FRIDAY, 23 DECEMBER 2022

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

MUMBAI
~12.00
VOLUME XXVII NUMBER 94

THE MARKETS ON THURSDAY chg#

Sensex 60,826.2  241.0

Nifty 18,127.3  71.8
Nifty Futures* 18,170.3 p 43.0
Dollar
Euro
~82.8
~88.1
~82.8 **
~87.9 **
MODI CAUTIONS AGAINST HOUSE PANEL FOR REINING IN
Brent crude ($/bbl)
Gold (10 gm)###
82.5##
~54,480.0 
*(December) Premium on Nifty Spot; **Previous close;
80.8 **
~1.0 COMPLACENCY AT COVID MEET BIG TECH WITH NEW DIGITAL LAW
# 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
 MUMBAI | FRIDAY, 23 DECEMBER 2022 1
>.

PUBLIC ANNOUNCEMENT
This advertisement is for information purposes only and not for publication, distribution, or release directly or indirectly outside India. This is not an announcement for the Offer Document. All capitalized terms used herein and not defined herein shall
have the meaning assigned to them in the Letter of Offer dated December 08, 2022 (the “Letter of Offer” or “LOF”) filed with the National Stock Exchange of India Limited (“NSE”), BSE Limited (“BSE”) and the Securities and Exchange Board of India
(“SEBI”)

ANJANI PORTLAND CEMENT LIMITED Corporate Identification Number: L26942TG1983PLC157712

Anjani Portland Cement Limited (“Company” or “Issuer”) was incorporated as “Shez Chemicals Limited” on December 17, 1983 as a public limited company under the Companies Act, 1956 with the Registrar of Companies, Andhra Pradesh. Subsequently a fresh
certificate of incorporation consequent upon change of name of our Company to “Shez Cements Limited” was issued on October 17, 1985 by the Registrar of Companies, Andhra Pradesh, pursuant to a special resolution passed in the shareholders’ meeting held on
February 25, 1985. Thereafter, pursuant to a special resolution passed at the Shareholders meeting held on September 30, 1999, the name of our Company was changed to “Anjani Portland Cement Limited”, its current name, and a fresh certificate of incorporation
consequent upon change of name of our Company was issued on October 7, 1999 by Registrar of Companies, Andhra Pradesh at Hyderabad.

Registered & Corporate Office: 6-3-553, Unit No. E3 & E4, 4th Floor, Quena Square Off: Taj Deccan Road, Erramanzil, Hyderabad – 500 082, Telangana, India;
Telephone: + 91 40 2335 3096/ 3106; E-mail: secretarial@anjanicement.com; Website: www.anjanicement.com;
Contact Person: Subhanarayan Muduli, Company Secretary and Compliance Officer

PROMOTER: CHETTINAD CEMENT CORPORATION PRIVATE LIMITED

ISSUE OF UPTO 1,26,42,848 EQUITY SHARES OF FACE VALUE ₹ 10/- EACH (“RIGHTS EQUITY SHARES”) OF OUR COMPANY FOR CASH AT A PRICE OF ₹ 197/- EACH, INCLUDING A SHARE PREMIUM OF ₹ 187/- PER RIGHTS EQUITY SHARE (THE
“ISSUE PRICE”), AGGREGATING UPTO ₹ 24,906.41 LAKHS* ON A RIGHTS BASIS TO THE EXISTING EQUITY SHAREHOLDERS OF OUR COMPANY IN THE RATIO OF 1 (ONE) RIGHTS EQUITY SHARE(S) FOR EVERY 2 (TWO) FULLY PAID-UP EQUITY
SHARE(S) HELD BY THE EXISTING EQUITY SHAREHOLDERS ON THE RECORD DATE, THAT IS ON, FRIDAY, DECEMBER 16, 2022 (THE “ISSUE”). THE ISSUE PRICE FOR THE RIGHTS EQUITY SHARES IS 19.7 TIMES THE FACE VALUE OF THE EQUITY
SHARES. FOR FURTHER DETAILS, PLEASE REFER TO THE CHAPTER TITLED “TERMS OF THE ISSUE” ON PAGE 129 OF THE LETTER OF OFFER.
* Assuming full subscription

ISSUE PROGRAMME
LAST DATE FOR ON MARKET
ISSUE OPENS ON ISSUE CLOSES ON**
RENUNCIATION*
FRIDAY, DECEMBER 30, 2022 FRIDAY, JANUARY 13, 2023 THURSDAY, JANUARY 19, 2023
*Eligible Equity Shareholders are requested to ensure that renunciation through off-market transfer is completed in such a manner that the Rights Entitlements are credited to the demat account of the Renouncees on or prior to the Issue Closing Date.
**Our Board or a duly authorized committee thereof will have the right to extend the Issue period as it may determine from time to time, provided that this Issue will not remain open in excess of 30 (Thirty) days from the Issue Opening Date (inclusive of the Issue Opening
Date).
Further, no withdrawal of Application shall be permitted by any Applicant after the Issue Closing Date.

Simple, Safe, Smart way of Application - Make use of it!!!

ASBA * * Application Supported by Blocked Amount (ASBA) is a better way of applying to issues by simply blocking the
fund in the bank account, investors can avail the same. For further details read section on ASBA below
In accordance with Regulation 76 of the SEBI ICDR Regulations, SEBI circular, bearing reference number Eligible Equity Shareholders can obtain the details of their respective Rights Entitlements from the website of the Registrar I/We acknowledge that the Company, the Lead Manager, their affiliates and others will rely upon the truth and accuracy of
SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020, bearing reference number to the Issue at https://rights.kfintech.com/ by entering their DP-ID and Client-ID and PAN.
SEBI/HO/CFD/CIR/CFD/DIL/67/2020 dated April 21, 2020, SEBI circular bearing reference number the foregoing representations and agreements.”
AVAILABILITY OF APPLICATION FORM: The Registrar has electronically dispatched an Application Form to all Eligible In case an Investor makes an Application as well as on plain paper, his application is liable to be rejected.
SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020, SEBI circular bearing reference number Equity Shareholders as per their Rights Entitlements on the Record Date for the Issue. In the event that e-mail addresses of
SEBI/HO/CFD/DIL1/CIR/P/2020/136 dated July 24, 2020, SEBI circular bearing reference number LAST DATE FOR APPLICATION: The last date for submission of the duly filled in Application Form is the Issue Closing
the Eligible Equity Shareholders were not available with our Company/ Depositories or the Eligible Equity Shareholders
SEBI/HO/CFD/DIL1/CIR/P/2021/13 dated January 19, 2021 and SEBI circular bearing reference number have not provided valid e-mail addresses to our Company/ Depositories, our Company has dispatched the Application Date i.e., Thursday, January 19, 2023. Our Board or any committee thereof may extend the said date for such period as it
SEBI/HO/CFD/DIL2/CIR/P/2021/552 dated April 22, 2021, SEBI/HO/CFD/DIL2/CIR/P/2021/633 dated October 01, Form and other applicable Issue materials by way of physical delivery as per the applicable laws to those Eligible Equity may determine from time to time, subject to the provisions of the Articles of Association, and subject to the Issue Period not
2021 and SEBI/HO/CFD/SSEP/CIR/P/2022/66 dated May 19, 2022 (Collectively hereafter referred to as “SEBI Rights Shareholders who have provided their Indian address. exceeding 30 days from the Issue Opening Date (inclusive of the Issue Opening Date). If the Application together with the
Issue Circulars”) and SEBI circular SEBI/CFD/DIL/ASBA/1/2009/30/12 dated December 30, 2009, SEBI circular The Renouncees and Eligible Equity Shareholders who have not received the Application Form can download the same amount payable is either (i) not blocked with a SCSB; or (ii) not received by the Bankers to the Issue or the Registrar on or
C I R / C F D / D I L / 1 / 2 0 11 d a t e d A p r i l 2 9 , 2 0 11 , t h e S E B I c i r c u l a r, b e a r i n g r e f e r e n c e n u m b e r from the websites of the Registrar (https://rights.kfintech.com), the Company (www.anjanicement.com), the Lead before the close of banking hours on the Issue Closing Date or such date as may be extended by our Board or any
SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020 (Collectively hereafter referred to as “ASBA Circulars”), Manager (www.saffronadvisor.com) and the Stock Exchanges at (www.bseindia.com) and (www.nseindia.com). committee thereof, the invitation to offer contained in the Letter of Offer shall be deemed to have been declined and our
all Investors desiring to make an Application in this Issue are mandatorily required to use the ASBA process. CREDIT OF RIGHTS ENTITLEMENTS IN THE DEMAT ACCOUNTS OF ELIGIBLE EQUITY SHAREHOLDERS: Board or any committee thereof shall be at liberty to dispose of the Equity Shares hereby offered, as provided under
Kindly note that Non-Resident Investors will have to apply through ASBA mode. Investors should carefully read “Terms of the Issue - Basis of Allotment” on page 152 of the Letter of Offer.
the provisions applicable to such Applications before making their Application through ASBA. For details, see In accordance with Regulation 77A of the SEBI ICDR Regulations read with the SEBI Rights Issue Circulars, the credit of
Rights Entitlements and Allotment of Equity Shares shall be made in dematerialized form only. Prior to the Issue Opening APPLICANTS MAY PLEASE NOTE THAT THE RIGHTS EQUITY SHARES CAN BE TRADED ON THE STOCK
“Procedure for Application through the ASBAProcess” page 140 of the Letter of Offer. EXCHANGE ONLY IN DEMATERIALISED FORM.
Date, our Company shall credit the Rights Entitlements to (i) the demat accounts of the Eligible Equity Shareholders
Please note that in accordance with Regulation 77A of the SEBI (ICDR) Regulations read with the holding the Equity Shares in dematerialised form; and (ii) a demat suspense escrow account opened by our Company, for LISTING: The existing Equity Shares of our Company are listed on BSE and NSE (“Stock Exchanges”). Our Company
SEBI Rights Issue Circular, the credit of Rights Entitlements and Allotment of Rights Equity Shares the Eligible Equity Shareholders which would comprise Rights Entitlements relating to (a) Equity Shares held in a demat has received 'in-principle' approval from the BSE and NSE for listing the Rights Equity Shares to be allotted pursuant to this
shall be made in dematerialized form only. Accordingly, Eligible Equity Shareholders holding Equity suspense account pursuant to Regulation 39 of the SEBI Listing Regulations; or (b) Equity Shares held in the account of Issue vide its letter dated June 28, 2022 and June 22, 2022 respectively. For the purpose of this Issue, the Designated
Shares in physical form as on Record Date and desirous of subscribing to Rights equity shares in this IEPF authority; or (c) the demat accounts of the Eligible Equity Shareholder which are frozen or suspended for debit / credit Stock Exchange is BSE.
Issue are advised to furnish the details of their demat account to the Registrar to the Issue at least two or details of which are unavailable with our Company or with the Registrar on the Record Date; or (d) Equity Shares held by DISCLAIMER CLAUSE OF BSE (THE DESIGNATED STOCK EXCHANGE): It is to be distinctly understood that the
working days prior to the Issue Closing Date, i.e., Monday, January 16, 2023 to enable the credit of
Eligible Equity Shareholders holding Equity Shares in physical form as on Record Date where details of demat accounts permission given by BSE Limited should not in any way be deemed or construed that the Letter of Offer has been cleared or
their Rights Entitlements in their respective demat accounts at least one day before the Issue Closing
are not provided by Eligible Equity Shareholders to our Company or Registrar; or (e) instances where credit of the Rights approved by BSE Limited, nor does it certify the correctness or completeness of any of the contents of the Letter of Offer.
Date. They may also communicate with Registrar with the helpline number 1800 3094 001 and their
Entitlements returned/reversed/failed; or (f) Equity Shares, the ownership of which is currently under dispute, including in The investors are advised to refer to the Letter of Offer for the full text of the “Disclaimer Clause of BSE” on page 124 of
email address: einward.ris@kfintech.com.
any court proceedings. the Letter of Offer.
Prior to the issue opening date, the Rights Entitlement of those resident Eligible Equity Shareholders, among others, who Eligible Equity Shareholders can obtain the details of their respective Rights Entitlements from the website of the Registrar DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way
hold equity shares in physical form and whose demat account details are not available with our Company or the Registrar, (i.e., https://rights.kfintech.com) by entering their DP ID and Client ID or Folio Number (in case of Eligible Equity
shall be credited in a demat suspense escrow account opened by our Company. The Rights Entitlements of the Physical be deemed or construed that the Letter of Offer has been cleared or approved by NSE, nor does it certify the correctness or
Shareholders holding Equity Shares in physical form). The link for the same shall also be available on the website of our completeness of any of the contents of the Letter of Offer. The investors are advised to refer to the Letter of Offer for the full
Shareholders who do not furnish the details of their demat account to the Registrar not later than two Working Days prior to Company (i.e., www.anjanicement.com).
the Issue Closing Date, i.e., Monday, January 16, 2023 shall lapse and shall not be entitled to make an application for text of the “Disclaimer Clause of NSE” on page 124 of the Letter of Offer.
APPLICATION ON PLAIN PAPER UNDER ASBA PROCESS:
rights equity shares against their entitlements with respect to the equity shares held in physical form. AVAILABILITY OF THE LETTER OF OFFER: A copy of the Letter of Offer can be downloaded from the website of a) our
An Eligible Equity Shareholder who is eligible to apply under the ASBA process may make an Application to subscribe to
Facility for Application in the Issue Company at www.anjanicement.com; b) the Registrar to the Issue at https://rights.kfintech.com; c) the Lead Manager at
this Issue on plain paper. An Eligible Equity Shareholder shall submit the plain paper Application to the Designated Branch
of the SCSB for authorising such SCSB to block Application Money in the said bank account maintained with the same www.saffronadvisor.com d) SEBI and the Stock Exchanges at www.sebi.gov.in , www.bseindia.com and
In accordance with Regulation 76 of the SEBI ICDR Regulations, the SEBI Rights Issue circular and ASBAcirculars, Eligible
SCSB. Applications on plain paper will not be accepted from any address outside India. www.nseindia.com respectively.
Shareholders desiring to make an Application in this Issue are mandatorily required to use the ASBA process. Eligible
Shareholders should carefully read the provisions applicable to such Applications before making their Application through Please note that the Eligible Equity Shareholders who are making the Application on plain paper shall not be entitled to NOTICE TO OVERSEAS SHAREHOLDERS: No action has been or will be taken to permit the Issue
ASBA. For details, see “Procedure for Application through the ASBAProcess” on page 140 of the Letter of Offer. renounce their Rights Entitlements and should not utilize the Application Form for any purpose including renunciation even in any jurisdiction where action would be required for that purpose, except in India. Accordingly, the
Procedure for Application through the ASBA Process if it is received subsequently. Rights Entitlements or Rights Equity Shares may not be offered or sold, directly or indirectly, and the
Eligible Equity Shareholders desiring to make an Application in this Issue through ASBA process, may submit the The application on plain paper, duly signed by the Eligible Equity Shareholder including joint holders, in the same order and Letter of Offer, the Abridged Letter of Offer or any offering materials or advertisements in connection
Application Form to the Designated Branch of the SCSB or online/electronic Application through the website of the SCSBs as per specimen recorded with his bank, must reach the office of the Designated Branch of the SCSB before the Issue with the Issue may not be distributed, in whole or in part, in any jurisdiction, except in accordance
(if made available by such SCSB's) for authorising such SCSB to block Application money payable on the Application in Closing Date and should contain the following particulars: with legal requirements applicable in such jurisdiction. Receipt of the Letter of Offer or the Abridged
their respective ASBA Accounts. Eligible Equity Shareholders should ensure that they have correctly submitted the · Name of our Issuer, being Anjani Portland Cement Limited; Letter of Offer will not constitute an offer in those jurisdictions in which it would be illegal to make such
Application Form and have otherwise provided an authorisation to the SCSB, via the electronic mode, for blocking funds in · Name and address of the Eligible Equity Shareholder including joint holders (in the same order and as per specimen an offer (“Restricted Jurisdictions”) and, in those circumstances, the Letter of Offer and the
the ASBAAccount equivalent to the Application Money mentioned in the Application Form, as the case may be, at the time recorded with our Company or the Depository); Abridged Letter of Offer must be treated as sent for information purposes only and should not be
of submission of the Application. For the list of banks which have been notified by SEBI to act as SCSBs for the ASBA · Registered Folio Number and DP and Client ID No.; acted upon for subscription to the Rights Equity Shares and should not be copied or redistributed.
process, please refer to https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34. For · Number of Equity Shares held as on Record Date; Accordingly, persons receiving a copy of the Letter of Offer or the Abridged Letter of Offer or
details on Designated Branches of SCSBs collecting the Application Form, please refer the above-mentioned link. Please · Allotment option preferred - only Demat form; Application Form should not, in connection with the issue of the Rights Equity Shares or the Rights
note that subject to SCSBs complying with the requirements of SEBI Circular No. CIR/CFD/DIL/13/2012 dated September · Number of Rights Equity Shares entitled to; Entitlements, distribute or send the Letter of Offer or the Abridged Letter of Offer to any person
25, 2012 within the periods stipulated therein, ASBA Applications may be submitted at the Designated Branches of the outside India where to do so, would or might contravene local securities laws or regulations. If the
· Number of Rights Equity Shares applied for;
SCSBs, in case of Applications made through ASBAfacility. Letter of Offer or the Abridged Letter of Offer or Application Form is received by any person in any
Please note that subject to SCSBs complying with the requirements of SEBI Circular No. CIR/CFD/DIL/13/2012 dated · Number of Additional Rights Equity Shares applied for, if any;
Restricted Jurisdiction, or by their agent or nominee, they must not seek to subscribe to the Rights
September 25, 2012 within the periods stipulated therein, Applications may be submitted at Designated Branches of the · Total number of Rights Equity Shares applied for within the Right Entitlements;
Equity Shares or the Rights Entitlements referred to in the Letter of Offer and the Abridged Letter of
SCSBs. Further, in terms of the SEBI Circular CIR/CFD/DIL/1/2013 dated January 2, 2013, it is clarified that for making · Total amount paid at the rate of 197/- per Rights Equity Share;
Offer. Envelopes containing an Application Form should not be dispatched from a Restricted
Applications by SCSBs on their own account using ASBAfacility, SCSBs should have a separate account in their own name · Details of the ASBAAccount such as the account number, name, address and branch of the relevant SCSB;
Jurisdiction and all the persons subscribing for the Rights Equity Shares must provide an Indian
with any other SEBI registered SCSB(s). Such account shall be used solely for the purpose of making Application in the · In case of NR Eligible Equity Shareholders making an application with an Indian address, details of the address. For more details, see “Other Regulatory and Statutory Disclosures - Selling
Issue and clear demarcated funds should be available in such account for Applications. SCSBs applying in the Issue shall NRE/FCNR/NRO Account such as the account number, name, address and branch of the SCSB with which the account
Restrictions” on page 125 of the Letter of Offer.
be responsible for ensuring that they have a separate account in their own name with any other SCSB having clear is maintained;
The Rights Entitlements and the Rights Equity Shares have not been and will not be registered under the Securities Act of
demarcated funds for applying in the Issue and that such separate account shall be used as the ASBA Account for the · Except for Applications on behalf of the Central or State Government, the residents of Sikkim and officials appointed by
1933, as amended (the “Securities Act”), or the securities laws of any state of the United States of America and may not be
Application, for ensuring compliance with the applicable regulations. the courts, PAN of the Eligible Equity Shareholder and for each Eligible Equity Shareholder in case of joint names,
Application by Eligible Equity Shareholders holding Equity Shares in physical form offered or sold in the United States of America, its territories and possessions, any State of the United States, and the
irrespective of the total value of the Rights Equity Shares applied for pursuant to the Issue. Documentary evidence for
exemption to be provided by the applicants; District of Columbia (“United States”), except in a transaction not subject to, or exempt from, the registration requirements
Please note that in accordance with Regulation 77A of the SEBI ICDR Regulations read with the SEBI Rights Issue
· Authorisation to the Designated Branch of the SCSB to block an amount equivalent to the Application Money in the of the Securities Act and applicable state securities laws. The Rights Entitlements and Rights Equity Shares are being
Circulars, the credit of Rights Entitlements and Allotment of Rights Equity Shares shall be made in dematerialised form
only. Accordingly, Eligible Equity Shareholders holding Equity Shares in physical form as on Record Date and desirous of ASBAAccount; offered and sold only (a) to persons in the United States who are reasonably believed to be qualified institutional buyers as
subscribing to Rights Equity Shares in this Issue are advised to furnish the details of their demat account to the Registrar or · Signature of the Eligible Equity Shareholder (in case of joint holders, to appear in the same sequence and order as they defined in Rule 144A under the Securities Act (“U.S. QIBs”) pursuant to Section 4(a)(2) of the Securities Act and (b) to
our Company at least two Working Days prior to the Issue Closing Date, to enable the credit of their Rights Entitlements in appear in the records of the SCSB); persons outside the United States in reliance on Regulation S under the Securities Act (“Regulation S”). In addition, until
their respective demat accounts at least one day before the Issue Closing Date. The Rights Entitlements of the Physical · Additionally, all such Applicants are deemed to have accepted the following: the expiry of 40 days after the commencement of the Issue, an offer or sale of Rights Entitlements or Rights Equity Shares
Shareholders who do not furnish the details of their demat account to the Registrar not later than two Working Days prior to “I/We understand that neither the Rights Entitlement nor the Rights Equity Shares have been, and will be, registered under in the United States by a dealer (whether or not it is participating in the Issue) may violate the registration requirements of
the Issue Closing Date, shall lapse. Such resident Eligible Equity Shareholders must check the procedure for Application in the United States Securities Act of 1933, as amended (“US Securities Act”) or any United States state securities laws, the Securities Act if such offer or sale is made otherwise than in accordance with an exemption from registration under the
“Procedure for Application by Resident Eligible Equity Shareholders holding Equity Shares in physical form” on and may not be offered, sold, resold or otherwise transferred within the United States or to the territories or Securities Act. The Rights Equity Shares are transferable only in accordance with the restrictions described in “Other
page 145 of the Letter of Offer. possessions thereof (“United States”) or to, or for the account or benefit of a United States person as defined in the Regulatory and Statutory Disclosures -Selling Restrictions” on page 125 of the Letter of Offer.
PLEASE NOTE THAT THE ELIGIBLE EQUITY SHAREHOLDERS, WHO HOLD EQUITY SHARES IN PHYSICAL Regulation S of the US Securities Act (“Regulation S”). I/ we understand the Rights Equity Shares referred to in this The Application Form along with the Abridged Letter of Offer and the Rights Entitlement Letter has been sent
FORM AS ON RECORD DATE AND WHO HAVE FURNISHED THE DETAILS OF THEIR RESPECTIVE DEMAT application are being offered in India but not in the United States. I/ we understand the offering to which this application through email to email address if they have provided an Indian address to our Company or who are located in
ACCOUNTS TO THE REGISTRAR OR OUR COMPANY AT LEAST TWO WORKING DAYS PRIOR TO THE ISSUE relates is not, and under no circumstances is to be construed as, an offering of any Rights Equity Shares or Rights jurisdictions where the offer and sale of the Rights Equity Shares is permitted under laws of such jurisdictions.
CLOSING DATE, SHALL NOT BE ELIGIBLE TO MAKE AN APPLICATION FOR RIGHTS EQUITY SHARES AGAINST Entitlement for sale in the United States, or as a solicitation therein of an offer to buy any of the said Rights Equity BANKER TO THE ISSUE AND REFUND BANK: HDFC Bank Limited
THEIR RIGHTS ENTITLEMENTS WITH RESPECT TO THE EQUITY SHARES HELD IN PHYSICAL FORM. Shares or Rights Entitlement in the United States. Accordingly, I/ we understand this application should not be MONITORING AGENCY: CARE Ratings Limited
ALLOTMENT IN DEMATERIALIZED FORM ONLY: Eligible Equity Shareholders may please note that the Rights forwarded to or transmitted in or to the United States at any time. I/ we confirm that I/ we are not in the United States and FOR RISK FACTORS AND OTHER DETAILS, KINDLY REFER TO THE LETTER OF OFFER
Equity Shares in the Issue can be allotted only in dematerialized form and to the same depository account in which understand that neither us, nor the Registrar, the Lead Manager or any other person acting on behalf of us will accept AND ABRIDGED LETTER OF OFFER.
the Rights Entitlements are held by such Applicant on the issue closing date. In accordance with the SEBI Rights subscriptions from any person, or the agent of any person, who appears to be, or who we, the Registrar, the Lead OTHER IMPORTANT LINKS AND HELPLINE:
Issue Circulars, the Eligible Equity Shareholders, who hold Equity Shares in physical form as on Record Date and who Manager or any other person acting on behalf of us have reason to believe is a resident of the United States “U.S. a) Frequently asked questions and online/ electronic dedicated investor helpdesk for guidance on
have not furnished the details of their demat account to the Registrar or our Company at least two Working Days prior to the Person” (as defined in Regulation S) or is ineligible to participate in the Issue under the securities laws of their the Application process and resolution of difficulties faced by the Investors:
Issue Closing Date, desirous of subscribing to Rights Equity Shares may also apply in the Issue during the Issue Period. jurisdiction. einward.ris@kfintech.com
Such Eligible Equity Shareholders must check the procedure for Application in “Procedure for Application by Resident “I/ We will not offer, sell or otherwise transfer any of the Equity Shares which may be acquired by us in any jurisdiction or b) Updation of email address/ mobile number in the records maintained by the Registrar or our
Eligible Equity Shareholders holding Equity Shares in physical form” on page 145 of the Letter of Offer. under any circumstances in which such offer or sale is not authorized or to any person to whom it is unlawful to make
Company: einward.ris@kfintech.com
DISPATCH OF THE ABRIDGED LETTER OF OFFER (“ALOF”) AND APPLICATION FORM: such offer, sale or invitation except under circumstances that will result in compliance with any applicable laws or
c) Updation of demat account details by Eligible Equity Shareholders holding shares in physical
The dispatch of the ALOF, Rights Entitlement letter and Application Form for the Issue was completed on December 21, 2022 regulations. We satisfy, and each account for which we are acting satisfies, all suitability standards for investors in
by Registrar to the Issue, i.e., KFin Technologies Limited to all the Eligible Equity Shareholders of the Company, whose names form: einward.ris@kfintech.com
investments of the type subscribed for herein imposed by the jurisdiction of our residence.
appeared in the Register of Members/Beneficial Owners of the Company as on the Record date, i.e., Friday, December 16, I/ We understand and agree that the Rights Entitlement and Rights Equity Shares may not be reoffered, resold, pledged or d) Updation of Indian address can be done by way of an email to einward.ris@kfintech.com
2022 in electronic form through e-mail on December 20, 2022 to the equity shareholders who have registered email ids and otherwise transferred except in an offshore transaction in compliance with Regulation S, or otherwise pursuant to an
physically through speed/registered post on December 21, 2022. exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. Unless otherwise specified, all capitalised terms used herein shall have the same meaning ascribed to such terms in the
Eligible Equity Shareholders can access the Letter of Offer, the Abridged Letter of Offer and the Application Form (provided the I/We (i) am/are, and the person, if any, for whose account I/we am/are acquiring such Rights Entitlement, and/or the Equity Letter of Offer.
Eligible Equity Shareholders is eligible to subscribe for the Rights Equity Shares under applicable laws) on the websites of (i) Our Shares, is/are outside the United States or a Qualified Institutional Buyer (as defined in the US Securities Act), and (ii)
Company's website at www.anjanicement.com; (ii) Registrar to the Issue's website at https://rights.kfintech.com; (iii) BSE website is/are acquiring the Rights Entitlement and/or the Equity Shares in an offshore transaction meeting the requirements of
at www.bseindia.com (iv) NSE website at www.nseindia.com and (v) website of the Lead Manager at www.saffronadvisor.com Regulation S or in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act.

LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE COMPANY SECRETARY AND COMPLIANCE OFFICER
ANJANI PORTLAND CEMENT LIMITED
KFIN TECHNOLOGIES LIMITED Registered & Corporate Office: 6-3-553, Unit No. E3 & E4,
SAFFRON CAPITAL ADVISORS PRIVATE LIMITED Selenium Tower – B, Plot 31 & 32, Gachibowli,
605, Center Point, 6 th floor, Andheri Kurla Road, J. B. Nagar,
Financial District, Nanakramguda,
4th Floor, Quena Square Off. Taj Deccan Road, Erramanzil,
Andheri (East), Mumbai - 400 059, Maharashtra, India.
Telephone: +91 22 4973 0394 Hyderabad 500 032 Telangana, India. Hyderabad – 500 082, Telangana, India.
Facsimile: NA Telephone: +91 40 6716 2222/ / +91 40 7961 1000 Tel: + 91 40 2335 3096/ 3106;
E-mail: rights.issue@saffronadvisor.com Email: murali.m@kfintech.com
Website: www.saffronadvisor.com Investor Grievance Email: einward.ris@kfintech.com E-mail: secretarial@anjanicement.com
Investor grievance: investorgrievance@saffronadvisor.com Website: www.kfintech.com Website: www.anjanicement.com
Contact Person: Gaurav Khandelwal / Elton D’souza Contact Person: M Murali Krishna
SEBI Registration Number: INM000011211 Contact Person: Subhanarayan Muduli,
Validity of Registration: Permanent SEBI Registration Number: INR000000221
Validity of Registration: Permanent Company Secretary and Compliance Officer
Investors may contact the Registrar to Issue /Compliance Officer in case of any Pre Issue/ Post Issue related problems such as non-receipt of Allotment advice/demat credit etc.
For and on behalf of Anjani Portland Cement Limited
Sd/-
Date : 22-12-2022 Subhanarayan Muduli
Place : Hyderabad Company Secretary and Compliance Officer
Disclaimer: Our Company is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to issue Equity Shares on a rights basis and has filed a Letter of Offer with the Stock Exchange. The Letter of Offer shall be available on the website of SEBI at www.sebi.gov.in and the Stock Exchanges where the Equity Shares are listed i.e. BSE at www.bseindia.com and NSE at
www.nseindia.com and on the website of the Lead Manager at www.saffronadvisor.com. Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to the Letter of Offer including the section “Risk Factors” beginning on page 18 of the Letter of Offer. This announcement has been prepared for publication in India and may not be released in the United States.
This announcement does not constitute an offer of Equity Shares for sale in any jurisdiction, including the United States, and any Equity Shares described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption from registration. There will be no public offering of Equity Shares in the United States.
FRIDAY, 23 DECEMBER 2022
22 pages in 1 section www.business-standard.com
MUMBAI
~12.00
VOLUME XXVII NUMBER 94

THE MARKETS ON THURSDAY chg#

Sensex 60,826.2  241.0

Nifty 18,127.3  71.8
Nifty Futures* 18,170.3 p 43.0 COMPANIES P2 BACK PAGE P20
Dollar
Euro
Brent crude ($/bbl)
~82.8
~88.1
82.5##
~82.8 **
~87.9 **
80.8 **
IPL BRAND VALUE NEARLY 4 IN OSCAR SHORTLIST FROM INDIA,
Gold (10 gm)### ~54,480.0 
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~1.0
DOUBLES TO $8.4 BN IN A YEAR INCLUDING CHHELLO SHOW
### 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

GOVT MULLS RULES FOR

FASTER RESOLUTION OF Panel for reining Govt green bonds can be a gauge
BUILDERS’ INSOLVENCY for private sector fundraise: Rao
The Centre is planning to introduce new
rules for handling real estate
bankruptcies, which would
help homebuyers even
in Big Tech with ‘Heartening to see banks increasing green exposure’
PHOTO:KAMLESH PEDNEKAR
EXPERT INSIGHTS P6-7

new digital law

as their builders wind BHASKAR DUTTA & MANOJIT SAHA
down, people Mumbai, 22 December THERE IS ARGUABLY A CASE
familiar with the FOR (INSURERS) HAVING
matter said. The The pricing of the Centre’s sovereign
proposed change will green bonds can act as a benchmark for DIFFERENTIATED
permit resolution of the Underlines need for private sector players raising funds OPERATIONS,
cases on a project-wise basis, the people PARL PANEL’S KEY through rupee bonds for environmental,
WHICH CATER TO
said, asking not to be named, as the ex-ante regulations RECOMMENDATIONS social and governance (ESG)-linked debt,
NICHE SECTORS”
information is not public. That will allow Reserve Bank of India (RBI) Deputy
handing over completed apartments to SOURABH LELE > Separate > Specialised Governor M Rajeshwar Rao said on
the home buyers even when the New Delhi, 22 December Competition law digital market Thursday while addressing the Business RAKESH JOSHI
developer’s insolvency process is for tech companies unit within CCI Standard BFSI Insight Summit. Member (finance

T
underway, they said. 3> he Parliamentary Standing Finance Minister Nirmala Sitharaman & investment),
Committee on Finance has pre- > Frame a definition for Systemically during her Budget speech for 2022-23 had Irdai
sented a set of recommendations Important Digital Intermediaries announced that the
ECONOMY & PUBLIC AFFAIRS P4 to rein in Big Tech companies through a government would
> Curbs on deep THE MF INDUSTRY CAN ASPIRE
GAIL’s hunt for LNG may digital competition law
for regulating anti- discounting,
issue green bonds
as part of its market
RBI Deputy Governor M Rajeshwar Rao
addressing the Business Standard BFSI TO GROW FROM CURRENT
continue for a year competitive practices bundling/tying of borrowing plan for Insight Summit virtually MONTHLY INFLOWS OF
State-run largest gas utility GAIL (India) fears on their platforms. services the current financial year.
little to no supply of liquefied natural gas (LNG) The report under- “The proceeds [raised by the govern- “THE PROCEEDS [FROM GREEN ~13,000 CRORE TO
> Strict regulation on ~50,000 CRORE IN THE
from Russia’s Gazprom for at least 12 months, lined the need for ex-
data usage for
ment via green bonds] would be BONDS] WOULD BE DEPLOYED IN
and is preparing to meet the shortfall ante regulations —
advertising
deployed in public-sector projects
PUBLIC SECTOR PROJECTS WHICH WILL COMING FIVE YEARS”
accordingly. The supply constraints, which which are cautionary which will help reduce carbon-intensive
have cut off almost 20 per cent of all gas and based on antici-
RUN-INS
[sectors] of the economy. This by no HELP REDUCE CARBON-INTENSIVE ASHWANI BHATIA
supplies, will continue to persist for some
time, GAIL executives recently said in a
pated changes or
activity — and WITH CCI
means is a small step,” Rao said at the
event in Mumbai.
[SECTORS] OF THE ECONOMY” Whole-time
meeting with ICICI Securities. said the govern- > Google fined for “Sovereign green bonds (SGBs) will
M RAJESHWAR RAO, Deputy governor, RBI member, Sebi
ment must frame a def- “anti-competitive” practices also provide a pricing reference for pri-
inition for Systemically related to Android devices vate-sector entities in India for their nised the need for concerted efforts in
ECONOMY & PUBLIC AFFAIRS P4 Important Digital Intermediaries (SIDIs) rupee-denominated borrowing for ESG- this area and concomitantly set up a sus- MARKETS ARE ALWAYS
> Meta under > Apple facing CYCLICAL.WE ROMANTICISE
CAG: 4 CPSEs gave ~2.6K cr that need tighter regulations. The clas-
probe over investigation for
linked debt,” he said, adding that the issu- tainable finance group within its depart-

undue benefits to execs

sification could be based on revenues,
WhatsApp’s in-app purchase
ance of such instruments would help ment of regulation in May 2021 to lead THE GOOD PART
market capitalisation, and the number create an ecosystem that fostered a the regulatory initiative with regard to
The Comptroller and Auditor General (CAG) of of active users. privacy policy system greater flow of capital into green projects. climate risk and sustainable finance in AND IGNORE THE
India has unearthed ~2,609 crore worth Technology behemoths such as IMAGING: AJAY MOHANTY Rao said the central bank had recog- the Indian context. Turn to Page 7 > BAD PART”
“undue benefit” extended to executives by Alphabet (which owns Google), Meta
four central public sector enterprises (CPSEs), (which owns Facebook), and Amazon are INSIDE ‘PERSISTENCY RATIO MUST TECHNOLOGY AN DEBT RETURNS
such as Indian Oil Corporation, Oil and Natural among those recognised the world over with penalties of ~936.44 crore and IMPROVE FOR CUSTOMERS ENABLER IN MF COMPETING WITH SHANKAR SHARMA
Gas Corporation, GAIL (India), and ONGC Vides. as Big Tech companies that act as crucial ~1,337.76 crore. TO GET FULL BENEFIT’ P6 GROWTH: CEOs P7 EQUITIES: MF CIOs P7 Founder, GQuant
The CAG said by paying “running and digital intermediaries. The panel said a The committee also recommended
maintenance” of vehicles to its executives top tech company must not "favour its that India’s competition law need to be
based on their position, CPSEs have violated own offers over the offers of its competi- enhanced for which it is necessary to
Department of Public Enterprises guidelines. tors" when acting as mediators. strengthen the Competition
“India must identify the small Commission of India to take on new
number of leading players or market responsibilities. It suggested a special-
COMPANIES P2 winners that can negatively influence ized digital markets unit within the CCI,
Meta acts on 22.9 mn competitive conduct in the digital eco-
system,” said the panel, headed by
with “skilled experts,” academics, and
attorneys, enabling the commission to
content pieces on FB former junior finance minister Jayant closely monitor the SIDIs as well as
Social media giant Sinha, in its report tabled in the Lok emerging SIDIs.
Meta took action Sabha today. The SIDIs would have to submit a
against more than The report comes amid a rising global report to the CCI every year describing
22.9 million pieces of scrutiny of Google, Apple, Facebook, the measures implemented to fulfill their
content created by Amazon, and others for allegedly abus- obligations. They must also publish a
Indian users on ing their market position using chunks summary of this report on their websites.
Facebook and of user data. Earlier this year, the Google, Meta, Amazon, and Apple
Instagram in November, according to India Competition Commission of India (CCI) did not respond to Business Standard’s
Monthly Report released by the company on slapped Google, in two separate cases, requests for comments. Turn to Page 9 >
Thursday. The company took action on over
19.5 million pieces of content on Facebook
and 3.3 million pieces of content on
Instagram, according to the data shared in
the report. The company actioned over 14.9 RELIANCE RETAIL TO ACQUIRE METRO
million spam content.
CASH & CARRY FOR ~2,850 CRORE
Reliance Retail has signed an agreement to
COMPANIES P2 acquire 100 per cent stake in METRO Cash & Carry
Ola Electric’s focus: Bikes, India for a total consideration of ~2,850 crore,
which is subject to closing adjustments.
CVs to lithium-ion cells The company will get access to a wide network
Electric vehicle company Ola Electric said the of METRO India stores in locations across key cities, a
investment focus for 2023 will be to make its large base of registered kirana stores and other
own lithium-ion cells and develop other institutional customers and supplier networks,
products, including motorbikes and small, Reliance Retail said in a press release.
light-weight commercial vehicles. The METRO Cash & Carry began operations in India
SoftBank-backed firm is also on track to bring in 2003 and was the first company to introduce the
electric cars to market by 2024. Founder and cash-and-carry business format in India. 2>
chief executive officer Bhavish Aggarwal said
other companies such as Tesla are building
products for the Western models.
> RELIANCE INFRATEL GOES TO JIO FOR ~3,720 CRORE P2

