FRIDAY, 29 MARCH 2024

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

CHENNAI
~13.00
VOLUME XXVI NUMBER 229

THE MARKETS ON THURSDAY chg#

Sensex 73,651.4 p 655.0

Nifty 22,326.9 p 203.3
Nifty Futures* 22,488.2 p 161.3
ECONOMY & PUBLIC AFFAIRS P4 WORLD P6
Dollar
Euro
Brent crude ($/bbl)
~83.4
~89.9
86.1##
~83.4 **
~90.3 **
85.4**
A FIRST: CREDIT CARDS IN FTX FOUNDER BANKMAN-FRIED
Gold (10 gm)### ~66,983.0 p
*(April) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~417.0
USE CROSS 100 MILLION SENTENCED TO 25-YR JAIL FOR FRAUD
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E

Trade policy in tune with P8 ‘CAN’T HAVE ONE SIZE

FITS ALL TRADE POLICY’
‘The bigger the pain,
Mkts end year of
records on a high
development journey: Goyal
the sooner you will
get the money’ SUNDAR SETHURAMAN
Mumbai, 28 March STRONG SHOWING
P9 CRAZE FOR SUVs TOO FYchange (in %)
WILL PASS: BHARGAVA The benchmark Nifty50 rose
nearly 1 per cent on Thurs- FY20 FY21 FY22 FY23 FY24
Topnamesinpolity,economy,diplomacy,business,startups,agri, day, capping off an ebullient Nifty50 -26.0 70.9 18.9 -0.6 28.6
‘India should chart 2023-24 that saw domestic
luxury&sustainabilitymadeBSManthanastar-studdedshow own path to shed equities reach several mile-
Sensex -23.8 68.0 18.3 0.7 24.9
stones. The 50-share blue chip NIFTY
BS REPORTER
West’s China-plus tag’ index ended the year with a Midcap100
-35.9 102.4 25.3 1.2 60.1
New Delhi, 28 March ‘Next Chanel will be gain of nearly 29 per cent, its NIFTY -46.1 125.7 28.6 -13.8 69.8
best performance since the

D
ismissing concerns around protectionism,
from India’ Covid-affected 2020-21.
Smallcap100
Union Minister of Commerce & Industry, Despite the recent selloff,
Consumer Affairs, Food & Public Distribution, the Nifty Smallcap 100 and
and Textiles Piyush Goyal said India’s trade
policy was a calibrated one and that it was in line with the
P10 ‘10K BIG FIRMS, 10 the Nifty Midcap 100 indices
gained 70 per cent and 60 per
country’s development journey. He was speaking on the CHAMPION STATES’ cent, respectively.
second and concluding day of the inaugural edition of India needs to create 10,000 Meanwhile, the BSE
Business Standard’s annual summit, Manthan, large companies to achieve the Sensex jumped 25 per cent
in New Delhi on Thursday. size and scale of during the year.
Goyal’s view on India’s tariff approach echoed manufacturing Excluding FY21 — when Source Bloomberg; Compiled by BS Research Bureau
those expressed by Union Finance Minister necessary to meet its stocks rebounded after a
Niramala Sitharaman a day earlier at the summit. drastic plunge in March 2020 Net investment into equity (~cr)
growth ambitions,
Hosted at Bharat Mandapam, the venue of the said India’s G20 Sherpa — the returns in the current FPI DIIs
G20 Summit last year, to celebrate Business Standard’s Amitabh Kant. financial year were the best in FY20 6,152 128,492
50th year, the event brought together distinguished over a decade.
FY21 273,366 -134,173
personalities from across the spectrum: Ministers, ‘Indianagrineeds The mid and small-cap
diplomats, economists, entrepreneurs, luxury segments emerged as the star FY22 -141,833 221,384
merchants, sustainability champions, agriculture moreR&Dinvestment’ performers in FY24, surpass-
FY23 -35,175 247,111
experts, MNC leaders, and many more. Turn to Page 11 > Indian agriculture needs to ing the benchmark indices by
invest more in R&D and a wide margin. Turn to Page 12 > FY24* 203,341 192,183
“Decadalinflation(2014-2024) address the political
economy of farming,
RELATED REPORTS II,1 > *Until March 27, 2024 Sources: Sebi, NSDL

hasbeenthelowestinIndia’s stressed a panel

comprising NITI Aayog
historyasanindependent member Ramesh RIL buys 26% in Core sector growth
nation,whichisastrongfactor Chand (pictured),
agriculture economist Ashok
AdaniMahanEnergen hits 3-month high
The business houses run by Growth in output of the
tokeepthecurrencystableand Gulati, and Bharat Krishak Samaj
Chairman Ajay Vir Jakhar. Mukesh Ambani and Gautam eight key infrastructure
Adani will enter into an invest- sectors — known as the core
ininterestratescomingdown” ment agreement, by which sector — rose to a three-month
PIYUSH GOYAL, UNION MINISTER FOR COMMERCE &
INDUSTRY, CONSUMER AFFAIRS, FOOD & PUBLIC Union minister Piyush Goyal on the second and concluding day of
P11 STATES EMERGE AS Reliance Industries Ltd will pick
up a minority stake in the latter’s
high of 6.7 per cent
year-on-year in February
DISTRIBUTION, AND TEXTILES Business Standard Manthan, in New Delhi on Thursday PHOTO: PRIYANKA PRASHAR TALKING POINT Mahan Energen power project. 3 > from 4.1 per cent in January. 4 >

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2 COMPANIES CHENNAI | FRIDAY, 29 MARCH 2024

STOCKS >Adani Enterprises

3,215 Commissions first unit
>Latent View Analytics
530 Approves acquisition
>Caplin Point Laboratories
1,340 Receives approval from
>Larsen & Toubro
3,774.1
3,795
L&T GeoStructure wins
>Astra Microwave Products
595.7
620
JV secures orders
IN THE NEWS 3,193.6 508.1 1,317.3
3,512.0 534.7
3,160 of its greenfield copper 500 of up to 100% in 1,263.9 1,310 Ketorolac tromethamine 3,680 significant orders in 590 worth ~2,071 crore
3,051.3 refinery project 446.3
470
Decision Point 1,260.0 1,280
Ophthalmic Solution 3,565 ~1,000-~2,500 cr range 544.5 560
3,105
3,706.1
3,122.3 ~3,193.6 CLOSE 461.8 440 ~508.1 CLOSE 1,250 ~1,317.3 CLOSE 3,450 ~3,774.1 CLOSE 530 ~595.7 CLOSE
3,050 Mar 2024 Mar Mar 2024 Mar Mar
2024 Mar Mar Mar 2024 Mar Mar Mar 2024 Mar Mar Mar
Mar p2.3% UP* 20 27 28 p10.0% UP* 20 27 28 p4.6% UP* 20 27 28 p1.8% UP* 20 27 28 p9.4% UP*
20 27 28
>

Adanisinfuse~6,661cr
into Ambuja Cements e2W registrations cross NCLT refuses to
stay Byju’s EGM
100K in a month, again
AMRITHA PILLAY the acquisition, in October
2022, Ambuja Cements

to raise capital
Mumbai, 28 March
announced the allotment of
In a partial exercise of earlier 47.74 crore warrants to
issued convertible warrants, Harmonia Trade and

via rights issue

the Adani Family on Thursday Investment (part of the Adani
announced it has infused Family) at an issue price of Companies aggressively liquidating stocks, with FAME-II subsidies ending March 31
another ~6,661 crore ~418.87 per warrant,
into Ambuja and each warrant
Cements. With this, With this, the
the family’s stake family’s stake
was convertible into
one equity share, to
A SMOOTH RIDE n Ola Electric n TVS n Ather n Bajaj PEERZADA ABRAR
Bengaluru, 28 March
now stands at 66.7 in the firm be exercised at any 14,589 9,064 11,743
per cent. now stands time within a period The National Company Law
The family at 66.7% of 18 months from Registrations Tribunal (NCLT), Bengaluru,
raised its stake in the date of allot- in February 33,920 79,650 (Total) on Thursday, refused to stay
the firm by 3.6 per ment of warrants. 2024 Byju’s extraordinary general
cent, the statement said, cal- Of the 47.74 crore shares, meeting (EGM) scheduled for
ling it the family’s commit- Ambuja Cements said its 20,148 12,904 12,759 Friday (March 29) to increase
ment to boost prospects and board has approved the allot-
Registrations
authorised share capital. SIGH OF RELIEF
potential of the cement arm. ment of 21.20 crore shares at a The cash-strapped edtech
in March 41,109 1,00,031 > According to Byju’s, the
In September 2022, the premium of ~416.87 per share, firm is raising $200 million by
2024 court was convinced by the
Adani group acquired pursuant to the exercise and way of a rights issue to all its
Holcim’s Ambuja Cements conversion of the October Note: March figures are till March 28, 2024. Total registrations include over 182 companies equity shareholders. The aim
evidence submitted and
and interests in ACC Ltd. Post 2022 allotment. which are registered to make two wheelers Source: VAHAN
is to support ongoing efforts to arguments made by the
drive growth and achieve firm’s counsels
operational sustainability. > The court ruled that voting
SURAJEET DAS GUPTA highest registration month. scheme, the government has earmarked Investors of Byju’s parent for a company resolution
IN BRIEF New Delhi, 28 March However, even last May, the reason for
the sales surge was similar: companies
a subsidy of ~500 crore. The subsidy has
been slashed by half to ~5,000 per 1 kilo-
Think & Learn, led by Prosus,
had moved NCLT, seeking a
cannot be compared to the
country’s general election
Vedanta debt to be divided E
lectric two-wheeler registrations on were compelled to liquidate their stocks watt hour with a cap of ~10,000 (pre- stay on Friday’s EGM and to
Thursday crossed the magical as the government had announced a viously ~22,500). block the rights issue. > The investors’ counsel failed
100,000 mark for the second time sharp reduction in subsidies by a third TVS, the second-largest player in the Byju’s will need at least 50 to name even a single
among demerged firms since their launch in the country. They
are now poised to create a new milestone
starting from June 1, 2023, forcing com-
panies to increase the prices of their
game, has also intensified efforts after a
quiet few months, registering 20,148
per cent votes at the EGM to
increase share capital. If the
shareholder who has not
received the notice
Vedanta is on track for the demerger of its key by hitting the highest number of vehicles models. However, as a consequence of the vehicles — up by 37 per cent over the pre- company gets majority votes,
> The Karnataka High Court
businesses, including aluminium, into separate registered in a month, with three days price increases, the market slumped in vious month. it can issue shares to new
continued extending the
listed companies, and allocation of debt across remaining for March to end. June, with registrations falling by 56 per Ather Energy (registration of 12,904) is investors for the rights issue,
the demerged entities would be done in The reason: companies are aggres- cent, taking months to recover. neck and neck with Bajaj, which is slightly according to the sources.
interim protection and
proportion to their assets, sources said. Vedanta sively liquidating their electric two- Ola Electric has once again acceler- behind (12,759). Once new shares are safeguarding Founder
is in advanced stages of engagement with its wheeler stocks through discounts and ated, registering 41,109 vehicles as of Yet, the big question is whether the issued, they cannot be Raveendran against any
lenders on the issue and the process has proceeded ensuring vehicle registrations by March Thursday, marking an increase of over 20 momentum will continue, or like last reversed and this is why inves- potential ouster
smoothly, they said. There is clarity about the allocation of debt 31, as failing to do so would result in bear- per cent compared to last month — the May, the market will collapse. A top tors wanted to obtain a stay on
across entities after the demerger.”The debt will get divided ing the subsidy cost under Faster highest ever in the industry by any elec- executive of an electric two-wheeler com- the EGM. However, the tribu- objective is to increase autho-
amongst the resulting demerged entities in the ratio of assets. PTI Adoption and Manufacturing of (Hybrid tric vehicle (EV) company. Based on pany says, “What we expect is that the nal refused to put a stay on the rised capital for the rights
&) Electric Vehicles in India (FAME 2). numbers until Thursday, Ola Electric now market will slow down, especially if the EGM and has now listed the issue, there is no reason to
The scheme is being replaced by a new holds a market share of 41 per cent. subsidy does not continue beyond July. case for hearing on April 4, pause or postpone the EGM.
Warburg Pincus sells entire electric mobility promotion scheme
(EMPS 2024), which spans only four
Observers tracking their sales movements
expect registrations to touch close to
Also, it’s unclear when one will be eligible
for the subsidy due to the reregistration
where other issues will also be
taken up.
Byju’s counsel said the liti-
gating investors were two
2.2% in IDFC First for ~1,195 cr months, halves subsidies across the
board, and lowers the cap.
50,000 by the end of March. Additionally,
with the initial public offering expected
of all models, dealers, and even com-
panies under the EMPS scheme, which
According to the sources at
Byju’s, the court was con-
months ago provided access to
the ‘electronic data room’
Private equity major Warburg Pincus on Thursday sold its entire As of Thursday, registrations of electric to hit the market sometime in late April, takes time.” vinced by the evidence sub- which had all the required
2.25 per cent stake in private sector lender IDFC First Bank for two-wheeler vehicles have already sur- in the last three months until Thursday, Others are more optimistic. Another mitted and arguments made information.
~1,195 crore through an open market transaction. The company passed 100,031 — an increase of over 25 Ola has collectively crossed the 100,000 top executive of a leading EV company by Byju’s counsels. They made When the petitioners’
offloaded the shares of IDFC First Bank through its affiliate per cent compared to the previous month. registration mark with 107,073 vehicles — says, “In one year, the subsidy has been a case that the “only objective counsel compared the voting
Cloverdell Investment Ltd on the Bombay Stock Exchange(BSE). In May last year, electric two-wheeler double the number of its nearest rival, reduced from ~60,000 to ~10,000. But of the petitioners is to at Byju’s to the “upcoming
According to the bulk deal data available with the BSE, Cloverdell registrations also reached 101,372 vehicles, TVS Motor Company. there is the production-linked incentive be restrictive.” general election where cam-
Investment sold more than 15.88 crore shares of IDFC First Bank. just a few vehicles ahead of March. The FAME 2 scheme ends at the scheme with incentives of around 13-16 The court also cited a paigning is important”, the
The shares were disposed of at an average price of ~75.24 apiece, However, with three days left for the month’s end and will be replaced by EMPS per cent, which will kick in. So, we see the Supreme Court judgment to judge immediately said the
taking the deal size to ~1,195.21 crore. PTI month to end, companies anticipate their 2024 starting from April 1. Under this market heading north from here.” conclude that since the only comparison is not valid.

Jio Fin arm invests in Reliance

International Leasing IFSC
Jio Financial Services on Thursday said its subsidiary Jio Leasing
Catterton forms JV with former HUL chief Mehta
Servicesanditsnomineeshavemadeaninitialinvestmentof~2.50
crore in newly-incorporated Reliance International Leasing IFSC
Sanjiv Mehta will serve as its executive moving consumer goods company.
He previously also held various
Asia team as the firm deepens its com-
mitment to the region,” Mehta said in
to deepen our commitment to the
market and invest in the consumer
Ltd (RILIL). Incorporated on February 1, RILIL is a 50-50 joint venture
between Jio Leasing and Reliance Strategic Business Ventures Ltd.
chairman of India, effective April 4 other senior leadership positions
at Unilever.
the release. “As I have come to know
the firm’s leadership, I have developed
businesses that will shape the land-
scape of tomorrow,” said L Catterton
RILIL will be engaged in the business of operating lease of ships, SHARLEEN D'SOUZA April 4, 2024. “I am particularly excited to join deep respect for the unique way they global co-CEO Michael Chu.
vessels, and voyage charters in International Financial Services Mumbai, 28 March Additionally, he will be involved and support L Catterton’s India and operate and create value, aided by “We are thrilled to partner with
Centre located at GIFT City, SEZ, Gujarat. PTI with L Catterton Asia (LCA) and the their strong core values and culture. Sanjiv, and to work together to create
Global investment firm L Catterton’s firm’s other global fund platforms With L Catterton’s global reach, invest- a differentiated partnership that lev-
Asian arm has formed a joint venture more broadly, the investment firm ing expertise in the consumer sector, erages his deep understanding of the
Toyota to increase prices of partnership with Hindustan
Unilever’s former Chief Executive
said in a release. During his stint at
HUL, Mehta oversaw a five-fold
and familiarity with the region, all
augmented by its strategic partnership
Indian consumer, in combination
with our disciplined and proven cate-
select vehicles by 1% from Apr Officer (CEO) and Managing Director
Sanjiv Mehta to develop a new invest-
increase in the market cap of the com-
pany to ~6.2 trillion, making it India’s
with LVMH and the Arnault family
office, the firm is very well positioned
gory-first and operating-centric
approach to investment and value cre-
Toyota Kirloskar Motor on Thursday said it plans to increase prices ment vehicle. Mehta will serve as its fifth largest public company by mar- to succeed. I look forward to working ation,” Chu said.
of select vehicles up to 1 per cent from April 1 citing rising input executive chairman for India, from ket cap and the country’s largest fast- closely with the team and helping to “The long-term tailwinds that are
costs and operational expenditures. In a statement, the company capitalise on the significant opportu- shaping India’s consumers will con-
said it is planning to increase prices of certain grades of its specific nities ahead,” Mehta said. tinue to create many exciting oppor-
modelseffectiveApril1,2024.“Withananticipated1percentincrease, With L Catterton’s global reach, investing expertise in “With India now having tunities across consumer categories
the move is attributed to escalating input costs and operational the consumer sector … the firm is very well positioned the world’s largest popula- where we can leverage our experience
expenditures," Toyota Kirloskar Motor (TKM) said. TKM sellsarange to succeed. I look forward to working closely with the team and tion and generating high of building over 275 brands across the
ofvehiclesstartingfromhatchbackGlanzatopremiumSUV Fortuner helping to capitalise on the significant opportunities ahead” GDP growth, there has world,” said L Catterton Asia Partner
which are priced between ~6.86 lakh and ~51.44 lakh. PTI SANJIV MEHTA, FORMER CEO & MD, HUL never been a better time and Head of India Anjana Sasidharan.

Industry urges SC review on Sterlite Copper verdict Right Protection Centre in Tamil Nadu,
an NGO that was part of the protests
against the Sterlite unit.
Currently, India uses just 1 kilogram
Protesters confident “Sterlite’s vacuum is being
compensated by imports. The industry KEEPING PACE Growth in Copper demand (in million tonnes)
PGP Glass (formerly Piramal Glass)
and Borosil.
(kg) of copper per person per year, far
below the global average of 3.2 kg, said
plant won’t reopen adjusted by importing copper, which
may be expensive and have few logistic
Take the case of the shipping and
logistics industry.
Karmarkar. Industry experts believe
that achieving the Viksit Bharat and
SHINE JACOB challenges. Not only copper Karthikeya Prabhu and partners Amrit Kaal@2047 vision set by the
Chennai, 28 March production, but the Sterlite plant used to run a company that used to government will significantly increase
shutdown has also led to a loss of be a vendor for the shipping and copper consumption, potentially
Even as Vedanta’s Sterlite Copper is production of various by-products logistics sector. bringing India near the global average
expected to approach the Supreme including sulphuric acid,” said Mayur “Our company used to have a by 2047.
Court (SC) with a review petition, the Karmarkar, managing director, turnover of ~150 crore before its closure. “The demand will be driven by
copper sector and dependent International Copper Association India. Now, it came down to ~40-50 crore. It private and public spending, private
industries are hopeful that the court India’s copper demand has has affected the shipping and logistics consumption, and growth in
may consider the current demand- witnessed significant growth, jumping industry in the area, which used to get infrastructure, power, building
supply situation in the country. from 1.31 million tonnes (mt) in 2021-22 1.21 0.98 1.31 1.52 orders to the tune of ~500 crore per year, construction, automotive, and
According to an assessment by the to 1.52 mt in 2022-23. Karmarkar added from the unit,” Prabhu said. That manufacturing sectors. Given the
International Copper Association, that on the supply side, although the FY20 FY21 FY22 FY23 company had to cut down around 50 growing demand, the planned capacity
during the past five years since the installed capacity of copper smelting is Source: International Copper per cent of its staff. addition of 1 million tonnes by Adani in
closure of the plant, India has not only 950,000 tonnes per annum, the current Association According to a study conducted by the next five years may not be sufficient
lost close to $1 billion per year in net operational capacity is 500,000 tonnes research and advocacy firm CUTS for Atmanirbhar Bharat. After 2029,
foreign exchange inflow on account of per annum. International (Consumer Unity & Trust additionally, at least 400,000 tonnes of
copper exports but also has to spend Similarly, the installed refining countries for India. were dependent on this plant for this Society) with funding from NITI Aayog, capacity will be required every five
close to $1.2 billion per year for copper capacity is 985,000 tonnes per annum, acid. Now, I have lost crores of rupees the closure of the Sterlite Copper unit years,” he said.
imports to fill the supply gap. but the operational capacity is 785,000 Impact on the ground and had to shift the unit to Odisha now, led to an overall economic loss of It was in May 2018 that the Sterlite
Additionally, at the corporate level, tonnes per annum. This is resulting in a More than 400 downstream units, 40 after five years. Even equipment was a around ~14,749 crore until May 2021 Copper unit was closed following an
it is a huge loss to Vedanta. On the other supply gap and dependence on imports contractors, and even transport loss to me,” said N P Gopalakrishnan, a alone, with the impact on government order issued by the Tamil Nadu
hand, protesters say that the apex court mainly due to the closure of Vedanta’s companies were affected by the closure partner of Amrita Chemicals. revenues at ~7,642 crore. Pollution Control Board. This was after
is unlikely to reconsider its reopening. copper smelter. of the unit in 2018. Amrita Chemicals used to convert On the other hand, protesters are police fired on protesters, killing 13
It was on February 29 that the SC India was a net exporter of copper “The downstream industries got fluorosilicic acid into sodium confident that the court will not people and leaving 102 injured.
declined permission to reopen its for close to two decades before the affected a lot. I was buying their acid silicofluoride, which is used in reconsider the judgment. The protests were against Sterlite’s
copper smelting plant in Tamil Nadu’s closure of the Sterlite Copper plant at called fluorosilicic acid (a waste industries such as glass, rubber, and “It is not an appeal. There is a remote plans to double its annual capacity to
Thoothukudi (also known as Tuticorin. In 2018, India became a net material), which allegedly caused metal fluxes. chance for Sterlite Copper as this is a 800,000 tonnes, which, the protesters
Tuticorin), citing “serious importer of copper for the first time, environmental pollution at the unit. At its peak, Amrita Chemicals used second round of litigation. They should said, would have increased the toxic
environmental violations and and Southeast Asia, Japan, and West Both my company and Southern to export to several countries, and its vacate the premises now,” said Jim Raj impact on the environment and health
repeated breaches”. Asia have emerged as new trade partner Petrochemical Industries Corporation domestic clients included the likes of Milton, a senior leader of the People’s from the operations of the plant.

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.
CHENNAI | FRIDAY, 29 MARCH 2024 COMPANIES 3 <

Reliance picks up 26% stake Blackstone to invest

$25bninpvtequities
in Adani’s Mahan Energen Blackstone plans to assemble
a $25 billion portfolio of
Indian private equity assets
over the next five years,
market offers the right
opportunity to speed up cre-
ating such a large portfolio,”
Dixit said in an interview last

First instance of the two WHERE n Media: Adani

Enterprises’ NDTV
n New Energy: Both RIL and
Adani Enterprises are setting up a
reflecting the India’s increas-
ing allure to global investors.
week from Blackstone’s
office in Express Towers.
biz houses collaborating THEY RIVAL and RIL’s TV18 new-energy value chain, The New York-based firm
also intends to add 20 invest-
Dixit said Blackstone will
be building a portfolio based
Broadcast are including solar manufacturing to
AMRITHA PILLAY ment professionals to its on three themes: digital
competitors in the green hydrogen production in
Mumbai,28March asset management business infrastructure, energy tran-
TV news segment Gujarat in India and double its office sition including renewables,

I
n a first, the business houses run by space in Nariman Point in and key areas of transport
Mukesh Ambani and Gautam Adani n Compressed biogas: Adani Total Gas and RIL have plans downtown Mumbai, accord- like airports, roads and
will enter into an investment agree- to set up plants at different locations in India ing to its head of private ports. Blackstone also will
ment, by which Reliance Industries Ltd equity in Asia, Amit Dixit. look to invest in export sec-
(RIL), controlled by Ambani, will pick up n Petrochemicals: RIL is India’s largest integrated “India’s predictable reg- tors and in electronic man-
a minority stake in the latter’s Mahan Source: Bloomberg,
petrochemicals producer, Adani Enterprises has plans to ulatory and policy environ- ufacturing, which is a newer
Energen power project. company announcements enter this segment ment, steady economic area for Indian industry.
On Thursday, two companies — Adani growth and buoyant capital BLOOMBERG
Power and RIL — informed the stock
exchanges of the investment agreement.
RIL entered into an investment agree-
Adani arm unveils its 1st copper plant
Oyo eyes ~100 cr PAT in Q4,
ment on March 27 with Mahan Energen, Coal-to-airportsconglomerateAdani copperproducerinIndia,posttheclosure
a wholly-owned subsidiary of Adani GrouponThursdaymarkeditsentryinto ofVedanta’sSterliteCopperunit’s400
Power, where 50 million equity shares are India’smetalssector,withthestartof kilotonnesperannum(KTPA)capacityin
to be allotted to RIL. operationsatitsfirstcopperfacilityat TamilNadu. Adani’sinitialproduction

20% revenue growth in FY24

The equity shares, Adani Power said, MundrainGujarat. capacityof0.5MT,canhelpbridgethis
came to ~50 crore. AdaniEnterprises,whichhousesthe gapindomesticproduction.Inthe
It is India’s Electricity Rules, 2005, that copperbusiness,lookstorivalKMBirla December2023endedquarter, India’s
has prompted RIL to pick a stake in Adani promotedHindalcoIndustries,witha copperproductionwasat133KTandthe
Power’s unit. RIL has entered into a 20- capacityof0.5milliontonnesperannum countryimportedanother64KT. Thefirm SHIVANI SHINDE
year power purchase agreement with (MTPA)inthefirstphase.Hindalco saiditissettingupaplantofoneMTPA Mumbai,28March These numbers were
Mahan for its captive use. Industriesiscurrentlytheonlymajor capacityintwophases. AMRITHA PILLAY part of an internal
RIL has said the investment agreement Oravel Stays, the parent company behind review meeting
was following the provisions of the the travel tech brand Oyo, is eyeing between founder
Electricity Rules, 2005, in terms of which seen battling it out for the richest Indian in news channel NDTV, Adani is now a ~100 crore in Q4FY24 profit after tax Ritesh Agarwal and
it, as a captive user, is required to own 26 tag on various lists of the rich. As of March rival to Ambani’s TV18 broadcast media (PAT) and a 20 per cent revenue growth senior management
per cent proportionate ownership in one 28 on the Bloomberg Billionaires Index, business. Further, both conglomerates are for FY24, according to informed sources. earlier this week,
unit of Mahan of 600 megawatt (Mw), Ambani is the richest Indian with a net executing a multi-billion investment plan These numbers were part of an inter- where he spoke
with RIL being the captive user of 500 Mw. worth of $113.8 billion, with Adani as a to expand in the new energy segment, nal review meeting between founder about the firm’s
The Ambani company is expected to close second with a net worth of $97.2 bil- including solar manufacturing and green Ritesh Agarwal and senior management profitability
complete the deal within two weeks of lion. In terms of businesses, the two con- hydrogen production. While Adani earlier this week, where he spoke about trajectory
completing some steps. glomerates largely stayed away from each Enterprises looks to market green the company’s profitability trajectory and
Industry watchers often consider the other’s sector of operations until recently. hydrogen and its derivatives, RIL plans to growth in business.
two billionaires as arch rivals, who are With the acquisition of a majority stake use its production for captive use. “In a review meeting with Oyo’s many of which were going online for the ening their presence in Bali,” added the
leaders, Agarwal said this 3X sequential first time. There’s still untapped potential source.
growth in profit is a result of steady top- for growth as more and more small hotels Oyo recently secured a ~200 crore
line growth and improved user confi- and homes embrace technology in the credit line from JP Morgan to fuel the

Swiggylogs$200mnlossin9MFY24 dence,” said the source. In an email

response to Business Standard, the com-
pany said, “This appears to be from an
coming years,” said the source.
Recently, the IPO-bound company
shared that it clocked Adjusted (Adj)
expansion of the Oyo Accelerator
Programme. Launched in March 2023,
the programme empowers over 700
REUTERS domestic and foreign inves- year 2023-24, a source with Swiggy did not respond to internal provisional discussion. We do not Ebitda of ~750 crore in calendar year 2023 hotels and over 85 small and first-gener-
Mumbai, 28 March tors have become more cir- direct knowledge of the queries seeking comment. have any official comment to offer.” and expects to clock Adj Ebitda of ~1,000 ation hoteliers from across the country,
cumspect about IPOs by matter said, without wishing India’s stock market has After becoming net profitable since crore in FY24, surpassing its earlier pro- enabling them to expand their business
Swiggy recorded a $200 mil- Indian startups amid con- to be identified. surged 28 per cent over the the second quarter of the current finan- jected Adj Ebitda estimate of ~800 crore and achieve long-term profitability.
lion loss for the nine months cerns of unrealistically high The document showed past year and many com- cial year, Oyo has been recording bottom- for FY24. The company optimised its The company has also increased its
to December 2023, according valuations of companies still that losses stood at $207 mil- panies plan listings, but they line growth each quarter. The company operating cost by 15 per cent in Q3FY24 focus on spiritual tourism, recently open-
to an internal document of the making losses. lion during April to December facing discerning investors. had marked its maiden profitable quarter compared to the same period. It last filed ing 65 properties in Ayodhya and
company, which is looking to For the full fiscal year 2022- 2023 - the first nine months of Digital payments firm with a PAT of over ~16 crore in Q2FY24 its Annual Accounts for FY23 and these announcing intent to open 50 homestays
list on the stock market. 23 Swiggy made a loss of $500 fiscal year 2023-24. That loss Paytm, still loss-making, has after which it doubled its PAT to around updates are unaudited. in Puri in Odisha. The company’s target
The SoftBank-backed com- million, according to the doc- was on a revenue of $1.02 bil- seen its shares drop by 80 per ~30 crore in Q3FY24. According to the source, Agarwal also for 2024 is to open over 400 properties in
pany could list by the end of ument. But the company’s lion during the same period, cent since its 2021 listing, with “Oyo will conclude the financial year reiterated the firm’s plans to focus on its spiritual destinations in India. It is also
this year, sources previously lower wage payouts and cuts compared with fiscal year the company facing criticism with a 20 per cent revenue growth. In cal- international expansion. “Oyo has focus focusing on opening Sharia-compliant
told Reuters. India’s stock in marketing spending will 2022-23 revenue of $1.05 bil- from analysts at the time for endar 2023 alone, the company added on four regions — India, Europe, hotels in Southeast Asian destinations
market is booming although help it trim losses for the full lion, the document showed. valuing itself too high. about 5,000 hotels and homes each, Indonesia and Malaysia. They are deep- such as Indonesia and Malaysia.

