meher Soni 2018 CG-NG Nevada Trust Up to 1,100,000 Equity Shares (` [●] million) Ambadevi Mauritius Holding Limited Up to 2,154,192 Equity Shares (` [●] million)
Pamela Soni Up to 2,200,000 Equity Shares (` [●] million)
Individual Selling Shareholder
Andrew Warren Code Up to 177,378 Equity Shares (` [●] million) Mark Louis Dawson Up to 20,870 Equity Shares (` [●] million)
James Norman Hallene Up to 177,378 Equity Shares (` [●] million) Bradley Lorenz Miller Up to 16,366 Equity Shares (` [●] million)
Kevin John Code Up to 177,378 Equity Shares (` [●] million) Mary Louise Arp Up to 10,440 Equity Shares (` [●] million)
Dennis Francis DeDecker Up to 57,420 Equity Shares (` [●] million) Diana Lynn Craig Up to 8,340 Equity Shares (` [●] million)
Melvin Keith Gibbs Up to 41,730 Equity Shares (` [●] million) Marc Christopher Dorau Up to 7,710 Equity Shares (` [●] million)
Walter James Gruber Up to 24,706 Equity Shares (` [●] million) Craig A Johnson Up to 5,010 Equity Shares (` [●] million)
Wendy Reichard Hammen Up to 21,556 Equity Shares (` [●] million) Misty Marie Garcia Up to 826 Equity Shares (` [●] million)
THE OFFER WILL CONSTITUTE 32.09% OF OUR POSTOFFER PAID-UP EQUITY SHARE CAPITAL.
The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations
QIB Portion: Not more than 50% of the Offer | Non-Institutional Portion: Not less than 15% of the Offer | Retail Portion: Not less than 35% of the Offer (Retail Individual Investors are those who have Bid for the Equity Shares for an amount not more than ` 200,000 in the Offer)
• Customer Concentration Risk: The Company is dependent on a limited number of customers for a
PRICE BAND: ` 548 TO ` 577 PER EQUITY SHARE OF FACE VALUE OF ` 10 EACH.
THE FLOOR PRICE IS 54.80 TIMES THE FACE VALUE OF THE EQUITY SHARES AND significant portion of its revenues. Revenue from the top 10 customers across product segments
THE CAP PRICE IS 57.70 TIMES THE FACE VALUE OF THE EQUITY SHARES. and geographies was 74.62%, 73.08%, 70.42% and 71.30% of the revenue from operations for
BIDS CAN BE MADE FOR A MINIMUM OF 25 EQUITY SHARES AND IN MULTIPLES OF 25 EQUITY SHARES THEREAFTER. Fiscal 2020, 2021 and 2022 and in the three months ended June 30, 2022, respectively.
RISKS TO INVESTORS • The Company is significantly impacted by the availability of raw materials, particularly steel,
power and fuel and labour. The cost of raw materials and employee benefit expense as % of
• The Offer comprises only an Offer for Sale by the Selling Shareholders and our Company
our total expenses is as provided below:
will not receive any proceeds from the Offer for Sale.
• Weighted average cost of acquisition of all Equity Shares transacted in last three years and Particulars Fiscal Fiscal Fiscal Three months
2020 2021 2022 period ended June
one year immediately preceding the date of the Red Herring Prospectus. 30, 2022
Particulars Weighted Range of acquisition Cap Price is ‘X’ Raw material and components
average cost price: Lowest Price - times the Weighted consumed, including purchase of stock- 38.03% 42.56% 40.09% 43.65%
of acquisition Highest Price Average Cost of in-trade and change in inventory
(in `) (in `) Acquisition Employee Benefits Expense 24.50% 22.37% 21.93% 20.78%
Last one year preceding • Fluctuations in foreign currency may harm our results from operations. Our Company’s
the date of the Red 52.50 52.50 - 52.50 10.99 revenues, operating expenses and finance costs are significantly influenced by the
Herring Prospectus currencies of those countries where we manufacture and/or sell our products (for example,
Last three year the United States, Europe and Japan). The revenue from operations derived from outside
preceding the date India was 69.89%, 67.41%, 72.30% and 70.02% of the total revenue from operations for
0.74 52.50 - 52.50* 779.73 Fiscal 2020, 2021 and 2022 and in the three months ended June 30, 2022, respectively.
of the Red Herring
Prospectus • The three BRLMs associated with the Offer have handled 68 public issues in the past three
As certified by M/s S.C. Varma and Co., Chartered Accountants, our Statutory Auditors, by way of their certificate dated November 24, 2022. years, out of which 25 issues closed below the offer price on listing date.
*Excluding transfer by way of gift as no consideration was paid.
Name of BRLMs Total Issues Issues closed below IPO Price
• Product Concentration Risk: The Company derives significant portion of its revenues from
on listing date
3-point linkage systems (“3PL”) and precision machined parts (“PMP”) product verticals.
The revenue from 3PL and PMP of total revenue from operations are as provided below: Axis Capital Limited* 25 12
DAM Capital Advisors Limited* 6 3
Particulars Fiscal 2020 Fiscal 2021 Fiscal Three months period ended
2022 June 30, 2022 JM Financial Limited* 16 4
Common issues of above BRLMs 21 6
3PL 47.17% 56.10% 55.72% 57.60%
Total 68 25
PMP 47.65% 37.62% 36.43% 35.46% *Issues handled where there were no common BRLMs.
BID/OFFER OPEN
BID/OFFER PROGRAMME
BID/OFFER CLOSES ON*: FRIDAY, DECEMBER 2, 2022
*
UPI mandate end time and date shall be at 5.00 pm on the Bid/ Offer Closing Date.
In case of any revision to the Price Band, the Bid/Offer Period will be extended by at least three additional Working Days following such revision of the Price Band, subject to the Bid/Offer Participant to ensure accuracy of records. Any delay resulting from failure to update the Demographic Details would be at the Investors’/Applicants’ sole risk. Investors must
Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar circumstances, our Company and the Investor Selling Shareholders, in consultation with the ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notification dated February 13, 2020 and press release dated June 25, 2021.
Book Running Lead Managers may, for reasons to be recorded in writing, extend the Bid/Offer Period for a minimum of three Working Days, subject to the Bid/Offer Period not exceeding 10 Contents of the Memorandum of Association of the Company as regards its objects: For information on the main objects of the Company, please see the section “History and Certain
Working Days. Any revision in the Price Band and the revised Bid/Offer Period, if applicable, will be widely disseminated by notification to the Stock Exchanges, by issuing a public notice, and Corporate Matters” on page 188 of the RHP. The Memorandum of Association of the Company is a material document for inspection in relation to the Offer. For further details, please see
also by indicating the change on the respective websites of the BRLMs and at the terminals of the Syndicate Members and by intimation to the Designated Intermediaries and the Sponsor the section titled “Material Contracts and Documents for Inspection” on page 458 of the RHP.
Bank, as applicable. In case of revision of price band, the Bid lot shall remain the same. Liability of the members of the Company: Limited by shares
The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), read with Regulation 31 of the SEBI ICDR Regulations. Amount of share capital of the Company and Capital structure: As on the date of the RHP, the authorised share capital of the Company is ` 600,000,000 divided into 60,000,000 Equity
The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Offer shall be available for Shares of face value of `10 each. The issued, subscribed and paid-up share capital of the Company is ` 451,337,580 divided into 45,133,758 Equity Shares of face value of ` 10 each. For
allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company and the Investor Selling Shareholders in consultation with the details, please see the section titled “Capital Structure” beginning on page page 95 of the RHP.
BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by the Company and the Investor Selling Shareholders, Names of signatories to the Memorandum of Association of the Company and the number of Equity Shares subscribed by them: The names of the signatories of the Memorandum
in consultation with the BRLMs, in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to of Association of our Company are Kirpal Singh, Gurdeep Soni, Paramjit Singh Soni, Harjit K. Singh, Pamela Soni, Sarabjit Soni and Joginder S. Chatha. For details of the share capital
valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”). Further, 5% of the QIB history and capital structure of our Company, please see the section titled “Capital Structure” beginning on page 95 of the RHP.
Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Offer Price, Listing: The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received in-principle approvals from BSE
and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being and NSE for listing of the Equity Shares pursuant to their letters, both dated June 1, 2022. For the purposes of the Offer, BSE shall be the Designated Stock Exchange. A signed copy of the
received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors (“Non-Institutional Category”) of which one-third
Red Herring Prospectus and the Prospectus shall be filed with the RoC in accordance with Section 26(4) of the Companies Act, 2013. For details of the material contracts and documents
of the Non-Institutional Category shall be available for allocation to Investors with an application size of more than ` 200,000 and up to ` 1,000,000 and two-thirds of the Non-Institutional
Category shall be available for allocation to Investors with an application size of more than ` 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional available for inspection from the date of the Red Herring Prospectus up to the Bid/Offer Closing Date, see “Material Contracts and Documents for Inspection” on page 458 of the RHP
Category may be allocated to Investors in the other sub-category of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or Disclaimer Clause of the Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the
above the Offer Price. Further, not less than 35% of the Offer shall be available for allocation to Retail Individual Investors (“Retail Category”), in accordance with the SEBI ICDR Regulations, Offer or the specified securities or the offer document. The investors are advised to refer to page 411 of the RHP for the full text of the disclaimer clause of SEBI.
subject to valid Bids being received from them at or above the Offer Price. All Investors (except Anchor Investors) shall mandatorily participate in this Offer only through the Application Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or
Supported by Blocked Amount (“ASBA”) process, and shall provide details of their respective bank account (including UPI ID in case of UPI Investors) in which the Bid Amount will be blocked approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 413 of the RHP for the full text
by the Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank, as the case may be. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA of the disclaimer clause of NSE.
process. For details, see “Offer Procedure” on page 431 of the RHP. Disclaimer Clause of BSE (Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the RHP
Investors/ Applicants should ensure that DP ID, PAN, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) are correctly filled in the Bid cum Application Form. has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 413 of the RHP for
The DP ID, PAN and Client ID provided in the Bid cum Application Form should match with the DP ID, PAN, Client ID available in the Depository database, otherwise, the Bid the full text of the disclaimer clause of BSE.
cum Application Form is liable to be rejected. Investors/ Applicants should ensure that the beneficiary account provided in the Bid cum Application Form is active. Investors/ General Risk: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Offer unless they can afford to take the risk of
Applicants should note that on the basis of the PAN, DP ID, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) as provided in the Bid cum Application Form, losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Offer. For taking an investment decision, investors must
the Bidder/Applicant may be deemed to have authorised the Depositories to provide to the Registrar to the Offer, any requested Demographic Details of the Bidder/Applicant as rely on their own examination of the Issuer and the Offer, including the risks involved. The Equity Shares have not been recommended or approved by the Securities and Exchange Board
available on the records of the depositories. These Demographic Details may be used, among other things, for giving Allotment Advice or unblocking of ASBA Account or for of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of the Red Herring Prospectus. Specific attention of the investors is invited to “Risk Factors” on page
other correspondence(s) related to the Offer. Investors/Applicants are advised to update any changes to their Demographic Details as available in the records of the Depository 27 of the RHP.
ASBA
# Mandatory in public issues.
Simple, Safe, Smart way of Application!!! No cheque will be accepted.
#
Applications supported by blocked amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account. For further details, check section on ASBA below.
UPl-Now available in ASBA for all individual investors applying in public issues where the application amount is up to `500,000, applying through Registered Brokers, Syndicate, CDPs & RTAs.
Retail Individual Investors and Non-Institutional Investors also have the option to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and bank account. Investors are required to ensure that the bank account used for bidding is linked to their PAN.
Investors must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notification dated February 13, 2020 and press release dated June 25, 2021
ASBA has to be availed by all the investors except anchor investors. UPI may be availed by Retail Individual Investors in the Retail Portion and Non-Institutional Investors with an application size of up to `500,000 in the Non-Institutional Portion. For details on the ASBA and UPI process, please refer to the details given in ASBA form and abridged prospectus and also please refer to
the section “Offer Procedure” on page 431 of the RHP. The process is also available on the website of Association of Investment Bankers of India (“AIBI”) and Stock Exchanges and in the General Information Document. ASBA bid-cum-application forms can be downloaded from the websites of BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, and together
with BSE, the “Stock Exchanges”) and can be obtained from the list of banks that is displayed on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 and https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, respectively as updated from time to time. For the list of UPI apps and banks live on
IPO, please refer to the link: www.sebi.gov.in. RIBs Bidding using the UPI mechanism may apply through the SCSBs and mobile applications whose names appear on the website of SEBI, as updated from time to time. Axis Bank Limited and Kotak Mahindra Bank Limited
have been appointed as Sponsor Banks for the Offer, in accordance with the requirements of the SEBI Circular dated November 1, 2018 as amended. For offer related queries, please contact the BRLMs on their respective email IDs as mentioned below. For UPI related queries, investors can contact NPCI at the toll free number: 18001201740 and mail Id: ipo.upi@npci.org.in.
BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER COMPANY SECRETARY AND COMPLIANCE OFFICER
Jatin Mahajan
Company Secretary and Compliance Officer
Tel: + 91 120 458 1400
E-mail: compliance.officer@unipartsgroup.com, Website: www.unipartsgroup.com
Axis Capital Limited DAM Capital Advisors Limited JM Financial Limited Link Intime India Private Limited
1st Floor, Axis House, C-2 Wadia International Centre, PB Marg, One BKC, Tower C, 15th Floor, Unit no. 1511, Bandra Kurla Complex, 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli West, Investors may contact the Company Secretary and Compliance Officer or the Registrar
Worli, Mumbai 400 025, Maharashtra, India, Tel: + 91 22 4325 2183 Bandra (East), Mumbai 400 051, Maharashtra, India, Tel: +91 22 4202 2500 025, Maharashtra, India, Tel: +91 22 6630 3030/ +91 22 6630 3262 Mumbai 400 083, Maharashtra, India, Tel: + 91 22 4918 6200 to the Offer in case of any pre-Offer or post-Offer related grievances including non-
E-mail: uil.ipo@axiscap.in, Website: www.axiscapital.co.in E-mail: uniparts.ipo@damcapital.in, Website: www.damcapital.in E-mail: uniparts.ipo@jmfl.com, Website: www.jmfl.com E-mail: uniparts.ipo@linkintime.co.in, Website: www.linkintime.co.in receipt of letters of Allotment, non-credit of Allotted Equity Shares in the respective
Investor Grievance E-mail: complaints@axiscap.in Investor Grievance E-mail: complaint@damcapital.in Investor Grievance E-Mail: grievance.ibd@jmfl.com Investor grievance e-mail: uniparts.ipo@linkintime.co.in beneficiary account, non-receipt of refund orders or non-receipt of funds by electronic
Contact Person: Ankit Bhatia/Pratik Pednekar Contact Person: Chandresh Sharma Contact person: Prachee Dhuri Contact person: Shanti Gopalkrishnan mode, etc. For all Offer related queries and for redressal of complaints, Investors may
SEBI Registration No.: INM000012029 SEBI Registration No.: MB/INM000011336 SEBI Registration No.: INM000010361 SEBI Registration No.: INR000004058 also write to the BRLMs.
AVAILABILITY OF THE RHP: Investors are advised to refer to the RHP and the “Risk Factors” beginning on page 27 of the RHP, before applying in the Offer. A copy of the RHP and the Syndicate members: JM Financial Services Limited and Sharekhan Limited
Corrigendum to the RHP dated November 29, 2022 (“Corrigendum to the RHP”) shall be available on website of SEBI at www.sebi.gov.in and is available on the websites of the BRLM, i.e. Escrow Collection Bank, Refund Bank, and Public Offer Bank: Axis Bank Limited
Axis Capital Limited at www.axiscapital.co.in, DAM Capital Advisors Limited at www.damcapital.in and JM Financial Limited at www.jmfl.com respectively and on the websites of BSE and
NSE at www.bseindia.com and www.nseindia.com, respectively. Sponsor Banks: Axis Bank Limited and Kotak Mahindra Bank Limited
AVAILABILITY OF BID CUM APPLICATION FORMS: Bid cum Application Forms can be obtained from the Registered Office of the Company UNIPARTS INDIA LIMITED, Tel: + 91 120 All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP.
458 1400; the BRLMs: Axis Capital Limited, Tel: + 91 22 4325 2183, DAM Capital Advisors Limited, Tel: +91 22 4202 2500, JM Financial Limited, Tel: +91 22 6630 3030/ +91 22 6630 For on behalf of UNIPARTS INDIA LIMITED
3262, Syndicate Members: Sharekhan Limited, Tel: +91 22 6750 2000, JM Financial Services Limited, Tel: +91 22 6136 3400 and at the select locations of the Sub-syndicate Members, Sd/-
SCSBs, Registered Brokers, RTAs and CDPs participating in the Offer. ASBA Forms will also be available on the websites of BSE and NSE and the Designated Branches of SCSBs, the list Place: New Delhi Jatin Mahajan
of which is available at websites of the Stock Exchanges and SEBI. Date: November 30, 2022 Company Secretary and Compliance Officer
UNIPARTS INDIA LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (“Offer”) and has filed a Red Herring Prospectus (“RHP”) with the Registrar of Companies, Delhi & Haryana at Delhi (“RoC”) read together with the Corrigendum to the RHP dated November 29, 2022
(“Corrigendum to the RHP”). The RHP and the Corrigendum to the RHP are available on the website of the SEBI at www.sebi.gov.in, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and the respective websites of the book running lead managers to the Offer, Axis Capital Limited at www.
axiscapital.co.in, DAM Capital Advisors Limited at www.damcapital.in and JM Financial Limited at www.jmfl.com. All potential Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Prospectus which may be filed with the RoC in the future, including the section titled “Risk Factors” on page 27 of the RHP.
Adfactors
Potential investors should not rely on the DRHP filed with the SEBI in making any investment decision.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act
and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of each jurisdictions where such offers and sales are made. There will be no public offering of the Equity Shares in the United States.
6 ECONOMY & PUBLIC AFFAIRS
>
Will sustain high growth rate, inflation to fall next year: FM

‘Plan to sustain high growth rate through more government capital spending; see rupee stabilising without much intervention from the central bank’
AGENCIES “We probably will succeed in han- ing the monies and spending them on a lot more now from Russia, like fuel.
30 November dling inflation better and there is clear- capital assets. That is the only way we “So India's imports, like many other
ly a picture from the RBI that is on a think we can sustain our growth countries, from Russia are going up "INDIA'S IMPORTS FROM RUSSIA
Finance Minister Nirmala Sitharaman downward slide and it will be well with- because that is the sure-shot way of because the price factor favours buying
expects strong growth and lower infla- in the tolerance band by early next year achieving the multiplier that the econ- from Russia. India is not isolated in
ARE GOING UP BECAUSE THE PRICE
tion next year, as central bank author- or middle of next year,” said the FM omy requires.” this...Those who are calling for price FACTOR FAVOURS US...THOSE WHO
ities seek to stabilise Asia’s third-largest
economy amid tough global head-
who is scheduled to present the Union
Budget for 2023-24 early next year.
To a question related to crude oil
prices, the minister said since February
cap are themselves importing a lot
more from Russia," Sitharaman said.
ARE CALLING FOR PRICE CAP ARE
winds. “I look forward to a good, fast grow- India has shown its stand which is in When asked about Russia's interest THEMSELVES IMPORTING A LOT
“External factors were very strong
in the inflation-targeting exercise,”
ing Indian economy and the next year,"
the minister said.
the country's interest.
“I need to have affordable prices, I
in importing some items from India,
the minister said India has already
MORE FROM RUSSIA"
Sitharaman said Wednesday at a The finance minister said capital need to have those prices which are announced the rupee trade framework.
Reuters event, noting that they were expenditure is a key way to drive sustainable and above all global public “It is not a new framework. It has ...”GLOBAL PUBLIC GOODS... CANNOT
beyond the control of the government growth. The government is offering goods will have to be available for existed several decades and if under
and the Reserve Bank of India. “We incentives to firms that scale up man- everyone. that we are able to buy and sell, we will
BE WEAPONISED. I WOULD THINK IF
expect currency volatility to settle on ufacturing in India, hoping to capitalize “They cannot be weaponised. I certainly like to do it. For the fertiliser MOVEMENT OF GOODS IS RESTRICTED,
its own.” on appetite to diversify operations would think if movement of goods is or fuel that we buy, we certainly need
Virtually participating in the event away from China, she added. restricted, it is going to hurt some of to balance it by selling some things
IT IS GOING TO HURT SOME OF US"
— ‘Reuters NEXT’ — the finance min- “We are well on the course of meet- us,” she said. from India. Framework is in place, but NIRMALA SITHARAMAN,
ister also acknowledged that inflation ing the capex target for this year,” The minister said that India's we will use it when we need," she Finance minister
due to imports of commodities like Sitharaman said. “States have shown import from Russia has gone up and added.
crude oil is going to persist. exceptional absorption capacity for tak- countries in the West too are importing (With Reuters, Bloomberg & PTI inputs)
Fintech firms ready as RBI HDFC Bank likely to ~ sees first

monthly gain
since Dec ’21 vs
e-lending norms kick in raise ~15K cr via Tier-2 $, ends at 81.4
bonds, largest this FY