‘Mask up’: Modi cautions against

complacency at crucial Covid meet
States told to audit GROWING CONCERN
> PM calls for increased surveillance,
Covid-specific facilities, especially at international airports
including hospital > Health Minister Mansukh Mandaviya
addresses Parliament on increasing
infrastructure number of cases in the world
> 2% of passengers in a flight will undergo
RUCHIKA CHITRAVANSHI & SHINE JACOB
random testing on arrival
New Delhi/Chennai, 22 December
> Genomic sequencing efforts to be
Prime Minister (PM) Narendra Modi at ramped up
a high-level meeting on Thursday > Delhi reviews oxygen, ambulance
cautioned against availability, booster dose coverage
P20 complacency and
advised masking > Karnataka makes masks compulsory in
> AS COVID CASES indoor spaces
up and taking
FALL, INDIANS precautionary Prime Minister Narendra Modi during > Tamil Nadu, Kerala issue advisories, high
DRAG FEET ON doses amid rising the review meeting alert to districts
BOOSTER SHOTS Covid cases in
P10 China and other
countries. the entire Covid infrastructure at all testing and genomic sequencing
> 5,000 DYING
Modi told levels is maintained at a high level of efforts.
A DAY DUE TO officials to preparedness in terms of equipment, The meeting was also attended by
COVID IN CHINA, strengthen processes, and human resources. Civil Aviation Minister Jyotiraditya
FINDS RESEARCH surveillance Modi said states must audit Covid- Scindia, Home Minister Amit Shah,
measures, specific facilities to ensure operational Health Minister Mansukh Mandaviya,
especially at international airports. He readiness of hospital infrastructure. and NITI Aayog Member-Health
also stressed the need to ensure that He directed officials to ramp up V K Paul. Turn to Page 9 >
2 COMPANIES MUMBAI | FRIDAY, 23 DECEMBER 2022
> Zydus Lifesciences > Bharti Airtel >S Chand & Co > Kwality Pharmaceuticals > Lyka Labs
STOCKS Receives final approval Launches 5G services Sells entire stake Gets nod from Brazil’s Inks deal to buy animal
IN THE NEWS from USFDA for Selexipag in Visakhapatnam in iNeuron to health regulatory body for health care business
tablets PhysicsWallah units in India from AGILIS Healthcare
~423.6 CLOSE ~816.9 CLOSE ~163.9 CLOSE ~405.1 CLOSE ~134.8 CLOSE
p0.4% UP* p0.4% UP* q1.9% DOWN* p9.6% UP* p1.0% UP*
*OVER PREVIOUS CLOSE

>

Reliance Infratel
RIL to buy METRO’s India business
The ~2,850-crore acquisition is expected to strengthen Reliance Retail’s physical store footprint across the country
goes to Jio for
SHARLEEN D'SOUZA
Mumbai, 22 December Reliance-backed RSBVL small and medium enterprises and institutions,
and be the partner of choice for enabling win-
~3,720 crore
buys 23.3% in US-based win opportunities for producers, brand com- VIVEAT SUSAN PINTO Reliance Jio had placed a bid

R
eliance Retail has signed an agreement panies and global suppliers, the firm said. Mumbai, 22 December of ~3,720 crore in November
to acquire 100 per cent stake in METRO Dr. Steffen Greubel, CEO of METRO AG said 2019 to acquire the tower and
Cash & Carry India for a total considera- Exyn for $25 million in the same release, “With METRO India, we are Reliance Projects and fibre asset of debt-ridden sub-
tion of ~2,850 crore, which is subject to closing selling a growing and profitable wholesale busi- Property Management sidiary of his younger brother
adjustments. Through this acquisition, the com- Reliance Industries-backed Reliance Strategic ness in a very dynamic market at the right time. Services — a subsidiary of Anil Ambani-managed firm
pany will get access to a wide network of METRO Business Ventures (RSBVL) on Thursday acquired We are convinced that in Reliance we have found telecom major Reliance Jio — Reliance Communications.
India stores in locations across key cities, a large 23.3 per cent stake in US-based Exyn a suitable partner who is willing and able to suc- has deposited ~3,720 crore in The tribunal had asked Jio
base of registered kirana stores and other insti- Technologies (Exyn) for a total consideration of cessfully lead METRO India into the future in an SBI escrow account to to deposit ~3,720 crore in the
tutional customers and supplier networks, $25 million. This deal will help Reliance in this market environment.” acquire mobile tower and State Bank of India (SBI)
Reliance Retail said in a press release. strategic initiatives in drone, industrial safety & Greubel added, “This, on the one hand, will fibre assets of Reliance escrow account to complete
The transaction is subject to certain regu- security, and robotics areas. BS REPORTER benefit both our customers and our employees, Infratel. the acquisition of RCOM’s
latory and other customary closing conditions for whose loyalty and performance we are very The National Company tower and fibre assets.
and is expected to be completed by March 2023. grateful, and on the other hand, will enable Law Tribunal (NCLT) gave an The Committee of
“The acquisition will further strengthen over 3 million customers in India — of which 1 player in the Indian B2B market and has built a METRO to focus on accelerating growth in the approval to Jio for the acqui- Creditors had already
Reliance Retail’s physical store footprint and million are those who buy frequently — through solid multi-channel platform delivering strong remaining country portfolio.” sition of Reliance Infratel approved the resolution plan
ability to better serve consumers and small mer- its network of stores and its eB2B app. customer experience.” Industry observers agree that the acquisition (RITL) in November. by Jio on March 4, 2020 with
chants by leveraging synergies and efficiencies In FY22 (financial year ended September She added, “We believe that METRO India’s would benefit Reliance Retail. “RIL’s acquisition In a stock market notifica- a 100 per cent vote. Reliance
across supply chain networks, technology plat- 2022), METRO India generated sales of ~7,700 healthy assets, combined with our deep under- of Metro’s B2B business should support its new tion on Thursday, Reliance Infratel has fibre assets of
forms and sourcing capabilities,” Reliance Retail crore, which is its best sales performance since standing of Indian merchant/kirana ecosystem, commerce strategy and expand its presence in Jio indicated that shares and about 178,000 route kilome-
said. its entry into the country, Reliance Retail said. will help offer a differentiated value proposition metros and Tier 1 cities with large-format multi- zero-coupon optionally fully tres and 43,540 mobile towers
METRO Cash & Carry began operations in Isha Ambani, director, Reliance Retail to small businesses in India.” category stores,” Morgan Stanley said in a report. convertible debentures were across the country.
India in 2003 and was the first firm to introduce Ventures, said, “The acquisition of METRO India With this acquisition, Reliance Retail will JP Morgan, another financial services firm, issued by Reliance Infratel to The funds will be distrib-
the cash-and-carry business format in the coun- aligns with our new commerce strategy of build- continue to build its reach across the country to also views this deal as a positive for Reliance, subsidiary Reliance Projects uted among lenders once the
try. It currently operates 31 large-format stores ing a unique model of shared prosperity through serve the entire spectrum of Indian society, adding that it demonstrates that Reliance’s retail and Property Management inter-creditor dispute over
across 21 cities and has about 3,500 employees. active collaboration with small merchants and including households, kiranas and merchants, business is continuing to build size, scale and Services for ~3,720 crore. the distribution of resolution
The multi-channel B-2-B wholesaler reaches enterprises. METRO India is a pioneer and key HoReCa (hotels, restaurants and catering) and spread across categories and formats. The Mukesh Ambani-led funds is settled.

IN BRIEF Bikes, CVs to

IPL BRAND VALUE BRAND VALUE (in $ bn)
lithium-ion
S Chand to sell its stake in iNeuron Year Value % Change (YoY)
cells: Ola
to PhysicsWallah for ~14 crore
S Chand, the education content
NEARLY DOUBLES TO 2018
2019
5.3
5.7 7.5
#39.47

Electric’s
company, has said it will sell its
entire stake in AI/data sciences
edtech platform iNeuron
$8.4 BN IN A YEAR; 2020
2021
4.4
4.7
-22.8
6.8 focus for 2023
Intelligence to PhysicsWallah, a
sector unicorn, for ~14 crore.
Mukesh Sharma Family Trust,
which is a co-investor in iNeuron,
AUCTION BEGINS TODAY 2022 8.4

MOST VALUABLE TEAMS IN 2022

78.72

(in $ mn)
PEERZADA ABRAR
Bengaluru, 22 December

Electric vehicle company Ola

will exit the company. S Chand got a two-fold return on its 2021 Team Value % Change (YoY) Electric said the investment
investment of ~7 crore in iNeuron, and it will be the second time it is focus for 2023 will be to make
exiting a recent investment in edtech. ARYAMAN GUPTA Mumbai Indians 83.0 4 its own lithium-ion cells and
Kolkata Knight Riders 76.8 16 develop other products,
including motorbikes and
Chennai Super Kings 73.6 -3
JK Cement forays into paint biz, Royal Challengers Bangalore 68.0 34
small, light-weight commer-
cial vehicles. The SoftBank-
acquires 60% stake in Acro Paints Delhi Capitals 62.4 11
backed firm is also on track
to bring electric cars to mar-
JK Cement on Thursday announced its foray into the paints business Rajasthan Royals 61.3 78 ket by 2024.
by acquiring 60 per cent stake in Acro Paints in a ~153 -crore deal. Its “We have been working
wholly-owned subsidiary JK Paints and Coatings has entered into a Sunrisers Hyderabad 48.8 -6 on some of these things
share purchase agreement with Acro Paints and its shareholders to ## behind the scenes and over
Gujarat Titans 47.4 NA
acquire a 60 per cent controlling stake in the company. PTI the next 12 months you see
Punjab Kings 45.0 24 us announcing many of these
##
Lucknow Super Giants 31.8 NA products,” said Bhavish
Post-Bengaluru launch, ONDC IPL 2023 PLAYERS AUCTIONS
Aggarwal, founder and chief
executive officer of Ola
beta starts operations in Meerut What is at stake Total players
shortlisted
Electric. “We are a deep tech-
nology and engineering com-
The Open Network for Digital Commerce (ONDC) went live with select pany and that gives us the
consumers in Meerut. “The objective...is to allow consumers to Indians players 273 132 405 advantage of iterating faster.
experience the network for the first time and gather feedback, which The brand value of the Indian Premier The brand value of the sporting property Our mission is to truly take
League (IPL) almost doubled in 2022, a new touched $2 billion in a year (2009). And from Overseas players
will help further refine the network,” ONDC said. SHREYA NANDI the EV revolution to a
report by Brand Finance released on 2009 to 2022, the IPL brand value has 87 Number of slots to be filled ~206.5cr Total purse available humanity scale.”
Thursday said. The IPL brand value, jumped 318 per cent, according to Aggarwal said other com-
Lupin subsidiary recalls blood according to the international brand
valuation firm, touched $8.4 billion in 2022
Brand Finance.
What is interesting to note is that the
Top draws (in ~cr) panies such as Tesla are
building products for the
Player Country Base Price
pressure tablets in US market versus $4.7 billion reported in 2021. This was combined television and digital rights for
Ben Stokes England 2
Western models. He said sells
in India was actually what
Lupin on Thursday said its US-based arm is recalling four lots of led by the addition of two new teams and the 2023-27 cycle surpassed the previous would sell across the world in
Quinapril tablets used to treat high blood pressure. Lupin the auction of media rights for the 2023-27 rights value (of ~16,347.50 crore for the Cameron Green Australia 2 markets such as Southeast
Pharmaceuticals is recalling the said tablets due to the presence of media cycle in June, Ajimon Francis, 2018-22 cycle) by two-and-a-half times. Jason Roy England 1.5 Asia, Africa, and Latin
a nitrosamine impurity, Lupin Ltd said in a regulatory filing. PTI managing director, Brand Finance The new media rights auction also helped America. “Ola wants to be the
India, said. the IPL emerge as the second-most valued Mayank Agarwal India 1 world’s leading company in
Friday will see the IPL player auctions for sporting league after the National Football Manish Pandey India 1 that segment of mobility,”
SII seeks drug regulator’s nod for the 2023 edition kick off in Kochi. A total of
405 players, including 273 from the country,
League in terms of per-match value, the
BCCI had said. Teams with the How rest are
said Aggarwal. “And we want
to be the largest EV company
use of Covovax as booster dose will be in contention. The total purse While the addition of two new fattest purse (in ~ cr) placed (in ~ cr)
in the world.”
Ola Electric has already
The Serum Institute of India (SII) has sought the drug regulator's available for the auctions on Friday among franchises has added a new dimension to expanded to Nepal and Italy,
Teams Purse Teams Purse
approval for market authorisation of its Covid-19 vaccine Covovax as 10 teams is ~206.5 crore. the IPL’s competitiveness, Ajimon said available available and plans to expand to other
a booster dose for those aged 18 years and above who have been “The media rights in June sold for a Mumbai Indians continued to be the most- countries next year.
administered two doses of vaccine, sources said on Thursday. PTI whopping $6.2 billion. Second, the auction valuable team at $83 million, followed by Sunrisers Hyderabad 42.25 Delhi Capitals 19.45 Ola Electric said it will
of two new franchise teams (Gujarat Titans Kolkata Knight Riders and Chennai Super Punjab Kings 32.2 Gujarat Titans 19.25 begin mass production of
lithium-ion cell by the end of
CCI conducts searches at and Lucknow Super Giants) raised close to
$1.5 billion, which further raised the profile,
Kings at $76.8 million and $73.6 million,
respectively, in terms of brand value. Lucknow Super Giants 23.35 Rajasthan Royals 13.2 next year. “We will be India’s
India Cements’ Chennai office contributing to the brand value growth in
2022,” Francis said. Gujarat Titans lifted the
In terms of brand strength, Royal
Challengers Bangalore was the strongest in
Mumbai Indians 20.55 RCB 8.75 first and largest lithium cell
manufacturer,” said Aggar-
India Cements (ICL) on Thursday said fair trade regulator CCI has Chennai Super Kings 20.45 Kolkata Knight Riders 7.05 wal. “We had been building
conducted a "search" at its office in Chennai. The Chennai-based
IPL trophy in their debut season (pictured). 2022, growing 34 per cent year-on-year to our own technology for the
A sense of how the IPL has evolved since touch $68 million in terms of brand value. #%Growth calculated based on IPL 2017 brand value which was $3.8 bn
company added that it has not committed any breach of CCI ## Gujarat Titans and Lucknow Super Giants are new teams; began playing from last two years and it is not a
regulations. PTI the launch in 2008 can be gauged from this: COMPILED BY VIVEAT SUSAN PINTO 2022 Sources: Brand Finance, BCCI, industry joint venture partnership.”

Spam, suicide and nudity posts top Meta’s hit list in Nov
PRESS TRUST OF INDIA
New Delhi, 22 December lowed by 1.8 million content ANTI-SOCIAL ELEMENTS Instagram posts* we provided tools for users to being hacked followed by lost
related to “Adult Nudity and resolve their issues in 1,124 cas- access to pages that the users
Social media giant Meta took Sexual activity”, 1.2 million per- Facebook 1 mn: Suicide and self-injury es,” Meta said. managed, bullying or harass-
action against more than 22.9 taining to “Violent and Graphic posts* 0.72 mn: Violent content The company acted on 555 ment, and content showing
million pieces of content created Content” etc on Facebook on its Over 14.9 mn: complaints of fake profiles, 253 users in nudity or partial nudity
by Indian users on Facebook and own.
0.71 mn: Adult nudity and sexual on accounts being hacked,31 on or in a sexual act, according to
Spam content activity content
Instagram in November, accord- On Instagram, Meta took bullying or harassment, 30 on the report. The company
ing to India Monthly Report action 1 million of content 1.8 mn: Adult nudity 0.48 mn: Bullying or harassment content showing the user in resolved all the complaints of
released by the company on related to suicide and self-injury, and sexual activity 0.22 mn: Violence and nudity or partial nudity or in a users about losing access to
Thursday. 0.72 million content related to sexual act. pages.
The company took action on violent content, 0.71 million
1.2 mn: Violent and incitement
The social media giant However, in the case of fake
over 19.5 million pieces of adult nudity and sexual activity
graphic content Note: * Denotes posts against which action was
received 889 complaints under profiles, it acted only on 73 com-
taken
content on Facebook and 3.39 content, 0.48 million of content the IT Rules of 2021 on Facebook plaints, hacked account 40, bul-
million pieces of content on related to bullying or harass- for which it provided tools for lying or harassment 29 and only
Instagram, according to the data ment, 0.22 million of content that violated its guidelines. the highest number of com- ment (136), content showing the users to resolve their issues in 17 complaints of content show-
shared in the report. that it identified as promoting Meta received 2,368 com- plaints was for an account being user in nudity or partial nudity 511 cases. ing the user in nudity or partial
The company actioned over “violence and incitement” plaints under the IT Rules of hacked (939), followed by fake or in a sexual act (94) etc. Facebook users mostly com- nudity or in a sexual act, as per
14.9 million spam content, fol- besides action on other content 2021 from Instagram users where profile (891), bullying or harass- “Of these incoming reports, plained about their accounts the report.

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MUMBAI | FRIDAY, 23 DECEMBER 2022 COMPANIES 3 <

Rules for quicker resolution of Aloke Singh to head

AI’s low-cost airlines
builders’ insolvency on cards ANEESH PHADNIS
Mumbai, 22 December
the clarity and singular
accountability necessary to
navigate the (merger) process,”
Centre also planning to introduce a centralised platform for registration of cases Aloke Singh will head Air Wilson said.
India’s low-cost airlines, while According to an aviation
SIDDHARTHA SINGH & oper in default. As of June this AirAsia India’s existing CEO analytics firm, Air India
SHRUTI MAHAJAN HOME TRUTHS year, 436 of the pending Sunil Bhaskaran will take Express is operating 603 flights
22 December n Resolution of cases on a 1,999 cases of corporate insol- charge of a new aviation train- a week to and from 32 domestic
project basis vency were in the real estate ing academy as part of an orga- and international cities. In

I
ndia plans to introduce sector, junior minister for cor- nisational revamp announced December last year, it operated
new rules for handling n Handing over of finished apartments porate affairs Inderjit Singh on Thursday. about 531 flights a week to and
real estate bankruptcies, to homebuyers, even if developer’s Rao had informed the law- The Tata group runs four from 34 domestic and interna-
which would help home- insolvency proceeding is underway makers in August. airlines — Air India, Air India tional cities.
PHOTO: LINKEDIN
buyers even as their builders The IBC had little success Express, AirAsia India, and Bhaskaran will lead the
wind down, people familiar n Simplify pre-packaged in the timely resolution of such Vistara. As part of consoli- chief executive officer, training academy, which is a
with the matter said. resolution plans cases, making the need for a dation exercise, Air India Campbell Wilson, wrote in a new initiative for the Tata
The proposed special framework to address Express and AirAsia India will staff note on Thursday. group. The academy will rival
n Flexible plans for handling
change to the the nuances of the real estate merge into a single, low-cost Bhaskaran will take over his biggest and the best anywhere
operational and non-viable
nation’s Insolvency sector more pronounced. airline. Vistara, too, be will be new role on the same date. in the world, Wilson wrote.
and Bankruptcy Code (IBC)
assets separately To speed up the resolu- merged with Air India, creating Singh joined Air India “Over the coming years,
will permit resolution of the n In 2022, 436 of 1,999 cases of corporate tions, the government also a single full-service carrier. Express in November 2020 and ambitious new Air India and
cases on a project-wise basis, insolvency were from the realty sector plans to introduce a centra- Both these mergers are await- is leading the airline’s recovery aviation industry generally will
the people said, asking not to ILLUSTRATION: AJAY MOHANTY lised platform for registration ing regulatory approvals, and in the post-Covid period. He require thousands of home-
be named, as the information of cases, simplify pre-packaged all four airlines are operating was also instrumental in devel- grown pilots, engineers, cabin
is not public. process is underway, they said. seen many builders going bust savings were tied up in. resolution plans, and provide separately. oping dedicated cargo busi- crew, airport managers and
That will allow handing A spokesperson for the corpo- over the years, leaving home- Under the current norms, flexible plans for handling Singh, who is the CEO of Air ness in the airline, which other function specialists. As
over completed apartments to rate affairs ministry declined buyers in a fix due to the uncer- admission into insolvency operational and nonviable India Express, will be the sole accounts for about 5 per cent India’s flagship airline, we have
the home buyers even when to comment. tainty of completion and deliv- procedure halts the comple- assets separately, they said. CEO of Air India LCC airlines of its revenue. the need and duty to develop
the developer’s insolvency Indian realty sector has ery of houses that their life tion of all projects of the devel- BLOOMBERG effective January 1, the airline’s “A single CEO will provide this talent,” Wilson added.

Top e-bus maker woos investors; valuation pegged at ~2.5K cr

concluded largest electric
FACT FILE bus tender floated by CESL
SURAJEET DAS GUPTA
New Delhi, 22 December
~700 crore in this financial year.
Jain adds that the model for dilution
e-buses to state transport undertakings,
has been locking horns with big players
n PMI Electro Mobility would not necessarily be giving equity like Tata Motors and the Olectra-BYD
n Expects to hit revenues PMI Electro Mobility Solutions, one of upfront, but could also be in offering combine. Currently, there are around
Solutions has delivered
of ~900 crore by 2022-23 the largest electric bus makers in the convertible debentures or preference 3500 electric buses in operation across
916 electric buses across the
country, of the 3,500-odd n Achieved localisation country, is looking for a strategic shares or, in fact, any model which gives the country, with mainly six players in the
investor, as well as private equity funds, them comfort. The amount of dilution game. PMI has recently participated in a
currently plying on roads of 50%
to pick up stake in the firm. Independent would depend on whether tender floated by
n Will expand to intercity n Apart from strategic financial advisors have pegged the the investor is only bringing PMI Electro Mobility Convergence Energy
investors, has also had valuation between ~2,000 crore and in money or also adding Solutions needs the Services for 6,450 buses —
buses, as well as
talks with potential cell ~2,500 crore, according to its executives. value to the company’s investment for the country’s biggest electric
light and medium Confirming the move, Manvi Jain, business. financing the bus contract yet — and
commercial vehicles manufacturers for picking
head, corporate affairs, at PMI, says: “We PMI needs the production of has bid for two Delhi
up a minority stake in
are looking at equity dilution and talking to investment for financing the new buses on order, government contracts for
n Participated in the just- the company funds for a stake in PMI as we see volumes production of the new buses which is around around 2,900 buses.
going up year-on-year. We have done a on order which is around ~1.2 crore apiece, Jain says companies like
valuation by a financial consultancy, and it ~1.2 crore apiece, including including associated PMI, which only manufact-
has valued us at ~2,000 crore to ~2,500 associated infrastructure. It infrastructure ure e-buses, find it
crore, based on our revenue projections.” is also planning to get into challenging to get finance as
Jain says that the company is the inter-city electric bus market, which compared to internal combustion engine
profitable and achieved its FY22 revenue is expected to open auto companies.
target of ~350 crore. It has projected up to the private sector, and eventually However, a clutch of climate and
revenues of ~850 crore to ~900 crore in enter the light and medium commercial impact funds as well as those specialising
FY23, which is well on track, since the vehicles space as well. in renewables, are slowly putting in some
company has already hit revenues of PMI, which has delivered over 900 money into electric vehicles.

KERALA WATER AUTHORITY e-Tender Notice

Tender No : 34/SE/PHCK/2022-23
Jal Jeevan Mission-Water Supply Scheme to Puthuppally Panchayaths in Kottayam
District : Zone-V-Supplying and Laying DI / PVC /GI Distribution network and providing
FHTCS - Design and construction of 4.5LL capacity GLSR at Parackamala near
Pariyaram. EMD: Rs. 2,00,000/- . Tender fee: Rs. 11025/- +(1985) GST. Last Date
for submitting Tender: 12-01-2023 03:00:pm. Phone: 04812562745. Website:
www.kwa.kerala.gov.in, www.etenders.kerala.gov.in
Superintending Engineer
KWA-JB-GL-6-1289-2022-23 PH Circle, Kottayam

Gautam Buddha University

(Established by UP Act No. 9 of 2002)
Greater Noida, Gautam Budh Nagar -201312
Tender Notice No. GBU/S&P/07/2022 December 23rd, 2022
e-Tender/Tender Notice
The University invites e-tenders/tenders from the reputed firms for various
scope of works. For e-Tender sr. no. 01 to 08, the detailed information
related to e-tender is available on e-portal https://etender.up.nic.in & on
e-Tender link www.gbu.ac.in from 24.12.2022 and for tender sr. no. 01 to
02, the detailed information related to tender is available on
www.gbu.ac.in from 24.12.2022.
For any changes, rectification and additional information, please visit above
mentioned websites.
Registrar

GOVERNMENT OF TAMIL NADU

FINANCE DEPARTMENT,
CHENNAI-9
Auction of 10 and 15 years Tamil Nadu
Government Stock (Securities)
1. Government of Tamil Nadu has offered to sell by auction the dated
securities for an amount of Rs. 2000 crore each with Ten year and
Fifteen year tenures for an aggregate amount of Rs. 4000 crore.
Securities will be issued for a minimum nominal amount of Rs.10,000/-
and multiples of Rs.10,000/- thereafter. Auction which will be yield
based under multiple price format will be conducted by Reserve Bank
of India at Mumbai Office (Fort) on December 27, 2022.
2. The Government Stock upto 10% of the notified amount of the
sale will be allotted to eligible individuals and institutions subject
to a maximum limit of 1% of its notified amount for a single bid as
per the Revised Scheme for Non-competitive Bidding facility in the
Auctions of State Government Securities of the General Notification
(Annexure II). Under the scheme, an investor can submit a single
bid only through a bank or a Primary Dealer.
3. Interested persons may submit bids in electronic format on the
Reserve Bank of India Core Banking Solution (E-Kuber) System as
stated below on December 27, 2022.
a) The competitive bids shall be submitted electronically on the
Reserve Bank of India Core Banking Solution (E-Kuber) System
between 10.30 A.M. and 11.30 A.M.
b) The non-competitive bids shall be submitted electronically on
the Reserve Bank of India Core Banking Solution (E-Kuber) System
between 10.30 A.M. and 11.00 A.M.
4. The yield percent per annum expected by the bidder should be
expressed upto two decimal points. An investor can submit more
than one competitive bid at different rates in electronic format on
the Reserve Bank of India Core Banking Solution (E-Kuber) System.
However, the aggregate amount of bids submitted by a person
should not exceed the notified amount.
5. The result of auction will be displayed by Reserve Bank of India
on its website on December 27, 2022. Successful bidders should
deposit the price amount of Stock covered by their bids by means
of a Bankers' Cheque or Demand Draft payable at Reserve Bank of
India, Mumbai (Fort) or Chennai on December 28, 2022 before the
close of banking hours.
6. The Government Stock will bear interest at the rate determined by
Reserve Bank of India at the auction and interest will be paid half
yearly on June 28 and December 28. The Stock will be governed
by the provisions of the Government Securities Act, 2006 and
Government Securities Regulations, 2007.
7. The stocks will qualify for ready forward facility.
8. For other details please see the notifications of Government of Tamil
Nadu Specific Notification 636(L)/W&M-II/2022 dated December
22,2022&637(L)/W&M-II/2022 dated December 22, 2022.
N. MURUGANANDAM
Additional Chief Secretary to Government,
DIPR/1295/Display/2022 Finance Department, Chennai-9.
“«ê£î¬ù è쉶 ²î‰Fó‹ ܬ쉫, ê£î¬ù ¹K‰¶ êKˆFó‹ ð¬ìŠ«ð£‹”
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 1

IN BRIEF
RUSSIA’S GAZPROM TURNS OFF TAP
Demonetisation: Apex
court judgment on Jan 2
PRESS TRUST OF INDIA
New Delhi, 22 December
decision and reserved its
verdict.The bench, also
comprising justices B R Gavai,
GAIL’s gas hunt may continue for a yr sure over FY24, he added. term,” it said.
The Supreme Court is A S Bopanna, V
Its petrochem plant in UP running LOSING STEAM GAIL reported a 46 per cent
Total in first
scheduled to pronounce its
judgment on
Ramasubraman-ian and B V
Nagarathna, had
at 40% utilisation FY23 LNG 7 months
drop in net profit during the
second quarter (July-
Story so far
The issue stems from
January 2 on a batch heard the SUBHAYAN CHAKRABORTY control of its German subsidi- imports September), primarily owing Gazprom Marketing and
FY22
of pleas challenging submissions of New Delhi, 22 December aries after the Ukraine war. (long-term & 1.6 2.2 1.8 1.9 1.5 1.8 1.8 (2021-22) to the Gazprom disruption and Trading Singapore (GMTS),
spot) trail
the government's Attorney General R To mitigate disruption in
last year
14.2 spot market buying. While now a subsidiary of Gazprom

S
2016 decision to Venkataramani, the tate-run largest gas util- the supply, GAIL had to cut 2.1 2.0 2.0 2.0 2.2 2.1 1.8 Ebitda was down 59.4 per cent Germania, stopping the deliv-
mt: million tonnes
demonetise currency RBI's counsel and the ity GAIL (India) fears lit- supplies to fertiliser plants Source: Petroleum
FY23 quarter-on-quarter, its margin ery of LNG to GAIL in late May.
Apr May Jun Jul Aug Sep Oct (2022-23)
notes of ~1,000 and petitioners' lawyers, tle to no supply of lique- and power generation units, Planning & Analysis slipped to 4.6 per cent in the Back in 2012, Gazprom’s
~500 denomin- including senior fied natural gas (LNG) from as well as some industrial con- Cell 12.6 second quarter of the current former subsidiary GMTS
ations. A five-judge The court on advocates P Russia’s Gazprom for at least sumers, officials said. The financial year, from 11.6 per signed a 20-year contract to
(in mt)
Constitution bench December 7 Chidambaram and 12 months, and is preparing company is also sending cent in the April-June quarter. supply GAIL with 2.85 mt of
headed by Justice S A directed the Shyam Divan. Calling to meet the shortfall accord- reduced volume of gas to its As a result of the shortfall LNG a year. Supplies under
Nazeer, who will Centre and the the scrapping of the ingly. Pata Petrochemical plant (in in supply from Gazprom, GAIL the deal started in 2018 and
retire on January 4, is RBI to put on ~500 and ~1,000 The supply constraints, Uttar Pradesh) and running it is backstopping the supply gap the full volume was expected
likely to pronounce record the currency notes which have cut off almost 20 at a reduced utilisation of less by diverting all its cargoes to to be reached in 2023. But ear-
its verdict on the relevant deeply flawed, per cent of all gas supplies, will than 40 per cent. Internal pro- India, ICICI Securities said in lier this year, GMTS got
matter on the said documents Chidambaram had continue to persist for some jections show this situation a recent report. Resultantly, housed under Gazprom
date.The top court relating to the argued that the time, GAIL executives recently would prevail for six-nine the company does not have Germania GMBH, after which
had, on December 7, 2016 decision government cannot said in a meeting with ICICI months, officials said. any spare cargo to leverage the Gazprom gave up its owner-
directed the Centre on its own initiate Securities. Later, GAIL execu- pricing difference between ship of the company in April
and the Reserve Bank of India any proposal relating to legal tives told Business Standard Long-term impact ltrading share of over 50 per are often almost double that of spot LNG and gas from the US’ without any explanation, and
(RBI) to put on record the tender, which can only be the company continues to face Over the past six months, cent in India. long-term deals. This has hurt Henry Hub, it said. imposed sanctions. As the
relevant records relating to done on the recommendation a shortfall of 8.5-9 million GAIL made up for part of the Officials stressed industrial marketing margins in the pre- “Some additional volumes diplomatic fallout of the
the government's 2016 of the RBI's central board. standard cubic meters per day lost volumes by buying LNG customers would not face ceding two quarters, and we from domestic sources (RIL, Ukraine war escalated,
(mscmd). The government has from the spot market. This major disruption in supplies expect this to be the case going ONGC, Cairn) will help Germany seized control of
recently begun talks with included customer contracts as the company has put in forward, as well,” an official improve overall transmission Gazprom Germania in April.
India-UK FTA talks: Draft Moscow on the issue.
The long-term 2.4 million
that it had to fulfil due to
supply or pay obligations,
place measures to quickly
meet the shortfall through
said. The imminent reduction
of gas sold under the adminis-
volumes. But for the rest of
FY23 and H1FY24, the shortfall
So far, GMTS has defaulted
on the supply of more than 20
treaty discussions end tonnes per year (mtpa) LNG
contract was paused back in
measured at 1-1.5 mscmd.
GAIL commands 70 per cent
spot buying of LNG. But this
would come at the expense of
tered pricing mechanism,
based on the Kirit Parikh
is likely to persist and hence,
we see transmission volumes
cargoes or shiploads, 13 of
which were set to be received
The sixth round of negotiations between India and the UK to May, owing to technical chal- market share in gas transmis- company financials. Committee’s suggestions, persisting between 108 mscmd in the second quarter (July-
finalise a free trade agreement (FTA) concluded last week with lenges, after Gazprom lost sion and has a gas “Prices at the spot markets should help ease margin pres- and 109 mscmd in the near September), officials said.
detailed draft treaty discussions across 11 policy areas over 28
separate sessions, the British government said on Thursday. The
UK's Department for International Trade (DIT) issued a joint

Goyal tables Jan Vishwas 4 CPSEs extended

outcome statement to confirm that the latest round, initiated by
UK Trade Secretary Kemi Badenoch and Commerce Minister Piyush
Goyal on December 12, concluded last Friday. The seventh round of

~ 2,609 cr worth of
talks, expected to be held in the UK, is “due to take place in early

Bill for ease of doing biz

2023”. PTI

ED attaches ~55 cr worth

WINTER
He said the government has taken a undue benefits to
of ‘benami’ land of A Raja series of measures to promote ease of

The Enforcement Directorate on Thursday said it

has attached a “benami” asset worth
SESSION
IN THE
doing business.
About 1,500 old laws have been
repealed, 39,000 compliances have been
executives: CAG ILLUSTRATION: BINAY SINHA
~55 crore of DMK MP A Raja — 45 acres of land in
Coimbatore district in Tamil Nadu — under the
anti-money laundering law. The federal
HOUSE simplified and about 3,500 norms were
introduced to decriminalise offences, the
minister said. The proposed law, he said,
NIKESH SINGH
New Delhi, 22 December

agency said in a statement that the land was PRESS TRUST OF INDIA “will also help in reducing the burden on The Comptroller and Auditor
purchased by a company allegedly linked to New Delhi, 22 December judiciary”. General (CAG) of India has
Raja, in lieu of granting environmental clearance to a Gurugram- MUCH-NEEDED, MUCH-AWAITED The Bill was introduced amid protests unearthed ~2,609 crore worth
based real estate company by the leader during his stint as the Commerce and industry Minister Piyush n 183 provisions the Bill seeks to amend, across by the Opposition who were demanding “undue benefit” extended to
Union minister for environment and forests between 2004 Goyal on Thursday in Lok Sabha intro- 42 Acts administered by 19 ministries a discussion on the border issue with executives by four central pub-
and 2007. PTI duced Jan Vishwas Bill, which seeks to n31-member joint committee of Parliament to China. lic sector enterprises (CPSEs),
decriminalise minor offences by amend- study the proposed legislation Besides the decriminalisation of such as Indian Oil Corporation
ing 183 provisions in 42 Acts with a view minor offences, the Bill envisages the (IOC), Oil and Natural Gas
nThe Bill looks to decriminalise minor offences
Agri ministry has bright to promote ease of business.
The Bill was later referred to a 31- nIt envisages rationalisation of monetary
rationalisation of monetary penalties,
depending on the gravity of the offence,
Corporation (ONGC), GAIL
(India), and ONGC Videsh
outlook on wheat harvest member joint committee of Parliament
for scrutiny. It proposes to amend 183 pro-
penalties, depending upon the gravity
of the offence
bolstering trust-based governance.
“Yet another novelty involved in the
(OVL). In a compliance audit
report tabled in Parliament,
UNDER SCANNER
Agriculture Secretary Manoj Ahuja on Thursday said there is a visions across 42 Acts administered by 19 proposal is an increase of 10 per cent of the CAG said by paying “run- ‘Undue benefit’ extended
bright prospect of wheat crop in key growing states as the current ministries. have to approach courts. the minimum amount of fine and pen- ning and maintenance” of (~ crore)
temperature remains conducive for plant growth and higher Introducing the Bill, Goyal said that “We have to to trust people. For minor alty levied, after the expiry of every three vehicles to its executives based IOCL 1,448
yield. Till last week, there was a 3 per cent increase in wheat there are many laws in the country, under mistakes, people should not be penalised. years, once the Bill becomes a law,” on their position, CPSEs have ONGC 733
acreage at 286,500 hectares in the ongoing rabi season that began which punishment provisions are there For minor offences, there should be a pro- according to the statement of objects and violated Department of Public
GAIL (India) 415
in October, according to the agriculture ministry's data. "Wheat for minor offences and for that people vision for paying fines,” he said. reasons. Enterprises (DPE) guidelines.
crop prospect is bright. The current weather remains conducive for IOCL, ONGC, GAIL, and ONGC 14
the plant growth and better yields," Ahuja told PTI on the sidelines OVL kept a fixed amount of Videsh
of a millet luncheon organised by the Union Agriculture Minister at
his residence ahead of the 2023 International Year of Millets. PTI
Representations on lack of transparency, MoP is a document which guides the
appointment and transfer of judges in
~800 per month as transport
allowance, which was
Source: CAG report

objectivity in collegium system: Rijiju the higher judiciary.