Wipro aims to become AI-first firm; NOTICE INVITING EXPRESSION OF INTEREST

EOI: JPL/EOI/01/29-03-2024 DATE: 29.03.2024

more than 220K trained in GenAI

JINDAL POWER LIMITED is a leading Indian Power Company with a diverse
energy porfolio encompassing thermal and renewable sources with an
installed capacity of 4300 MW. JPL invites EOI from prospecive partners for
providing various services as menioned below:-
AYUSHMAN BARUAH Jindal Mmamabula Energy Project Botswana (JMEP) - Expression of
Bengaluru, 28 March Interest for Muliple Package Mode for 4x150 MW (Net)
“WEHAVEOVER55,000AIPRACTITIONERS (4x175 MW Gross) Thermal Power Plant at Botswana
Bengaluru-based IT major Wipro aims to INOURECOSYSTEM—AIEXPERTS, Details can be downloaded from website www.jindalpower.com under
train nearly all its employees in artificial
intelligence (AI) and generative AI (GenAI)
ENGINEERS,CONSULTANTS,ANDDATA Tender & Noices.
Interested & Qualiied bidders may submit their EOI to
as it rushes to become an AI-first firm, a SCIENTISTSDEDICATEDTOWORKINGTO nit@jindalpower.com on or before 15-Apr-2024
top company executive said. INFUSEAIANDGENAIACROSS Jindal Mmamabula Energy Project Botswana
As part of this strategy, Wipro last year
committed to investing $1 billion to INDUSTRIES,TECHNOLOGIES,AND Contact Persons:
Mr. D. V. Lakshmipathy +91 7303654524, Mr. R. P. Misra +91 7397331403,

DOMAINECOSYSTEMS”
Mr. Sanjeev Sharma +91 8527750666, Mr. Neeraj Saxena +267 71333586
advance its AI capabilities over the next
three years.
It launched ai360, an “AI-first innova- Subha Tatavarti
tion ecosystem” aimed at integrating AI
CTO, Wipro
into every platform, tool, and solution
used internally and offered to clients.
“On some level, all Wipro employees
are working on and with AI or GenAI. Only 4% companies
are ‘mature’ to
When we announced Wipro ai360 last
summer, it was about creating an AI-first
culture. And, part of that means, we all
need to be dedicated to AI,” Subha
Tatavarti, chief technology officer (CTO),
Wipro, told Business Standard.
tackle cyberthreats
To date, over 220,000 of our employees
have completed training on AI fundamen-
tals and the responsible use of AI, said
Tatavarti. This includes the vast majority
Only 4 per cent of
organisations in India have a
KEY TRENDS
given Wipro had a total employee strength ‘mature’ level of readiness 82%: Respondents said while 38% said they
of 240,234 as of December 31. needed to be resilient a cybersecurity incident have 30 or more
“We have over 55,000 AI practitioners against modern is likely to disrupt their 92%: Companies said
in our ecosystem, who are AI experts, engi- cybersecurity risks, while 37 business in the next their employees access
neers, consultants, and data scientists. per cent are at the 12-24 months company platforms from
They are dedicated towards infusing ‘progressive’ stage, 52 per
AI/GenAI across industries, technologies, cent are ‘formative’, and 7 99%: Companies unmanaged devices
and domain ecosystems,” Tatavarti said. per cent are ‘beginners’, expect to increase their 48% of those spend
Wipro has developed a training curri- according to Cisco’s 2024 cybersecurity budgets in one-fifth (20%) of their
culum for employees to learn AI, machine Cybersecurity Readiness the next 12 months time logged onto
learning, and GenAI. Index. Globally, 3 per cent of
It includes a variety of courses at dif- companies are at a mature
88%: Respondents had company networks from
ferent levels, from awareness to advanced stage. The 2024 Cisco
multiple point solutions unmanaged devices.
specialisation catering to individuals Cybersecurity Readiness that slowed down their 91%: Companies said
across varying levels of knowledge and Index comes at a time when team’s ability to detect, talent shortage is a key
expertise. companies continue to be respond and recover concern
“The courses are designed to help asso- targeted with a variety of from incidents 59%: Companies said
ciates develop the skills necessary to use techniques that range from 78%: Organisations they had more than ten
AI and contribute to the ongoing advance- phishing and ransomware to have deployed ten or roles related to
ments in these areas. There are multiple supply chain and social
learning paths to ensure all employees are engineeringattacks.Also,
more point solutions in cybersecurity unfilled in
getting the appropriate AI education and whiletheyarebuilding their security stacks, their organisation
tools based on their roles,” said Tatavarti. defencesagainstthese
She added that Wipro has access to 1.7 attacks,theystillstruggleto
Future cyber Investments:
million engineers and developers on its defendagainstthem,slowed 71% planning to 70% plan to upgrade
talent Cloud platform, Topcoder. This downbytheirownoverly existing solutions, 58% plan
significantly
plays a critical role in the company’s skil- complexsecuritypostures to deploy new solutions,
upgrade their IT
ling and up-skilling efforts, and helping thataredominatedby
infrastructure in the and 60% to invest in
clients scale and accelerate AI projects. multiplepointsolutions.
“Finally, we will further augment our COMPILED BY AYUSHMAN BARUAH next 12 to 24 months AI-driven technologies
talent pool through acquisitions, invest-
ments, and the incubation programme
with startups via our ventures arm, which value…which will be found from effi- Institute of Science (IISc), Bengaluru, to
has brought significant strength to our AI ciencies created, savings realised, offer eligible employees a higher education
portfolio,” Tatavarti said. increased productivity and monetisation, program in AI. The online Master’s in
She added that AI is at an “inflection and new revenue streams. This means Technology (MTech) course will empha-
point” where enterprises are experiment- clients are looking for more ways to imple- size key areas such as AI, foundations of
ing with various proof of concepts (PoCs). ment AI and for more solutions integrated ML/AI, data science, and business ana-
“They are looking to scale, shifting with AI.” Moreover, Wipro on Thursday lytics, addressing the growing demand for
from the age of adoption to the age of announced a collaboration with Indian skilled professionals in these domains.
4 ECONOMY & PUBLIC AFFAIRS
>
CHENNAI | FRIDAY, 29 MARCH 2024 1

IN BRIEF APRIL 1 DEADLINE FOR LRS TWEAK

Core sector
Small savings interest rates
for Q1FY25 kept unchanged Banks update systems to growth in Feb
log int’l credit card spend
The government on Thursday said the interest rates on

at 3-mth high
various small savings schemes will remain unchanged for the
quarter beginning April 1, 2024 (Q1FY25). “The rates of interest on
various small savings schemes for the first quarter of FY25 shall
remain unchanged from those notified for the fourth quarter
(January 1, 2024, to March 31, 2024) of FY24,” said a finance
Plea for review of issue still MAPPING THE TRAJECTORY
A FIRST: CREDIT CARDS
ministry notification. PTI

pending with government OVERALLGROWTH (In %) Sector-wise break-up in Feb (in %)

Retail credit growth in AATHIRA VARIER & MANOJIT SAHA
IN USE CROSS 100 MN
15 Coal 11.6

Feb moderated to 18.1% Mumbai, 28 March Crude oil 7.9

10 Natural gas 11.3
NEW PEAK
C
The pace of retail credit growth moderated to 18.1 per cent year- ommercial banks are gearing up 7.4 6.7 Refinery products 2.6
on-year (Y-o-Y) in February 2024 from 20.6 per cent due to to capture overseas credit card spends
Outstanding credit cards Fertilisers -9.5
slowing down of vehicle financing off-take and personal loans. under the liberalised remittance scheme 5
(in mn) Steel 8.4
Reserve Bank of India data showed that credit card outstanding, (LRS) from April 1, even though their plea for a
a segment in personal loans, showed stable growth at 31 per cent review of the issue is still pending with Cement 10.2
62.1 73.6 85.3 100.6
Y-o-Y against 30.8 per cent. But the growth in other personal the government. 0 Electricity 6.3
loan categories, which have a substantial component of Last year, the government announced that Mar '21 Mar '22 Mar '23 Feb '24 Feb ’23 Feb ’24* OVERALL 6.7
unsecured credit, slowed to 19.7 per cent in February 2024 from credit card spends in a foreign currency would *Provisional data Source: Ministry of Commerce and Industry
26.7 per cent a year ago. ABJIJIT LELE be a part of LRS’ annual limit of $250,000. Key players
Additionally, cardholders also have to pay tax nMar '21 nMar '22 (in mn)
collected at source (TCS) of up to 20 per cent nMar '23 nFeb '24 SHIVA RAJORA growth in the core sector for

States, UTs to borrow for foreign transactions made through a credit

card. The implementation of the scheme was
The total number of credit cards in
force crossed 100 million for the HDFC
15.0
16.5
New Delhi, 28 March the April- February period this
year stood at 7.7 per cent com-

up to ~2.5 trn in Q1FY25 deferred following representations from indus-

try players.
first time in February. This comes
amid a push from lenders to boost
Bank 17.5
20.4
Growth in output of the eight
key infrastructure sectors —
pared to 8.2 per cent for the
same period in the previous
States and Union Territories (UTs) plan to borrow up to ~2.5 trillion Even as banks await a response from the credit cards and changes in the 11.8 known as the core sector — financial year.
through state government securities in the first quarter of the government, they have put a system in place spending patterns of the SBI 13.8 rose to a three-month high of The eight core industries
upcoming financial year (Q1FY25), the Reserve Bank of India said to capture such transactions under LRS. Card 16.8 6.7 per cent year-on-year (Y-o- account for 40.27 per cent of
customers. However, the credit 18.8
in a release on Thursday. The indicative borrowing for the quarter “Banks are largely prepared to roll it out card spending in February Y) in February from 4.1 per weighting of items included in
was marginally higher than expectations, said market from April 1,” said an executive of a private bank 10.6 cent in January. the Index of Industrial
dropped to a four-month low as ICICI 13.0
participants. “The market estimate was around ~2.2 trillion,” a who handles the credit card portfolio. “Banks the peak festival season came to 14.5 According to data released Production (IIP). Thus, they
dealer at a state-owned bank said. “However, they normally have to create a customer data warehouse at
Bank by the Ministry of Commerce have a significant impact on
an end leading to a decline in 16.9
borrow only 60-70 per cent of the calendar amount in the first the backend and ensure that all remittances payments through point-of-sale 7.1 and Industry on Thursday, the index.
quarter,” he said. ANJALI KUMARI made through different methods are aggregat- (PoS) and e-commerce platforms. Axis 9.0 output accelerated in sectors Madan Sabnavis, chief
ed, and then the corresponding tax deduction It dropped to ~1.49 trillion in Bank 12.1 like crude oil (7.9 per cent), economist, Bank of Baroda,
is applied,” the person added. February from ~1.66 trillion in 13.9 refinery products (2.6 per said there has been all-round

Bank of India receives The government had said that there would
be no change in the rate of TCS for all purposes
January. According to the latest
data released by the Reserve Bank Credit card spends (~ trn)
cent) and electricity (6.3 per
cent). Also, during February,
performance across the eight
sectors, barring fertilisers.

~564 cr I-T penalty order

The Income Tax department has levied a penalty of
under LRS and for overseas travel tour pack-
ages, regardless of the mode of payment, for
amounts up to ~7 lakh per individual per
of India, the outstanding number
of credit cards in the system was
double-digit growth was seen
in sectors like coal (11.6 per
cent), natural gas (11.3 per
This can be explained by
the high-base effect and the
fact that this is the period of
100.6 million at the end of
~564.44 crore on Bank of India, the lender said on Thursday. annum. A tax of 20 per cent was proposed for February 2024. The last 10 million cent) and cement (10.2 per harvest. As a result, there is
The bank is in the process of filing an appeal before the all other purposes under LRS except medical were added in just seven months. cent). Meanwhile, growth in less demand for products.
Commissioner of Income Tax, National Faceless Appeal Centre treatment and education, where the tax rate the output of steel decelerated “High growth in steel and
against the order, it said. “The bank has received the order was significantly lower. AATHIRA VARIER (8.4 per cent) sequentially dur- cement reflect growth in the
under Section 270A of the Income Tax Act, 1961 from the Income According to experts, there are multiple con- Source: RBI ing February. On the other construction sector in partic-
Tax Department, Assessment Unit pertaining to AY19, wherein cerns associated with international credit card hand, output of fertilisers (-9.5 ular. The auto sector, too,
the penalty of ~564.44 crore has been imposed on various spending being included in the LRS, such as per cent) contracted for the has contributed to the
disallowances made," it said. PTI how banks will track the end use of credit card
spending and if it is used for medical purposes,
SBI Card to raise Axis credit card second consecutive month in
February. In February 2023,
demand for steel. IIP growth
can be expected between 4

HDFC Life gets GST demand

how it will be categorised.
“There is ambiguity regarding transactions up to ~2K cr via users hit by fraud the core sector had recorded
a growth of 7.4 per cent.
and 5 per cent, which is due
to the growth in electricity,”

Tier-II bonds int’l transactions

made in foreign currency while sitting in India, Meanwhile, cumulative he added.

orders of over ~27 crore such as expenditure incurred by subscribing to

foreign newspapers or magazines which will be
HDFC Life Insurance Company on Thursday said it has received GST
demand orders of over ~27 crore for alleged short payment of
taxes. In two separate regulatory filings, the insurer said it has
paid in dollars; will that be included in LRS,”
said Saurabh Bhalerao, associate director,
CareEdge Ratings.
SBI Cards and Payment Services (SBI
Card) is planning to raise up to ~2,000
crore in capital through Tier-II bonds
Multiple Axis Bank credit cards holders
were impacted by fraudulent overseas
transactions, a senior official said on
Fiscal deficit hits
received tax demand orders of over ~16.5 crore and ~10.5 crore
from authorities for alleged short payment of GST and input tax
credit claim mismatch. The demand orders include interest and
“Additionally, ensuring proper allocation of
LRS limits will be challenging, particularly
when multiple users are involved. If a person
to shore up capital adequacy. The
Gurugram-based unit of State Bank of
India (SBI) is also looking to raise
Thursday. Sanjeev Moghe, head of
cards and payments, said starting
Tuesday evening, customers
86.5% of RE till Feb
penalty as well. The company said it will file appeals against the spends ~5 lakh on a holiday which is for him ~2,000 crore through non-convertible witnessed unauthorised transactions India’s fiscal deficit
GST demand orders before the Appellate Authority. PTI and his family, will the entire ~5 lakh be
accounted against his name, or will it be allo-
debentures (NCDs) to support business
growth. The card company saw a big
where they received transaction alerts
on certain low-value purchases being
between April and
February for the current FISCAL MATHS
cated against each member of the family who dent in its capital adequacy of about carried out at some e-commerce sites. financial year (FY24) FY24 data (in ~ trn)
Kotak Mahindra Bank buys went on that holiday?” Bhalerao asked.
Also, there is no clarity on how the LRS dis-
4.9 per cent. This came after the
Reserve Bank of India (RBI) hiked risk
There has been “no data breach” at
the bank’s end, Moghe said, asserting
widened to ~15.01 trillion
or 86.5 per cent of the
nRevised Estimates
nActuals (Apr-Feb)
as % of
FY24 RE
Sonata Finance for ~537 cr tinguishes between the expenses incurred on
corporate credit cards and personal credit
weights on unsecured credit in
November 2023. Its capital adequacy
that the scale of such transactions is
very limited and customers’ data is
full-year revised target of
~17.34 trillion from ~11 Net tax
revenue
23.2
18.49
79.6
Kotak Mahindra Bank on Thursday informed exchanges that it cards, particularly if personal credit cards are stood at 18.4 per cent at the end of safe and secure. Amid growing social trillion, data released by
had acquired 100 per cent stake in Sonata Finance Private Limited used for business purposes. December 2023 from 23.3 per cent in media chatter about such the Controller General of Revenue 35.4 83.1
– a microfinance institution — for ~537 crore. With this The objective of the move to include over- September 2023. CRISIL Ratings has unauthorised transactions going Accounts (CGA) showed expenditure 29.41
acquisition, Sonata has become a wholly-owned subsidiary of seas credit card spends under LRS was to dis- assigned “AAA/Stable” ratings to the through, Moghe said the bank’s on Thursday. Capital 9.5
the private sector bank. Sonata operates in 10 states through courage large foreign exchange outflows, as ~2,000-crore NCDs and ~2,000-crore internal mechanisms stopped some In comparison, the expenditure 8.05 84.8
549 branches and has assets under management worth remittances under LRS have risen sharply in lower Tier-II bonds. It has reaffirmed transactions but added that many fiscal deficit was 82.8 per
Fiscal 17.3
~2,620 crore as on December 31, 2023, the exchange
notification said. ABHIJIT LELE
the past few years.
According to data released by the
ratings on the existing debt
instruments and bank facilities of the
customers have been impacted.
The bank witnessed spends of
cent of the target during
the corresponding period deficit 15.01 86.5
Reserve Bank of India, outward remittance company. In response to Business about ~500 crore per day by its credit (April-February) in FY23. Source: CGA
Disclaimer: Entities controlled by the Kotak family have a significant under LRS was $27.42 billion in the April– Standard queries, SBI Card said raising card customers, Moghe said, adding During the first 11
holding in Business Standard Pvt Ltd January period of 2023-24, which was 24 per funds through long-term/short-term that when compared with it, the months of FY24, the cen-
cent higher than the $22.08 billion remitted in sources is a part of the ongoing extent of such transactions has been tre spent 84.8 per cent of
the year-ago period. business activity. ABHIJIT LELE “very small”. PTI the ~9.5 trillion capital Gross liabilities rise
Net claims of non-residents expenditure target com-
pared to 81.1 per cent dur-
to ~160.69 trn at
Dec-end: FinMin
fell by $12.2 bn in Dec qtr India set for economic rebound seen in 2000s: Dy guv
ing the same period a
year ago. Revenue expen- Totalgrossliabilitiesofthe
The net claims of non-residents declined by $12.2 billion during diture for April-February governmentincreased
October-December 2023 to $370.4 billion as at end-December stood at 83.1 per cent of marginallyto~160.69trillionat
2023. The overseas financial assets of Indian residents at $40.7 ANJALI KUMARI website on Thursday. structure is taking over as the locomotive FY24 in the revised esti- theendofDecember2023from
billion grew at a faster pace than the increase in foreign-owned Mumbai, 28 March Patra said that while private con- of the step-up in the growth trend. Recent mates (RE) of ~35.4 tril- ~157.84trillionatSeptember-
assets in India at $28.5 billion, resulting in a decline in net claims, sumption continued to be a key driver, it surveys indicate that private investment lion as compared to 83.9 end,thefinanceministrysaidon
the RBI said. The rise in India’s foreign liabilities was attributed to India’s growth trajectory is poised for a is investments and exports that were is getting crowded in,” he said. per cent in the same peri- Thursday.Thisrepresenteda
higher inward direct investments, portfolio investments, and significant upswing following the pan- expected to fuel this resurgence. India’s economic performance has od a year ago. The cen- quarter-on-quarterincreaseof
loans taken by resident entities. ABJIJIT LELE demic, with early indicators hinting at Although global headwinds have sub- surpassed expectations, leading to tre’s total expenditure of 1.8percentintheSeptember
a return to the robust growth rates dued export growth, public expenditure upward revisions in growth forecasts by ~37.5 trillion for April- quarterof2023-24,saidthe
exceeding 7 per cent seen in the 2000s. on infrastructure is emerging as a pivotal institutions like the International February in FY24 publicdebtmanagement

Ireda approves ~24,200 cr Reserve Bank of India (RBI) Deputy

Governor Michael Debabrata Patra
force in driving the growth momentum
forward. Recent surveys indicate a surge
Monetary Fund. Projected to contribute
significantly to global growth, India is
reached 83.4 per cent of
the RE. The net tax rev-
quarterlyreport.Publicdebt
accountedfor90percentoftotal

borrowing for FY25

State-owned Indian Renewable Energy Development Agency
made this observation on Monday dur-
ing Nomura’s 40th Central Bankers
Seminar in Tokyo, Japan. The speech
in private investment sentiment.
“In the period 2021-24, the export
lever has been muted by global head-
poised to emerge as one of the largest
economies worldwide by market
exchange rates and purchasing power
enue for the April-
February FY24 period
came in at ~18.5 trillion.
grossliabilitiesduringthethird
quarterofthecurrentfiscalyear.
PTI
Ltd’s (Ireda) board on Thursday approved a proposal of ~24,200 was subsequently released on the RBI winds, but public expenditure on infra- parity (PPP). SHIVA RAJORA
crore borrowing for 2024-25 (FY25). The borrowing includes
fundraising through bonds, perpetual debt instruments, term

Banks set to gain as bond yields soften 14 bps in a qtr

loans, commercial papers, and external commercial borrowings,
a regulatory filing said. According to the filing, the Board of
Directors, in its meeting held today — Thursday, March 28, 2024 —
inter-alia has approved the borrowing programme of up to
~24,200 crore for FY25. PTI ANJALI KUMARI
Mumbai, 28 March
ILLUSTRATION: AJAY MOHANTY
10-YEAR G-SEC As on Mar 28 stabilityinthedollar-rupee,”said
Yield (in %) 7.056 VikasGoel,managingdirector,and

Two Indian teams may visit Commercialbanksarepoisedto

maketradinggainsastheyieldon
Change in financial year
Source: Bloomberg
-26 bps chiefexecutiveofficeratPNBGilts.
“Andnowthenewestadditionisthe

Chile seeking lithium assets

India will send two delegations next month to Chile to scout for
thebenchmark10-yeargovernment
bondfellby14basispoints(bps)in
theJanuary-Marchquartertosettle databythecentralbank.
borrowingprogramme,which
surprisedeverybodywithhowlowit
is,”headded.Theyieldonthe
lithium and copper resources, a government source said, as rapid at7.06percentonthelasttrading TheReserveBankofIndia benchmarkbondfellonThursday
economic expansion and New Delhi's efforts to speed up the dayofthefourthquarter. conductedaslewofvariablerate afterthereleaseoftheborrowing
energy transition stoke demand for critical minerals. Chile is a key Yieldsontheothertwomost repoauctionstoinfuseliquidityand calendarforthefirsthalf(April-
target as it is the world's biggest supplier of copper and the tradedsecuritiesalsodeclined.The keepovernightmoneymarketrates September)oftheupcoming
second-biggest producer of lithium, which are essential for yieldonthefive-yeargovernment nearthereporate.Thereporate financialyear(2024-25,orFY25).
electric vehicle batteries and renewable energy systems in the bondfellby8bps,whereasthaton currentlystandsat6.5percent. Thecentralgovernmentplansto
push away from fossil fuels. REUTERS the14-yearbondfellby23bps Moreover,therewasasurgein borrow53.07percentofitsfull-year
duringthequarter. early-stagecapitalinflowswithin borrowingtargetof~14.13trillionfor
Forthefullfinancialyeartoo, thedebtsegmentfromforeign FY25,whichwaslowerthanmarket
Defence ministry issues bondyieldsdeclinedforthefirst
timeinthepastfourfinancialyears.
portfolioinvestors(FPIs)duringthe
quarteraheadoftheinclusionof
expectations.Themarketwas
expectingaround58percentofthe

notification to rejig DGQA Thebenchmarkyieldfellby26bps

over2023-24(FY24),againstan
dynamicsovertheyear.
Inthefinalquarterofthe
forbanksisthatmark-to-markethas
improvedcomparedtoDecember
IndianbondsintheJPMorganindex
startingJune2024.Foreign
totalborrowingintheinitialhalf.
The yields had also slumped in
The defence ministry has issued a notification for uptickof48bpsin2022-23.Thelast financialyear,liquidityconditions 31.Sotheprovisioningthatwehad investorsinfused~53,051croreinthe February post-lower-than-expected
“reorganisation” of the Directorate General of Quality Assurance instanceofyielddeclinewasin2019- improvedinthebankingsystem, made,therewouldbeawrite-back debtmarketduringthequarterasof fiscal deficit target set by Finance
(DGQA) aimed at speeding up quality assurance processes and 20,withanotabledecreaseof121 andforeigninflowsbolsteredthe thisquarter.Sothatisthebig March26,accordingtodatafromthe Minister Nirmala Sitharaman for
trials and “reducing layers of decision-making”, officials said on bps.Theyieldroseby3bpsand67 debtmarket,whiletheUSFederal advantageIsee,”saidatreasury NationalSecuritiesDepository. FY25 during her Interim Budget
Thursday. The move is a “major reform” towards ease of doing bpsin2020-21and2021-22, ReserveCommitteehintedatthree headataprivatebank. “Theyieldsfellbecauseessentially speech. The government has
business and to achieve ‘Aatmanirbharta’ in defence, the respectively.Marketparticipants ratecutsin2024.Thesefactorslifted Theliquiditydeficitinthe oneisliquidity.TheflowsfromFPIs pegged the fiscal deficit target at 5.1
ministry said. This factors change in the quality assurance saidthattheyieldsfellinFY24on sentimentinthebondmarket. systemstoodat~40,981croreon haveconsistentlybeenataveryhigh per cent of gross domestic product,
methodology and revised role of DGQA after corporatisation of thebackofforeigninflowsand “Therewouldbesometreasury Wednesday,against~1.56trillionon level.Sotherehasbeenbuyingall against the market expectation of
Ordnance Factory Board, officials said. PTI favourabledemand-supply gains.Whatwillalsobebeneficial December31,2023,accordingto aroundandthereasonforthatisalso 5.3-5.4 per cent.
.
CHENNAI | FRIDAY, 29 MARCH 2024 5 <