BHASKAR DUTTA
Mumbai, 30 November
Many players tweaked biz model while others made operational changes The rupee strengthened
sharply against the US dollar
SUBRATA PANDA cards, also made similar changes to their BHASKAR DUTTA on Wednesday as the semi-
Mumbai, 30 November business model, with many tying up with Mumbai, 30 November annual rebalancing of the
banks to bring out co-branded credit MSCI India index propelled
W
ith the Reserve Bank of India’s cards. HDFC Bank is likely to raise up to ~15,000 inflows and as some foreign
(RBI’s) digital lending guide- Similarly, players whose business crore through the issue of Basel-III compliant banks sold the greenback on
lines kicking in, players oper- model was such that funds disbursed Tier-2 bonds on Thursday, making it the behalf of overseas firms
ating in this space have made the requi- from the lenders’ account went into their largest such debt issuance this financial year, looking to invest here, deal-
site operational changes, and in some account and then disbursed to the cus- sources told Business Standard. ers said. Strength in the
cases, tweaked their business model to tomers’ account had to make operational The planned bond issuance, which is of Chinese yuan also lifted the
align with the norms prescribed by the changes, such that the money flows 10-year maturity, includes a base size of rupee along with other
regulator.
The RBI came out with the guidelines
directly from the source account into the
customer’s account.
~1,000 crore and a green-shoe option of
~14,000 crore, the sources said.
AT-1 BONDS Asian currencies, dealers
said, adding that in
on digital lending in September and gave “More than 50 per cent of our fintech “HDFC Bank’s tier-2 bond sale is likely Additional tier-1 bonds are a type of debt November, the rupee had
time until November 30 for players to members were required to change work- mapped as a fixed rate issue with coupon of instrument issued by banks in order to shore logged its first monthly gain
comply with the ‘existing loan’ category. flow tack as a result of these guidelines. 7.86 per cent annual,” a source said. The 10- up equity capital in accordance with the since December 2021.
The norms mandated that all loan However, the changes were designed to year government bond yield was last at 7.28 norms prescribed by the Basel Committee
disbursements and repayments are maintain continuity in business and per cent, down 17 basis points in November. after the 2008 global financial crisis. These
required to be executed only between firms are back on track,” said a represen- Sovereign bond yields are the benchmarks for instruments are perpetual bonds, meaning
the bank accounts of the borrower and
the regulated entity (RE), without any REALIGNING STRATEGY
tative from the Digital Lenders
Association of India.
pricing debt issued by corporates.
The fund-raising through bonds by HDFC
that while issuers provide periodic interest Credit offtake
payments, there is no redemption of the
pass-through/pool account of the lend-
ing service provider (LSP) or any third
n Fintech lenders have made
Sugandh Saxena, chief executive offi-
cer (CEO), FACE (Fintech Association for
Bank, India’s largest private lender, comes
amid a slew of similar plans announced by
principal amount. beyond 20%
party. operational changes to comply with
RBI norms
Consumer Empowerment), said, “Our banks over the last few days. With credit in retail and
The central bank had clarified that
disbursements have to always be made
members have been making changes to growth outstripping rise in deposits, banks TIER-2 BONDS services
n Cost of compliance for these firms implement the guidelines fully. Lenders face pressure to mobilise funds and meet the
into the bank account of the borrower, with card lending are transitioning to booming demand for loans. Such bonds represent a portion of banks'
has gone up
except for disbursements covered exclu- models that are in line with the regula- Latest RBI data showed that as on tier-2 capital, which is also made up of ABHIJIT LELE
sively under the statutory or regulatory n Companies operating in grey area of tions. It is for the first time we have had November 4, bank credit growth was at 17 per revaluation reserves and provisions. Tier-2 Mumbai, 30 November
mandate, the flow of money between REs regulations have been impacted such expansive rules on digital lending cent year-on-year, Deposit growth lagged far bonds fall under the category of
for co-lending transactions and disburse- and hence, some interpretational issues behind at 8.2 per cent. subordinated debt, implying that bond The credit offtake remained
ments for specific end-use, provided the n These regulations will bring are bound to arise.” Last week, State Bank of India announced robust across sectors — farm-
discipline into the sector holders have secondary claims on the assets
loan is disbursed directly into the bank “We were able to comply with the plans to raise ~10,000 crore via 10-year infra- as against holders of fixed deposits. Under ing, industry, services, and
account of the end-beneficiary. n Guidelines on FLDG awaited by the guidelines immediately and business structure bonds. Two other public sector
situations of financial stress for banks, tier-2
retail — in October, the start
This resulted in digital lending finan- players for further clarity growth is showing an upswing. Our co- banks — Union Bank of India and Punjab of a busy season, on
cial technology (fintech) companies mak- lending platform and partnerships are National Bank — have also outlined plans for bonds can be written off or turned into increased demand amid eco-
ing either operational changes to their also live across the board, helping us to raising funds through tier-2 bonds over the common equity. nomic upturn and festivals.
business model or completely tweaking Cards suspended its products – Uni Pay upscale our lending capabilities further,” last few days for a total of around ~6,000 crore. Credit growth on a year-
their model, so that they are not in con- 1/3rd and Uni Pay 1/2 - as a consequence said Akshay Mehrotra, co-founder and Along with the need to mobilise funds, on-year (YoY) basis in the
travention of the norms prescribed. of the guidelines. A few other fintech CEO, Fibe (earlier known as EarlySalary). another factor that analysts attributed behind Corporate bond yields have declined by around retail segment and the serv-
For example, weeks after the central lenders, whose business model was based the recent flurry of bank bond issuances was 15-20 basis points so far this month, in line with ices sector crossed the 20 per
bank came out with the guidelines, Uni on extending credit through prepaid More on business-standard.com more conducive conditions in the debt market. a decline in government bond yields. cent mark.
research (retail), Kotak etary regime needs to continue. mix to 15 per cent by 2030 from The Tata group took charge practice at JSA, said: “In airline profit margins of companies demand is expected to drive
> FROM PAGE 1 Securities. The market breadth was around 6.4 per cent at present. of Air India and Air India mergers, the CCI try to ensure came under pressure due to ris- GDP growth. GDP growth is on
Investors are also hopeful of favourable with 1,993 stocks Also, almost 50 per cent of nat- Express from the central gov- continued competition on all ing input cost. track to reach 6.8-7 per cent in
Sensex... China easing its zero-Covid pol-
icy, and gains in European
advancing and 1,486 declining
on the BSE. More than two-
ural gas used domestically is
imported.
ernment on January 27.
Singapore’s competition
routes affected by the
merger/alliance. To examine
However, the services sec-
tor, including the three seg-
FY23,” he told reporters after
the GDP data was released.
Until Tuesday, FPIs had shares after Eurozone inflation thirds of Sensex stocks rose. commission in June raised airline mergers, the CCI uses an ments — trade, hotel, trans- Growth in private final con-
pumped in nearly ~30,000 eased further. Reliance Industries gained 0.8 * concerns with the Tatas over its internationally accepted ‘point ports; financial, real estate; and sumption expenditure (PFCE),
crore in domestic stocks in
November—the second-high-
Besides, market partici-
pants are tracking US Federal
per cent and contributed the
most to the index’s gains, fol-
Air India...
However, on the Delhi-Mumbai
acquisition of Air India, as the
conglomerate owned two of the
of origin/point of destination
(O&D)’ pair approach."
public administration and oth-
er services — was the key
or private spending, grew at 9.7
per cent as consumers splurged
est investment tally this year. Reserve Chairman Jerome lowed by HDFC Bank, which route, India's busiest, the Air three key airlines that operated According to this approach, growth driver with 9.3 per cent on high-value items despite
“India is currently seen as a Powell’s speech to get an idea rose 0.7 per cent. India group is currently oper- flights on the Singapore- every O&D pair should be con- increase during the quarter. inflationary pressures.
green shoot in an otherwise of the rate-hike trajectory. The All sectoral indices ended in ating 344 weekly flights, versus Mumbai and Singapore-Delhi sidered to be a separate market Encouragingly, the trade, Government spending,
weak global economic scenario US Fed chief might indicate the green, with power rallying 214 weekly flights by IndiGo. routes. Air India, Vistara, and from the customer’s viewpoint, hotel, transport services for the however, contracted 4.4 per
because of its strong macroeco- that the US central bank could 2.35 per cent, followed by metal On Delhi-Bengaluru, India's Singapore Airlines were the he mentioned. first time surpassed the pre- cent, signalling that both the
nomic performance in recent reduce its rate hikes to 50 basis (up 1.96 per cent), auto (1.74 per second-busiest route, the group three key airlines that operated "For example, the Delhi- pandemic level of the Central and state governments
months,” said Shrikant points, and at the same time he cent), commodities (1.62 per is currently operating 92 weekly on the two aforementioned Pune flight route would consti- September quarter in FY20 by kept their revenue expenditure
Chouhan, head of equity might warn that a tighter mon- cent), realty (1.54 per cent), flights more than IndiGo. The routes. tute a separate market and the 2.1 per cent, in sync with robust in check during the quarter.
telecommunication (1.44 per Tata group did not respond to In June, Vistara's 51 per cent CCI would see whether, after recovery in the contact-inten- “We believe broad-based
cent) and consumer discre- queries sent by Business stake was held by the Tata the merger, the combined enti- sive sectors. recovery in PFCE is some dis-
tionary (1.25 per cent). Standard on this matter. group and the remaining 49 per ty faces enough competition. GDP grew 7.6 per cent in the tance away because the current
> BS SUDOKU # 3833 Mumbai-Bengaluru is cent was with Singapore Hence, market shares will play September quarter of FY23 over consumption demand is
India's third-busiest route Airlines. an important role in this assess- the comparable period in FY20, skewed towards goods and
Gas prices...
The report also recommends
where the Air India group cur-
rently operates 40 more flights
G R Bhatia, head of compe-
tition law practice and partner,
ment," he said.
If after examination, the CCI
which was before the pandem-
ic.
services consumed largely by
the households falling in the
that there should not be any than IndiGo. On Mumbai-Goa, Luthra & Luthra Law Offices, feels that there are competition Gross value added (GVA) at upper income bracket,” said
tinkering with the existing pric- the former is operating 108 said: “The CCI. while examin- concerns, it can impose a set of basic prices grew 5.6 per cent in Sunil Kumar Sinha, principal
ing formula for difficult fields weekly services, 44 more than ing the merger (of Air India and remedies that have the effect of the second quarter of FY23 economist, India Ratings.
such as KG-D6 of RIL and BP IndiGo. Vistara), will look into various making a new entry possible as compared to 12.7 per cent dur- Gross fixed capital forma-
PLC. Ameya Joshi, aviation ana- aspects, including the market a condition for approval, ing the preceding one. tion (GFCF), which represents
An internal review will now lyst and founder of aviation share of the resultant entity in Choukse added. Aditi Nayar, chief economist investment demand in the
be conducted on the report, blog Network Thoughts, said: various city pairs that you have “However, where the net- at ICRA, said while a normalis- economy, grew at a robust 10.4
which was submitted to the “A dominant carrier can dictate mentioned (seven aforemen- work overlap is substantial, and ing base expectedly flattened per cent, driven mainly by the
Ministry of Petroleum and pricing to some extent. But with tioned routes).” economic benefits in relation GDP growth in the September capex push of the Centre and
Natural Gas, before the min- as many frequencies, Air India And if the CCI feels that the to the harm to competition are quarter relative to the previous some recovery in private invest-
istry places all possible changes will be in a position to attract airline's market share is too rather low, prohibition of the one, growth relative to the pre- ment activity.
to the existing pricing regime corporate traffic like never high, it may approve the merg- transaction may be the only Covid period improved appre- While Central capex spend-
before the Union Cabinet for before. Corporate traffic looks er subject to remedies, Bhatia answer, in the absence of effec- ciably, which is a better gauge ing grew 49.5 per cent in April-
approval. for multiple frequencies, added. tive remedies,” he mentioned. of the underlying growth September over the same peri-
“If implemented, this move among other things.” Broadly the remedies are Bhatia said the existence of momentum in this period. od in FY22, the combined capex
would be positive for down- Of the top 10 busiest domes- “structural” and “behavioural”, dominance is not bad but abuse “Net imports nearly dou- of 19 large states grew 7.5 per
stream companies such as IGL, tic routes, IndiGo maintains or a mix of the two. “The struc- of dominance is prohibited. "If bled relative to the year-ago cent during the same period.
MGL, and Gujarat Gas, margin- dominance on only three: tural (remedy) could be to hand after a merger, the merged enti- period (89 per cent Y-o-Y However, the drag in India’s
ally negative for ONGC and Delhi-Kolkata, Delhi- over a few slots of city pair to ty is found to be abusing its growth), exerting a drag on GDP economic growth outlook is
neutral for Reliance Industries Hyderabad, and Delhi- another airline. The behaviour- market position, the CCI post growth. Moreover, discrepan- emerging from a widening
SOLUTION TO #3832 (RIL). We expect lower sourcing Ahmedabad. Even there, the al remedy could be that after enquiry can issue cease and cies stood at a 10-quarter high trade deficit amid fears of reces-
costs to benefit the CGDs [city Air India group would be giving the merger, the new entity desist order, impose a penalty in Q2, which suggests substan- sion in developed economies.
Very easy: gas distributors] on the margin tough competition to India's would not reduce the number on delinquents and pass such tial revisions in the sectoral “In the coming months, sus-
« front to an extent and the rest largest airline. of seats or number of flights to other orders for faster correc- growth prints may lie ahead,” tained resistance in domestic
Solution tomorrow be passed onto to customers,” For example, on the Delhi- firm up airfare,” he mentioned. tion of marketing practices," he Nayar added. consumption will continue to
according to a report by ICICI Kolkata route, the Air India By doing so, the fabric of com- added. Chief Economic Adviser V support India’s economy.
Direct Research. group is currently operating 126 petition is maintained and Anantha Nageswaran said Inflation and rising borrowing
HOW TO PLAY According to the panel, the weekly flights, versus IndiGo's competition concerns are elim- India’s growth trajectory was costs have so far not deterred
Fill in the grid so that
moves would help ease the
inflationary pressure on
169. On Delhi-Hyderabad, the
group is operating 126 weekly
inated.
"In any case, it is unlikely
GDP... even more credible, given the
commodity price shock and the
consumption as witnessed in
significant growth in retail and
every row, every domestic users. It also stressed flights, 12 fewer services than that the proposed merger The data released by the synchronised tightening of personal loans,” said Vivek
column and every 3x3 that its recommendations IndiGo. On Delhi-Ahmedabad, would be blocked by the CCI,” National Statistical Office on monetary policy across the Rathi, director (research),
box contains would help achieve the govern- the Air India group is operating Bhatia noted. Wednesday showed manufac- world. Knight Frank India.
the digits 1 to 9 ment’s target of raising the 93 weekly flights, 15 fewer than Vaibhav Choukse, partner turing contracted 4.3 per cent “In an uncertain external
share of gas in India’s energy IndiGo. and head of competition law in the September quarter as environment, domestic More on business-standard.com
>
NEW DELHI | THURSDAY, 1 DECEMBER 2022 ECONOMY & PUBLIC AFFAIRS 7
Govt plans pilots on new

DBT model for fertilisers
SANJEEB MUKHERJEE
TESTING GROUND
Per hectare consumption of fertilisers
(n+p+k) in kgs/hectare
I
n a significant step, the Centre is plan-
ning to conduct pilots in a few dis- Consumption (all-India average)
tricts of the country on a modified
version of the direct benefit transfer 160
(DBT) in fertilisers that would establish 137.15
94.5
some connect between land holding and 140
the nutrient’s consumption.
To conduct the pilots, a few rounds of
discussions have been held with a few 120
southern states and a response is
awaited, a senior government official 100
said. This version could help in monitor-
ing consumption.
Currently, the version of DBT in fer- 80
tilisers involves farmers purchasing their 2004-05 2020-21
fertilisers through point of sale (PoS) Note: n+p+k= nitrogen, phosphorus and potassium
devices after undergoing Aadhaar Source: RBI handbook of statistics on Indian states
authentication. This ensures that the
s
identity of the person who purchases the purposes has come down to a large extent credited into their bank accounts.
fertiliser bags is well established. in the last few years. Also, there is the “We have, to a large extent, controlled
However, there is no restriction on the problem of tenant farmers. the pilferage that used to happen due to
number of bags a farmer can purchase. “It would not be possible to go for a price differential between India and Notice of Postal Ballot and Remote e-Voting information
This sometimes leads to excess usage and classical model of DBT in fertilisers as neighbouring countries like Nepal and Notice is hereby given that pursuant to Section 108, 110 and other applicable provisions, if any, of the
chances of misuse. farmers won’t make the high upfront pay- Bangladesh. This is also borne by the fact Companies Act, 2013 read with Rule 20 and 22 of the Companies (Management and Administration)
To curb this, officials said that a sys- ment and wait for the reimbursements to that Nepal is now seeking Indian urea Rules, 2014, Regulation 44 of the Securities and Exchange Board of India (Listing Obligations
tem is being thought of where farmers’ come. Therefore, something which builds through proper trade channels. The sec- and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s) and/or
details will be fed on the PoS machines, on the existing framework and mecha- ond route of pilferage that used to happen re-enactment(s) thereof for the time being in force) and guidelines prescribed by the Ministry of
including the land he holds and area, nism is being thought of,” the official said. by way of diversion towards industrial Corporate Affairs vide General Circular nos. 14/2020 dated 8th April 2020, 17/2020 dated 13th April 2020,
among others. And, as soon as he enters Diversion and pilferage largely hap- grade has also come down considerably 22/2020 dated 15th June 2020, 33/2020 dated 28th September 2020, 39/2020 dated 31st December
the Aadhaar details, it would show up on pen in urea due to the massive due to constant steps,” the official said. 2020, 10/2021 dated 23rd June 2021, 20/2021 dated 8th December 2021 and 3/2022 dated 5th May
the machines as to how many bags of price differential between cost of produc- He said out of the 35 million tonnes of 2022, the Company has completed the despatch of the Notice of Postal Ballot (“Notice”) on Wednesday,
urea, DAP or NKPS he is entitled to, based tion and sale price. urea consumed in the country, around 30th November 2022 through electronic mode only, to those Members whose names are recorded
on details entered. In India, an average 45-kilogram bag 1.5 million tonnes — if used for industrial in the Register of Members and / or Register of Beneficial Owners maintained by the Depositories as
The state government will feed the of urea is sold to the farmer at around needs — goes into making items like on Friday, 25th November 2022, seeking approval of the Members of the Company on Resolutions
proposed to be passed by Postal Ballot through electronic means, as stated in the Notice.
farmer details on the PoS machines, ~245 while its cost of production is melamine. Of the 1.5 million tonnes of
which can then be used for this process. almost ~3,000. The remaining is sub- industrial urea consumption, roughly The Notice is available on the Company’s website www.siemens.co.in as well as on the Stock Exchange
“In the initial stage, we plan to keep sidised by the Centre to keep prices around 0.3-0.4 million tonnes is diverted. websites (www.bseindia.com and www.nseindia.com) and on the website of National Securities
the number of bags allowed quite affordable for the farmers. This is a very small proportion of the Depository Limited (“NSDL”) www.evoting.nsdl.com.
liberal so that there is no discontent,” the Similarly, for non-urea fertilisers, the annual total consumption. The detailed procedure for e-voting is enumerated along with the Notice. The remote e-voting period
official added. Centre gives some amount of subsidy to “Therefore, to say that the classical commences on Thursday, 1st December 2022 at 9.00 a.m. (IST) and ends on Friday, 30th December
He said a classic DBT in fertilisers — keep prices down, though on paper, non- model of DBT will check diversion and 2022 at 5.00 p.m. (IST). The e-voting module shall be disabled by NSDL thereafter. The voting rights
like in case of kerosene or LPG —is not urea fertilisers are decontrolled. excess subsidy allocation is wrong. of the Members shall be in proportion to their share of the paid-up equity share capital of the Company
possible or desirable. In the classical DBT model, urea farm- But some sort of linkage between land as on the Cut-Off Date i.e. Friday, 25th November 2022.
This is because the extent of pilferage ers first have to pay the market price for a record and urea usage is desirable,” the The instructions for the manner of e-voting is provided in the Notice for Members who have registered
and diversion towards non-agriculture bag of urea while the subsidy will get official further said. their e-mail address as also for those Members who hold shares in physical form or who have not
registered their e-mail address.
Members holding shares in physical form and who have not yet registered their e-mail address are requested
to register the same with the Company by sending an e-mail to Corporate-Secretariat.in@siemens.com /
EU regulator’s interference
csg-unit@tcplindia.co.in by submitting the requisite documents as mentioned in the Notice. Members
holding shares in electronic form are requested to get their e-mail address registered with their
respective Depository Participant.
In case of any difficulty or queries connected with remote e-voting, Members may refer the Frequently
unfortunate: RBI dy guv

Asked Questions (FAQs) for Members and e-Voting User Manual for Members available at the
“Downloads” section of www.evoting.nsdl.com or may also contact NSDL at its toll free no.: (1800
1020 990/1800 22 44 30) or contact Ms. Pallavi Mhatre, Senior Manager, NSDL at evoting@nsdl.co.in.
The result of the Postal Ballot will be announced by 5.00 p.m. (IST) Sunday, 1st January 2023. The said
T Rabi Sankar says potential disruption to forex market can be serious results along with Scrutinizer’s Report would be intimated to the Stock Exchanges where the Company’s
shares are listed. The results will also be displayed on the Company’s website www.siemens.co.in and
on the website of NSDL www.evoting.nsdl.com.
MANOJIT SAHA tors, etc) unless their home
Mumbai, 30 November regulator accords ‘equivalence’
treatment to the Indian infra-
RBI, Japanese regulator hold Place: Mumbai
Date : 30th November 2022
Ketan Thaker
For Siemens Limited
The Reserve Bank of India’s