He recalled in a bid to make the
included under the so-called
“cafeteria approach”, out of that these CPSEs should dis-
PM to take call on extending The government has
been receiving
request to improve the mechanism,
Rajya Sabha was informed . In a
collegium system of appointments of
judges "more broad-based, transparent,
total Conveyance Mainte-
nance Reimbursement
continue reimbursement of
“running and maintenance”
PMGKAY beyond Dec: Minister representations from
"diverse sources" on lack
written reply, Law Minister Kiren Rijiju
also said the government has sent
accountable and bringing objectivity in
the system", the government brought
Expenditure (CMRE).
A cafeteria approach is per-
expenses of vehicles as it vio-
lates DPE guidelines.
Prime Minister Narendra Modi will take a call on extending the of transparency, objectivity suggestions for supplementing the into force the Constitution (Ninety- sonalised plan allowed by The CPSEs claimed CRME
PMGKAY scheme to provide free ration to the poor beyond and social diversity in the collegium Memorandum of Procedure for Ninth Amendment) Act, 2014 and the employers to accommodate is more economical and con-
December, Union Minister Shobha Karandlaje said on Thursday system of appointment of Supreme appointment of judges to the high National Judicial Appointments Com- employees’ preferences for venient than hiring vehicles
said stressing that the government has sufficient foodgrains stock. Court and high court judges with the courts and Supreme Court. mission Act, 2014 on April 13, 2015. PTI benefits. In 2017, the DPE for conveyance.
If Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) has to be issued guidelines stating that “The company’s conten-
extended, the decision will be taken by the Cabinet, headed by perks and allowances admis- tion that it is making the pay-
the prime minister. The Cabinet meeting is scheduled on Friday. In Cash donation: 147,000 got CIL can buy Panel caution sible to different categories of ment of CRME purely for oper-
September, the government had extended PMGKAY for three executives under ‘cafeteria ational activities could not be
months till December 31. In last 28 months, the government has Govt looks into jobs through overseas coal over pace of approach’ would be subject to justified as it has also been
spent ~1.80 trillion on distribution of free ration to the poor under a maximum ceiling of 35 per making additional payment
PMGKAY, she said. PTI EC proposal Rozgar Melas mines: Panel e-loco output cent of the basic pay. on account of local convey-
The CAG held the payment ance charges to its executives
A proposal of the Election Lecturers, income tax With state-owned CIL not A parliamentary panel has of “running and maintenance” for their local movement bey-
Commission to cap inspectors and multi buying out of any coal advised the Railways to expenses of vehicles over and ond 15 km apart from hiring

Four task forces to individual anonymous

political donations to
~2,000 from the present
tasking staff were among
1.47 lakh recruited
through 'Rozgar
blocks abroad at present, a
Parliamentary panel said
the PSU can still pursue
increase the production of
electric locomotives to
meet rising
above the 35 per cent ceiling
of cafeteria approach was in
violation of DPE guidelines.
vehicles on annual contract
basis for all its departments/
locations for day-to-day activ-

find ways to provide ~20,000 is under

examination, the Rajya
Sabha was informed.
Melas' or
employment
strategy to
overseas acquisition of
mines after detailed study
of the blocks, especially
demand,
raising
“apprehen-
“The employees are paid
CMRE for personal vehicles on
the basis of their level in orga-
ities,” said the CAG in the
report. From April 2009 to
October 2021, IOCL paid

telecom mfg a boost Asked whether all political

parties were
consulted,
fast-track the
meeting of job
seekers and employers,
low ash coking
coal.
“They
sions” that at the
current pace, future
requirements will not be
nisation and not on actual
basis and, therefore, does not
qualify as reimbursement. As
₹1,447.72 crore and GAIL paid
₹414.66 crore towards CRME
to its executives over and
Law Minister the Rajya Sabha was (panel) would fulfilled. The Standing such the payment of CMRE above the transport allowance.
PRESS TRUST OF INDIA ing programme for developing Kiren Rijiju informed.”Constable, like to be Committee on Railways falls under the category of From 2018-19 to 2020-21,
New Delhi, 22 December the mobile phone manufac- responded in a teachers, lecturers, nurses, apprised of any noted that with 100 per cent allowance rather than reim- ONGC paid ₹732.93 crore
turing ecosystem. negative in a nursing officers, doctors, developments in this electrification on broad- bursement and should have towards CMRE to its execu-
The Department of Telecom The task force under chair- written reply. “The proposal and pharmacists were regard,” said the Standing gauge lines, the requirement been included in the cafeteria tives. OVL paid ₹14.16 crore
(DoT) has formed four task manship of Tejas Networks is under examination,” among those recruited via Committee on Coal, Mines of diesel locomotives would approach,” the CAG stated. during 2017-18-2021-22
forces to recommend to the CEO Sanjay Nayak will study he said. PTI such melas. PTI and Steel in its report. PTI reduce substantially. PTI The CAG recommended (October 21).
government measures that the present ecosystem and rec-
will boost the domestic tele- ommend to the government
com manufacturing ecosys- potential 4-5 chip develop-
tem and remove the bottle-
necks, an
memorandum said The devel-
official

opment follows a round table

ments under scheme like
Telecom Technology
Development Fund, Semicon
Policy and policy intervention
Amid poor world demand, India has opportunities in EMs
between Communications required for reducing depend- It must push UNTAPPED MARKET over more than a year. In October, The report pointed out that India is
Minister Ashwini Vaishnaw ence on imports. India’s merchandise exports wit- the ninth-largest exporter to devel-
and 42 chiefs of telecom gear The third task force will do exports of 18 items 2.5% $34 bn jump nessed a contraction for the first oping countries, after China, the
makers early this month a study on the time taken in time in two years, as domestic fac- US, Japan, South Korea, Taiwan,
where he identified the need custom clearance and air to developing share of EM in export value tors, such as festival season, and Germany, Malaysia, and Australia.
demand if the share
for creating a task force to
resolve issues that the com-
cargo movement, infrastruc-
ture available and suggest
nations, says report met by India increases to 5%
external factors affected demand.
“Developing countries can be a
“Developing countries import
$2,163 billion worth of these 18 pro-
panies raised before him. measures for improving lead SHREYA NANDI potential destination for India’s ducts annually, of which India
Under one of the task time and reduce inventory in New Delhi, 22 December
9th India’s place among exports amid a recessionary out- meets $74 billion or 3 per cent of
forces, the DoT has sought rec- production and sales, setting exporters to emerging markets look in advanced countries. There total import demand. If India man-
ommendation for a phased up Free Trade Warehousing Amid a slowdown in demand for are 181 developing countries, ages to increase this share to 5 per
manufacturing programme Zones at key airports etc to Indian goods in developed coun- 55 % share of 181 developing according to the classification of cent, it will boost our merchandise
for telecom gear manufactur- resolve logistics issues. tries, India can focus on 18 pro- EMs in Indian countries, the UN Statistical Division. The exports by $34 billion or at least 8
ing to boost domestic compo- Another task force set up ducts, such as insecticides, con- exports in 2021; according the share of developing countries in per cent of the country’s merchan-
nent supply chain ecosystem under chairmanship of tele- struction material, chemicals, and it was 58% UN Statistical Source: Report by MVIRDC World Trade Centre, India’s merchandise exports has dise exports,” it said.
as well as attract global players. com gear makers body VOICE iron and steel, to boost its exports to in 2016 Division Mumbai fallen from 58 per cent in 2016 to 55 WTC Mumbai has identified 18
This task force will be co- director general R K Bhatnagar developing countries where the per cent in 2021,” the report said. product categories where India’s
chaired by state-run research will identify new opportuni- country meets only 2.5 per cent of a report by MVIRDC World Trade demand, geopolitical tension, and According to UNCTAD data, share in imports of developing
arm C-DoT CEO RK Upadhyay, ties for development and man- the demand at present. Centre, Mumbai. recessionary trends in developed these developing countries together countries is showing an upward
the memorandum said. ufacturing of 5G products that If India manages to increase this India’s merchandise exports economies weighed on outbound import $9.2 trillion worth of goods trend since 2016. In 10 of these 18
In 2016, the government will be required under Digital share to 5 per cent, it will boost grew just 0.59 per cent in November shipments. Exports have slowed annually and India hardly meets 2.5 products, India meets less than 5
notified a phased manufactur- India, data centres, etc. exports by $34 billion, according to at $31.99 billion, as tepid external since July after sustained growth per cent of this import demand. per cent of the demand there.
.
MUMBAI | FRIDAY, 23 DECEMBER 2022 5
<
6 BFSI INSIGHT SUMMIT
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 1

Can aspire for $5 a person monthly SIP in 5 yrs: Bhatia

With this, monthly SIP inflows can reach ~50,000 crore, ments had brought stability in the market while high- Briefing on the reforms taken by the capital mar- Bhatia said the move would provide a level play-
lighting that the regulator wants more participation kets regulator, the former banker said Sebi had per- ing field for shareholders and promote ease of
says Sebi whole-time member in government securities (G-Secs) also. mitted alternative investment funds (AIFs) to partic- doing business.
Sebi has issued circulars on reducing the time tak- ipate in credit default swaps not only as protection “We want long-term investors to celebrate the
KHUSHBOO TIWARI en for unit redemptions and dividend payouts in buyers but also as protection sellers. The move will India story. We also understand it is difficult to be
MFs, along with the regulations help deepen the domestic cor- ahead of the market as far as regulations are con-

T
The rising trend of retail systematic to prevent insider trading. There is a need for fund porate bond market. cerned, but with data and through consultation
investment plans (SIPs) in mutual funds In his address, Bhatia, the “There is a need for fund process we will make changes to ensure that the secu-
(MFs) has presented an opportunity to former chief of SBI Mutual mobilisation from the corporate mobilisation from the corpo- rities market will run smoothly and meets all chal-
increase the current monthly invest- Fund, said the portfolio man- bond market as it provides an rate bond market as it provides lenges,” said Bhatia while counting the steps taken
ment of $1.2 per person to $5 in the next agement service (PMS) could an alternative source to by Sebi in regulating stock brokers and the market
five years, said Ashwani Bhatia, whole-time member grow like the MF industry in alternative source to finance, finance and supplements the infrastructure institutions.
of Securities and Exchange Board of India (Sebi). the coming days. Recently, and supplements the banking banking system to meet Bhatia, who took charge as a Sebi whole-time
Addressing the Business Standard BFSI the regulator introduced per- requirements for long-term director in June, handles the departments for debt
Insight Summit, Bhatia said with a $5 per person formance benchmarking for
system to meet requirements investments. In my mind, it and hybrid securities, such as REITs and InvITs, AIFs,
monthly SIP, the industry can aspire to grow from portfolio managers akin to for long-term investments also reduces risk in the bank- and foreign portfolio investors. During his address,
the current monthly inflows of ~13,000 crore to what is being followed in the ing system,” said Bhatia. he focused on the steps being taken to develop the
~50,000 crore in five years. MF industry. He said Sebi recently REITs and InvITs market expecting large participa-
“Five years back when the asset under The MF industry crossed formed a working group to look tion from retail investors.
management (AUM) was at ~20 trillion, the the ~40-trillion mark for the into matters of credit default “The government has proposed amendments to
AUM deposit ratio was 18. Today we are first time in November. ASHWANI BHATIA swaps, including indications various laws to recognise the ability of REITs and
touching 23. The AUM-to-GDP ratio, However, even with rising Whole-time member, Sebi for mutual funds, too. InvITs,” he said.
which was 12, has now touched 16, participation from retail, the In its latest board meet on Sebi will also specify the basic rules and terms
while the global average is 60. So amount raised through equities during 2022-23 December 20, Sebi approved phasing out of share related to green debt securities to address risks relat-
you can imagine the potential of till now has been low with a fall of over 64 per buybacks through stock exchanges gradually by ed to greenwashing. The capital markets regulator
the MF industry,” said Bhatia. cent in the amount raised through IPOs and FPOs the end of financial year 2024-25 and shift it to has also reached out to municipal corporations for
He added that retail invest- compared to FY22. the tender route. promoting the bond mechanism.

‘Persistency ratio must improve Insurance 4.0: Aligning

for customers to get full benefit’ sector with world view
BHASKAR DUTTA
Mumbai, 22 December

I
n order for life insurance cus-
tomers to attain maximum
benefits, it is crucial for the per-
sistency ratio to be far higher than
its current level, top executives of
the industry said at the Business
Standard BFSI Insight Summit on
Thursday.
The persistency ratio is a metric
that measures the number of poli-
cyholders who continue paying
renewal premium and is gauged at If there’s some economic The first thing that we On a traditional product,
varying stages in the life of a policy. revival, some analysis can learned (from the it’s very important that the
A higher persistency ratio is seen
as an indicator of an insurance be made and we can trace it pandemic) was that a good customer gets close to
product that caters satisfactorily to to good work done by the business continuity plan 90%-plus persistency to
the needs of a customer. (From left) Bhargav Dasgupta, MD & CEO, ICICI Lombard;
“During Covid, we had a little life insurance industry never goes to waste get the full benefits Rakesh Jain, ED & CEO, Reliance Generali Insurance; For the 1st time in 20 years,
bit of a dip because of the inability Ritesh Kumar, MD & CEO, HDFC Ergo; and Anup Rau, we see many initiatives
of the customers to pay on time, MD & CEO, Future General India Insurance
etc. but the persistence has now from govt and regulator in
gone back to better than pre-Covid B C PATNAIK MAHESH KUMAR SHARMA N S KANNAN SUBRATA PANDA addressing the need gap
levels. It’s, however, a continuous MD, Life Insurance MD & CEO, SBI Life MD & CEO, ICICI Prudential
Corporation of India Insurance Life Insurance
T
focus of the industry,” said N S he regulatory changes brought in by the insurance
Kannan, managing director (MD) regulator and the amendments proposed to the
and chief executive officer (CEO) er goes to waste. Nobody knew that Insurance Act by the Centre may herald a new dawn
of ICICI Prudential Life Insurance. such a thing could happen and for the sector in India. This may result in insurers bringing
BHARGAV DASGUPTA
MD & CEO, ICICI Lombard
“On a traditional product, it’s nobody in their wildest imagina- out more consumer-led products, top honchos of general
very important that the customer tion would have thought that insurance companies of the country concurred at the Business
gets close to 90 per cent plus per- things would have been so drastic,” Standard BFSI Insight Summit 2022. We are trying to align with
sistency to get the full benefits. said Mahesh Kumar Sharma, MD “For the first time in 20 years, we are seeing a lot of initia-
That is the work that has been & CEO, SBI Life Insurance. tives from the Centre and the regulator in terms of addressing
how the world sees us,
going on,” he said. A point raised by the executives the need gap. This, we believe, is a huge positive in the long- with the regulatory
Speaking about how the life was the difficulty faced in process- term perspective. The entire approach to regulation was very
insurance industry dealt with the ing claims during the pandemic, rule-based. For the first time, we are moving to a principle-
changes brought in
abrupt outbreak of the pandemic, particularly in the based one. This will streamline the entire opera-
B C Patnaik, MD of Life Insurance context of the rapidly tion,” said Bhargav Dasgupta, MD and CEO, ICICI
Corporation of India, said the changing business Lombard General Insurance. The approach today
response of the sector had con- environment with is opening up distribution. What has happened RITESH KUMAR
tributed to an economic rebound
When I look at where we I think some of the things reinsurers. Reinsurers in bancassurance is positive, he observed. MD & CEO, HDFC Ergo
in the country. struggled, the maximum we struggled with were take on a portion of Ritesh Kumar, MD and CEO, HDFC Ergo
“I think if there’s some econom-
number across all in term policies, the risks covered by General Insurance, said, “What we are experienc- I think some of the
ic revival that is happening; some traditional insurers. ing now is Insurance 4.0. We had the public sector
analysis can be made and I think companies happened at particularly onboarding “When I look at where we strug- undertakings to start with, then the private sector entered at enabling regulations will
we can trace it to good work done
the claims level of customers gled, the maximum number of the turn of the millennium. De-tariffing happened in 2008. move the industry forward
by the life insurance industry. The struggles across all companies hap- We are trying to align with how the world sees insurance,
figures, that is whatever the Irdai pened at a claims level. We were all with the regulatory changes brought in and the amendments
statement says, go up to ~50,000 capacitised to handle claims which to the Insurance Act being proposed.”
crore in all total,” Patnaik said. were on a ‘business as usual’ basis. “I think some of the enabling regulations will move the ANUP RAU
“This amount was definitely PRASHANT TRIPATHY TARUN CHUGH We suddenly got claims worth five industry forward towards bringing out consumer-led prod- MD & CEO, Future Generali India
paid to the countrymen and that MD & CEO, Max Life MD & CEO, Bajaj Allianz years in one year,” Prashant ucts. Whatever has come out has happened in consultation
certainly helped the economy. Insurance Life Insurance Tripathy, MD & CEO of Max Life with the industry. Fundamentally, it provides access to dis-
And, the moment of truth was, yes, Insurance, said. tribution to people who have been left out in the past,” said We are now on the cusp of
we had to manage in a Covid-like ness, it also led life insurers to will have to be done by us. You have “Equally, at the same time, Anup Rau, MD and CEO, Future Generali India Insurance. creating the next 20 years in
situation. We had to reach out to realise the need for greater self- to bank on yourself,” he said. because of the losses, the reinsur- In India, the general insurance penetration is roughly 1 per
the district collectors and they gave reliance. A key learning for life insurers ance companies became very cent — much lower than other BRICS (acronym for Brazil, a very different way than
us the names. We ensured that “I think some things that we from the pandemic was the neces- hawkish in terms of what they Russia, India, China, and South Africa) countries. Similarly, the past two decades
within seven days the claims got struggled in were on the term poli- sity of having a satisfactory conti- wanted us to deploy. So, if I were to the insurance density is almost one-tenth of China’s, which
into their accounts,” he said. cies, particularly the core product nuity plan while underscoring the really correct one big thing — is nowhere near the world average.
According to Bajaj Allianz Life — on-boarding of customers on the need to be on top of technological capacitising properly, automating, “Covid-19 has been an inflexion point because everybody
Insurance MD & CEO Tarun back-end, where we bank a lot on advancements. and having clear-cut agreements has now started to think about risk. We are on the cusp of
Chugh, while the pandemic drove reinsurers. That was a homecoming “The first thing that we learned upfront with reinsurance compa- creating the next 20 years in a very different way than the RAKESH JAIN
home the importance of life insur- moment as well where we figured (from the pandemic) was that a nies as to how we’ll deal with it,” past two decades,” said Rakesh Jain, executive director and Executive director and CEO,
ance and, thus, increased aware- out that whatever needs to be done good business continuity plan nev- he said. CEO, Reliance General Insurance. Reliance General Insurance

Need insurers catering to niche sectors like NBFCs, MFIs: Joshi

SUBRATA PANDA ment of the insurance sector is not the insurance industry has covered Referring to the investments insur- trillion, which is 28.42 per cent of
complete without reaching out to all more than 290 million lives in FY22. ers, make-in-government securities, the outstanding state G-Secs, second

I
ndia has a huge untapped popula- sections of the population. The exclu- Another 500 million were covered and state developed loans, Joshi said, to the banking sector, which was at
tion which doesn’t have facilities for sion of those at the bottom and target- under Ayushman Bharat. In addition, “The sector has a very important role 38.4 per cent.
financial aid and insurance, and it ing the upper income strata would around 140 million have been estimat- to play in nation building and it has till The insurance regulator has made
is perhaps plausible to look at the result in development objectives going ed to be covered under the social insur- now not been recognised as so”. a slew of changes in the past few
option of having niche players catering askew in the long run. ance schemes, such as ESIC and CGHS. “Apart from providing financial months and has moved to a more prin-
to smaller sectors akin to non-banks India has a huge protection gap of “Today, we are the tenth largest relief, insurers invest their resources in ciple-based regula-
and microfinance institutions in lend- 83 per cent. Further, almost 50 per cent insurance market and also one of the nation building by way of investments tion from entity-
ing, said Rakesh Joshi, member of the vehicles running on the road are fastest-growing markets in the world. in central government securities and based regulations.
(Finance & Investment), Insurance uninsured. The coverage of property India is projected to be the sixth largest state development loans," he said. “More flexibility and
Regulatory and Development insurance is minuscule. And, micro, insurance market by 2032, ahead of As of March 31, the insurance sec- autonomy is being
Authority of India (Irdai). small & medium enterprises (MSMEs) Germany, Canada, Italy, and South tor’s investment in government secu- provided to the boards
Speaking at the Business Standard are not adequately covered. Korea. This growth is based on the rities stood at around ~22 trillion, which for taking business and
BFSI Insight Summit, Joshi said, “This huge protection gap needs to expectation of strong economy, rising is about 25.8 per cent of the total out- operational decisions.
“Today, most of our insurance compa- be bridged as we march towards our levels of disposable income, young standing securities. This is second to Investment landscape is
nies operate at a national level. There is vision for India@100 with the goal of population and demographic divi- the investment made by the banking being rebuilt to attract
arguably a case for having differentiated insurance for all, wherein every citizen dend, increased awareness, digital sector, which was at 37.55 per cent. more investments
operations, which cater to niche sectors should have adequate insurance cover,” penetration, and regulatory develop- With respect to the state G-Secs, the into the sector,”
the same way we have non-banking Joshi said. ments," Joshi said. sector’s share of investment was ~12.53 Joshi said.
financial companies (NBFC) and micro- To enhance the insurance force, the
finance institutions in lending”. regulator is contemplating the concept
“The capital requirement for niche of Bima Vahak, whereby each gram The huge protection gap needs to be bridged as we march towards our
players may not be as large as those hav- panchayat will be tasked with selling
ing national ambitions. Enabling these simple, parametric, bundled insurance
vision for India@100 with the goal of insurance for all, wherein every
niche players, which require lower cap- products – Bima Vistaar – covering citizen should have adequate insurance cover
ital, will enhance the penetration in health, property, life, and personal acci-
areas which hitherto had not seen trac- dent. This bundled product can be
tion from large players”, he said. bought in units of sum insured. RAKESH JOSHI, member (finance & investment), Irdai
According to Joshi, the develop- According to data shared by Joshi,
.
MUMBAI | FRIDAY, 23 DECEMBER 2022 BFSI INSIGHT SUMMIT 7 <

‘Markets cyclical; Tech an enabler in MF growth, say CEOs

we romanticise
ABHISHEK KUMAR ence is often the most defining
one,” she said.

T
he mutual fund (MF) MF executives believe the
industry has a debt offering of MFs offers a lot

only good part’

25-year-long history of of scope, but the industry has
creating wealth, and word-of- not done enough to popularise
mouth publicity of its fixed-income products.
performance will take us to the “Indians prefer non-volatile
corners of Bharat, said senior assets. MF debt offerings are
executives at the Business superior to any other fixed-
Standard BFSI Summit 2022 income instrument out there.
on Thursday. There is a need to educate peo-
“Today, 27 per cent of equity ple about the potential of debt
assets under management is MFs,” said Nimesh Shah, MD &
from outside the top 30 cities. CEO, ICICI Prudential (Pru) MF.
More than 45 per cent of MF “On the lines of ‘MF Sahi
portfolios are also from smaller Hai’, we need to have a ‘Fixed-
towns and villages. We still have Income Bhi Sahi Hai’. Equity is
a long way to go. But with tech- good for wealth generation, but (From left) A Balasubramanian, MD & CEO, Aditya Birla Sun Life Mutual Fund; Radhika Gupta, MD
nology on our side, it is possi- there is also a need for regular & CEO, Edelweiss Mutual Fund; Navneet Munot, MD & CEO, HDFC Mutual Fund; Nilesh Shah, MD,
ble," said Navneet Munot, man- income generation. Debt funds Kotak Mahindra Mutual Fund; Nimesh Shah, MD & CEO, ICICI Prudential Mutual Fund; and
aging director (MD) and chief have that potential,” said A D P Singh, deputy MD and CBO, SBI Mutual Fund PHOTO: KAMLESH PEDNEKAR
executive officer (CEO), HDFC Balasubramanian, MD & CEO,
MF. Technology has been the Aditya Birla Sun Life MF. high. MF distributors should
key enabler for MF growth in Singh said there is a need to focus on onboarding customers
recent years. With the emer- highlight the tax-efficiency — whether it happens through
gence of online investment angle of debt MFs. “Debt MFs equity or debt.
platforms, the reach of MFs has are not just about returns. They “As an MF distributor, if I More than 45 per cent Everybody has access to
multiplied. The regulations are also about tax efficiency. As have the wallet of the customer, of MF portfolios the same digital tools.
have also made it easier for an industry, we have not prop- my propensity to convert him
them by allowing the online erly pitched debt funds to retail into an equity investor will also are from smaller People have become
PHOTO: KAMLESH PEDNEKAR

onboarding of new investors. investors. The awareness on be greater. Banks are already towns and villages technology-friendly
“Technology has been a debt has lagged,” he said. doing it. They find it easier to
NAVNEET MUNOT D P SINGH
great ally. Whether somebody Munot highlighted the fact sell equity funds because they MD & CEO, HDFC MF Deputy MD and CBO, SBI MF
is located in Mumbai’s Malabar that the growth of debt MFs will have investor money. Debt
Hills or the extreme corners of not just benefit investors and funds can increase the scale of
the country, everybody has the industry but the country at MF distribution. The biggest A lot of investors have Indians prefer
access to the same tools. People large. “Policymakers must distributor in the country will come in after the non-volatile assets.
are also more technology- realise that the growth of the be the one who can distribute
PUNEET WADHWA & NIKITA VASHISHT ing a cyclical catch-up. Markets are friendly,” said D P Singh, deputy corporate bond market is cru- debt funds well,” said Shah of
pandemic. We need to There is a need to educate
always cyclical; we romanticise the managing director and chief cial. This can only happen if ICICI Pru MF. ensure they stay on people about debt MFs

I
ndian markets are playing good part and ignore the rest,” said business officer, SBI MF. debt MFs grow. Over time, India Industry leaders said that RADHIKA GUPTA NIMESH SHAH
catch-up with their global Sharma. Radhika Gupta, MD and CEO, will have to borrow huge sums finding the right talent will be a MD & CEO, Edelweiss MF MD & CEO, ICICI Prudential MF
peers after years of under- Edelweiss MF, cited the success to fund the growth of the coun- challenge, considering the com-
performance, said Shankar Avoid ‘adventurism’ of the industry’s ‘MF Sahi Hai’ try and a deep bond market is petition from other wealth
Sharma, founder, GQuant Economic growth in campaign in cre- essential for it,” he said. management verticals like port- Equity is good for wealth Alpha generation is
Investech, at the Business Standard India, he said, will slow ating awareness. Debt MFs offer low commis- folio management services and generation, but we getting tougher with
BFSI Insight Summit 2022 in down next year as it bat- “We have sions to distributors and it has alternative investment funds.
Mumbai on Thursday. tles factors like the crisis become a part of been one of the reasons behind Recently, some star fund need debt for regular rising efficiency. We need
Every equity market across the in Ukraine, as well as pop culture. I the poor penetration of debt managers like Prashant Jain income generation best talent to outperform
globe — from Japan and Vietnam home-grown macro chal- have come funds. The CEOs say that dis- and Madhusudan Kela left the
A BALASUBRAMANIAN NILESH SHAH
to Zimbabwe — has and will have lenges. across this tributors should not look only industry. “Times have changed. MD & CEO, Aditya Birla Sun Life MF MD, Kotak MF
its day, and Indian markets are hav- The Indian economy, tagline on vari- at commissions since debt fund Alpha generation is getting
ing their day right now, said he said, is likely to grow at 6 per cent ous television shows. A lot of distribution has business tougher with rising efficiency
Sharma. in 2023-24, even as global growth investors have come in after the growth potential. in the market. We will need the
India, he said, has several factors remains modest. pandemic. We need to ensure Even though the margins best talent to outperform,” said
working in its favour, especially in “India has been a conservative they stay on. The first experi- are low, the volumes can be Nilesh Shah, MD, Kotak MF.
a post-Covid world where the trust country by way of its economic
in China and Chinese companies management and has done well
has gone down considerably.
Borrowing an analogy from
cricket, Sharma said the pitch for
India is reasonably flat, the ball rea-
every time there was a global crisis.
When I say conservative, it means
broad measures. For instance, our
internal debt to gross domestic
Debt returns competing with equities: CIOs
sonably old, and the sun (for India’s product (GDP) and external debt to SUNDAR SETHURAMAN
economy) is shining bright. Add to GDP show a degree of conser-

D
that, the fact that the bowlers (neg- vatism. The government should ebt is giving a tough
ative sentiment) are not bowling too avoid any big bang policy measures. competition to equities
well. All these are critical ingredi- We don’t want adventurism here,” as major central banks Our house view is
ents, he said. Moreover, there are he said. The Reserve Bank of India unwind their monetary easing
some positive qualities for which (RBI), he said, should not have and hiking interest rates, chief
negative on equity;
India is liked. hiked interest rates investment officers (CIO) of the valuations
“We are the good Somebody has to in a bid to combat mutual fund (MF) houses said are too high
boys and people still runaway inflation, at the Business Standard
like us. People trust someday stand up and but should have Insight Summit on Thursday. R SRINIVASAN
India and Indians a say what we are doing analysed the inter- “Debt is becoming a more CIO-equity, SBI Mutual Fund
lot more than they est rate sensitivity of structural asset class...From
do China and the has no effect on the the inflation basket. 2008 to 2021, there was contin- People are overweight
villain (inflation) we are
PHOTO: KAMLESH PEDNEKAR

Chinese. That is a “Ultimately, you ued monetary easing. Debt is

big factor in a post- end up hurting now becoming a competition to on equities. I don’t
Covid world. We trying to kill. Instead, growth without equity,” said S Naren, CIO of ICI- think they are in
have generally been we end up killing hurting inflation by CI Prudential Mutual Fund. for the long haul
well-behaved stu- raising interest rates. After a long time, the need
dents in the world the hero (growth) This was a mistake for money in the deposit mar- RAJEEV THAKKAR
economic land- the United ket has come and the banks CIO, PPFAS Mutual Fund
scape. We will be Progressive Alliance have raised deposit rates, he
rewarded for being government made said. “That has played a bigger (From left) Rajeev Thakkar, CIO, PPFAS Mutual Fund; S Naren, CIO, ICICI Prudential Mutual Fund; Past two years have barely
the ‘nice guy’. The under RBI Governor role in the attractiveness of debt Lakshmi Iyer, CEO, Investment Advisory, Kotak Investment Advisors; Mahesh Patil, CIO,
good boy qualities SHANKAR SHARMA Duvvuri Subbarao. than any bearishness in equi- Aditya Birla Sun Life Mutual Fund; and R Srinivasan, CIO-Equity, SBI Mutual Fund given negative returns
may make us look Founder, GQuant Somebody has to ties,” said Naren. and the Midas touch is
like a loser for some someday stand up R Srinivasan, CIO of equity think people are in for the long Lakshmi Iyer, CEO, of much higher than when we
time, but good boys finish first. This and say what we are doing has no at SBI Mutual Fund, said equi- haul,” Thakkar said. Investment Advisory, Kotak pushed them as investment
playing on investor minds
is our chance to finish first,” he said. effect on the villain (inflation) we ty valuations were elevated Thakkar said there were Investment Advisors. ideas. Today people are asking LAKSHMI IYER
From a historical perspective, are trying to kill. Instead, we end up and on a short-term basis (one signs of nervousness. “People Naren said there was a rise if there shouldn't be more PSU CEO, Investment Advisory,
if one looks at the period between killing the hero (growth),” he said. to three years) investors who don’t have a risk appetite in active trading during the stocks,” Naren said. Kotak Investment Advisors
2010 when the world was emerging In terms of policy, Sharma said should plough more money should look at asset allocation. pandemic and traders are sit- “In 2021, people said all you
from the global financial crisis the worst thing Indian policymak- into debt than equity. “Our Investors are accustomed to ting on profits. “The initial tim- need is sales not profits, and In 2021, people said all
until March 2020, the markets, ers can do is to start emulating the house view is negative on equi- central banks bailing out the ing was great as they picked investors are suffering now,” you need is sales not
said Sharma, have given US in terms of fiscal profligacy. ty, the valuations are too high,” market and dips being recov- when the valuations were Naren said.
abysmal returns. “We can't copy a rich man’s Srinivasan said. ered, and many have not seen cheap,” Naren said. On being asked about their profits, and investors
The Sensex in January 2008 was game and hope to survive on that,” Rajeev Thakkar, CIO of an extended period of a down- Iyer said the tolerance to outlook for the Budget, the pan- are suffering now
at around 16,000 and hit 37,000 by he said. PPFAS Mutual Fund, said a ward or sideways market.” market volatility has increased elists said they don't foresee any
February 2020. The index surged 50 In Budget 2023-24, Sharma said time correction was possible in On being asked about how post-pandemic. negative surprises. S NAREN
per cent over nearly 13 years (in the government should not tinker the stocks of both quality and the pandemic changed Stressing the need for “Whatever the direction the CIO, ICICI Prudential Mutual Fund
rupee terms) — a 4-5 per cent return with the capital gains tax structure loss-making companies in the investors and markets, the pan- anchoring investment government had in the last
compound annual growth rate per either by increasing the long-term next year. ellists said a generation of decisions to sound logic, Budget in terms of develop- I don’t see any negative
year. Even fixed deposits, he said, capital gains tax or the tenure of “Investor mindset has been investors who entered the mar- Naren said the benefits of ment and infrastructure will
would have given better returns holding asset(s). “Everything keeps buying the dip. And the central ket during the pandemic has rational decisions would take continue. Revenues have been surprises (in Budget),
over this period. creeping up once they open the door bank has been pumping liquid- never seen a significant down- some time to manifest. fairly strong and there is room except perhaps from a
“In dollar terms, Indian equities to some taxation. It never goes back. ity and cutting interest rates. turn. “... past two years have “...most of the time rational to manage higher expenditure
have given negative returns for I just hope they don’t do that. The Now we are facing the conse- barely seen negative returns decisions look illogical today on account of higher fuel prices.
taxation point of view
almost 12-13 years before Covid-19 equity markets have been buoyant. quences of that. We have a gen- and the Midas touch is playing but the benefit is seen years lat- I don’t see any negative surpris- MAHESH PATIL
in 2020. Post-pandemic, the returns The government needs good equity eration that hasn’t seen a down- on the investors’ minds. There er. In 2020, when we said PSUs es, except perhaps from a taxa- CIO, Aditya Birla Sun
have been good. This is nothing but markets to do a lot of the things it turn in equity markets for a is a marked high-ended opti- are attractive people asked us tion point of view,” said Mahesh Life AMC
a correction after a long period of needs to do. They should be very sustained period. People are mism that retail investors have how we can make money in Patil, CIO of Aditya Birla Sun
abysmal returns. Markets are play- rational in these things,” he added. overweight on equities. I don’t pumped into the market,” said PSUs. But today the prices are Life AMC.