GRIHUM(FORMERLY
HOUSING FINANCE LIMITED
KNOWN AS POONAWALLA HOUSING FINANCE LTD)
DEMAND NOTICE UNDER
SECTION 13(2) OF THE
Registered Office: 602, 6th Floor, Zero One IT Park, Sr. No. 79/1, Ghorpadi, Mundhwa Road, Pune – 411036 SARFAESI ACT,2002
You the below mentioned Borrowers/ Co-borrowers /Guarantors have availed Home loans/Loans against Property facility (ies) by mortgaging your Immovable property/ies from Grihum Housing
Finance Limited (formerly known as Poonawalla Housing Finance Limited as the name Poonawalla Housing Finance Limited changed to Grihum Housing Finance Limited with effect from 17 Nov
2023 (Previously known as Magma Housing Finance Limited and originally incorporated with name of GE Money Housing Finance Public Unlimited Company) herein after referred as Secured
Creditor” . You defaulted in repayment and therefore, your loan/s was classified as Non-Performing Assets. A Demand Notice under Section 13(2) of Securitisation and Reconstruction of Financial
Asset and Enforcement of Security Interest Act 2002 for the recovery of the outstanding dues sent on last known addresses however the same have returned un-served. Hence the contents of which
are being published herewith as per Section 13(2) of the Act read with Rule 3(1) of The Security Interest (Enforcement) Rules, 2002 as and by way of Alternate Service upon you.
Details of the Borrowers, Co-borrowers, Guarantors, Securities, Outstanding Dues, Demand Notice sent under Section 13(2) and Amount claimed there under are given as under
Sr. Name of the Borrower, Co-Borrower, Demand Notice Date
DETAILS OF THE SECURED ASSET
No. Guarantor and Loan Amount Amount Due in Rs.
1. YOGESWARI, All That Piece And Parcel Of The Land And Building Situated At Tiruvannamalai District, Cheyyar Registration District, Arani Sub District, Arani Taluk, 22/03/2024
RAJESWARI, Sathyavijaya Nagaram Village , Govt ,Natham Old S.No. 242/1, New S.No. 387/6, In This A Land Bounded On West By Plot Belongs To Sundaresa Rs. 1137093/-
Mudaliyar, East By Common Way Belongs To Manikandan And Anandhakumar, South By Katteri Channel, North By Plot Belong To Anandhakumar, (Rupees Eleven Lakh
YUVANESH In This East To West 16 Feet , North To South 71 Feet In This 1136 Sq.Ft Lane Wise: Old S.No. 242/1 New S.No. 387/6, In This Land Bounded On Thirty Seven Thousand
Loan Amount: Rs. 850000/- West By Plot Belongs To Manikandan And Anandhakumar , East By Property Belongs To Sherif Bai, North By Road , South By Katteri Channel, In Ninety Three Only) as to-
Loan No: This East To West 5 Feet , North To South 141 Sq. Ft. In Tottal 705 Sq. Ft, In This Feet In The Half Share 352 1/2 Sq.Ft. The Total Extent Is 14881/2 gether with further inter-
Sq.Feet. Boundaries As Per Valuation Report:- West By :- Plot Belong To Sundaresa Mudaliyar, East By:- Common Way Belong To Manikandan And est @ 15% p.a till
HM/0111/H/17/100517 repayment.
Anandhakumar, South:- By Katteri Channel, North:- By Plot Belongs To Anandhakumar.
You the Borrower/s and Co-Borrower/s/Guarantors are therefore called upon to make payment of the above-mentioned demanded amount with further interest as mentioned hereinabove in
full within 60 Days of this Notice failing which the undersigned shall be constrained to take action under the act to enforce the above mentioned security/ies. Please Note that as per Section
13(13) of The Said Act, You are in the meanwhile, restrained from transferring the above-referred securities by way of sale, lease or otherwise without our consent.
Place: Tiruvannamalai, Date: 29.03.2024 Sd/- Authorised Officer Grihum Housing Finance Limited, (Formerly known as Poonawalla Housing Finance Limited)

Motilal Oswal Home Finance Limited

CIN Number :- U65923MH2013PLC248741
Corporate Oice : Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite ST Depot,
Prabhadevi, Mumbai-400025. Email : hfquery@motilaloaswal.com.
Branch Oice : D-53, Second Floor, “Strong Arcade” Annexure, Thillai Nagar, 8th Cross, Trichirappalli - 620018,Tamil Nadu
Branch Oice : 1010 & 1011,1st Floor, Avanishi Road, Above IDFC First Bank, Coimbatore - 641018, Tamil Nadu Contact
No.:- RAJSHEKARAN - 7045501738 & SENTHIL NATHAN S B – 9715251372 & JENARTHANAN MP – 9324961310
PUBLIC NOTICE FOR E-AUCTION CUM SALE
E-Auction Sale Notice of 30 Days for Sale of Immovable Asset(s) under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002 read with provison to rule 8 and 9 of the Security
Interest (Enforcement) Rules, 2002
Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor(s) that the below described
immovable properties mortgaged/charged to the Secured Creditor, the physical possession of which has been taken by the
Authorised Oicer of Motilal Oswal Home Finance Limited (Earlier Known as Aspire Home Finance Corporation limited) /
Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date and time mentioned
herein below, for recovery of the dues mentioned herein below and further interest and other expenses thereon till the date of
realization, due to Motilal Oswal Home Finance Limited (Earlier Known as Aspire Home Finance Corporation limited) /Secured
Creditor from the Borrowers and Guarantor(s) mentioned herein below. The reserve price, Earnest Money Deposit (EMD) and
last date of EMD deposit is also mentioned herein below:
Borrower(s) / Demand Notice Description of the Reserve Price, Date and
Guarantor(s) / Loan Date and Immovable property EMD & Last Date of time of
Account Amount Submission of EMD E-Auction
LAN: LXTRI01517- 15-03-2019 S F No 620 South Street Reserve Price: Date:
180051219 for Paravakkottai Village Rs.1500000/-(Fifteen 03-05-2024
Branch: TRICHY Rs: 1576359/- 614015 Thanjavur Tamil Lakh Only) 11:00 Am to
Borrower: STALIN (Fifteen Lakh Nadu EMD: Rs. 150000/-(One 5:00 Pm (with
CHINNADURAI Seventy Six Lakh Fifty Thousand unlimited
Co-Borrower: Thousand Three Only) extensions of 5
CHINNADURAI Hundred & Fifty minute each)
VAITHILINGAM Nine Only) Last date of EMD
Deposit:02-05-2024
LAN: LXCOI00317- 23-10-2019 Door No 114/1, Sf No Date:
Reserve Price:
180052511 for 266/2a, J K J Colony, 03-05-2024
Rs.1000000/-(Ten Lakh
Branch: COIMBATORE Rs: 828738/- Manickapuram Road, 11:00 Am to
Only)
Borrower: (Eight Lakh Palladam Village, 5:00 Pm (with
EMD: Rs. 100000/-(One
SENTHILKUMAR Twenty Eight Coimbatore, Tamil Nadu unlimited
Lakh Only)
ARUMUGAM Thousand Seven - 641664 extensions of 5
Co-Borrower: PARVATHI Hundred & Thirty Last date of EMD
minute each)
SENTHILKUMAR Eight Only) Deposit:02-05-2024
Terms and Conditions of E- Auction:
1. The Auction is conducted as per the further Terms and Conditions of the Bid document and as per the procedure set
out therein. Bidders may visit to the Web Portal: https://auctions.inventon.in of our e-Auction Service Provider,
M/s. Inventon Solutions Pvt. Limited for bidding information & support, the details of the secured asset put up for
e-Auction and the Bid Form which will be submitted online. The interested buyers may go through the auction terms
& conditions and process on the same portal and may contact to RAJSHEKARAN - 7045501738 & SENTHIL
NATHAN S B – 9715251372 & JENARTHANAN MP – 9324961310 details available in the above mentioned Web
Portal and may contact their Centralised Help Desk through Tel. No.: +91 9029086321_ & E-mail ID: care@inventon.
net/manoj.das@inventon.net
Place : Tamil Nadu Sd/-
Date : 29.03.2024 Authorized Oicer
*In case of discrepancy in translation, the English version shall prevail. (Motilal Oswal Home Finance Limited)

Motilal Oswal Home Finance Limited Borrower(s) / Demand Notice Description of the Reserve Price, Date and
CIN Number :- U65923MH2013PLC248741 Guarantor(s) / Loan Date and Amount Immovable property EMD & Last Date of time of
Corporate Oice : Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite ST Depot, Account Submission of EMD E-Auction
Prabhadevi, Mumbai-400025. Email : hfquery@motilaloaswal.com. LAN: LXVEL00417 27-04-2019 Survey No.722/4 Reserve Price: Date:
Branch Oice : 395/1, Ward No.25, Brought Road, Erode - 638011, Tamil Nadu -180053471 for Agasipalli Village, Rs.900000/-(Nine Lakh 19-04-2024
Branch Oice : D-53, Second Floor, “Strong Arcade” Annexure, Thillai Nagar, 8th Cross, Trichirappalli - 620018,Tamil Nadu Branch: VELLORE Rs: 898244/- Near Agasipalli Only) 11:00 Am to
Branch Oice : No 104, Lingam Apartment, 1st Floor, S.No.147/1B41, Arni Road, Sankaranpalayam, Vellore 632001, Tamil Nadu Borrower: GANDHI (Eight Lakh Ninety Bus Stop, District- EMD: Rs. 5:00 Pm (with
Branch Oice : No.111, B Sivalingam Complex, 1st Floor, Kamaraja, 1st Street Pethaniyapuram, By Road, Madurai – BEEMAN Eight Thousand Krishnagiri-635001 unlimited
90000/-(Ninety
625016, Tamil Nadu Co-Borrower: Two Hundred & Tamil Nadu extensions
Thousand Only)
Branch Oice : No: 5/A1, Sarathi Tower, Ground Floor, Polur main road,9th Street, P.U.S. Nagar,Thiruvannamalai - 606601, Tamil Nadu AMBIKA Forty Four Only) of 5 minute
Branch Oice : PTG Complex, No. 379-68/6, 1st Floor, Trichy Main Road, Gugai, Near Raja Sabari Theatre, Salem - GOVINDASAMY Last date of EMD each)
636006, Tamil Nadu Deposit:18-04-2024
Branch Oice : Shop No. 2, First Floor, “V Complex”, S. no., 92/2B, Door No. 6/81 Avadi Road, Senneer Kuppam Village, LAN: LXTHE00218- 23-06-2021 Old S.F. No - 512, Reserve Price: Date:
Poonamallee Taluk - 600056,Tamil Nadu 190070793 for Rs No. - 803/26, Rs.800000/-(Eight Lakh 19-04-2024
Contact No.:- RAJSHEKARAN-7045501738/GOPINATH BOOBALAN-7208816431/JENARTHANAN MP-9324961310/J Branch: THENI Rs: 758448/- Block No. - 09, Only) 11:00 Am to
RAJA-9324935443/SENTHIL NATHAN S B-9715251372/ARUMUGAKUMAR .-9372704956 Borrower: (Seven Lakh Fifty Ration Shop Street, EMD: Rs. 5:00 Pm (with
PARAMASIVAN . Eight Thousand Perumalgoundanpatti unlimited
80000/-(Eighty
PUBLIC NOTICE FOR E-AUCTION CUM SALE DEEPAVALIRAJ Four Hundred & Village And Thousand Only)
extensions
Co-Borrower: Forty Eight Only) B.Amma Patti of 5 minute
E-Auction Sale Notice of 15 Days for Sale of Immovable Asset(s) under the Securitisation and Reconstruction of Last date of EMD each)
Financial Assets and Enforcement of Security Interest Act, 2002 read with provison to rule 8 and 9 of the Security PREMA . P Village Panchayat,
Bodinaickanur, Theni, Deposit:18-04-2024
Interest (Enforcement) Rules, 2002
Tamilnadu - 625528
Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor(s) that the below
described immovable properties mortgaged/charged to the Secured Creditor, the physical possession of which has LAN: 09-02-2023 14door No/14, Nethaji Reserve Price: Date:
been taken by the Authorised Oicer of Motilal Oswal Home Finance Limited (Earlier Known as Aspire Home Finance LXMOTHIRLR721- for Street, New S/ Rs.700000/-(Seven 19-04-2024
Corporation limited) /Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date 220595153 Rs: 798824/- No/1274/18, Gandhi Lakh Only) 11:00 Am to
and time mentioned herein below, for recovery of the dues mentioned herein below and further interest and other expenses Branch: (Seven Lakh Nagar, Thakkolam EMD: Rs. 5:00 Pm (with
thereon till the date of realization, due to Motilal Oswal Home Finance Limited (Earlier Known as Aspire Home Finance TIRUVALLUR Ninety Eight Village, Arakkonam unlimited
70000/-(Seventy
Corporation limited) /Secured Creditor from the Borrowers and Guarantor(s) mentioned herein below. The reserve price, Borrower: Thousand Eight Taluk, Thakkolam Bus extensions
Thousand Only)
Earnest Money Deposit (EMD) and last date of EMD deposit is also mentioned herein below: GOWTHAMI Hundred & Twenty Stop, Vellore, Tamil of 5 minute
ANBARASU Four Only) Nadu 631151 Last date of EMD each)
Borrower(s) / Demand Notice Description of the Reserve Price, Date and Deposit:18-04-2024
Guarantor(s) / Loan Date and Amount Immovable property EMD & Last Date of time of Co-Borrower:
Account Submission of EMD E-Auction ANBARASU
KUMAR
LAN: LXVEL00217- 20-12-2021 In S . F . No.- 178 / Reserve Price: Date:
180056955 for 1, Virinijipuram (M) Rs.2000000/-(Twenty 19-04-2024 LAN: LXERO00419- 08-05-2022 R/S/No/272/5, Door Reserve Price: Date:
Branch: VELLORE Rs: 1625913/- Kamarajapuram Lakh Only) 11:00 Am to 200074275 for No/9, A/D/Colony Rs.700000/-(Seven 19-04-2024
Borrower: KUMARAN (Sixteen Lakh Village, Vellore Taluka, 5:00 Pm (with Branch: ERODE Rs: 639930/- (Six 46, Pudur Post, Lakh Only) 11:00 Am to
EMD: Rs. 200000/-(Two Borrower: Lakh Thirty Nine Modakurichi, Na Opp 5:00 Pm (with
T THANGARAJ Twenty Five Vellore District- Vellore, Lakh Only) unlimited EMD: Rs.
Co-Borrower: Thousand Nine Virinijipuram Bus Stop, extensions of 5 TAMILMUTHU . M Thousand Nine Saral Water Company, unlimited
70000/-(Seventy
THANGARAJ M M Hundred & Thirteen Vellore, Tamil Nadu- Last date of EMD minute each) Co-Borrower: Hundred & Thirty Erode, Tamil Nadu extensions
Thousand Only)
Only) 632104 Deposit:18-04-2024 SARASWATHI / M Only) 638002 of 5 minute
Last date of EMD each)
LAN: LXERO00417- 24-05-2019 S/F No- 217/3, Old Sf Reserve Date: Deposit:18-04-2024
180056628 for No -387 ,Ward No 6 Price:Rs.1750000/- 19-04-2024
Branch: ERODE Rs: 1028730/- (Ten ,Onkaliyamman Kovil (Seventeen Lakh Fifty 11:00 Am to LAN: LXSAL00417 24-01-2020 S No.69/2, Reserve Price: Date:
Borrower: Lakh Twenty Eight Near Mangalammal Thousand Only) 5:00 Pm (with -180054240 for Door No.1/265, Rs.700000/-(Seven 19-04-2024
MOHAMEDIBRAHIM Thousand Seven Urambu Sadhu unlimited Branch: SALEM Rs: 667758/- (Six Adimalaipudur, Lakh Only) 11:00 Am to
EMD: Rs. 175000/-(One Borrower: Lakh Sixty Seven Pattukonampatti, 5:00 Pm (with
A Hundred & Thirty Periyasemur, Village Lakh Seventy Five extensions of 5 EMD: Rs.
Co-Borrower: SIRAJ Only) Erode City Municipal minute each) RAVIKUMAR S Thousand Seven Pappireddipatti, unlimited
Thousand Only) 70000/-(Seventy
NISHA M Corporati, Erode, Tamil SUKUMAR Hundred & Fifty Dharmapuri, Tamil extensions
Thousand Only)
Nadu - 638005 Last date of EMD Co-Borrower: Eight Only) Nadu - 636905 of 5 minute
Deposit:18-04-2024 POONKODI R R Last date of EMD each)
Deposit:18-04-2024
LAN: LXVEL00417 08-04-2022 S F No.- 501 / 1C, At- Reserve Price: Date:
-180065663 for Nattrampalli Village, Rs.1400000/-(Fourteen 19-04-2024 LAN: LXTRI00417- 20-04-2021 New S.F.No. - 67 Reserve Price: Date:
Branch: VELLORE Rs: 1296889/- Natrampalli Vellore, Lakh Only) 11:00 Am to 180068762 for /3b1c, Old S.F.No.67 Rs.500000/-(Five Lakh 19-04-2024
Borrower: PALANI (Twelve Lakh Ninety Sivaganga, Tamilnadu- EMD: Rs. 140000/-(One 5:00 Pm (with Branch: TRICHY Rs: 851648/- /3b, Vaikalkarai Street, Only) 11:00 Am to
CHINNARAJ Six Thousand Eight 635852 Lakh Forty Thousand Only) unlimited Borrower: R (Eight Lakh Fifty Keelapuliyampattu 5:00 Pm (with
EMD: Rs. 50000/-(Fifty
Co-Borrower: Hundred & Eighty extensions of 5 KASTHURI One Thousand Six Village, Kattumanarkoil unlimited
Last date of EMD Thousand Only)
Rukmani Palani Nine Only) minute each) Co-Borrower: Hundred & Forty Taluk, Cuddalore extensions
Deposit:18-04-2024 SIVARAMAN Eight Only) District, Tamil Nadu - Last date of EMD of 5 minute
LAN: LXTRI01517- 28-10-2023 No. 4/39/ 041, Reserve Price: Date: RAMAMOORTHY 608304 Deposit:18-04-2024 each)
180066713 for Pethavalan Kottagam, Rs.1200000/-(Twelve 19-04-2024 LAN: LXMAD00217- 15-11-2019 Old D.No.32, New Reserve Price: Date:
Branch: TRICHY Rs: 2027196/- Thiruthuraipoondi, Lakh Only) 11:00 Am to 180056347 for 19-04-2024
D.No.32/16a/W3, Rs.500000/-(Five Lakh
Borrower: (Twenty Lakh Taluka- Muthupet, EMD: Rs. 120000/- (One 5:00 Pm (with Branch: MADURAI 11:00 Am to
Rs: 506619/- (Five Ward No.03, Kambar Only)
MATHAVAN Twenty Seven Kilanammankurichi, Lakh Twenty Thousand unlimited 5:00 Pm (with
Borrower: Lakh Six Thousand 1st Street, Ondikovi
KARUPPAIYAN Thousand One Thiruvarur, Tamil Nadu Only) extensions of 5 EMD: Rs. 50000/-(Fifty unlimited
MEENAKSHI Six Hundred & Lpatti, Melur Village&
Co-Borrower: Hundred & Ninety - 614704 minute each) Thousand Only) extensions
VANAROJA Six Only) Last date of EMD SUNDARAM Nineteen Only) Town Panchyat,
Deposit:18-04-2024 PETCHIMUTHU Last date of EMD of 5 minute
KARUPPAIYAN Madurai North, Tamil each)
Co-Borrower: Deposit:18-04-2024
LAN: LXVEL00417- 09-01-2023 Sf No 46/1, Plot No 46, Reserve Price: Date: KALIMAGADEVI Nadu - 625106
180065961 for Karunya Avenue, Ariyur Rs.1200000/-(Twelve 19-04-2024 KANNAYIRAM
Branch: VELLORE Rs: 1432559/- Zone 4, Vellore City, Lakh Only) 11:00 Am to
Borrower: VANITHA (Fourteen Lakh Municipal Coropartion EMD: Rs. 120000/- (One 5:00 Pm (with LAN: LXTRI00116- 21-01-2022 Door No.- 613, Rs.No Reserve Price: Date:
GODHANDAN P Thirty Two Vellore, District Vellore, Lakh Twenty Thousand Only) unlimited 170044677 for - 41 / 7 (41/2 Part) Rs.400000/-(Four Lakh 19-04-2024
Co-Borrower: Thousand Five Tamil Nadu 632301 extensions of 5 Branch: TRICHY Rs: 508191/- Vaikkankarai Street, Only) 11:00 Am to
PANDIYAN DEVARAJ Hundred & Fifty Last date of EMD minute each) Borrower: (Five Lakh Eight Omampuliyur Village, EMD: Rs. 40000/-(Forty 5:00 Pm (with
D Nine Only) Deposit:18-04-2024 SATHISHKUMAR Thousand One Gunavasal Panchayat, unlimited
NARAYANASAMY Hundred & Ninety Thousand Only) extensions
LAN: LXVEL00417- 24-05-2019 Old S.No.118a, New Reserve Price: Date: Kattumannar Koli, of 5 minute
Co-Borrower: One Only) Last date of EMD
180061909 for S.No.118a/10, Door Rs.1150000/- (Eleven Lakh 19-04-2024 Cuddalore , Tamil each)
Vanadhi Deposit:18-04-2024
Branch: VELLORE Rs: 996621/- (Nine No.1/96b, Bajanai Koil Fifty Thousand Only) 11:00 Am to Nadu -608306
Narayanaswamy
Borrower: Lakh Ninety Six Street,Arcot Vellore, EMD: Rs. 115000/- (One 5:00 Pm (with
SASIKUMAR Thousand Six Thazhanoor Village, Lakh Fifteen Thousand unlimited Terms and Conditions of E- Auction:
KUPPUSAMY Hundred & Twenty Walaja, Vellore, Tamil Only) extensions of 5 1. The Auction is conducted as per the further Terms and Conditions of the Bid document and as per the procedure
Co-Borrower: One Only) Nadu - 632503 minute each) set out therein. Bidders may visit to the Web Portal: https://auctions.inventon.in of our e-Auction Service Provider,
KALAIVANI Last date of EMD M/s. Inventon Solutions Pvt. Limited for bidding information & support, the details of the secured asset put up
SASIKUMAR Deposit:18-04-2024 for e-Auction and the Bid Form which will be submitted online. The interested buyers may go through the auction
LAN: LXCHE00117 11-05-2023 64, Mgr Street, Reserve Price: Rs. Date: terms & conditions and process on the same portal and may contact to RAJSHEKARAN-7045501738/GOPINATH
-180058443 for Meppurthangal Village, 900000/- (Nine Lakh Only) 19-04-2024 BOOBALAN-7208816431/JENARTHANAN MP-9324961310/J RAJA-9324935443/SENTHIL NATHAN S
Branch: Chennai Rs: 1402382/- S r i p e r u m b u d u r , EMD: Rs. 90000/-(Ninety 11:00 Am to B-9715251372/ARUMUGAKUMAR .-9372704956, details available in the above mentioned Web Portal and may
Borrower: Tamilarasan (Fourteen Lakh Two Ponamallee, Chennai 5:00 Pm (with contact their Centralised Help Desk through Tel. No.: +91 9029086321_ & E-mail ID: care@inventon.net/manoj.das@
Thousand Only) inventon.net
Tamilarasan Thousand Three Tamil Nadu 600123 unlimited Sd/-
Co-Borrower: Hundred & Eighty Last date of EMD extensions of 5 Place : Tamil Nadu Authorized Oicer
Sugashini Murukesan Two Only) Deposit:18-04-2024 minute each) Date : 29.03.2024 (Motilal Oswal Home Finance Limited)
6 WORLD
>
CHENNAI | FRIDAY, 29 MARCH 2024

Bankman-Fried China realty crisis ripples through its biggest banks

sentencedto25yrs BLOOMBERG ratio for the property sector also topped
other industries.
financial support for rental housing,
according to its statement. AgriBank said
SHRINKING ROOM
28 March

for crypto fraud

All three banks managed to report repricing of existing loans such as residen-
China’s protracted property downturn is gains in profit even interest margins nar- tial mortgages hurt its margins, according
n Bank of n Industrial & n Agricultural eroding the balance sheets of the nation’s rowed. Bocom dropped 2.7 per cent and to its filing. The lender cut the interest
Communications Commercial Bank of China largest state banks as their bad loans ICBC slid 0.8 per cent in Hong Kong. rates on existing mortgages by an average
REUTERS hood of getting caught. But he reported jump Bank of China reported 4.7% creep up. AgBank ended Thursday trading 0.3 per 73 basis points for more than 7.63 million
28 March is not going to admit a thing, of 4.99% to its saw bad loans increase in Bank of Communications reported that cent lower right before its results. borrowers last year.
as is his right.” Bankman-Fried property bad from residential soured its property bad loan ratio jumped to 4.99 The nation’s largest state-owned banks China’s home price declines deep-
Sam Bankman-Fried was sen- stood with his hands clasped loan ratio at the mortgages rise residential per cent at the end of last year from 2.8 per are struggling to maintain growth as ened in February in both new and used
tenced to 25 years in prison by before him as Kaplan read the end of 2023 9.6% mortgage loans cent a year earlier. While the balance of its Beijing tasked them with duties to help home segments, underscoring the chal-
a judge on Thursday for steal- sentence. He was led out of the overdue mortgages slipped, the special pump up the domestic economy as well lenge for authorities to salvage the belea-
ing $8 billion from customers courtroom by members of the mention loans for the segment — a leading as rescue its debt-laden property devel- guered market.
of the now-bankrupt FTX US Marshals Service when the indicator of soured loans — jumped 23 per opers and local governments. The state ICBC has increased efforts to manage
cryptocurrency exchange he hearing ended. cent to 9.88 billion yuan ($1.4 billion). banks have so far heeded Beijing’s call to risks associated with real estate developers
founded, the last step in the Bankman-Fried, wearing a Bigger rival Industrial & Commercial lower lending rates and step up financing and projects, according to Wang Jingwu,
former billionaire wunder- beige short-sleeve jail t-shirt, Bank of China Ltd. saw its bad loans from support for developers. the bank’s vice president. The non-per-
kind’s dramatic downfall. acknowledged during 20 residential mortgages rise 9.6 per cent to Bocom said China’s earlier cuts on loan forming property loan ratio decreased by
US District Judge Lewis minutes of remarks to the 27.8 billion yuan, according to a prime rates and reductions on outstanding 0.77 percentage point to 5.37 per cent from
Kaplan judge that Wednesday filing. In the corporate loan mortgage rates have hurt margins. The the beginning of the year, with sufficient
handed down FTX cus- segment, its property non-performing bank underwrote 56.5 per cent more real provisions provided, he said.
the sentence tomers had loan ratio was the highest among all sec- estate corporate bonds last year to meet As of the end of 2023, the balance of
at a suffered and tors. Agricultural Bank of China reported the needs of developers, it said in its filing. real estate loans and mortgages at ICBC
Manhattan he offered an a 4.7 per cent increase in soured residen- ICBC maintained a “stable and orderly” was more than 7 trillion yuan, accounting
court hearing apology to his tial mortgage loans last year, while NPL issuance of property loans and boosted for more than a quarter of their loan book.
after rejecting former FTX
Bankman- colleagues.
Fried’s claim The sen-

US, UK probe $20 billion Xiaomi joins

that FTX cus- tence marked
tomers did the culmina-
not actually tion of
lose money Bankman-
and accusing
him of lying Judge Lewis Kaplan said Sam
during his Bankman-Fried (pictured)
Fried’s plunge
from an ultra-
wealthy
Russia crypto transfers EV race with
‘dream car’
trial testi- had shown no remorse entrepreneur
mony. A jury and major
found Bankman-Fried, 32, political donor to the biggest
guilty on November 2 on seven trophy to date in a crackdown Part of crack down on sanctions evasion that’s helping Putin’s war in Ukraine
fraud and conspiracy counts by US authorities on malfea- PHOTO: REUTERS
stemming from FTX’s 2022 sance in cryptocurrency mar- BLOOMBERG far more sweeping than many
collapse in what prosecutors kets. Bankman-Fried has
have called one of the biggest vowed to appeal his conviction
28 March observers thought was pos-
sible before Putin’s forces Won’t start a war
T
financial frauds in US history. and sentence. he US and UK are launched their full-scale inva-
Kaplan said Bankman- Kaplan said he had found
Fried had shown no remorse. that FTX customers lost $8 bil-
“He knew it was wrong,” lion, FTX’s equity investors
reviewing more than sion of Ukraine in February
$20 billion of crypto- 2022. Russia has managed to
currency transactions that stave off a widely predicted
with Nato: Putin
Kaplan said of Bankman-Fried lost $1.7 billion, and that passed through a Russia-based economic collapse by build- Russia has no designs on any
before handing down the sen- lenders to the Alameda virtual exchange, according to ing a vast network of back- Nato country and will not
tence. “He knew it was crim- Research hedge fund people familiar with the doors and work-arounds, attack Poland, the Baltic states
inal. He regrets that he made Bankman-Fried founded lost matter, as part of allied efforts including offshore oil trans- or the Czech Republic but if the THE IDEA THAT WE
a very bad bet about the likeli- $1.3 billion. to crack down on the sanctions fers, technology exchanges West supplies F-16 fighters to WILL ATTACK SOME
evasion that’s supporting via third countries and Ukraine then they will be shot OTHER COUNTRY —
Russia President Vladimir encrypted digital-currency down by Russian forces, POLAND, THE BALTIC
Putin’s war in Ukraine. transactions. The Biden President Vladimir Putin said. STATES, AND THE
IN BRIEF The payments went administration has been
through Moscow- attempting to
Speaking to Russian air
force pilots, Putin said the US-
CZECHS ARE ALSO
BEING SCARED — IS
based crypto squeeze crypto led military alliance had COMPLETE People pose for pictures in front of Xiaomi’s first EV SU7

No rush to lower interest exchange Payments were

Garantex using the done through
exchanges like
Garantex since
expanded eastwards towards
Russia since the 1991 fall of the
NONSENSE” displayed outside the avenue in Beijing, on Thursday