(RBI’s) Deputy Governor T
structure entities or these enti-
ties are endorsed or recog-
talks on clearing houses Siemens Limited
CIN: L28920MH1957PLC010839
Company Secretary
Rabi Sankar has nised,” he said. The Reserve Bank of India which hosts the trading Regd. Office: Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai - 400 030
termed the derecognition of Sankar said such treatment (RBI) and the Financial platform for government Tel.: +91 22 6251 7000 | Fax: +91 22 2436 2403
Contact / Email: Corporate-Secretariat.in@siemens.com / www.siemens.co.in/contact
Indian clearing houses by the involves the ability to call for Services Agency (FSA) of bonds and overnight
Website: www.siemens.co.in
UK and European regulators information, supervise, Japan on Wednesday indexed swaps (OIS).
‘unfortunate interference’, inspect, and (at least potential- exchanged letters of Reports earlier this
particularly when such ly) impose a penalty on cooperation in the field of month said that Japanese
Indian entities meet the global
best standards.
Indian entities, which, accord-
ing to him, is an ‘unfortunate
central counterparties
(CCPs) with the expressed
authorities had also sought
the right to inspect CCIL’s
R SYSTEMS INTERNATIONAL LIMITED
Sankar, who is the deputy interference’. aim of improving mutual data – the main bone of [Corporate Identity Number: L74899DL1993PLC053579]
governor in charge of the “This amounts to an cooperation. “With this contention with the Registered Office: GF-1-A, 6, Devika Tower, Nehru Place, New Delhi-110019
financial markets, was speak- unfortunate interference in exchange of letters, the RBI European regulators. Corporate Office: C-40, Sector 59, NOIDA, Distt. Gautam Budh Nagar, U.P., India - 201 307
ing at a seminar organised by the regulatory architecture in and the FSA are committed “The RBI and the FSA Tel.: +91 120 4303500; Website: www.rsystems.com; Email: investors@rsystems.com
Financial Benchmarks India India, given the fact that to deepening relations also expressed their
in Mumbai on Monday. The these Indian entities meet rel- between the two nations willingness to hold a POSTAL BALLOT NOTICE
speech was uploaded on the evant global best standards, and strengthening the dialogue or exchange views 1. Notice is hereby given that pursuant to Sections 108 and 110 of the Companies Act, 2013 read with Rules 20 and 22 of the
RBI website on Wednesday. set by the Committee on exchange of information,” on matters of common Companies (Management and Administration) Rules, 2014, applicable provisions of the Securities and Exchange Board of
“A probably unintended Payments and Market the RBI said on Wednesday. interest and concern as India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), Secretarial Standard - 2
consequence of the post- Infrastructures-International The move comes at a appropriate. The letters issued by the Institute of Company Secretaries of India, as amended from time to time, (including any statutory modification or
global financial crisis (GFC) Organization of Securities time when the European confirm the interest of both re-enactment thereof for the time being in force) read with the applicable General Circulars issued by the Ministry of Corporate
Affairs ("MCA") and Securities and Exchange Board of India ("SEBI"), from time to time, R Systems International Limited
drive towards derisking over- Commissions,” he said. and the UK regulators have the jurisdictions in ("R Systems"/ "Company") seek consent of the members on the Special Resolution for Voluntary Delisting of Equity Shares of
the-counter derivatives mar- On October 31, the derecognised various enhancing cooperation in the Company from National Stock Exchange of India Limited and BSE Limited, as set out in notice of postal ballot through
kets has been the tendency European Securities and Indian clearing houses, line with their respective voting by electronic means ("Postal Ballot").
of the developed economies Markets Authority (ESMA), including the Clearing laws and regulations,” said 2. In compliance with applicable circulars issued by MCA and SEBI, the Company has completed the dispatch of Postal Ballot
to contain the risk of their the European Union’s finan- Corporation of India (CCIL), the RBI. BHASKAR DUTTA Notice along with Explanatory Statement and instructions for voting through electronic mode to all the members whose
entities by attempting to cial markets regulator and e-mail addresses are registered with the Company/ Registrar and Share Transfer Agent or with the respective Depositary
maintain control of regula- supervisor, derecognised six Participants. The physical copy of the Notice along with the Postal Ballot Form and pre-paid business reply envelope shall
tion and risk management Indian clearing houses, England announced similar to the foreign exchange mar- not be sent to the members for this Postal Ballot. The communication of the assent or dissent of the Members would only take
practices of third countries,” including the Clearing measures. kets, both onshore and non- place through the remote e-voting system.
he said in the speech. Corporation of India, which The deputy governor deliverable forward, can be 3. Members may note that the Postal Ballot Notice will also be available on the Company's Website https://www.rsystems.com/,
“Thus, for example, hosts the trading platform for warned that the potential dis- rather serious. That such dis- websites of the stock exchanges i.e. National Stock Exchange of India Limited and BSE Limited at www.nseindia.com and
European banks may not be government bonds and ruptions to the foreign ruption flows from the action www.bseindia.com, respectively and on the website of Link Intime India Private Limited ("LIIPL") at
able to operate through Indian overnight indexed swaps. exchange markets due to such of regulators is not in align- https://instavote.linkintime.co.in/.
financial infrastructure enti- ESMA’s decision comes extraterritorial regulatory out- ment with the post-GFC global 4. Members whose names were recorded in the register of members of the Company or in the register of beneficial owners maintained
ties (like central counterpar- into effect on May 1, 2023. reach could be serious. consensus on derisking finan- by the Depositories as on November 25, 2022 ("Cut-off Date") will be entitled to cast their vote through e-voting. The voting
ties, benchmark administra- Subsequently, the Bank of “The potential disruption cial markets,” he said. process through electronic means will commence at 09.00 A.M. on Friday, December 02, 2022 and will end at the close of
working hours i.e. by 05:00 P.M. on Saturday, December 31, 2022. The e-voting module shall be disabled by LIIPL thereafter.
The e-voting facility provided by LIIPL.
5. The Board of Directors of the Company has appointed Mr. Devesh Kumar Vasisht of DPV & Associates LLP, Company Secretaries
(Firm Registration No.: L2021DE009500) as the Scrutinizer for conducting the Postal Ballot voting process in a fair and transparent
N ALL IN A DAY N manner.
6. The result of Postal Ballot will be announced on or before Tuesday, January 03, 2023 at the Registered Office of the Company.
Ind-Aus FTA to kick off from Dec 29, Discom dues to gencos down The result of the Postal Ballot will be submitted to the Stock Exchanges where shares of the Company are listed and will also
be posted on the Company's website, www.rsystems.com and on the LIIPL website, www.evotingindia.com.
trade may cross $45-50 bn in 5 years ~24K cr on back of loan scheme 7. In case shareholders face any technical issue in login may contact the concerned agency as per following details:
Login type Helpdesk details
A trade agreement between The two nations signed an Thanks to a special loan just four EMIs. Individual Shareholders holding securities Members facing any technical issue in login can contact NSDL helpdesk by in
India and Australia will be interim free trade deal in April scheme by state-owned “For payment of EMI of demat mode with NSDL sending a request at evoting@nsdl.co.in or call at toll free no.: 1800 1020 990
implemented from December and the Australian Parliament lenders Power Finance ~24,680 crore, five states and 1800 22 44 30
29, almost nine months after ratified it last week. “The Corporation (PFC) and Rural have taken a loan of ~16,812 Individual Shareholders holding securities Members facing any technical issue in login can contact CDSL helpdesk by in
the two sides signed a deal. ECTA's two tariff cuts in quick Electrification Corporation crore from PFC & REC. Eight demat mode with CDSL sending a request at helpdesk.evoting@cdslindia.com or contact at
“India & Australia succession intensify the (REC), the dues of power states have made their own 022- 23058738 or 22- 23058542-43.
consolidate their up-front benefits of distribution companies arrangement,” said the Individual Shareholders holding securities Members facing any technical issue in login may contact Link Intime helpdesk
long-standing this agreement for (discoms) towards power statement. physical mode/ Institutional shareholders by sending a request at enotices@linkintime.co.in or contact on: -
partnership. our exporters. generators has reduced by It added that during the Tel: 022 - 4918 6000.
Economic Businesses are ~24,000 crore. However, past five months, states have Shareholders may also contact Mr. Bhasker Dubey, Company Secretary & Compliance Officer, C- 40, Sector - 59, Noida,
Cooperation & Trade encouraged to get cumulative dues remain at a paid almost ~1.68 trillion of U.P. - 201 307, at the designated email ID Investors@rsystems.com or at telephone No. + 91 120 4303566, who will address
Agreement, realised on the front foot and high of ~1.13 trillion. their current dues. the grievance connected with the facility for voting by electronic means.
under the guidance of prepare themselves A statement by the Union “Based on the results 8. Members holding shares in demat form are requested to update their email address with their Depository. Members holding
leaders of both countries, now to take advantage of ministry of power said the achieved so far, it is expected shares in physical form are requested to update their PAN, Mobile No. and Email through Form ISR-1 and other applicable
will kick off from December 29. the substantial improvements dues have come down with that strict implementation of forms with the Registrar and Share Transfer Agent of the Company at Noble Heights, 1st Floor, Plot NH 2, C-1, Block LSC,
It’s the dawn of a whole new in market access to India the implementation of the the LPS Rules will bring back Near Savitri Market, Janakpuri, New Delhi - 110058, Phone: 011 - 414 10592 Email: delhi@linkintime.co.in.
era for our businesses & under the new agreement. Electricity (LPS and Related financial viability of the power 9. Members holding shares in physical form or demat form who have not registered their e-mail addresses with the Company/
people,” said commerce and Austrade can assist existing Matters) Rules, 2022. sector. It would attract Registrar and Share Transfer Agent or Depositary Participants can obtain the Postal Ballot Notice by updating their e-mail
industry minister Piyush Goyal and potential exporters The ministry said that the investment to ensure 24x7 address with the RTA at the following link: https://web.linkintime.co.in/EmailReg/Email_Register.html.
on Twitter. Bilateral trade benefit from the lowering of total outstanding dues of electricity to consumers. The By Order of the Board
between the two nations is trade barriers into the Indian states, which were at ~1.37 Rule may have played a vital For R Systems International Limited
expected to cross $45-50 market,” said Don Farrell, trillion as on June 3, have role in ensuring financial Sd/-
billion in five years from $25 Australia's minister for trade been reduced by ~24,680 discipline in discoms,” the Bhasker Dubey
billion at present after the and tourism. crore to ~1.13 trillion with power ministry said. (Company Secretary & Compliance Officer)
trade deal comes into force. SHREYA NANDI timely payment of SHREYA JAI Date : November 30, 2022
Place: NOIDA
8 WORLD
>
NEW DELHI | THURSDAY, 1 DECEMBER 2022
Alzheimer’s drug trial shown to slow cognitive decline

REUTERS five patients suffered macrohemorrhages. no benefit on the CDR-SB measure for The APOE4 carriers did show improve- disease, “before you’ve accumulated At 18 months, 68 per cent of trial par-
San Francisco, 30 November The companies said in September that patients with a genetic risk of developing ment on the trial’s secondary goals, enough irreversible damage to be causing ticipants treated with lecanemab had amy-
the 18-month trial, which enrolled nearly the disease. About 16 per cent of trial par- including other measures of cognition and symptoms.” Detailed data from the study loid clearance, Eisai said.
An experimental Alzheimer’s disease drug 1,800 participants with early- ticipants had two copies of the daily function. Overall, lecanemab patients were presented at the Clinical Trials on On Sunday, the journal Science
from Eisai and Biogen slowed cognitive stage Alzheimer’s, found that Lecanemab APOE4 gene variant known to benefited by 23 per cent to 26 per cent Alzheimer’s Disease meeting in San reported the death of a 65-year-old woman
decline in trial but may carry a risk of dan- treatment with lecanemab patients raise the risk of developing compared with a placebo on these Francisco and published in the New who was being treated with lecanemab.
gerous side effects for certain patients, reduced the rate of decline on benefited by Alzheimer’s, 53 per cent had secondary trial goals. England Journal of Medicine. Earlier this year, Stat reported that an
according to new data. a clinical dementia scale 23% to 26% one copy of the gene, and 31 “I believe it’s an important benefit that 87-year-old man in the study, who was on
The drug, lecanemab, was associated (CDR-SB) by 27 per cent compared with per cent were non-carriers. will justify full approval. But of course, we Proof of Amyloid theory the blood thinner Eliquis, also developed
with a type of brain swelling in 12.6 per compared to a placebo. a placebo during “For that small group of want a bigger benefit,” said Dr. Paul Aisen, Eisai believes the trial results prove a a brain hemorrhage and died.
cent of trial patients, a side effect pre- “All of these amyloid-low- secondary trials homozygous patients, when director of the University of Southern longstanding theory that removal of Eisai said it believes that the two deaths
viously seen with similar drugs. 14 per cent ering drugs carry a risk for it comes to CDR-SB we don’t California Alzheimer’s Therapeutic sticky deposits of a protein called amyloid “cannot be attributed to lecanemab.”
of patients had microhemorrhages in the increased brain hemorrhage,” see a signal favoring lecane- Research Institute and a co-author of the beta from the brains of people with early Cheung said Eisai has protocols in place
brain - a symptom linked to two recent said Dr. Ronald Petersen of the Mayo Clinic mab,” Ivan Cheung, Eisai’s US chairman, study. He said lecanemab is likely to pro- Alzheimer’s can delay advance of the for monitoring brain swelling and sees no
deaths of people receiving lecanemab - and in Rochester, Minnesota. The trial showed said in an interview. vide greater benefit if given earlier in the debilitating disease. need for restrictions.
S Korea scrambles Manufacturing PMI at 48 for Nov against 49.2 a month ago, services sector activity fell to 46.7
jets after China, China adds risks to global growth as
Russiaplanesenter factories take a hit on Covid controls
air defence zone REUTERS
IN SOLIDARITY
Beijing, 30 November
Wagner Group may get terror tag
Protests seen
C
hina’s manufacturing and services activities
South Korea’s military said it TU-95 bombers, it added. shrank further in November to seven-month
scrambled fighter jets on The warplanes eventually lows, official data showed, stung by the coun-
Wednesday as six Russian and
two Chinese warplanes
all left the zone and did not
violate South Korea's airspace,
try’s strict Covid-19 rcurbs and rising infections that
analysts said will hurt the economy well into 2023.
across globe
entered its air defence zone Seoul said. Against this backdrop, the official manufacturing Protests over Beijing’s strict
without notice. Meanwhile, The Biden purchasing managers’ index (PMI) came in at 48.0 for covid response have spread
The Chinese H-6 bombers Administration is considering November against 49.2 in the previous month, the from China to cities and col-
repeatedly entered and exited designating the Wagner lowest reading in seven months, according to data lege campuses around the
the Korea Air Defence Group, owned by a Russian released by the National Bureau of Statistics (NBS) world to show solidarity with
Identification Zone (KADIZ) businessman with ties to on Wednesday. the rare anti-government
near South Korea's southern Russian President Vladimir Separately, the non-manufacturing PMI, which demonstrations erupting
and northeast coasts early Putin, as a foreign terrorist looks at services sector activity, fell to 46.7 from 48.7 across the country.
Wednesday, Seoul's Joint organisation. in October, also the lowest reading in seven months. In Taiwan, people gath-
Chiefs of Staff (JCS) said. The US decision to desig- The 50-point mark separates contraction from ered with candles at the vigil,
Hours later they returned nate Wagner Group as a terror- growth on a monthly basis. and held up blank sheets of
to the zone from the East Sea, ist is part of Washington’s “Downside risks continue to grow as the virus paper and chanted: “China
also known as the Sea of efforts to sanction the group situation continues to worsen and will weigh heavily needs freedom,” “Give me lib-
Japan, accompanied by for its involvement in the war on the economy into 2023,” said Sheana Yue, China erty or give me death,” “Rest
Russian warplanes including in Ukraine, Bloomberg reports. economist at Capital Economics, in a research note. in peace for the dead” and
two Su-35 fighter jets and four AGENCIES The sub-indexes for manufacturing PMI including Residents confront Covid-19 staff dressed in protective clothing in Shanghai, on Wednesday PHOTO: REUTERS “Continue to fight.”
output, employment and suppliers’ delivery times all In Britain, more than 100
shrank in November at a faster pace than the month
before, the data showed.
Covid curbs in city with key Locked-down South China protesters gathered outside
the Chinese Embassy in
IN BRIEF New orders and new export orders sub-indexes iPhone plant eased caught in violent protests London late Sunday.
both fell further, largely driven by weakening domes- In US, College campuses
tic and foreign demand. The Chinese city of Zhengzhou shuttered hundreds of Residents in the southern Chinese manufacturing city across the United States are
Abu Hasan Al-Qurashi, China’s blue-chip stock index CSI300 and the
Shanghai Composite Index rose slightly on
buildings and apartment blocks hours after lifting
broader lockdown measures, as officials strive to
of Guangzhou clashed with police on Tuesday night,
footage posted on social media showed.
also planning vigils. In
Canada, a video filmed out-
ISIS leader, killed in battle Wednesday despite the sluggish factory activity, partly
driven by government support policies.
make their Covid controls more targeted in line with
Beijing’s directives.
Dozens of protesters in the city’s Haizhu district
were seen throwing objects at cops in hazmat suits.
side the Chinese Consulate in
Toronto and posted to
The Islamic State jihadist group said on Wednesday that its Chinese authorities this month rolled out a flurry The city, home to Apple’s largest manufacturing Police fired what appeard to be tear gas at a group of Twitter on Sunday showed
leader Abu Hasan al-Hashimi al-Qurashi has been killed in of policies to prop up the economy, including reserve site in China, said late Tuesday that it was lifting a protesters in an alley. Mandarin-speaking demon-
battle and announced a replacement. A spokesman for the requirement ratio cuts and Covid-19 fine-tuning meas- lockdown of its main urban areas put in place five days In response Guangzhou became the latest to strators chanting slogans.
group said Hashimi, an Iraqi, was killed “in combat with ures, while loosening financing curbs to rescue the ago as Covid cases climbed. announce an easing of curbs on Wednesday and lifted In Japan, about 90 people
enemies of God”, without elaborating on the date of his death property sector. Authorities then issued a lengthy list of buildings lockdowns in most parts of the city, including those hit gathered for a vigil in Tokyo
or the circumstances. The spokesman identified the group's The securities regulator lifted a ban on equity refi- that would be declared high risk spanning the greater by rioting, replacing them with targeted restrictions as on Sunday to commemorate
new leader as Abu al-Hussein al-Husseini al-Qurashi. AGENCIES nancing for listed firms, in the latest support measure Zhengzhou region, which means they will continue to officials try to rein in excessive curbs. All but one of the victims of the Urumqi fire
for the cash-squeezed real estate sector. be subject to lockdown-style curbs. BLOOMBERG city’s 11 districts ended the measures. BLOOMBERG AGENCIES
Suicide blast in Pak targets
police truck; 4 killed
A suicide bomber from Pakistani Taliban blew himself up near a
patrolling police truck in Balochistan province on Wednesday,
killing at least four people and injuring 26 others, including 23
H&M fires 1,500 employees; DoorDash sacks 1,250
policemen. Meanwhile, a bomb blast hit a religious school in REUTERS per year in September. “We will support our colleagues in DoorDash went on a hiring spree quickly,” Chief Executive Tony Xu said
Afghanistan on Wednesday, killing at least 10 students. AP/PTI Beijing, 30 November A restructuring charge of 800 mil- finding the best possible solution for to cater to a flood of orders from in a memo to employees that was
lion Swedish crowns ($75.80 million) their next step,” she added. people stuck at home during the posted on the company’s website.
Euro zone inflation eases The Swedish company, fashion
retailer H&M said on Wednesday it
would be booked in the fourth quarter,
H&M said in a statement.
The benefits would start to kick in
from the second half of next year.
height of the pandemic, but a sudden
drop in demand from inflation-wary
“Given how quickly we hired, our
operating expenses - if left unabated -
but still in double digits will cut 1,500 jobs to reduce costs amid
softening demand as consumers cope
“The cost and efficiency pro-
gramme that we have initiated involves
Meanwhile, DoorDash said on
Wednesday it was cutting about
customers has left the company grap-
pling with ballooning costs.
would continue to outgrow our reve-
nue.” The company’s shares, have fall-
Euro zone inflation fell by more than expected to 10 per cent in with a surge in cost of living. reviewing our organisation and we are 1,250 jobs, or 6 per cent of its total “We were not as rigorous as we en about 64 per cent this year as ear-
November, down from a revised reading of 10.6 per cent YoY in The company which employs very mindful of the fact that colleagues workforce, as the food-delivery com- should have been in managing our lier this month, DoorDash reported a
October. The drop also breaks a 12-month streak of fresh roughly 155,000 people, had launched will be affected by this,” Chief pany looks to keep a lid on costs to team growth ... That’s on me. As a bigger-than-expected quarterly net
record highs for the monthly consumer price index. AGENCIES a plan to save 2 billion Swedish crowns Executive Helena Helmersson said. cope with a slowdown in demand. result, operating expenses grew loss of $295 million.
Jiang Zemin, leader who guided China into global market, dies
CHRIS BUCKLEY & MICHAEL WINES But Mr. Jiang’s unexpected rise and
30 November quirks led others to underestimate
him, and over 13 years as Communist
Jiang Zemin, the Shanghai Party general secretary he matured
Communist kingpin who was hand- into a wily politician who van-
picked to lead China after the 1989 quished a succession of rivals.
Tiananmen Square protests and pre- Jiang’s stewardship of the cap-
sided over a decade of meteoric eco- italist transformation that had
nomic growth, died on Wednesday begun under Deng Xiaoping was
in Shangau. He was 96. one of his signal accomplishments.
A Communist Party announce- He also amassed political influence
ment issued by Chinese state media that endured long past his formal
said the cause was leukemia and retirement, giving him a big say
multiple organ failure. behind the scenes in picking the cur-
His death and the memorial cer- rent president, Xi Jinping.
emonies to follow come at a delicate The party’s announcement
moment in China. The ruling party about Mr. Jiang’s death praised him
is confronting a wave of widespread as an “outstanding leader with a
protests against its pandemic curbs, lofty reputation.” In the early 1990s,
a nationwide surge of political oppo- it said, he led China through a time
sition unseen since the Tiananmen of “massive difficulties and pres-
movement of Jiang’s time. sure,” and had then steered the
Mr. Jiang was president of China country toward market-led growth
for a decade from 1993. In the eyes and military modernization. “At crit- Then Prince Charles of Wales shows way to then Chinese President Jiang Zemin as UK PM Tony President Zemin and former US President George Bush shake hands after Jiang was
of many foreign politicians, Mr. ical moments, he had the excep- Blair follows at a ceremony marking the handover of Hong Kong to China on July 1, 1997 introduced at the George Bush Presidential Library in Texas on October 24, 2002 REUTERS
Jiang was the garrulous, disarming tional courage to make resolute deci-
exception to the mold of stiff, sions,” the announcement said. proved rocky during his tenure, par- Clinton administration’s explanation of contentious negotiations, prima- an intolerance of dissent. After suppression of student protests based
unsmiling Chinese leaders. He was At first he tried to mollify ascen- ticularly early on, when the carnage that the bombing was an accident. rily with the US. He overhauled members of the Falun Gong spiritual in Tiananmen Square.
the Communist who would quote dant conservatives who opposed of 1989 cast a long shadow. But Jiang In 2001, he demanded that the Communist Party doctrine, modern- sect surrounded the Communist In his last years, Jiang became an
Lincoln, proclaim his love for China’s tentative steps toward a mar- may be viewed in hindsight as a prag- US shoulder full responsibility for a ising a movement rooted in the work- Party headquarters in protest in unlikely online folk hero for younger
Hollywood films and burst into ket economy. But ultimately he matist. Unlike his successors in the collision between a Chinese fighter ing classes and peasantry into one April 1999, he pressed for mass Chinese. They mocked his manner-
songs like “Love Me Tender.” pushed to open the economy to the Communist Party, he seemed con- jet and a propeller-driven American that courted and co-opted intellec- detentions, which set the pattern for isms, while slyly celebrating his rel-
Less enthralled Chinese called outside world even after Mr. Deng’s vinced that China could not thrive surveillance plane. But it was not a tuals and an emerging business elite. later rounds of repression and for an ative tolerance compared with his
him a “flowerpot,” likening him to a health and power had waned. Under for long as an adversary of the US. coincidence that Jiang’s years in His critics in China and abroad increasingly powerful security state. successors. They recalled the time
frivolous ornament, and mocking him, China emerged as a major When American-guided bombs office were the golden age of China’s viewed these steps as little more Jiang will forever be known first in 2000 when he berated Hong Kong
his quirky vanities. In his later years manufacturing power and a rising hit the Chinese Embassy in Belgrade embrace of globalisation. He won than tacking with the political as the man party plucked out of rel- journalists in English: “Too simple,
young fans celebrated him, tongue- economic rival to developed nations. in 1999, during the breakup of China’s entry into the World Trade winds. And in truth, Jiang’s pro- ative obscurity in 1989 when they sometimes naive.”
in-cheek, with the nickname “toad.” Relations with the United States Yugoslavia, Jiang rejected the Organization in late 2001 after years market leanings commingled with were preparing to order the armed ©2022 The New York Times News Service
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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM
VOLUME XXIX NUMBER 163 ILLUSTRATION: BINAY SINHA
NEW DELHI| THURSDAY, 1 DECEMBER 2022
Growth challenges
Manufacturing sector decline needs policy support Fortunately, today’s technology also gives us
the means to address problems on a humanity-
W
ith the release of India’s economic growth numbers for the July- wide scale. The massive virtual worlds that we
September quarter of 2022 on Wednesday, the Centre’s challenges inhabit today demonstrate the scalability of digital
in managing the economy have become a little more formidable. technologies.
These numbers have also underlined the economic imperative Housing one-sixth of humanity, and with its
immense diversity of languages, religions, customs,
of presenting an appropriate Budget next February and realistically assessing
and beliefs, India is a microcosm of the world.
the growth prospects for 2023-24 in the light of the emerging economic headwinds. With the oldest-known traditions of collective
According to the National Statistical Office, India’s gross domestic product (GDP) decision-making, India contributes to the founda-
in the second quarter of 2022-23 grew 6.3 per cent in real terms, declining sequen- tional DNA of democracy. As the mother of democ-
tially from 13.5 per cent in the previous quarter. It was low even compared to the racy, India’s national consensus is forged not by dik-
growth of 8.4 per cent in the July-September quarter of 2021. Quite apart from tat, but by blending millions of free voices into one
harmonious melody.
deceleration in growth, which reflects the relative slowdown and the higher base
Today, India is the fastest-growing large economy.
effect, the July-September GDP number makes the task of achieving the target Our citizen-centric governance model takes care of
of notching up a 7 per cent growth rate for the full year a bit difficult, although even our most marginalised citizens, while nurturing
not out of reach. The first half of 2022-23 has recorded a growth rate of 9.7 per the creative genius of our talented youth.
cent and the Indian economy must grow at least 4.6 per cent in the second half, We have tried to make national development not
a task that would not be impossible but challenging, given the global headwinds an exercise in top-down governance, but rather a
Today, India commences