FROM PAGE 1
Govt green bonds can be a gauge for pvt sector fundraise: Rao
Last month, Sitharaman approved the including evaluation and certification cerns and ensure unhindered flow of works for understanding and assessing
final SGB framework, which would fur- of the green credentials of projects. In capital and funding to the entities,” he the potential impact of climate-related
ther strengthen India’s commitment to order to give focused attention to scaling said. financial risks in their business strategy
its Nationally Determined Contribution up green finance, banks and financial “The challenge regarding the avail- and operations.
(NDC) targets, adopted under the Paris institutions would have to invest in ability of data and disclosures would He observed that the Indian econo-
Agreement, and help attract global and human resources and capacity-building also need to be addressed quickly,” he my is at a stage where there is a need to
domestic investments in eligible green efforts, as well as integrate environmen- said, adding that the disclosure stan- grow rapidly, but the challenge is to
projects. tal and social risk considerations into dards prescribed by Sebi (Securities and devise ways to incorporate climate risk
Commenting that commercial banks their corporate credit appraisal mecha- Exchange Board of India) for the top and ESG-related considerations into
PHOTO: KAMLESH PEDNEKAR

and financial institutions should lead nisms,” he said. 1,000 listed entities by market capitali- commercial lending and investment
the way, Rao said it was “heartening to One of the challenges for scaling up sation were welcome. decisions, and at the same time balance
note” that leading banks had begun green finance is the availability of a He said the financial sector has a key the needs of credit expansion, economic
stepping up their exposure to the renew- robust ecosystem for third-party verifi- role to play as it is the sector which growth, and social development.
able energy sector in recent years. cation/assurance and impact assess- finances business. “Collective engagement would help
“To support this acceleration, a num- ment and the green credentials of busi- The deputy governor said there is a build on our early progress and go a long
ber of structural changes may be needed nesses and projects. “This would also need for regulated entities to develop way in addressing the challenges of cli-
in the traditional lending approach, address potential greenwashing con- and implement comprehensive frame- mate change,” he added.
8
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 1
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 POLITICS & PUBLIC AFFAIRS 9

Defence purchase plan APPOINTMENTS

Karnataka Water and Sanitation Pooled Fund Trust

worth ~84K cr cleared KUIDFC, Nagarabhivridhi Bhavan #22,17th ‘F’ cross, Old Madras Road,
Indiranagar 2nd Stage, Near BMTC Bus Depot, Bengaluru-560038
Phone No.080-25196124 Mobile: 9448853651
No: KWSPFT/MGNVY/2022-23
APPOINTMENT OF CREDIT RATING AGENCIES
Date: 21.12.2022

STRENGTH BOOSTER Karnataka Water and Sanitation Pooled Fund Trust (KWSPFT) is set up by Government of
> 24 capital acquisition proposals
get acceptance of necessity
No breakthrough Karnataka to function as a “State Pooled Finance Entity”, and has borrowed Rs.500.00
crore term loan from banks during the year 2019-2020 being 2nd tranche out of Rs.1,445.00
10 for Navy, including naval anti-ship missiles, multi-
in 17th round of crore as per G.O No. UDD 499 IST 2017, Bengaluru, dated 03.12.2018. The funds raised
are being used for financing infrastructure projects of 267 ULB’s in Karnataka under
purpose vessels, and high endurance autonomous vehicles
6 for Army, including futuristic infantry combat vehicles,
India-China talks Nagarothana Phase -3 (Municipalities). The Karnataka Urban Infrastructure Development
and Finance Corporation (KUIDFC) is the Fund Manager of KWSPF Trust.
light tanks, and mounted gun system Against the backdrop of fresh ten- To rate the above TL, Trust had appointed M/s. Brickwork Ratings India Pvt Ltd as rating
sions over the clash between their agency and based on the credit rating an amount of Rs.300.00 cr and Rs.200.00 cr was
6 for Air Force, including new range of missile system, long-
troops in the Tawang sector, India borrowed from BOB and BOI respectively. The loan outstanding with BOB and BOI as on
range guided bombs, and advanced surveillance systems 30.11.2022 are Rs.260.69 cr and Rs.191.49 cr respectively.
and China on Tuesday held the 17th
The plan was cleared by the 2 for Coast Guard, including next-gen offshore patrol vessels round of high-level military talks on However, in view of the orders / stand taken by the SEBI and RBI vide order dated
Defence Acquisition Council, >21 proposals, worth ~82,127 crore, are approved the eastern Ladakh border standoff 06.10.2022 and 12.10.2022 respectively, the Rating/Annual Surveillance work
headed by Rajnath Singh for procurement from indigenous sources but there was no indication of any assigned to M/s. Brickwork Ratings India Pvt Ltd has been terminated by KWSPFT.
forward movement in resolution of KWSPF Trust desires to engage the services of Rating Agencies for Rating/Annual
the remaining issues. A joint state- Surveillance for the remaining tenure of both TLs (5 years). The Rating Agencies interested
PRESS TRUST OF INDIA accorded approval for 24 capital acquisi- ment released on Thursday said both should fulfill the following minimum conditions to be eligible for consideration;
New Delhi, 22 December tion proposals — six for Indian Army, six sides exchanged views in an “open 1. Should be registered with SEBI.
for Indian Air Force, 10 for the Indian Navy and constructive” manner to resolve 2. Should have been in existence for a minimum period of 3 years.

T
he defence ministry on Thursday and two for Indian Coast Guard — adding the “relevant issues” and that it was 3. Should have rated at least 3 infrastructure related Term Loans during the previous
approved the procurement of a total value of the procurement would be agreed to maintain “security and sta- 2 years.
number of military platforms and ~84,328 crore. It said the proposals include bility” on the ground in the region. Documentary proof for fulfilling the above minimum conditions has to be submitted along
weapons, including light tanks, anti-ship procurement of futuristic infantry combat The senior military officers of the with quotes. Eligible Rating Agencies are requested to offer competitive quotation for
missiles, and long-range guided vehicles, light tanks, naval two sides held the dialogue at the annual surveillance fee and any other expenses in clear terms. The quotation shall be
bombs at a cost of ~84,328 crore This initiative of anti-ship missiles, multi-pur- Chushul-Moldo border meeting submitted on or before by 5.00 PM on 07.01.2023. The quotations submitted by the
to boost combat capabilities of the DAC will not pose vessels, new range of point on the Chinese side of the Line Rating Agencies will be opened in the presence of the representatives of Rating Agencies
the armed forces. only modernise missile systems, long range of Actual Control (LAC) in eastern at KUIDFC Corporate Office as per address mentioned above on 10.01.2023 at 3.00 PM.
The procurement proposals the Armed Forces guided bombs and next gen- Ladakh and it lasted for around 10 The KWSPF Trust reserves the right to accept or reject any or all offers submitted by the
were cleared by the Defence but also provide eration offshore patrol vessels. hours, people familiar with the mat- Rating Agencies, at its sole discretion. The Rating/Annual Surveillance work should be
Acquisition Council (DAC) substantial boost The ministry said 21 proposals ter said. The talks took place 11 days completed within 15 days from the date of appointment.
headed by Defence Minister to the defence worth ~82,127 crore, will be after the clash at Yangtse area along Sd/-
Rajnath Singh. The Acceptance industry to procured from indigenous the LAC in the Tawang sector of Member Secretary
of Necessity (AoN) for the pro- achieve the goal sources. Arunachal Pradesh. KWSPF Trust
curement came amid a spike in of ‘Aatmanirbhar “This unprecedented ini- The statement said the two sides
tensions between India and Bharat tiative of tge DAC will not only agreed to stay in "close contact",
China after troops from the two modernise the Armed Forces maintain dialogue through military
sides were engaged in a clash along the but also provide substantial boost to the and diplomatic channels and work
Line of Actual Control (LAC) at Yangtse in defence industry to achieve the goal of out a mutually acceptable resolution
the Tawang sector of Arunachal Pradesh. ‘Aatmanirbhar Bharat’,” the ministry said of the remaining issues at the earliest.
The defence ministry said the DAC in a release. PTI

Govt tweaks gas procurement

rules for fertiliser companies
REUTERS The government expects to cut its Mansukh Mandaviya said that due to
New Delhi, 22 December fertiliser subsidy bill by up to ~24,000 higher global prices, India’s fertiliser
crore if the fifth of companies’ subsidy bill for the fiscal year would rise
India has revised the gas procurement supplies is bought through bilateral to a record ~2.25 trillion from about
policy for fertiliser companies, allowing contracts or gas exchange, said one of ~1.5 trillion the previous year.
them to buy about a fifth of their month- the government officials, who declined “To help rein in the fertiliser subsidy
ly needs through the domestic spot mar- to be identified. bill for next fiscal, the fertiliser ministry
ket to help the government cut its sub- India, which imports up to 40 per is trying to rework the mechanism of
sidy bill, two government officials said. cent of the 50 million tonnes of fertiliser how gas is procured by fertiliser plants,”
The federal government provides it needs annually, has been hit hard by said a second government official, who
financial support for domestic fertiliser rising prices after Russia’s invasion of also declined to be identified.
sales at rates below the market to insu- Ukraine disrupted supplies. Russia is a Both of the officials are directly
late farmers from high prices and to con- major fertiliser producer. involved in the issue but are not autho-
tain inflation. Early last month, Fertilisers Minister rised to speak to media.

> FROM PAGE 1 third parties that make use of demand (by the panel) is in swinging into action mode.
their core services. keeping with the maturity of In Karnataka, the state gov-
Big Tech... Facebook India, in its dis-
cussions with the parliamen-
the Indian market. But… the
regulations should not over-
ernment has decided to make
face masks mandatory in
The committee’s report men- tary panel, said: “By and large, burden the companies. India closed spaces and air-condi-
tions that it interacted with data is not collected but actu- has been able to cushion the tioned rooms, said reports.
Indian representatives of ally generated by businesses effects of the economic slow- Delhi also took stock of its
Amazon, Apple, Facebook, as they build the ability to cap- down due to the digital oxygen and ambulance avail-
Google, Netflix, Twitter, and ture signals through their ecosystem. Thus, the regula- ability after suffering acute
Uber, as well as representatives services and technologies. tions should strike a balance shortage during the second
of domestic companies such Any business is in a position between avoiding unneces- wave of the pandemic.
as PayTM, MakeMyTrip, to create its own data space in sary hurdles and unfair mar- Delhi Chief Minister
Zomato, Ola, Swiggy, Flipkart, such a way.” The supreme ket conditions.” Arvind Kejriwal said while the
and others to identify the com- court of India recently green- eligible population has taken
petition concerns. Based on lighted the CCI’s probe into both doses, only 24 per cent
the submissions, the commit-
tee has identified 10 anti-com-
WhatsApp’s privacy policy
update, related to allegations
Mask up... have taken the precautionary
dose. While assuring citizens
petitive practices, some of that it shares user data with its A comprehensive presentation to not panic, Kejriwal said the
which are anti-steering provi- parent company Facebook’s made before the PM showed government is fully prepared Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat
sions, self-preferencing, advertising business. Salman that India has been witnessing to fight any spread. Kerala Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811
bundling or tying of services, Waris, managing partner at a steady decline in cases, with health department, too, issued
deep discounting, and search technology law firm average daily caseload falling a directive to districts to be on
or ranking preferencing. The TechLegis Advocates & to 153 and weekly positivity high alert. Record Date for Distribution
panel said the SIDIs should be Solicitors, said the recommen- down to 0.14 per cent in the In Tamil Nadu, the state
stopped from processing dations by the committee week ended December 22. health department has issued
NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have
users’ data by using services of were a welcome step. “This The health minister also an advisory to all district med-
addressed Parliament on the ical officers on precautionary approved Wednesday, December 28, 2022*, as the Record Date for declaration of distribution
increasing trajectory of cases measures to be taken if cases under the Income Distribution cum Capital Withdrawal (IDCW) option in the following scheme,
in the world. He said all inter- spiral out of control. The hea-
> BS SUDOKU # 3753 national airports would start lth ministry has advised states
subject to availability of distributable surplus on the Record Date:
random sampling of 2 per cent to focus on heightened surveil-
of passengers to minimise the lance within the community Quantum of Distribution NAV as on
risk of a new variant entering and to take requisite control
the country. Mandaviya said and containment measures.
Name of the Scheme Plans/Option per unit# on face value November 21,
the government was monitor- “States have also been of Rs.10/- per unit 2022 (Rs.)
ing the global situation, the advised to increase whole
challenge posed by multiple genome sequencing of all pos- Regular Plan –
variants of the novel coron- itive cases for timely detection Aditya Birla Sun Life Fixed Term Plan The entire 10.2360
IDCW distributable
avirus, and undertaking of newer variants, if any, cir- - Series TT (153 days)
required public health meas- culating in the country and (A close ended Income Scheme. A surplus at the time of
ures. undertake requisite public relatively low interest rate risk and Direct Plan – maturity^ shall
“Given Christmas and New health measures,” added 10.2406
moderate credit risk) IDCW be distributed.
Year celebrations, states also Mandaviya.
need to focus on ensuring
effective awareness within the Random tests at airports
The NAV of the scheme, pursuant to pay out of distribution would fall to the extent of
community on adherence to Ramping up defences against
Covid-appropriate behaviour Covid, from December 24, 2 payout and statutory levy (if applicable).
which includes the use of per cent of total passengers in
mask, hand hygiene, and res- a flight will undergo random #As reduced by the amount of applicable statutory levy. *or the immediately following Business Day
piratory hygiene practices, testing on arrival at airports,
besides following physical dis- the health ministry has said. if that day is a non-business day. ^Maturity of the said scheme is December 28, 2022.
tancing,” Mandaviya told the In a letter to Civil Aviation
Rajya Sabha. Secretary Rajiv Bansal, Health All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the
SOLUTION TO #3752 He said states must ensure Secretary Rajesh Bhushan said
that the coverage of precau- such travellers on each flight
IDCW option of the said scheme as at the close of business hours on the Record Date shall be
Very hard: tionary doses for vaccination will be identified by the airline eligible to receive the distribution so declared.





is increased and awareness concerned and that they must
Solution tomorrow created within communities. be from different countries, For Aditya Birla Sun Lif e AMC Limited
States have administered preferably. Travellers will be
2.2 billion doses of vaccines allowed to leave the airport (Investment Manager for Aditya Birla Sun Life Mutual Fund)
HOW TO PLAY across the country. “Ninety per after giving their sample. If Sd/- Date: December 22, 2022
cent of the eligible population positive, the report will be
Fill in the grid so that has inoculated with two doses, shared with the integrated dis- Authorised Signatory Place: Mumbai
every row, every including administering 223.5 ease surveillance programme
column and every 3x3 million precautionary doses,” and with state authorities for Mutual Fund investments are subject to market risks, read all scheme
box contains the health minister said. a follow-up action. Such sam- related documents carefully.
the digits 1 to 9 While awaiting directions ples will also be sent for
from the Centre, states, too, are genome sequencing.
10 WORLD
>
MUMBAI | FRIDAY, 23 DECEMBER 2022

5,000 dying a day due to Covid in China, finds research

BLOOMBERG daily peak to 4.2 million in patients and crematoriums more selective than what many Western transmissible omicron variant sparked policy. Officials are considering a “0+3”
22 December March, the group estimated. China has shut are being pushed well bey- nations use — making it difficult to a jump in infections, including in the policy, where the requirement to spend
Its modeling of the scale down its network ond their capacity. gauge the real toll from the current US which posted its highest daily case time in a quarantine hotel or isolation
China is likely experiencing 1 million and toll of China’s outbreak, of mass-testing Changes to how the gov- deluge of infections. count to date at nearly 1.4 million facility would be scrapped, and arrivals
Covid infections and 5,000 virus which uses provincial data, booths and ernment reports virus figures These changes mean “the official data infections in January 2022. That into the country instead subject to three
deaths every day as it grapples with shows the impact of the scrapped efforts is also a factor. China has is unlikely to be a true reflection of the coincided with the global number days of monitoring, one of the people
what is expected to be the biggest out- country’s abrupt pivot away to include every largely shut down its vast outbreak being experienced across the exceeding 4 million, according to said, asking not to be identified as the
break the world has ever seen, according from Covid Zero far exceeds single infection network of mass-testing country,” said Louise Blair, Airfinity’s Our World in Data. discussions are not public.
to a new analysis. the government’s tally. in the daily tally booths and scrapped efforts head of vaccines and epidemiology, in a It’s not immediately clear what form
The situation could get even worse Officially, China reported to include every single infec- statement. “This change could downplay To cut quarantine for that monitoring may take, or if it would
for the country of 1.4 billion people. This 2,966 new cases for tion in the daily tally, leaving the extent of deaths seen in China.” overseas travelers require quarantining at home. Details
current wave may see the daily case rate Wednesday and there have been fewer residents to rely on rapid tests with no Accurately capturing the Covid sit- China plans to cut quarantine of the plan are still being finalized,
rise to 3.7 million in January, according than 10 Covid deaths since the begin- obligation to report the results. The coun- uation remains difficult across the requirements for overseas travelers in including when it will start in January.
to Airfinity, a London-based analytics ning of December. But that contrasts try’s health regulator also quietly world as a pivot to living with the virus January, according to people familiar China currently requires travelers to
firm. There’ll likely then be another with a growing chorus of reports that adopted a narrower definition for what means fewer countries test frequently. with the matter, as the country disman- quarantine at a hotel or other facility for
surge of infections that will push the hospitals are being overwhelmed with is considered a Covid death — and much The emergence of the highly tles the last vestiges of its Covid Zero at least the first five days after arrival.

IN BRIEF Your aid is investment in global YouTube inks

$2bn a year
Tesla dangles $7,500
discount in rare move security, not charity: Zelenskyy deal for NFL
Sunday Ticket
to bolster deliveries REUTERS
22 December

Tesla is offering US consumers $7,500 to take delivery of its two Google-owned YouTube
cheapest models before year-end, a move likely to foment has signed a multi-year
more debate over the extent of the carmaker’s struggle with deal to exclusively stream
demand. The discount Tesla is dangling on new Model 3 the National Football
sedans and Model Y sport utility vehicles is double what the League's Sunday Ticket
company was offering earlier this month, and likely has to do package of games in the
with changes to US tax credits that take effect in 2023.Tesla’s United States, the video
were expected to be eligible for $3,750 credits starting in service said, as more
January as part of changes to federal electric vehicle content moves to streaming
incentives made by the Inflation Reduction Act. BLOOMBERG from traditional TV.
YouTube will pay an
average price of about
A first: Japan okays blood $2 billion a year to secure
rights to the NFL Sunday
test to detect Alzheimer’s Ticket
Wall
franchise,
Street
the
Journal
Japan approved one of the world’s first blood test kit to detect reported, citing people
signs of Alzheimer’s disease, paving way for a simpler and familiar with the matter.
speedier diagnosis of the brain-wasting ailment for which a Google and NFL did not
blockbuster therapy is finally on the horizon. Sysmex’s immediately respond to
diagnostic product that measures amyloid beta in the blood Reuters requests for com-
— an abnormal protein that jams nerve cells in the brain and ment. Starting next season,
is a marker of Alzheimer’s — was authorized for use by health NFL Sunday Ticket will be
ministry, the Kobe-based firm said on Thursday. BLOOMBERG available as an add-on pack-
age on YouTube TV and
standalone a-la-carte on
Netanyahu forms ruling YouTube Primetime
Channels, the company said
coalition ahead of deadline on Thursday.
DirecTV, the largest sat-
Benjamin Netanyahu succeeded in forming an Israeli ruling ellite provider in the United
coalition on Wednesday minutes ahead of a midnight States and which is 70 per
deadline. A spokesman for President Isaac Herzog said cent owned by AT&T Inc,
Netanyahu had phoned him with confirmation. Netanyahu’s had the rights to Sunday
Likud party won the most votes in the November 1 general Ticket until the end of the
election — the fifth since 2019 — but fell short of commanding 2022 season.
an overall majority in parliament. In the meantime, he has
succeeded in reaching coalition agreements with a number
of religious and nationalist parties. BLOOMBERG US Vice-President Kamala Harris and House Speaker Nancy Pelosi (right) react as Ukrainian President Volodymyr Zelenskyy presents lawmakers with a
Ukrainian flag autographed by front-line troops in Bakhmut, as he addresses a joint meeting of Congress at Capitol Hill in Washington PHOTO: AP/PTI
Louboutin
Capitol riot committee America to provide $1.85 billion in military assistance, including Patriot Air Defense System ads: Amazon
delays report by a day AGENCIES
22 December “WE WILL NEVER SURRENDER” Congress and keeping U.S. public opin-
ion on his side with reminders of the may be held
The congressional panel probing the January 6, 2021, attack hardships his people face.
responsible
P
on the US Capitol said on Wednesday it would delay by at least resident Volodymyr Zelenskyy Members of Congress stood,
one day the release of its final report outlining the case that told the US Congress on “AGAINST ALL ODDS, “WE DEFEATED cheered, applauded and shook
former President Donald Trump should face criminal charges Wednesday that aid to Ukraine AND DOOM AND GLOOM RUSSIA IN THE Zelenskyy's hand as he entered
of inciting the deadly riot. The House of Representatives Select is an investment in democracy, the chamber, with several wearing the ASSOCIATED PRESS
Committee said it expected to release its report on Thursday. not charity, and invoked American vic- SCENARIOS, UKRAINE BATTLE FOR colours of the Ukrainian flag, 22 December
The report, to be issued online, is expected to be more than tory over the Nazis in a key DIDN’T FALL. UKRAINE THE MINDS OF blue and yellow.
1,000 pages long, based on nearly 1,200 interviews, as well as World War Two battle to press for con- He received multiple standing ova- Amazon could be held
the rulings of more than 60 courts. REUTERS tinued assistance. IS ALIVE AND KICKING” THE WORLD" tions from an audience that also responsible for breaching
Zelenskyy, on his first foreign war- VOLODYMYR ZELENSKYY, Ukraine President included members of the Ukrainian luxury shoemaker Christian
time visit, wore his trademark olive diaspora and religious figures. Louboutin’s trademark rights
2 Sam Bankman-Fried green pants and sweater, and earlier
met President Joe Biden, who urged “US will continue “The Patriot shipment is
There are no signs of peace talks to
end the war and both Russia and
over the sale of counterfeit
red soled high-heeled shoes
associates plead guilty support to keep flowing in 2023, when
congressional approval for Ukrainian
to back Ukraine
in its fight
not conducive to a speedy
settlement, and this cannot
Ukraine have signaled a willingness to
keep fighting, although Zelensky said
on its platform, the European
Court of Justice ruled on
Sam Bankman-Fried left the Bahamas on Wednesday on a to aid will be harder. against Russia prevent the Russian Federation he discussed a 10-point Ukrainian peace Thursday.
face fraud charges, as federal prosecutors announced that The United States has sent about for as long as from achieving its goals during formula with Biden. Third-party sellers on
two of his former associates had pleaded guilty to similar $50 billion in assistance to Kyiv as it takes” the special military operation” "I'm glad that President Biden sup- Amazon regularly advertise
charges and were cooperating with the government. US Europe's biggest land conflict since ported our peace initiative today. Each red-soled stilettos that are not
Attorney Damian Williams said in a video that Caroline Ellison, 1945 drags on, killing tens of thousands, JOE BIDEN DMITRY PESKOV of you today ladies and gentlemen can made by Louboutin. The
former CEO of Alameda Research, and Gary Wang, co-founder driving millions from their homes and US President Kremlin spokesman assist in the implementation to ensure French designer brought cas-
of FTX, had pleaded guilty to defrauding investors in the reducing cities to ruins. On Wednesday, that American leadership remains solid, es against the company in
crypto trading platform. BLOOMBERG it pledged to provide Patriot missiles. aside and feel safe, he added. signs of readiness for peace talks during bicameral, and bipartisan," Zelensky Belgium and Luxembourg in
But some Republicans, who will take US Secretary of State Antony Zelenskiy's visit, proving that the United said to the lawmakers. 2019, arguing that he did not
control of the House of Representatives Blinken also announced the United States was fighting a proxy war with Referencing former U.S. President give his consent for these pro-
S&P Global lowers Pak’s from Democrats on January 3, have
expressed concerns about the price tag.
States would provide another $1.85 bil-
lion in military aid for Ukraine includ-
Russia “to the last Ukrainian”.
“This is not conducive to a speedy
Franklin D. Roosevelt, who served
between 1933 and 1945, and efforts to
ducts to be put on the market.
Louboutin shoes' red outer
rating to ‘CCC+’ from ‘B’ They could hold up billions
of dollars in war aid starting next
ing the highly advanced Patriot air
defence system to help it ward off bar-
settlement, quite the contrary,” Peskov
said of the Patriot system.
liberate Europe from
occupation, Zelenskyy also appealed
Nazi sole, for which
they are
S&P Global cut Pakistan's long-term sovereign credit rating by month. “Your money is not charity. It is rages of Russian missiles. “And this cannot prevent the to Americans as they gathered with known, is reg-
one notch to “CCC+” from “B” to reflect a continued an investment in the global security and While Russia said, this aid and Russian Federation from achieving its family for Christmas. istered as an
weakening of the country's external, fiscal and economic democracy that we handle in the air defence system will not help goals during the special military opera- “Just like the brave American sol- EU and
metrics. Pakistan's already low foreign exchange reserves will most responsible way,” Zelenskyy settle the conflict or prevent Russia tion”, using Russia's term for a war in diers, which held their lines and fought Benelux trade-
remain under pressure through 2023 unless oil prices slump or told a joint session of the US Senate and from achieving its goals, Moscow which tens of thousands of people have back Hitler's forces during the mark.
foreign assistance improves, the agency said. The country also House of Representatives, speaking in said on Thursday. been killed. Zelenskyy’s speech was Christmas of 1944, brave Ukrainian sol-
faces elevated political risks which may affect its policy English. The world was too intercon- Kremlin spokesman Dmitry Peskov aimed at softening the concerns of diers are doing the same to Putin's
trajectory over the next year. REUTERS nected to allow any country to stand told reporters that there had been no Republicans when they take over forces this Christmas," he said.

Japan approves return to nuclear as Fukushima memories fade

BLOOMBERG abolition of atomic power were a Japan is joining a global shift survey by public broadcaster NHK year extension option for 40-year-
22 December regular occurrence in the wake of back to nuclear energy after the earlier this month found 45 per old reactors.
the meltdowns, recent polls prices of natural gas and coal cent approved of the panel’s plan, Takeo Kikkawa, an economics
Japanese Prime Minister Fumio indicate growing support for shot to records this year as while 37 per cent opposed it. professor at the International
Kishida’s advisory panel approved restarting idled plants. Russia’s invasion of Ukraine The government still faces University of Japan and an expert
a plan to extend the lifespans of The government is aiming to upended markets. The Kishida some opposition from local on energy, said utility operators
nuclear reactors beyond 60 years present legislation to parliament administration is also turning to residents over nuclear restarts and under the new policy could keep
and build new units to replace during the next session to put the nuclear to help curb emissions lawsuits related to safety concerns using old equipment instead of
those that are decommissioned, basic plan into action, Kishida told and hit Japan’s 2050 net-zero still keep many reactors offline. investing in new technology or
reversing policies put in place after a meeting of his “green target. Global Energy Crisis Spurs Only a third of Japan’s operable renewables. He also said
the Fukushima disaster in 2011. transformation” panel, which is a Revival of Nuclear Power in Asia reactors have restarted since the prolonging the operational life of
The step reflects a shift in made up mostly of business A survey by the Yomiuri 2011 disaster. The regulation old reactors is unsafe.
public opinion, as the import- executives and academics, on newspaper in August found 58 per authority's commissioner, “Naturally, we should aim for
reliant country struggles with the Thursday at his official residence. cent in favor of restarting idled Shinichi Yamanaka, told a news newer technology and use it
threat of blackouts amid Russia’s The proposal will be opened for reactors, the first time a majority conference the new safety rules safely. Therefore, extending
war in Ukraine and extreme public comment and could gain approved of the idea in that poll requiring operational permits reactors' lifespans is an The policy says Japan must maximise the use of existing nuclear
weather. While massive cabinet approval by February, the series since the question was every decade after 30 years will be undesirable move,” Kikkawa reactors by restarting as many of them as possible and prolonging
demonstrations calling for the Nikkei newspaper reported. initially posed in 2017. A separate safer than a current one-time 20- recently told a talk show. the operating life of old reactors beyond their 60-year limit PHOTO: REUTERS

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

VOLUME XXVII NUMBER 94

MUMBAI | FRIDAY, 23 DECEMBER 2022

Costs and benefits The airlines we deserve

Two stories this week showed what’s wrong with the attitudes lost baggage, and they misplace thousands of bags
Cryptos are speculative but underlying tech has merits every month anyway.
of airlines and passengers The second aviation story comes from India.

R
eserve Bank of India (RBI) Governor Shaktikanta Das, speaking at ILLUSTRATION: BINAY SINHA It is a video, shot by a passenger, of a distraught
the Business Standard BFSI Insight Summit on Wednesday, was cabin crew member berating a man for insulting
unequivocal in underlining the risks in cryptocurrencies. He went so a cabin attendant and making her cry. The inci-
far as to say that private cryptos — originally conceptualised as a way dent took place on an IndiGo flight on the Delhi-
to disrupt regulated fiat currencies — might set off the next major financial Istanbul sector.
crisis. These presented a danger, he said, as they were not anchored to anything The problem appears to be related to the meal
and were “100 per cent speculative”. The crypto universe may indeed have service because the crew member tells the man, “My
started to unravel. The collapse of the FTX exchange is a cautionary tale. Other crew is crying because of you. Please try to under-
major cryptocurrency exchanges, including Binance, are now under regulatory stand, there is a count and counted meals are uplift-
ed. We can only serve you what your boarding....”
scrutiny. There’s no doubt that cryptocurrencies are speculative instruments:
The passenger is unperturbed. He tells her to
The original white paper on Bitcoin by somebody using the pseudonym Satoshi stop shouting, says she is a servant, and asks her to
Nakamoto, who was disenchanted by the 2007-08 financial crisis, explicitly ‘shut up’.
stated these were designed to break the fiat system. That paper and its ideas For me, the video is significant because it cap-
spawned thousands of cryptocurrencies. The fact that most people, including tures the way in which some Indian passengers treat
central bankers and “big four” accountants, have problems understanding cryp- airline staff. They are often rude, insulting, and occa-
tos, has made regulation difficult and exacerbated the problem. sionally abusive. Talk to any member of the cabin
There has been a huge collapse in crypto prices in the past year. Whether crew on any Indian airline and you will hear the
worst horror stories. Almost always, the targets of
this dramatic unwinding will trigger a financial crisis is a different matter.
abuse in the air are female staff members who are
That would depend on the extent of the contagion in the conventional global called ‘servants’ (as in this incident) or worse. On
financial system. Did crypto holders or exchanges take a massive leverage in international flights, where alcohol is served, the
fiat currencies? If they did not, the conventional banking system will not be behaviour is at its worst.
badly exposed. The case of El Salvador, where Bitcoin is considered parallel This is the dirty little secret of Indian aviation.
legal tender, will be of special interest. However, whatever the intentions, the We may or may not have the best airlines, but we
launch of Bitcoin, and later Ethereum, did shake up the financial system in certainly have the worst passengers. It is also sig-
ways that might eventually be beneficial. The design of cryptocurrencies incor- nificant that they will behave badly with the crew
porated several innovations, which will live on even if the assets evaporate. only when they travel on Indian carriers. They are
far too intimidated to do anything like that on a
Bitcoin conceptualised the blockchain technology, an electronic ledger with
European or American carrier. A man who is a tiger
an excellent, sophisticated, decentralised method to verify authenticity of on Air India becomes a mouse when he travels
transactions while maintaining privacy. Blockchain has since been adapted British Airways or Lufthansa.
for multiple purposes, including judging the provenance of designer jewellery,

T
wo aviation stories that appeared in the media it to the international press. And it isn’t just the cabin crew that gets treated
art, vintage wines, feeding refugees, and so on. It is used by investment banks this week caught my eye. One was from For me, the part of the story that typifies the atti- badly. When a flight is delayed, it is the counter
as a strong safeguard against internal fraud. It is also being used to create abroad, and one from India. Both had to do tudes that dominate today’s aviation industry is the staff (who have no role in deciding when the flight
“trustless contracts” by municipalities in Estonia and Finland. It has been with the relationship between passengers and air- way British Airways responded. It forwarded will take off) who are abused and shouted at. I have
used in China to bypass censorship (a recorded blockchain transaction cannot lines. (And dogs too, come to think of it.) requests for comment to IAG Cargo, a company that seen actual assaults on airline staff taking place at
The first story concerns a family called the handles its cargo operations. IAG Cargo responded: airports and watched airline employees being
be deleted). India is also encouraging the development of blockchain-related
Millers. They were flying from London to Nashville, “Whilst Bluebell’s route was longer than it should reduced to tears.
uses, even if it is against the use of cryptocurrencies. Tennessee, and wanted to take their have been, we ensured that she was I quote these two stories because we are in the
Additionally, with their ease of use in cross-border transactions, cryptocur- dog Bluebell with them. British on the first flight back to Nashville middle of many debates about aviation. The recur-
rencies have ensured that central banks smooth out the process for such transfers Airways said that the dog could not from London Heathrow.” ring theme in this debate is: “How do we raise Indian
by launching their own digital currencies. Bank charges for cross-border transfers accompany them in the cabin. (Fair The dog was flown to Saudi carriers to global standards”.
dropped once it was realised, for example, that converting the euro into Bitcoin enough, I guess.) But it could fly to Arabia from Heathrow, went back to Well, global standards aren’t what they used to
and selling it in US dollars incurred a lower cost than conventional bank transfers. Nashville in the cargo hold. Heathrow, spent time there, and be. In much of the West, you can’t even say that air-
This was first observed when people in Cyprus opted to bypass currency controls Except that when the Millers went then finally made it to Nashville, a lines have gone to the dogs; they treat dogs badly
in this way. Removing frictions in the global remittance market is big in itself. It to the cargo area in Nashville to pick journey of 63 hours in all. So yes, her too. Even on a bad day, IndiGo does a better job than
up Bluebell, they were given a differ- flight was “longer than it should say British Airways or Air France.
is worth noting that cryptos are still legally usable in many countries, including
ent dog. When they complained that have been”. And, there is one factor we never include in these
the US, Canada and Australia. While cryptocurrencies and the blockchain tech- this was not Bluebell, a search for the It might help to bear in mind that debates: The Indian passenger. While the vast major-
nology have resulted in changes in both financial and real worlds, they remain
speculative instruments for individuals. Tightening of global financial conditions
missing dog was launched. It turned
out that rather than sending Bluebell
DOUBLE TAKE IAG Cargo is not some external outfit
British Airways had hired. IAG is the
ity of us are well-behaved and decent, there is a sig-
nificant and nasty minority that makes it difficult
would further affect these instruments adversely. to America, British Airways had sent VIR SANGHVI owner of British Airways. So, these for any Indian carrier to operate because there is no
the dog to Saudi Arabia. basically are two arms of the same respect for the people who work for the airline and
Eventually, after enduring these delays, being corporation. It’s just good PR for British Airways to no acknowledgment of the dignity of labour.