VLADIMIR PUTIN
rates, says Fed’s Waller dollar-pegged
cryptocurrency
Moscow-based
Garantex using
the early days of
the war. The $20
Soviet Union but that Moscow
had no plans to attack a RUSSIA PRESIDENT
REUTERS
28 March
SU7 EV model will be priced
at 215,900 yuan, while the Pro
Federal Reserve Governor Christopher Tether, sources dollar-pegged billion of transac- Nato state. and Max versions will cost
Waller (pictured) said there is no rush to said. The transfers crypto Tether tions would rep- “We have no aggressive Xiaomi kicked off sales of its 245,900 yuan and 299,900
lower interest rates, emphasising that have taken place resent one of the intentions towards these electric car on Thursday, with yuan respectively, Lei said.
recent economic data warrants delaying or since Garantex biggest breaches states,” Putin said, according the Chinese smartphone com- Deliveries for the Standard
reducing the number of cuts seen this year. was sanctioned by the US and of the sanctions imposed on to a Kremlin transcript released pany pricing its SU7 at 215,900 and Max models will com-
Waller called recent inflation figures UK on suspicion of enabling Russia since its start. on Thursday. “The idea that we to 299,900 yuan ($29,870- mence from late April, and the
“disappointing” and said he wants to see financial crimes and illicit They also cautioned that will attack some other country $41,493) as it enters a fiercely Pro models will follow by the
“at least a couple months of better inflation transactions in Russia, they the inquiries were ongoing — Poland, the Baltic States, competitive domestic market. end of May. All SU7 models
data” before cutting. He pointed to a strong said. The inquiry shows the and that it was too early to and the Czechs are also CEO Lei Jun told the will only be sold for now in
economy and robust hiring as further reasons the Fed has room West’s continued struggle to anticipate their conclusions being scared — is launch event that the shift China, the world’s biggest auto
to wait to gain confidence that inflation is on a sustained path decisively cut off the flow of given the complexity and complete nonsense. It's from electronics to car man- market. Comparing Xiaomi’s
toward the 2 per cent target. REUTERS money into Russia, despite opacity of cryptocurrency just drivel.” ufacturing had not been easy, SU7 to Tesla and Porsche EV
building a sanctions regime transactions. REUTERS noting that US rival Apple had models, Lei highlighted its
given up on such an idea. advantages, including its
J&J to pay $75 million to “In the three years of devel-
oping this car, my biggest real-
minimum range of 700km
which surpasses the Tesla

settle $6 bn baby talc suit

Johnson & Johnson will pay $75 million to settle a consumer
Amazon bets $150 bn on data centres ization is that making cars is
extremely difficult. Even a
giant like Apple gave up on it,”
Model 3’s 567km.
The launch fulfils an
ambition of Xiaomi founder
protection lawsuit filed by Mississippi over the company’s talc-
based baby powder, according to people familiar with the
Plans spending spree THE MASTER PLAN
Lei said to a packed audience
at the event, which included
Lei, who announced the com-
pany’s foray into EVs in 2021,
matter, resolving litigation in which the state had sought as over 15 years to meet n Spending is a show of force as the
high-profile Chinese auto pledging to invest $10 billion
much as $6 billion. The pact comes as lawyers for the state and executives, including the in its auto business. The com-
J&J were gearing up for a non-jury trial next month, said the growing AI demand company looks to maintain its grip on leaders of Chinese EV makers pany formed a manufacturing
people, who asked not to be named because the accord isn’t the Cloud services market Xpeng , Nio and Li Auto. “So partnership with state-owned
yet public. The settlement comes as the world’s largest maker BLOOMBERG today, every person who is still automaker BAIC Group and
of health care products seeks to manage a growing number of 28 March n Bloombergtallyfinds n Firm plans persevering in making cars is showcased the SU7 — short for
suits accusing it of concealing the product’s risks, after two thatAmazon has to expand a hero of our time,” said Lei. Speed Ultra 7 — sedan,
unsuccessful attempts to use the bankruptcy courts to impose a Amazon.com plans to spend almost $150 committed to spend to new The company’s standard in December.
settlement on former users. BLOOMBERG billion in the coming 15 years on data cen-
$148 bn for data centres locations
tres, giving the cloud-computing giant the
in the past two years globally

RussiablocksUNpanelon
firepower to handle an expected explosion
in demand for artificial intelligence appli- MERCEDES LIABLE FOR EMISSIONS
CHEAT DEVICE, COURT RULES
cations and other digital services. nificantly,” said Kevin Miller, an AWS vice Amazon’s planned outlay on server

N Korea’s nuke programme The spending spree is a show of force

as the company looks to maintain its grip
president who oversees the company’s
data centers. “I think that just gives us the
farms dwarfs the public commitments
from Microsoft and Alphabet Inc.’s Google,
Russia vetoed a United Nations Security Council resolution to on the cloud services market, where it ability to get closer to customers.” though neither company discloses data Mercedes-Benz Group AG is liable to owners of some of its diesel
extend a panel of experts that has reported on North Korea’s holds about twice the share of No. 2 player Over the past two years, according to a centre-related spending as consistently as cars that were equipped with a diesel defeat emissions device, a
development of its nuclear arsenal for 15 years, underscoring Microsoft Sales growth at Amazon Web Bloomberg tally, Amazon has committed Amazon. Microsoft and Google spokes- German court ruled in a consumer class action case. The ruling by
the increasingly close ties between Moscow and Pyonygang. Services slowed to a record low last year to spending $148 billion to build and oper- people declined to provide comparable fig- the Stuttgart Appeals Court published Thursday covers Mercedes
Although reports by the panel of experts carry no legal weight, as business customers cut costs and ate data centers around the world. The ures and added that each company likely GLC and GLK models in a suit brought by consumer group VZBV
they inform decisions on international sanctions established delayed modernisation projects. Now company plans to expand existing server includes different costs in their estimates. three years ago joined by 2,500 claimants. The consumer group
by the Security Council in a series of resolutions aimed at spending is starting to pick up again, and farm hubs in northern Virginia and Amazon’s chief financial officer said alleges the car manufacturer manipulated diesel engines to
barring North Korea from developing into a nuclear-armed Amazon is keen to secure land and elec- Oregon as well as push into new precincts, last month that capital expenditures cheat on emission rules. The drivers don’t get payouts directly
state. North Korea has defied those resolutions and continues tricity for its power-hungry facilities. including Mississippi, Saudi Arabia would increase this year to support AWS but must sue individually to collect money from the manufa-
to develop nuclear warheads. BLOOMBERG “We’re expanding capacity quite sig- and Malaysia. growth, including AI-related projects. cturer. Mercedes said it will appeal the judgement. BLOOMBERG

‘Shortcuts everywhere’: How Boeing favoured speed over quality

NIRAJ CHOKSHI, SYDNEY EMBER whowasultimatelyresponsibleforthose sweepingchangestoitsleadershipon
& SANTUL NERKAR problems.ButsinceJan.5,whenapanel Monday.Thechiefexecutive,Dave
28 March onatwo-month-oldAlaskaAirlines737
Max9jetblewoffinmidair,episodeslike
WORRYING PICTURE Calhoun,willleaveattheendoftheyear,
andStanDeal,theheadofthe
n Current and former Boeing employees offered examples of
InFebruarylastyear,anewSouthwest thesehavetakenonnewresonance, commercialplanesdivision,which
how quality has suffered over the years
AirlinesBoeing737Maxplanewason raisingfurtherquestionsaboutthe makesthe737Max,retiredimmediately.
oneofitsfirstflightswhenan qualityoftheplanesBoeingisproducing. n According to employees, workers assembling planes would sometimes Boeingemployeessaidtheincident
automatedstabilisingsystemappeared “There’salotofareaswherethings try to install parts that had not been logged or inspected reflectedlongstandingproblems.
tomalfunction,forcingthepilotsto don’tseemtobeputtogetherrightinthe Severalsaidemployeesoftenfaced
makeanemergencylandingsoonafter firstplace,”saidJoeJacobsen,an n Boeing workers in South Carolina and in Washington State said intensepressuretomeetproduction
theytookoff. engineerandaviationsafetyexpertwho mechanics building planes were allowed in some instances to deadlines,sometimesleadingto
Lessthantwomonthslater,anAlaska spentmorethanadecadeatBoeingand sign off on their own work questionablepracticesthattheyfeared
Airlines737Maxplanewitheighthoursof morethan25yearsattheFAA.“The couldcompromisequalityandsafety.
totalflighttimewasbrieflygrounded themeisshortcutseverywhere—not n Numerous problems on planes were assembled, including OnequalitymanagerinWashington
untilmechanicsresolvedaproblemwith doingthejobright,”headded. wires being routed incorrectly, raising the risk that they could StatewholeftBoeinglastyearsaid
afiredetectionsystem.Andin Suchreports,andinterviewswith rub against one another, resulting in damage workersassemblingplaneswould
November,anengineonajust-delivered aviationsafetyexpertsandmorethan sometimestrytoinstallpartsthathad
UnitedAirlines737Maxfailedat37,000 twodozencurrentandformerBoeing twocrashesofMax8planesin2018and TheexperiencelevelofBoeing’swork suppliershavestruggledtoadhereto notbeenloggedorinspected,an
feet.Theseincidents,whichtheairlines employees,paintaworryingpicture 2019killednearly350people. forcehasdroppedsincethestartofthe qualitystandardswhileproducingparts attempttosavetimebycircumventing
disclosedtotheFederalAviation aboutacompanylongconsideredtobe Someofthecruciallayersof pandemic.Theinspectionprocess atthepaceBoeingwantedthem.Under qualityproceduresintendedtoweedout
Administration,werenotwidely atthepinnacleofAmerican redundanciesthataresupposedto intendedtoprovideavitalcheckon pressuretoshowregulatorsandairlines defectiveorsubstandardcomponents.
reported.Therewerenoindicationsthat engineering.TheysuggestthatBoeingis ensurethatBoeing’splanesaresafe workdonebyitsmechanicshasbeen thatthecompanyistakingitslatest
anyonewasindanger,anditwasnotclear strugglingtoimprovequalityyearsafter appeartobestrained,thepeoplesaid. weakenedovertheyears.Andsome crisisseriously,Boeingannounced ©2024 The New York Times News Service

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OPINION 7
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ILLUSTRATION: BINAY SINHA

VOLUME XXVI NUMBER 229
sonal data. Given India’s legal framework and the vast
CHENNAI | FRIDAY, 29 MARCH 2024 data pool, it positions it squarely at the centre for a
leadership role in personal data monetisation.
Generating employment The account aggregator (AA) system, pioneered by
India, is one of the first initiatives in the world to flip
the conversation on data. This ground-breaking ini-
Technological changes will increase challenges tiative began in 2015 when the Arun Jaitley-led

T
he International Labour Organization (ILO), together with the Institute Financial Stability Development Council envisioned
for Human Development, has released a large-scale analysis of available a unified data-sharing architecture for financial data
data regarding employment in India since 2000. For the years up to 2012, across different institutions. AAs have a simple func-
tion — to securely and efficiently transfer financial
this survey has relied on the “Employment and Unemployment Survey”;
data from the place it is stored to another place it is
and, for data between 2019 and 2022, the report has considered the National
needed, with explicit user consent. This revolutionary
Statistical Office’s Periodic Labour Force Survey as its primary source. Given that framework empowers users to securely share their
these data sources have already been described at length, the empirical content of financial information with institutions that can offer

Empowering people
the report is familiar: Stagnant real wages in the formal sector; a recent return to them better deals on loans, investments, and more,
agricultural employment; and a female labour participation rate, which was first all while maintaining complete privacy. For example,
declining but has more recently turned up but is driven mainly by self-employment AAs enable working capital to small businesses based
and unpaid family work; and far too many educated young people out of jobs. The on cash flow data, obviating the need for collateral

to monetise their data

ILO has done a good job integrating two otherwise incompatible surveys, but given security. A small vegetable vendor who buys wholesale
the familiarity of the data, the main interest of the report lies in its conclusions and goes around selling the vegetables throughout
and recommendations. the day presently takes loans from moneylenders, typ-
Thereportidentifiesfivepriorities.First,productionandgrowthshouldbemade icallyat1to2percentinterestperday.Withthissystem,
moreemployment-intensive.Second,jobqualityshouldbeimprovedthroughinvest- based on his income inflows, AAs can provide a loan
ment in support for migration and for new-age sectors like the care economy, as well India has an opportunity to lead the conversation on to him at usual bank loan rates.
There are already more than 500 players in the
as ensuring labour rights. Third, inequalities in the labour market — which affect
women, young people, and marginalised groups — should be addressed by policy. rewarding individuals for their data used by Big Tech Indian AA ecosystem and more than 60 million
accounts have been linked to it. Sahamati, a non-profit

D
Fourth, skill training and “active labour market policies” must be increased. And
ata is the new oil. In fact, its potential for value The most recent business model harnessing the value industry body sets the standards for secure data shar-
fifth,thereshouldbemoreandbetterdataonemployment.Manyoftheseareunques-
extraction surpasses that of oil. Unlike oil, data of data is artificial intelligence (AI). AI uses data to ing, fosters collaboration between banks, fintech com-
tionablyimportant.Fewcanarguewiththeneedforbetterandtimelydata,forexam- is non-rivalrous, meaning multiple users can train models. Moreover, the anticipated ubiquity of panies, and policymakers, and educates users about
ple. Others, when examined more closely, throw up questions. How can inequalities exploit the same dataset without reducing its supply AI has taken the importance of data to a new high. the system’s benefits. The AA system is exceptional
be directly addressed, for example? It is clear that the inability to increase female for others. It is easily replicable and its value generally The immense market capitalisation of companies because it empowers individuals with their data: User
employment outside home or the farm is in many cases because of cultural factors in does not diminish once revealed, although sometimes like Google and Meta underscores the value of indi- data is shared only with explicit consent, provides for
parts of India, and in other cases by the lack of a conducive environment and law and that is the case. vidual user data. This begs the question, what is the seamless, effortless and frictionless sharing of data,
order concerns. Is such large-scale social reform being called for? Throughout history, models have emerged for valueofanindividual’sdata?Alphabet(Google’sparent and is inexpensive and scalable. The AA ecosystem is
Perhaps the most pointed recommendation, however, comes in the matter of extracting value from data. Initially, company) is worth $1.75 trillion. still nascent, but early signs are promising. In a month,
making production more “employment-intensive”. The report argues that “the data’s value lay in its application within That can be traced back to the data nearly 5 million new accounts are getting linked and
employment benefits of service-led growth alone are likely to be inadequate in algebraic equations, even before the ofits5billionusers,whichtranslates a similar number of successful consent requests are
meeting the current employment challenge … Industry and manufacturing absorb technological era. With the advent of to roughly $350 per person. Meta received. Sahamati estimates that by 2027, the number
therelativelylow-skilledlabourmovingoutofagricultureataproductivitypremium”. software, data-analysis ascended to (Facebook, WhatsApp, Instagram, of consent transactions will reach a staggering 5 billion
This argument must be seen in the context of recent arguments, including those greater sophistication, facilitating the Messenger) boasts a market cap of per year, a 100-fold increase from current levels. This
madebyformerReserveBankofIndiagovernorRaghuramRajan,thatIndia’sgrowth rapid processing of vast quantities of $1.25trillion,thankstoits3.98billion rapid growth signifies a fundamental shift in the data
data. Technology catalysed just-in-time users, which works out to about economy. Individuals can increasingly gain control
will have to be led by or dependent on the services sector. Those who make this argu-
management, amplifying data’s value $250 per user. Amazon, with its 10 and reap benefits from their data.
mentpointoutthatmanufacturinghasbeenaffectedstronglybytechnologicalinno-
further. Yet these models primarily aug- million sellers and 300 million-plus The AA system can work not only for the financial
vation, and automation means that it is more capital-intensive, as distinct from mented existing business activities. buyers, owes a big chunk of its $1.85 sector but for other sectors as well. Imagine a farmer
labour-intensive, than earlier.
Labour wage arbitrage no longer works as effectively on the international stage.
However, a paradigm shift occurred
as data itself became the core basis of
OFF THE GRID trillion market cap to its data users.
And don’t forget OpenAI, already a
who can share data on seed quality, soil health, and
pest control practices to access better prices in the
Thisreportpointsoutthatsimilarprocessesareatworkintheservicessector,however. businesses. Google epitomised this AJAY KUMAR $100 billion company that built its futures market. Or a patient could share past med-
It is also argued by many that the services sector will not be able to absorb low-skilled transformation, leveraging data as both empire on internet users’ data. In ical records from different hospitals for a more
individuals with great effectiveness. This means that there are few good choices raw material and product, birthing a trillion-dollar all these cases, data users — that is, the big-tech com- informed diagnosis.
facingpolicymakersinIndia.Giventherapidtechnologicaldevelopmentsandemerg- enterprise. Concurrently, alternative forms of data- panies — have capitalised on user data. Yet, for the The AA system is the world’s first architecture
ing global order, some of the standard prescriptions for growth and employment based businesses like business intelligence and data- individuals whose data these companies use, the that has enabled individuals and small businesses
generation may not work in the coming years. Thus, a broad openness about the way marketplaces emerged. Companies like Amazon rewardshavebeenminimal.Thisisdespitethegrowing to monetise the information residing in the data for
forwardmaybenecessary,andIndiawillneedtobepreparedtotapeveryopportunity brought about yet another paradigm shift. They not emphasis on control over one’s personal data. their benefits. Being an open API based architecture,
and maximise the level of employment generation. only revolutionised online commerce but also demon- India presents a compelling case study in this it reduces artificial barriers to entry, makes the system
strated the power of separating data from the core emerging trend. It boasts a massive digital population, accessible, flexible, inclusive and non-discriminatory.
business. This birthed the platform economy, where generating an estimated 20 per cent of the world’s For a world looking for a framework by which an

Big Tech test businesses leverage user data to create a valuable and
distinct offering. The platform model often became
bigger than the original businesses. Yet, a new class of
data — the largest single-country contribution. This
data is immensely valuable due to its diversity and
richness, given India’s youthful demographics. The
individual’s data could be used to empower him, the
AA system provides a solution. Designed, developed
and implemented in India, championed by iSpirit,
European Commission’s investigations will be followed globally data-based businesses evolved — the social media landmark 2017 Supreme Court judgment in India has the opportunity to lead the global conver-

A
few weeks after the Digital Markets Act (DMA) came into force, the platforms. For this model, the world was the factory Puttaswamy vs Union of India established privacy as a sation on data empowerment and innovation.
European Commission (hereinafter “Commission”) has initiated inves- and individuals its workers, creating data that added fundamental right. This legal foundation was further
tigations of Google, Meta, Amazon, and Apple for non-compliance with value to them. All these models gave credence to the strengthened by the Digital Personal Data Protection Thewriter,aformerdefencesecretary, isdistinguished
key principles aimed at creating fair and competitive digital markets. adagethatwhensomethingisfree,youaretheproduct. Act, 2023, granting individuals control over their per- visitingprofessoratIITKanpur
These investigations will, one way or the other, be landmark events since the com-
panies under investigation are globally dominant. Specifically, the Commission is
looking into Alphabet’s rules on steering in Google Play and self-preferencing on
Google Search, Apple’s steering in App Store and in the choice screen for Safari, and
Meta’s “pay or consent model”. In addition, the Commission has launched investi-
Why this fuss about income inequality?
I
gation into Apple’s new fee structure for alternative app stores and Amazon’s ranking ndia has always had income inequality. In the past, report, there are 271 billionaires in India with a is visible and continuous improvement for me
practices. The DMA has a set of objective criteria for qualifying a large online platform it housed a large swathe of the world’s poor, and combined wealth of $1 trillion. One of them has and/or my peers, then there is less chance of dis-
as a “gatekeeper”. The gatekeeper must have a strong economic position and signif- now it also houses some of the world’s richest, and 11.5 per cent of this wealth and another has 8.6 per content spilling on the street, even if the 271 billion-
icant market impact and be active in multiple European Union (EU) nations. It many in between. This columnist, a homegrown, non- cent, so less than 1 per cent of billionaire India has aires become 500 trillionaires.
must have “strong intermediation”, linking a large user base to many businesses, economist people researcher, struggles to understand 20.1 per cent of its wealth. Of course, 271 dollar bil- A Bloomberg comment on this new report on
and it must have met these criteria in each of the last three financial years. Alphabet, the expectation that moving from socialism to capi- lionaires is a big deal as billionaires go, but it is a inequality in India poses this question to political
Amazon, Apple, ByteDance, Meta, and Microsoft are the six global giants designed talism should have decreased income inequality, nano fraction of India. scholars: “Why would 1 billion voters prefer to make
as gatekeepers. despite the starting point of a steep pyramid on income This phenomenon of professionals and first-gen- the rich even richer, given the odds stacked against
The DMA demanded compliance with its regulations from gatekeepers by and human development parameters. eration wealth creators is noticed and admired, serv- them? What’s the incentive?
March 7. The Commission is of the view that Alphabet’s and Apple’s measures After 1991, a smaller group with skills, assets, ing as inspiration and aspiration for many young What’s in it for them is the steady improvements
impose various restrictions and limitations, including financial charges that education and enterprise, set free with the world as people from very modest-income homes. They say in their day to day living and their experience of the
their oyster, seized the opportunity and made quan- in focus groups that unlike earlier, you don’t have opposite of what inequality is supposed to do, which
constrain developers’ ability to freely communicate and promote offers, and
tum leaps in income and wealth. A much larger to be born right, people with smarts and talent are is to increase the power of the rich over the poor.
directly conclude contracts. It is investigating if Google’s searches, which promi-
group, with lower income and poor making it super rich too. Polling agency C-Voter data shows: 18 per cent say
nently feature Google Shopping, Google Flights, Google Hotels, etc, lead to “self- skills were — and still are — not A research article available the country is moving forward but not my life; anoth-
preferencing” over rival services. It is examining Apple’s measures to comply equipped to make a big income and online at PNAS.org titled “People er 15 per cent say that my life and the country are
with obligations to allow users to easily uninstall any software applications, social mobility leap. However, their are more tolerant of inequality doing badly, while 62 per cent say that the country
change default settings on iOS, and prompt users with choice screens, which incomes did not stagnate or deterio- when it is expressed in terms of is moving forward and my life too. Sixty per cent
easily allow them to select alternative services such as a browser or search engine rate and their quality of living did individuals rather than groups” feel that their living standards will improve in the
on iPhones. In Meta’s case, the Commission is examining the recently introduced improve. There has been a significant holds some clues as to why we next year, while 11 per cent say it will deteriorate.
“pay or consent” model for users in the EU to see if it complies with the DMA, increase in the quality and quantity struggle socially with caste-based Digital moksha has decreased power distance
which requires gatekeepers to obtain consent from users when they intend to of public amenities, though far from inequalities more than with indi- for many in so many ways, making access and ser-
combine, or cross-use personal data across different platform services. Meta’s enough for the size of the country. vidual inequality. It observes that vice status blind — whether it is gas cylinder refills,
binary “pay or consent” model may not provide a real alternative for users who Obviously, there are miles to go before “the success of individuals at the money transfers, Covid vaccine (a big one), or
do not consent. Amazon may also be self-preferencing its own brand products victory can be called. But is a part of RAMA BIJAPURKAR top can also seem more inspiring access to cash benefits without the indignity of
and Apple’s new fee structure and other terms and conditions for alternative the answer to the question that visit- and exciting than success of middlemen. Much has been said about how this
app stores may be contrary to DMA obligations. ing foreigners invariably ask about groups… the sense of awe that sus- operates, and undeniable progress has been
The Commission can impose fines up to 10 per cent of the company’s global widening income inequality and visible wealth caus- tained individual success tends to inspire”. achieved. As long as low-priced smartphones and
ing social tension to spill out onto the streets? Of course, in India, every narrative will have an cheap data rates prevail, the juggernaut gathers
turnover, rising to 20 per cent for repeated infringements. In extreme cases, it
The rest of the answer, as always in India, is that opposite one, which is also true. The narrative of speed and life does get easier.
may oblige a gatekeeper to sell a business or ban acquisitions of related services.
God is in the details and that People India has its envy and anger that Booker winner Aravind Adiga There is still a huge gap between aspiration (what
The DMA represents an acid test for large digital monopolies. These are often own logic that bears listening to. so chillingly writes about in his book, The White I want for myself and my family) and opportunity/
believed to be “natural” monopolies — a user may be interested in only one The rich club today is pleasantly more inclusive Tiger, is also evident. But it is safe to say that aspira- access for decent education, health care and
search engine, online store, or social media platform. Once that platform is big than it was in the 1970s. In addition to mega-inher- tion for one’s own progress in life is the more domi- employment — more so, in some parts of the coun-
enough, it benefits from network effects. But anti-competitive practices by dom- itor industrialists, there are equally large first gen- nant societal theme than the envy of the haves. try than others. It is this gap that needs constant
inant players can also throttle competition. The EU is a market big enough and eration industrialists, IT czars, startup prodigies People tell us they want their family’s quality of liv- monitoring and fixing more than the gap between
lucrative enough for the Commission to force even very large players to comply with modest education who sold their companies ing to improve, social mobility through better skills the rich and the poor.
with the DMA through the threat of cutting off access. Depending on the outcome for billions, stock option CEOs with well-positioned and education for their children, and better jobs
of the investigation, the DMA could lead to similar legislation in other regions. companies in a booming stock market, sports star with higher income and more predictability. The writer is a business advisor in the area of customer-
The ensuing competition may lead to a wave of innovation that benefits con- in IPL, whizz financial investing professionals, and A canny politician described this as “sweating based business strategy. Her forthcoming book is titled
sumers and entrepreneurs. more. And then there is a huge inequality even your mind not your body”. Expectations are prag- Lilliput Land: How Small is Driving India’s Mega
among the rich. According to the latest Hurun matic, graded and focused on themselves. If there Consumption Story; www.ramabijapurkar.com

Lajpat Rai beyond the Hindutva construct provedcrucialdeterminantsforthe

directionthatthenationalmovement
eventuallytook.LajpatRaiinthisperiod
wasadecisivepersonalitywhogave
acceptedthenotionofHindusasa
majority.LajpatRai’spresenceasa
toweringnationalistunderscoresthe
notionthatonecanbeHinduandIndian
ideologues,especiallyVinayakDamodar legislativecouncilsmustbedrawnfrom subjectasengagingwiththenotionof strengthtothedevelopmentsandother atthesametime.Thisisbecausehe
Savarkar.Whenthebook’sfulltitlewas thearistocraticeliteandinsteadargued Hindunationalism.But,other“religious keypersonalities.DrBhargavarguesthat embracedtheideaofIndia’sdiversity
firstshared,Iwasstruckbythecoinage, thattheremustbeelectedrepresentation nationalities”notjustexistedcheekby LajpatRai’spositionwascertainlynot andwaswillingtoprovidespacetoother
“IdeasofNationhood”—whichclearly fromamuchwidersectionofIndians. jowlinhisimagination,healso thatofaleaderwhois(still)consideredby religiouscommunities.Significantly,Dr
indicatedthatLajpatRaiwaspossibly Inthisfirstphase,LajpatRaiisshown consideredapotential“unity”asa manyasaprecursortoSavarkar. BhargavestablishesthatinLajpatRai’s
guidedbymultipleopinions,each bytheauthorashavingengagedwitha probabilityina“future”Indiannation. ThefinalphaseofLajpatRai’slife views,theycouldbepartofaunitedIndia
BOOK REVIEW professingadifferentviewofnationhood. widerHinduidentity,evenexploringthe Therewere
BEING HINDU,
beginsinthepost- withoutbeingassimilatedinthe
Whatweretheseandhowwerethey ideaofaHindunation.Buthewas complications,even Khilafatperiodand majoritycommunity.
NILANJAN MUKHOPADHYAY strungwithinhispersona? consciouslydriventoincludeother problematicaspects, BEING INDIAN: endswithhisdeath ThecharacterisationofLajpatRaias
VanyaVaidehiBhargavhassetoutto religiouscommunitiesinthisnation.The inLajpatRai’s Lala Lajpat Rai’s frominjuries someonewhoimaginedthenation

F
ormanyIndians,LalaLajpatRai addressthesequestionsbystructuring authorestablishesthatLajpatRaiinhis formulations,
Ideas of sustainedwhile differentlyatvarioustimeswhilealways
Nationhood
remainsonepillarofthenationalist thebookaroundthecomplexand constructionofIndianhistorydidnotat becauseDrBhargav protestingtheSimon believingtherewasspaceforeveryone
triumvirateLal-Bal-Pal—Lala evolvingpoliticalvisionandperspectives anypointdemoniseMuslims.Inher pointstohis
Author: Vanya Commission.The makesthisanimportantbookintoday’s
Vaidehi Bhargav
LajpatRai,BalGangadharTilak,and ofthenationalistleaderinvariousphases introductionandatvariouspointsofthe acceptanceofthe nationalistisnow context,especiallywhen,overthepast
BipinChandraPal.FewerIndianswould ofhislongpoliticalcareer.Startinginthe book,shecontendsthatscholarswho viewpointofthe Publisher: firmlypartofthe decade,therehavebeenconsistentattacks
thinkoftheLala,orLajpatRai,asthe 1880sandcontinuingtillhisdeathin1928, haveresearchedandwrittenonthe foreignnessof Penguin HinduMahasabha. onMuslims.
personwhosedeath,afterbeingbrutally thebookhasbeensplitintofourphases. nationalistleaderbeforeherlabelledhim Muslimrule, Pages: 748 Theauthordepicts Giventhis,revisitingthelifeofLajpat
assaultedwhileprotestingthearrivalof Thefirstphasetracksthefirsttwo assomeonewhoprecededSavarkar,and indicatingthathe Price: ~1,299 thenationalistas Raiandunderstandinghisphilosophical
SimonCommissioninLahore,wasthe decadesofLalaLajpatRai’spoliticallife possiblycontributedtothelatter’s subscribedto beinganoddity fluiditiesbecomescritical.Asthis
triggerforBhagatSinghtoseekrevenge fromthe1880s.Thisistheperiodinwhich evolutioninwritinghistract,Essentialsof identity-based withinthe exhaustiveandprobingbookshows,
andthereafterwalktothegallows. heemergedasapoliticalbeinginPunjab Hindutva.DrBhargavcontendsthatthey history,whicheventuallycommunalised Mahasabha,whichincreasinglyadopted LajpatRai’slifeisevidenceoftheexistence
EvenfewerIndians,includingthis andwasfirmlyensconcedwithinthe didsobyviewingthearticulationsofthe theunderstandingofthepast. ananti-Muslimstance.Incontrast, ofmultiplestrandsofnationalismduring
reviewer,wouldhavewonderedforlong worldoftheAryaSamaj.Itwasfromthis earlyLajpatRaiinisolationandnot Partthreeprobestheyearswhen LajpatRai,theauthorcontends,notonly thenationalmovement.Thestrengthof
whytheradicalSingh,influencedby positionthathereactedtotheemergence withinaframewherehealsoexpressed LajpatRaibecomesafirmadherentofthe “didnotturntoSavarkar’sascendant thisbookliesindetailingthemwithout
Marxistthought,wouldhavetaken ofSirSyedAhmadKhanandhisrejection contrastingviews. emergingnotionofinclusive Hindunationalism,butaimedtorealize takingapriorpositiononhim.
retributionontheBritishfortheirattack oftheCongress.LajpatRaiwasin Thereweremoresimilarviewsof nationalism.Thiswastheperiod,from avisionofsecularism.”
onanationalist,consideredbymanyas completedisagreementwithKhan’sview LajpatRaiinthesecondphaseofhislife 1915to1922,whendevelopments,most Thebookpaintsthenationalistleader The reviewer is an author and journalist based
anantecedentoflaterHinduNationalist thatIndianrepresentationinthe from1900to1915.Theauthorshowsher importantlytheKhilafatmovement, assomeonewhowassecularbutalso in Delhi-NCR. X:@NilanjanUdwin
8
>
CHENNAI | FRIDAY, 29 MARCH 2024 1

‘Can’t have one-size-fits-all trade policy’ PHOTO: PRIYANKA PARASHAR

BS REPORTER
New Delhi, 28 March

I
ndia follows a calibrated approach in trade
policy, which is in line with the country’s
development journey, even though there
is scope for further internationalisation,
Union Minister of Commerce & Industry,
Consumer Affairs, Food & Public Distribution
and Textiles Piyush Goyal said while speaking on
the second and concluding day of Business
Standard Manthan in New Delhi.
“I do believe that as a (developing) country,
which has a long way to go before we are able to
ever have a completely free and open economy
with (full) capital account convertibility, with
almost nil or very low import duties, we have to
look at our trajectory and calibrate the trade poli-
cy. You can’t have a one-size-fits-all (approach),”
Goyal said, adding that there was also a need to
internationalise the economy, have a greater
degree of engagement with the world, and fur-
ther Indian exports. The minister dismissed the
argument of some economists that India was a
protectionist and high-tariff nation, holding that
even developed countries such as the United
States (US) had used protectionist measures.
This financial year the minister expects
India’s exports to be “flat or a little bit on the posi-
tive side”, despite the Israel-Hamas war and the
Red Sea-related disruption. On a cumulative
basis, during April-February 2023-24, merchan-
dise exports stood at $395 billion, which is 3.5 per
cent lower than what was achieved during the
same period last year. “Goods and services
growth together will continue to be positive
despite two wars and the Red Sea crisis. We will
be doing $2 trillion of exports by 2030,” he said.