citizen-led “people’s movement”.
on account of an economic slowdown in developed economies, elevated inflation,
We have leveraged technology to create digital
rising interest rates, and slowing exports. public goods that are open, inclusive, and inter-
A key worrying aspect of the latest national income numbers pertains to operable. These have delivered revolutionary
the performance of the manufacturing sector. The second quarter of 2022-23 progress in fields as varied as social protection, finan-
saw manufacturing sector output decline by 4.3 per cent. Even the mining sector
had a contraction of 2.8 per cent. The output decline in manufacturing and
mining reflects weaknesses in India’s industrial sector as also challenges it poses
for creating jobs. Without a vibrant manufacturing sector, the tasks of creating
its G20 presidency cial inclusion, and electronic payments.
For all these reasons, India’s experiences can pro-
vide insights on possible global solutions.
During our G20 presidency, we shall present
India’s experiences, learnings, and models as pos-
more jobs would remain unfulfilled. The unfinished agenda on factor market Let’s make India’s presidency one of healing, harmony, and hope sible templates for others, particularly the develop-
reforms, particularly with regard to labour policy changes, must receive priority ing world.
T
attention. The sharp deceleration in construction growth is also a reminder of he previous 17 presidencies of the G20 deliv- inherently selfish, what would explain the lasting Our G20 priorities will be shaped in consultation
the need for labour policy reforms, even though its performance in the second ered significant results — ensuring macro- appeal of so many spiritual traditions that advocate with not just our G20 partners, but also our fellow
economic stability, rationalising international the fundamental oneness of us all? travellers in the global South, whose voice often
quarter can be explained by seasonal factors. The bright spots in the economy
taxation, and relieving the debt burden on countries, One such tradition, popular in India, sees all liv- goes unheard.
were agriculture, where growth was healthy at 4.6 per cent, and energy as well as among many other outcomes. We will benefit from ing beings, and even inanimate things, as composed Our priorities will focus on healing our “One
utility services, where the double-digit growth rate of over 14 per cent was indica- these achievements, and build fur- of the same five basic elements — Earth”, creating harmony within our “One Family”
tive of the return of the contact-intensive sectors with a gradual retreat of Covid- ther upon them. the panch tatva of earth, water, fire, and giving hope for our “One Future”.
19. On the expenditure side, private consumption growth was healthy at 9.7 per However, as India assumes this air, and space. Harmony among For healing our planet, we will encourage sus-
cent, but government expenditure, which fell in the second quarter, was disap- important mantle, I ask myself — these elements — within us and tainable and environment-friendly lifestyles, based
can the G20 go further still? Can we between us — is essential for our on India's tradition of trusteeship towards nature.
pointing, which is largely because of the government’s tight leash on its spending catalyse a fundamental mindset physical, social and environmental For promoting harmony within the human fam-
during the first half of the current fiscal year. Another positive indication was shift, to benefit humanity as a well-being. ily, we will seek to depoliticise the global supply of
the investment climate in the economy, which was captured in the numbers for whole? I believe we can. India’s G20 presidency will work food, fertilisers, and medical products, so that geo-
gross fixed capital formation. This has been doing well in recent times and its Our mindsets are shaped by our to promote this universal sense of political tensions do not lead to humanitarian crises.
continued growth at 10.44 per cent in July-September 2022 augured well for circumstances. Through all of his- oneness. Hence our theme — “One As in our own families, those whose needs are the
economic growth prospects. But the challenge before the Indian economy arises tory, humanity lived in scarcity. We Earth, One Family, One Future”. greatest must always be our first concern.
fought for limited resources, because NARENDRA MODI This is not just a slogan. It takes For imbuing hope in our future generations, we
more from external factors like global demand. Exports growth has already our survival depended on denying into account recent changes in will encourage an honest conversation among the
begun to decelerate and the policy on both the exchange rate and tariff fronts them to others. Confrontation and competition — human circumstances, which we have collectively most powerful countries — on mitigating risks posed
must be geared to supporting merchandise goods exports. More importantly, if between ideas, ideologies and identities — became failed to appreciate. by weapons of mass destruction and enhancing
the economy has to gain from a higher investment rate, it will be necessary to the norm. Today, we have the means to produce enough to global security.
present a Budget that continues to spend more on infrastructure creation while Unfortunately, we remain trapped in the same meet the basic needs of all people in the world. India’s G20 agenda will be inclusive, ambitious,
zero-sum mindset even today. We see it when coun- Today, we do not need to fight for our survival action-oriented, and decisive.
rationalising exemptions and concessions in the taxation system to sustain tax
tries fight over territory or resources. We see it when —our era need not be one of war. Indeed, it must Let us join together to make India's G20 presi-
revenue growth. supplies of essential goods are weaponised. We see not be one! dency a presidency of healing, harmony and hope.
it when vaccines are hoarded by a few, even as bil- Today, the greatest challenges we face — cli- Let us work together to shape a new paradigm —
lions remain vulnerable. mate change, terrorism, and pandemics — can be of human-centric globalisation.
Re-design and deliver Some may argue that confrontation and greed solved not by fighting each other, but only by act-
are just human nature. I disagree. If humans were ing together. The writer is the Prime Minister of India
Govt crop insurance scheme needs radical rethink
I
n a welcome initiative, the government has suo motu offered to make pro-
farmer changes in its flagship crop-insurance scheme — the Pradhan Mantri
Fasal Bima Yojana (PMFBY) — in view of the climate change-induced esca-
lated hazards in farming. This move is deemed need-based as well, given
Identifying an offshore investor
F
that this scheme has failed to meet the expectations of the state governments or obvious reasons, identifying the actual ben- standing of such structures or, more specifically, as The Financial Action Task Force or FATF, the glob-
and farmers despite the reforms carried out in 2018 and 2020. Unsurprisingly, eficiary of an investment in an asset is they are incorporated under the Indian laws. For al anti-money laundering watchdog, has developed
extremely important for law enforcement instance, when we think of a company structure, we recommendations/ standards with a view to ensuring
therefore, the number of states implementing the PMFBY has declined from 22 agencies across the world. have in mind a company incorporated under the a coordinated global effort to prevent money laun-
in 2018 to 19 now, and the count of cultivators opting for the insurance cover has In India, the Prevention of Money Laundering Indian Companies Act. Similarly, a trust is assumed dering. Since countries have diverse legal, adminis-
dropped from 21.6 million to 15.38 million. While most state governments, finan- Act, 2002, defines “beneficial owner” to mean an to have the structure as per the Indian Trusts Act. trative and operational frameworks and different
cially strapped as they are, find it hard to pay their share of subsidy involved in individual who ultimately owns or controls a client However, different jurisdictions across the world, financial systems, they naturally cannot take identical
running this scheme, the farmers do not view it rewarding enough to go for it. of a reporting entity, or the person on whose behalf though following similar nomenclature, may not measures. The FATF’s recommendations, therefore,
The compensation paid by insurers is generally too little and comes too late to be a transaction is being conducted, and includes a necessarily prescribe the same regulatory require- set standards that countries should adopt based on
person who exercises ultimate effective control over ments for different structures. Thus, FPIs incorpo- their particular circumstances. The identification of
of much help to them. Though the critics of the PMFBY, including farmers’ a juridical person. rated abroad, say, as companies or trusts under laws BO is governed by recommendation 10, which speci-
unions, accuse the insurers of usurping the financial gains accruing from the The Prevention of Money-laundering of those jurisdictions may have structures different fies that each country may determine how it imposes
scheme, the insurance companies discount the criticism, maintaining that farm (Maintenance of Records) Rules, 2005, prescribe the from those of the companies and trusts incorporated specific CDD obligations. Recommendation 37 deals
insurance is an innately low-profit business because of the high risk involved in procedure for maintaining the identity records of under the Indian laws. Nevertheless, the Rules pre- with mutual legal assistance requirements amongst
an outdoor activity like agriculture. Some of the companies have, consequently, clients of banking companies, financial institutions scribe the same reporting requirements for such jurisdictions to facilitate information sharing.
and intermediaries. This article examines the pro- FPIs as are applicable for the investing entities incor- We need to perhaps take a closer look at the regu-
stopped offering farm insurance cover.
visions under these Rules in the con- porated in India. latory systems prevalent in each of the tax-haven
The PMFBY, undoubtedly, is the best and the most comprehensive of all the text of investments made in India The position is likely to be more jurisdictions — more importantly, the operational
crop insurance schemes tried since the early 1970s. It covers even the pre-sowing by foreign portfolio investors (FPIs), complex in respect of tax-haven nitty-gritties, and satisfy that the existing CDD and
and post-harvest losses and does not have any cap on the sum insured. But it which are incorporated abroad. jurisdictions, which are often the BO requirements under the Rules serve the desired
suffers from many structural flaws, which mar its efficacy. Though, on paper, it FPIs constitute a significant pro- favourite locations for many of the purpose in respect of the FPIs incorporated, under
is a Central-sector scheme bearing the Prime Minister’s label, half its cost is portion of capital flows — in and out FPIs to get incorporated. Globally, different structures, in these jurisdictions. In case
of our market. The economy could these jurisdictions compete some changes are required in the Rules, the same
required to be shared by the states, and implementation is in the hands of pub-
be severely impacted by sudden large amongst themselves to attract may be brought in forthwith.
lic-sector and private companies. That allows the blame to be tossed from one to movements in such capital. To bring investments. The critics of tax- Different law enforcing agencies in India have
another. The solution, therefore, lies in making it either a wholly Central scheme, in perspective, there was a net FPI haven jurisdictions claim that in information sharing arrangements with their coun-
with all expenses borne by the Union government, or leaving it entirely to the inflow of $37 billion into Indian equi- some of these regions several com- terparts in other jurisdictions in the world. Such mech-
states, given that agriculture is a state subject under the Constitution. The states ties in FY21, followed by a net outflow AJAY TYAGI panies have their registered offices anisms ought to be effective — the information shar-
can, in that case, either choose to pay compensation to farmers, as is mostly of $18.5 billion in FY22. During the in the same room of a building; at ing should be swift and meaningful. Based on the
current year, the trend has been quite times even in different drawers of a experience gained, our agencies may assimilate the
done in the aftermath of natural calamities, or offer situation-specific insurance
unpredictable, considering the global economic table in that room! shortcomings and then we may take up the issue with
models acceptable to the farmers. The states are, in any case, in a better position uncertainty and the rising interest rates in major These jurisdictions provide highly flexible the FATF and International Organisation of Securities
to gauge farm risks and the resultant crop damage, which varies in accordance economies, especially the US. In the April-October options for corporate structures. Some jurisdictions Commissions at their plenary meetings, where India
with local agro-ecological conditions. period this year, there was a net outflow of $7.7 billion have a concept of management companies. The is a member.
The issue of delayed settlement of claims and inadequate reimbursement with significant month-wise variations — the highest companies incorporated there could even outsource One important question is, do the tax-haven juris-
of the losses also needs to be addressed. Though the time frame and the norms net outflow was in June of $6.4 billion, and the highest various core activities to management companies, dictions remain truly compliant, on a continuous
net inflow was in August of about similar amount. including providing directors and nominee share- basis, with the FATF standards in letter and spirit?
for staking claims by the farmers, as also for the disbursement of compensation
Knowing the true beneficial ownership (BO) of FPIs holders. There are other jurisdictions which have a In the past, the FATF has been able to re-evaluate a
by the insurance firms, have been spelt out clearly under the PMFBY, these are is important. “variable capital company” regime for fund man- jurisdiction only after a gap of 10-12 years from its
often disregarded. With the application of modern technology, such as digital Rule 9, which deals with “client due diligence” agement activity — such companies could freely earlier evaluation. This is largely on account of
apps for reporting crop damage, satellite imagery for verifying claims, and direct- (CDD), casts responsibility on the reporting entity to redeem shares and have dispensation from disclos- resource constraints with the body. The FATF should
benefit-transfer mode for paying compensation, this aspect can easily be taken report on the BO of a client. It prescribes in detail as ing data to the public. Note that the tax-haven juris- develop a standing mechanism to evaluate the tax-
care of. The need, therefore, is to carry out some judicious structural and procedural to what exactly is to be reported depending upon the dictions have incentives to evolve more and more haven jurisdictions more frequently — say, at least
operational structure of the client, viz whether the of such structures over time. Multiple layering, with every three to five years, with the cost burden being
modifications to the PMFBY to make it viable for insurance firms and financially
client is a company, partnership firm, unincorporated investing entities at different layers incorporated in borne by these jurisdictions themselves. We should
gainful for farmers. Otherwise, this well-intentioned scheme would remain an association or a body of individuals or a trust. different jurisdictions, add to the complexity. take it up with the FATF.
underperformer. Various possible structures of the client, as enu- Identifying the true beneficial ownership in such
merated in the Rules, are based on a general under- structures could prove to be a difficult task. The writer is a retired IAS officer and former Sebi chairman
Making economics palatable culture, misconception around free

markets and poverty in developing
countries. Dr Chang’s focus is to
deconstruct some of the
bananas, talks about the United States’
role in chaos in South America for
control over land, trade and enterprise.
Dr Chang also focuses on the state-
then connects it to the economic
concept or condition. The author uses
carrots to explain patents and brings in
the discussion on Golden Rice, uses
years—the remarkable feat USSR had Ha-Joon Chang’s work is an misconceptions around the directed growth model in South Korea, Coca-Cola to explain the role of
achieved after the October Revolution extension of this deliberation on the neoclassical notion of economics, which led to the emergence of corporations, and chicken to illustrate
in 1917. Different models of develop- neoclassical world. The author, in this which places Hyundai, Samsung economic equality. In some of the
ment emerged as two competing blocs case, relies on food to make the subject primacy on freedom Edible Economics: A as global entities. chapters, the links are obscure,
battled on the global stage. The world more palatable. He starts with the of markets. He Hungry Economist Then he pivots back but those instances are few and
was bipolar, but economics diversified British food scene to describe the highlights how Explains the World to explaining the far between.
BOOK REVIEW into several groups. However, as the changes in the field and draws parallels champions of free Author: Ha-Joon failures of The overall theme of the book is a
USSR started losing its sheen and the between the food in Britain and the market policies Chang neoclassical rallying cry against the established
ISHAAN GERA world started becoming unipolar, so economics throughout the world. Then protected their Publisher: Penguin worldview. In this economic order. Barring the repetitions
did economics. One of the casualties of he takes a global approach to food to industry from Books endeavour, some of and the somewhat hard driving nature
I
n the middle of the 20th century, as American hegemony was economics, deliver a stinging critique of the competition until the points he raises of Dr Chang’s opinions that sometimes
Pages: 191
most of the world’s colonised as the neoclassical vision pushed all neoclassical approach. He discusses the they were able to become repetitive. trump objective assessment, the book is
nations were gaining indepen- other ideas to the fringe. Now that Washington Consensus, neoliberal compete, but Price: ~999 In certain places, an enjoyable read. It presents the reader
dence, economists were arguing about there is a change in world order again, politics and the failure of “cookie scoffed at the idea of the author circles with some interesting facts—such as
the best approach to development. economics is diversifying away. More cutter” method. the developing world around a topic for the corn laws in the UK—and challenges
India, enamoured by the growth in the importantly, a few decades of neoclas- Edible Economics: A Hungry doing the same. Similarly, he highlights too long to establish his opinion. Take her to think beyond the established
Union of Soviet Socialist Republics, fol- sical economics has given others Economist Explains the World is divided the hypocrisy of some of the Western the case of religion, where the same fact paradigm. It also puts a lot of geopolitics
lowed a mixed economy model, under enough fodder to deliberate on its suc- into five parts and 17 chapters. The first economies in promoting free trade and is repeated time and again to draw the and economic decisions in context. All
which the state did the heavy lifting. cess and failures. Capitalism, given part sets the conditions for the rest of then imposing exacting conditions on reader’s attention. The entry point for told, Dr Chang emerges victorious in
The goal was to turn the country into the great crisis of 2008, has met a the work. Aptly named “Overcoming weaker economies, making that trade each chapter is similar, it starts with a his mission to simplify economics
an industrialised nation within 25 similar fate. prejudices” it focuses on the role of favourable for them. The chapter on dish connected to the prime ingredient, for everyone.
QUICK TAKE: MULTIPLE CONCERNS FOR NATCO “Relative to other EMs, Asia has
The Smart 1 The stock of Natco Pharma is down 11 per cent since its much stronger balance sheets
Investor
at sovereign and corporate
November highs. ICICI Direct Research has a ‘hold’ levels, more prudent policy
rating on the stock due to impending competition in making, and positive structural
NEW DELHI | cancer drug, Revlimid, high risk-reward play in crop reforms in a few key countries”
THURSDAY, 1 DECEMBER 2022 protection with possible new entrants and stagnancy in PETER MONSON
domestic formulations — especially oncology Portfolio manager,
Nikko Asset Management
<
NHIGH FIVES ALL AROUNDN
India defies global gloom, NOVEMBER: D-STREET THROWS THANKSGIVING PARTY

MARKETS LOGGED STRONG GAINS FOR A
SECOND STRAIGHT MONTH BUT BROADER
MONTH OF POSITIVES
Flows ( ~ cr) FPI MF
bookmarks fresh highs INDICES LAGGED
Sensex
Nifty50
Nov 30,’22
63,099.7
18,758.4
% chg
3.9
4.1
16,487
-35,975
29,322
60,000
40,000
20,000
0
-20,000
Experts say gains by Indian equities will be steady if there’s no crude price surge Nifty Midcap 100 32,037.9 1.9 4,402 -40,000
-60,000
Nifty Smallcap 100 9,976.1 3.0 Jan ‘22 Nov ‘22
SUNDAR SETHURAMAN
Mumbai, 30 November
Domestic markets logged strong gains for a second straight THE GOOD AND BAD OF IT Gainers Losers
SECTORAL INDICES
I
ndian markets are consistently book- month, cementing their place as the world's best- Chg (%) Chg (%)
marking new highs, even as the performing major market of 2022. The benchmark Sensex Nifty PSU Bank Index 15.6 Nifty Auto -1.1
world’s two biggest markets are in and the Nifty50 rallied around 4 per cent, each, in Nifty Metal Index 11.3 Nifty Pharma -0.5
deep red. Except for Indonesia, markets November, extending their two-month gains beyond 10
across Asia and Europe continue to lan-
Oil & Gas 8.0 Consumer Durables -0.4
per cent.The rally was underpinned by strong inflows from
guish, hit by headwinds, such as monetary foreign portfolio investors (FPIs). At ~28,000 crore, the NIFTY50 STOCKS
tightening, fears of global recession, and monthly investment tally of FPIs was second-best for the Adani Enterprises 17.0 Eicher Motors -9.5
crisis arising out of the Russia-Ukraine Britannia Industries 15.8 Coal India -7.6
year, behind the Auhust number of ~53,994.
stand-off.
Equity gauges for China and Hong
Among Nifty components, Adani Enterprises, Britannia Bharat Petroleum 12.3 Bajaj Finance -5.9
Kong are currently trading at half their ILLUSTRATION: BINAY SINHA Industries and BPCL logged the highest gain. In the top 500 TOP 500 STOCKS
record highs, while the technology-heavy VIEW FROM THE TOP universe, the list of top-gainers was dominated by public
sector undertakings (PSUs). The broader markets, though,
Rail Vikas 85.3 Paytm -24.5
Nasdaq is down more than 30 per cent. India and Indonesia are only major markets that stand out Union Bank 51.5 Campus Active -22.1
The Nifty on Tuesday surpassed its pre- continued to lag behind, with the Nifty Midcap 100 and the
vious lifetime high made on October 19 AT NEW HIGHS NEARING NEW HIGHS FAR AWAY FROM HIGHS Nifty Smallcap 100 gaining 1.9 per cent and 3 per cent, Hudco 46.8 Quess Corp -20.6
on an intraday basis. (Nov 30,’22) n All-time highs n % chg n All-time highs n % chg respectively. SAMEER MULGAONKAR & MAYANK PATWARDHAN
Data for foreign portfolio investors up to November 28 & mutual funds up to November 28
Source: NSDL /Sebi, exchanges/Bloomberg Compiled by BS Research Bureau
Most global markets have rallied in -4.0 -6.7 -7.7 -48.6 -45.6 -31.8 (Nov 22,’21)
November — many even outperforming
(May 22,’18)
(Dec 29.’21)
India. However, the correction seen ear-