A tall order
left in various cargo areas, and taking more inter- adopt a nothing-to-do-with-us attitude. We used to say that countries got the airlines
national flights than necessary, the dog was Anybody who has travelled on a European airline they deserved. That’s not true any longer. Western
returned to the Millers. Not surprisingly, Bluebell recently or passed through a European airport will countries deserve much better. And we in India are
Biodiversity targets will be hard to achieve was enormously stressed out and began behaving know that this is not an isolated incident. Carriers lucky. We get more than we sometimes deserve.
strangely. The Millers are now suing for token com- in Europe have stopped caring about people (or

T
he 15th Conference of Parties (COP 15) to the United Nations pensation of $10,000, which is how the story made dogs). From their perspective, the lost dog was just The writer is a journalist and TV presenter
Convention on Biological Diversity, held at Montreal in Canada, has
managed to conclude an agreement that looks impressive on paper
but might prove tough to implement despite mooting an elaborate
financing mechanism to do so. The historic deal, styled after the Paris climate
accord, aims essentially to restore 30 per cent of the degraded terrestrial,
inland waters, and coastal and marine ecosystems, and halt further loss of
Quibbles of a media reporter
important biodiversity hotspots, by 2030. This is a tall order, considering that

W
elcome to my annual self-indulgence as a anything? These days I have taken to requesting films. Only 10 per cent goes to Hollywood. Indians
at present only about 17 per cent of the terrestrial, and less than 10 per cent of media writer — a list of quibbles. Read friendly media agencies to share data, but that is not want to watch these films not because they have no
the marine areas, are under some kind of protection. The bulk of the world’s them carefully and you will know that a sustainable way to cover a ~72,000-crore business. choice, but because these tell the stories they want
vital bio-resources are totally unguarded. these have ramifications beyond one person’s ability That then is my second beef. Increasingly, metrics to watch — Omkara, Johnny Gaddaar, Sairat,
The new Global Biodiversity Framework (GBF) envisages mobilisation of a to cover India’s ~1,61,400-crore media and enter- are being treated like a problem area or a dirty secret Andhadhun, Badhaai Ho, Drishyam, Jai Bhim, Care
tainment business. rather than a tool to be used to improve content, ad of Kancharapelam or Asuran, to name a few.
minimum $200 billion per year from all sources, public and private, by 2030, to
By April 2023, when all regulatory clearances are rates or subscription revenues. Indians buying tickets to watch their cinema is
put in place the needed facilities to take care of the earth’s ecology. This also through, Punit Goenka will lead India’s third-largest Traditionally, media metrics have been taken seri- what brought 60 per cent of the ~19,100 crore the busi-
seems an overambitious proviso, given none-too-inspiring experience of organ- media company. The combined Sony-Zee, with a ously in India. Readership surveys for print began in ness made in 2019, the last normal year. The remaining
ising the flow of $100 billion a year for the climate mitigation fund as agreed revenue of ~15,056 crore, is a necessity if traditional 1974, and the diary method of measuring TV ratings 40 per cent came from TV and OTT. Historically, films
upon by the developed countries in 2009. The GBF, on the whole, proposes as media companies are to compete with tech-media in 1983. Then came electronic ratings with TAM in have constituted a fourth of all that is watched on TV
many as 23 targets, many of which are quantifiable, making it easier to track players such as Google (estimated revenue of ~25,000 1991. This meant that advertisers could see a medium’s and a third on OTT platforms. Cinema is the core of
their progress. These include slashing subsidies to the biodiversity-injurious crore) or Meta (~16,189 crore). There growth and invest in it. Programmers India’s creative ecosystem feeding TV, OTT, adver-
industries by $500 billion per year and lowering the use of pesticides and highly is no argument with the business knew what was working and what tising, music and several other businesses.
hazardous chemicals by half. Besides, it stipulates a 50 per cent reduction in logic of mergers. was not. Now it has become a war More importantly, Indian cinema is the best
My beef (the first one) is that con- zone. Broadcasters are at loggerheads marker of its soft power. Many countries would give
global food wastage and a significant cut in overconsumption and waste gener-
solidation makes access to informa- with the rating agencies, ditto for an arm and leg to have it. If reports are to be believed,
ation. Moreover, it calls for big businesses and private investors to regularly dis- tion and managers a pain. Of the top publishers. there were worried meetings in China when 3 Idiots
close their actions that impact and protect nature. five broadcasters, Zee is the only one Digital is the worst offender with and Dangal did well there. Yet, there is very little
All these, undoubtedly, are need-based and — more so — pivotal tasks that currently available to talk — easily. no robust third-party metrics. You celebration and acknowledgment of this power or
are easier said than done. Their true importance can be gauged when viewed Star went behind a veil the could point to Comscore, Nielsen, its contribution to the economy. If the UK can think
against the backdrop of the current dismal state of the planet’s biodiversity as moment Disney acquired it. If you App Annie, SimilarWeb and others. of building a statue to Raj and Simran, characters
outlined in the Living Planet Report 2022 of the Worldwide Fund for Nature. do not want to reproduce press But many major video apps and sites from the 1995 classic Dilwale Dulhania Le Jaayenge,
According to this report, nearly 34,000 plant and 5,200 animal species, including releases or sound bytes, then there do not allow third-party measure- why can’t we? These movies generate income, taxes
one-eighth of the bird species, face the threat of extinction. Worse still, the overall is nothing you can write about MEDIASCOPE ment because that means giving and employment. Currently about 2.5 million people
Disney Star. The joke among jour- server access. As a result, online, work across TV, OTT and film.
wildlife population has plummeted by a whopping 69 per cent since 1970. Habitat nalists is that before they can make VANITA KOHLI-KHANDEKAR supposedly the most transparent What is intriguing is that the people who spout
destruction, over-exploitation, harmful anthropogenic activity, air and water coffee or switch on their terminals, medium, is a dark data hole. Try get- vitriol about Hindi cinema have nothing to say about
pollution, and climate change are deemed to be the main reasons for this. managers at Disney India need to check with ting a list of the top ten streaming brands that every- Tamil, Telugu, Malayalam, Punjabi, Bengali, Marathi
India can, however, draw solace from the fact that its suggestion to make all Burbank, California, where the $83-billion Disney one agrees on and has no caveats; it is impossible. or Kannada movies. Is it because they don’t get the
goals and targets globally applicable has been accepted. The countries have been is headquartered. Sony talks sporadically and with For every thousand people online, advertisers pay language? Or because all non-Hindi movies are clas-
granted freedom to adopt them according to their circumstances, priorities and great difficulty, ditto for Viacom18. Kalanithi Maran, just a third (or less) of what they pay for print or TV. sics? Among the almost 2,000 films India makes in
capabilities. Also notable is that India, with the support of many developing founder and chairman of Sun Network, was rela- Without decent third-party metrics, there is no way a normal year, there will be good, bad, average
countries, besides a relatively rich Japan, has managed to keep references to the tively easy to meet if you were in Chennai from 2000 digital can match or surpass the CPM (cost per thou- ‘Indian’ films across languages and regions. Then
to 2004. Later, some senior managers would give sand) that traditional media gets. why this selective bashing of Hindi cinema?
agricultural and fisheries subsidies out of the text adopted at this summit. More
interviews if I was in the city. But for more than a That brings us to my last beef — the constant Note that to an outsider RRR is as Indian as
importantly, as desired by New Delhi, sharing of monetary and non-monetary decade now, the firm has shut itself up completely. bashing of Hindi cinema. It is a classic case of cutting Brahmastra. What they see is a country that is den-
benefits accruing from the utilisation of genetic resources with indigenous people That brings us back to Zee. Since it is being merged your nose to spite your face. To repeat what this col- igrating its own cinema, one that has stood the test
(read forest dwellers), and protection of traditional knowledge associated with with a taciturn Sony, I worry. If it goes behind the veil, umn has said often, India is one of the few countries of time for 109 years. In the coming year, could we
genetic resources, have become part of the GBF. However, regardless of the there goes my ability to cover the largest part of India’s that has withstood the might of Hollywood to create then stand up for India’s prowess in cinema just like
merits and demerits of the new biodiversity accord, political will is essential to media and entertainment business, broadcasting. its own unique cinema. Just 34 foreign films can be we do for it in information technology, science or
make any tangible progress on this front. Otherwise the earth’s natural balance Add to this the Broadcast Audience Research screened in China in a year. Most European coun- management?
would get perilously skewed, portending a grave ecological crisis. Council’s decision earlier this year to not share data tries restrict the amount of Hollywood fare. India Happy 2023.
with the media. Without ratings and data on audience (thankfully) has no such restrictions. Yet, 90 per
and channel share, how is one supposed to figure cent of its theatrical revenues comes from Indian Twitter: @vanitakohlik

Line of duty boyhood he had the good fortune to

pick the brains of then vice president
Sarvepalli Radhakrishnan on “World
Government — Its Pros and Cons”, a
— their due. The quality that
distinguishes him from his peers then
and officers now is that he didn’t do any
of it sentimentally, for the emotional
the Muslims of Radhanpur. All Muslims
of Gujarat, in fact, all Muslims of India,
are dangerous” yet passionately turn up
for work every day fully determined to
riot-ridden areas as Mr Raza was deputed
to Ayodhya the move was considered a
“minority appeasing” decision.
Not that Mr Raza was worried about
Mr Raza is an author, consultant, and topic of his intermediate English debate fulfilment or heroism that savarnas crave help famine-impacted, flood-zoned, and the consequences linked to his identity.
poetry aficionado who continues to competition, and Nobel Prize-winner by “helping” others. That is not to say poverty-stricken talukas and villages. He not only challenged several people
write and work even in his eighties. C V Raman. that he eschewed But Mr Raza did, and who had connections with the chief
He joined the IAS in 1960. India had Full of life, humour, and sheer humanitarianism Of Giants and he did it so minister, the chief ministers
been an independent country for more storytelling, the incidents he describes in in his personal life. Windmills: An spectacularly well themselves, but once acted on behalf of
than a decade and under the leadership the book offer readers a picture of India’s Like his peers, he Autobiography that he eventually a chief minister in the middle of the
BOOK REVIEW of its first prime minister, policies were contradictions, unchanging and once invited his Author: Moosa received due night, about which the man concerned
being taken every day to adjust to the transformed in equal measure. colleagues to a Raza recognition, albeit learnt only from the morning papers.
SAURABH SHARMA needs of its growing population. For Forthright with his decisions — which he dinner party at his belatedly. For his Mr Raza notes that demolishing
those policies to be effectively tried to ensure were made and executed residence. One Publisher: Niyogi exceptional services, Babri Masjid was “an emotional symbol

M
ore often than not, those who implemented, India needed architects within the bounds of the law — and Valadre, from a Books the Government of of the Hindutva ideology” — it was a
have had anything interesting such Mr Raza, who may have made a crystal clear about his approach towards traditional artisan India awarded him declaration of the beginning of
and relevant to say in their “reluctant” entry into this world by his problem-solving, Mr Raza reflected the caste, told him that
Pages: 304 the Padma Bhushan “establishing the Hindu Rashtra”. As
memoirs have been the ones who defied, own admission, but never proved to be a core socialist and democratic principles no would turn up Price: ~650 in 2010. much as many of us may feel
dared, and delivered despite all odds. Of reluctant officer. His hugely entertaining of early independent India. because he had His Muslim disappointed to say it, the increasing
Giants and Windmills is one such book autobiography demonstrates just that. Of Take caste- and religion-based been invited. Mr identity meant his possibility of just such a country is a
by former Indian Administrative Service Giants and Windmills tells it like it is, discrimination, for example. Because of Raza paid no heed to this warning. patriotism was often questioned. Now reality India is facing — and the saddest
(IAS) officer Moosa Raza. offers definitive management lessons his surname, which “gave away” his Unsurprisingly, none of the “upper- suspicions about Muslims are part is that it doesn’t have enough
Born in British-ruled India, in without even trying to do so, all with religion, he braved the suspicions of caste” people turned up. increasingly coagulating into outright Moosa Razas.
Tindivanam, a town in Viluppuram in strategically placed couplets thrown in. almost everyone with whom he worked, It must be incredibly hard to witness hatred as exemplified by the demotion of
Tamil Nadu, and raised in his maternal Mr Raza’s experiences are as but he made it a point to get the Dalits — this sort of attitude or listen to comments the Babri Masjid. When an officer as The reviewer is a Delhi-based writer. On
grandparents’ native village Minambur, colourful and diverse as India. In his who continue to be brutally marginalised such as “You don’t know, sir, it is not only celebrated and talented in managing Instagram/Twitter: @writerly_life
 QUICK TAKE: CAPACITY BOOST FOR JINDAL STAINLESS “Investors are excited to buy on improving

The Smart fundamentals at a cheaper price,

Investor
(Share price in ~)
209.90 The stock of Jindal Stainless is up 17 per cent over the past following the past week’s selloff
240
month. ICICI Securities says that the firm is on the cusp of on Fed concerns. However, inflation,
profitability/volume improvement on the back of new the job market and earnings are
MUMBAI | 200 on most investors’ mind at this point”
capacity and removal of export duty. It has increased
FRIDAY, 23 DECEMBER 2022 the valuation multiple by 10 per cent, to 5.5 times, given
173.40 160 MIKE BAILEY
Nov 30,’22 Dec 22,’22 that regulatory overhang has been removed Director of Research, FBB Capital Partners
<

Oil rallies on dollar

AMCs fear transaction fee will cut margins dip, stockpiles
Online mutual fund platforms set to get the go-ahead to charge transaction fee Oil prices climbed to $82.40
ABHISHEK KUMAR during intraday trade, fortified BRENT CRUDE SPOT ($/bbl)
Mumbai, 22 December WHAT NUMBERS SAY by a weaker dollar and
decreasing stockpiles in the 90
86.56

W
ith the capital markets regulator set to n No. of direct SIP accounts (mn) n Share of total SIPs (%) US, while China is pressing on
86
allow online mutual fund (MF) plat- with its easing of Covid-19 82.40
forms to charge a transaction fee, asset 38 34 restrictions. West Texas 82
management companies (AMCs) are worried
32 37 Intermediate moved toward
that the onus of paying the charge will ultimately 28 $80 a barrel, extending a more 78
fall upon them. than 5 per cent rally in the
On Tuesday, the Securities and Exchange week’s first three sessions.
74
Nov 30,'22 Dec 22,’22
Board of India (Sebi) gave its nod to the execu- The Energy Information
tion-only platform (EOP) framework, specially 14 Administration reported a 5.9-
designed for investment platforms that sell million-barrel draw in US com- are monitoring China’s reo-
direct plans of MFs. 10 mercial stockpiles last week, pening from Covid-19 closely.
Until now, these platforms were either work- with nationwide holdings at The nation is seeing 1 million
ing through an investment advisory (IA) or stock- the lowest level for this time of infections and 5,000 deaths a
broking licence. year since 2014. The US cur- day as curbs are eased, but
While the intricacies of the regulations are 19.4 9.0 5.3 2.2 1.4 0.8 0.6 rency weakened on Thursday, quarantine rules for overseas
yet to come out, the regulator has said that such making commodities more travelers are being softened —
platforms will be allowed to charge fees on trans- Total < 1 year 1-2 yrs 2-3 yrs 3-4 yrs 4-5 yrs > 5 years attractive for overseas buyers. a potential boost for
actions. This fee will either be paid by AMCs or SIP age Alongside those forces, traders air travel. BLOOMBERG
investors and the investment platforms will get Data as on November 30 Source: Amfi
to decide who they want to charge, going by the
FINE PRINT
consultation paper on the subject.
“If these online platforms decide to become
AMC agents, our margins will get impacted,”
n AMC firms hope
investment platforms
n The EOP framework
will ease the
n 37% of SIP accounts
that are less than
Minor gains for
said a senior AMC executive.
“We don’t know how much these charges will
be. There will be negotiations if Sebi leaves it to
will choose to
become agents
compliance burden
on platforms
three years old are
direct plans gold; silver declines
us and these platforms. Whatever be the charges, Gold price rose ~59 to ~~55,241
the burden is likely to fall on us,” said a chief ILLUSTRATION: BINAY SINHA
per 10 grams in New Delhi on
GOLD ( $/OZ)
executive officer (CEO) of another fund house. Keeping in mind the consultation paper, if it makes it cleaner for financial technology plat- a key role in the growth of the MF industry in Thursday amid gains in pre- 1,840
CEOs feel that further expenses will be a they empanel with Amfi, they can charge AMCs. forms to plan for and provide direct plan execu- recent years. cious metal in overseas mar- 1,768.5 1,817.7
further squeeze on their slim margins. Sebi has And if they register as a stockbroker, they can tion services,” said Gaurav Rastogi, CEO, Kuvera. Going by Amfi’s November data, 37 per cent kets, according to HDFC 1,820
set the upper limit to how much expenses they bill investors. However, other major MF investment plat- of systematic investment plan (SIP) accounts Securities.
1,800
can charge. “Fee structure for EOPs as an agent of AMC forms like Groww, Paytm Money, and Coin by that are less than three years old are direct plans. Silver, however, slipped
AMCs hope these platforms will choose to to be transaction based. A suitable cap can be Zerodha may not see any change in compliance Overall, their share in total SIP accounts is 32 ~194 to ~ 69,413 per kilogram. 17,80
become agents of investors and charge them the prescribed on such fees while acting as agent of since their MF platforms are an extension of their per cent and has been rising steadily. “Spot gold prices in the
transaction fee. investors,” the regulator had proposed in the stockbroking business. Online MF investment platforms like Groww, Delhi markets traded at ~ 1,760
“They should ideally go with investors. Or consultation paper. “The regulation is for businesses that are Coin by Zerodha, Paytm Money, Kuvera, and ET 55,241/10 grams, up ~59/10 Nov 30,'22 Dec 22,’22
else, we may end up having to negotiate with Apart from the opportunity to monetise their standalone MF transaction execution platforms. Money are the most popular platforms for direct grams. Gold prices in the last
each of them and whichever player enters the platforms, the EOP framework will ease the We have a stockbroking business and do not plan MF investment. few sessions consolidated in a in the green at $1,816.7 per
business,” said the CEO of a large AMC. compliance burden on these platforms. Since to charge for transactions any time soon. The EOP framework will be applicable to plat- narrow range as investors ounce while silver was mar-
In line with the EOP framework, these plat- they now work through IA or a stockbroking Nothing changes for us,” said Bhuvanesh R, forms that provide both financial and non-finan- awaited US GDP data for ginally down at $23.84 er
forms will have two options. licence, they have to abide by the compliance assistant vice-president (business), Zerodha. cial services to MF investors. further direction,” said Dilip ounce. Fear of global slow-
They can either register with the Association requirement of these complex businesses, even All direct MF investment platforms have Financial services will include the purchase Parmar, research analyst at down amidst rate hikes and
of Mutual Funds in India (Amfi) and become an though their business is much simpler. been free for users until now. Their zero-fee and redemption of MF units, while non-financial HDFC Securities. geo-political concerns sup-
agent of an AMC or register as stockbroker and “It separates the IA regulations from the structure, coupled with the ease of investing, transactions will include a change of email ID, In the international market porting the safe haven appeal
become an agent of the investor. execution of direct plan transactions. Essentially, has led to their popularity. They have also played contact number, and other details. on Thursday, gold was trading for both metals. PTI

A rare December N IPO WRAP N Indices slip for third day, Sensex
Elin Electronics bought
negative for S&P500 3x on final day finishes below 61,000 mark
As bellwether stocks, Nike and Fedex promise The Initial Public Offer (IPO) of electronics Surrender early gains; banks, automotive stocks among biggest losers
manufacturing services company Elin
healthy estimates; Micron dampens holiday spirit Electronics was subscribed 3.09 times on PRESS TRUST OF INDIA
the last day of subscription on Thursday. Mumbai, 22 December SCORECARD
SUJATA RAO AND BRETT MILLER The initial share-sale received bids for (as on Dec 22)
December 22 GERMAN BOND YIELDS (%) 4,39,67,400 shares against 1,42,09,386 Equity benchmarks surren-
shares on offer, as per data available with dered early gains to finish in the GAINERS Price (~) Change 1D (%)
3.70 6
US equity futures faltered, struggling to the NSE. The category meant for Qualified red for the third session on the UltraTech Cement 7,012.4 0.9
hold the momentum that propelled the 2.30 4 Institutional Buyers was subscribed 4.51 trot on Thursday as hawkish SBI Life Insurance 1,244.8 0.8
S&P 500 to its best daily gain in three times, non-institutional investors received comments from Reserve Bank
weeks, as investors assessed whether the 2 3.29 times subscription and Retail of India (RBI) and the Covid-19 Infosys 1,522.1 0.8
world’s biggest economy can skirt worst- Individual Investors 2.20 times. The IPO had surge in China kept buying sen- Grasim Industries 1,744.9 0.7
0
case recession scenarios. a fresh issue of up to ~175 crore and an offer timent in check despite largely
Futures contracts on the S&P 500 -2 for sale of up to ~300 crore, aggregating up positive global market trends. NSE NIFTY 50 (intraday) Kotak Mahindra Bank 1,826.1 0.6
and the Nasdaq 100 index flat-lined after Dec 31,’04 Dec 22,’22 to ~475 crore. Price range for the offer was After a gap-up opening, the 18,199.1 18,300 LOSERS
Wednesday’s 1.5 per cent boost for the at ~234-247 a share. The IPO of Elin 30-share BSE Sensex buckled
18,127.4 UPL 729.4 -3.4
underlying indices on data showing US Electronics was subscribed 95 per cent on under selling pressure as the 18,200
consumer confidence at an eight-month European semiconductor shares the second day of subscription. PTI session progressed and finally Mahindra & Mahindra 1,234.0 -2.5
high and a further decline in inflation fell, erasing earlier gains on closed 241.02 points or 0.39 per
expectations. the Stoxx 600 gauge. Also, cent lower at 60,826.22. During
18,100 Bajaj Finserv 1,544.3 -2.4
Change Eicher Motors 3,206.1 -2.1
The figures came a day after sports-
wear maker Nike and delivery firm
yields on treasuries and euro
zone bonds slipped
Sula Vineyards drops the day, it tumbled 430 points
or 0.70 per cent to 60,637.24.
-0.4%
18,000 Tata Motors 394.5 -2.0
Fedex, often seen as a bellwether for the
economy, posted forecast-topping esti- landing,” Stockholm-based analysts at
5% on market debut On similar lines, the broader
NSE Nifty dropped 71.75 points
Dec 21,’22 Dec 22,’22 Source: Bloomberg, exchanges Compiled by BS Research Bureau

mates, showing consumers are still mak- the firm told clients. On the other hand, Sula Vineyards fell more than 5 per cent or 0.39 per cent to settle at domestic indices. The losses month, as per minutes of the COVID cased in China, Japan,
ing discretionary purchases. However, war, inflation, and monetary policy on its trading debut in a dull market on 18,127.35. were extended in domestic MPC meeting released post Korea and Brazil,” said Mohit
the mood was dampened by memory tightening are pressuring companies’ Thursday, valuing the winemaker at Mahindra & Mahindra was equities owing to the hawkish market hours on Wednesday. Nigam, fund manager & head -
chipmaker Micron, whose gloomy out- large order books and profitability, they 344.56 million, after a weaker-than- the top loser on the Sensex comments from the RBI’s MPC On the coronavirus front, PMS, Hem Securities.
look knocked its shares in US premarket added. expected response to its initial public chart, declining 2.61 per cent, minutes, which suggested that Prime Minister Narendra Modi In the broader market, the
trading and weighed on other chip Meanwhile, bond traders continued offering last week. The stock listed at 361 followed by Bajaj Finserv, a premature pause in rate held a high-level meeting on BSE smallcap gauge fell 1.83 per
firms. testing the Bank of Japan’s new 0.5 per rupees on the National Stock Exchange, IndusInd Bank, Tata Motors, tightening would be a ‘costly Thursday to review the Covid- cent and the midcap index
European semiconductor shares also cent yield limit, and the central bank at a 1.1 per cent premium to its offer price L&T, Tata Steel and Axis Bank. policy error at this juncture’,” 19 situation in the country in declined 0.77 per cent.
fell, erasing earlier gains on the Stoxx conducted an additional debt-purchase of ~357 before falling as much as 5.2 per UltraTech Cement, Infosys, said Vinod Nair, Head of the backdrop of a surge in cases Among sectoral indices,
600 gauge, though it remains set to operation, pushing yields down to about cent to ~338.60. It was last trading down Asian Paints, Kotak Mahindra Research at Geojit Financial in China and some other industrials tanked 1.78 per cent,
break a two-week losing spell. The S&P 0.385 per cent. However, 10-year bor- 4.2 per cent at ~341.8 in a broader market Bank, Sun Pharma and Bharti Services. nations. utilities fell 1.60 per cent, capital
500’s large decline this month contrasts rowing costs are on course for their big- that was down 0.58 per cent. The listing Airtel were the winners, climb- A premature pause in rate “Indian benchmark indices goods declined 1.57 per cent,
with an average 1.5 per cent December gest weekly jump since 2015. comes as a hawkish central bank stance, ing up to 0.84 per cent. hikes at this juncture could be made a positive start today power (1.49 per cent), realty
gain since 1950, providing sidelined Yields on treasuries and euro zone global growth worries and Covid-19 fears The market breadth was a costly policy error as the battle amid strong global market cues. (1.33 per cent), consumer dis-
global investors with plenty of “dry pow- bonds slipped but concerns remain that in China take the sheen off the domestic negative, with 24 of the 30 against inflation is not over, RBI Indices gained momentum fol- cretionary (1.10 per cent), auto
der” to put to work, according to SEB. Japanese investors could now be per- equities market, which had Sensex stocks posting losses. Governor Shaktikanta Das lowing overnight gains on Wall (1.05 per cent) and commodities
“The resilience of the US economy suaded to bring home some of the tril- outperformed global peers to hit a record “Positive sentiments from opined while voting for a 35 Street. But the euphoria soon (0.90 per cent).
thus continues to impress, and the prob- lions of dollars they have stashed in for- high earlier this month. The Nifty50 is the global markets failed to basis points raise in the key faded away and investors Only the teck index man-
ability is turned up a mini step for a soft eign stocks and bonds. BLOOMBERG now down over 3 per cent from peaks. PTI bolster optimism in the lending rate earlier in the remained cautious amid rising aged to end in the green.

THE COMPASS

Lupin set to gain market share in US flu season; shares up 6% in 2 sessions

Stock has underperformed peers over past year spasm) and antibiotics azithromycin
and amoxicillin. With presence in
given price erosion pressures and a
decline in margins. While the Lupin
RAM PRASAD SAHU per cent in oral suspension. Tamiflu, albuterol and azithromycin, stock is down 15 per cent year to date,
In addition to Lupin, there are mul- Lupin is likely to benefit the most from the BSE Healthcare index is down 5 per
The stock of Lupin is up over 6 per cent tiple players, including Ajanta Pharma, potentially higher demand.” The bro- cent; the Sensex is up 7 per cent over
in the last couple of trading sessions on Zydus Lifesciences, Alembic Pharma, kerage expects the increased demand this period.
expectations that the demand surge in Strides Pharma Sciences and Natco for flu products to result in a $20 mil- While Nomura Research is positive on
anti-viral drugs in the US market and Pharma which will benefit from the lion rise in Lupin’s US sales for Q3FY23. the stock, Prabhudas Lilladher Research,
market share gains could reflect in demand uptick. Increased market share in some in a report last month, indicated that
robust sales growth in the near term. Nomura Research believes that drugs is expected to add incremental Lupin’s recovery in US sales will be grad-
Mitesh Shah and Bhavya Sanghavi Lupin is likely to be a key beneficiary revenues in the current quarter. The ual and may hinge on timely
of Nirmal Bang Research highlight that of potentially higher demand. Say Saion company, according to Systematix niche launches.
the onset of a strong flu season in the Mukherjee and Aneesh Deora of Institutional Equities, captured 36.9 per Margins, according to Param Desai of
US has led to a uptick in volumes — in Nomura Research, “The US anti-virals cent market share in generic version of the brokerage, will only improve from
both the capsule as we as oral suspen- product market, where most Indian Suprep (laxative) and also posted Q4FY23, with likely savings and niche
sions of oseltamivir (generic version of companies participate, could see a decent growth in albuterol sulphate. launches, which may see a delay.
Tamiflu) — used in treating influenza. potential sequential rise of $200-$250 Additionally, the company acquired At the current price of ~768, the stock
While capsules, which account for million in sales in the December brands, Brovana and Xopenex HFA, is trading at 23 times its FY24 earnings
70 per cent of sales saw a growth of 1.9 quarter (Q3 of 2022-23 financial year or used in treating chronic obstructive estimates and most brokerages have a
times, oral suspensions were up 16 Q3FY23). The relatively high value pulmonary disease, which should pro- brokerage. should reflect in the stock prices which ‘hold’/’reduce’ rating. Investors should
times on a sequential basis. Lupin has drugs include the generic version of vide incremental revenue to the com- The December quarter is expected have sharply underperformed its peers await improvement in sales/margin tra-
an 11.5 per cent share in capsule and 13 Tamiflu, albuterol (treating broncho- pany’s US business in Q3FY23, says the to be a strong one for the company and and benchmarks over the past year, jectory before considering the stock.
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 THE SMART INVESTOR 13

Fertiliser stocks may reap the File revised ITR to correct

harvest of high urea subsidy errors in original by Dec 31
Refund won’t be processed unless you correct the mistakes
LOVISHA DARAD
New Delhi, 22 December Sebi fines 2 for BINDISHA SARANG

insider trading AND THERE’S ALSO OPTION TO FILE UPDATED RETURN

T
he recent fall in global fer- After filing your income-tax return
tiliser and natural gas prices (ITR), you may discover that you n The Finance Act, 2022 this facility; updated ITR for FY22
is likely to bring respite to in Deepak have committed a few mistakes. introduced a new return filing can be filed by March 31, 2025
fertiliser companies after the
Russia-Ukraine stand-off triggered
Fertilizers shares The Income-Tax (I-T) Act, 1961,
allows you to revise the return you
facility called updated return
n This, too, allows taxpayers to
n A penalty must be paid: 25 per
cent if filed within 12 months
a jump. However, analysts caution The Securities and Exchange have filed. The deadline for filing a correct errors and omissions in a and 50 per cent if filed within
that the Russian export duty on fer- Board of India (Sebi), on revised return for Assessment Year previous ITR 24 months from end of relevant
tiliser exports may have a trickle- Thursday, imposed penalties 2022–2023 (FY22) is December 31,
n They may also file a new ITR if assessment year
down impact on the Indian totalling ~45 lakh on two 2022.
industry. individuals for indulging in According to Himesh Thakur, they did not do so previously n Provision can’t be utilised if the
“To cushion farmers against insider trading in the shares of senior associate, PSL Advocates & n A taxpayer can revise his ITR for updated return results in a loss,
skyrocketing fertiliser prices, the Deepak Fertilizers and Solicitors, “the purpose behind up to two years from the end of or has the effect of decreasing the
government is likely to increase
subsidies on urea in the upcoming
MIXED BAG Petrochemicals. The regulator
slapped a fine of ~25 lakh on
filing a revised return is to allow the
taxpayer to rectify the errors
relevant assessment year using tax liability

Budget, which will boost fertiliser Change (%) Naresh Ramniklal Mehta and that may have been committed
*CMP (~)
stocks. Stocks like Chambal 1-day YTD ~20 lakh on his wife Pallavi previously”. ITR was filed before the due date of important rectification done in the
Fertilisers and Gujarat State Rashtriya Chemicals & Fertilizers 114.9 -7.3 50.7 Naresh Mehta, and also filing the tax return. A person who revised return, the tax department
Fertilizers & Chemicals (GSFC) directed them to pay the fine Disclose higher or lower income filed his return after the deadline is might pick up the change and the
United Phosphorus 729.4 -3.4 -2.4
look attractive for the long haul,” within 45 days, according to an In a revised return, the taxpayer can not eligible to revise it.” tax filed in the earlier return may
said Ambareesh Baliga, an inde- Gujarat State Fertilizers & Chemicals 130.4 -3.2 7.3 order. Sebi noted that Naresh disclose any additional income Maneet Pal Singh, Partner, I.P. be taken up for scrutiny.”
pendent market analyst. Chambal Fertilisers & Chemicals 295.1 -2.4 -25.2 is a director of Nishant Infin, missed in the original return. He Pasricha & Co adds, “If the assessing At the same time, if there are
According to reports, the cur- which provided business may also claim additional deduc- officer has completed the assess- mistakes in your original tax return
rent subsidy for urea is ~266 per
Coromandel International 892.0 -2.2 18.1 services to Deepak Fertilizers tion on a tax-saving ment of your ITR under and you don’t file a revised return,
kilogram (kg). This might increase Rallis India 235.4 -1.9 -14.1 and its subsidiaries. Also, investment, claim the Section 143-(3) of the I-T the I-T Department could issue you
to ~288 per kg. This, in turn, will Sumitomo Chemical 469.4 -1.4 21.7 Naresh is a cousin of Sailesh benefit of donations not Act, 1961, a revised return a notice. Chopra says, “If there are
increase the subsidy bill to ~2.3-2.5 Mehta, who is the managing included previously, or can’t be filed.” mistakes in your original return,
trillion this financial year (2022-23, Gujarat Narmada Valley Fertilizers 552.3 -0.1 25.3 director of Deepak Fertilizers. claim additional tax any refund you are eligible for, will
or FY23). Sanjeev Hota, vice-pres- PI Industries 3,520.7 0.0 16.0 Therefore, Naresh is credit. Mistakes in filling By when can you not be allowed until a revised return
ident, head of research, Sharekhan, reasonably expected to have personal details can also revise? is filed.”
Bayer CropScience 4,758.1 0.0 -3.6
said the likely rise in maximum *CMP: Current market price; Source: Bloomberg/exchanges Compiled by BS Research Bureau
access to information be corrected. A revised return can’t be
retail price of phosphatic and pertaining to Deepak Either higher or lower filed after the above-men- No cap on revisions
potassic (P&K) fertilisers will bring Fertilizers, it said. PTI income can be reported. YOUR tioned deadline. An There is no limit on the number of
marginal relief to fertiliser firms
amid high global input prices.
However, as economic activity
gained momentum after resump-
food inflation. NPK is the Big 3 pri-
mary nutrients in commerci
Ankit Jain, partner, Ved
Jain & Associates, says,
MONEY option to file an updated
return exists after the
times you can revise your return.
Chopra says, “But avoid misusing
Last month, the government tion of production across al fertilisers. Russia became the biggest supplier “The law doesn’t stop a person from deadline for filing a revised return this facility and take utmost care
approved an additional ~51,875 European and Chinese plants, the to India by offering discounts over filing a revised return to declare has passed. Jain says, “However, while filing the original return.”
crore subsidy for P&K fertilisers for prices of urea and DAP fell up to Russian export tax prevailing global prices. higher or lower taxable income only an upward revision of income Provide the details of your orig-
the rabi season. 50 per cent from their April peaks. Analysts believe that the Russian However, Baliga believes that than the income reported in the is allowed in such a case. There's no inal ITR each time you file a
“We believe the decline in fixed Moreover, the prices of natural gas export duty of 23.4 per cent on fer- Russia’s export tax on fertilisers original return. If higher income is option then to reduce the income.” revised return.
costs and oil prices will drive the — a key ingredient to make tilisers may increase the cost for will have limited impact on India declared, the taxpayer will have to If the taxpayer was unable to file No penalty is levied on filing a
fertiliser sector to profitability and nitrogen-based fertilisers — fell India by $70 per tonne. as the domestic market will stock pay the additional tax on such the revised return on time due to a revised return. So, if you have made
suggest Coromandel International, 100 per cent from their “While a majority of Russian up on imported fertilisers until the income, along with interest. No genuine hardship, he can file an a mistake, don’t be afraid to correct
Sumitomo Chemical, PI Industries, June highs. fertilisers are to Europe, a trickle- next kharif season. At the bourses, penalty is levied.” application requesting that the it by filing a revised return.
and UPL for long-term investment That said, the high usage of down impact is expected on the shares of Coromandel delay be condoned.
bets,” said Hota. After the outbreak subsidised fertilisers is raising crop Indian market as well. The cost of International, Deepak Fertilisers Who can file Things to keep in mind
of the Russia-Ukraine war, the yield fears, warn analysts. imports is likely to increase by up and Petrochemicals Corporation, Any assessee required to file a tax Errors have consequences A revised ITR replaces the original
prices of key fertiliser components Experts believe that the farmers to $70 per tonne as the Indian gov- GSFC, Madras Fertilizers, National return is entitled to file a revised Filing a revised return doesn’t have one. Once a revised return is filed,
like urea and diammonium phos- are using excessive urea and DAP ernment has already closed the Fertilizers, Rashtriya Chemicals & return under Section 139(5) of the any consequences if you make that will be considered your
phate (DAP) saw sharp increase for crop production due to subsi- subsidy for FY23,” said analysts at Fertilizers, and Zuari Agro I-T Act. minor changes, such as changing final return.
due to Western sanctions imposed dised prices. Therefore, the Prabhudas Lilladher. According to Chemicals have soared up to 196 A revised return can’t, however, your bank account information, A revised return must also be
on Russia. With this steep rise in nutrient imbalance from the ideal reports, India’s fertiliser imports per cent so far this calendar 2022. be filed under certain circum- personal details, and the like. verified. Singh says, “Remember
fertiliser prices, global fertiliser nitrogen, phosphorus, and potas- from Russia surged 371 per cent to By comparison, the benchmark stances. Sumit Mangal, partner, Aditya Chopra, managing partner, that from August 1, 2022, the I-T
manufacturing plants were forced sium (NPK) use ratio of 4:2:1 could a record 2.15 million tonnes in the indices — the S&P BSE Sensex and Luthra and Luthra Law Offices Victoriam Legalis -- Advocates & Department has reduced the time
to gradually slow down production destroy soil health, affect crop first six months of the year, starting the Nifty50 — have surged 4 per India, says, “A taxpayer can revise Solicitors, says, “However, in case limit to verify the ITR from 120 days
or turn off the tap completely. yields, and trigger April 1. For the maiden time, cent each during the same period. his tax return provided the original of undeclared income or other to 30 days.”