FTAs & RCEP

Speaking about free-trade agreements (FTAs),
he said India was in dialogue with the European
Union (EU), the United Kingdom (UK), Peru,
Chile, and some countries in the Gulf
Cooperation Council (GCC).
Goyal said India was renegotiating the “badly
done FTAs” with Japan, South Korea, and the 10- “Goodsandservicesgrowthtogetherwillcontinueto “I(India)don’tloseanythingbecauseSwitzerland’scosts
member Association of Southeast Asian Nations
(Asean). “Today you find so much criticism and bepositivedespitetwowarsandtheRedSeacrisis. ofproductioncanneverhurtourinterests.Theymake
so much negativity in industry and business in
India about Japan, (South) Korea and the Asean
Wewillbedoing$2trillionofexportsby2030” veryhigh-qualitystuff…wedon’thavethoseinIndia”
FTAs. I am almost tempted at times to recom-
mend whether we should reconsider having PIYUSH GOYAL, UNION MINISTER OF COMMERCE AND INDUSTRY, CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION, AND TEXTILES
those FTAs.” Goyal said if India had not taken the
“hard decision” to walk out of the China-backed um enterprises (MSMEs). they’re now touching or going to touch 5 per cent market access on goods domestically made in “Over the past 10 years, the National
Regional Comprehensive Economic Partnership The RCEP is a pact between Asean nations in the case of the United States. Now when inter- Switzerland or Norway. I’ve not given them mar- Democratic Alliance-led government has
in 2019, the country wouldn’t have seen the and five of its FTA partners — New Zealand, est rates in the developed world are at such ket access to agriculture. So farmers are not brought back India’s credibility in the world.
growth story and investment climate it was wit- Australia, China, Japan, and South Korea. highs, it’s quite elementary and obvious there’ll threatened. MSMEs are not threatened either,” “We have not become the fifth-largest econo-
nessing. “Besides, the country would have been Currently, India has FTAs with 13 out of the 15 be an outward flow of capital and new capital will he said. Goyal said Switzerland had signed an my, but in Prime Minister Narendra Modi’s third
flooded with substandard low-quality goods RCEP countries. When asked if India was open to go a little sluggish. Yet if you see the numbers, FTA with a robust chapter on intellectual proper- term ... in the next three years, we will be the
coming in from certain geographies (China),” the join any trade grouping if China was part of it, the they’re not that bad. Some of the numbers in oth- ty rights (IPRs), without India giving up on any of third-largest economy of the world,” Goyal said,
minister said. minister said he was open to the idea if the coun- er emerging economies have collapsed,” he said. “our rights”, including “our rights” on generic adding that this would happen because of robust
According to Goyal, the RCEP was one of the try opened up its economy, made it transparent, On India’s recently signed FTA with the medicines. “India’s pharma industry was part of macroeconomic parameters, including high
“lousiest” and one of the most “threatening deci- and abided by the rules of the World Trade European Free Trade Association (EFTA), Goyal the negotiations sitting in the room. The pharma forex reserves.
sions” the United Progressive Alliance (UPA) gov- Organization. said it would see a first-of-its kind commitment industry has thanked me for this,” he added. Goyal said India’s decadal inflation had been
ernment would have taken. for an investment worth $100 billion over 15 As far as bilateral investment treaties (BITs) the lowest in the country’s history as an inde-
“We were not part of the RCEP originally. In Investment years from all the four European countries — were concerned, the minister said while he was pendent nation, which is a strong factor to keep
2012, the Congress government and its partners Even as foreign direct investment (FDI) in India Iceland, Switzerland, Norway, and Liechtenstein. not directly involved in the matter, the govern- the currency stable and in interest rates coming
decided to jump into the RCEP suo motu. India declined by 13 per cent to $32 billion during the The investment is also expected to result in at ment was following a “cautious approach” to down. “The government is also looking at newer
jumped into the fray, little recognising that we first nine months of FY24, Goyal said the decline least one million direct jobs. ensure that India’s interests were protected. ideas to boost growth, such as how India’s gold
are dealing with a country that doesn’t have was due mainly to external factors such as uncer- Even in the case of market access, India will reserves can be recycled,” he added. The minister
transparent economic policies, without assessing tainties and challenges in the global economy, not lose anything. Viksit Bharat said the vision of Viksit Bharat rested on seven or
how much damage they had already caused including rising interest rates in developed coun- “I (India) don’t lose anything because Goyal said the seeds of “our journey to 2047” had the “Saptarishi” (seven stars named after ancient
because of badly negotiated FTAs with Japan, tries. “For seven years in a row, India saw record Switzerland’s costs of production can never hurt been sown in the past 10 years and the govern- sages) principles including inclusive develop-
(South) Korea, and Asean,” he said, adding that FDI inflows, year after year. In the last two years, our interests. They make very high-quality stuff ment was looking at rapid industrialisation and ment and growth, reaching the last mile or satu-
no consultations were done with industry, agri- interest rates in the developed world shot … we don’t have those in India. Rather, we need quick growth in modern 21st century infrastruc- ration of government programmes and schemes,
culturists, farmers, and micro, small, and medi- through the roof. From less than half per cent them in India. So I lose nothing by giving them ture to meet the needs of the nation. infrastructure, and growing investment.

‘The bigger the pain, the sooner you will get the money’
PHOTO: KAMLESH PEDNEKAR
BS REPORTER of Business Standard Manthan, in ital ecosystem in the country had start- opportunities across the board in agri-
New Delhi, 28 March New Delhi on Thursday. The three-year, ed to improve. But, more importantly, tech, renewable energy, electric vehi-

T
five-year, or seven-year view is also legit- the Indian sky had started to open up. cles. But more importantly, what is the
wenty-four years is not a imate, but looking through the Low-cost carriers were taking off. In impact this idea will create, what prob-
long time in the life of an investors’ lens. The investors have com- September 2005, MMT raised its second lem will it solve?”
enterprise. Japanese mitments to their investors to give them round of funding, a grand $10 million, But, will that be enough? Is there a
construction company returns within a certain period. And which, for all purposes, was like its first funding winter hovering over India’s
Kongō Gumi is said to be they are right. “But not for the entrepre- round given how small the funding in startups?
1,446 years old. But 24 years can feel like neur, or the founding team,” Magow 2001 had been. Magow sees this very differently.
a lifetime if you are an Indian internet- said. So, what has kept MMT going Cut to 2010. MMT was profitable “There is no dearth of capital for the
led company that started in the midst of while some of its peers, including a few with a top line of $40 million. It wanted right set of team and the right business
the dotcom bust, braved the economic that started after it, lost their way? to raise funds through a public issue. at the right stage. The difference is that a
slowdown that came soon after, as well “In our first five years, the one thing India’s internet ecosystem had started lot of the funding was coming easy with
as the global financial crisis and Covid. that kept us going was the belief in the to open up. However, the stock fewer questions asked. People were
MakeMyTrip (MMT) ticks all those idea and in the problem we were trying exchange system, and the analyst and going berserk, doing their due diligence
boxes, and a few more. It started life as to solve, in the model we had,” said investor community had not really a little less seriously before writing mas-
an international business and, for its ini- Magow. MMT came at a time when trav- opened up to internet-led businesses. sive cheques. It had become a founders’
tial public offering, went to Nasdaq, the elers were at the mercy of agents, who InfoEdge was the only listed internet- market. And it did not do a world of
stock exchange in the United States charged high commissions and obtain- led company. In contrast, the US was good to the founders. They were deploy-
known for technology stocks. And it did ing a ticket involved a bit of running already an evolved system with many ing some of the money in the wrong
that in 2010, when the average Indian around. MMT shifted the process to the listed internet companies. areas. This correction had to happen.”
parent would have had a mild heart consumers’ screens and put tickets on “We did not have to sell our model How has that changed?
attack at the suggestion of their child their fingertips. Back then, terms such Rajesh Magow, co-founder and group CEO of MakeMyTrip, said there was no dearth of there,” said Magow. “Today, the only difference is that
joining a startup. as e-commerce business in travel or capital for the right set of team and the right business at the right stage Was it too early to do an IPO? there are more questions being asked
“Twenty-four years… Depends on consumer travel tech business had “Maybe… India was still a long way to and the right questions being asked.”
which lens you use, but it is not a very probably not been coined, but the prob- one payment gateway. The original idea Then came the issue of raising funds. go in terms of the headroom of opportu- And what would be the right answers
long time. But at a young startup, over lem was there and a possible solution was to launch as an India business, but Today’s founders, who raise funds in nity. When you go public, you look for to those questions?
two decades is a long time. There is one came along. the ground realities sent it outside. It tens of millions, some of them even the right reasons to go public, but the “If you are solving a problem and
learning. Whoever is looking at starting It was not a cakewalk, though. pivoted — another term that was not yet more, would shake their heads in disbe- level of scrutiny goes up,” said Magow. have done a proof of concept, there is no
a business, you cannot think three When MMT started in 2000, its in fashion — to focus on the United lief at this, but MMT’s first venture capi- “Maybe we could have stayed private for way you will not get money. But if you
years, five years, 10 years, or 20 years. founders soon realised they were too far States-India corridor of travel. The tal commitment was for $2 million, in some more time. But, all in all, it has have not tested the waters even a little
You must have a very-very long-term ahead of the time. “It was almost like the Indian diaspora in the US and the non- 2001. Only $1 million came, because the worked out quite well… All in all, no bit, if you have not done detailed
view. It is invariably a long haul,” said pre-sunrise status of the industry,” said resident Indians became its early cus- VC shut its own shop, realising that the regrets at all.” work on it, the conviction will be less.
Rajesh Magow, co-founder and Group Magow. The digital ecosystem was not tomers. They travelled quite a bit back VC ecosystem in India was not ready, If he were to do it all over again That is where you will struggle. The
chief executive officer of MakeMyTrip, ready in India. Internet bandwidth was and forth and helped MMT get going either. The real journey started in 2005, today, would he do it differently? bigger the pain, the sooner you will get
at a fireside chat during the second day scarce and hard to find. There was only and stabilise some of its operations. when the focus shifted to India. The dig- “If I have to start over again, there are the money.”
CHENNAI | FRIDAY, 29 MARCH 2024
>
91

‘CrazeforSUVstooshallpassinyearstocome’
PHOTO: PRIYANKA PARASHAR
BS REPORTER “People will move towards smaller electric
New Delhi, 28 March “Thegovthas cars. Technology will develop so that electric cars

T
he craze for big cars such as sport
tomoveasrapidly become feasible for smaller sizes. The battery
technology will change. It is already changing.
utility vehicles (SUVs) in India will
pass in the coming years after more
aspossible Toyota has brought out a solid-state battery that
is smaller and lighter,” he said.
people learn that such vehicles towardsensuring Bhargava said EVs ultimately were not using
generate larger carbon emissions, totally renewable materials.
Maruti Suzuki India Ltd (MSIL) Chairman thatelectricity “There is a lot of literature about how much
R C Bhargava said at the Business Standard carbon is generated in the mining of lithium and
Manthan event on Thursday. generationin the production of batteries. So, these are the
Utility vehicle (UV) sales in India have
increased by 25.87 per cent year on year (Y-o-Y) to
Indiaiscleanand areas where we have to work on,” he said, adding
that everyone should keep looking at alternative
2.21 million units during the April-February
period of the current financial year (FY24). On
notdependenton technologies.
“Electric car may not be the final word when
the other hand, the smaller cars — which include thermalpower... you are looking at not at 2047 but at 2087. I don’t
sedans and hatchbacks — saw an 11.58 per cent Y- think it will be a final word. We need something
o-Y drop in their sales in the first 11 months of Youcannothave that is much more renewable, clean, and does not
FY24, according to the Society of Indian require import. That is the ultimate goal. So,
Automobile Manufacturers (Siam) data. alowcarbon maybe it could be hydrogen,” he noted.
“By 2047, we should have much cleaner cars
throughout India...Whether they will be electric
footprintfromthe What history has taught MSIL
cars or whether some new technology will come transportation MSIL was established as Maruti Udyog Limited
up, I do not know,” Bhargava said during a in 1981 as a 74-26 joint venture between the Indian
fireside chat at the event. sectorifyour government and Suzuki Motor Corporation
He said by 2047, India will be a major producer (SMC). The government had a majority stake in
and exporter of cars. electricity MSIL till 2002 when it was privatised. The gov-
“This craze for large vehicles, for big SUVs and
all that, will pass in the coming years. The world generationis ernment completely exited MSIL in 2007.
“The lessons from (history of) Maruti are that
will gradually realise that you do not need to have
such big vehicles if you really are aware of the
notclean” it is very difficult to operate a partnership with
the government for any length of time. This
environmental needs because big cars not only in R C BHARGAVA business of gradual localisation. It does not really
terms of operations but also in manufacture and do much good to the company. Maruti got real
material used generate a lot of carbon footprint
CHAIRMAN, MARUTI SUZUKI INDIA benefits after the government exited,” he said.
(emissions),” he added. Maruti Suzuki India Chairman R C Bhargava at the Business Standard Manthan event on Thursday Even when the government was a minority
MSIL is currently the leader in the Indian UV partner with a 30-40 per cent shareholding in
market. During the April-February period of only electric vehicles but all other technologies to about 43 per cent volume share. country still comes from coal. He said that the MSIL, the company used to face difficulties in
FY24, the company’s share in domestic UV sales achieve the goal of reducing carbon emissions as “The government is very well aware of this goal is to reduce the carbon footprint of the taking decisions, he said.
increased to 26.39 per cent from 18.72 per cent in quickly as possible,” Bhargava noted. situation,” he said, referring to Union Roads and country as a whole and not just in the metro cities “The people in the government, the minister,
the corresponding period last year. He said it was obvious that the electric cars — Highways Minister Nitin Gadkari’s statement through the introduction of EVs. the secretary, the joint secretary, they keep
“Globally, to get a low carbon footprint, cars which currently have about 3 per cent volume earlier this month suggesting that the taxes on MSIL will launch its first electric car called changing frequently. When different people
will tend to move towards the smaller size. India share in the Indian car market — will take a long hybrid cars should be reduced to 12 per cent from eVX in India by 2025. This electric car would be come, they understand what has been going on,
is well placed to take advantage of that,” time to grow themselves to a sizeable share. the existing 48 per cent. launched in the premium category. it changes every time. There is no continuity,”
Bhargava said. “During this time, if you have only ICE (internal “Today, hybrid technologies are suited for “The government has to move as rapidly as Bhargava noted.
Last year, India announced its goal to be a net- combustion engine) vehicles, then the carbon bigger cars. But I believe that in the course of the possible towards ensuring that electricity The partnerships with the government as
zero carbon emitter by 2070. footprint is going to remain pretty large.” next few years, there will be developments in generation in India is clean and not dependent such are not bad but the continuous change in
“We are fully committed to helping the Bhargava noted that the ICE vehicles should hybrid technologies that will lower the costs and on thermal power. That is the basic requirement people becomes an issue, he said.
government achieve the goal of carbon be transitioned to cleaner alternatives such as make it available also for the smaller cars,” because you cannot have a low carbon footprint “It is widely accepted the world over that the
neutrality. We have considered the Indian CNG, hybridisation, ethanol, biogas, or any other Bhargava said. from the transportation sector if your electricity continuity in management and policies is one of
situation, customer and infrastructure and other emerging technology, even as the share of EVs The MSIL Chairman noted that while EVs generation is not clean,” he said, adding the essential things required for good
handicaps or positives existing in India. We (electric vehicles) in total sales gradually could be introduced at a faster rate in India but 75 That India produced a billion tonnes of coal management. We can’t have that in a partnership
believe that in our circumstances, we need not increases. MSIL is India's largest carmaker with per cent of the electricity generation in the last year. with the government,” he added.

PHOTO: KAMLESH PEDNEKAR

‘India should chart own path to

shed West’s China-plus tag’
PHOTO: KAMLESH PEDNEKAR
BS REPORTER
New Delhi, 28 March

I
ndiashouldplaytoitsown
intrinsiceconomicstrengthsand
followitsownpathtowards
developmentby2047;itneednot
replicateChina’strajectory,
topformerofficialsanddiplomats
saidonThursdayatBusiness
StandardManthan.
DiscussinghowIndiacanshed
theWest’s‘China-plus’tagand (From left) Alexis de Ducla, director of Mathieu Lustrerie; Pushpa Bector, senior executive
emergestronger,apanelcomprising director & business head of DLF Retail; Kapil Chopra, founder & CEO of The Postcard Hotel;
formerNationalSecurityAdvisor Abheek Singhi, MD & senior partner of Boston Consulting Group; and Nikhil Sethi, partner,
ShivshankarMenon,formerforeign national head — FMCG at KPMG India
secretaryShyamSaran,andformer
IndianHighCommissionertothe
UnitedKingdomNalinSurieargued
thatIndiareducingitsimport
dependenceonChinamightbeakey
steptowardsthis.
‘Next Chanel will
be from India’
“Thedragonisamythicalanimal.
Theelephantisarealanimal.Idon’t
thinkIndiacanbecalledChina-plus.
IndiaisSuiGeneris.SoisChina,for
thatmatter. Thecountriesthatare BS REPORTER theflaggoinghighforalongtime,”saidChopra,
partofthe‘plus’tagarethosewhich New Delhi, 28 March whoisalsoformerpresidentofTheOberoi.
areonthesameeconomictrackas AbheekSinghi,managingdirectorand

C
Chinaessentiallyis.Theyhave orporateIndiabuyingstakeinIndian seniorpartner,BostonConsultingGroup,wasof
largeexport-driveneconomies,” (From left) Former Foreign Secretary Shyam Saran, former National Security Advisor Shivshankar Menon, and former luxurybrandsisagoodthing.And,the theopinionthattheIndianeconomyisgoing
Suriesaid. Indian High Commissioner to the United Kingdom Nalin Surie at Business Standard Manthan on Thursday nextChanelwillbefromIndia.Thiswas throughanaspirationalphase,whichwill
Arguingthattheeconomicpaths thedominantviewatapaneldiscussiononthe continueforthenextcoupleofdecades.
ofIndiaandChinawillbeparallelbut PresidentXiJinpingsaidin2012,is ofdecouplingtheirrelationswith tothisshift,whichisbeingexercised luxurysectoratBusinessStandardManthanin “Adam Smith talked about land, labour,
similargoingforward,Suriesaid themoretheyrisethemoreoppo- Chinatoinsteadde-riskingjustafew byevenChinesecompanies,hesaid. NewDelhionThursday. and capital as the three factors of production.
therewouldbeareaswherethey sitiontheymayexpect,”Menonsaid. strategicsectors.“Everywhereelse, Indiaalwayshadtherightingredientsfor There are no constraints on capital and land,
wouldlikelyintersect.“China’s Asaresult,hesaid,Chinahas China’stradewiththeUSand Reducing imports luxury,saidAlexisdeDucla,directorofMathieu too, is available. Labour, and skilled
attitudeistostareyoudown,toput focusedoncreatingadualcirculation EuropeanUnionisbooming. Suriepointedoutthatevenafterthe Lustrerie,asouthFrance-headquarteredluxury craftsmanship from the country can become a
youinacorner,inwhateverwaythey economy,whichbuiltupdomestic Frankly,theworldeconomyneeds clashesinGalwaninJune2020, lightingcompany.“Whatwaslackingwas competitive advantage for Indian luxury to
can...TheywouldliketosuggestIndia economiccapacity,whilealsoraising Chinaevenmoretodaythanitdid India’simportdependenceonChina investmentandvision,butthattoohas grow,” Singhi said.
isnotachallengeinanyway....I dependenceofothernationsonthe threeyearsago.Chinatoday didnotgodown.“Ourimportsare developedinthelastfewyears,”headded.“In Therewasalsoaviewthatluxurycoulddrive
believeforChina,thebiggest Chineseeconomy. accountsforalmost40percentofthe closeto$98billionfromChina.Of myopinion,thenextChanelwillbefromIndia, thechargeonsustainability,andthisviewcame
challengeisIndia,startingwithAsia, Moderatingthesession,Saran growthintheworldeconomy.When this,28categoriesaccountfor$90 andwithinthenextfiveyears.” fromNikhilSethi,partner,nationalhead,
andgoingforward,”hesaid. saidtherehadbeenanumberof wetalkofChina-plus-one,they billion.Withinthat,electrical PushpaBector,seniorexecutivedirectorand FMCG,KPMGIndia.Healsosaid,“Forluxuryto
Ontheotherhand,Menonsaid disruptionsinglobaltradeand (Westernpowers)arelookingat equipmentandpowerequipment businesshead,DLFRetail,meanwhilesaid drivegrowth,itisimperativethatluxury
India’seconomicfuturecannotbe investmentflowswhereChinahad additionality,”Menonexplained. accountfor50percentofimports.” corporateIndiapickingupstakeinIndian productsmaketheirwayintothedailylivesof
subjectedtosomebodyelseliking becomethenodalpointformany Saransaidtheprevalentdiscourse Meanwhile,MenonsaidIndia brandswasapromisingsign. people,muchlikeinthedevelopedcountries”A
China,ornot.“Instead,Indiahasto supplychains.“TheChina-plus-one inIndiaaboutforeigncompanies shouldfollowa‘China-plus’strategy “Aninterestingtrendstartedduringthe sustainedinvestmentormaintainingpremium
makesureitisequallyormore concepthadcomeupbrieflyasearly uprootingthemselvesfromthe initsimportsbyfindingalternative pandemic,wherecorporatehousesstarted pricepoints,whicharenotnecessarilyonapar
attractivethanThailand,Vietnam, as2008whenthesevereacute countryandmovingelsewherewith sourcesforthecriticalgoods understandingthepowerofIndianluxury withglobalpricepoints,willalsohelpinmaking
Bangladesh,andMexico.Theyare respiratorysyndromeepidemichit Indiabeingwellplacedtowelcome importedfromChinaeventhoughit brandsandstartedprovidingfinancialsupport, Indianbrandsbiggerandregistertheirpresence
partoflargetradingarrangements Chinaandthereweresimilarsupply themwasfarfromthetruth.“Nobody isdifficult. “Chinesevalueaddition whilealsoprovidingacertainstructureand onaglobalscale,headded.
liketheUS–Mexico–Canada chaindisruptions,albeitonasmaller isreallymovingawayfromChina inIndianexportswas6percentin ordertothebusinessesandhelpingthem Talkingaboutgloballuxurybrandsadapting
Agreementwheretheyhaveaccessto scale.Therewerevoicessayingthere exceptinasmallway.Major 2006,butshotupto28percentby expandglobally,”Bectorsaidspeakingonthe totheIndianmarkets,Duclasaid,“Ithinkitis
theUSmarket,ortheRegional wasaneedfordiversificationofthe multinationalswhoarealready 2019,justbeforetheCovidpandemic. topic,‘Ramptoresortstoretail:Howcanluxury proofthatthebrandsareverymuchinterested
ComprehensiveEconomic supplychainsthatwerejustbeing heavilyinvestedinChinaareputting Thisisnotsomethingwecan in2047redefineadevelopedIndia’. inIndia.However,itisalsoimportantforthem
Partnership(RCEP)wheretheyare establishedbackthen.Thisissuegot freshinvestmentsnotinChinaso decouplefrom.Thereareno LuxuryencompassestheIndianhospitality tolookattheseascollaborationsandforthemto
partofglobalsupplychains,inways acceleratedbytheChina-UStrade much,astheyareinalternative internationalalternatives,”hesaid. industry,whichhasalwaysbeenatthepinnacle. alsoshowcasetheIndianartisaninthese
wearenottoday,”Menonsaid. warthatisstillcontinuing,andthe destinations.Weareessentially Whileitmaybedifficulttodothe “Ifyoureallythinkaboutit,whetherinterms collections.”
“FromtheChinesepointofview, majordisruptionscausedbythe talkingaboutsomeincremental sameinpharmawheremostofthe ofgoods,whetherintermsoftraveloranything, Globalbrandstooareincreasinglytapping
overthelastfewyears,theyhave Covidpandemic,”Saransaid. investmentflowsbeingdiverted APIsaresourcedfromChina,Menon evenifyougobacktenyears,Indiaalreadyhad intothewealthyIndiancustomer.Takethe
steadilyseenadeteriorationinthe awayfromChina,”hesaid. heldouthopeforsectorssuchas amongthefinesthotels,”saidKapilChopra, exampleofFrenchluxurybrandDior
waytheworlddealswiththem.They China remains relevant RisingwagesinChina,andthe automobileswheregreater founderandCEO,ThePostcardHoteland showcasingitsFall2023collectionatthe
seetheworldaslessandlessofan MenonpointedoutthatWestern resultantlossincompetitivenessin cooperationwithnationsinthe founder,EazyDiner.“Wehavehadsome GatewayofIndiainMumbai,itsfirstinthe
opportunity.Thereason,asChinese powershavemovedfromthenotion labour-intensiveproductionhasled SouthEastAsianregion. absolutelyexceptionalhotels,whichhavekept country,saidBector.
10
>
CHENNAI | FRIDAY, 29 MARCH 2024 1

Kant’sgrowthcall:10Kbigfirms,10championstates
PHOTO: PRIYANKA PARASHAR
BS REPORTER family businesses not yet involved in
New Delhi, 28 March the startup ecosystem.