(Oct 16,’07)
16,212
(Jan 29,’18)
Investors want more of Oil & gas stocks up after

(Dec 30,’21)
lier this year has been quite severe. India, 18,758

7,904
7,202
6,124
33,484
36,679
on the other hand, managed to stave off 7,081

a big correction, notwithstanding record India: Goldman Sachs
Parikh panel report
overseas outflows as a result of domestic
liquidity support and relatively better India (Nifty50) Indonesia UK France US China Hong Kong US Foreign investors are showing
economic prospects. (Dow Jones) (Nasdaq) increased interest in India, as Asia’s
Major global companies have been on Source: Bloomberg Note: *Difference between current level and all-time high third-largest economy ramps up its
a sticky wicket on the back of runaway manufacturing capacity and improves DEEPAK KORGAONKAR
inflation, disruption in commodity prices alised account crossed the 100-million Bhat added that depreciation of the infrastructure, said Santanu Sengupta, Mumbai, 30 November
due to the Russia-Ukraine face-off, lock- mark this year. The Indian economy’s rupee has taken some sheen off the gains chief India economist at Goldman
downs in China, and unwinding of post- better prospects, compared to peers, are made by Indian equity benchmarks. Sachs Group. Shares of oil & gas companies, including
pandemic stimulus measures. also cited as a reason for its better run. Experts said the gains by Indian As investors chase markets with digi- those of city gas distribution (CGD) com-
Inflation, which reached the highest The decline in crude oil prices has equities would be steady as long as there tal new economy assets, India has con- panies, were in focus on Wednesday and
levels in decades in the US and other further bolstered investor sentiment. is no spurt in crude oil prices. sistently attracted annual foreign direct moved higher by up to 4 per cent on the
major economies, challenged the ‘tran- From its highs, the Brent crude has cor- “There is a possibility of minor cor- investments of $50 billion to $55 billion, BSE during intraday trade on reports that
sitory’ narrative of major central banks rected 40 per cent this year as weak eco- rection if China eases lockdown curbs as even in the pandemic, Sengupta said in the Kirit Parikh Committee recom-
and forced them to prioritise reining in nomic data from China fuelled concern one might see oil prices rising,” said an interview with Bloomberg Television’s mended a floor and ceiling price for nat- 20,653.57 in intraday trade on Wednesday.
price rises. about energy demand. Chokkalingam G, founder, Equinomics Haslinda Amin and Rishaad Salamat. ural gas produced from legacy fields for a It, however, settled at 20,610 levels — up
Central bankers went to the extent of “The slide in oil prices has been a Research & Advisory. Government incentives for com- period of five years. 0.8 per cent, as compared to 0.7 per cent
stating that inflation had to be tamed, blessing in disguise for India as it has Experts believe India could underper- panies that expand their manufacturing ONGC will be paid a floor price of gain in the S&P BSE Sensex.
even if compromising on growth was the reduced the import bill. All the macro form whenever the headwinds ease for base in India are a big draw, he said. $4/mmbtu (metric million British thermal Among individual stocks,
price to be paid. This stance led investors indicators like the goods and services tax the US and the China markets since they “There is clearly a lot of interest from for- unit) and ceiling price of $6.5/mmbtu. The Indraprastha Gas (IGL), the top gainer
to take money out of equities. collection and automotive sales are offer much better value on a eign institutional investors, especially ceiling price will have an annual escala- among the pack, was up 4 per cent, at
The Covid restrictions in China, slow- pointing towards the post-pandemic eco- relative basis. from the foreign direct investment side, tion clause. The escalation being sug- ~451.70, on the BSE in intraday deals.
down in its economy, and the recent nomic distress being a thing of the past. “Given the rate at which our markets to invest in India.” gested is $ 0.5/mmbtu, annually, with no The counter ended the day at ~442
unrest have kept equity markets across Our market is better performing when have gone up, I would expect a revisiting India is trying to woo investors as change in pricing for the first two years or levels, up 1.9 per cent. Mahanagar Gas
the globe on edge and sparked specula- weighed up against other emerging mar- of basic assumptions. Notwithstanding global manufacturing firms, especially a $ 0.25/mmbtu annual escalation for five (MGL), Gujarat Gas Company, Oil India,
tion over the reopening of the world’s sec- kets (EMs). China was the biggest EM for the robustness of the economy, val- in the technology sector, look to diversify years. The committee may not change the Indian Oil Corporation, Petronet LNG,
ond-largest economy. investors; some of the flows are coming uations have run up too sharply. I expect away from China. India and Vietnam are existing pricing formula for difficult fields Bharat Petroleum Corporation (BPCL),
Indian markets benefited from strong to India. Even corporations are coming some correction after the Nifty hits expected to corner a large share of busi- such as KG-D6 of Reliance Industries, PTI Reliance Industries (RIL) and Adani Total
inflows from retail investors who invest out with better results,” said U R Bhat, 19,000-19,500 levels. A one-way street is ness, especially in electronics. reported. Following these reports, the S&P Gas gained between 0.5 per cent and
directly in the markets. India’s demateri- co-founder, Alphaniti Fintech. never good,” added Chokkalingam. BLOOMBERG BSE Oil & Gas index hit a 52-week high of 2 per cent.
THE COMPASS N IPO WRAP N Zomato stake Sebi bars FWCS, its
sale fetches
Cenexi acquisition may not Dharmaj Crop subscribed 36 times ~1,631 crore directors for 1 year
Dharmaj Crop Guard’s initial public offering (IPO) garnered nearly 36 times The Securities and Exchange provisions of PFUTP
help Gland Pharma stock subscription as its bidding closed on Wednesday. The qualified institutional
buyers (QIBs) portion was subscribed 48 times, high networth individual portion
for Alibaba Board of India (Sebi) has
barred Fingravy Wealth
(Prohibition of Fraudulent
and Unfair Trade Practices)
52 times and retail portion nearly 22 times. Dharmaj is an agrochemical com- Alibaba-led Alipay Singapore Creation Services (FWCS) and rules and IA (Investment
Lack of near-term visibility on profitability for pany. It raised ~216 crore by issuing fresh equity in the IPO. The issue also com- Holding, on Wednesday, sold its directors from the secu- Advisors) norms.
core business is a concern prised of secondary share sale worth ~35 crore. “If we annualise its four months’
FY23 EPS of ~7.44, then on the annualised FY23EPS of ~22.32, the issue is available
262.9 million shares or 3.07
per cent stake in food deliv-
rities markets for 1 year for
providing unauthorised
The regulator also noted,
noticees have been
RAM PRASAD SAHU Margins improved to 19 per cent in at a P/E of 10.62x, which, compared to its peers, is cheap. Also, as per the pro- ery firm Zomato. Alipay advisory services. restrained from
H1CY22, but the company indicated spectus, the valuation looks attractive, considering the average industry P/E of mopped up a total of ~1,631 The order came accessing the secu-
Investors were not too enthused on that these are not regular levels. 24.04x,” KR Choksey Research had said in a note. BS REPORTER crore from the sale in which after Sebi passed rities markets
Wednesday after Gland Pharma The valuation of the acquisition, Camas Investments bought an ex-parte until further
(Gland) said it is acquiring Cenexi, a which will account for a fourth of shares worth ~608 crore. The interim order orders through the
French drug maker, at an enterprise
value of 230 million
Gland’s consolidated turnover and 15
per cent of its operat-
Promising start for Uniparts shares
~62 apiece.
were sold at dated January 14,
2020 against FWCS
interim order.
They were also
euros (about ~2,000 ing profit in FY24, Uniparts India’s initial public offering (IPO) was subscribed 58 per cent on On Wednesday, the com- and its present and directed to cease and
crore). were reasonable. The Wednesday, the first day of the issue. A day earlier, the company had mobilised pany’s shares rose 2.6 per past directors — Dhiraj desist from acting as an
Gland’s stock was company purchased ~250 crore from anchor investors. Uniparts is a vertically-integrated precision cent to end the day’s trade at Gupta, Sumit Kumar, investment advisor until
down 5.4 per cent in Cenexi at just over 1.2 solutions provider for the off-highway market in the agriculture; construction, ~65.2. Prior to the stake sale, Hemanchal Singh, Ravindra further orders.
trade on worries that times its CY21 sales forestry and mining (CFM) segment. The price band for the IPO is set at ~548 to Alipay held 6.7 per cent stake Singh and Ashutosh Sharma. In its final order, the regu-
the company’s first and 10 times its oper- ~577 per share. At the top-end, the company will be valued at ~2,600 crore. The in Zomato while affiliate firm In its interim order, the lator found FWCS and its
overseas acquisition ating profit in line with firm’s ~835-crore IPO is entirely an offer for sale. The IPO is priced at 15.6 times Antfin holds another 6.6 per regulator found FWCS and its directors have not disputed
dilutes margin and will valuations of generic its FY22 earnings, which is “reasonable”, given its “robust financials”, said cent share in the directors were prima facie the findings of the
weigh on earnings. peers. In addition to Motilal Oswal in a note. BS REPORTER foodtech giant. BS REPORTER found to have violated the interim order. PTI
The operating cross-selling opportu-
profit margins of nities the acquisition is
Cenexi, which makes expected to expand
‘Our goal is to go public in three years’

ampoules, pre-filled Gland’s presence in
syringes and vials European markets
and has expertise in increasing its share of
sterile dosage forms, the geography from 5
have improved over per cent now to With an in-depth analysis of over 4,000 listed companies on its platform, MOHIT BATRA, planning to launch a PMS business with a Do you have fundraising and/or
the last two years, but 13 per cent. founder and chief executive officer, MarketsMojo, tells Puneet Wadhwa in an interview that direct investment of ~5,000 crore from the listing plans?
are still short of Cenexi’s capabil- the company is applying for a portfolio management services (PMS) licence and plans to launch clients in our system who we advise. We MarketsMojo is a profitable bootstrapped
Gland’s profitability. ities in hormones, the business with a direct investment of ~5,000 crore. Edited excerpts: will continue to advise clients with less company and has grown manifold since
Cenexi’s margins in suspensions and con- than ~50 lakh under our current regis- its inception. We are self-sufficient in the
the first half of calen- trolled substances MarketsMojo analyses over 4,000 revolve around retail investors, who lack tered investment advisor (RIA) licence. assets business but if that large opportu-
dar year 2022 would help Gland to publicly traded stocks. Can you shed light equity market portfolio advice, research, We also plan to apply for an AIF license to nity needs to be funded, we will need to
(H1CY22) are at 19 per expand its offerings on how this works? and assistance, and B2B/B2C data provide specialised services to super- look into inorganic funding options.
cent, compared to to its customers, Our proprietary IP, refined over 8 years, requirements for brokerage houses and HNIs. Our long-term goal is to obtain an Regarding growth, we are typically grow-
Gland’s standalone said Motilal Oswal selects high-performing stocks. Each stock exchanges. Our partners include asset management company (AMC) ing around 2x-3x of our top-line on a
margins at 31.5 per Research. stock has 550 parameters that analyses 30 Motilal Oswal Securities (MOSL), Axis licence within the next two to three years. yearly basis. Our goal will be to go public
cent for the same The brokerage has billion data points daily on a company’s Securities, Geojit Financial Services, and within the next three years.
period. a ‘buy’ rating on fundamentals and technology. The four National Stock exchange (NSE), and
Gland plans to scale up margins Gland’s stock and has increased the pillars of analysis include quality (funda- portfolio advisory for wealthy inves- You have recently launched an India Inc
by improving efficiency, shift some earnings estimates to factor in the mentals, cash flow, balance sheet, and tors. We execute two types of portfo- OUR THREE BUSINESS report, based on the September quarter
products from Cenexi sites to itself, additional business from the acqui- company growth over five years), val- lio advisory services for investors -- MODELS REVOLVE AROUND results. Any insight that you would
accelerate technology transfers and sition. The company has contracts uation (around seven parameters that are model portfolios for pure retail and RETAIL INVESTORS WHO LACK like to share?
enhance capabilities of plants in with three companies for biologic related to both growth and balance an investment advisory licence for No major negative surprises except for
France and Belgium. products, expanding its presence in sheet), current financial trend (compares high net-worth individuals (HNIs). EQUITY MARKET PORTFOLIO the slowdown in rural demand. Iron and
Kotak Institutional Equities’ this space. fundamental growth in the most recent Our investors, however, trade inde- ADVICE, RESEARCH, AND steel, non-ferrous metals, cement, and
Alankar Garude and Samitinjoy Given the lack of clarity on pace quarter over the past five quarters, adjust- pendently through brokers. other commodity-related businesses per-
Basak believe that despite such of revenue and earnings growth in ing for seasonality), and technical that
ASSISTANCE, AND formed poorly, dragging India Inc's prof-
strategies, Cenexi’s operating profit the near term and lower margin pro- has seven-broad parameters, such as RSI What are your expansion B2B/B2C DATA itability. Both private and public sector
margin profile is unlikely to scale up
to Gland’s level soon due to the high
file in the long term most brokerages
have reduced the earnings multiple
and Bollinger bands; they are used to
determine a stock’s entry and exit points.
plans?
We have over ~65,000
REQUIREMENTS banks have performed well as their non-
performing asset (NPA) levels have
cost of European manufacturing. for Gland. The stock is trading at 20 crore worth of assets FOR BROKERAGE reduced. Indian information technology
The brokerage has a ‘reduce’ rating times its FY24 earnings estimates So, what is the business model? under our advisory. Our HOUSES AND STOCK (IT) companies have done well despite
as it believes that the deal has lim- and is available below the target MarketsMojo is the first platform to cover upcoming business the slowdown in Europe and the US.
ited benefits for Gland. prices of most brokerages. Investors all publicly traded companies, portfolio expansion strategy is
EXCHANGES Thus, IT looks promising and the capital
Cenexi’s revenues have remained should, however, await a clear tra- advisories, model portfolios, and equity twofold. First, we are MOHIT BATRA goods sector is also expected to
flat over the last three years, as mar- jectory on revenue growth and market data. We also operate in 21 coun- applying for a portfo- Founder & CEO, perform well due to the massive govern-
gins expanded from 9.7 per cent in margin profile before considering tries, including the US, Canada, and lio management serv- MarketsMojo ment focus on capex just before the
CY19 to 12.5 per cent in CY21. the stock. Mexico. Our three business models ices (PMS) licence and General Election.
NEW DELHI | THURSDAY, 1 DECEMBER 2022 THE SMART INVESTOR 11 <
Easing input costs to aid Consistency is crucial while

margins of Asian Paints
Sales performance in the festival season was muted; volumes expected to recover
choosing NPS fund manager
Should have a good
RETURN-OF-PREMIUM ANNUITY OFFERS LOWER PAYOUT
RAM PRASAD SAHU track record while n If the equity market is at a low point n When buying an annuity, you must
Mumbai, 30 November switching between when you retire, or you decide to decide whether you want annuity
equity and debt extend your work life beyond 60, payments only for your lifetime, or
A
fter a 15 per cent fall from its highs
towards the end of September, the you can continue to hold your corpus also for your spouse’s lifetime
stock of Asian Paints has been SANJAY KUMAR SINGH in NPS — till the maximum age of 75
n You will also have to decide whether
trading flat to marginally higher. Margin n At withdrawal upon retirement, 60 you want the premium returned to
concerns due to a spike in raw material In September 2022, the number of indi- per cent of your corpus will be given your nominee upon your or spouse’s
prices, down-trading by customers and vidual subscribers to the All-Citizens lump-sum with no tax being levied; demise
higher competitive pressures led to pres- model of the National Pension System balance 40 per cent must be
sure on the stock. (NPS) stood at 2.5 million, up 36 per cent annuitised (annuity payouts are n The annuity payout rate is lower in
Brokerages, however, believe that the year-on-year, according to data from the taxable at slab rate) the return-of-premium option
risk-reward has improved as raw material Pension Fund Regulatory and
prices cool off and volumes could witness Development Authority (PFRDA).
a gradual recovery. Investors must make prudent choices at direct equities, you may also opt for a Active choice investors can take an
ICICI Direct Research said, the time of joining NPS. specialised retirement product like exposure of up to 75 per cent in equities
“Consumer discretionary stocks have NPS,” says Arnav Pandya, founder, and keep it at that level till age 50. After
undergone healthy price retracements SEQUENTIAL DECLINE Is NPS for you? Moneyeduschool. that the equity exposure starts tapering
over the past couple of months after the Investors looking for a dedicated retire- and declines to 50 per cent by age 60.
June–August rally. Within the space, we
Q2FY23 Change YoY Change QoQ BRENT CRUDE SPOT ment product, where their money can't Get asset allocation right Investors who don’t have the time,
like Asian Paints, given the favourable Volume growth* (%) 10 -24 bps -27 bps ($/barrel) be easily withdrawn, may consider NPS. Asset allocation in NPS should be knowledge or inclination to manage
risk-reward at the current juncture as it Sales (~ cr) 8,458 19.2 -2 69.75 140 “It is a cost-effective retirement product decided based on risk appetite and age. their investments should opt for auto
is a proxy to benefit from lower crude oil Gross profit (~ cr) 3,022 22.6 -7 85.38 120 that also comes with tax benefits,” says “A very risk-averse investor may opt for choice. Here, an investor may choose
prices.” Sumit Shukla, managing director and 100 per cent allocation to debt. On the from one of three life cycle (LC) funds:
With crude oil prices falling to their Gross margin (%) 35.7 98 -197 chief executive officer, Axis Pension other hand, one who has the required aggressive (LC75), moderate (LC50) and
100
lowest levels this year, raw material costs Operating profit (~ cr) 1,228 35.7 -21 Fund Management. risk appetite may invest in equities up conservative (LC25). In LC 75, the equity
for paint companies are expected to Operating margin (%) 15 177 bps -356 bps 80 Investors get a tax deduc- to 75 per cent. The other factor exposure is 75 per cent at age 35 and falls
decline. Crude oil-related materials, such tion of ~50,000, which is exclu- is age. Younger investors to 15 per cent by age 55. In LC 50, it moves
as titanium dioxide, account for 40 per Net profit (~ cr) 783 31.3 -23 60 sive to NPS, under Section should have a higher alloca- from 50 per cent at age 35 to 10 per cent
cent of input costs. Note: *Domestic decorative paints, bps is basis points Source: Axis Securities Nov 30,’21 Nov 30,’22 80CCD (1B). tion to equities while those at age 55. And in LC 25, it declines from
This should help Asian Paints boost Unlike mutual funds, NPS closer to retirement should 25 per cent at age 35 to 5 per cent at age
its gross margins, which have remained crude oil-related as well as other input mium and luxury segments witnessed also offers tax-free rebalanc- have a higher allocation to 55.
under 40 per cent (35.7 per cent in Q2) costs, ease. Given the company’s indus- down-trading due to price hikes taken ing. debt,” says Shukla. “In life cycle funds, investors don’t
for the past six quarters. try-leading performance, it is Nuvama’s over the past few quarters. Volume uptick Deepesh Raghaw, founder, NPS is usually one product have to worry about reducing their
The company’s operating profit mar-
gins fell by 356 basis points (bps) to 14.5
top pick in the paints space.
In addition to the profitability trend,
was on account of increased sales of
economy emulsions, waterproofing sales
PersonalFinancePlan,
Securities and Exchange
a
YOUR among many that investors
have in their retirement port-
equity exposure as they age. The risk
attached to their investments reduces
per cent during the the Street will also focus and putty. Board of India (Sebi)-regis- MONEY folios. Says Pandya: “The asset automatically,” says Amit Sinha, group
September quarter. This is on the volume/revenue While the festival season was not as tered investment advisor (RIA) allocation within NPS should head–social security & welfare, Protean
due to the spurt in raw MOST PAINT PLAYERS growth trends, going strong as expected, brokerages expect applies three criteria before also depend on the cumulative eGov Technologies.
material costs and inferior ahead. volumes to recover, going ahead. suggesting NPS to a client. “The sub- equity-debt mix of the other products Nadella suggests that the choice
product mix.
POSTED ROBUST Most paint players, ICICI Direct expects revenue and net scriber should be in the 30 per cent or you have in your retirement portfolio.” between the three life cycle funds should
Margins during the GROWTH DURING including the market profit to grow annually by 18 per cent and higher tax bracket. An investment in depend on the investor’s risk appetite.
quarter were lower than SECOND QUARTER leader, posted robust 30 per cent, respectively, by FY22-24. NPS should not crowd out his other Active choice for greater control Sinha adds that novice investors may
the pre-Covid levels of growth during Q2. Asian While competitive pressures remain, investments. And he should not need An individual who understands invest- begin their journey with the auto-choice
around 20 per cent. Paints’ revenue growth at the brokerage is positive on the company, the money till 60,” he says. ing and wants greater control over his option, experience NPS, and shift to
Abneesh Roy of Nuvama Research just under 20 per cent was equally split given its dominant position in the paints A goal like retirement requires mul- asset mix should opt for active choice. active choice later.
said, “We expect gradual improvement between volume and price growth. industry. And, it is also because of limited tiple products and a mix of asset classes “This option allows you the flexibility to
in margins and don’t expect a price cut Though sales were impacted by the damage to its margins from increasing (equity and debt). “Employees Provident decide how your contributions are to be Choose a consistent PFM
now. We need to watch out on incentives extended monsoon, especially in West competition. While lower raw material Fund (EPF) and Public Provident Fund invested in these asset classes: equity Investors can’t have separate pension
or discounts. and North India, the company managed prices are positive, investors should await (PPF) are debt-oriented products that (E), corporate debt (C), government fund managers (PFMs) for equity and
The brokerage expects the market to post double-digit growth. This was volume and demand trends before con- will barely beat inflation over the long securities (G) and alternative assets (A),” debt. “Go for a PFM whose performance
leader’s margins to improve in the sec- aided by smaller towns and cities. sidering the stock, which is trading at 58 term. If you are looking for equity expo- says Sreekanth Nadella, managing direc- has been consistent both on the equity
ond half as raw material prices, including Product mix was weak as the pre- times its FY24 earnings estimates. sure, then besides mutual funds and tor and chief executive officer, KFintech. and the debt side,” says Pandya.
NOTICE
Notice is hereby given pursuant to the provisions of the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
notified by the Ministry of Corporate Affairs.
As per section 124(6) of the Companies Act, 2013 (‘the Act’) and the above
mentioned Rules, all shares in respect of which dividend has not been paid or
claimed for seven consecutive years or more are required to be transferred to
the Demat Account of the Investor Education Protection Fund (IEPF) Authority. In
respect of the Interim Dividend declared for the financial year 2015-16, the due Kerala Solid Waste Management Project (KSWMP),
date for transfer of shares as per the Act / Rules is 2nd March, 2023. Adhering to Local Self Government Department, Government of Kerala
the various requirements set out in the Rules, the Company has communicated Request for Expression of Interest
individually to the concerned shareholders whose shares are required to be
transferred to IEPF Authority under the said Rules at their latest available address. KSWMP, Requests Expression of Interest for Shortlisting Consultants for
The Company has uploaded full details of such shareholders and shares due “Technical Consultancy (TC) for Feasibility Study of Regional Sanitary
for transfer to IEPF Authority on its website https://wendtindia.com/investors/ Landfills (SLFs) and transfer stations in Kerala”.
for verification by the concerned shareholders. Shareholders may note that More details are available at www.kswmp.org and
both unclaimed dividend and the shares to be transferred to the IEPF Authority https://etenders.kerala.gov.in. REOI submission deadline: 1600 hours,
including all benefits accruing on such shares, if any, can be claimed by them on 19th December 2022.
from the IEPF Authority after following the due procedure prescribed in the Rules.
In case the Company does not receive the requisite documents by 19th February Project Director
2023 or such other extended date, the Company shall, with a view to comply with
the requirements of the said Rules, transfer the shares to the IEPF Authority as
per procedure stipulated therein without any further notice.
Shareholders having any query in this regard, may contact the Company’s
Registrar and Share Transfer Agent or the Company as mentioned herein below: SBI DFHI Limited
Wendt (India) Limited KFin Technologies Limited
5th Floor, Mistry Bhavan, 122, Dinshaw Vaccha Road, Churchgate, Mumbai-400 020
No. 69/70, Sipcot Industrial Estate, Unit: Wendt (India) Limited
Hosur - 635126, Tamil Nadu. Selenium Tower - B, Plot No. 31 & 32, EXPRESSION OF INTEREST (EOI)
Tel No.: +91-4344-405500; Financial District, Nanakramguda, No.: EOI/SBI DFHI/22-23/01 Date : 01.12.2022
Fax: +91-4344-405620/405630; Serillingampally, Hyderabad – 500032
EOI Bid Proposals are invited for “Supply, integration,
Email: arjunrajp@wendtindia.com; Toll Free No.: 1800 3094001;
Web: www.wendtindia.com; Email: einward.ris@kfintech.com implementation, maintenance, and support of
Contact Person: Mr. Arjun Raj P Contact Person: Ms. Krishna Priya M Integrated System Solution for Primary Dealership
For Wendt (India) Limited Operations”. For further details please visit our website
Sd/- : https://www.sbidfhi.co.in
Date: 1st December, 2022 Arjun Raj P Sd/-
Place: Bengaluru Company Secretary EVP & CFO
12 STOCKS
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> OFSTOCK
IN THE > ISGEC Heavy Engineering > Varun Beverages > Axis Bank
NEWS Top gainer among