BEFORE THE NATIONAL COMPANY LAW TRIBUNAL,

FORM NO. INC 26 MUMBAI BENCH, MUMBAI

— TENDER CARE —
(Pursuant to Rule 30 of the Companies
COMPANY SCHEME PETITION NO. 243 OF 2022
(Incorporation) Rules, 2014)
Advertisement for change of registered — Advertorial CONNECTED WITH
office of the company from the State of COMPANY SCHEME APPLICATION NO. 200 OF 2022
Tamil Nadu to the State of Gujarat TATA POWER-DDL WINS PLATINUM AWARD HPCL FORAYS INTO PETROCHEMICALS In the matter of Sections 230 to 232 read with other applicable provisions of the Companies Act, 2013
BEFORE THE REGIONAL DIRECTOR, FOR IMPLEMENTING BEST PRACTICES IN MARKETING WITH LAUNCH OF AND
FLAGSHIP BRAND - “HP DURAPOL”
Southern Region THE FIELD OF OCCUPATIONAL HEALTH, In the matter of Composite Scheme of Amalgamation
In the matter of the Companies Act, SAFETY AND SECURITY Hindustan Petroleum AMONG
2013, Section 13(4) of Companies Act, Corporation Ltd. (HPCL),
HDFC Investments Limited (“Transferor Company No. 1”)
2013 and Rule 30(5)(a) of the Companies Tata Power Delhi Distribution (Tata A Maharatna Oil Com-
AND
(Incorporation) Rules, 2014 Power-DDL), a leading utility serv- pany, forayed into Petro-
HDFC Holdings Limited (“Transferor Company No. 2”)
AND ice provider was honoured with the chemical Business
AND
In the matter of HARI INVESTMENTS prestigious Platinum Award for through Polymer Mar-
PRIVATE LIMITED, implementing the best practices in keting with the launch of Polymer Brand, “HP Durapol”. Housing Development Finance Corporation Limited (“Transferee Company”/ “Amalgamating Company”)
having its Registered Office at the field of Occupational Health, Secretary-P&NG, MoP&NG, Shri Pankaj Jain along with Chair- AND
Pollachi Road, Malumichampatti, Safety, and Security. The award was given at the 13th EXCEED man & Managing Director of HPCL, Shri Push Kumar Joshi, in the HDFC Bank Limited (“Amalgamated Company”)
Coimbatore, Tamil Nadu 641021 Occupational Health, Safety, and Security Awards, organized by august presence of Senior Officials from Ministry of Petroleum & AND
…Petitioner Company the Sustainable Development Foundation. This event brought Natural Gas and HPCL launched HPCL’s first Polymer Brand. their respective shareholders and creditors
NOTICE is hereby given to the General together professionals from various industries to converse on They inaugurated the Brand, Logo, Product Brochure and Pack- 1. HDFC INVESTMENTS LIMITED, a company incorporated
Public that the Company proposes to make important aspects of safety, security, risk management, and age for Polymer products. under the provisions of the Companies Act, 1956 and
Petition to the Central Government under cyber safety to create a safety industry climate During his address while inaugurating HP Durapol, Secretary - having its registered office at Ramon House, H. T. Parekh
Section 13(4) of the Companies Act, 2013 The award was presented to Tata Power Delhi Distribution Limit- P&NG, MoP&NG, Shri Pankaj Jain appreciated HPCL’s effort to Marg, 169, Backbay Reclamation, Churchgate, Mumbai -
seeking confirmation of the alteration ed’s representatives by Sh. Subhash Desai, Hon’ble Minister of look beyond energy and evolve in the fast-changing landscape. 400 020, Maharashtra, India.
of Memorandum of Association of the CIN: U65990MH1994PLC083933 …PETITIONER NO. 1/TRANSFEROR COMPANY NO. 1
Social Welfare, River Navigation, Archives and Archaeology, He mentioned that the new line of business will be a differentiator
Company in terms of the Special Resolution AND
Government of Goa, during a coveted award ceremony.Tata for HPCL in the future against its competitors and said that this
passed at the Extra-Ordinary General 2. HDFC HOLDINGS LIMITED, a company incorporated
Power-DDL has been consistent in improving its Environmental, step re-enforces and re-emphasizes HPCL as a leading Market- under the provisions of the Companies Act, 1956 and
Meeting held on 10th December, 2022 to
Occupational Health, and Safety Management Systems to enable ing Company. He also mentioned that pre-marketing of Polymers having its registered office at Ramon House, H. T. Parekh
change its Registered Office from the “State
the protection of natural resources and eliminate/reduce before the commissioning of HRRL, will provide a unique oppor- Marg, 169, Backbay Reclamation, Churchgate, Mumbai -
of Tamil Nadu” to the “State of Gujarat”,
within the jurisdiction of the Registrar of occupational health hazards and safety risks. tunity to HPCL to learn the nuances of this new line of business 400 020, Maharashtra, India.
and establish itself as leading Polymer Brand in the market. CIN: U65993MH2000PLC123680 …PETITIONER NO. 2/TRANSFEROR COMPANY NO. 2
Companies, Gujarat at Ahmedabad.
AIPNBOA ORGANIZES AND
Any person whose interest is likely to be JOINT TRIENNIAL CONFERENCE FIFTH SCORPENE CLASS SUBMARINE 3. HOUSING DEVELOPMENT FINANCE CORPORATION
affected by the proposed change of the VAGIR DELIVERED TO INDIAN NAVY LIMITED, a company incorporated under the provisions
The jointTriennial Conference
Registered Office of the Petitioner Company of the Companies Act, 1956 and having its registered
may deliver either on the MCA-21 portal of Bhubaneswar ( 10th Trien- Mazagon Dock Shipbuilders Limited office at Ramon House, H. T. Parekh Marg, 169,
(www.mca.gov.in) by filing investor nial) and Berhampur ( First (“MDL”) continues its saga of ‘self- Backbay Reclamation, Churchgate, Mumbai - 400 020,
complaint form or cause to be delivered or Triennial) Chapter ofAll India reliance’ ‘AatmaNirbhar Bharat’ and Maharashtra, India. …PETITIONER NO. 3/ TRANSFEREE COMPANY/
send by Registered Post his/her objection Punjab National Bank Officers’ ‘Make in India’ Initiative of the Gov- CIN: L70100MH1977PLC019916 AMALGAMATING COMPANY
supported by an Affidavit stating the nature Association was held on 18.12.2022 in Bhubaneswar under the ernment of India, with the delivery of AND
of his/her interest and grounds of opposition joint Chairmanship of R Purushottam, Circle President, Berham- the fifth Scorpene Submarine ‘VAGIR’ 4. HDFC BANK LIMITED, a company incorporated under
to the Regional Director, Southern Region pur Unit & Rabi Narayan Mahali, Circle President, Bhubaneswar. of Project P-75 on 20 December 2022 to the Indian Navy, subse- the provisions of the Companies Act, 1956 and having
at the address 5th Floor, Shastri Bhavan, its registered office at HDFC Bank House, Senapati
Arabinda Satapathy, Chairman of the Reception Committee deliv- quently to be commissioned into Indian Navy as INS Vagir. The
Bapat Marg, Lower Parel (West), Mumbai - 400 013,
26 Haddows Road, Chennai - 600006, Tamil ered the welcome speech and introduced all the Guests to the house. Acceptance Document was signed today by VAdm Narayan Prasad, Maharashtra, India.
Nadu within 14 (fourteen) days from the Before the formal commencement of the meeting, the house AVSM, NM, IN (Retd), Chairman & Managing Director MDL and CIN: L65920MH1994PLC080618 …PETITIONER NO. 4/AMALGAMATED COMPANY
date of publication of this Notice with a copy observed one-minute silence for all the departed members.AUdaya RAdm C Raghuram, VSM, Chief Staff Officer (Tech), Western Naval
to the Petitioner Company at its Registered NOTICE OF HEARING OF THE PETITION
Bhaskar Reddy, Zonal Manager, Punjab National Bank, Odisha Command in the presence of Commanding Officer (desig) Cdr
Office mentioned above. Zone was the Chief Guest. Shri Reddy advised all the members of S Divakar, MDL Directors and Navy personnel at MDL. A Joint Company Scheme Petition under Sections 230-232 of the Companies Act, 2013, for sanctioning the Composite
Scheme of Amalgamation among HDFC Investments Limited and HDFC Holdings Limited and Housing Development
For and on behalf of the association to be a part of Bank’s overall growth. He assured Speaking on the occasion, CMD, MDL, said that with the delivery of Finance Corporation Limited and HDFC Bank Limited (collectively referred as “Petitioner Companies”) and their
HARI INVESTMENTS PRIVATE LIMITED that all the bonafide decisions of the Officers of the Bank in his Zone Vagir, India further cements its position as a submarine building respective shareholders and creditors, was presented by the Petitioner Companies on December 7, 2022. By way of
Sd/- shall be protected. Shri Dilip Saha, General Secretary ofAIPNBOA nation and that MDL has lived up to its reputation as one of India’s order dated December 16, 2022, the Hon’ble National Company Law Tribunal, Mumbai Bench (“Hon’ble Tribunal”)
Mr. Abhishek Dalmia delivered the key note address. Shri P Santosh Patra, Circle leading shipyards with capacity and capability to meet requirements has admitted the Joint Company Scheme Petition and has fixed the hearing of the said Joint Company Scheme
Director Secretary, Berhampur and Shri Bailochan Sahoo, Circle Secretary, and aspirations of the Indian Navy in all dimensions. Petition on January 27, 2023 before the Hon’ble Tribunal at 10:30 a.m. or soon thereafter.
DIN: 00011958 Bhubaneswar presented detailed achievements made by the Any person desirous of supporting or opposing the said Joint Company Scheme Petition should send to the respective
Date : 23.12.2022
association in their respective Circles. They also presented the GRSE LAUNCHES IN HOUSE DESIGNED Petitioner Companies’ advocates at the addresses mentioned hereunder, notice of his/her/ its intention, signed by
Place : Coimbatore him/her/ it or his/her/ its advocate, with his/her name and address, so as to reach the Hon’ble Tribunal and the
audited balance sheet of their Circles in the house for the interven- FIRST OF CLASS ANTI-SUBMARINE
WARFARE SHALLOW WATER CRAFT respective Petitioner Companies’ advocates not later than two days before the date of hearing fixed by the Hon’ble
ing periods since the last Triennial Conference in 2017. Shri Sahoo
Tribunal, i.e., January 27, 2023. Where such person seeks to oppose the Joint Company Scheme Petition, the grounds
requested the Chief Guest and the ZM to make appropriate plan for The Indian Navy's first Anti-Submarine of opposition or a copy of his/her affidavit shall be furnished with such notice.
the land allotted to the bank for its early utilization. WarfareShallowWaterCraft(ASWSWC),
A copy of the Joint Company Scheme Petition will be furnished by the respective Petitioner Companies’ advocates to
being built by Garden Reach Shipbuilders any person requiring the same on payment of the prescribed charges for the same.
CBI, REGIONAL OFFICE, LUDHIANA, andEngineers(GRSE)Ltd,waslaunched
CONDUCTS BLOOD DONATION CAMP Dated: December 22, 2023
by Smt Rasika Chaube, Financial Sd/-
On the occasion of 112th Foundation Day, Central Bank of India Advisor (Defence Services), Ministry of Defence, on December 20, Singhi & Co.,
Regional Office Ludhiana conducted a Blood Donation Camp in 2022. Cmde PR Hari IN (Retd), Chairman and Managing Director, Advocates for the Petitioner Nos. 1 to 3
association with Dayanand Medical College Ludhiana. The blood GRSE, Cmde Ashok Khetan, Head (L&T Shipbuilding), RAdm
Sd/-
donation camp has been inaugurated by Additional Deputy Commis- Sandeep Mehta, ACWP&A, Indian Navy, Shri RK Dash, Director Wadia Ghandy & Co.,
sioner Ludhiana (ADC) Smt. Anita Darshi. On the occasion of 112th (Finance), GRSE, other Senior officials of Indian Armed Forces, Advocates for the Petitioner No. 4
foundation day total 112 units of Blood has been donated under the GRSE and L&T also witnessed the ceremony. Cmde PR Hari CMD
said campaign organized by Central Bank of India Regional Office GRSE, in his address said “today is a very unique occasion where Addresses:
Singhi & Co., Advocates & Notary
Ludhiana. Certificates were also distributed to the donors by the Bank the Chief Guest Smt Rasika Chaube is also the lady who shall do the
Singhi House, 1, Magnet Corporate Park,
as well as DMC Hospital . honours of naming the ship and launching the ship”. Near Sola Bridge, S.G. Highway, Ahmedabad - 380 059
Wadia Ghandy & Co.,
2nd Floor, N.M. Wadia Bldg., 123, M.G. Road, Fort, Mumbai - 400 001
14 STOCKS
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 1

> OFSTOCK
IN THE > JBM Auto > CE Info Systems > FSN E-Commerce Ventures

NEWS Top gainers

among A group
Hits new low
since listing at
Decline for
last 9 sessions THE DAY
companies ~1,080 on BSE in a row Abbott India
~444.0 PREVIOUS CLOSE ~1,115.3 PREVIOUS CLOSE ~152.6 PREVIOUS CLOSE Hits 52-week high at
~493.6 CLOSE ~1,088.75 CLOSE ~151.6 CLOSE ~21,970; Up 22 per cent
p 11.2% UP q 2.4% DOWN q 0.7% DOWN in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
22 Dec ’22 Chg (%) Con Std 22 Dec ’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 3868.6 -0.9 1.5 360.6 400.1 Infosys 1522.1 0.8 6.7 28.0 28.8 price price (%) price price (%)
Adani Ports 856.9 -0.1 0.8 35.3 - ITC 332.5 -0.8 5.0 27.1 24.3 Jubilant Fd 534.8 533.8 2.4 652.2 805.5 Cochin Ship 536.8 542.2 -9.2 401.4 281.0
MOST BULLISH MOST BEARISH
Apollo Hosp 4781.7 0.3 0.6 65.1 73.0 JSW Steel 737.6 -0.7 1.2 23.5 25.7 Lupin 770.7 768.4 2.3 778.9 971.3 Garden Reach Sh 442.9 447.0 -7.9 302.2 199.0
Asian Paints 3088.6 0.6 1.7 80.8 80.1 Vodafone Idea 8.1 8.0 0.6 Shriram TrFn 1319.7 1339.4 -1.5 REC 113.4 112.4 2.0 115.6 115.6 Union Bank 75.3 76.2 -6.3 41.9 33.5
Kotak Mah Bank 1826.1 0.6 3.2 26.6 38.0
Axis Bank 919.6 -1.4 3.1 20.0 16.5 Indian Hotel 305.9 304.1 0.6 Dr Lal PathLabs 2357.0 2373.5 -0.7 Max Health 450.6 447.3 1.8 482.5 482.5 Mazagon Dock 784.5 791.4 -6.1 412.5 224.0
L&T 2110.0 -1.7 3.6 30.9 39.1
Firstsource 103.3 102.8 0.5 Au Small Fin 668.7 671.5 -0.4 Abbott India 21970.0 21835.1 1.5 21970.0 21970.0 Adani Wilmar 548.4 552.5 -6.0 548.4 221.0
Bajaj Auto 3600.9 -0.3 0.6 17.8 19.3 Mah & Mah 1234.0 -2.5 1.5 23.3 24.9 GNFC 555.3 552.4 0.5 Shree Cement 23723.8 23814.5 -0.4 Mphasis 1994.0 1989.2 1.5 2175.7 3476.6 Rail Vikas Niga 66.5 66.5 -4.9 32.8 29.0
Bajaj Fin 6490.7 -0.6 2.1 55.9 43.5 Maruti Suzuki 8334.4 -0.2 1.3 64.9 42.5 Pidilite Ind 2564.1 2551.8 0.5 Balkrishna I 2148.0 2152.7 -0.2 Alkem Labs 3130.2 3086.6 1.4 3399.8 3784.0 Bandhan Bank 223.6 231.7 -4.7 209.5 209.5
Bajaj Finsrv 1544.3 -2.4 1.2 45.0 272.2 Nestle India 20306.6 0.0 0.9 - 90.4
Bharti Airtel 816.6 0.3 2.5 69.0 - ICICI Lombard 1242.4 1239.9 1.4 1261.0 1471.2 Bharat Dyn 826.1 837.9 -4.4 818.5 376.7
NTPC 165.9 -1.2 0.9 9.6 9.6
BPCL 327.9 -1.9 0.4 6.1 - BSE NSE JK Cement 3062.7 3039.3 1.1 3248.1 3658.8 Renuka Sugar 54.4 55.5 -4.4 53.3 28.0
Britannia 4391.5 -0.6 0.6 66.9 66.8
ONGC 142.3 -0.9 0.9 3.9 3.9 Index Stock Index Stock PUT-CALL RATIO PNB 55.2 53.8 1.1 62.1 62.1 Rel Ind Infra 906.0 913.5 -4.2 906.0 646.9
Power Grid 215.0 -0.5 0.9 8.9 9.9 KPIT Techno 730.0 711.4 1.1 764.3 800.0 Zomato 58.6 59.0 -3.9 57.0 40.6
Cipla 1122.5 -0.5 0.7 35.3 31.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2577.8 -0.3 10.7 26.3 40.3 CGCEL 354.5 352.7 1.0 416.9 451.5 Adani Trans 2490.9 2516.8 -3.7 2490.9 1652.0
Coal India 222.7 -0.5 0.6 5.3 11.2 Contracts - - 465083 954040
SBI 593.4 0.0 2.8 12.9 14.4 Market 1908.8 3826.3 0.5 Grasim Ind 1756.2 1744.8 0.9 1839.3 1939.0 Easy Trip Plann 49.6 51.2 -3.6 45.0 30.8
Divis Lab 3495.9 -0.6 0.5 31.3 31.3 Open Int.(000) - - 16009 5202550
SBI Life Ins 1244.8 0.8 0.7 - 74.3 Adani Green En 2015.2 1980.6 0.9 2405.4 3048.0 Gujarat Gas 494.0 495.1 -3.5 462.4 403.8
Dr Reddys 4349.3 -1.3 0.6 23.3 30.5 Shares(In Mn) - - 18.4 2043.2 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1010.7 0.5 1.3 59.1 166.8 Intell Des Aren 435.6 431.9 0.8 567.4 986.0 Guj Petronet 256.3 258.6 -3.4 215.1 209.5
Eicher Motor 3206.1 -2.1 0.5 37.6 40.4 Value(~ crore) - - 45369 67169
Tata Consumer P 798.7 -0.5 0.6 69.6 86.7 Max Fin Sre 1.1 Honeywell A 0.2
Grasim Ind 1744.9 0.7 0.8 15.2 34.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 394.5 -2.0 0.8 - 1133.5 Aditya Birla 0.9 Bosch 0.2
HCL Techno 1039.1 -0.1 1.3 20.4 25.5 Contracts - - 403958194 4043454
Tata Steel 107.7 -1.6 1.0 4.6 5.4 JSW Steel 0.9 Atul 0.2
HDFC 2644.5 -0.5 5.8 21.4 32.0
HDFC Bank 1612.1 -0.3 8.6 23.6 22.4 TCS 3259.7 -0.3 4.0 30.1 31.1
Open Int.(000)
Shares(In Mn)
-
-
- 491900
- 13929.0
5243144
6344.8
InterGlobe Avia 0.9 Coromndl Int 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1015.9 -1.0 0.8 18.7 22.4 Power Fin 0.8 SBI Life Ins 0.3
HDFC Std Life 577.9 0.4 0.7 93.6 93.9 Value(~ crore) - - 40665933 293074 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2727.7 -1.1 0.4 23.5 20.5 Titan Company 2483.0 -0.3 1.3 101.4 70.5 BSE+NSE BSE+NSE
UltraTech 7012.4 0.9 1.0 30.4 31.9 1 Reliance Ind 1744065.4 BS200 SG Finserve 40.6
Hindalco 455.5 -0.4 0.8 7.5 20.5 (~ crore) (Mn shrs)
HUL 2645.4 -0.8 2.9 70.0 65.6 UPL 729.4 -3.4 0.5 13.7 34.8 ACTIVE CALLS ACTIVE PUTS Adani Enter 1174.0 3.0
2
3
TCS
HDFC Bank
1192390.9
898138.1
DOWN 7 DAYS Ari.Tourneso 40.6
ICICI Bank 890.7 -0.2 7.5 24.7 22.5 Wipro 388.8 -0.2 0.7 18.9 17.1 Adani Wilmar -15.3 Efcil 40.6
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg PNB 1120.8 208.9 4 Infosys 640070.0 Guj Toolroom 40.6
IndusInd Bank 1180.2 -1.8 0.9 - 15.5 Nifty 50 18127.4 â-0.4 100.0 24.0 26.8 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Infosys 1015.0 6.7 5 HUL 621340.0 Nykaa -12.4
DOWN 7 DAYS
Index Index 6 ICICI Bank 621178.7 Tata Mot-DVR -9.0
INDEX PE SHRS TRDS 1 YR Reliance Ind 912.1 3.5 Rajdarshan -30.5
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
22/12/22
22/12/22
18200
18150
603.9
526.3
7.8
7.4
125.1
1777.2
Nifty
Nifty
22/12/22
22/12/22
18100
18000
774.2
528.2
9.2 83.5
7.0 -17.1
ICICI Bank 905.9 10.2
7
8
SBI
HDFC
529541.1
482381.4
Tata Elxsi
Bandhan Bank
-8.8
-7.9
Synthiko Foils -29.0
SENSEX 25.2/27.9 9.1 286 6 24 6.8 Axis Bank 864.2 9.4 RTFL -28.1
Asian Paints 3090.9 0.6 2.0 80.9 80.1 Maruti Suzuki 8339.4 -0.1 1.5 64.9 42.5 Nifty Bank 22/12/22 42500 453.6 3.9 889.6 Nifty Bank 22/12/22 42400 432.9 4.7 453.5 9 Bharti Airtel 454557.5 UP 3 DAYS
NIFTY 50 24.0/26.8 195.7 4220 10 39 6.9 Photon Capital -20.2
Axis Bank 919.2 -1.4 3.6 20.0 16.4 Nestle India 20297.0 -0.1 1.0 - 90.4 Nifty 22/12/22 18300 397.2 7.0 -33.3 Nifty 22/12/22 18050 432.8 3.2 68.6 YES Bank 860.7 447.5 10 Adani Enter 440849.4 Max Health 5.3
C = CONSOLIDATED; S = STANDALONE Bank of India -18.4
Bajaj Fin 6490.6 -0.5 2.4 55.9 43.5 NTPC 165.7 -1.4 1.1 9.6 9.6 Nifty 22/12/22 18100 355.3 2.2 178.8 Nifty 22/12/22 18150 432.8 1.8 -25.1 HDFC Bank 800.8 5.0 11 LIC India 431175.3 Zydus Lifescien 3.5
Orient Bev -18.1
Bajaj Finsrv 1544.4 -2.5 1.4 45.0 272.3 Power Grid 214.9 -0.5 1.0 8.9 9.9 CASH DERIVATIVES Stock Stock Tata Motors 647.8 16.4 12 ITC 412522.8 Mphasis 3.4
TURNOVER BSE NSE BSE NSE
BGR Energy -17.8
Bharti Airtel 816.9 0.4 2.9 69.0 - Reliance Ind 2577.9 -0.3 12.5 26.3 40.3 PNB 29/12/22 55 106.7 12.8 102.8 PNB 29/12/22 50 55.7 10.4 4.2 HDFC 623.7 2.4 13 Bajaj Fin 392973.4 Alkem Labs 2.8 UP 3 DAYS
HCL Techno 1038.7 -0.1 1.6 20.4 25.5 SBI 593.4 0.0 3.2 12.9 14.4 VALUE(IN ~ CRORE) 4319 53171 -41071544 PNB 29/12/22 56 53.5 8.2 76.3 PNB 29/12/22 52 49.6 5.1 10.0 14 Adani Total Gas 389312.7 Jubilant Fd 2.8
Bajaj Fin 562.8 0.9 Pradhin 45.2
HDFC 2644.2 -0.5 6.8 21.3 32.0 SHARES(IN MN) 863.0 4062.9 - 22335.4 PNB 29/12/22 57 53.1 7.0 56.5 IDFC First Bank 29/12/22 55 40.7 8.0 -26.1 15 Kotak Mah Bank 362618.5 Sun Pharma 2.3
Sun Pharma 1010.8 0.5 1.6 59.1 166.8 SBI 548.8 9.3 Bharat Imm 35.3
HDFC Bank 1610.8 -0.4 10.0 23.6 22.3 TRADES(000) 3744 22281 - 137033 PNB 29/12/22 60 49.9 23.3 11.3 PNB 29/12/22 51 34.3 2.5 -11.9 16 Adani Green En 313733.0 DOWN
Tata Motors 394.4 -2.1 1.0 - 1133.2 Sun Pharma 544.6 5.3 Ekansh Concepts 24.4
HUL 2644.5 -0.8 3.3 70.0 65.6 PNB 29/12/22 54 49.9 8.8 37.5 PNB 29/12/22 53 29.1 3.8 38.6 17á Asian Paints 296474.3 Renuka Sugar -11.4
Tata Steel 107.6 -1.6 1.2 4.6 5.4 Sagar Diamonds 23.3
ICICI Bank 890.4 -0.2 8.7 24.7 22.4 MARKET-CAP (~ CR) TRADED TOTAL Ind Ove Bank 513.1 165.2 18â L&T 296444.5 Union Bank -10.5
TCS 3258.7 -0.3 4.6 30.1 31.1 Godavari Drg 21.8
IndusInd Bank 1180.1 -1.8 1.1 - 15.5 Maruti Suzuki 490.1 0.6 19á Axis Bank 282620.2 Bharat Dyn -9.7
Tech Mahindra 1015.4 -1.0 0.9 18.7 22.4 BSE 28,091,555 28,319,769 Jayatma Ent 15.6
Infosys 1521.1 0.7 7.8 28.0 28.8
ITC 332.4 -0.9 5.8 27.1 24.3 Titan Company 2483.1 -0.3 1.5 101.4 70.5 NSE 27,812,408 27,954,916 SPURT IN VOLUMES Adani Ports
Suzlon Energy
488.2
473.1
5.7
474.7
20á
21â
HCL Techno
Adani Trans
281853.3
280740.9
Easy Trip Plann
Rel Ind Infra
-9.1
-9.0
Swad.Polytex
DOWN 3 DAYS
15.4
UltraTech 7009.3 0.8 1.1 30.3 31.8 DERIVATIVES 19,898,888 19,898,888
Kotak Mah Bank 1825.8 0.6 3.8 26.5 38.0 Company Days 2-week Avg Change Close *Price 22 Avenue Supermar 253909.6 IDFC First Bank -9.0
TCS 464.8 1.4 Sakthi Sugar -24.1
L&T 2109.4 -1.7 4.2 30.9 39.0 Wipro 388.7 -0.2 0.8 18.9 17.1 Volume Volume % price %chg 23á Maruti Suzuki 251916.6 City Union Bk -8.8 Sir Shadi L -22.9
Mah & Mah 1232.9 -2.6 1.7 23.3 24.9 BSE SENSEX 60826.2 â-0.4 100.0 25.2 27.9 TRADING ACTIVITY Ushanti Colour 316000.0 5500.0 5645.5 67.1 -4.2
Bank of Baroda
Tata Steel
455.2
451.5
25.8
41.9
24â Bajaj Finsrv 245992.0 Others Ind Bank Hsg -22.8
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 242521.2 UP 7 DAYS
Nureca 3643525.0 103849.6 3408.5 526.5 6.1 Apollo Hosp 447.1 0.9 Rajshree Sug -21.1
Equity Debt Equity Debt 26 Titan Company 220449.6
Net Net Net Net Hybrid Financia 327875.0 9681.7 3286.5 25.9 10.0 Hybrid Financia 61.7 Cubex Tubing -19.9
Ambuja Cem 432.5 8.1 27 Wipro 213270.0
WORLD INDICES On 21 Dec -499 -351 - - Destiny Logisti 234000.0 7500.0 3020.0 20.6 4.8 L&T 431.5 2.0 28 UltraTech 202344.5
Ind.Link Chain
R R Fin
40.7
40.6
Simbhaoli Sugar
MPS Ltd
-18.5
-18.4
On 20 Dec 1218 -7 - - Thyrocare Tech 5349317.0 188574.5 2736.7 624.2 -10.8 Bandhan Bank 430.6 18.4 29 Nestle India 195703.7
Indices Close % Chg* Indices Close % Chg*
On 19 Dec -138 -591 - - Ajanta Phar 1197136.0 49489.7 2319.0 1244.3 6.1 30 Adani Ports 185049.2 (T+2) cycleStocks which rose/fell continuously
UCO Bank 409.1 126.6
Americas (Dec 21,22) Asia/Pacific (Dec 22,22) On 16 Dec -737 150 - - Vijaya Diagnost 3848413.0 172602.0 2129.6 452.6 -5.0
Dow Jones 33376.5 1.6 Taiwan Taiex 14442.9 1.5 On 15 Dec 1538 -295 - - Biofil Chem 716213.0 39301.5 1722.4 56.8 8.8
Dec till date 1486 -3308 5358 6063 Huhtamaki India 1716971.0 95420.2 1699.4 221.6 12.8
Nasdaq Composite
S&P/ TSX Composite
10709.4
19571.1
1.5
1.4
Kospi
Stock Exchange of Thai
2356.7
1616.7
1.2
0.4 2022 till date -122404 -18547 176281 -27242 Jyothy Labs 5085595.0 338491.7 1402.4 203.1 1.8
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 21,22) Straits Times 3269.5 0.4 Group with the permis- approve Intima- OCl Iron: Au- Satia Inds: To
FTSE 100 7525.0 0.4 Kuala Lumpur Comp 1468.4 0.4 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company sion of Chair. tion of Board dited Consoli- consider and
Purpose Macro Inter.: To Meeting to be dated Financial approve Copy of
IBEX 35 8304.6 0.0 Jakarta Composite 6824.4 0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock DECEMBER 23 consider and held on 23rd De- Statements of the Notice of
CAC 40 6579.8 0.0 Shanghai Se Comp 3054.4 -0.5 NET Net Fut OI Opt OI OI Elegant Flor: To approve Notice cember 2022 the Company Board Meeting
HIGH Caprola.Chem . . . . . . . . 95.0 LOW Visaka Ind . . . . . . . . . . . 418.0
DAX 14087.8 -0.1 Volatility (Dec 21,22) BS 200 *Maruti Infra . . . . . . . . . 94.8 BS 200 *Quess Corp . . . . . . . . . 415.1 consider and ap- for calling an Issue Of War- for the quarter is enclosed
On 21 Dec 3154 296 0.2 2.5 2.2
Asia/Pacific (Dec 22,22) CBOE S&P 500 20.2 0.4 Abbott India . . . . . . . 21970.0 *Comfort Finance . . . . . 94.0 *Gland Pharma . . . . . 1595.0 Shakti Pumps . . . . . . . . 390.0 prove 1. To fix Extra-Ordinary rants & Increase and year ended Selan Explor:
On 20 Dec -653 -1077 0.2 2.1 2.2
Hang Seng 19679.2 2.7 CBOE Dow Jones 17.7 -4.0 Others *SBEC Sugar . . . . . . . . . 81.8 Voltas . . . . . . . . . . . . . . 798.4 Security & Inte . . . . . . . 378.4 the place of the General Meet- in Authorised March 31 2020 To consider and
On 19 Dec 4739 2003 0.2 2.2 2.2
*Bhaskar Agro . . . . . . . . 80.3 Clariant Ch . . . . . . . . . . 361.5 new Registered ing (EGM) ap- Capital will be consid- approve Selan
Nikkei 225 26507.9 0.5 * Change over previous close On 16 Dec 2349 287 0.2 1.9 2.2 *GRP . . . . . . . . . . . . . . 2150.0 Aarti Inds . . . . . . . . . . . 608.5
*Hawa Engine . . . . . . . . 72.0 Pokarna . . . . . . . . . . . . 355.1 Office of the point Scrutinizer NDTV: Approved ered in the Exploration
On 15 Dec 5183 -1990 0.2 1.4 2.1 *Ebbetf0423 . . . . . . . 1206.5 *Nykaa . . . . . . . . . . . 147.7
*ABVL . . . . . . . . . . . . . 63.8 Sunteck Rlty . . . . . . . . 343.0 Company; 2. Any to scrutinize a proposal to in- meeting of di- Technology Lim-
*Ind.Link Chain . . . . . 1145.2 Others
MAJOR INDICES Dec till date
2022 till date
28209
607465
-9447
11317
-
-
-
-
-
- *Bbetf0432 . . . . . . . . 1036.9 *Ekansh Concepts . . . . . 58.0 Bharat Rasa . . . . . . . . 9763.0 Greenpanel Inds . . . . . 316.3 other business voting during vite RRPR Hold- rectors which is ited Employee
*Maxheights Infr . . . . . . 56.9 S P Apparels . . . . . . . . . 304.4 with the permis- the EGM and re- ing Private scheduled to be Stock Option
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Hardcast Wud . . . . . . 513.0 Paushakltd . . . . . . . . 8100.0
*Sbec Systems . . . . . . . . 56.5 Nahar Cap . . . . . . . . . . . 297.8 sion of the Chair mote e-voting Limited, an indi- held on Friday Scheme -2022
*Rhetan TMT . . . . . . . . 469.9 Galaxy Surfacta . . . . . 2550.6
Hittco Tools: To appoint CEO ap- rect subsidiary December 23 Triveni Glas: To
S&P BSE Sensex 61,067.2 61,257.2 61,464.4 60,637.2 60,826.2 -241.0 -0.4 *Jindal World . . . . . . . . 461.9 *Prabhhans Inds . . . . . . 52.1 Hester Bio . . . . . . . . . . 1792.9 HCP Plastene . . . . . . . 294.6
consider and ap- point COO of Adani Enter- 2022. consider and
Kalyani Stl . . . . . . . . . . 390.0 *United Interact . . . . . . 50.7 Lux Inds . . . . . . . . . . . 1590.6 Amal . . . . . . . . . . . . . . . 290.0
S&P BSE Sensex 50 19,150.5 19,207.9 19,276.6 19,010.5 19,070.0 -80.5 -0.4 S&P BSE SECTORAL INDICES *SG Finserve . . . . . . . . 296.9 *RO Jewels . . . . . . . . . 49.7 Polyplex Crp . . . . . . . . 1564.0 Rupa & Co . . . . . . . . . . . 273.6
prove the fol-
lowing: 1. To
adopt a new set
of Memoran-
prises Limited,
holding 29.18%
Paramnt Cos:
To consider and
approve 1. The
transmission of minimum price tions). re-enactment Brandbucket discuss and ap-
S&P BSE-100 18,526.6 18,573.6 18,646.5 18,378.1 18,439.3 -87.3 -0.5 *Bhagwti Auto . . . . . . . 272.7 *Easun Cap Mar . . . . . . . 49.5 *Indigo Paints . . . . . . 1284.0 *Shilpa Medi . . . . . . . . 265.9
Prev cls Close % Chng accept the res- dum of Associa- equity share approve 1) To shares 2. Other per warrant as DECEMBER 24 thereof for time Med: To consider prove the pro-
*Efcil . . . . . . . . . . . . 240.0 *Phyto Chem . . . . . . . . . 47.3 Sheela Foam . . . . . . . 1231.4 DMCC SChem . . . . . . 264.8
S&P BSE-200 7,890.4 7,909.4 7,943.1 7,820.5 7,849.1 -41.3 -0.5 ignation of Mrs. tion (MOA) of capital of NDTV, consider and Related Matters per Pricing Billwin Inds: To being in force) and approve 1.To posal for
Auto 29,158.0 28,851.4 -1.1 *Jyothy Labs . . . . . . . . 218.0 *Axis Gold ETF . . . . . . . . 47.2 Neogen Chem . . . . . . 1206.0 Nahar Spg . . . . . . . . . . . 257.1
Nidhi Kumari the Company to nominate two approved the Unick Fix-A-For: Guideline of consider and ap- and the Secu- approve the al- formation of
S&P BSE-500 24,723.7 24,778.3 24,891.0 24,475.3 24,566.7 -157.0 -0.6 Bankex 48,487.1 48,274.6 -0.4 *Veritas . . . . . . . . . . . . 194.5 *GS Gold ETF . . . . . . . . . 47.0 *Mapmyindia . . . . . . 1080.1 Sterling & Wils . . . . . . . 256.4
from the post of and adopt a new (2) Directors to draft Notice of To consider and Chapter V of prove 1. Raising rities & Ex- lotment of Board Commit-
Cons. Durables 39,441.5 39,133.2 -0.8 *ABans Enterpris . . . . . 190.0 *Canopyfin . . . . . . . . . . 45.3 Jindal Poly . . . . . . . . . . 784.0 Faze Three . . . . . . . . . . 252.0
Company Secre- sets of Articles the Board of Postal Ballot. 2) approve pro- SEBI(ICDR) Reg- of funds by way change Board of equity shares to tee for allotment
S&P BSE IPO 8,709.3 8,730.3 8,801.2 8,451.2 8,485.7 -223.6 -2.6 Cap. Goods 34,091.2 33,554.9 -1.6 *Munoth Fin . . . . . . . . . 182.3 *Yarn Syndct . . . . . . . . . 40.2 *Matrimony.com . . . . . 567.2 *Nippon Life Ind . . . . . 250.6
tary of the Com- of Association NDTV. The ap- To appoint Scru- posal of raising ulations 2018 on of Right Issue of India (Issue of warrants holders of Equityshares
FMCG 16,435.8 16,321.3 -0.7 *Cochin Malaber . . . . . 173.8 *Coastal Road . . . . . . . . 38.3 Apollo Finv . . . . . . . . . . 495.0 Sangam India . . . . . . . . 233.1 pany. 2. To (AOA) of the pointment shall tinizer to con- of funds by preferential Equity Shares of Capital & Disclo- pursuant to con- into warrant
S&P Dollex-30 6,054.0 - - - 6,032.3 -21.7 -0.4
Healthcare 23,600.3 23,544.7 -0.2 *Wires & Fabr . . . . . . . 172.9 *United Leas . . . . . . . . . 36.1 Borosil Renewab . . . . . 490.4 TV Today . . . . . . . . . . . . 231.8 appoint Ms. Company re- be considered in duct the postal issue of equity basis (Preferen- the Company in sure Require- version ofcon- holders pursuant
Nifty 50 18,199.1 18,288.8 18,318.8 18,068.6 18,127.4 -71.8 -0.4 Infra 303.6 299.6 -1.3 *Adv Petroch . . . . . . . . 153.9 *Navigant Corp . . . . . . . 35.0 Magalam Org . . . . . . . . 482.5 Hind Mills . . . . . . . . . . . 219.0 Preeti Saxena as constitute com- the next meet- ballot voting shares by way tial Issue) in ac- accordance with ments) vertible to conversion of
IT 28,730.4 28,699.5 -0.1 *Guj Toolroom . . . . . . . 150.7 *Dynamic Portfol . . . . . 33.2 Carysil . . . . . . . . . . . . 470.8 *Zensar Tech . . . . . . . . 208.2 a Company Sec- mittees Open ing of Board of process in a fair of a Rights Issue cordance with applicable provi- Regulations 2018 warrants into warrants into
Nifty next50 42,638.7 42,775.5 42,962.4 42,044.8 42,326.4 -312.3 -0.7
Metal 20,324.4 20,089.9 -1.2 *Som Datt Fin . . . . . . . . 133.4 Shashijit Infra . . . . . . . . 33.0 Kanchi Karpoora . . . . . 469.4 Quest Capital . . . . . . . . 200.0 retary cum Banking Ac- Directors, and transparent Vivanta Inds: To Chapter V of the sions of the and subsequent equity shares is- equity shares.
Nifty 500 15,527.6 15,599.6 15,636.1 15,369.6 15,431.5 -96.0 -0.6 Oil & Gas 20,267.4 20,093.4 -0.9 *Aryaman Fin . . . . . . . . 124.0 *Sungold Media . . . . . . . 31.6 Somany Cera . . . . . . . . 465.1 Venus Remed . . . . . . . . 175.0 Compliance Of- counts open a scheduled to be manner. 3) Any consider and Securities and Companies Act amendments sued on prefer- 3.Any other busi-
Power 4,418.5 4,352.6 -1.5 *Alpine Hsg . . . . . . . . . 113.9 *Rajnish Welines . . . . . . 30.3 *OAL . . . . . . . . . . . . 422.2 Kitex Garmnt . . . . . . . . 174.5 ficer of the corporate office held on De- other matter approve 1.To Exchange Board 2013 (including thereto and ential basis to ness with per-
India VIX 15.6 15.6 16.3 14.4 15.2 -0.4 -2.4 *Ari.Tourneso . . . . . . . . . 29.9 Shree Pushkar C . . . . . 170.9
PSU 9,892.8 9,794.4 -1.0 *Nettlinx . . . . . . . . . . . 103.0 Sona BLW Precis . . . . . 421.5 Company. 3. Any Mirch Technol: cember 23, with the permis- consider and of India (SEBI any statutory matters inciden- non- promoters mission of the
Nifty CPSE 2,792.5 2,802.9 2,806.3 2,742.2 2,766.0 -26.6 -1.0 Realty 3,433.6 3,387.9 -1.3 m m w w other agenda To consider and 2022. sion of the chair approve revised (ICDR) Regula- modification or tal to it. as per SEBI 2.To Chairperson.