I
“The government must take the lead
ndia needs to create 10,000 large in ensuring Life Insurance Corporation
companies to achieve the size of India invests in startups,” Kant urged.
and scale of manufacturing nec- Kant highlighted the necessity for
essary to meet its growth ambi- Indian companies to integrate into the
tions, Amitabh Kant, India’s G20 global value chain, underscoring the
Sherpa, said on Thursday. He added potential gains from the export market.
that the country should aspire to “Export markets offer five times the
achieve 10 per cent growth driven by the value. The minute you view the world as
manufacturing sector. your market, you target not just India’s
During a fireside chat at the Business 1.4 billion people but the 5 billion transi-
Standard Manthan tioning from poverty
event, Kant said that to the middle class,”
over the next five “Thegovernment Kant explained.
years, India should Regarding foreign
aim for 10 champion musttakethe direct investment
states to grow at a rate (FDI) policy, Kant
exceeding 10 per cent. leadinensuring stressed the need for
This growth can drive
India’s economy to
LifeInsurance simplicity and acces-
sibility across sectors,
expand by 9-10 per Corporationof encouraging foreign
cent for the next three investment.
and a half decades, Indiainvests “India needs to
akin to the growth tra- allow FDI across sec-
jectories of South instartups” tors. We need to make
Korea, China, Taiwan, sure that we hand-
and Singapore.
AMITABH KANT hold every large com-
“We need to INDIA’S G20 SHERPA pany which is not
empower states to coming to India, to
lead transformation. talk to them. We need
We require 10-11 champion states... to ensure that for people looking for
What the Centre has initiated, the states alternatives to China, no country is bet-
must now follow... Reforms are essen- ter poised than India,” he asserted.
tial. They must dismantle rules and reg- He emphasised the importance of
ulations from the Socialist era,” Kant prioritising manufacturing to create
expressed. quality jobs, aligning with India’s goal to
The former NITI Aayog chief execu- become a $30-$35 trillion economy by
tive officer stressed the importance of 2047. With 40 per cent of the population
nurturing large companies with back- dependent on agriculture,
ward and forward integration with the Kant advocated for a shift towards man-
micro, small and medium enterprise ufacturing employment.
(MSME) sector to generate employment. Kant outlined India’s agenda for
“India has too few large companies. development, emphasising the impor- cent. This cannot rely solely on govern- lenges of achieving consensus, particu- accepted that we brought their agenda discussed during the Brazilian
It has an abundance of MSMEs. There’s tance of states’ growth in manufactur- ment capital expenditure,” Kant said. larly regarding the Russia-Ukraine con- of sustainable development goals, presidency. He anticipated discussions
no crime in growing big.” ing, sustainable urbanisation, agricul- On the topic of cryptocurrency, Kant flict. After 300 hours of negotiations growth, Russia Ukraine crisis — and among G20 members in the coming
Simultaneously, Kant advocated for tural productivity, and the services expressed opposition to its use as cur- and 16 drafts, consensus was reached, achieved success in a manner which has days, recognising the complexities
India to become the world’s largest sector. He also stressed the need for rency but recognised its potential as an marking unprecedented success in never been achieved by any other multi- of intertwining development and
startup hub, challenging Silicon Valley. increased private investment to support asset class, subject to individual percep- addressing global issues. lateral bodies before,” Kant said. geopolitical issues.
He suggested allowing private capital, India’s growth ambitions. tions in India. “It was a lot of touch and go, but we Looking ahead, Kant acknowledged “It will be an enormous challenge.
including investments from Indian pen- “To achieve 10 per cent growth, Reflecting on his experiences as the achieved full consensus. This is the first the geopolitical challenges, including Development issues get coloured with
sion funds, insurance companies, and investment rates must reach 40 per G20 Sherpa, Kant described the chal- time that even the United Nations the Israel-Hamas conflict, which will be geopolitical issues,” he added.

Harvesting progress for ’47: Invest in ‘Unorganised sector

R&D,addressfarmpoliticaleconomy prone to climate risk’ PHOTO: KAMLESH PEDNEKAR
PHOTO: KAMLESH PEDNEKAR
BS REPORTERS
New Delhi, 28 March

I
ndian agriculture needs to break out from its cur-
rent long-term growth trajectory of 4 per cent, and
the country needs to invest more in research and
development (R&D), and address the political econo-
my of farming if it wants to become a developed
nation by 2047.
DuringapaneldiscussionattheBusiness
StandardManthaneventinthenationalcapital,
agricultureexpertsandrepresentativesoffarmer
groupsemphasisedthevitalfactthatagriculture
needstotransformitselfiffarmerincomesareto
grow,therebypushingmorepeopleoutofpoverty.
Thethemeofthepaneldiscussionwas‘Roleof
AgricultureinaDevelopedIndiaof2047’.
NITIAayogmemberRameshChand,eminent
agricultureeconomistAshokGulati,andChairman
ofBharatKrishakSamajAjayVirJakharwerepartof
thepanel.“Therearestudieswhichshowthat1per
centgrowthinagricultureisfourtofivetimesmore (From left) Vivek Dewangan, chairman & MD of REC; Sunita Narain, director general at Centre
powerfulinreducingpovertythanthe for Science and Environment; Ulka Kelkar, executive director of Climate at WRI India; and
manufacturingoroverallnon-agriculturalsectors. (From left) NITI Aayog member Ramesh Chand, Distinguished Professor at Icrier Ashok Gulati, and Bharat Derek M Shah, senior V-P & head (green energy business), Larsen & Toubro
Therefore,toachieveinclusivegrowth,agricultureis Krishak Samaj Chairman Ajay Vir Jakhar discuss ‘Role of Agriculture in a Developed India of 2047’, at
important,”saidChand. Business Standard Manthan on Thursday BS REPORTERS Ground-level transformation
AshokGulati,distinguishedprofessoratthe New Delhi, 28 March Kelkar said that while certain states have made
IndianCouncilforResearchonInternational representatives. “This creates disagreement with diversification. strides in energy transformation, others require

I
EconomicRelations(Icrier),andawell-known both the state and central governments. Farmers “When people aspire for better food, farmers ndia’s vast informal sector, encompassing support to address their geographical obstacles.
agricultureeconomist,saidthatthefirstchallengeis were not consulted for the farm law, nor were they will shift. The government has tried schemes but it nearly 440 million workers in agriculture, States like Bihar and Jharkhand are particularly
notonlytofeedpeoplebuttofeedthemwell.“I’mnot consulted while deciding the minimum support will not help until demand rises. We find examples construction, and micro, small, and medi- vulnerable to climate change and face chal-
onlylookingatfoodsecuritybutalsonutritional price (MSP),” Jakhar said. of farmer success but this does not um enterprises (MSMEs), is under significant lenges in generating renewable energy.
security.Currently,35percentofchildrenbelowthe On the tricky question of the slow pace of show the entire picture,” Jakhar said. He said threat from climate change, a panel of experts Consequently, they may eventually need to pro-
ageoffivearestunted.Theywillbecomeapartofthe diversifying farmers from wheat and rice towards a lot of problems are coming in agriculture warned at the Business Standard Manthan cure renewable energy from neighbouring
workforceby2047.Iftheyarestunted,theirearning high-value crops and livestock sectors, the experts because international consultants are event on Thursday. states, potentially placing them at a disadvan-
capacitywillbemuchless.Whyaretheystunted? opined that unlike common perception, helping the government. They have no idea how Theimpactsofclimatechange,suchas tage and necessitating additional assistance.
Therearemanyreasonsforthesame.Oursoilshave diversification is happening but to quicken its pace, the ground level works. erraticrainfallpatterns,extremeweather “Newgreenjobsthatwillbecreatedevery
becomedeficientinzinc.Ourwheatandricehave more value needs to be created for the growers in On the vexed question of the legalisation of MSP events,andrisingtemperatures,poseamajor yearwiththeadoptionofrenewableenergy
becomedeficientinzinc.Thisdeficiencyofzincis the sectors to which they will shift. that has roiled the sector for a very long time, the challengetotheirlivelihoods.“Peopleworking won’tmatchuptothenumberofyoungpeople
leadingtostunting,”Gulatisaid. “I don't think diversification has failed in India. experts felt that it would ruin the sector. intheunorganisedsector arehighly enteringthelabourmarket…butwiththenew
AjayVirJakhar,chairmanofBharatKrishak There are variations across the states regarding the “Farmers want better income and one way to do vulnerabletoclimaterisks,”saidUlkaKelkar, workforceenteringthejobmarketeveryyearis
Samaj,apolicyadvocacygroup,saidthatdespitebest success of diversification. There are two kinds of that is to minimise risk, which is why there is executivedirector,Climate,WRIIndia. higherthanthenewjobsthatwillbecreated,it
efforts,agriculturepolicyisonebigbottleneckwhich diversification: one is, moving away from rice and demand for legal MSP. A more than 25 per cent ThepanelemphasisedthatIndia willbecomeaproblem,”saidKelkar.
willgrindViksitBharat(DevelopedIndia)toahalt wheat to bring in more pulses and oilseeds. This is increase in the price of 25 crops will lead to experiencesoneextremeeventeveryday,
before2047. called field crops. The issue here is that even if you oversupply which, in turn, will leave everything for resultinginthelossofdevelopment More money in green
“Oneoftheissuesregardingagricultureand give MSP, their profitability doesn’t come close to the government to purchase,” Gulati said. opportunities.Kelkarhighlightedthateven Highlighting the devising of new avenues for
whereIthinktheproblemliesisinthefieldofR&D. rice and wheat,” Chand said. Chand said that there is no denying the fact that newenergyinfrastructurecouldbe revenue generation, Kelkar said: “A significant
Whenwelookat2047,wehavetolookatwhat’s The other type, according to Chand, is moving there is a need for MSP. This is because of the nature jeopardisedbytheimpactsofclimatechange. portion of our country’s tax revenue stems from
happeningintheagriculturepolicyinthelast20-30 towards high-value alternative crops. of the demand for staples in India. SunitaNarain,directorgeneral,Centrefor taxing fossil fuels. As these fuels gradually
years.InvestmentinagricultureR&Dhasremained “If you diversify towards horticulture, the “Small fluctuations in production can ScienceandEnvironment,saiditwas diminish, so too will the revenue from these
belowtheinflationlevelsforthepast20years,” income on horticulture crops is generally four times lead to huge changes in prices. If you have MSP imperativetoadapttorapideconomicgrowth taxes. Looking ahead to our aspirations for 2047,
Jakharsaid.Hesaidinstates,governmentsarenot that of field crops. So, any state that is diversifying suggested by an expert, it is welcome but if the alongwithaddressingthevulnerabilityto there’s a need for $2-2.5 trillion in additional
investinginagriculture. towards high-value crops, that state is having a high farmers ask for 50 per cent more than cost environmentalissues.Whilediscussing capital investment across various new sectors.”
“Thereare50-60percentvacanciesinagriculture growth of agriculture. So, diversification is already arbitrarily then that needs explanation. There was financingintherenewableenergysector,the Onwhetherchoosinggreeneroptions
colleges,universities,researchers,etc.Itwilltake happening in a couple of states,” Chand said. no justification even from Late Dr M S panelnotedthatwhileIndianindustryis makestheeconomyricher,Narainsaid:
decadestofillthesevacancies.Idon’tthinkweare Gulati, on the other hand, felt that Swaminathan for this demand. It’s important to acknowledgingthenecessityoftransitioning “Indianindustryisgettingfarmoreaware
planningtofillthesevacancies.Statesaremore diversification is happening towards fisheries and find what is logical MSP,” Chand said. towardsgreeninitiatives,financingisstilla abouttheneedtotransformwhichisalsogreat
interestedingivingpopulistmeasures,”hesaid. poultry. “Today Indian agriculture has reached a Jakhar said that the whole concept of legal MSP stickingpoint. fortheenvironment.Butthescaleneedsto
Jakharalsohighlightedthedeficiencyinagriculture point where the market is operating on its own, it is is itself mired in lots of ambiguity. He said no VivekDewangan,chairman& happeninhardtoabatesectorslikesteel,
policyframinginIndia. growing best. Where there is too much interference, government in its right mind will give legal MSP. managingdirectorofREC,saidthereal cement.Greenhydrogencanplayarole.”
“Ifyoulookglobally,theyconstantlyrevisetheir they are not growing,” he said. “Ninety per cent of farmers own less than one challengeliesinthecostoffinancing. DerekMShah,seniorvice-president&
agriculturepoliciestoproviderelieftotheirfarmers. Jakhar said that farmers don’t grow anything out hectare of land and raising their incomes is the best Heemphasisedtheimportanceof head-greenenergybusiness,L&T,saidstates
WhileinIndiawehavecontinuedwiththesame of choice. They grow out of demand and incentives. way to uplift rural masses. And universal basic policymakersandmultilateral thathadaleadinannouncinggreenhydrogen
policiesofsubsidyandotherissuesfordecades,” To say that growth has happened in those sectors incomes could be a way to go. The government developmentbankstoaddressthis policieshaveattractedinvestments.“While
Jakharsaid.Hesaidnopoliticalpartyhasfarm where the government is not interfering is wrong should focus on education, health, and public challengeandlowerthecostsassociated stateswilllaythepolicies,theindustrieswill
leaders whom farmers accept as their but instead, it is demand which has helped transport,” Jakhar said. withenergytransitioninitiatives. alsobeattractedtodemandcentres,”hesaid.
CHENNAI | FRIDAY, 29 MARCH 2024
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111

Centre-staterelationsemergeastalkingpoint
Ahluwalia for more funds to panchayats, local bodies for delivery of health care, education;
Subramanian says friction in fiscal federalism, agri requires renegotiation of social contract
BS REPORTER
New Delhi, 28 March
tothestatesfor2026-27to2030-31.
Subramaniansaidaccelerating
As southern states worry about
delimitation exercises because of “Itisvery

M
ontek Singh
economicgrowthandhencetax
receiptssince2000hadtriggeredthe
population control by them, Ahluwalia
said while this could be true of the Lok
sensibletosplit
Ahluwalia, the erst- tusslebetweentheCentreandthestates Sabha, innovative ways could be UP(Uttar
while Planning overtaxdevolution. thought about giving more
Commission deputy “Growthmakesstatesawareoftheir representation to them in the Rajya Pradesh)into
chairman, on contributiontogeneratingresources,” Sabha. He suggested carving out more
Thursday batted for a transfer of a por- hepointedout. states out of big ones. “It is very sensible threestates.Itis
tion of central taxes to the third tier of
the government — panchayats and other
Callingthosestatesthatgetless
fiscaltransferfromtheFinance
to split UP (Uttar Pradesh) into three
states. It is equally sensible for Mahar-
equallysensible
local bodies— to enable them to deliver
key services such as education and
Commissionthantheirtaxbase“donor
states”andtheremaining“recipient
ashtra to be split into two states. You
could say the same about Gujarat,”
forMaharashtra
health care to the people. states”,hesaiddespiteahighertransfer Ahluwalia said. “I think the sense of tobesplitinto
Atapaneldiscussionon“Contours offundstothelatter,convergencein being dominated by a region would go
oftheCentre-staterelationsnecessary expenditurehadnothappened down if we had more states. I think it twostates.You
forIndia’ssuccessfuljourneytowards betweenthesetwocategoriesofstates. would provide greater diversity,”
2047”withformerchiefeconomic Subramanianattributedthisto he said. couldsaythe
advisorArvindSubramanian,
Ahluwaliasaidvariousarrangementsof
economicunderperformanceofthe
recipientstates.
Subramaniansaidfrictioninfiscal
arrangementsandinagriculturewould
sameabout
theFinanceCommissionhadignored
thisaspect.Hesaidmanywouldsaythe
Thisisresultinginaperceptionin
somedonorstatesthattheyare
requirerenegotiatingtheexistingsocial
contracts.
Gujarat”
FinanceCommissioncouldnottransfer financingtheunderperformanceof Referringtotherisingshareof MONTEK SINGH AHLUWALIA
centraltaxestothislevelbutsome thosestates,Subramaniansaid. centrallysponsoredschemesingross FORMERPLANNINGCOMMISSION
innovativewaycouldbethoughtof. Sohigheconomicgrowthaswellas domesticproduct,Subramaniansaid
Hesuggestedaportionofcentral uneveneconomicgrowthamongstates thiswasdefactocentralisationofthe DEPUTYCHAIRMAN
taxesbesetasideforthistransferand hasresultedintensionsbetweenthe growthprocess.
theremainingbesharedbetweenthe Centreandsomestatesoversharing Tothis,Ahluwaliasaidthecountry
Centreandthestates.
Whilehealthandeducationarestate
centraltaxes,hesaid.
Subramaniansaidthefundamental
shouldreviewtheConcurrentList
oftheConstitutiontosaywhatshould
“Growthmakes
subjects,thedeliveryoftheseservicesis problemthatcouldnotbeaddressed beontheCentralListandwhatshould statesaware
donebythesub-stateauthoritiessuch wasthatunlesstherewassome betheStateList.
aspanchayats,Ahluwaliapointedout. convergenceofperformanceacrossthe BoththeCentreandthestatescan oftheir
The16thFinanceCommissionis states,thisfeelingwouldnotgo. framelawsonitemsontheConcurrent
interactingwithstakeholderstowork WithoutnamingCongressMPfrom Listbutifthereisaclashbetweenthe contributionto
outitsrecommendationsfor
transferringresourcesfromtheCentre
KarnatakaDKSuresh,hereferredtohis
demandthatsouthIndiamighthaveto
twolawsitisthecentrallawthatwill
prevail. Hesaidresolvingthisfriction
generating
Montek Singh Ahluwalia (left), former
demandaseparatecountryifitdidn’t
getarightfulshareoftaxes.Tothis,
requiredtrust. “Noneofthiscanworkif
trustisabsent.Sothebiggestsocial
resources”
deputy chairman of the erstwhile Ahluwaliasaidthoseinindustrialised capitalthattheleadershipcaninvestin ARVIND SUBRAMANIAN
Planning Commission, and former statesdemandingaseparatecountry isbuildingtrust.Iftheyfailtobuildtrust FORMER CHIEF ECONOMIC
chief economic advisor Arvind shouldnotforgetthattheygotahighly orfailtoinvestenoughinbuildingtrust,
Subramanian at Business Standard protectedIndianmarket.Thisaspectis whateveryoudoisnotgoingtowork,” ADVISOR
Manthan PHOTO: KAMLESH PEDNEKAR neverreckonedon,hepointedout. hesaid.

Never had a funding ‘NobettercountrythanIndiafortechcos’

winter: Bikhchandani
BS REPORTER onejourney,andweneedthat
New Delhi, 28 March stabilityforthenexttenyears,beitin
manufacturing,services,orany

T
here is no better country than othersector,”hesaid.
India for any company Tiwaryaddedthatthecurrent
operating in the technology competitivelandscapeisnotacause
sector, said Manish Tiwary, forconcernduetotheunder-
vice-president and India manager at penetrationofe-commerce.
Amazon, on Thursday. “Ifyoulookate-commerce,the
“Foranycompanyinthe penetrationisaround1-2percent.
technologyspace,thereisnobetter Fashionis0.5percent.Youstart
resourcepoolthanIndia.Wehave worryingaboutcompetitionwhen
morethan100,000employeesin thepenetrationisaround98per
India,makingitthesecond-largest cent.Moreplayerswillhelpthe
countryforAmazonintermsofthe ecosystemgetbetter.Wehavealong
numberofemployees,aftertheUS,” waytogobeforeweworryabout
hesaidattheBusinessStandard competition,”hesaid.
Manthanevent.Indiaisthesecond- However,Amazonisbettingbig
largestmarketforthee-commerce oncontinuedinnovation.
majorintermsofthenumberof Whenaskedaboutcompetition
employees,onlybehindtheUS. Manish Tiwary, vice-president and India Manager of Amazon, underscores fromthequick-commercesector,led
Amazonisdoublingdownonitsjob the company’s commitment to job creation, digitisation of stores, and bycompanieslikeBlinkit,Zepto,
creationeffortsinthecountry. prioritisation of exports from India PHOTO: KAMLESH PEDNEKAR andSwiggy’sInstamart,Tiwarysaid:
Tiwaryhighlightedthatthe “Wealwayssaythatanybusiness
Indianmarketisasignificantfocus jobcreationinIndia,whichincludes curvesforthee-commercemajorin ideawhichhaslegsandworks
inthecompany’sboardmeetings afocusondigitising10millionstores India,Tiwarysaidthatsolutions backwardfromcustomer
duetoitslargesize,‘outstanding’ andcreatingaround2milliontotal developedforIndiawereapplicable interactiontodevelopnewideas,we
demographics,macroeconomic jobs—theyarecurrentlyatthe worldwide.Hehighlightedthetalent wouldbeexploring.Wearea
greenshoots,andtheabilitytoeasily 1.3millionmark. toinnovatewithfrugalityandthe companyofbuilders.Wekeeptrying
adopttechnology. TiwarymentionedthatAmazon country'sroleasasourceofideason todonewthings.”
“WehadanAmazonGlobalboard isprioritisingexportsfromIndia. theglobalplatformaskeytakeaways. Oncounterfeitproductsonthe
meetinginNovember.Therewasso Thecompanyrecentlyannounced Ontheregulatoryarena,Tiwary platform,Tiwaryemphasisedthat
Serial entrepreneur and Info Edge Co-founder Sanjeev Bikhchandani said good companies always had muchexcitementaroundIndia…I thatithadsurpassed$8billionin saidtheywere“inaweirdlysweet technologyistheanswer.“Our
enough money to back them PHOTO: KAMLESH PEDNEKAR can’tthinkofanyothercountry cumulativeexportsfromIndiain spot”rightnow. philosophyiswewantiteasyforthe
whichisbetterpoised,andIwouldn’t 2023andisontracktoachieveits “Iwouldwantthecurrentvectors sellerstosell.Whatwedothrough
BS REPORTER This change, he added, will be driven by besurprisedifwehitdeveloped targetof$20billioninexportsby tocontinueforthenextdecadeor technologyisidentifygapareas
New Delhi, 28 March forces such as regulation, technology, capital, statusbefore2047,”hesaid. 2025,havingachieved$5billion so…Wecanseethebuoyancyandthe throughmillionsoffeedbackand
entrepreneurship, and talent. AccordingtoTiwary,Amazonis worthofexportsin2022. consumptionintheIndianmarket. ratingseveryday.Itwillneverbe

T
he Indian startup ecosystem never faced Bikhchandani emphasized the importance of focusingonathree-prongedplanfor Discussingthebiggestlearning WearestillearlyintheChinaPlus perfect,”hesaid.
a funding winter, said Sanjeev startups working withing the purview of
Bikhchandani, serial entrepreneur and co- regulations. “Regulations are okay. But the low-
founder, Info Edge, on Thursday. “There was nev- level bureaucracy at the state level, that is where
er really a funding winter. There was a funding the issues are,” he said.
excess... Too much money chasing too few deals The Indian startup world has, of late, been
> FROM PAGE 1
at too high valuations. I don’t think enough witnessing several cases of corporate
investors were discerning enough,” he said dur-
ing a fireside conversation at the Business
misgovernance. Large startups like fintech
major Paytm and edtech firm Byju’s are currently Trade policy in tune with development journey: Goyal
Standard Manthan event in New Delhi. under regulatory glare for governance issues.
The ongoing funding slowdown, he added, Investors are, therefore, now seen as being more Emphasising that as a developed entering politics, his reply was imme- security advisor, and Nalin Surie, for- ing trends, turned up in good
imparted some much-needed fiscal discipline to cautious about due diligence before making country, India needed a thought-out diate and emphatic: “I am not cut out mer Indian high commissioner to the strength at the summit.
cash burning startups. “Good companies always investments. trade engagement with the world, for politics.” Meanwhile, cooperative UK, said that India needed to work Looking back at the transforma-
had enough money to back them. Right now, we “Before 1991, you could do business without Goyal said there was also a need to federalism was discussed threadbare out its own trajectory, focused on its tion he has witnessed in the business
are back to reasonable levels of funding,” he said. taking many government permissions. internationalise the economy. in a scintillating debate between two core economic strengths, rather than ecosystem in the 40 years since he
The comment from Bikhchandani--who’s Government permissions slow down stuff… Staying with the summit’s theme, noted economists: Arvind trying to replicate the China model. started working, Sanjeev
sometimes referred to as the father of Indian Freedom to do business is really important. It is “A Developed India by 2047: The Subramanian, former chief econom- This was vital if India wanted to shed Bikhchandani, often described as the
startups—came in the backdrop of Indian what drives velocity. You get velocity, you get Roadmap”, Amitabh Kant, G20 sher- ic advisor to the Union government, the Western world’s image of it being father of Indian startups, said a lot of
startup funding hitting a seven-year low in 2023. growth,” he said. pa and former CEO, NITI Aayog, and Montek Singh Ahluwalia, former a Plus One to China. change had come from companies
Investments among fledgling firms fell 72 per Advising budding entrepreneurs, mooted the idea of “champion states” deputy chairman of the Planning The future of how India would that did not exist or barely existed
cent year-on-year to $7 billion this year, Bikhchandani said that “the customer’s money -- those that are agents of transfor- Commission. travel was viewed through the vision when he started. These ranged from
compared to $25 billion the previous year, is better than the investor’s money.” If startups mation. He also said that India need- The two dissected the contours of of R C Bhargava, chairman of Maruti mobile telephony to ecommerce. A
according to data from Tracxn – a market are able to generate revenue from repeat ed many more Ambanis, Adanis, and the “Centre-state relations necessary Suzuki and the man synonymous lot of this change was driven by start-
intelligence platform. customers, with this revenue being higher than Tatas -- a reference to large compa- for India’s successful journey towards with India’s small-car revolution and ups, said the co-founder of internet
Bikhchandani, who had started up himself their expenses, they would be able to generate nies. Making a passionate case for the 2047”. Arenas of contestations in fis- later, its all-car revolution. “By 2047, company Info Edge and the entre-
way back in 1990 with job portal naukri.com viable businesses. growth of manufacturing, he said, cal federalism were taken up. we must have a much larger percent- preneur behind jobs portal
years before jobs or lack of jobs had started “Investorslovetoinvestincompaniesthatare this was imperative if India intended Subramanian said India needed a age of cleaner cars throughout India Naukri.com. In the years to come,
making headlines, said startups are expected to gettingmoneyfromcustomers.Ifyougetthe to achieve its developed-nation goal. mix of cooperative federalism and -- maybe all of them,” he said. change, he said, would be triggered
play a crucial role in making India a developed investor’smoneyfirst,thereisnoguaranteethat Kant also offered an insider’s view competitive federalism. The craze for large vehicles, he by the same five factors: “regulations,
economy by 2047. According to him, thecustomer’smoneywillcome,”hesaid.He into the dogged efforts that went into Ahluwalia said cooperative feder- predicted, would soon pass. “The technology, capital, entrepreneur-
many of the giant companies in 2047 could be advisedfounderstobefrugal,sincetheydonot achieving consensus amid a conflict- alism was critical and needed to be world will realise that you don’t really ship and talent.”
startups of today. havecontrolovertheirrevenue.“Itisimportantfor ed world at the G20 Summit. On managed better. He argued in favour need such large cars,” he said. On Expressing optimism about the
“In 1984, if you had asked me what will youtobefrugalearlyonbecauseyouhaveno Infosys founder N R Narayana of state governments decentralising electric vehicles (EVs), he said, “Not India market, Manish Tiwary, vice
happen after 40 years, I would not have controloveryourrevenue.Inordertosurvive,your Murthy’s suggestion that youth resources to sub-state level. just EVs, we need to harness all green president and India manager,
predicted this. If you ask me now, what will revenueneedstobemorethanyourcosts,”hesaid. needed to work 70 hours a week, Earlier in the day, leading foreign technologies, including biogas, to Amazon, said there is no better coun-
happen 40 years into the future, I don’t know. He added that it is vital for entrepreneurs to Kant remarked, “What matters is not policy voices unravelled the China achieve India’s net-zero targets.” try than India for any company oper-
But change will happen,” Bikhchandani said dream big, but start small. “It is important to the number of hours you work, but challenge. In a conversation with for- Speaking of the future, the startup ating in the technology sector.
drawing parallels between his startup journey make your mistakes small so the cost of failure is the outcomes you deliver.” To a ques- mer foreign secretary Shyam Saran, ecosystem, which is known to predict
and the years leading up to 2047. not that big,” he said. tion on whether he would consider Shivshankar Menon, former national and harness the potential of emerg- More on business-standard.com
12 ECONOMY & PUBLIC AFFAIRS
>
CHENNAI | FRIDAY, 29 MARCH 2024 1

Centre notifies ‘ATTEMPTS TO DEFAME COURTS’

600 lawyers
3-10% MGNREGA write to CJI

wage rate hike

PM:VintageCongress
culturetobullyothers
PRESS TRUST OF INDIA
New Delhi, 28 March
SANJEEB MUKHERJEE
New Delhi, 28 March Prime Minister Narendra Modi on
Thursday said it was a “vintage Congress

A
head of the Lok Sabha elections, culture” to browbeat and bully others, in
the central government has reaction to more than 600 lawyers writing
announced a 3-10 per cent to the Chief Justice of India, alleging that a
increase in the wage rates for “vested interest group” is trying to put pres-
workers under the Mahatma Gandhi sure on the judiciary and defame courts.
National Rural Employment Guarantee “To browbeat and bully others is vin-
Act, or MGNREGA, in nominal terms for tage Congress culture. Five decades ago
2024-25. itself they had called for a ‘committed
This is similar to the increases judiciary’ — they shamelessly want com-
announced for this financial year. The mitment from others for their selfish
new wage rates will come into force interests but desist from any commitment
from April 1. The notification was towards the nation,” Modi said on X.
issued on Thursday. “No wonder 1.4 billion Indians are
In terms of percentage escalation, rejecting them,” the prime minister said
wage rates in Uttar Pradesh and and tagged a post that carried the letter
Uttarakhand have seen the lowest written by the lawyers.
increase — 3 per cent — in 2024-25 as More than 600 lawyers, including sen-
compared to 2023-24 while that of Goa Wage rates in UP and Uttarakhand ior advocate Harish Salve and Bar Council
have seen the highest of 10.6 per cent. have seen the lowest increase chairperson Manan Kumar Mishra, wrote
Sources said the rural development for 2024-25 while Goa has seen to Chief Justice of India D Y Chandrachud,
ministry had sought permission from the highest increase alleging that a “vested interest group” is
the Election Commission to notify the trying to put pressure on the judiciary and
wage rates because the model code of In 2022, the wage of an MGNREGA defame courts, especially in cases of cor-
conduct for the elections is in force. worker in these two states was ~210, ruption involving politicians.
The previous revision was on and increased to ~228 in 2023. “These tactics are damaging to our
March 24 last year. The increase in In a report tabled in Parliament ear- courts and threaten our democratic fab-
wages at that time for different states lier this year, the Parliamentary ric,” the lawyers drawn from across the
varied from 2 per cent to 10 per cent. Standing Committee on Rural country said in the latter dated March 26.
Karnataka, Goa, Meghalaya, and Development and Panchayati Raj had CJI Chandrachud’s leadership is cru-
Manipur were among those that had pointed out the high range of variation cial in these “tough times” and the apex
the lowest percentage increase and in wages across states and had said court should stand strong, they said,
Rajasthan the highest. The revised they were inadequate and did not keep adding it is not the time to maintain dig-
rate for Rajasthan was ~255 against pace with inflation. nified silence.
~231 in 2022. The panel also quoted a report of The letter, shared by official sources,
Bihar and Jharkhand came second the central government committee on targeted a section of lawyers without nam-
in percentage increase, with the rates minimum wages – Anoop Satpathy ing them and alleged that they defend
going up around 8 per cent over the Committee – which had recommended politicians by day and then try to influence
previous year. the wages be ~375 a day. judges through the media at night.