A group traded
Hits new all-time
high at ~1,325
Advances for last
10 sessions THE DAY
companies on BSE in a row ESAB India
~473.9 PREVIOUS CLOSE ~1,145.6 PREVIOUS CLOSE ~891.9 PREVIOUS CLOSE Hits new all-time high
~519.6 CLOSE ~1,241.6 CLOSE ~901.5 CLOSE at ~4,203; Up 28 per cent
p 9.6% UP p 8.4% UP p 1.1% UP in last 3 months
NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
30 Nov ’22 Chg (%) Con Std 30 Nov ’22 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3917.9 1.0 1.4 365.2 405.2 Infosys 1635.0 0.4 7.0 30.1 31.0 price price (%) price price (%)
Adani Ports 881.0 0.3 0.8 36.3 - ITC 340.0 -0.7 4.9 27.7 24.8 Varun Bever 1324.9 1241.6 8.4 1324.9 1324.9 Gland Pharma 1761.0 1777.6 -5.4 1660.0 1660.0
MOST BULLISH MOST BEARISH
Apollo Hosp 4726.4 0.2 0.6 64.4 72.2 JSW Steel 743.4 1.5 1.2 23.7 25.9 GMR Airports 43.3 42.9 5.8 43.3 49.2 Easy Trip Plann 61.2 63.0 -5.3 45.0 30.0
Asian Paints 3175.2 1.3 1.7 83.1 82.3 Vodafone Idea 8.4 8.3 1.2 Shriram TrFn 1282.0 1350.0 -5.0 Shriram TrFn 1374.0 1340.9 5.6 1391.0 1531.5 PNB 51.0 51.3 -2.2 34.3 28.1
Kotak Mah Bank 1947.1 1.1 3.3 28.3 40.5
Axis Bank 901.3 1.0 2.9 19.6 16.1 United Brew 1703.0 1686.1 1.0 Shree Cement 23708.6 23879.8 -0.7 Adani Trans 2998.9 2925.2 5.1 4238.6 4238.6 Nazara techno 584.6 590.7 -2.1 536.3 484.0
L&T 2074.9 1.2 3.4 30.4 38.4
Granules 349.4 346.0 1.0 IRCTC 733.3 736.2 -0.4 Adani Green En 2144.2 2109.4 4.9 2445.9 3048.0 Canara Bank 312.7 314.8 -2.1 207.5 171.7
Bajaj Auto 3750.7 2.5 0.6 18.6 20.1 Mah & Mah 1305.6 3.9 1.5 24.7 26.3 Tata Chem 1045.0 1035.5 0.9 Dr Lal PathLabs 2441.8 2445.6 -0.2 Jindal Steel 539.5 537.1 4.3 539.5 577.7 L & T Infotech 4820.0 4835.3 -1.6 4260.0 3733.3
Bajaj Fin 6721.0 -0.2 2.1 57.9 45.1 Maruti Suzuki 8974.2 0.7 1.4 69.9 45.8 Bosch 17160.2 17004.4 0.9 Escorts 2284.4 2286.5 -0.1 Mah & Mah 1315.3 1307.2 4.0 1366.3 1366.3 Glenmark 427.4 430.8 -1.6 363.8 348.9
Bajaj Finsrv 1626.5 -0.3 1.2 47.4 286.7 Nestle India 20183.9 0.3 0.8 - 89.9
Bharti Airtel 848.8 1.5 2.5 71.7 - Mazagon Dock 923.4 908.8 3.6 923.4 923.4 IndusInd Bank 1163.5 1167.4 -1.1 1086.2 763.8
NTPC 172.2 1.2 1.0 10.0 10.0
BPCL 341.2 0.6 0.4 6.3 - BSE NSE Hindalco 452.0 450.9 3.5 460.3 636.0 India Cement 236.7 240.0 -1.1 225.0 145.6
Britannia 4362.3 1.8 0.6 66.4 66.3
ONGC 141.1 0.6 0.9 3.9 3.9 Index Stock Index Stock PUT-CALL RATIO Tata Elxsi 7050.0 7015.9 3.5 9275.0 10760.4 Indiabulls Hous 141.3 142.1 -1.0 111.9 89.0
Power Grid 224.0 2.1 0.9 9.3 10.4 PI Inds 3514.7 3493.6 3.4 3698.5 3698.5 SBI 598.4 602.5 -1.0 516.3 425.0
Cipla 1139.7 1.7 0.7 35.8 32.1 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2731.4 0.7 11.0 27.8 42.7 Birlasoft 307.0 305.2 3.3 341.8 585.9 Bharat Elctn 104.2 105.1 -0.9 96.3 96.3
Coal India 227.3 0.0 0.6 5.4 11.4 Contracts - - 268705 795886
SBI 602.5 -1.0 2.7 13.1 14.6 Market 1474.5 2172.9 0.7 Tata Tele(M) 104.1 102.2 3.1 149.0 291.1 Bank of Baroda 164.5 166.2 -0.9 124.0 77.0
Divis Lab 3404.7 0.9 0.5 30.5 30.4 Open Int.(000) - - 17167 4936976
SBI Life Ins 1282.9 1.9 0.7 - 76.6 BHEL 84.0 83.7 3.1 84.9 84.9 Voltas 817.7 819.1 -0.9 804.0 804.0
Dr Reddys 4487.2 0.8 0.6 24.0 31.4 Shares(In Mn) - - 10.5 1331.6 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1046.1 -0.4 1.3 61.1 172.6 Cummins (I) 1419.7 1413.9 3.0 1419.7 1419.7 L&T Tech Ser 3803.4 3813.2 -0.8 3324.0 2923.4
Eicher Motor 3484.5 2.0 0.6 40.8 43.9 Value(~ crore) - - 26953 57125
Tata Consumer P 818.1 1.6 0.6 71.3 88.8 Ipca Labs 1.3 JK Cement 0.1
Grasim Ind 1759.8 2.4 0.8 15.3 34.4 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 439.4 1.4 0.9 - 1262.7 HUL 1.1 Dalmia Bharat 0.2
HCL Techno 1120.8 -0.7 1.4 22.0 27.5 Contracts - - 152034048 2578158
Tata Steel 107.7 1.5 1.0 4.6 5.4 Alkem Labs 1.1 Abbott India 0.2
HDFC 2692.6 1.0 5.7 21.7 32.5
HDFC Bank 1608.5 0.7 8.3 23.6 22.3 TCS 3390.8 -0.2 4.0 31.3 32.3
Open Int.(000)
Shares(In Mn)
-
-
-
-
401727
5279.0
3245634
4004.4
Axis Bank 1.0 Glenmark 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1077.0 0.2 0.8 19.8 23.8 IDFC 1.0 Hind Copper 0.3
HDFC Std Life 590.6 1.0 0.7 95.7 96.0 Value(~ crore) - - 15523032 189320 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2851.9 0.8 0.4 24.6 21.5 Titan Company 2653.0 1.5 1.3 108.4 75.3 BSE+NSE BSE+NSE
UltraTech 7077.0 2.1 1.0 30.6 32.1 1 Reliance Ind 1848591.6 BS200 Evans Electric 40.6
Hindalco 450.7 3.4 0.8 7.4 20.3 (~ crore) (Mn shrs)
HUL 2684.4 1.9 2.8 71.0 66.6 UPL 789.7 1.9 0.5 14.8 37.6 ACTIVE CALLS ACTIVE PUTS Varun Bever 4395.6 35.5
2
3
TCS
HDFC Bank
1241313.1
897022.9
UP 7 DAYS Adhbhut Infra 40.6
ICICI Bank 952.9 0.6 7.8 26.5 24.0 Wipro 406.9 0.4 0.7 19.8 17.9 Persistent S 13.8 Rhetan TMT 40.6
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Indian Hotel 3774.4 117.4 4 Infosys 686907.4
IndusInd Bank 1167.8 -1.1 0.9 - 15.3 Nifty 50 18758.4 á0.8 100.0 24.8 27.7 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Tube Inv of Ind 3625.3 13.1 5 ICICI Bank 664853.5 Dalmia Bharat 8.6 DOWN 7 DAYS
Niesspk -52.1
Index Index 6 HUL 629728.0 Trent 6.7
INDEX PE SHRS TRDS 1 YR Zomato 3624.1 571.8 Baroda Rayon -30.1
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
01/12/22
01/12/22
18700
18800
254.8
199.1
5.6
7.9
-20.2
7.7
Nifty
Nifty Bank
01/12/22
01/12/22
18600
43000
247.4
187.9
10.7 33.0
4.3 -6.3
Reliance Ind 3324.7 12.2
7
8
SBI
HDFC
537707.2
489696.2
Axis Bank
UP 3 DAYS
3.7
Sreechem Res -30.1
Asian Paints 3182.3 1.5 2.0 83.3 82.5 Mah & Mah 1307.2 4.0 1.8 24.7 26.4 SENSEX 26.1/28.7 8.9 178 21 9 10.6 TVS Motor 2885.7 27.5 Bandhan Bank 8.7 Guj Toolroom -30.0
NIFTY 50 24.8/27.7 345.6 4674 42 8 10.5 Nifty Bank 01/12/22 43000 168.2 2.3 -39.7 Nifty 01/12/22 18650 169.4 5.5 260.6 9 Bharti Airtel 472124.4
Axis Bank 901.5 1.1 3.4 19.6 16.1 Maruti Suzuki 8977.0 0.7 1.6 69.9 45.8 Bajaj Hold 2571.9 4.1 Apollo Tyres 7.7 Kakatiya Tex -30.0
C = CONSOLIDATED; S = STANDALONE Nifty 01/12/22 18650 164.2 1.4 -61.2 Nifty 01/12/22 18700 167.2 8.7 462.5 10 Adani Enter 446885.7
Bajaj Fin 6723.1 -0.2 2.4 57.9 45.1 Nestle India 20105.9 -0.1 1.0 - 89.5 Nifty 01/12/22 18750 152.4 3.0 -13.6 Nifty 01/12/22 18500 141.9 10.6 2.8 ICICI Bank 2012.1 21.2 Aditya Birla 7.3 Shantai Inds -23.6
11 ITC 422012.3
Bajaj Finsrv 1626.8 -0.3 1.4 47.4 286.8 NTPC 172.3 1.2 1.1 10.0 10.0 CASH DERIVATIVES Stock Stock Infosys 1954.2 12.0 Lupin 6.4 Nureca -21.4
12 Bajaj Fin 407050.1
Bharti Airtel 848.7 1.5 2.9 71.6 - Power Grid 224.0 2.1 1.0 9.3 10.4 TURNOVER BSE NSE BSE NSE GMR Infra 29/12/22 45 193.9 23.1 53.9 GMR Infra 29/12/22 40 26.1 8.8 -11.9 13 LIC India 402364.9 Max Fin Sre 6.1 UP 3 DAYS
ABB India 1935.8 6.4
Dr Reddys 4486.0 0.8 0.7 24.0 31.4 GMR Infra 29/12/22 48 84.9 7.7 49.1 GMR Infra 29/12/22 39 16.2 3.5 49.5 14 Adani Total Gas 399595.8 HPCL 5.7 Prime Focus 39.7
Reliance Ind 2732.4 0.8 12.8 27.9 42.7 VALUE(IN ~ CRORE) 3672 94349 -15796431 HDFC 1498.7 5.6
HCL Techno 1120.8 -0.7 1.6 22.0 27.5 GMR Infra 29/12/22 42 60.0 8.5 16.3 GMR Infra 29/12/22 38 15.1 4.9 21.1 15 Kotak Mah Bank 386361.1 Hero MotoCorp 5.3 Nippo ETF 30.1
SBI 602.5 -1.0 3.1 13.1 14.6 SHARES(IN MN) 582.8 4195.2 - 10625.6 IRFC 1297.2 378.9
HDFC 2691.6 1.0 6.7 21.7 32.5 TRADES(000) 2553 20634 - 55796 GMR Infra 29/12/22 43 51.3 8.3 51.9 GMR Infra 29/12/22 42 14.3 3.6 269.8 16 Adani Green En 334127.4 DOWN Kaycee Ind 27.0
Sun Pharma 1044.4 -0.5 1.6 61.0 172.3 HDFC Bank 1235.1 7.7
HDFC Bank 1608.8 0.7 9.6 23.6 22.3 GMR Infra 29/12/22 44 49.9 6.0 23.6 GMR Infra 29/12/22 41 14.1 4.0 126.6 17 Adani Trans 326303.1 PNB -4.2 Gilada Fina 26.7
Tata Steel 107.7 1.5 1.2 4.6 5.4 TCS 1168.6 3.4
HUL 2680.2 1.8 3.3 70.9 66.5 MARKET-CAP (~ CR) TRADED TOTAL 18á Asian Paints 305246.2 Canara Bank -3.7 Raj Pack 26.5
ICICI Bank 953.4 0.7 9.0 26.5 24.0 TCS 3392.4 -0.1 4.7 31.3 32.3
Bajaj Fin 1017.7 1.5 19â HCL Techno 304132.3 Granules -3.0 DCM 26.0
Tech Mahindra 1077.3 0.2 0.9 19.8 23.8 BSE 28,879,436 29,118,060
IndusInd Bank 1167.4 -1.1 1.0 - 15.3 Bharat Imm 25.9
Infosys 1632.4 0.3 8.1 30.0 30.9 Titan Company 2650.0 1.3 1.5 108.3 75.2 NSE 28,605,450 28,745,469 SPURT IN VOLUMES Maruti Suzuki
HUL
1014.7
1004.4
1.1
3.8
20
21
L&T
Axis Bank
291933.4
277125.6
Dixon Tech
L&T Tech Ser
-2.6
-1.9 DOWN 3 DAYS
UltraTech 7076.8 2.2 1.1 30.6 32.1 DERIVATIVES 20,538,423 20,595,068
ITC 340.1 -0.6 5.7 27.7 24.8 Company Days 2-week Avg Change Close *Price 22 Maruti Suzuki 271175.7 Bank of Baroda -1.0 Filtra Con & En -20.7
Mah & Mah 999.7 7.7
Kotak Mah Bank 1945.6 1.0 3.9 28.3 40.5 Wipro 407.0 0.4 0.8 19.8 17.9 Volume Volume % price %chg 23á Avenue Supermar 260717.7 Others Comfort Finance -17.5
L&T 2077.3 1.3 4.0 30.4 38.4 BSE SENSEX 63099.6 á0.7 100.0 26.1 28.7 TRADING ACTIVITY Tarmat 770479.0 11237.6 6756.2 59.0 19.9
SBI
Axis Bank
958.8
945.4
15.9
10.5
24â Bajaj Finsrv 259116.7 UP 7 DAYS Yaari Digit -16.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 250570.9 Billwin Inds 61.0 Alstone -14.2
Lakshmi Fin 296600.0 5245.1 5554.8 145.1 20.0 Mazagon Dock 922.0 10.2
Equity Debt Equity Debt 26 Titan Company 235262.6
Net Net Net Net Rajnandini Meta 2394249.0 46304.6 5070.6 32.0 -88.0 Garg Furnace 53.9 Arex Inds -14.2
Asian Paints 818.5 2.6 27 Wipro 223262.9
WORLD INDICES On 29 Nov 1279 62 - - IIFL Wealt 1023615.0 25558.8 3904.9 1830.4 -2.0 Adani Enter 810.6 2.1 28 UltraTech 204291.6
Bandaram
West Leisure
40.7
40.7
Khandel. Ext
Krishna Vent
-14.2
-14.2
On 28 Nov 2615 231 -87 1849 Bajaj Hold 4100769.0 139635.5 2836.8 6274.0 4.1 ITC 774.6 22.7 29 Nestle India 193860.6
Indices Close % Chg* Indices Close % Chg*
On 25 Nov 714 367 -219 -50 Momomentum 184288.0 6508.8 2731.4 40.5 0.1 30 Adani Ports 190363.2 (T+2) cycleStocks which rose/fell continuously
Canara Bank 720.0 22.8
Americas (Nov 29,22) Asia/Pacific (Nov 30,22) On 24 Nov 4234 477 -2380 -28 Likhitha Infra 4209466.0 152057.5 2668.3 471.0 15.9
S&P/ TSX Composite 20277.4 0.3 Kospi 2472.5 1.6 On 23 Nov -1803 33 568 279 Cineline India 629573.0 27403.6 2197.4 116.8 5.8
Nov till date 29322 390 4402 -598 MPS Ltd 659477.0 30016.9 2097.0 961.0 7.8
Dow Jones
Nasdaq Composite
33852.5
10983.8
0.0
-0.6
Taiwan Taiex
Jakarta Composite
14879.6
7081.3
1.2
1.0 2022 till date -132803 -15567 173636 -32332 Varun Bever 35450728.0 1825776.0 1841.7 1241.6 8.4
BOARD MEETINGS INTRA-DAY
Europe/Africa (Nov 29,22) Kuala Lumpur Comp 1488.8 0.8 Group necessary/ in- ing of the true copy on 28 approve: 1. Al-
CAC 40 6703.7 0.5 Stock Exchange of Thai 1635.4 0.7 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company cidental Board of Direc- November lotment of
Purpose thereto. tors of the 2022 to call 34,52,985
FTSE 100 7546.8 0.5 Straits Times 3290.5 0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Easy Trip Company meeting of Equity Shares
DAX 14409.3 0.4 Shanghai Se Comp 3151.3 0.1 NET Net Fut OI Opt OI OI DECEMBER 01 Plann: Meet- Quint Digital: meeting of in ratio of Rs.
HIGH *SBISensex . . . . . . . . . 675.0 Setfnif50 . . . . . . . . . . . 194.1 *Nureca . . . . . . . . . . . . 503.0
IBEX 35 8337.1 0.2 Volatility (Nov 29,22) BS 200 UTI Sensex-ETF . . . . . . 670.5 *Dspn50Etf . . . . . . . . . 189.9 *Chordia Food . . . . . . . . 69.0 Ashoka Met- ing of the Consider and Equity share- 10/- by way of
On 29 Nov -4988 -415 0.2 1.9 2.1
Asia/Pacific (Nov 30,22) CBOE S&P 500 21.9 - On 28 Nov 3952 -1620 0.2 2.0 2.0 *Britannia . . . . . . . . . 4386.0 *West Leisure . . . . . . . 659.6 *MOSt Shares M50 . . . 188.3 *Dhruv Wellness . . . . . . 65.8 cast: To con- Board of Direc- approve the holders of Bonus issue to
Hang Seng 18597.2 2.2 CBOE Dow Jones 20.7 -3.7 On 25 Nov 4968 -143 0.2 1.7 2.0 *Cummins (I) . . . . . . . 1419.7 *Gandhi SpTbs . . . . . . . 638.0 *Arrow green . . . . . . . 182.5 ASRL . . . . . . . . . . . . . . . 57.2 sider the tors of the terms and con- Sagar Produc- such members
On 24 Nov 11754 2588 0.2 1.2 2.0 *Varun Bever . . . . . . . 1324.9 *Diamines Chm . . . . . . 598.0 *Orient Bev . . . . . . . . . 170.6 IGC Inds. . . . . . . . . . . . . . 29.0 agenda as Company for ditions of the tion Limited in whose names
Nikkei 225 27969.0 -0.2 * Change over previous close
On 23 Nov 13365 1050 0.2 2.3 2.2 *ICICI Bank . . . . . . . . . 958.0 *Bemco Hydrau . . . . . . 587.8 *Sky Gold . . . . . . . . . . . 166.0 *Yaari Digit . . . . . . . . . 24.3 mentioned considering the rights issue in- the matter of have appeared
*Mazagon Dock . . . . . . 923.4 *CCL Products . . . . . . . 562.5 *JETK India . . . . . . . . . . 153.1 *AJIL . . . . . . . . . . . . . . . . 18.5 below: 1. Ap- proposal of Ac- cluding deter- Scheme of in Register of
MAJOR INDICES Nov till date
2022 till date
82361
575673
-169
19881
-
-
-
-
-
- Exide Ind . . . . . . . . . . . . 190.3 *Likhitha Infra . . . . . . . 482.0 *Som Distill . . . . . . . . . 146.0 *Gala Global Pro . . . . . . 15.6 pointment of quisition. mination of the Amalgamation. Members as on
Others *Elecon Engin . . . . . . . 465.0 *DCB Bank . . . . . . . . . . 132.0 Fundviser Capit . . . . . . . 10.1 the Company Jenburkt Ph: price, record Shreeji Translo: November 25,
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Kaycee Ind . . . . . . . . 6693.6 *BANK BEES . . . . . . . . 438.0 *Karna Fin . . . . . . . . . . 129.2 *Tavemier Res . . . . . . . . . 6.5 Secretary and Meeting of the date etc. to consider and 2022 being the
S&P BSE Sensex 62,681.8 62,743.5 63,303.0 62,648.4 63,099.7 417.8 0.7 *Esab India . . . . . . . . . 4203.4 *Setfnifbk . . . . . . . . . 434.9 *IFL Enterprises . . . . . 125.1 Gold Coin Heal . . . . . . . . . 6.0 Compliance Board of Direc- Sagar Prod: To approve the record date
*Bengal Assm . . . . . . 3802.1 Shervani Ind . . . . . . . . . 362.4 *PECOS Hot & Pub . . . 113.4 Wellness Noni . . . . . . . . . 5.5 Officer of the tors of the consider and sub-division of fixed for the
S&P BSE Sensex 50 19,590.4 19,610.0 19,800.1 19,590.7 19,740.6 150.3 0.8 S&P BSE SECTORAL INDICES *Honda Power . . . . . . 2677.9 Medico Remedies . . . . 324.9 *KBS India . . . . . . . . . . 112.6 *Future Lifesty . . . . . . . . 4.9 Company. 2. Company to approve of No- equity shares said purpose in
*Power Mech Pro . . . 2328.0 *Refex Inds . . . . . . . . . . 324.1 *Nat Plast T . . . . . . . . . 109.5 Welcure Drug . . . . . . . . . . 4.8 Any other consider and tice of Extra- of face value the proportion with the per- Intimation Doc- Inox Wind consider the hand Jain (DIN
S&P BSE-100 18,925.6 18,944.6 19,139.8 18,929.0 19,081.7 156.1 0.8 Prev cls Close % Chng
*Vindhya Tele . . . . . . 1750.0 *Sanghvi Mov . . . . . . . 316.5 *Grauer Weil . . . . . . . . 109.3 *Innovative Idea . . . . . . . 4.0 matter with the approve buy- Ordinary Rs. 10/- (Ru- of 3(Three) mission of the ument. Energ: To con- matter relating 08281408) Non
S&P BSE-200 8,045.6 8,053.9 8,142.6 8,049.5 8,117.4 71.8 0.9 Auto 29,855.8 30,375.4 1.7 *Raymond . . . . . . . . . 1373.7 *Adhbhut Infra . . . . . . . 288.1 Rolta . . . . . . . . . . . . . . . . . 3.8 permission of back of shares. General Meet- pees Ten Only) new fully paid Chair Inox Wind: To sider and ap- to resignation Executive Inde-
LOW the chair. Navoday En- ing of the Com- of the Com- up equity share
S&P BSE-500 25,191.3 25,215.8 25,479.8 25,205.1 25,406.8 215.5 0.9 Bankex 49,117.4 49,348.2 0.5 *Bbetf0432 . . . . . . . . 1033.7 *Apollo Micro Sy . . . . . 283.8 *WinPro Indu . . . . . . . . 3.3 consider and prove of Mr. Sunil Mi- pendent Direc-
BS 200 Cosmo First: terpr: To con- pany wrt to pany in such of Rs. 10/-
Cons. Durables 41,216.4 41,498.1 0.7 *MPS Ltd . . . . . . . . . . . 995.5 Evans Electric . . . . . . . 280.2 Premier Ltd . . . . . . . . . . . . 3.1 DECEMBER 02 approve Unau- Unaudited lapchand Jain tor of the
S&P BSE IPO 8,811.7 8,812.2 8,899.2 8,812.2 8,874.4 62.6 0.7 Laurus Labs . . . . . . . . . 401.5 Meeting of the sider and Order of Na- manner as may each for every
Cap. Goods 33,636.9 33,846.3 0.6 *Rane Hold . . . . . . . . . . 977.4 *Brand concept . . . . . . 274.3 Prismx Glob . . . . . . . . . . . 2.7 Bheema Ce- dited Stand- Standalone and (DIN 00025926) Company w.e.f.
Others Board of Direc- approve the al- tional Com- be decided by 10 (Ten) exist-
FMCG 16,385.0 16,525.7 0.9 *Prudent Corpora . . . . 911.0 *Fluidomat . . . . . . . . . . 259.6 *Sintex Plast Te . . . . . . . . 2.3 ments: To con- alone and Consolidated Fi- Whole Time Di- 31st December
S&P Dollex-30 6,299.2 - - - 6,362.3 63.0 1.0 Sheela Foam . . . . . . . 2533.0 tors of the lotment of pany Law the Board of ing fully paid
Healthcare 23,852.1 23,945.6 0.4 *Bharat Agri Fer . . . . . 851.0 *Brady & Morr . . . . . . . 228.8 Educomp Sol . . . . . . . . . . 2.3 sider and Consolidated Fi- nancial Results rector of the 2022.
*Amber Enter Ind . . . 1920.4 Company to 38,54,000 Tribunal Mum- Directors sub- up Equity
Nifty 50 18,618.1 18,625.7 18,816.1 18,616.6 18,758.4 140.3 0.8 Infra 304.2 308.3 1.3 *Hi-Tech Pipes . . . . . . . 832.2 *Taj GVK . . . . . . . . . . . . 225.4 Sagar Prod . . . . . . . . . . . . 2.1 approve inte- nancial Results of the Company Company w.e.f.
Hester Bio . . . . . . . . . . 1866.2 consider a pro- Bonus Equity bai Bench ject to the ap- Share of Rs.
IT 30,440.1 30,511.1 0.2 *Insectcides . . . . . . . . . 789.0 Icicibankp . . . . . . . . . . 218.8 Indian Infot . . . . . . . . . . . . 2.0 ralia along with of the Company for the quarter 31st December DECEMBER 03
Nifty next50 43,147.1 43,237.5 43,837.5 43,203.5 43,687.9 540.8 1.3 Neogen Chem . . . . . . 1261.7 posal for Buy- Shares of passed on 04 proval of the 10/- each held
Metal 19,868.9 20,257.7 2.0 JK Lakshmi . . . . . . . . . . 719.1 *Dspnewetf . . . . . . . . 216.0 Space Incubatri . . . . . . . . 1.8 the other busi- for the quarter and half year 2022. To con- Sri Adhikari:
*Rossari Biotech . . . . . 786.0 back of Equity Rs.10/- each in November shareholders of by them (i.e. in
Nifty 500 15,812.5 15,827.5 15,991.6 15,820.6 15,946.2 133.7 0.8 Oil & Gas 20,440.0 20,610.0 0.8 *Hind.Foods . . . . . . . . . 710.0 *NIFTYBEES . . . . . . . . . 205.2 *Shree Gan Bio . . . . . . . . 1.6 ness items the and half year ended on 30th sider the matter Meeting of the
*Natco Pharma . . . . . . 559.0 Shares of the theratio(1:1) 2022 and is- the Company. the Ratio of
Power 4,590.9 4,699.0 2.4 Sensexbees . . . . . . . . . 697.5 *ICICI Nifty-ETF . . . . . 204.0 Goyal Asso. . . . . . . . . . . . . 1.2 items men- ended on 30th September, relating to res- Board of Direc-
India VIX 13.6 13.6 14.1 12.8 13.8 0.2 1.4 Kanchi Karpoora . . . . . 525.0 Company and Orchid sued and re- Veer Energy: 3:10); 2. Any
PSU 10,007.6 10,021.1 0.1 *Licnetfsen . . . . . . . . . 683.0 *Kotak Nifty ETF . . . . . 200.0 *Eq Hybrd F-ETF . . . . . . . 1.2 tioned in the September 2022 ignation of Mr. tors of the Com-
Nifty CPSE 2,841.8 2,841.2 2,865.7 2,836.8 2,860.1 18.3 0.6 Realty 3,532.3 3,586.8 1.5 other matters Pharma: Meet- ceived certified consider and other matter Board Meeting 2022 Joindre Cap: To Sanjay Mulc- pany
m m w w
> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (670.7) (669.7) (3014.3) (3015.2)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 671.1 674.0 3020.0 3021.9
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 678.0 678.0 3075.8 3074.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 669.6 670.5 2978.6 2979.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 674.3 674.6 2996.8 3000.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 38769 392K 35679 6409K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 19.3 19.3 70.6 70.7
company name is followed by shares traded, and also the 52 Wk H/L 1119/642 1118/642 3446/1945 3446/1945
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 24443 24454 63501 63585
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.
BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
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(20161.4) (20169.6) (2511.7) (2514.1) (3879.2) (3878.4) (2011.3) (2012.1) (878.2) (878.2) (324.8) (324.7)
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w 625.8 627.7 464.0 464.0 885.2 885.5 3651.1 3671.0 6678.6 6678.0 1623.8 1623.3 w 2015.9 2016.6 377.5 377.4 234.3 234.2 164.5 164.5 1696.4 1697.0 611.1 611.0 w 104.2 104.2 848.0 848.0 832.5 832.6 81.3 81.6 280.6 280.5 294.8 294.7
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M 42548 42598 27426 27382 277126 277049 108522 108534 407050 406920 259117 259069 M 39473 39473 7840 7840 38386 38402 85948 85974 22087 22078 60410 60454 M 76826 76826 39993 40021 472124 472180 29127 29145 34001 33959 8331 8333
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(16797.1) (16795.2) (338.8) (339.0) (4282.9) (4285.4) (549.0) (549.2) (321.5) (321.8) (365.1) (364.9) (306.6) (306.5) (714.8) (714.8) (1121.3) (1121.2) (186.9) (186.8) (227.0) (227.2) (3982.7) (3977.8) (1602.7) (1602.6) (759.5) (759.7) (918.2) (918.5) (1372.1) (1371.6) (593.2) (593.1) (1766.3) (1766.3)
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w 16811.1 16822.5 335.8 335.8 4290.9 4290.1 547.0 547.2 312.7 312.7 357.1 357.2 w 302.1 302.2 708.9 708.7 1120.5 1120.0 185.1 185.1 226.5 226.6 3961.8 3960.0 w 1602.6 1607.1 754.5 754.0 918.7 915.5 1378.0 1376.2 585.7 585.7 1766.4 1762.1
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W 18300/12940 18225/12932 407/288 407/288 4386/3050 4388/3050 685/408 685/407 334/172 334/172 455/312 455/312 W 516/261 516/261 818/470 818/469 1185/850 1185/850 200/109 200/109 263/139 263/139 6133/3210 6135/3210 W 1695/1376 1696/1376 829/554 829/554 1094/710 1094/709 1420/878 1420/877 602/482 602/482 2103/1213 2104/1213
M 50143 50146 74015 74004 104859 105088 7368 7364 57109 57091 23080 23074 M 12680 12686 58889 58729 92028 91975 13977 13973 140079 140048 24604 24617 M 44424 44394 47081 47035 27354 27335 39192 39182 104386 104244 34115 34138
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NEW DELHI | THURSDAY, 1 DECEMBER 2022 15 <
Notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (The Act)
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
1 LOAN ACCOUNT NO. PLOT/HOUSE NO. 143 & 14.11.2022 Rs.2,06,26,684.60/-
HLLADMT00396652 144, SCHEME NO. 8A, VIKAS (Rupees Two Crore
1.VINOD KUMAR GOYAL ALIAS VINOD NAGAR, BHIWANI – 127021, Six Lakh Twenty Six
KUMAR PROPRIETOR HARYANA Thousand Six Hundred
BHIWANI PLASTIC INDUSTRIES Eighty Four and Paise
2.SUMAN GOYAL ALIAS SUMAN GOEL Sixty Only) as on
PROPRIETOR V.S. PLASTICS 14.11.2022
That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
the borrower.
In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
is available to the Company in law.
Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
time frame, Borrower may not be entitled to redeem the property.”
In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
the notice, without prior written consent of secured creditor.
Place:BHIWANI
For Indiabulls Commercial Credit Limited
Authorized Officer