> 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 (618.3) (618.6) (2842.6) (2841.0)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 618.4 621.0 2842.0 2852.4
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 627.0 627.0 2848.8 2852.4
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 608.5 608.4 2778.3 2778.2
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 611.5 611.4 2803.7 2802.8
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 30870 509K 9787 234K
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 17.5 17.5 66.1 66.1
company name is followed by shares traded, and also the 52 Wk H/L 1119/609 1118/608 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 22165 22163 59409 59391
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani Green En Adani PortsH Adani Wilmar« m H m « m mH H < « « « « m
(21513.4) (21548.5) (2540.6) (2540.9) (3902.9) (3901.9) (1963.1) (1968.3) (857.3) (857.7) (587.8) (588.1)
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W 742/435 742/434 959/618 959/618 4130/3122 4132/3122 8044/5236 8045/5220 1862/1078 1862/1073 2537/1682 2537/1691 W 526/307 526/307 350/209 350/210 197/77 197/77 2121/1482 2122/1607 799/544 799/544 228/96 228/96 W 920/596 919/595 877/629 861/629 91/41 92/41 411/258 411/258 586/262 586/261 18300/12940 18225/12932
M 26146 26160 282620 282743 104141 104198 392973 392976 245992 245976 41579 41611 M 8174 8175 37323 37331 91300 91326 21163 21163 57452 57525 71782 71819 M 39965 39976 454557 454391 27473 27473 32368 32374 8095 8097 50803 50852

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(334.1) (334.1) (4418.8) (4418.9) (535.2) (534.6) (314.5) (314.6) (349.0) (349.2) (302.3) (301.8) (721.5) (722.5) (1127.6) (1128.0) (176.9) (177.3) (223.7) (223.9) (3917.3) (3920.4) (1575.9) (1576.0) (746.5) (747.2) (912.5) (913.2) (1455.3) (1455.0) (577.3) (577.3) (1851.5) (1852.3) (2050.1) (2049.2)
O 332.1 334.0 4447.0 4444.0 534.6 535.7 315.7 317.6 347.3 349.9 303.5 305.5 O 722.0 725.0 1137.7 1135.0 178.1 179.0 222.2 224.1 3955.1 3972.0 1575.1 1577.5 O 738.1 744.0 912.0 915.0 1456.3 1467.3 575.8 577.4 1859.3 1855.0 2048.0 2049.2
335.8 335.9 4447.0 4446.4 539.2 539.5 318.2 318.4 354.5 354.6 305.3 305.7 730.3 730.7 1147.5 1147.4 181.0 181.2 225.6 225.8 3966.0 3972.0 1589.5 1592.3 754.8 755.2 919.5 919.7 1473.6 1475.1 582.4 583.1 1866.9 1869.1 2070.3 2068.7
w 324.8 324.7 4379.1 4377.0 519.1 519.1 308.3 308.3 346.6 346.5 291.8 291.6 w 712.0 711.6 1117.0 1117.1 175.4 175.3 219.1 219.1 3818.2 3816.5 1575.1 1575.6 w 738.0 737.3 882.1 882.5 1426.0 1427.1 574.6 574.5 1829.1 1828.2 2000.0 2000.0
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.
MUMBAI | FRIDAY, 23 DECEMBER 2022 15 <

PUBLIC NOTICE
Notice is hereby given on behalf of my client viz. MRS. RUTUJA RAMDAS MORE had
purchased Flat No. 610, on 6th Floor, in ‘B’ wing of ‘A’ Building, area admeasuring 225
Sq. Ft. Carpet area, in the building known as “JAIHARI CO-OPERATIVE HOUSING
SOCIETY LIMITED”, constructed on land bearing C. T. S. No. 1/653 & 4/653, lying,
being & situate at Village – Malbar, Taluka & District – Mumbai City from Mrs. Parul
Kamlesh Parikh vide Agreement for Sale executed and registered on 10/08/2022 bearing
Doc. No. BBE-1-9183-2022 and further intended to mortgage the captioned flat with
Piramal Capital and Housing Finance Limited.
Whereas previously the captioned Flat was purchased by Mr. Mohanlal Chunilal Parikh
vide Notarized Agreement executed on 21/05/2001.
Whereas, Mr. Mohanlal Chunilal Parikh was died intestate on 03/04/2014 and leaving
behind his Legal Heirs 1) Mrs. Parul Kamlesh Parikh (Daughter in law) 2) Mr. Manan
Kamlesh Parikh (Grandson) and 3) Mr. Rajul Mohanlal Parikh (Son) Whereas, by
Release Deed executed on 22/08/2022 and registered on 23/08/2022 bearing Doc. No.
BBE-1-9524-2022 Mr. Rajul Mohanlal Parikh has released all his rights, title and
interest in respect of the above said Flat No. 610 in favour of Mrs. Parul Kamlesh
Parikh
And whereas by Release Deed executed and registered on 22/12/2022 bearing Doc. No.
BBE-2-19627-2022 Mr. Manan Kamlesh Parikh has released all his rights, title and
interest in respect of the above said Flat No. 610 in favour of Mrs. Parul Kamlesh
Parikh.
Whereas, Agreement for Sale executed and registered on 10/08/2022 bearing Doc. No.
BBE-1-9183-2022 Mrs. Rutuja Ramdas More has purchased said flat from Mrs. Parul
Kamlesh Parikh.
If any person / anybody is having objection, claim, interest, dispute in the above said
property/Flat, he/she/they may call on Mobile No. 9890943555 or contact the
undersigned with the documentary proof substantiating his/her/their objection/claims/
details of disputes within 14 days from the date of this publication. Failing which it
shall be presumed that there is no claim over the said property.
Sd/-
Dr. Suryakant Sambhu Bhosale (Advocate)
Office Address:- 301, 3rd Floor, Matoshree Bldg., Opp. Chintamani
Jewellers, Jambhali Naka, Talaopali, Thane (West), Pin – 400 602.

PUBLIC NOTICE
THE PUBLIC at large are hereby
informed that my client Mrs. NIRJA PUBLIC NOTICE
ADITYA PATIL is intending to be
member of the (old) ‘Pushpak Mitra PUBLIC NOTICE is hereby given that our Client is investigating the
CHS.Building No.5 (After Re- title of Mr. Amit Balkrishna Jalan owner of “All that piece and parcel of
development,D-wing,Pushpak Mitra land bearing Survey No. 114 (part), Hissa No. 15, CTS No. 2099 (part)
CHS. Veena Senterio), Nana Nani admeasuring 99 sq.mtrs situate, lying and being at Village-Vile Parle,
Park, Sahakar Nagar-3, Shell Colony,
Chembur, Mumbai-400071. Late Smt. Taluka-Andheri, Western Express Highway, Vile Parle (West), Mumbai
SHAILAJA SURESH DESHMUKH 400069 (herein referred to as said Property) who had acquired the said
(grand-mother of my client) was the property vide Agreement for Sale dated 30.10.2004 duly registered
absolute owner of the Room with the Sub-Registrar of Assurance Andheri-1 bearing Document No.
No.159,Pushpak Mitra CHS., BDR-1/10173/2004 executed by and between Mrs. Geeta Dhruvraj
Building No. 5 (old) (after Singh, Jang Bahadur Dhruvraj Singh and Miss Aarti Dhruvraj Singh (all
redevelopment Room No. 602, D- as Vendors) and Mr. Amit Balkrishna Jalan (as Purchaser)
wing, Pushpak Mitra CHS. Veena AND WHEREAS originally the larger portion admeasuring admeasuring
Senterio) Nana Nani Park, Sahakar 1844.5 Sq.mtrs of above referred Property was jointly owned by Shri
Nagar-3, Shell Colony, Chembur Dhruraj Kailash Singh, Mr. Bacchubhai Ramjibhai Rathod, Mr. Shreedhar
,Mumbai-400071 (hereinafter referred e-Procurement Cell
as the ‘said Flat’), she was holding Baburao Ambre and Mr. Arjun Nathubhai Desai
share certificate No. 36 for 5 (Five) BUILDING CONSTRUCTION DEPARTMENT AND WHEREAS vide an Agreement executed in August 1994 executed
fully paid up shares of Rupees Fifty by and between Shri Dhruraj Kailash Singh, Mr. Bacchubhai Ramjibhai
each bearing distinctive numbers from JHARKHAND, RANCHI Rathod, Mr. Shreedhar Baburao Ambre and Mr. Arjun Nathubhai Desai,
106 to 110 (both inclusive), passed an area admeasuring 1100 Sq.ft equivalent to 99 Sq.mtrs being the
away on 04/06/2015, who nominated Short Term e-Procurement Notice said Property was allotted in favour of Shri Dhruraj Kailash Singh and
her only child and only legal heir Smt. e-Tender Reference No.-BCD/Ranchi-1/11/2022-23 Date-22-12-2022 the balance area in favour of Mr. Bacchubhai Ramjibhai Rathod, Mr.
SHARMITA DILIP PALSEKAR, also 1 Name of Work Proposed Construction of Two Nos Shreedhar Baburao Ambre and Mr. Arjun Nathubhai Desai
passed away on 07/11/2022 leaving AND WHEREAS Shri Dhruvraj Singh expired intestate on 26.06.2003
behind her only child and only legal New Judges' Bungalows after
heir i.e. my client Mrs. NIRJA demolition of Judges' Quarter No. 10 leaving behind him Mrs. Geeta Dhruvraj Singh, Jang Bahadur Dhruvraj
ADITYA PATIL and she nominated &11 at Doranda Ranchi (High Court
Singh and Miss Aarti Dhruvraj Singh as his only heirs and legal
my client as her nominee for 100% representatives.
Pool). AND WHEREAS now since 30.10.2004 my Client Mr. Amit Balkrishna
share under Rule 25 of the 2 Estimated Cost (Rs.) Rs. 8,11,58,264/- (Rupees Eight
Maharashtra Cooperative Societies Jalan is in possession and has ownership rights on the said Property
Rules 1961. All persons, firms, banks, Crore Eleven Lacs Fifty Eight All persons having any legal rights, claims in respect of the said
Govt./ Semi Govt. departments etc. Thousand Two Hundred Sixty Four) Propert whether by way of sale, transfer, exchange, assignment,
having any share, right, title, claim or only. mortgage, charge, gift, trust, encumbrance, legal heirs or otherwise
interest in respect of the above 3 Time of Completion 12(Twelve) Months howsoever are hereby requested to make the same known in writing to
mentioned said Flat, by way of sale, the undersigned at its office at Sanjeev Kanchan & Co, Advocates, 4,
assignment, gift, transfer, mortgage, 4 Date of Publication of Tender on 29-12-2022 at 11:00 A.M.
possession, lien, lease, trust etc. or Website Milan Building , 189, Perin Nariman Street, Fort, Mumbai 400 001
otherwise, are required to make the 5 Last Date/Time of Submission of 13-01-2023upto 5:00 P.M. within Seven Days from the date of publication hereof failing which
same known in writing to the the claims/rights of such person(s), if any shall be deemed to have
Bids
undersigned at my office at Shop-D, been waived and/or abandoned.
6 Last Date/Time of Submission of 16-01-2023 upto11:30 A.M. THE SCHEDULE ABOVE REFERRED TO
Navketan Bldg., behind Vaishali
Hotel, Near Chembur Railway Bid Security Money and Tender All that piece and parcel of land bearing Survey No. 114 (part), Hissa
Station, Chembur (E), Fee No. 15, CTS No. 2099 (part) admeasuring 99 sq.mtrs situate, lying and
Mumbai–400071, with all 7 Date/Time of opening of Bid 16-01-2023 at 12:00 P.M. being at Village-Vile Parle, Taluka-Andheri, Western Express Highway,
documentary proofs within 14 days 8 Name & Address of office e-Procurement Cell, Building Vile Parle (West), Mumbai 400069.
from the date of publication hereof, Inviting tender construction department, Jharkhand, Mumbai, Dated this 23rd Day of December, 2022.
failing which, it will be presumed that
nobody has any right claim, interest, Ranchi-834004 ADV. VINEET KANCHAN, Partner
objection of whatsoever nature and/or 9 Contact no. of Procurement 0651-2446166 M/S. SANJEEV KANCHAN & CO
the same is deemed to have been officer ADVOCATES, HIGH COURT, MUMBAI
waived and accordingly my client 10 Helpline Number of e- 0651-2446166 Tel : 2269 3593, 2269 9004 Cell :- 98200 72038 / 9820090828
shall proceed with completion of procurement Cell
membership and thereafter the
objection of any nature will not be · Any Change can be seen on http://jharkhandtenders.gov.in
entertained. · Any other information can be seen on http://jharkhandtenders.gov.in
Date: 23/12/2022 Nodal Officer, e-Procurement Cell
Place : Mumbai Building Construction Department
PR 285722 Building (22-23)_D Jharkhand, Ranchi.

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MUMBAI | FRIDAY, 23 DECEMBER 2022 1

RECOVERY OFFICER
MAHARASHTRA CO-OPRATIVES SOCIETIES ACT 1960, Act 156, Rule 1961, Rule 107
Attached : THE SHIVKRUPA SAHAKARI PATPEDHI LTD., 219 / 3111, Tagor Nagar , Group
No 01, Dr. Ambedkar Chowk, Vikhroli ( East ), Mumbai 400 083 . Phone :- 022 25746035
FORM “Z”
[See sub-rule [11 (d-1)] of rule 107]
POSSESSION NOTICE FOR IMMOVABLE PROPERTY
Whereas the undersigned being the Recovery officer of the Mr. Ashok Lavhaji
Phadtare under the Maharashtra Co-operative Societies Rules, 1961 issue a demand
notice date 06.06.2017 calling upon the judgment debtor MR. KHAN SHAHBABAZ
IFTEKHAR, MRS. KHAN TANVEER JAHAN IFTEKHAR to repay the amount
mentioned in the notice being RS. 7,95,100/- in words (Rs. SEVAN LAKH NINTY
FIVE THOUSAND ONE HUNDRED ONLY) with date of receipt of the said notice and
the judgment debtor having failed to repay amount, the undersigned has issue a notice
for attachment date 15.09.2017 And attached the property describe herein below.
The judgment debtor having failed to repay the amount, notice is hereby given to the
judgment debtor and the public in general that the undersigned has taken possession
of the property described herein below in exercise of powers conferred on him/her
under rule 107 [11 (d-1)] of the Maharashtra Co-operative Societies Rules, 1961 on this
20th Day of July of the year 2022 .
The judgment debtor in particulars 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 Recovery officer Mr. Ashok Lavhaji Phadtare for an amount RS. 14,70,934/- in
words (Rs. FOURTEEN LAKH SEVENTY THOUSAND NINE HUNDRED THIRTY
FOUR ONLY) and interest thereon.
Description of the Immovable Property RECOVERY OFFICER
Room No. M.G. 81,1/4, Salman Manzil, V.N. Purav Marg, MAHARASHTRA CO-OPRATIVES SOCIETIES ACT 1960, Act 156, Rule 1961, Rule 107
Uppar Trombey Road, Custom Road, Mankhurd, Mumbai 400088. Attached : THE SHIVKRUPA SAHAKARI PATPEDHI LTD., 219 / 3111, Tagor Nagar , Group
Photopass Survey Receipt No. 0655602 ( Area – 900 Sq.Ft.) (Gr. + 2 ) No 01, Dr. Ambedkar Chowk, Vikhroli ( East ), Mumbai 400 083 . Phone :- 022 25746035
Date :- 21.12.2022 Sd- FORM “Z”
Place :- CHEMBUR (MR. ASHOK LAVHAJI PHADTARE) [See sub-rule [11 (d-1)] of rule 107]
Recovery Officer POSSESSION NOTICE FOR IMMOVABLE PROPERTY
( Maharashtra Co – op Societies Act 1960
Act 156 Rule 1961, Sec 107 ) Whereas the undersigned being the Recovery officer of the Mr. Ashok Lavhaji
Phadtare under the Maharashtra Co-operative Societies Rules, 1961 issue a demand
notice date 06.06.2017 calling upon the judgment debtor MR. KHAN ABHU SHAMA
IFTEKHAR, LATE. KHAN IFTEKHAR ABDUL AZIZ, SMT. KHAN TANVEER JAHAN
IFTEKHAR to repay the amount mentioned in the notice being RS. 7,43,605/- in
words (Rs. SEVAN LAKH FOURTY THREE THOUSAND SIX HUNDRED FIVE
ONLY) with date of receipt of the said notice and the judgment debtor having failed to
repay amount, the undersigned has issue a notice for attachment date 15.09.2017 And
attached the property describe herein below.
The judgment debtor having failed to repay the amount, notice is hereby given to the
judgment debtor and the public in general that the undersigned has taken possession
of the property described herein below in exercise of powers conferred on him/her
RECOVERY OFFICER under rule 107 [11 (d-1)] of the Maharashtra Co-operative Societies Rules, 1961 on this
MAHARASHTRA CO-OPRATIVES SOCIETIES ACT 1960, Act 156, Rule 1961, Rule 107 13th Day of December of the year 2018.
The judgment debtor in particulars and the public in general is hereby cautioned not to
Attached : THE SHIVKRUPA SAHAKARI PATPEDHI LTD., 219 / 3111, Tagor Nagar , Group deal with the property and any dealings with the property will be subject to the charge of
No 01, Dr. Ambedkar Chowk, Vikhroli ( East ), Mumbai 400 083 . Phone :- 022 25746035 the Recovery officer Mr. Ashok Lavhaji Phadtare for an amount RS. 8,37,044/- in
FORM “Z” words (Rs. EIGHT LAKH THIRTY SEVEN THOUSAND FOURTY FOUR ONLY) and
[See sub-rule [11 (d-1)] of rule 107] interest thereon.
POSSESSION NOTICE FOR IMMOVABLE PROPERTY Description of the Immovable Property
Whereas the undersigned being the Recovery officer of the Mr. Ashok Lavhaji Shahid Abdul Hamid Nagar, Shell Colony Road, Chembur, Mumbai - 400071.
Phadtare under the Maharashtra Co-operative Societies Rules, 1961 issue a demand Survey Receipt No. 0655515 ( Area – 86 Sq.Ft.)
notice date 17.08.2021 calling upon the judgment debtor MR. SHETTY RUPESH Survey Receipt No. 0655602 ( Area – 61 Sq.Ft. )
SHANMUGAM, SMT. SHETTY RANJANA SHANMUGAM to repay the amount
Date :- 21.12.2022 Sd-
mentioned in the notice being RS. 11,31,441/- in words (Rs. ELEVAN LAKH THIRTY Place :- CHEMBUR (MR. ASHOK LAVHAJI PHADTARE)
ONE THOUSAND FOUR HUNDRED FOURTY ONE ONLY) with date of receipt of the Recovery Officer
said notice and the judgment debtor having failed to repay amount, the undersigned ( Maharashtra Co – op Societies Act 1960
has issue a notice for attachment date 06.09.2021 And attached the property describe Act 156 Rule 1961, Sec 107 )
herein below.
The judgment debtor having failed to repay the amount, notice is hereby given to the
judgment debtor and the public in general that the undersigned has taken possession
of the property described herein below in exercise of powers conferred on him/her
under rule 107 [11 (d-1)] of the Maharashtra Co-operative Societies Rules, 1961 on this RECOVERY OFFICER
10th Day of January of the year 2022 . MAHARASHTRA CO-OPRATIVES SOCIETIES ACT 1960, Act 156, Rule 1961, Rule 107
The judgment debtor in particulars and the public in general is hereby cautioned not to Attached : THE SHIVKRUPA SAHAKARI PATPEDHI LTD., 219 / 3111, Tagor Nagar , Group
deal with the property and any dealings with the property will be subject to the charge of No 01, Dr. Ambedkar Chowk, Vikhroli ( East ), Mumbai 400 083 . Phone :- 022 25746035 FORM “Z”
the Recovery officer Mr. Ashok Lavhaji Phadtare for an amount RS. 12,57,887/- in (See sub-rule 11 (d) (1) of Rule 107)
words (Rs. TWELVE LAKH FIFTY SEVEN THOUSAND EIGHT HUNDRED EIGHTY FORM “Z” Possession Notice For Immovable Property
SEVEN ONLY) and interest thereon. [See sub-rule [11 (d-1)] of rule 107] Whereas the undersigned being the Mr. Rahul V. Kasurde Special
Description of the Immovable Property POSSESSION NOTICE FOR IMMOVABLE PROPERTY Recovery officer, of the Dnyandeep Co-operative Credit Soc. Ltd. Mumbai,
Whereas the undersigned being the Recovery officer of the Mr. Ashok Lavhaji Panvel Branch under the Maharashtra Co-operative Societies Act 1960, Rules
Property No - Room No. 27, Bhim Garjana Chawl, Near Hanuman Mandir, 1961, Sec-156, Rule-107 issued a Demand Notice dated 02/08/2022 calling upon
Nagwadi, Mukund Nagar, P.L. Lokhande Marg, Chembur,Mumbai - 400089. Phadtare under the Maharashtra Co-operative Societies Rules, 1961 issue a demand
the judgment debtor. Mr. Ajay Dharmraj Zuge & Mrs. Aditi Ajay Zuge to repay the
Survey Receipt No. 0674712 ( Area – 110 Sq.Ft. Builtup) notice date 10.10.2019 calling upon the judgment debtor MR. DETHE AMOL BALU, amount mentioned in the Demand Notice issued by this office Rs. 14,74,577/-
MRS. DETHE ROHINI BALU to repay the amount mentioned in the notice being RS. (Rs.Fourteen Lakh Seventy Four Thousand Five Hundred Seventy Seven Only )
Property No.2 - Room No. 14, Chawl No. 6, Hanuman Nagar , Nagewadi,
2,19,325/- in words (Rs. TWO LAKH NINTEEN THOUSAND THREE HUNDRED with date of receipt of the said notice and the judgment debtor having failed to
P.L. Lokhande Marg, Chembur,Mumbai - 400089. repay the amount, the undersigned has issued a notice for attachment dated
TWENTY FIVE ONLY) with date of receipt of the said notice and the judgment debtor
Survey Receipt No. 0668650 ( Area – 108 Sq.Ft. Buitup) 13/10/2022 and attached the property described herein below.
having failed to repay amount, the undersigned has issue a notice for attachment date
Date :- 21.12.2022 Sd- 04.11.2019 And attached the property describe herein below. The judgment debtor having failed to repay the amount, notice is
Place :- CHEMBUR (MR. ASHOK LAVHAJI PHADTARE) hereby given to the judgment debtor and the public in general that the undersigned
The judgment debtor having failed to repay the amount, notice is hereby given to the has taken possession of 107 (11) (d) (1) of the Maharashtra Co- operative
Recovery Officer judgment debtor and the public in general that the undersigned has taken possession
( Maharashtra Co – op Societies Act 1960 Societies Rules.
Act 156 Rule 1961, Sec 107 ) of the property described herein below in exercise of powers conferred on him/her The judgment debtor in particular and the public in general is hereby
under rule 107 [11 (d-1)] of the Maharashtra Co-operative Societies Rules, 1961 on this given to the judgment debtor and the public in general that the undersigned has
28th Day of September of the year 2022. taken possession of 107 (11) (d) (1) of the Maharashtra Co- operative Societies
The judgment debtor in particulars and the public in general is hereby cautioned not to Rules, 1961.
The judgment debtor in particular and the public in general is hereby
deal with the property and any dealings with the property will be subject to the charge of cautioned not to deal with the property and dealings with the property will be
the Recovery officer Mr. Ashok Lavhaji Phadtare Mumbai for an amount RS. 2,22,900/- subject to the charges of the Dnyandeep Co-operative Credit Society Ltd.
in words (Rs. TWO LAKH TWENTY TWO THOUSAND NINE HUNDRED ONLY) Mumbai. for an amount Rs. 13,93,808/- (Rs.Thirteen Lakh Ninety Three
and interest thereon. Thousand Eight Hundred Eight only) and interest thereon.
Description of the Immovable Property Description of the Immovable Property
Room No. 4,1/4, Sukh Shanti Chawl, Mukund Nagar, All that part and parcel of the property consisting of: –
Near Shankararay Temple, Chembur, Mumbai 400089. Flat No. C-04, 2nd Floor, Sahayog Nagar CHS C.T.S. No.738, 379A, 739B,
739/1,740,741 Tal-Panvel,Dist-Raigad pincode No.410 206. (Area of Carpat
Survey Receipt No. 0675489 ( Area – 384 Sq.Ft.) 269.06 Sq.Fts.,)
Date :- 21.12.2022 Sd- Sd/-
Place :- CHEMBUR (MR. ASHOK LAVHAJI PHADTARE) Date : 23/12/2022
Recovery Officer Place : Panvel Rahul V Kasurde,
( Maharashtra Co – op Societies Act 1960 Special Recovery Officer
Act 156 Rule 1961, Sec 107 ) ( Maharashtra Co-Op. Societies
Act 1960 Section 156 & Rules 1961, Rule 107)
.
MUMBAI | FRIDAY, 23 DECEMBER 2022 17
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EXH. - 139
REGD.A/D/DASTI/AFFIXATION/BEAT OF DRUM & PUBLICATION/NOITCE BOARD OF DRT
SALE PROCLAMATION
OFFICE OF THE RECOVERY OFFICER-I DEBTS RECOVERY TRIBUNAL-I, MUMBAI
MTNL Bhavan, 2nd Floor, Colaba Market, Colaba, Mumbai- 400 005.
R.P. No. 107 of 2005 Dated: 21.12.2022
PROCLAMATION OF SALE UNDER RULES 38, 52(2) OF SECOND SCHEDULE TO THE INCOME
TAX ACT. 1961 READ WITH THE RECOVERY OF DEBTS AND BANKRUPTCY ACT, 1993.
Indian Bank ]....... Certificate Holders
V/S
Centaur Exports & Ors. ]...... Certificate Debtors
(CD NO. 1) M/s. Centaur Exports, 14, Nutan Laxmi Society, N.S. Road No. 9, Vile Parle Mumbai - 400 049. (CD NO. 2) Hemant Direndra
Kotak. (CD NO. 3) Sharad Vasant Kotak. (CD NO. 4) Anil Dhirendra Kotak. (CD NO. 5) Dilip Vasant Kotak, Residing at 14, Nutan Laxmi
Society, N.S. Road No.9, Vile Parle, Mumbai - 400 049. (CD NO. 6) Geeta Jadhavji, Krishna Kunj, 14, Nutan Laxmi Society, N. S. Road No. 9,
Vile Parle, Mumbai - 400 049.(CD NO. 7) Praful Haridas Ganatra, Residing at 14, Chowpatty View Morvi Lane,Chowpatty, Mumbai - 400 007.
(CD NO. 8) Sujata Hasmukh Vikani, Residing at 302, Manish Apartment, Mathuradas Road, Kandivli (West), Mumbai - 400 049.
(CD NO. 9) Pankaj Amratlal Popat, having his address at 14, Nutan Laxmi Society, N. S. Road No. 9, Vile Parle, Mumbai - 400 049,
(CD NO. 10) Prashant Haridas Ganatra, Residing at 14, Chowpatty View Morvi Lane, Chowpatty, Mumbai - 400 007 and carrying on
business at C/o M/s. Centaur Exports, Upasana Kadri Kambla Cross Road, Mangalore - 575 004, Karnataka (CD NO. 11) Dhirendra G.
Kotak. (CD NO. 12) Vasant G. Kotak, Both Residing at 14, Nutan Laxmi Society, N.S. Road, 9, JVPD Scheme, 9th Road, Mumbai - 400 049.
(CD NO. 13) Jamnadas Dayalji Ganatra (deceased). (A) Mr.Tansukhlal Jamnadas Ganatra. (B) Mr. Rasiklal Jamnadas Ganatra.
(C) Mr. Jagdishhai Jamnadas Ganatra. (D) Mr. Vinodbhai Jamnadas Ganatra. (E) Mr. Rashmikant Jamnadas Ganatra. (F) Mrs.
Jayawantiben Jamnadas Ganatra. (G) Mrs. Kundanben Jamnadas Ganatra. (H) Mrs. Rajniben Jamnadas Ganatra, Residing at
22, Prahlad Plot, Rajkot 360 001 (All heirs and legal) Representatives of the deceased Defendant No.14).
(CD NO. 14) Damodardas Dayalji Ganatra, (A) Devidas Damodar Ganatra, Amrutprabha Apartmnet, above Ramakrishna Dairy,
Dr. Yagnik Road, Rajkot - 360 002. (B) Narendra (Ramesh) Dadmodardas, Ganatra Amrut, Opp : Rajyog, Mangla Road, Rajkot -
360 002. (C) Mahesh Damodardas Ganatra, Shanti Amrut, 1/7, Ramkrishna Nagar, Rajkot - 360 002. (D) Shri Kalaben Mukunda
Bhuddadev, “Ohm” Bholeshwar Society, Opp : Marleshwar Mandir, Behind Radio Colony, Jamnaga Road, Rajkot - 360 001. (E) Smt. Sharmila
Girishkumar Kanabar, D/103, Rahul Apartment, S. V. Road Opp : Shopper’s Stop, Andheri (West), Mumbai - 400 058. (F) Dr. Naina
Shirish Dave, “Anand” 11, Raghuvir Nagar, Rina Park, Tithal Road, Valsad 396 001.
(CD NO. 15) Kanaiyalal Dayalji Ganatra, Residing at 22, Prahlal Plot, Rajkot - 360 001. (CD NO. 16) Haridas Dayalji Ganatra,
Residing at Ashirvad, Near Rajngar Society, Ahmedabad - 380 007. (CD NO. 17) Hemkuvar Vasant Kotak (Deceased),
(CD NO. 18) Lilavati Dhirendra Kotak, 14, Nutan Laxmi Society, N.S. Road No.9, J.V.P.D Scheme, Mumbai - 400 049.
(CD NO. 19) Vimla Manilal Nalwaya. (CD NO. 20) Manilal Bhoprajji Nalwaya. (CD NO. 21) Ajit Bhooprajji Nalwaya.
(CD NO. 22) Vimalchandra Bhooprajji Nalwaya. (CD NO. 23) Shitalchandra Bhooprajji Nalwaya, Residing at Chhoti Sadari,
Rajasthan. AND (CD NO. 24) Manisha Nalwaya, (Daughter), Residing at C/o Ajit Nalwaya, 504, Gaurav Vihar, Gaurav Garden
Complex Bunder Pakhadi Road, Kandivali (West), Mumbai - 400 067 to the extent of the Estate of the Defendant No. 20 coming
to her hands. (CD NO. 25) Mahipal Singh Nalwaya, (Son), Residing at C/o. Ajit Nalwaya, 504, Gaurav Vihar, Gaurav Garden
Complex, Bunder Pakhadi Road, Kandivali West Mumbai - 400 067 to the extent of the Estate of the Defendant No. 20 coming to his
hands. (CD NO. 26) Anupama Nalwaya, (Daughter), Residing at C/o Ajit Nalwaya, 504, Gaurav Vihar, Gaurav Garden Complex,
Bunder Pakhadi Road, Kandivali West Mumbai - 400 067 to the extent of the Estate of the Defendant No. 20 coming to her hands.
(CD NO. 27) Mahendrapal Singh Nalwaya Residing at C/o Ajit Nalwaya, 504, Gaurav Vihar, Gaurav Garden Complex, Bunder
Pakhadi Road, Kandivali (West) Mumbai - 400 067 to the extent of the Estate of the Defendant No. 20 coming to his hands.
Whereas Hon’ble Presiding Officer, Debts Recovery Tribunal No. I Mumbai has drawn up the Recovery Certificate in Original
Application No. 2868 of 2000 for Recovery of Rs. 4,26,55,511.40 (Rupees Four Crores Twenty Six Lakhs Fifty Five Thousand Five
Hundred Eleven And Paise Forty Only) with interest and cost from the Certificate debtors is recoverable together with further interest
and charges as per the Recovery Certificate/Decree.
And whereas the undersigned has ordered the sale of the property mentioned in the Schedule below in satisfaction of
the said certificate.
And whereas a sum Rs. 8,21,88,405.06 (Rupees Eight Crores Twenty One Lakhs Eighty Eight Thousand Four Hundred Five
And Paise Six Only) is due as on 13th December, 2022, inclusive of cost and interest thereon.
1. Notice is hereby given that in absence of any order of postponement, the said property shall be sold on 24th January, 2023 between
02.00 PM to 4:00 PM (with auto extension clause in case of bid in last 5 minutes before closing, if required) by e- auction and bidding
shall take place through “On line Electronic Bidding” through the website of M/s. E - Procurement Technologies Ltd. - Auction Tiger,
B-704, Wall Street - II, Opp. Orient Club, Nr. Gujarat College, Ellis Bridge, Ahmedabad - 380006 Website - www.drt.auctiontiger.net,
Email - ramprasad@auctiontiger.net and support@auctiontiger.net . Contact Person - Mr. Ram Sharma Mobile: +91 99785 91888.
2. For further details contact Shri Santosh Shrivastava, Chief Manager Indian Bank, Stressed Asset Management Branch, Office
No.703, 7th Floor, Mittal Tower, Nariman Point, Mumbai - 400 021 Mobile No. 7076297530.
3. The sale will be of the property of the Defendant above named as mentioned in the schedule below and the liabilities and claims
attaching to the said property, so far as they have been ascertained, are those specified in the schedule.
4. The property will be put up for the sale specified in the schedule herein below. If the amount to be realized (sale proceeds) is
satisfied by the sale of portion of the property, the sale shall be immediately stopped with respect to the remainder. The sale also be
stopped if, before any bid is knocked down, the arrears mentioned in the said certificate, interest costs (including cost of the sale) are
tendered to the officer conducting the sale or proof is given to his satisfaction that the amount of such certificate, interest and costs
have been paid to the undersigned.
5. No officer or other person, having any duty to perform in connection with sale, either directly or indirectly bid for, acquire or
attempt to acquire any interest in the property sold. The sale shall be subject to the conditions prescribed in Second Schedule of the
Income Tax Act, 1961 and the rules made there under and to the further following conditions.
6. The particulars specified in the annexed schedule have been stated to the best of the information of the undersigned, but the
undersigned shall not be answerable for any error, mis-statement or omission on this proclamation.
The assets shall be auctioned as per the following details: -
No. of Date of Reserve EMD Increment
Description of the property
Lots Inspection Price Rs. Amount Rs. Bid
All that piece and parcel of land at Chhoti Sadri District
Chittodgar, Rajasthan known as Cotton Ginning and pressing Rs.
17.01.2023 Rs. Rs.
1. factory comprising of 35 Bighas bearing Old Khasra No.330 10,00,000/-
11.AM to 4.00 PM 6,30,00,000/- 63,00,000/-
and New Khasra No. 345, 345/2379, 345/2380 and 343 (Ten Lakhs)
together with the structures and building thereon.
7.The highest bidder shall be declared to be the purchaser of any lot. It shall be in the discretion of the undersigned to decline/
acceptance of the highest bid when the price offered appears so clearly inadequate as to make it inadvisable to do so.
8. The public at large is hereby invited to bid in the said E- Action. The online offers along with EMD, is payable by way of RTGS/
NEFT in the Account No. 465809943, in the name of Indian Bank, Stressed Assets Management Branch, Office No.703, 7th floor,
Mittal Chamber, Nariman Point Branch, Mumbai - 400 021. IFSC Code No. IDIB000N052 of the Certificate Holder Bank at Mumbai.
Attested photocopy of TAN/PAN Card and Address Proof shall be uploaded with the online offer. The last date for submission of online
offers along with EMD and the other information/details is 21.01.2023 till 4:30 p.m. The physical inspection of the immovable property
mentioned herein below may be taken on 17.01.2023 between 11.00 a.m. to 4:00 p.m. at the property site.
9. The copy of PAN Card, Address proof and identity proof, E-Mail ID, Mobile No. and declaration if they are bidding on their own
behalf or on behalf of their principals. In the latter case, they shall be required to deposit their authority and in default their bids shall be
rejected. In case of the company copy of resolution passed by the board members of the company or any other document confirming
representation/attorney of the company and the receipt/counter file of such deposit should reach to the said service provider CH Bank
by e-mail or otherwise by the said date.
10. Physical copy of originally signed Auctioned Bid Form along with KYC Documents i.e. Pan card, address proof and identity proof,
E mail ID, Mobile No. and declaration shall be submitted before the Recovery Officer - I, Debt Recovery Tribunal - I, Mumbai in sealed
cover on or before 21/01/2023 up to 4.30 pm failing which bid shall be rejected.
11. The successful bidder shall have to deposit 25% of his final bid amount after adjustment of EMD by next bank working day by
4:30 P.M from the date of auction in the said account as per detail mentioned in the para - 4 above.
12. The purchaser shall deposit the balance 75% of final bid amount on or before 15th day from the date of sale of the property.
If the 15th day is Sunday or other Holiday, then on the first bank working day after the 15th day by prescribed mode as stated in
para 3 above. In addition the Purchaser will be required to pay TDS in addition to purchase price of immovable property (present rate
of TDS is 1%). In addition to the above the purchaser shall also deposit poundage fee with Recovery Officer-I, DRT-I @ 2% upto
Rs.1,000/- and @ 1% of the excess of said amount of Rs.1,000/- through DD in favour of Registrar, DRT-I, Mumbai.
13.In case of default of payment within the prescribed period, the deposit, after defraying the expenses of the sale, may, if the
undersigned thinks fit, be forfeited to the Government and the defaulting purchaser shall forfeit all claims to the property or the amount
deposited. The property shall be resold, after the issue of fresh proclamation of sale. Further the purchaser shall also be liable to
make good of any shortfall or difference between his final bid amount and the price for which it is subsequently sold.
14. The refund of EMD to the unsuccessful bidders at the close of auction shall be made only in the account number mentioned by
such bidder by the concerned bank.
15. The property is being sold on “AS IS WHERE IS BASIS” AND “AS IS WHAT IS BASIS AND NO RECOURSE BASIS”.
16. The undersigned reserves the right to accept or reject any or all bids if found unreasonable or postpone the auction at any time
without assigning any reason.
No. Description of the property to be sold with Revenue Details of any other Claims, if any, which have been
of the names of the co-owners where the assessed upon encumbrance to put forward to the property, and
Lots property belongs to defaulter and any other the property or which property is any other known particulars
person as co-owners any part thereof liable bearing on its nature and value
1 2 3 4 5
All that piece and parcel of land at Chhoti Sadri
District Chittodgar, Rajasthan known as Cotton
Ginning and pressing factory comprising of
1. 35 Bighas bearing Old Khasra No. 330 and Not availabe Not known Not known
New Khasra No. 345, 345/2379, 345/2380 and
343 together with the structures and building
thereon.
Given under my hand and seal on this 21st day of December, 2022
SEAL
Sd/-
(AJEET TRIPATHI), Recovery Officer - I DRT–I, Mumbai.
18
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 1
.
MUMBAI | FRIDAY, 23 DECEMBER 2022 TAKE TWO 19 <