ALL IN A DAY
Kejriwal’s ED custody Richest Indian woman NIA arrests key
extended till Apr 1; Savitri Jindal quits conspirator in
MEA responds to US Congress, joins BJP B’luru blast case
AcourtonThursdayextendedthe Former Haryana In a major breakthrough, the National
EnforcementDirectoratecustodyofChief minister Savitri Investigation Agency (NIA) has
MinisterArvindKejriwaltillApril1inthe Jindal (pictured) arrested a key conspirator in
excisepolicycase.Theagencyhadsought quit the Congress Bengaluru’s Rameshwaram Cafe blast
seven-daycustodyoftheAAPchief,butthe and joined the case, according to an official
courtsaidhehastobeproducedbeforeit Bharatiya Janata statement issued on Thursday.
onApril1at11am.TheEDhadproducedhim Party (BJP) in Muzammil Shareef was picked up on
beforeRouseAvenueCourtSpecialJudge Haryana’s Hisar on Wednesday and placed in custody as a
KaveriBawejaashiscurrentsix-day Thursday, days co-conspirator after NIA teams
custodywasendingonThursday.TheED after her son and cracked down at 18 locations,
saidinitsfreshremandpleathatKejriwal’s industrialist including 12 in Karnataka, five in Tamil
statementswererecordedoverfivedays Naveen Jindal Nadu and one in Uttar Pradesh, it
buthewas“givingevasivereplies”. switched parties. said. The NIA, which took over the case
The 84-year-old Savitri joined the BJP on March 3, had earlier identified the
USremarksunwarranted:MEA along with her daughter Seema in the main accused, Mussavir Shazeeb
The Ministry of External Affairs on presence of Chief Minister Nayab Singh Saini, Hussain, who had carried out the
Thursday said the US State Department’s former chief minister Manohar Lal Khattar blast. It had also identified another
recent remarks on the arrest of Delhi Chief and other BJP leaders. Savitri Jindal was conspirator, Abdul Matheen Taha,
Minister Arvind Kejriwal were listed as the richest woman in the country by who is also wanted by the agency in
“unwarranted” and asserted the country is Forbes India this year. According to the other cases, the statement said. “Both
“proud of its independent and robust Forbes list of the 10 richest women in India, the men are on the run,” it added. NIA
democratic institutions” and committed to Savitri Jindal, the wife of the late industrialist investigations have revealed that
protect them from any form of undue and former minister O P Jindal, has a net Muzammil Shareef had extended
external influences. PTI worth of $29.1 billion. PTI logistic support. PTI

centage points. the year at ~387 trillion ($4.7 for stocks,” said
> FROM PAGE 1 During the year, all three trillion). India also overtook Chokkalingam G, founder of
indices hit new record highs Hong Kong during the year to Equinomics. In FY24, the

Mkts... on several occasions, and

India’s market capitalisation
become the world’s fourth-
largest market.
Nifty50 outperformed most of
its global peers, except the
The Nifty Midcap 100 outper- came close to the $5 trillion Despite intermittent tech-heavy Nasdaq
formed the Nifty50 by 31.5 mark. The broad-based rally volatility, India’s equity mar- Composite, which rose 34.2
percentage points, while the in domestic equities saw kets showed remarkable per cent, and Japan’s Nikkei,
small-cap index outper- India’s market capitalisation resilience in FY24, weathering which rose 43.35 per cent. The
formed the latter by 41.2 per- jump by ~50 trillion to finish global uncertainties, such as MSCI World Index rose 23.1
the interest rate hike cycle, a per cent, while the MSCI
US banking crisis, rising bond Emerging Market Index
> BS SUDOKU # 4242 yields, and geopolitical con- gained 4.7 per cent. Market
flicts. The markets were participants are optimistic
buoyed by robust economic about the upcoming financial
growth and moderate oil year, despite potential chal-
prices, which improved lenges. Analysts suggest that
India’s standing among glob- despite the uncertainties of an
al peers. After a 29 per cent election year and valuation
drop in the previous financial concerns, India benefits from
year, oil prices rebounded, a combination of stable
rising 7.7 per cent to close at macroeconomic factors, a
$85 a barrel. resilient banking sector, and
The robustness of the minimal corporate leverage.
domestic markets was further “An upgrade in the domes-
bolstered by strong inflows tic economy forecast suggests
from both mutual funds a positive outlook for the stock
(MFs) and foreign portfolio market in FY25. However, the
investors (FPIs). In FY24, MFs focus is on largecap stocks due
and FPIs were net buyers of to the ongoing premium val-
shares worth ~1.9 trillion and uations of midcap stocks,
~2 trillion, respectively. which could pose a concern
The dovish stance of the for the broader market in the
US Federal Reserve towards short-to-medium term,” said
the end of the financial year, Vinod Nair, head of research
coupled with the hopes of at Geojit Financial Services.
political stability brought In terms of sectors, realty
about by the victory of the and public sector enterprises
SOLUTION TO #4241 Bharatiya Janata Party in key (PSUs) saw the most gains this
state elections, further fuelled year, with their respective
Very hard: the market rally. NSE indices rising 132.5 per
« «« «« “The conviction that the cent and 104 per cent. Tata
Solution tomorrow rate hike cycle is coming to Motors and Bajaj Auto were
an end and the influx of new the top performers among
investors, manifested in the Nifty stocks, each rising 2.4
HOW TO PLAY record number of demat times. UPL was the worst-per-
Fill in the grid so that openings and new systematic forming Nifty stock, falling 36
every row, every col- investment plans (SIPs), led per cent in FY24. Shriram
umn and every 3x3 to robust gains. Stocks gain Finance replaced it in the
box contains either because of the Nifty on Thursday. Besides
the digits 1 to 9 improvement in fundamen- UPL, Hindustan Unilever and
tals or a rise in stock demand. HDFC Bank were the only oth-
This year’s gains were driven er Nifty stocks to end the year
more by the rise in demand with losses.
.
CHENNAI | FRIDAY, 29 MARCH 2024 TAKE TWO 13 <

MUNICIPAL CORPORATION CHHATRAPATI SAMBHAJINAGAR

Phone No. (0240)2333536-40, 2348001-05 (PBX) Fax No.(0240)2331213

No./CSMC/BOT/87/2024 Date: 28-03-2024

CORRIGENDUM
Tender notice for Common Bio Medical Waste Treatment Facility
(CBMWTF) operator for Collection, transportation, storage,
treatment and disposal of bio medical waste for health facilities. Area
Chhatrapati Sambhajinagar, on Build Operate and Transfer [BOT]
Basis. Tender ID 2024_AMCA_1034371_1, Dated 13/03/2024. in
daily news papers and also on www.mahatenders.gov.in. In section
1.1 Schedule of bid opening process last date of submission is
08/04/2024 changed and extended to 10/05/2024 upto 16.00 hrs is
considered, Schedule of Opening of Technical Bid & Date for Power
Point Presentation (Proof of Concept) would be communicated to
bidders. for further details refer mahatenders.gov.in portal. Rest of
the conditions remains unchanged. Sd/-
Municipal Commissioner &
Administrator
Municipal Corporation, CSMC

TOO GIG TO FAIL

GIG AND PLATFORM WORK IS BURGEONING AT A BREAKNECK SPEED IN INDIA.
DO WE REALLY UNDERSTAND IT?
SHIVA RAJORA workers start their professional life by
New Delhi, 28 March engaging with these platforms in a

Raman Mann, 41, took to driving a cab FEAR AND flexible way, but the deteriorating
labour market makes them dependent
for an application-based aggregator in
Delhi last August after he was laid off
as a security guard. Rizul Khan, 24,
LOATHING on these platforms for livelihood,”
Bhatia says.
In the UPenn survey, 43 per cent of
delivers packages for a food delivery In October last year, a pizza cab drivers reported a net monthly
platform in Noida. delivery man in Pune, earning (after deducting costs such as
They are drops in the ever swelling Maharashtra, was assaulted food, fuel, vehicle maintenance and
ocean of India’s gig and platform econ- and threatened with a gun equated monthly instalments) of less
omy, which is estimated to have 8 mil- fired in the air by an angry than ~15,000, and 34 per cent delivery
lion workers and expected to grow to customer whose pizza was persons reported ~10,000. Eighty-three
23.5 million by 2029-30, according to a delivered late. Such per cent cab drivers and 73 per cent
NITI Aayog report released in 2022. incidents are increasing for delivery persons reported being
Another study, by the Federation of gig and platform workers. A affected by deactivation and blocking
Indian Chambers of Commerce & survey by PAIGAM, an NGO, by platforms.
Industry (FICCI) in association with found the following: “A few months ago, I had to sit idle
human resource firm Randstad India, for 21 days following a complaint
in 2023, says 42.24 per cent of India’s Nearly 47% of cab against me by a user,” says Khan. “Had
startups are now looking to hire tem- drivers reported facing some there been a law, I could have present-
porary and gig workers. form of violence ed my side of the events.”
No doubt, gig work and gig workers at work Mann, too, makes a case for
have become commonplace. bringing gig work under the existing
We hear about them often. Do we 41.5% of delivery persons labour laws until the new codes come
fully understand them? said they had faced violent into force.
Gig work is often used in the same situations at work “It has been more than a year and I
breath as “platform”. The latter refers hardly took any weekly offs or leave.
to organisations, usually using inter-
64% gig workers reported My family remains worried as I am
net-based technologies, that bring not getting support from always on the road and have no acci-
together service providers, who are not their platform companies dent insurance. A lot of my earning
its employees, and customers for a fee. when faced with such goes into increased fuel and mainte-
However, “gig” and “platform” work incidents nance costs and the occasional traffic
have been tricky to define. Both are fines,” he says.
99.3% of cab drivers
seen as a part of a wider category of But there is another side to this. A
“nonstandard employment”, where
reported experiencing study by Ola Mobility Institute says
the work is contingent and non-per- anxiety, stress, and chronic platforms across the board offer acci-
manent. pain in the body dent cover, including disability and
Section 2 (35) of the Code on Social 98.5% of delivery death, that passenger mobility plat-
Security, 2020, which is part of the four personnel, too, reported the forms provide up to ~5,00,000 and
new labour codes, for the first time, hyperlocal delivery platforms ~3 lakh
above
defined “gig worker” as a person who to ~10 lakh, along with health and
performs work or participates in a This is believed to be a result medical support.
work arrangement and earns from of long working hours and
such activities outside of traditional Time for a new law?
harsh conditions
employer-employee relationship. Earlier this month, Congress leader
Section 2 (60) of the code defined Mallikarjun Kharge said on the social
“platform work” as a work arrange- media platform, X, that if his party was
ment outside traditional employee- volition outside of traditional elected to power, it would bring in a
employer relationship in which an employer-employee relationship. In new law, on the lines of the one in
online platform is used to solve spe- India, though, platform and gig work Rajasthan, to improve the working
cific problems or to provide specific have emerged as the principal form of conditions for gig and platform
services that may be notified by the work for millions. workers and give them social security.
Central government. Section 2 (61) of This, says Bhatia, is a reality the “Crores of such youth who are sup-
the code defined “platform worker” as new code has not taken into account. porting themselves and their families
someone engaged in platform work. by working informally in the gig econ-
Meanwhile, the NITI Aayog report Working conditions omy shall be benefitted,” he posted.
defined gig workers as those engaged A recent survey of 10,000 cab drivers Rajasthan, under the previous gov-
in livelihoods outside the traditional and delivery persons by the ernment led by the Congress, passed
employer-employee arrangement and University of Pennsylvania in Delhi, the Rajasthan Platform-Based Gig
classified them into platform and non- Lucknow, Jaipur, Indore, Mumbai, Workers (Registration and Welfare)
platform-based workers. Kolkata, Hyderabad and Bengaluru Act last year, which provided for a
“Platform workers are those whose revealed that nearly 60 per cent cab welfare board and a registry of all gig
work is based on online software apps drivers reported working for more workers, aggregators, and primary
or digital platforms. Non-platform gig than 12 hours in a day, and 78 per cent employers in the state who worked
workers are generally casual wage delivery personnel for more than 10 with gig workers. The gig worker
workers and own-account workers in hours a day. would also be assigned an ID number
the conventional sectors, working “Anybody work- valid across platforms for the duration
part-time or full time,” ing such long hours of the work. A platform-based welfare
the report says. should get full- cess will be collected on each transac-
However, since time employee tion, between 1 and 2 per cent of the
labour is a concur- status. In India, transaction value, to fund social secu-
rent list item – rity schemes for gig workers.
laws for it can be However, Rajasthan, where there is
made by both a new government, has yet to frame
Parliament as well as the rules for this.
state assemblies — the Shaik Salauddin, general secretary,
rules under the new Indian Federation of App-based
code need to be drafted Transport Workers, says recognition of
by the Centre as well as the problems being faced by platform-
states for implementation. based workers by state governments is
According to a recent study a welcome move. But a lot of issues
by V V Giri National Labour remain unaddressed.
Institute, only 27 states and “The upcoming new laws must rec-
Union territories had framed the ognise a gig and platform-based
draft rules under the code by worker as an ‘employee’ and assure
November 2022, and there is minimum earnings per day in
significant divergence among accordance with the state laws
these state rules, causing delays on minimum wages. Also, sim-
in implementation. ple, transparent and fair con-
Thanks to these delays, those tracts are needed to better their
such as Raman Mann and Rizul lives,” he says.
Khan work long hours without The NITI Aayog report called
any paid leave, health benefits, for skill development for plat-
pension, provident fund, or form jobs, accelerating finance
medical cover. for platform workers, refining
Akriti Bhatia, founder of the employment survey meth-
People’s Association in Grassroots odologies to better enumerate
Action and Movements, says the platform workers, enhancing social
way the terms “gig” and “platform inclusion in the new age digital econ-
worker” have been defined in the omy, and extending social security
new code is a misclassification. Gig benefits to workers engaged in irregu-
and platform workers work for lar work.
money on a specific task of their own Mann and Khan are waiting.
14
>
CHENNAI | FRIDAY, 29 MARCH 2024 1

Essential drug prices Tejas Mark-1A makes its

to remain flat in 2024 successful first flight
AJAI SHUKLA including about six tonnes of
New Delhi, 28 March external payload.
Two external drop tanks
Prices have risen
10-12% two years
VITAL SIGNS The first Tejas Mark-1A fighter
aircraft took to the skies from
would carry another 3.5 tonnes
of fuel, but would reduce the car-
Growth of key drivers for Indian the Hindustan Aeronautics riage of external stores to just 3
pharmaceutical market (in %) Limited (HAL) facility in tonnes.
SOHINI DAS Bengaluru on Thursday. The The Tejas Mark-2 is no longer
nNew product nPrice nVolume
Mumbai, 28 March successful sortie, which flew for an LCA, but a totally new medi-

6.7
18 minutes, was piloted by um-weight fighter. A canard has

6.3
C

5.7
5.2

5.0

4.9
5.0
onsumers are in for a relief as HAL’s chief test pilot, Group been added ahead of the wings,
prices of drugs in the Captain KK Venugopal (Retd). like in the Rafale, Eurofighter and

3.3

2.9
2.8

2.8
3.1
1.7

2.4
National List of Essential “HAL achieved this signifi- the Sukhoi-30MKI. This provides

2.1

-3.9

-3.6
Medicines (NLEM) will remain flat, cant production milestone an additional control surface,
in line with the change in the whole- with concurrent design and Tejas Mark-1A fighter aircraft took flight from the Hindustan which creates a vortex that

0.8
sale price index (WPI) this year. development… subsequent to Aeronautics facility in Bengaluru on Thursday increases the lifting capability
In a notification issued on the contract signature in and agility of the aircraft. The
Wednesday, the National Sep Dec Mar Jun Sep Dec February 2021”, said CB ital map generator. This extracts with a range of 60-70 kilometres. Mark-2 will see the integration of
Pharmaceutical Pricing Authority Ananthakrishnan, chairman the complete map data of the cur- HAL is also doing a cockpit several new weapons, including
(NPPA) said the annual change in 2022 2023 and managing director, HAL. rent area of operations and trans- floor modification that will the indigenous Astra Mark I and
WPI worked out to be 0.005 per cent 13.11 11.89 11.38 3.86 4.2 8.55 HAL stated on Thursday: fers it to the pilots’ display. enable 95 per cent of all IAF Mark II. It will also carry the
during the calendar year 2023 “The country can look forward to The digital map generator, pilots, including bigger pilots, Rudram anti-radiation missile
over 2022. According to Para 16(2) of Overall growth early induction of the Tejas Mark- designed and developed by with shoe size 10, to fly the air- developed by DRDL Hyderabad.
the Drug Price Control Order Source: Pharmatrac 1A by the Indian Air Force (IAF) HAL’s Mission and Combat craft comfortably. The DRDO is also making a
(DPCO) 2013, the manufacturers and more numbers through the Systems R&D Centre It will take almost two years range of bombs for the Tejas
may increase the maximum three lines of production estab- (MCSR&DC), had thermal issues to complete flight testing of the Mark-2. This includes the Tara
retail price (MRP) of scheduled unchanged, he added. already come down by 16.62 per lished at HAL.” and was a failure point in the Tejas Mark-1A, which has had high speed, low drag bomb,
drugs on the basis of this WPI, the This year, since the change is cent. “The Tejas Mark-1A will have Tejas Mark 1. This has been HAL pilots and IAF pilots from which is mounted on the pylons.
notification said. very small (+0.00551 per cent), most “Due to this, the price of 651 an advanced radar, electronic replaced with computers the national flight test centre The Mark-2 will have 11 hard
Therefore, effectively, in 2024 the companies will not increase the essential drugs, which were to go up warfare (EW) system, communi- designed by MCSR&DC. (NFTC) working jointly to flight points, including on the wingtips,
prices of NLEM drugs or scheduled MRP of their scheduled formula- by 12.12 per cent, has actually come cation system, additional combat In addition, HAL has integrat- test the new fighter. which is for the ASRAAM close
drugs will remain flat. The price tions, said Viranchi Shah, national down by 6.73 per cent from April 1,” capability and improved mainte- ed the ASRAAM (advanced short combat missile. It will have one
hikes allowed (in line with change president of the Indian Drug NPPA said last year. nance features,” said HAL. range air-to-air missile) for the LCA Mark-2 centre-line station and two lateral
in WPI) were 12.12 Manufacturers The NLEM was revised in 2022 The Mark-1A has four to five Mark 1A’s outboard stations. This Simultaneously development stations on the side of the fuse-
per cent in 2023 Association. and now covers 384 drugs covering major changes over the Mark-1 is a British built MBDA missile has begun on the Tejas Mark-2. lage under-belly.
and 10.7 per cent in The prices of drugs in Sudarshan Jain, sec- around 870 formulations. NLEM fighter. This includes an active that has been bought for the This will be a bigger, more capa- The Mark-2 will have
2022, respectively. the NLEM are capped retary general of the 2015 covered 376 drugs covering 800 electronic scanned array (AESA) Jaguar and is being introduced ble aircraft, with a more powerful elements of the Tejas Mark-1A,
The prices of by the NPPA, and the Indian Pharmaceutical formulations. radar, a combined interrogator into the Tejas, which will be able GE F-414 engine and a maximum but also elements of an entirely
drugs in the NLEM annual price change Alliance (IPA), said the Analysts pointed out that price and transponder (CIT) and a dig- to carry twin ASRAAM missiles all-up weight of 16.5 tonnes, new design.
are capped by the allowed in this focus of the industry growth had been a major growth
NPPA, and the category is and the government driver for the IPM.
annual price determined by the was now on ensuring “If we analyse the growth drivers
change allowed in
this category is
determined by the
change in WPI over
the last year
quality standards for for the IPM over a period of time, we
medicines. can see that price growth has been a
“Price rise of drugs major growth driver. In September
IPL 17 opener breaks viewership record
change in WPI over in the recent past has 2022, price growth was 6.3 per cent PRESS TRUST OF INDIA of 12.76 billion minutes — the ison to the previous edition, the magic of one of the world’s
the last year. For non-NLEM drugs, not beaten inflation, as there is while volume growth was 5.2 per Mumbai, 28 March highest-ever for the first day of there is a growth of 16 per cent biggest sporting events to take
companies are allowed to take a 10 intense competition in the Indian cent. In March 2023, price growth any season. The watch-time in TV consumption,” the com- forward the launch momentum
per cent raise. market. Therefore, companies take was 5.7 per cent while volume The 17th edition of the Indian minutes are a compilation of the pany stated. and deliver unprecedented
Rajiv Singhal, general secretary lesser price hikes on an average than growth was 3.3 per cent. Now in Premier League (IPL) opened to time spent by each viewer in Defending champions viewership,” a Star Sports
of the All India Organisation of what is allowed,” Jain said. December 2023, volume growth was blockbuster viewership numbers watching the game. Chennai Super Kings defeated spokesperson said in a press
Chemists and Druggists (AIOCD), an The government has been strin- 0.8 per cent while price growth was with 168 million viewers tuning The 17th season of IPL also wit- Royal Challengers Bengaluru by release.
umbrella body of chemists in the gent with pricing changes. Prices of 4.9 per cent,” said Sheetal Sapale, in to watch the season’s first nessed the highest-ever peak TV six wickets in the season-opener The channel said that the
country, said prices would remain 651 essential medicines in the NLEM vice-president, commercial, game between Chennai Super concurrency for an opening day, in Chennai. record-breaking TV viewership
unchanged, and pharma companies came down from April 1, 2023 by 6.73 Pharmarack, a market research firm. Kings and Royal Challengers with 61 million viewers watching “This growth is a reaffirma- on the opening day comes on the
do not need to re-label stock in cir- per cent with the government cap- One reason behind the volume Bengaluru on March 22, the tour- the broadcast simultaneously on tion of the incomparable capac- back of an array of programmes
culation in the market. ping ceiling prices of these drugs. decrease could be that purchases of nament’s official broadcaster the Disney Star network. ity of Live Cricket to aggregate in the lead-up to the 17th season
The market usually has 90 days The NPPA noted that with the chronic medications have moved to said on Thursday. “Disney Star had recorded 8.7 audiences on TV and provides a which attracted more than 245
of stock and this year the prices of capping of ceiling prices, the cost of online channels, which is not cap- Disney Star said the opening billion minutes on the IPL’s blockbuster start to the tourna- million viewers till a week prior
scheduled drugs will remain 651 essential drugs on average had tured by Pharmatrac. day also registered a watch-time opening day in 2023. In compar- ment. We will continue to enrich to the start of the tournament.
 The Smart
QUICK TAKE: DOUBLE-DIGIT GROWTH GUIDANCE FOR INDIGO “This is a weird (economic) cycle where nothing

Investor
is quite what it seems and you've got all these
(Share price in ~) 3,600
The stock of InterGlobe Aviation (IndiGo) is up 12 per cent conflicting signals right now. This is
this month. Despite escalation in engine issues at P&W, not the sort of environment where
3,400 growth guidance of early double digits is an indication you want to sit back and buy into
CHENNAI | 3,155.1
3,200
that IndiGo is well placed to mitigate supply-chain the prevailing optimism”
FRIDAY, 29 MARCH 2024 challenges, says Prabhudas Lilladher Research. Yields ANDREW PEASE, Global Head
3,544.5 of Investment Strategy,
3,000 commentary was positive with increasing focus on
Feb 29 Mar 28,’24 international markets, the brokerage adds Russell Investments
<

Strong global cues Day 1: T+0 settlement sees token trades

lift domestic mkts
KHUSHBOO TIWARI to the continued growth and
Mumbai, 28 March FAST MOVERS development of the capital
markets in India.”
The domestic markets on n Turnover on for trades settled in T+0 Initially, the T+0 settlement
Thursday successfully con- stood at ~46 crore and ~11.9 crore is being tested in a ‘beta’ form
ducted trades under the new on NSE and BSE, respectively on only 25 stocks. The same-
Nifty, Sensex rise 0.9% each, up 2.3% in last six sessions same-day (T+0) settlement n A total of 41 members traded in day settlement framework will
framework. However, both 10 scrips, 49 unique investors used remain optional and run par-
ABHISHEK KUMAR exchanges witnessed only the facility, according to BSE allel to the current T+1 cycle in
Mumbai, 28 March
ROBUST token trades.
“On the first day, 63 n 41 unique investors said to have traded
the equity cash segment.
Sebi has directed stock

T
in the new shorter cycle on the NSE
GAINS
aking cues from an overnight rally in members participated in this exchanges or depositories to
the US market, the domestic bench- optional segment. As many as n Large brokers yet to provide the disseminate the list of brokers
mark indices posted strong gains for a 41 members traded in 10 scrips facility to their clients that will be participating in the
second day in a row on Thursday. In intraday and placed a total of 329 orders beta version of T+0 settlement
trade, the S&P BSE Sensex rose nearly 1,200 which resulted into 90 trades. on a periodic basis.
points, or 1.63 per cent, to reclaim the 74,000 Unique investors using this traders, however, stood at 46 brokers are yet to offer the scription period for initial pub- To ensure there is no frag-
mark after two years. However, the index gave facility stood at 49,” said stock in 14 securities, involving 32 shorter settlement cycle and lic offerings to T+3. mentation of liquidity, the
up some gains as investors took profits off the exchange BSE. According to brokers and 41 unique inves- are reading their systems. On the transition to T+0, price spread between T+1 and
table on the last trading day of 2023-24. BusinessStandard calculations, tors. NSE paid the first payout Last year in January 2023, Sundararaman Ramamurthy, T+0 settlement will have to be
The expiry of derivatives contracts also the trading turnover under the for these trades before 4:30 India successfully transitioned the managing director and narrow. Sebi has said, “The
added to the volatility. The Sensex ended the FY24 % change T+0 settlement framework pm, added a source. completely to a T+1 (trade plus chief executive officer (MD & price in the T+0 segment will
session at 73,651, with a gain of 655 points, or stood at ~11.9 crore on the BSE While market regulator the one day) settlement for the CEO) of BSE, said, “This is a operate with a price band of
0.9 per cent, while the National Stock Nifty Auto 74.9 and ~46 crore on the National Securities and Exchange Board equity segment. Many global significant step towards ±100 basis points from the
Exchange Nifty 50 rose 203 points, or 0.9 per Nifty Energy 71.0 Stock Exchange (NSE). of India (Sebi) and market peers still settle on a T+2 cycle. greater efficiency and reduced price in the regular T+1 market.
cent, to end the session at 22,327. MSCI World Index 23.1 Sources said NSE saw 209 infrastructure institutions The market regulator has also risk in our market. We are con- This band will be recalibrated
The key indices are now less than a per- orders from 89 unique inves- have laid the ground for T+0 cut down the time taken for fident that this optional set- after every 50 bps movement
centage away from their all-time highs after Nifty Banking 16.0 tors in 24 securities. Actual settlement, the majority of listing after the end of sub- tlement cycle will contribute in the underlying T+1 market.”
adding 2.3 per cent in the past six trading ses- Gold $/oz 12.3
sions, during which they ended with losses Brent crude 7.7
only once.