!

"# $%& '&
( )**+ ,& -+ .+ /!

0 123 & % 4 POSSESSION NOTICE

'# 5!% 6 &
77 ! &!7 !

%& "# 8
$&8 7 & &&8 9 7
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%& '' (

% 7 & Whereas, the Authorized Officer of the Secured Creditors under the Securitisation and Reconstruction of Financial Assets and
!& & ! % " %7 Enforcement of Security Interest (Act), 2002 and in exercise of powers conferred under Section 13(12) read with (Rule 3) of the
APPENDIX IV & && " . &
% & 7! 8 : 7! Security Interest (Enforcement) Rules, 2002 issued a demand notice as mentioned below calling upon the borrowers to repay the
[See rule 8 (1)]
!& & " " amount mentioned in the notice within 60 days from-the date of receipt of the said notice.
POSSESSION NOTICE
(for immovable property) 8 That the Secured Creditors have assigned the financial assets to Edelweiss Asset Reconstruction Company Limited also as its
Whereas,

own/acting in its capacity as trustee of various trusts herein after referred as EARC under Sec.5 of SARFAESI Act, 2002 is more
The undersigned being the Authorized Officer of the INDIABULLS HOUSING
specifically mentioned below. EARC has stepped into the shoes of the Secured Creditors and all the rights, title and interests of the
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitization
Secured Creditor with respect to the financial assets along with underlying security interests, guarantees, pledges have vested in
and Reconstruction of Financial Assets and Enforcement of Security Interest
EARC in respect of the financial assistance availed by the Borrower and EARC exercises all its rights as the secured creditor.
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
being the Authorised Officer of Edelweiss Asset Reconstruction Company Limited has taken possession of the property described
dated 31.01.2022 calling upon the Borrowers M/S ASHISH PRINTS AND
herein below in exercise of powers conferred on him under sub-section (4) of section 13 of Act read with rule 8 of the Security Interest
PACKERS THROUGH ITS RAVINDER KUMAR, RAVINDER KUMAR AND
Enforcement) Rules, 2002 on the mentioned against each property.
MADHU KUMARI to repay the amount mentioned in the Notice being Sl Name of Name of Loan Account Borrower Name & Amount & Date of Date of Possession
Rs. 43,01,475.92/- (Rupees Forty Three Lakh One Thousand Four Hundred No Assignor Trust Number Co-Borrower(s) Name Demand Notice Possession Status
Seventy Five and Paise Ninety Two only) against Loan Account No. AU Small EARC 90010601005 Ranveer Singh 29.04.2017 And Rs.4,39,754/-
(Borrower) alongwith (Rupees Four Lakh Thirty-Nine 26.11.2022 Physical
HLAPNOI00357781 as on 30.12.2021 and interest thereon within 60 days from the 1 Finance TRUST 45603
date of receipt of the said Notice. SC 379 Shakuntala Devi Thousand Seven Hundred and Possession
Bank (Co-Borrower) Fifty-Four Paise Only)/-
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken DESCRIPTION OF THE PROPERTY: All That Piece And Parcel Of Bearing Khasra No. 2258/2378/0.83, Gram-Paota, Tehsil
symbolic possession of the property described herein below in exercise of Kotputali, District Jaipur, Rajasthan, Admeasuring Area 180 Sq. Yrd”.Bounded By:- On The East: Other’s Property; On The West
powers conferred on him under Sub-Section (4) of Section 13 of the Act read By: Other’s Property; On The North By: Road 30 Ft; On The South By: Plot Of Umrao Yadav” Owned By Smt. Shakuntala Devi
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 28.11.2022. Place: Delhi Sd/- Authorized Officer
The Borrower in particular and the public in general is hereby cautioned not to Date: 29.11.2022 Edelweiss Asset Reconstruction Company Limited
deal with the property and any dealings with the property will be subject to the

charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. 43,01,475.92/- (Rupees Forty Three Lakh One Thousand Four Hundred
Seventy Five and Paise Ninety Two only) as on 30.12.2021 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
ALL THAT PIECE AND PARCEL OF FLAT NO. 73 MEASURING 57 SQ. MTRS,
GF SITUATED ON THE PLOT NO. B 4,OF PARYATAN VIHAR, VASUNDHARA
ENLAVE, NEW DELHI – 110096.
Sd/-
Date : 28.11.2022 Authorized Officer
Place : NEW DELHI INDIABULLS HOUSING FINANCE LIMITED
DEMAND NOTICE

CIN: U67100MH2007PLC174759
Retail Central & Regd. Office: Edelweiss House, Off CST Road, Kalina, Mumbai 400098
Under Section 13(2) of the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002, (“The Act”) read with rule 3 (1) of
the Security Interest (Enforcement) Rules 2002.
The undersigned is the Authorized Officer of the Edelweiss Asset Reconstruction Company
Limited (“EARC”) under the Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002. In exercise of powers conferred under the Section 13 (12) of the Act
read with rule 3 of the security Interest (Enforcement) Rules, 2002, the Authorized Officer has issued
a Demand Notice under section 13 (2) of The Act, calling upon the following borrower(s), to repay
the amounts mentioned in the respective Demand Notice issued to them that are also given below.
In connection with above, Notice is hereby given once again, to the Borrowers to pay EARC, within
60 days from the publication of this notice, the amounts indicated herein below, together with further
interest as detailed in the said Demand Notice, from the date(s) mentioned below till the date of pay-
ment and/or realization, payable under the loan agreement read with other documents/writings, if
any, executed by the said borrower(s). As security for due repayment of the loan, the following asset
have been mortgaged to EARC by the said borrower(s) respectively.
Sl Name Of The Borrower(s)/ Demand Notice Details of the
No Co-Borrower (s)/Loan Account Number Date & Amount Trust & Assignor
Ruchi Salwan (Borrower) along 11-11-2022 & Rs. 39,63,851.17/- EARC TRUST
(Rupees Thirty-Nine Lacs Sixty
1 with Jitender Salwan and Vertical Three Thousand Eight Hundred SC -418( EHFL).
Buildcon (Co-Borrowers) Loan
Fifty One and Seventeen Paisa
Account Nos.LDELLAP0000019922 Only)
Description Of Property:- All That Piece And Parcel Of Flat Bearing No. 176-A, Ground
Floor, Category Mig, Measuring 86.2 Sq. Meters Situated At Rajouri Garden, Near Subhash
Nagar Chowk, New Delhi – 110027. Owned Vide Registered Sale Deed Bearing Document
No. 15232, Book No. 1, Volume No. 908 On Page 168 - 174, Dated 15.10.2015, Registered
At Sub Registrar -Ii B – Janakpuri.
Rahul Agarwal (Borrower) along with 11-11-2022 & Rs.76,41,322.16/- EARC TRUST
Rani Goyal, Rishabh Agarwal /M/s Shree (Rupees Seventy-Six Lakh
2 Ganpati Payals (Co-Borrowers) Loan Forty-One Thousand Three SC -423( PHFL)”
Account Nos. HL/0094/H/14/000022 & Hundred Twenty-Two and
HL/0094/H/14/000026 Sixteen Paisa Only)
Description Of Property:- All That Piece And Parcel Of Property/Land Measuring 111.11 Sq.
Meters., House On Plot No.1 Situated Lrated At Kanhaiya Kunj (Khushi Enclave) Hariparwat
Ward Tehsil And Distt. Agra Uttar Pradesh. Bounded As Below- North: Other's House On
Plot No. 2, South: Rasta 9 Meter Wide, East: Rasta 4.26 Meter Wide, West: Other’s House.
Owned Bahi No.1 Jild No. 6832, At Pages 157/190, Serialno. 946, Registered On
05.03.2010, Sub-Registrar-Agra.
If the said Borrowers shall fail to make payment to EARC as aforesaid, EARC shall proceed
against the above secured assets under the section 13 (4) of the Act and applicable rules,
entirely at the risks of the said Borrower(s) as to costs and consequences. The borrowers are
prohibited under The Act from transferring the aforesaid assets, whether by way of sale, lease
or otherwise without the prior written consent of EARC. Any person who contravenes or abets
contravention of the provisions of the Act or Rules made thereunder, shall be liable for
imprisonment and/or penalty as provided under the Act
Date: 29.11.2022 Sd/- Authorized Officer
Place: Delhi For Edelweiss Asset Reconstruction Company Limited

16
>
APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of the INDIABULLS
HOUSING FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 and in exercise of powers conferred under Section 13 (12)
read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Notice dated 27.04.2022 calling upon the Borrowers AMIT KUMAR SINGH AND
SUJEET KUMAR SINGH ALIAS SUJIT KUMAR SINGH to repay the amount
mentioned in the Notice being Rs. 14,35,383.74 (Rupees Fourteen Lakh Thirty
Five Thousand Three Hundred Eighty Three and Paise Seventy Four Only)
against Loan Account No. HHLVAS00495654 as on 12.04.2022 and interest
thereon within 60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 28.11.2022.
The Borrower in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. 14,35,383.74 (Rupees Fourteen Lakh Thirty Five Thousand Three Hundred
Eighty Three and Paise Seventy Four Only) as on 12.04.2022 and interest
thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
Flat No. Gf-2 Having Area 42 Square Yards Equivalent To 35.11 Square
Meters On Ground Floor, Rear Right Hand Side Constructed Upon Plot No.
A-93 Situated In Shyam Park Extn., Ghaziabad-201007, Uttar Pradesh And
Which Is Bounded As Below:-
East : Flat No. Gf-1 West : Plot No. A-92