Toy makers face a After Core Scientific,

different varieties of toys pro-
cured only 33 per cent passed
quality tests with 67 per cent
failing to make the cut. It cited
that 30 per cent of plastic toys
and 45 per cent soft toys failed
more cryptocurrency
‘glocal’ challenge
to meet the safety standards of
admissible levels of phthalates
(a group of chemicals used
to make plastics more durable)
and heavy metals. Industry
experts indicate that the issue
miners may fall
seems to be far from over RAGHAV AGGARWAL among the primary reasons credit of these mining
Local manufacturers have blossomed under new government policy but are yet because Chinese toys are New Delhi, 22 December that may lead to more Bitcoin companies in future,” Bhalla
still available in the Indian mining firms shutting down. added.
to significantly move up the quality value chain or reduce dependence on China market and only around 1,000 US-based listed cryptocur- For every 210,000 blocks
local manufacturers have rency mining firm Core mined every four years, the Will it impact the crypto
SHINE JACOB registered under BIS, despite Scientific on Wednesday filed block reward given to miners market?
Chennai, 22 December TOY STORY widespread campaigning by for bankruptcy, blaming fall- is cut in half. This is called “Crypto miners shutting shop
IMPORT BREAK-UP the authorities. On the ing Bitcoin prices, rising Bitcoin halving. has essentially negligible

U
ntil recently, n Overall imports n Chinese imports ($ mn) other hand, there are only a energy costs and $7 million “With the Bitcoin halving impact on the movements
Bengaluru-based handful of registered overseas unpaid debt from crypto happening every four years, of the crypto industry,” Patel
645.63
Shumee Toys, manufacturers. lender Celsius Network. the rewards for said.
which makes eco- “Right now, there are too Earlier in July, Celsius also Bitcoin miners Most of the
friendly toys, Ahmedabad-
562.14 many Chinese toys in India filed for bankruptcy. will keep decreas-
Bitcoin’s
cryptocurrencies
halving,
based ARKidzoo Company, despite BIS norms. Some are They are not likely to be ing. Therefore, we have shifted from
451.71 which
which focuses on flash cards coming in the CKD (com- exceptions, as the crypto are likely to wit- a proof-of-work
happens every
and story books using aug- 407.25 pletely knocked down or deliv- industry may continue to see ness several mechanism to a
402.27 392.92 four years, is
mented reality, and Pune- ered in parts and assembled at a fall of firms amid the ongo- Bitcoin mining proof-of-stake
key reason
based Funvention that looks to the destination) or SKD (semi- ing contagion, experts told organisations (PoS) mechanism.
that may lead
raise interest of kids in studies 289.72 knocked down or partially- Business Standard. shutting shop and Under PoS,
to more firms
through toys and puzzles were 246.74 assembled) form,” said Ajay In 2022 alone, the shares moving towards verification of
234.91 shutting down
all little-known start-ups. Aggarwal, TAI president. of Core Scientific have dipped other profitable transactions can
Earlier this year, however, Significantly, mass manufac- 98 per cent, shrinking its mar- avenues. That is be done by a
Prime Minister Narendra Modi 140.90 turers are not prepared to ket cap to about $78 million the way the Bitcoin algorithm wider number of people. It
noted their names in his come under the BIS umbrella from over $7 billion at the was designed,” Patel added. does not require miners to
“Mann ki Baat” radio address owing to the level of paper- start of the year. “It may trigger sell-off in give proof of their capital.
that stressed his “vocal for work this exercise entails and “Core Scientific is not the the shares of other publicly This shift will cushion the
local” campaign. They were, he the heavy compliances burden only BTC (Bitcoin) miner that traded Bitcoin mining com- impact on the market.
said, examples of the growing 2018-19 2019-20 2020-21 2021-22 2022-23* it imposes. One estimate says has faced bankruptcy this panies as investors would cut “Other than Bitcoin, sev-
*April to October Source: Department of Commerce
interest of start-ups and local that the country has around year. In September, we also their exposure in these com- eral other cryptocurrencies
manufacturers in the toy sec- 6,000 toy manufacturers, with saw Compute North filing for panies,” said Deepanshu follow a PoS consensus mech-
tor. They are also among the for this import-export shift is Chinese imports. countries in the coming a majority of them under the bankruptcy,” said Edul Patel, Bhalla, director at The Virtual anism. PoS does not involve
major gainers of the govern- a sharp increase in basic cus- According to the Toy months,” said R Jeswant, chief micro, small and medium chief executive officer and co- Compliance, a law, regula- mining. Even the largest alt-
ment’s efforts to focus on the toms duty from 20 Association of executive officer of Chennai- enterprises segment. founder of crypto investment tions and taxation firm. coin blockchain, Ethereum,
“toyconomy” to reduce “the 80 to 60 per cent in Chinese toys are India (TAI), the based Funskool. In a sign that the Chinese platform Mudrex. “Lenders also need to recently shifted away to a POS
per cent dependence” on February 2020. still available in the size of the indus- Funskool, a subsidiary of dependence is far from over, “Bitcoin halving” will be rethink how they evaluate the mechanism,” Patel added.
Chinese imports at that time. This was followed Indian market and try was around tyre major MRF, is part of the industry players are also cit-
The transformation has by the decision to only around 1,000 ~20,000 crore in large organised section of the ing a shortage of electronic
been remarkable. In the last bring toys under local manufacturers retail value in toy industry. But now, industry toys in the country. “In India,
four years (starting 2018-19),
India’s imports of toys, games
and sports requisites and their
compulsory have registered
Bureau of Indian under BIS, despite
Standards (BIS) widespread
2020, of which
only around
~5,000 crore came
sources indicate that with
imports reducing, local
manufacturing and the
the number of electronic
manufacturers is relatively
low. We are specially import-
DGCA surveillance Validation Mission (ICVM) of
India was conducted in
November.
parts and accessories declined
39 per cent (see chart). In the
certification start-
ing January 1,
campaigning from local man-
ufacturing. Based
involvement of more micro
entrepreneurs and start-ups is
ing chips and ICs (integrated
circuits) from countries like count for ’22 at 4,378 “As part of its safety over-
sight responsibilities, DGCA
same period, Chinese imports, 2021. Under this, on a report by on the rise. More than 100 new China, Taiwan and Hong has undertaken 4,378 surveil-
too, dipped 45 per cent from every toy manufactured or IMARC, a market research registered manufacturers Kong. We have suggested to PRESS TRUST OF INDIA operators — GSEC Monarch lance activities (3,013 planned
$451.71 million to $246.74 mil- sold in India needs conform to company, the Indian toys entered the sector in the last the government that we can New Delhi, 22 December and Deccan Aviation (India and 1,365 unplanned) up to
lion in 2021-22. More to the the requirements of relevant market size reached $1.5 bil- two years and local production hire a company to make IC One Air) on June 24, SNV 22nd December, 2022, which
point, in the case of only toys, Indian standards and bear the lion in 2022 and may touch has gone up 20-30 per cent and chips for the local toy The aviation regulator on Aviation Pvt Ltd (Akasa Air) is the highest ever number of
exports increased 61.38 per standard mark (ISO) under a $3 billion by 2028, a com- according to TAI. manufacturers and we can Thursday said it had carried out on July 7 and Quikjet Cargo surveillance activities under-
cent from $202 million in 2018- licence. This quality control pounded annual growth rate BIS norms were introduced export also,” Aggarwal added. 4,378 surveillance activities so Airlines Pvt Ltd (Quikjet) on taken during a year... the activ-
19 to $326 million in 2021-22. became applicable to both (CAGR) of 12.2 per cent. “We after a study by the Quality Tellingly, despite the new- far this year as part of its safety December 12. ities include safety audits,
Imports of toys alone have domestic and overseas man- are seeing a rise in our Council of India, an autono- found focus in the sector, oversight responsibilities. In a statement mentioning ramp inspections, spot checks,
dropped 70 per cent from $371 ufacturers. These two deci- sales numbers. At present, mous organisation under the India still lacks a research and This year, the watchdog its performance in 2022, the night surveillance,” it said.
million in 2018-19 to $110 mil- sions turned out to be the we are exporting to around 30 Department for Promotion of development (R&D) centre or has so far issued air operator Directorate General of Civil Meanwhile, the total
lion in 2021-22. game-changer for the industry countries and are planning Industry and Internal Trade, a design institute to drive the permits for scheduled air Aviation (DGCA) also said number of licences/ratings
One of the major reasons in terms of competing with to increase it to around 40 in 2019 showed that out of 121 changes in the sector. transport service to three that ICAO’s Coordinated issued this year touched 9,560.

NOTICE

NOTICE is hereby given that DSP Trustee Private Limited, the Trustee to DSP Mutual Fund (‘Fund’) has approved the distribution under Income Distribution cum
Capital Withdrawal (‘IDCW’) Option(s) of the below mentioned scheme(s) of the Fund.

Record Date: December 28, 2022

Net Asset Value (‘NAV’) as
Quantum of IDCW Face Value
Name of Scheme(s) Plan(s) Option(s) on December 21, 2022
(` per Unit)# (`per Unit)
(`per unit)
DSP Regular Savings Fund Regular Quarterly IDCW 0.225969 10 11.2985
DSP Regular Savings Fund Direct Quarterly IDCW 0.225969 10 13.0142
DSP Ultra Short Fund Regular IDCW 14.122100 1000 1108.0188
DSP Ultra Short Fund Direct IDCW 16.019500 1000 1118.8802
DSP Credit Risk Fund Regular Quarterly IDCW 0.162800 10 10.9596
DSP Credit Risk Fund Direct Quarterly IDCW 0.182300 10 11.0682
DSP Banking and PSU Debt Fund Regular Quarterly IDCW 0.141600 10 10.3016
DSP Banking and PSU Debt Fund Direct Quarterly IDCW 0.148000 10 10.3080
DSP 10 Y G-Sec Fund Direct Quarterly IDCW 0.020800 10 10.7533
DSP Low Duration Fund Regular Quarterly IDCW 0.144100 10 10.7191
DSP Low Duration Fund Direct Quarterly IDCW 0.151800 10 10.7495
DSP Corporate Bond Fund Direct Quarterly IDCW 0.144600 10 11.2521
DSP Corporate Bond Fund Regular Quarterly IDCW 0.116900 10 10.5992
DSP Equity Savings Fund Regular Quarterly IDCW 0.190000 10 12.644
DSP Equity Savings Fund Direct Quarterly IDCW 0.190000 10 14.969
DSP Equity and Bond Fund Regular IDCW 0.200000 10 24.454
DSP Equity and Bond Fund Direct IDCW 0.200000 10 51.689
#
The per unit rate is same for individual and other category of investors.

Distribution of the above IDCW is subject to the availability and adequacy of distributable surplus.

Pursuant to payment of IDCW, the NAV of the IDCW Option(s) of the aforesaid Scheme(s) of the Fund would fall to the extent of payout and statutory
levy, if any.

IDCW amount will be paid to all those Unit Holders/Beneficial Owners whose names appear in the records of the Registrar and Transfer Agent, Computer Age
Management Services Limited/statement of Beneficiary Owners maintained by the Depositories under the IDCW Option(s) of the aforesaid Scheme(s) as on
the Record Date. The Payout shall be subject to tax deducted at source (TDS) as applicable.

Unit holders are advised to update change of address / bank details, if any, with depository participant(s) in advance of the Record Date.

Any queries/clarifications in this regard may be addressed to:

DSP Investment Managers Private Limited (“AMC”)
CIN: U74140MH1996PTC099483
Investment Manager for DSP Mutual Fund
Mafatlal Centre, 10th Floor, Nariman Point, Mumbai 400 021
Tel. No.: 91-22 66578000, Fax No.: 91-22 66578181
Toll-free: 1800 208 4499 or 1800 200 4499
Email ID: service@dspim.com Website: www.dspim.com

Unit holders are requested to update their PAN, KYC, email address, mobile number, nominee details with AMC and are also advised to link their PAN with
Aadhaar Number. Further, Unit holders can view the Investor Charter available on website of the Fund as well as check for any unclaimed redemptions or
Income Distribution cum Capital Withdrawal (‘IDCW’) payments.

Place: Mumbai
Date: December 22, 2022
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
20
>
MUMBAI | FRIDAY, 23 DECEMBER 2022 1

As Covid cases fall, Indians Gulf migrants tapped to

smuggle gold, narcotics
drag feet on booster shots spike surprises officials
With an average of less than 153 cases daily, complacency setting in
SUBHOMOY BHATTACHARJEE
SOHINI DAS, ISHAAN GERA &
PTI
New Delhi, 22 December DRUG HAUL
RUCHIKA CHITRAVANSHI Category of FY19 FY21 FY22
Mumbai/New Delhi, 22 December A “lot of” out-of-job Indian migrants drugs seized No of Quantity No of Quantity No of Quantity
to Gulf countries have been used items (kg) items (kg) items (kg)

N
early 600,000 daily fresh by smugglers to ship gold into
cases of Covid-19 are being India, says a report titled
Khat leaves/ganja/
51 34,869.90 47 48,460.40 43 23,607
reported daily elsewhere in “Smuggling in India” released by hashish/charas
the world, but Indians do not seem the Directorate of Revenue Cocaine/heroin/
to be interested in taking booster Intelligence (DRI) recently. opium 9 4,019 12 207.06 45 3,720.92
vaccine shots. But while gold smuggling gets a Psychotropic
The reason for the complacen- lot of attention, officials said they
substances 10 353.34 17 443.58 6 890.6
cy could be that the country is were more concerned with the clear
reporting an average of 153 cases rise in smuggling of narcotics, as the Precursors and
related chemicals 2 549.79 7 104.68 6 115.8
daily. The state machinery has spr- data shows (see table).
ung back to action, with states and There has been a spurt in the Source: DRI
the centre holding high-level re- quantity of cocaine, heroin, opium
view meetings. India has inoculat- INDIA’S BOOSTER UPTAKE LOW, LESS THAN 30,000 BOOSTER and more processed psychotropic sites for concealment. A 66-kg con- using the desperation of Indians
ed 90 percent of the eligible popul- substances like fentanyl that were signment of gold was “concealed in stuck abroad to smuggle gold.
ation: a number that includes 20
HAS REMAINED FLAT SHOTS DAILY IN DECEMBER seized, indicating increased traffic the fuel tank of a truck (found) in Accordingly, during several inter-
million precaution doses, the n Sep 19,’22 n Dec 20,’22 (Doses per 100 people) (Average daily booster doses in India) in these items. New Delhi. The gold had been ceptions made of passengers found
name given for the third shot. As The menace prompted a “short- smuggled into India through the to be carrying gold, it was noticed
77.00

many as 2.2 billion Covid-19 vacc- 3,000,000 duration” discussion in Lok Sabha Myanmar border and was being that many of the carriers were reg-
71.70
68.30

ine doses have been administered this week. Home Minister Amit transported to Punjab. The gold had ular blue-collar workers in the Gulf
63.80

in the country since the beginning 22,132 Shah in his reply acknowledged to be carefully extracted from the countries, some of whom had lost
55.00
56.90
35.40

of the drive in January 2021, said 2,000,000 that the problem has become a fuel tanks after cutting them open”. their jobs due to the pandemic”.
26.40

the health ministry on Thursday. “serious one”. He, however, held out In another case, smugglers created As checks on air cargo have tak-
A Business Standard analysis 529,268 hope that the government had been a cavity deep inside the dashboard en the lure out of traditional routes
15.70

1,000,000
13.70

found that India administered less able to “map” the drug network of a Hyundai Creta car, for instance. of traffic in contrabands, there has
6.50

than 30,000 booster doses daily in across the states. “No In other cases, “offi- also been a significant shift in the
6.20

December. India’s vaccine cover- matter how big the cers of DRI seized 10 country of origin for gold smug-
age has been flat in the last two 0 criminal is, in the next Officials involved kg concealed in the gling. Whereas gold had usually
months, data showed. India Bangladesh France Germany Brazil South Africa Jan 8-Jan 14,’22 Dec 17-Dec 23,’22 two years there will be said they were hollow-pipe used to travelled clandestinely from the
India’s booster coverage Source: Our World in Data Data till December 22, 10 am Source: CoWin Dashboard a situation where they surprised at attach the carrier of Gulf countries, both in FY21 and
increased from 13.7 booster dose will be behind bars,” how quickly the van”. They also FY22 the largest amount of gold —
per 100 people on September 19 to quartered in Bengaluru. patients,” he added. further confuses individuals he added. the smugglers now conceal gold big at 37 per cent of the seizures by DRI
15.7 booster dose per 100 people as Doctors said there is no need to A survey by LocalCircles cover- because they were told that a com- The annual report appraised the time by moulding — was from Myanmar. While that
of December 20. In comparison, panic, but it was important to be ing more than 19,000 respondents plete immunisation required two for 2021-22 released by Covid situation them into parts of route was notorious over the years,
Bangladesh improved its count on guard. Medical professionals across the country between Octo- doses,” said Dr Arunesh Kumar, Finance Minister to recruit migrant machineries and for a broad range of drug imports,
from 26.4 doses per 100 people to advised that those returning from ber 1 and December 20 found that HOD Department of Pulmonology Nirmala Sitharaman workers to painting those over to the addition of gold to it has caused
35.4 doses per 100 people in the Qatar after the World Cup should 28 per cent Indians have taken & Respiratory Medicine, Paras goes into granular ship gold pass off as trade con- more concerns.
same period. Germany went from be tested. booster doses. Around 53 per cent Hospitals, Gurugram. details of how smug- signments. “Myanmar is not particularly
71.7 shots per 100 people to 77 shots “There is a good cohort of have not and do not plan to either. He added that clinically they gling has massively For narcotics, traf- famous for dealing in gold and also
per 100 people. hybrid immunity. We have taken “Reports of many sudden deaths would advise people to take boost- diversified. ficking of heroin through trade does not have a significant migrant
Private hospitals in India said boosters. Those who have not tak- in young and middle aged across ers every six months. Smuggled gold now comes from routes is now moving into container Indian population to exploit. The
that there had been no demand en it must take the third shot. We the country in the last three mon- “People may be more willing to Myanmar instead of West Asia, cargo by sea. “It has also been seizures of gold of that scale means
uptick in the last two months should wear masks in crowded ths and some attributing the same take a booster dosage after receiv- motor parts are often painted over observed that they conceal the either the smugglers have changed
when China’s Covid-19 situation areas,” said Dr Bishnu Panigrahi, to the vaccine combined with dec- ing counselling on the benefits of to cover the gold inside, and cartons drugs in such legitimate goods, routes or some countries are pushing
started unfolding. group head, medical strategy and line in Covid cases has led to more doing so. Every six months, we of pomegranate juice from whose price is very less and have the metal into India,” said an official.
“Although we have not seen an operations, Fortis Healthcare. people becoming reluctant to take advise patients to take a booster Afghanistan contain heroin and are similar appearance,” said an official. Globally, the number of illegal
increase in off take in booster doses As for booster shots, Panigrahi the booster dose,” said Sachin dosage. Every six months, I per- often shipped from Bandar Abbas In the huge haul of 2,988 kg at drug users is about 284 million,
in the last month, I would think it said, “We are not seeing any rush Taparia, founder of LocalCircles, a sonally take a booster dosage since port in Iran. Mundra port in September 2021, the according to a report by the United
will pick up now with the news of at this point in time.” community social media platform. new infections might arise with The report gives details of how consignment was hidden in talc. Nations Office on Drugs and Crime
outbreaks in other countries and Fortis plans to send an advisory “Covid is currently perceived as new variants. Although there has cars have been essentially scooped Officials involved said they were earlier in 2022.
consequent higher state of alert- for its entire staff to adhere to a minor illness, and many are not yet been a spike in demand for out to create containers to traffic surprised at how quickly the smug- The numbers in India, especially
ness in India,” said Dilip Jose, man- Covid-19 appropriate behaviour in debating whether taking a precau- booster dosage, there is always a illegal goods. Fuel tanks, dashboard, glers appraised the Covid situation for opium related ones, is estimated
aging director and chief executive the hospital. “We will test for Covid tionary dosage is actually neces- need for a booster dose in general,” AC filters, seats, wheel axle, chassis to recruit migrant workers to ship at one of the highest in the world
officer of Manipal Hospitals head- if we see any flu-like symptoms in sary. The word precaution dosage Kumar said. cavity and spare tyres are all useful gold. “Criminal masterminds began by the same report.

Chello Show, RRR hit Available 74% shares

of a BSE Listed

song among 4 Indian Company with a

capital of less than
Rs. 1 Crore with

entries in Oscar shortlist 4000 Sq Feet

of office premises in
Ballard Estate.
For details please contact at:
officesales2022@gmail.com

PRESS TRUST OF INDIA language) category: Lagaan (2001), Salaam

New Delhi, 22 December Bombay! (1988), and Mother India (1957).
According to the Academy’s official
India has four entries, including one for website, Chhello Show will compete with
Chhello Show for best international film and 14 films, including Argentina, 1985
Naatu Naatu from the blockbuster RRR in the (Argentina), Decision to Leave (South Korea),
music (original song) categories, in the Oscars All Quiet on the Western Front (Germany),
shortlist announced on Thursday. and Close (Belgium).
Besides the Gujarati film and the popular As part of the music (original song) Oscars
Telugu song, All That Breathes has made it to shortlist, Naatu Naatu will face off with 14
the documentary feature shortlist and The tracks. These include Nothing Is Lost (You
Elephant Whisperers in the documentary Give Me Strength) from Avatar: The Way of
short category, the Water, Lift Me Up from
Academy of Motion Black Panther: Wakanda
Picture Arts and Sciences Forever, and Carolina
announced. from Where the
This is perhaps the Crawdads Sing.
first time India has made “Here we go…
it to four Oscar shortlists, #NaatuNaatu becomes
the stage before the first Indian song to be
nominations. shortlisted for the
The shortlists were Academy Awards!
announced in 10 THANK YOU everyone
categories: documentary for supporting us
feature film, throughout our journey,”
documentary short film, the makers said in a
international feature statement shared on the
film, makeup and official Twitter page
hairstyling, music Stills from the Gujarati film, of RRR.
(original score), music Chello Show (top) and RRR. Jai Ho from the 2008
(original song), animated Other Indian entries include All British film Slumdog
short film, live action That Breathes (documentary Millionaire, directed by
short film, sound, and feature) and The Elephant Danny Boyle, was the
visual effects. Whisperers (documentary short) first Hindi song to win
Each shortlist has an Academy Award in
between 10 and 15 the best original score
contenders. The final nominations for the and original song categories. It was composed
95th Academy Awards will be announced on by A R Rahman and penned by Gulzar.
January 24 and the awards ceremony will take This is the third major international
place in Los Angeles on March 12. recognition for Naatu Naatu, composed by
Directed by Pan Nalin and produced by M M Keeravaani and penned by Kala Bhairava
Siddharth Roy Kapur and Dheer Momaya, and Rahul Sipligunj. It has also been
Chhello Show (titled Last Film Show in nominated for a Golden Globe and Critics
English) is India’s official entry to the Oscars. Choice Award.
It is a coming-of-age story of a young boy’s Shaunak Sen, director of All That Breath-
love affair with cinema in a Saurashtra village. es, an internationally co-produced Hindi title,
Only three Indian films in Oscar history said he is overjoyed. It follows two siblings,
have found mention in top five of the who have devoted their lives to rescuing and
international film (formerly called foreign treating injured birds, especially black kites.