North : Common Passage And Flat No. Gf-3 South : Service Lane
Sd/-
Date : 28.11.2022 Authorized Officer
Place : Ghaziabad INDIABULLS HOUSING FINANCE LIMITED
.
NEW DELHI | THURSDAY, 1 DECEMBER 2022 TAKE TWO 17 <
AM/NS bulks up States in overdrive to

of the few bright spots where But the AM/NS India story
new steelmaking capacity will is multi-pronged — securing
be added, going forward. assets connected to its opera-
“Both ArcelorMittal and tions through acquisitions and
Nippon Steel are bullish on the expanding existing operations
vaccinate as measles
for the future
growth prospects in India. That is one part; there are plans to set
is why they acquired Essar Steel. up new plants, and acquisition
And within three years of acqui- if any, is over and above this.
sition, the company has done Earlier this month, AM
the groundbreaking for expan- Mining India, part of the joint outbreak spreads
After buying out Essar Steel’s assets in 2019, the JV is focusing on sion in upstream,” Dilip Oom- venture, completed the acqui-
acquisitions to secure infra, expand into value-added products

men, CEO, AM/NS India, and sition of Uttam Galva Steels, a
executive vice-president, downstream manufacturer in
SOHINI DAS & SHINE JACOB
Mumbai/Chennai, 30 November
REALITY CHECK
ArcelorMittal, said. Maharashtra, under the Inso- No. of cases in Apr-Sep 2022
ISHITA AYAN DUTT As India moves towards lvency and Bankruptcy Code India’s target to eliminate mea- India 9,489
Kolkata, 30 November achieving its target of 300 mil- (IBC) process. The resolution sles and rubella by December
lion tonne (MT) crude steel pro- amount including payout to 2023 appears to be a long shot, Somalia 8,435
T
he entry of ArcelorMittal duction capacity from the cur- financial creditors, operational as the country reported 9,489 Yemen 6,478
Nippon Steel India rent level of 154 MT, AM/NS creditors and equity infusion cases between April and Septe-
(AM/NS India) into India’s importance in Arcelor was ~4,020 crore. AM Mining, mber this year, ahead of Som- Zimbabwe 5,094
India’s league table for steel was and Nippon’s plans is only incidentally, has also shown alia (8,435) and Yemen (6,478). Nigeria 4,551
noisy, with the world’s largest expected to grow. interest in Srei, which is under- Affected states like
steelmaker locked in an intense “The Indian operations will going insolvency resolution. Maharashtra are now on an Liberia 4,085
legal battle with the Ruias, pro- be integral to the growth plans The organic plans go like overdrive to vaccinate children
moters of Essar Steel, for more of the parent companies that this: in the medium term Hazira with additional shots, extend Pakistan 3,635
than two years to gain control want to remain at the forefront can be expanded to 20 MTPA. vaccination to the young, and Ethiopia 3,060
of the company under India’s of meeting the substantial rise For the long-term, the company also focus on boosting nutrition
nascent insolvency law. in steel consumption in India in is assessing setting up a 24 levels among them. Experts Afghanistan 1,738 *Democratic
Republic of
Three years on, the 60:40 the coming decades,” Harlalka MTPA plant in Kendrapara and point out that the outbreaks DRC* 1,329 the Congo
joint venture of the world’s lead- said. In line with the parent a 6 MTPA plant in Paradip, Odi- are precipitated by missing rou- Source: CDC
ing steelmakers is bulking up by companies’ goals, AM/NS Ind- sha. Feasibility studies are und- tine immunisation.
acquiring a string of assets con- ia’s management is firmly com- erway for both. Yet, AM/NS’ big Outbreaks have been report- 184 cases so far. “We touched a decide whether it would opt
nected to its operations and mitted to expansion plans that bang plans are no surprise; the ed in several states including vaccination rate of around 94- for administering an addition-
ring-fencing future expansion. STEELING FOR GROWTH lay emphasis on the production top steel producers in the coun- Maharashtra, Kerala, Bihar, 95 per cent about three years al shot.
Nearly ~90,000 crore worth Crude steel EBITDA Net debt of value-added products, try are on a growth trajectory. Jharkhand, Gujarat and Hary- ago. During Covid-19, this “From whatever we have
of capital expenditure has been production (MT) ($ bn) ($ bn) among others, he added. “Among large steel-consum- ana. Maharashtra is the worst dipped to 87 percent. Whenever noticed, the measles virus is tar-
incurred so far on various asset CY2019 7.1 0.3 5 AM/NS India’s expansion in ing countries, India is perhaps hit, reporting 717 cases this year. it is less than 95 per cent, inci- geting non-immunised chil-
acquisitions and projects, with upstream capacity from 9 MT the only country today where As many as 303 cases have been dence of diseases that can be dren. We are creating more
a major investment of about
CY2020 6.6 0.7 4.3 to 15 MT at a cost of $5.6 billion there is a clear visibility on long- reported in Mumbai alone. As prevented by vaccines is high,” awareness and running immu-
~42,000 crore on the acquisition CY2021 7.4 2 3.7 began at Hazira, term demand of Monday, the city has reported says Renuka R, district medical nisation campaigns in targeted
of Essar Steel, Amit Harlalka, H1CY22# 6.8 1.7 3.2 Gujarat, the loca- The last such rush growth. In addi- 10 deaths due to measles. officer of Malappuram. areas. Since the nutritional sta-
deputy chief financial officer, # annualised tion of its existing to expand steel tion, availability of Anish T S, associate profes- The Union health ministry tus is better than in other places,
AM/NS India, said. “Additional Net debt for H1CY22 is as on June 30, 2022 steel plant, towards capacity was possibly iron ore and cheap sor of community medicine at had rushed teams to Kerala and we are not reporting any deaths.
Source: Company
investments were made to the end of October. in the early part of labour are attrac- Government Medical College, Maharashtra. It has recom- Our aim is to prevent deaths
secure strategic infrastructure With the invest- 2000, though tive value proposi- Manjeri, Kerala, says that mended that one additional and hence two doses of vitamin
assets (port and power), a slurry located in Paradip was acquired a major challenge in continuing ment in down- greenfield was the tions for steel mak- Maharashtra has a good surveil- dose be administered to chil- A is being given to any children
pipeline, and downstream value under the SARFAESI Act, a debt operations and perceived as a stream and debot- preferred route then ers,” Roy pointed lance and reporting system. dren aged between 9 months having fever with rashes,”
added products in order to recovery law, to meet power req- poison pill for most acquirers. tlenecking of out. “More cases are thus being and 5 years in vulnerable areas. Renuka says.
make AM/NS India operations uirements of operations there. “However, group insolvency current operations, the amount So, big-ticket expansion tot- reported from Mumbai. I sus- It has also advised that children A 2014 study in Thane dis-
self-reliant,” he added. The big one, however, came was not considered by banks goes up to a whopping $7.4 bil- alling around 130 MTPA has pect there are more outbreaks as young as 6 months old be giv- trict neighbouring Mumbai
The infrastructure assets in August this year, when since a majority of these com- lion, expected to be completed been lined up with more than happening throughout the en a dose in areas where more had shown that nearly 33 per
were not part of Essar Steel’s AM/NS India and the Ruias fin- panies were not NPAs in their by early 2026. 30 per cent expected to be com- country,” Anish says, who is than 10 per cent measles cases cent of patients contracted
insolvency resolution process ally signed an agreement to buy books.” The investment is expected missioned in five years. The last working in Malappuram, one of were reported in children aged measles despite being vacci-
but allied and critical to AM/NS infrastructure assets — ports, But as ESIL’s capacity utilisa- to increase EBITDA capacity by such rush to expand steel capac- the worst-hit districts in Kerala. below 9 months. nated. The researcher, Sudhir
India’s operations. power plants and a transmission tion improved during CIRP, 2.5x (in CY2021, AM/NS EBITDA ity was possibly in the early part He says that while a dip in Maharashtra was quick to Sane from Jupiter Hospital in
The Odisha Slurry Pipeline line — from the Essar Group for Gupta said, these group firms had stood at $2 billion). Having of 2000, though greenfield was routine immunisation is to act on this directive. Within 24 Thane, had done an epidemi-
(OSPIL), for instance, owns a a net value of $2.4 billion also started performing well, ownership of the ancillary assets the preferred route then. And blame, there is also a lot of vac- hours of getting a final nod from ological study of a measles out-
253-km pipeline connecting (~19,000 crore). About $2.05 bil- thus honouring contracts with was, therefore, critical not just like many others, ArcelorMittal cine hesitancy among some the state government, the break in the area. The study
AM/NS India’s iron ore benefi- lion (~16,500 crore) of that trans- ESIL and making it less attrac- from the point of current operat- had also signed up for it — in communities. “Let’s say, if the Brihanmumbai Municipal also showed that nearly 20 per
ciation plant in Dabuna with the action was completed last week. tive for them not to cooperate. ions but future expansion of In- 2005, an MoU with the Jhark- percentage of active vaccination Corporation (BMC) readied a list cent of the patients got infect-
pellet plant in Paradip, Odisha, The ancillary units were an After the acquisition of Essar, dia’s fourth largest steelmaker. hand government for a 12 MTPA seekers is around 50 per cent in of 138,000 children in Mumbai ed before reaching the age
and the Supreme Court recently issue even during Essar’s cor- control of the port became a “Freight cost is one of the plant and in 2006 with Odisha South Kerala, it would be as low who would get an additional required for vaccination.
approved a resolution plan sub- porate insolvency resolution bone of contention and the issue largest cost components in steel for a similar sized plant. But they as 25 per cent in North Kerala. dose because they live in A government source
mitted by ArcelorMittal India process (CIRP). Satish Gupta, had been tied up in legal wran- making since, for every tonne didn’t materialise. Last week, in our meeting with hotspots (mainly slums), and admits that special attention
Pvt Ltd as part of an insolvency resolution professional for Essar gles since 2020 when AM/NS of steel, about three tonnes of Finally, a major opportunity local health workers, they another 3,496 children aged needs to be given to malnour-
resolution process. Steel, recalled that power and India moved the Gujarat High raw material are required,” came knocking when Essar reported that migrants in North between 6 and 9 months would ished children. “If our target is
Then, the power assets incl- ports operations critically requ- Court. But getting trapped in Jayanta Roy, senior vice-presi- Steel was auctioned under the Kerala who come from Bihar be given the measles shot. 100 children, we are still miss-
uded a 500-Mw captive gas- ired for running the operations legal cases could mean years dent, ICRA, said. “The acquisi- IBC. And while the battle for and Bengal have better vacci- BMC Executive Health ing 20 children,” he said.
based power plant at Hazira, ac- of ESIL (Essar Steel India) were gone by in lost opportunity and tions give the company control Essar spanned over two years, nation coverage than the Officer Mangala Gomare says
quired from secured creditors. in different companies control- AM/NS decided to settle. For the over movement of raw materials compared to 14 years, it may locals,” Anish explains. the drive will begin this week.
A 60-Mw thermal power plant led by the promoters, and it was two global majors, India is one and reduce freight cost.” seem like a fraction of a wait. Malappuram has reported Meanwhile, Kerala is yet to More on business-standard.com
CIN: L74999DL2007PLC277039
Tel: +91-120-4648 100;
E-mail: compliance@iexindia.com, Website: www.iexindia.com
Registered Office: 1st Floor Unit No. 1.14(a), Avanta Business Centre, Southern Park, D-2,
District Centre, Saket, New Delhi – 110017
NOTICE OF THE POSTAL BALLOT AND E-VOTING
Notice is hereby given that pursuant to and in compliance with Sections 108 and
110 of the Companies Act, 2013 (the “Act”) and Rules 20 and 22 of the Companies
(Management and Administration) Rules, 2014 (the “Management Rules”), Clause
16 of Secretarial Standard-2 (“SS-2”) read with the General Circular No. 33/2020
dated September 28, 2020, General Circular No.14/2020 dated April 8, 2020, General
Circular No. 17/2020 dated April 13, 2020, General Circular No. 39/2020 dated
December 31, 2020, General Circular No. 10/2021 dated June 23, 2021, General
Circular No. 20/2021 dated December 08, 2021 and General Circular No. 3/2022
dated May 5, 2022, issued by the Ministry of Corporate Affairs of India (the “MCA
Circulars”) (including any statutory modification or re-enactment thereof for the time
being in force, and as amended from time to time), and Regulation 44 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing
Regulations”) and other applicable laws, rules and regulations, the approval of the
members of Indian Energy Exchange Limited (the “Company”) is being sought by way
of postal ballot for the following resolution, as set out in Postal Ballot Notice dated
November 25, 2022 (“Postal Ballot Notice”) by way of electronic means (“remote
e-voting”) only.
Sr. No. Type of Resolution Description of Resolution

1. Special Approval for the Buyback of Equity Shares of
the Company.
Pursuant to MCA Circulars, the Company has completed the dispatch of the Postal
Ballot Notice on Wednesday, November 30, 2022, electronically to all the members
of the Company, who have registered their e-mail addresses with the Company
or their Depository Participant as on Friday, November 25, 2022, i.e., the cut-off
date. The Postal Ballot Notice is also available on the website of the Company i.e.
www.iexindia.com and the website of Stock Exchanges i.e. BSE Limited and
National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.
com respectively and on the website of Company’s Registrar and Transfer Agent,
KFin Technologies Limited ( “KFIN”) at https://evoting.kfintech.com/.
In accordance with the provisions of the MCA Circulars, the Shareholders can vote
only through the remote e-voting process. Shareholders whose names appear on the
Register of Members / list of Beneficial Owners as on Friday, November 25, 2022,
shall only be considered for the purpose of remote e-voting and voting rights shall be
reckoned on the paid-up Equity Shares registered on the name of the members as on
cut-off date. A person who is not a member as on cut-off date shall treat this Notice for
information purposes only.
The Company has engaged the services of KFin Technologies Limited for providing
e-voting facility to all its members. Members are requested to note the following:
Commencement of remote 9:00 a.m. IST on Thursday, December 01, 2022

e-voting:
End of remote e-voting: 5:00 p.m. IST on Friday, December 30, 2022
The members are requested to note that e-voting shall not be allowed beyond the
aforesaid date and time and the e-voting module shall be forthwith disabled upon
expiry of the aforesaid period.
Members who have not yet registered e-mail addresses are requested to register the
same in the following manner;
• Members holding shares in demat form can get their E-mail ID registered by
contacting their respective Depository Participant.
• Members holding shares in the physical form can get their E-mail ID registered
by contacting our Registrar and Share Transfer Agent “KFin Technologies
Limited” on their email id einward.ris@kfintech.com and with the Company at
compliance@iexindia.com.
The instructions on the process of e-voting, including the manner in which the members
who are holding shares in physical form or have not registered their email addresses
can cast their vote through e-voting, are provided in the Postal Ballot Notice.
The Board of Directors of the Company has appointed Mr. Sachin Agarwal, Partner
of Agarwal S. & Associates, Practicing Company Secretary (FCS No. 5774 and COP
No. 5910), as the Scrutinizer (the “Scrutinizer”) for conducting the Postal Ballot and
e-voting process in a fair and transparent manner.
The results of the e-voting postal ballot will be declared on or before Tuesday, January
03, 2023, and will be displayed at the corporate office and on the website of the
Company at www.iexindia.com, on the website of KFin and will also be intimated to
the Stock Exchanges on which the equity shares of the Company are listed.
In case of any queries pertaining to e-voting, members may refer to the “Help” and
“FAQ” sections/E-voting user manual available through a dropdown menu in the
“Download” section of KFIN website for e-voting: https://evoting.kfintech.com/
Members are requested to note the contact details for addressing queries/grievance,
if any, connected with e-voting: Mr. Prem Kumar Nair, (Unit: Indian Energy Exchange
Ltd) KFin Technologies Limited, Selenium Tower B, Plot 31 & 32, Financial District,
Nanakramguda, Serilingampally Mandal, Hyderabad-500032 Toll-free No.: 1800-309-
4001 E-mail: einward.ris@kfintech.com.
By order of the Board of Directors
For Indian Energy Exchange Limited
Sd/-
Vineet Harlalka
Place: Noida CFO, Company Secretary & Compliance Officer
Date: November 30, 2022 Membership No. ACS-16264
18
>
G20 share in world output In 2022, world-topping $100 bn

in remittances have come to India
falls as India’s clout grows RUCHI BHATIA
30 November
Wage hikes, record-high
employment and a weakening
ISHAAN GERA, ANOUSHKA SAWHNEY
REUTERS
rupee also supported growth. Green pathways present a
& SAMREEN WANI 1. G20’s SHARE IN Migrant workers from India are Inflows from the world’s
$1.6-trn investment window
WORLD GDP WANING on track to send home a record largest diaspora are a key source
amount of money this year, of cash for India, which lost
(In %)
O
n Thursday, India will assume boosting the finances of Asia’s almost $100 billion of foreign SHIVA RAJORA technologies had the poten-
the G20 presidency. As the cou- third largest economy poised to exchange reserves in the past New Delhi, 30 November tial to reduce greenhouse gas
ntry prepares to host the summit retain its spot as the world’s top year amid tightening global emission and create nearly 3.7
of 20 nations in September 2023, it also recipient of remittances. conditions that weakened cur- Keeping spaces cool using million jobs.
has to tackle the rising concerns about Remittance flows to India rencies including the rupee alternative and innovative Auguste Tano Kouamé,
climate change and calls from other co- will rise 12 per cent to against the dollar. energy-efficient technologies World Bank country director
untries for the expansion of the group. reach $100 billion this The decline in Remittances, can open up an investment in India, said the report had
In 1999, when the Group of 20, or G20, year, according to a population has accounting for opportunity of $1.6 trillion by suggested a sustainable road
was formed, the countries accounted for World Bank report also come on the nearly 3 per cent of 2040 in India, says a report map for cooling, which had
87.6 per cent of the global output. In 2021, published on Wed- back of a rise in India’s GDP, are released by the World Bank the potential to reduce 300
Calculations based on World Bank data ($, constant, 2015)
data from World Bank shows, their share G7 includes Canada, France, Germany, Italy, Japan, UK, US. nesday. That puts its life expectancy also important for on Wednesday. million tonnes of carbon diox-
declined to 85.7 per cent (chart 1). Sim- EU is a non-enumerated member Source: World Bank inflows far ahead of and better filling fiscal gaps. The report, “Climate Inve- ide annually by 2040.
ilarly, in merchandise trade, the share countries including health outcomes Cash transfers stment Opportunities in Ind-
of G20 countries declined from 80.2 to 2. ITS SHARE IN GLOBAL 3. SO HAS ITS SHARE Mexico, China and to India from high- ia’s Cooling Sector”, also
76.5 per cent. However, analysis shows
a shift within G20 players as well. The
TRADE HAS SLIPPED IN WORLD POPULATION the Philippines. income countries climbed to
Highly-skilled Indian mig- more than 36 per cent in 2020-
found this shift to efficient More on business-standard.com
Group of Seven’s, or G7 countries’, share (In %) (In %) rants living in wealthy nations 21, up from 26 per cent in 2016-
in global output and trade has fallen such as the US, the UK and Sin- 17. The share from five Gulf Remittances earned by mig- tions in home countries by
faster than that of gapore were sending more nations, including Saudi Arabia rants from Bangladesh, Pakis- sending less money through
The decline in the other G20 nat- money home, the report said. and the UAE, declined to 28 per tan and Sri Lanka are expected formal channels and opting for
population has ions. The share of Over the years, Indians have cent from 54 per cent, the World to drop this year, the World black-market premia in the par-
also come on the G7 in global out- moved away from doing lower Bank said, citing Reserve Bank Bank noted. “Migrants respond- allel exchange markets,” the
back of a rise in put declined from paid work in places like the Gulf. of India data. ed to exchange rate deprecia- report said. BLOOMBERG
life expectancy 67.5 per cent in
and better 1999 to 51 per cent
health outcomes in 2021. In trade,
the share declin-
ed from 65.9 to 47.7 per cent during the
Calculations based on merchandise exports and imports
(current US $) Source: World Bank Source: United Nations, DESA, Population Division (2022) SET PIECE
same period (chart 2).
The G20 countries also account for a
relatively smaller share of the global pop-
4. BUT THE COUNTRIES HAVE MADE HEALTH GAINS WC to get first
ulation compared to 1999. Despite boast-
(Average life expectancy, in years) n G20 n World n G7 woman referee
ing two of the most populous countries, 78.3 79.6 80.8 81.4 81.3 French referee Stéphanie
73.1 74.3 75.9 70.6 77.1 72 77.6 72.7
its share has declined from 66.5 per cent 67.3 68.9 Frappart will become
in 1999 to 61.6 per cent in 2021 (chart 3). the first woman to take
But the decline in population has also charge of a men’s
come on the back of a rise in life expect- World Cup game when
ancy and better health outcomes. The she handles Germany
life expectancy in G20 economies in versus Costa Rica on
2020 was 77.6 years, compared to the gl- 1999 2005 2010 2015 2020 Thursday in Qatar.
obal average of 72.7. It was still lower than Source: World Bank FIFA also picked two
the G7 average of 81.3 years (chart 4). women as assistants to
As the clamour for climate action
grows louder, these economies would
5. THEY ACCOUNT FOR 80% OF 6. INDIA’S STOCK Frappart — Neuza Back
of Brazil and Mexico’s
have to reorient to incorporate climate GLOBAL CARBON EMISSIONS WITHIN G20 RISES Karen Diaz Medina — to
as a significant agenda. Analysis of data (Annual C02 emissions, % share of global emissions) (Share in G20, %) complete an all-female
from the Global Carbon Project 2022 n G20 share n G7 share n1999 n 2021 refereeing team on the
29.03
25.7
shows that the countries accounted for field. A fourth woman

82.5 81.8 81.4 80.8 80.7
80 per cent of the world’s carbon emis- match official FIFA picked
7.30
3.68
3.80
2.81
0.89
sions (chart 5). While G20’s global influe- for this World Cup, Kathryn
1.91
nce may be declining, India has witness- 47.5 41.6 Nesbitt of the United
ed an improvement in its standing within 34.2 30.1 States, will also be working
26.3 Carbon
the group. India accounted for 1.91 per GDP Population emissions Trade at the Al Bayt Stadium as
cent share of the G20’s output at the time 1999 2005 2010 2015 2021 Source: World Bank, United Nations, DESA, Christian Pulisic of the US collides with Iran’s goalkeeper Alireza Beiranvand after scoring the the offside specialist in the
of the group’s formation. In 2021, India’s Measures fossil fuel and industry emissions. Land use change is not Population Division (2022), Our World in first goal on Tuesday. Some Iranian fans celebrated their team’s 0-1 loss and its subsequent exit video review team.
included Source: Our World in Data, Global Carbon Project Data, Global Carbon Project
share rose to 3.68 per cent (chart 6). from the World Cup in solidarity with the protests in the country REUTERS

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THURSDAY, 1 DECEMBER 2022

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

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N H « H H H < M « « H GAIL Glenmark« GMR Airports« N « <

H « « m W « H M < & H & « & H & H H H H H M&M H M &M < M

M H M « M < M H M H M M H H M M M N m< N H N NM « N O ON < O <

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shows that the countries accounted for field. A fourth woman

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