ICICI Securities gets approval Zerodha Fund

However, the broad market indices con- MSCI Emerging Markets 4.7
tinue to trail the largecap benchmarks. While Silver $/oz 2.5
the Nifty Smallcap 100 closed flat, the Nifty
Midcap 100 ended with a 0.5 per cent gain. NIFTY 50 House AUM
According to analysts, apart from global
cues, the relaxation in alternative investment
fund investment by the Reserve Bank of India
lifted sentiment.
Gainers
Tata Motors
Bajaj Auto
% change
135.9
135.5
from shareholders for delisting up by ~500 cr
in 40 days
Bajaj Finserv and Bajaj Finance were the Losers KHUSHBOO TIWARI
biggest gainers in the Sensex pack, rising over UPL -36.5 Mumbai, 28 March GREEN SIGNAL PRESS TRUST OF INDIA
3 per cent. Grasim Industries, Hero MotoCorp, Sensex ICICI Bank New Delhi, 28 March
Eicher Motors, State Bank of India, and Hindustan Unilever -11.6 Broking and investment banking outfit
Source: Bloomberg, NSE ICICI Securities 120
Mahindra & Mahindra were the other top ICICI Securities has secured share- Zerodha Fund House, a
gainers in Sensex and Nifty 50. Overall market holders’ approval to delist the stock. The joint venture between
breadth was mixed, with 1,793 stocks advanc- ket movement will be dictated by the US data, Mumbai-based firm secured nearly 72 110.0 Zerodha and smallcase, wit-
ing and 2,042 declining on the BSE. and largecap stocks will most likely remain per cent of the minority shareholders' 110 nessed substantial growth
“Global stocks hit fresh records heading in momentum. vote in favour of the delisting, surpassing with its Assets Under
into the long Easter weekend break as equities “Markets on Monday will react to global the required majority of two-thirds votes Management (AUM) surg-
headed for a second quarterly gain. Markets cues as the US will announce fourth quarter needed to pass a resolution under the ing ~500 crore in just
100
were mostly up ahead of Friday's much-antic- gross domestic product GDP and core per- delisting regulation. 40 days, taking the total
ipated US core personal consumption expen- sonal consumption expenditure price data. The move will see ICICI Securities 101.1 tally to cross ~1,000-crore
ditures price index data, the US Federal Also, Fed Chair Jerome Powell’s speech, merge with its parent firm ICICI Bank — Base = 100 102.0 mark. The fund house
Reserve’s (Fed’s) preferred measure of infla- scheduled for Friday, will be important from which is also its majority shareholder 90 touched the asset base of
tion. Investors now expect the rally to broaden an interest rate perspective. Overall, we with a 74.77 per cent stake — and become Dec 29,’23 Mar 28,’24 ~500 crore on February 15.
beyond the biggest companies on optimism expect the market to continue its positive its wholly-owned subsidiary once again The first ~500 crore in
about interest rate cuts and economic momentum with a focus on largecap. With after six years. firm in a similar business. Market players ICICI Securities had said the evolving AUM was added in over three
growth,” said Deepak Jasani, head of retail the start of the election in April, we believe The shareholders of ICICI Securities said other companies that qualify under competitive and regulatory environment months and the increase
research, HDFC Securities. government-centric stocks will be in focus. will be allotted 67 shares of ICICI Bank this provision too now get emboldened could have an adverse impact on its busi- from ~500 crore to ~1,000
Market players said the selling pressure is Automotive stocks are likely to be in the lime- for 100 shares each of the brokerage firm. to delist. ness if it continued to remain listed sep- crore took just 40 days.
generally lower in the last week of March as light next week amid the release of monthly Shares of ICICI Securities last closed at Proxy advisory firms Stakeholder arately. Proxy firms had also said the “Heartening to see inves-
investors book losses early in March to save automotive sales numbers,” said Siddhartha ~729 apiece, down by 1.63 per cent while Empowerment Services (SES), merger would enhance liquidity and tor trust continue to com-
on taxes. Khemka, head of retail research at Motilal that of ICICI Bank rose 1 per cent to close Institutional Investors Advisory Services price discovery. pound at @ZerodhaAMC (a
Analysts say that in the coming week, mar- Oswal Financial Services. at ~1,095.75 on the BSE. (IiAS), InGovern, and ISS Governance However, Quantum Mutual Fund smallcase-Zerodha JV) with
In the run-up to the delisting vote, had backed the delisting bid, recom- voted against the delisting as it said the assets doubling to
the share price spread of both companies mending shareholders to cast ‘for’ votes. offer price as per their estimation should ~1,000+ crore in just 40
had converged. At present, 67 shares of “The combined entity with the strate- have been much higher as the ‘dynamics days. It’s a reflection of the

48% active largecap funds ICICI Bank are worth ~73,415, while 100
shares of ICICI Securities are valued at
~72,900.
gic imperative of combining wealth
management, broking services with
banking services will fuel growth and
had changed since the announcement
of delisting’.
ICICI Bank had first announced the
growing appetite
index-based investment
products & we are grateful
for

outperformed last year

ICICI Bank became the first company profitability. Investors will get a share in merger proposal in June last year. ICICI for all the feedback & ideas,”
to use the newly introduced regulatory a diversified business portfolio. The Securities have gained 18 per cent since Vasanth Kamath, founder
provision that grants exemption from amalgamation also offers compelling then. During its ~4,016-crore IPO in and CEO, smallcase
the strict reverse book building (RBB) revenue and cost synergies,” InGovern March 2018, ICICI Securities’ shares were announced on X.
ABHISHEK KUMAR process for the delisting of a subsidiary had said in its note. priced at ~520. “Also, very proud of the
Mumbai, 28 March
PERFORMANCE CHECK amazing team at ZFH
n 1-year n 3-year n 5-year (in %) that’s innovating with

Sebi cancels registration of Karvy

The active largecap mutual industry-first products
fund (MF) schemes showed an 70.0 while charting our own
improved performance in cal- 48.4 46.3 unique path by building
endar year 2023 compared to 40.0 41.9 differently — with a
their longer-term track record, 29.3 26.4 PRESS TRUST OF INDIA tioning or operational both at director who is involved in a 13, 2022, to December 12, 2025, direct-only, passive-only
according to the S&P Indices 12.5 14.3 New Delhi, 28 March the registered as well as in the litigation connected with the it added. Accordingly, the reg- approach,” he added.
Versus Active Funds (SPIVA) correspondence address. securities market which has ulator has cancelled “the cer- After getting capital mar-
report. In 2023, 48 per cent of Capital markets regulator Subsequently, the regu- an adverse bearing on tificate of registration...of kets regulator Sebi’s approval,
the active largecap funds out- Largecap ELSS Equity Mid/Smallcap Securities and Exchange lator had continued the the business of the Karvy Investor Services Ltd”. Zerodha Fund House forayed
performed the S&P BSE 100. In S&P BSE 100 S&P BSE 200 S&P BSE 400 Board of India (Sebi) on inspection and found applicant and The order comes into force into the mutual fund space
the 3-year and 5-year time ELSS: Equity-linked savings scheme Source: S&P indices versus active funds Thursday cancelled the regis- that Karvy Investor by not being fit with immediate effect. with the launch of passive
frame, the share of outper- tration of Karvy Investor Services did not have and proper per- In April 2023, Sebi barred funds in October 2023.
forming schemes stood at just Midcap and smallcap that the performance of active Services Ltd (KISL) as a mer- the required infras- son, noticee Karvy Investor Services from Before that, in April last
12.5 per cent and 14.3 per cent, schemes, which are generally midcap and smallcap schemes chant banker for breach of eli- tructure. (KISL) is not taking new clients for alleg- year, Zerodha formed a JV
respectively. the better performers among took a hit in post-March 2023 gibility criteria. “By not having meeting eligibility edly violating regulatory with Amazon-backed wealth
The equity-linked savings all categories, emerged as the rally as the index were driven The order came after the necessary infrastruc- criteria as laid down norms. It had found that KISL management firm smallcase
scheme were the best per- laggards. Only 26 per cent of by low quality stocks and Sebi conducted an inspection ture like adequate office in....merchant bankers neither had any physical to build an asset
formers among all the cate- midcap and smallcap schemes active funds were under- of Karvy Investor Services space, equipment etc. and Regulations," Sebi said in its infrastructure nor any management firm.
gories as 70 per cent of the managed to deliver better weight. The other factor is the during March 15-17, 2023 and minimum two employees 24-page order. employee working for it. Karvy At present, 45 mutual
schemes managed to outper- returns than the S&P BSE 400 underperformance of largecap in the onsite inspection, the having the experience to con- Additionally, the regulator Investor Services was regis- fund players are
form the S&P BSE 200, the MidSmallcap Index in 2023. stocks vis-a-vis midcap and regulator found that the mer- duct the business of mer- has not paid the renewal fee tered as a merchant banker managing an asset base of
study shows. Reports have highlighted smallcap stocks. chant banker was not func- chant banker and having a for the block from December with Sebi in December 2013. over ~50 trillion.

N IN BRIEF N THE COMPASS

SRM Contractors IPO subscribed
86.6 times on final day
The initial public offering (IPO) of SRM Contractors got subscribed
Valuation concerns may limit gains for Phoenix Mills
86.57 times on the last day of bidding on Thursday. The ~130.20 RAM PRASAD SAHU up 44 per cent over the year points Y-o-Y. The company is 57 per cent to ~400 crore intact, but the current val-
Base=100
crore IPO received bids for 3,75,705,680 shares against 4,340,100 ago quarter and 13 per cent 250 witnessing robust leasing through FY26. In the hotel uations indicate that near-
shares on offer, according to NSE data. The quota for non- From its highs last month, on a sequential basis. addition with year-to-date segment, the occupancy in St term growth is priced in.
institutional investors received 214.93 times subscription while the stock of mall developer Consumption across its leasing at 0.48 million square Regis Mumbai and Agra
Phoenix Mills 200 Earnings trajectory
the portion meant for qualified institutional buyers got subs- and commercial real estate malls too saw an increase by feet compared to hotels were
cribed 59.59 times. The category for retail individual investors major, The Phoenix Mills is 25 per cent year-on-year (Y-o- 0.43 million healthy while JM Financial Research, too,
fetched 46.97 times subscription. The IPO of fresh issue of up to down about 5 per cent. Y) to ~3,300 crore and was 150
square feet in Analysts believe room rates emphasised in its report last
6,200,000 equity shares had a price range of ~200-210 a share. PTI Despite the company’s boosted by the start of the FY23. It expects the company’s increased by 23 month that the stock run-up
steady performance in the new malls. On a like-for-like office assets in growth trajectory per cent and 10 adequately captures the
December quarter, certain basis, growth was up 5 per 100 Hebbal remains intact, per cent respec- strong earnings trajectory
Gold shines, logs best month brokerages have downgraded cent. The company expects
the stock, citing concerns to end the year with a con-
Sensex (Bengaluru),
Chennai, Wakad
but current
valuations imply
tively over the
year ago quarter.
led by best-in-class portfolio,
scale up of new retail assets
in more than a year regarding its valuation. sumption of ~11,300 crore to
From the start of the year, ~11,500 crore and anticipates Mar 31,‘23 Mar 28,’24
50 (Pune) and
Whitefield
that near-term The Phoenix
growth prospects Mills delivered
and significant expansion of
the office portfolio. Sumit
Gold prices climbed on Thursday and were the stock had surged about this number to grow at an Source: BSE (Bengaluru) to are priced in strong revenue Kumar of the brokerage had
set to log their best month in over a year, 30 per cent to its February annual rate of 15 per cent Compiled by BS Research Bureau become opera- growth, led by a downgraded the stock to
bolstered by strong safe-haven demand, US highs before giving up a third over the next five years. tional over the better-than- ‘hold’ from ‘buy’ with a
interest rate cut expectations and central of its gains. It is currently Rental income from the retail next three years with 1.2–1.8 expected performance in the revised target price of ~2,510.
bank buying. Spot gold gained 0.5 per cent trading at ~2,770 a share. segment came in at ~448 annual rental income and million square feet of space retail segment, said Motilal Nuvama Research,
to $2,204.99 per ounce as of 10.20 am. EDT (1420 Revenue performance of crore which was 33 per cent operating profit growth expected to become opera- Oswal Research. It has revis- however, has maintained its
GMT), eyeing its best month since November 2022 gaining around the company in the more than a year ago while it would have been 5 per cent. tional over the next year. ited its rental and occupancy bullish stance on it given the
8 per cent so far, and a second straight quarterly rise. US gold December quarter was better was up 14 per cent sequen- The commercial/ office assumptions, leading to a company’s leadership in
futures edged 0.7 per cent higher to $2,204.80. While there are than estimates led by the tially. Operating profit for unit too reported steady Revenue growth marginal increase in FY24 malls and has a revised tar-
some indications that inflation is running hotter than addition of four new malls this segment was similar to growth with income at ~50 Motilal Oswal Research net profit. Pritesh Sheth and get price of ~2,765 based on a
policymakers would like, that doesn’t necessarily explain the and an incremental improve- the top line growing at 32 per crore, up 17 per cent Y-o-Y. believes that the rental Sourabh Gilda of the broker- 35 per cent premium to its
high valuations for gold right now, said Everett Millman, chief ment of 4 million square cent to ~435 crore. If new Margins for the segment at income for its office portfolio age say that the company’s Q2FY26 estimated net asset
market analyst with Gainesville Coins. REUTERS feet. Sales at ~986 crore were malls are to be excluded, 57 per cent was up 400 basis will rise at an annual rate of growth trajectory remains value of ~2,048.
2 THE SMART INVESTOR
>
CHENNAI | FRIDAY, 29 MARCH 2024
l

Listing plans of housing Enhanceportfolioresilience

arm fires up Bajaj Finance byinvestinginMNCfund
Stock trading higher for seventh straight day, rallied 13% over past two weeks
SARBAJEET K SEN
IMPRESSIVE LONG-TERM TRACK RECORD
When the equity markets turn Corpus Returns (%)
DEEPAK KORGAONKAR volatile, investors look for funds that
Mumbai, 28 March HOPPING ON TO IPO BUS can weather difficult times. MNC
Fund (~crore) 1-year 3-year 5-year 10-year

Base=100 Kalyan Jewellers (multinational companies) funds are HDFC MNC Fund 554.7 26.8 NA NA NA

T
Kotak Nifty MNC ETF 15.2 37.3 NA NA NA
he shares of Bajaj Finance ended
3 per cent higher at ~7,240 on the zooms 300% one such investment avenue. These
schemes have diversified portfolios of ICICI Prudential MNC Fund 1,577.3 35.3 20.1 NA NA
BSE during Thursday’s trade
amid reports that the company was in 10 months companies having foreign promoters,
which are listed in India. SBI Magnum Global Fund 6,321.5 21.0 15.1 15.7 16.3
planning an initial public offering (IPO) Shares of Kalyan Jewellers India However, in the last year ended UTI MNC Fund 2,758.0 34.5 15.8 13.6 16.1
of its housing finance subsidiary, Bajaj Limited (KJIL) rose 3 per cent on the BSE March 27, 2024, these schemes have Aditya Birla Sun Life MNC Fund 3,550.1 34.0 9.0 9.4 15.4
Housing Finance Limited (BHFL) at a to hit a new high of ~427.85 in underperformed with 30.7 per cent
valuation of ~80,000-85,000 crore. Thursday’s intraday trade on return on average, compared to a 41 Nifty MNC TRI 37.8 18.9 15.9 16.6
Shares of Bajaj Finance were trading expectation of healthy earnings per cent return given by flexicap Returns are for direct, growth plans. Returns for one year and above are compound annualised
Data as on Mar 27, 2024 Source: Navigation RA
higher for the seventh straight day. In growth ahead. The stock surpassed its funds and 42.5 per cent given by
the past two weeks, the stock has previous high of ~419 touched on largecap funds, according to Value
rallied 13 per cent. March 2. In the past 10 months, the Research. The question is whether quarter of their money to financial stocks, the possibility of changes in
BHFL offers a full range of mortgage market value of KJIL has jumped over these funds deserve your money. stocks, whereas MNC funds have ownership structure, changes in
products such as home loans, loan four-fold or 305 per cent from a level “During periods when domestic allocated only 1-2 per cent of their royalty rates, or parent’s decision on
against property and lease rental dis- of ~105.65 amid strong financial cyclicals tend to do very well, MNC money to financial services stocks. whether to do business in India are
counting to salaried and self-employed performance. In comparison, the S&P names could see temporary periods of MNC funds have shares from some of the key risks.
customers. It also offers construction BSE Sensex rallied 17.4 per cent during underperformance,” says Roshan consumer staples, healthcare and “If the MNC parent decides to
finance and inventory finance to credit- the same period. KJIL’s consolidated Chutkey, senior fund manager, ICICI capital goods sector as their top three reduce focus on the Indian geography
worthy developers.
Source: BSE
revenue continued to witness strong Prudential MNC Fund. sectoral holdings. Hence, these funds for any reason, then growth could be
On 30 September 2022, the Reserve year-on-year (Y-o-Y) growth of 26 Adds Karthikraj Lakshmanan, can work as strong defensive plays if sub-par. This could in turn impact
Bank of India (RBI), as part of per cent, 30 per cent, and 31 per cent fund manager–equity, UTI Asset the financial market turns volatile. valuations. In some cases, the parent
scale-based regulation, identified and in FY22, FY23, and 9MFY24 on the back Management Company: “MNC “MNC names typically tend to be has sold partially at expensive
categorised Bajaj Finance and BHFL as firm expects loan/earnings per share of healthy same-store sales growth companies, especially consumer companies with strong parentage, valuations, or pared down their stake
an upper layer non banking financial annual growth over FY23-26E of 30 per and ongoing store additions. staples, have had lower growth in the robust export stories and typically completely, and has turned the
company or NBFC among its list of 16 cent/26 per cent respectively while The management said the last few years. Since rank high on corporate company into a non-MNC company,”
NBFCs (including housing finance maintaining return on equity or RoE at ongoing quarter has also began well valuations had already governance parameters. In says Lakshmanan.
companies). This development is 22-23 per cent. Asset strategy will and they are looking forward to moved up, the overall effect, these companies tend
undertaken to comply with regulatory remain key, it added. ending the financial year 2024 (FY24) returns have been lower.” to be among the strongest What should you do?
norms to list for upper layer non bank- “High loan growth ensures that BAF on a strong note. According to ana- names within a broad market Given the high-quality businesses in
ing finance companies (NBFCs). could potentially hit its internal dilu- lysts, KJIL is likely to report over 20 per What is on offer? index,” says Chutkey. the MNC space, these funds have the
Divestment of around 10 per cent is tion threshold leverage by FY26. Our cent Y-o-Y revenue growth in the MNC schemes have Investing in MNC funds potential to perform better in
expected in the IPO. BHFL is serving a analysis suggests that a 3 per cent/5 per medium term, supported by contin- exposure to sectors such as also provides investors with turbulent times. Investors who
huge customer base with asset under cent dilution is potentially a 15 per ued same-store sales growth and
incremental revenue growth through
fast-moving consumer YOUR access to subsidiaries or already have a large core equity
management (AUM) of ~85,929 crore
and return on assets (RoA) of 2.4 per
cent/25 per cent boost to book value per
share ensures that its current trading new Kalyan stores of 58 in FY24 and
goods (FMCG), capital
goods, automobile, MONEY associates of foreign
companies having sizable
portfolio may allocate some money to
these schemes for diversification.
cent in December 2023 quarter multiple of 4.4 times FY25 price to book 80 in FY25 apart from smaller store healthcare, chemicals, turnover from overseas “These are thematic funds and
(Q3FY24). Gross net performing assets is rather attractive in lieu of the accel- format additions (Candere) of 10 and cement, information technology and geographies. “Most of these hence could be a satellite allocation
(NPA) and net NPA as of Q3FY24 stood erated compounding. Cyclical asset 50 in FY24 and FY25, respectively. financial services. The MNC space in companies have multiple avenues of for investors. Though thematic, this
at 0.25 per cent and 0.10 per cent risks remain the key monitorable,” said India Ratings and Research India consists of large, mid and growth, apart from their significant fund category can be relatively safe as
respectively. Bajaj Finance is India’s Santanu Chakrabarti of the brokerage. believes KJIL’s revenue growth will be smallcap companies. domestic stories,” adds Chutkey. the businesses compound their
largest NBFC with primarily a Meanwhile, Bajaj Finance has supported by the addition of The performance of these funds is The foreign parentage can work to earnings in a stable manner. The
retail/MSME product suite focused on recently raised nearly ~10,000 crore showrooms largely through the benchmarked against indices such as these companies’ advantage. “MNC theme is also well-diversified,” says
mass affluent and above demographics, through a qualified institutional place- franchisee model and a continued the Nifty MNC Total Return Index funds invest in many large companies Lakshmanan.
built on a uniquely successful cross- ment or QIP and preferential allotment uptick in demand for organised retail (TRI). The Nifty MNC index’s largest backed by global parents which have He adds that over a longer period
sell/upsell model. of shares, which is likely to aid robust jewellers. BSREPORTER allocation (37.9 per cent) is to the access to capital and technology. They — calendar year 2007 to 2023 — the
Last week, brokerage firm BNP growth till FY26F, according to analysts FMCG sector. have lower debt and are well Nifty MNC TRI has outperformed the
Paribas initiated coverage on Bajaj at InCred Equities. governed,” says Parul Maheshwari, a Nifty 50 TRI.
Finance with outperforming rating and The recent reshuffle in managerial The aggressive customer acquisition Strong defensive plays certified financial planner. “Conservative investors with a
target price of ~9,040 per share and roles provides comfort over manage- & flawless diversity into new business Equity schemes focused on MNC five-year view can consider adding
marked it as a preferred financial serv- ment stability and the ability of the segments are the unique features of the stocks can provide meaningful Change in parent’s focus can these funds. They can allocate up to 10
ices pick. Riding on increasingly potent company to maintain its diversified company, the brokerage firm had said diversification. For example, flexicap pose risk per cent of their equity portfolio to
omni-channel presence, the brokerage growth momentum. in Q3FY24 result update. schemes on average have allocated a The high valuations of many MNC such schemes,” says Maheshwari.
ll.l
CHENNAI | FRIDAY, 29 MARCH 2024 STOCKS 3 <

IN THE
> STOCK
> VIP Industries > Adani Ports & Special Economic > Rategain Travel Technologies

NEWS Top Gainer among

BSE500 companies
Hits new all-time
high at ~1,359
Volume jumps 64x
over 2-week average OF THE DAY
on BSE on BSE Chalet Hotels
~465.6 PREVIOUS CLOSE ~1,324.0 PREVIOUS CLOSE ~774.4 PREVIOUS CLOSE Hits new all-time high at
~525.9 CLOSE ~1,341.7 CLOSE ~715.9 CLOSE ~959, Surged 145 per cent
p 12.9% UP p 1.3% UP q 7.5% DOWN in a year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
28 Mar ’24 Chg (%) Con Std 28 Mar ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3197.1 2.4 1.0 103.8 145.3 ITC 428.4 0.1 5.2 27.9 26.1 BSE NSE price price (%) price price (%)
Ind Ove Bank 62.0 60.0 5.4 83.8 83.8 IDFC First Bank 75.1 75.4 -3.1 75.1 52.5
Adani Ports 1341.9 1.4 1.0 40.1 221.7 JSW Steel 830.2 1.5 1.1 18.2 20.6 2,100 1,200 MOST BULLISH MOST BEARISH
Apollo Hosp 6356.8 2.0 0.6 111.6 91.5 Kotak Mah Bank 1785.5 0.6 2.6 20.3 27.0 Bank of Maha 63.1 62.3 5.2 70.0 70.0 Tata Chem 1076.0 1080.6 -2.7 933.0 922.2
2,000 1,170 Metropolis Heal 1732.1 1723.6 0.5 Oberoi Relty 1468.8 1475.9 -0.5 Suzlon Energy 40.5 40.5 5.0 50.7 50.7 Oberoi Relty 1435.0 1473.7 -2.7 1268.0 820.9

1,191
Asian Paints 2846.8 0.6 1.3 50.2 51.1

2,055
L&T 3763.9 1.6 5.1 40.9 53.7

1,129
1,847
Axis Bank 1047.2 -0.5 2.9 29.9 26.9 Alkem Labs 4959.1 4942.0 0.3 Cummins (I) 2994.8 3006.3 -0.4 NBCC 119.2 119.1 4.9 176.5 176.5 Birlasoft 740.0 742.2 -2.4 670.6 250.4
LTIMind 4938.4 0.2 0.4 31.8 32.6
1,900 1,140 Bandhan Bank 180.6 180.0 0.3 Page Inds 34333.1 34451.0 -0.3 Central Bank 61.7 59.8 4.3 76.9 76.9 Hind Copper 273.9 278.2 -2.4 231.1 94.7
Bajaj Auto 9148.2 -0.2 1.1 35.0 37.1 Mah & Mah 1921.4 2.1 1.9 23.2 23.4 Coromndl Int 1077.9 1075.1 0.3 Navin Fluo 3104.8 3114.3 -0.3 Bajaj Finsrv 1669.0 1643.7 3.9 1724.0 1741.9 Delta Corp 110.0 110.7 -2.3 110.0 110.0
Bajaj Fin 7245.3 3.2 2.0 39.0 37.1 Maruti Suzuki 12600.4 0.7 1.6 48.2 33.1
Bajaj Finsrv 1643.9 3.9 1.0 33.6 223.8 Nestle India 2622.4 2.2 0.9 - 84.3
1,800 1,110 Adani Ports 1344.9 1341.9 0.2 Shriram TrFn 2353.3 2359.8 -0.3 Bank of India 137.8 137.0 3.8 156.4 156.4 Infibeam Aven 33.8 34.1 -1.9 21.1 13.1
Bharti Airtel 1228.6 0.3 3.1 82.7 153.8 Grasim Ind 2308.9 2288.5 3.7 2308.9 2308.9 Zee Enter 138.0 138.7 -1.9 138.0 138.0
NTPC 335.8 1.3 1.6 19.3 17.9 1,700 1,080 BSE NSE Indiabulls Hous 174.1 168.3 3.4 208.9 209.6 Olectra Greente 1860.1 1888.8 -1.8 1255.8 612.0
BPCL
Britannia
602.4
4911.3
1.2 0.6 61.3 4.5
-0.2 0.6 54.8 56.1
ONGC 268.1 2.4 1.4 9.5 11.4 Advance Decline Advance Decline Index Stock Index Stock PUT-CALL RATIO Ipca Labs 1245.0 1238.3 3.3 1264.0 1264.0 Mazagon Dock 1841.0 1860.9 -1.6 1797.1 626.6
Power Grid 276.9 2.5 1.2 16.7 16.5 Adani Power 538.5 533.7 3.3 584.9 589.3 Deepak Nitrt 2112.1 2121.7 -1.6 2036.1 1785.0
Cipla 1497.0 2.3 0.8 32.6 35.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2971.7 -0.5 10.0 28.7 45.0 LIC Hsg Fin 614.7 611.1 3.3 671.8 671.8 IRCON Intl 213.7 218.9 -1.6 167.8 52.2
Coal India
Divis Lab
434.1
3445.3
1.1 1.0 9.1 17.2
2.3 0.4 50.2 67.1
SBI 752.4 2.6 2.8 10.5 11.8 BSE MIDCAP BSE SMALLCAP Contracts
Open Int.(000)
2727
3
-
0
662927
25627
3371374
9970872
Market 2519.1 4636.8 0.5 Hero MotoCorp 4752.0 4717.2 3.2 4980.0 4980.0 Mankind Pharma 2253.1 2297.4 -1.5 1969.9 1240.8
SBI Life Ins 1500.3 1.4 0.7 - 80.8 80 400 Bajaj Fin 7349.7 7240.4 3.1 7830.0 8190.0 Max Fin Sre 999.0 1001.7 -1.5 855.1 599.3
Dr Reddys 6157.9 1.9 0.7 19.6 25.8 Shares(In Mn) - - 25.7 7382.9 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2359.8 -1.1 0.6 14.8 13.5 Canara Bank 587.6 581.1 3.1 606.0 606.0 IndiaMART Int 2610.5 2645.8 -1.5 2395.0 2395.0
Eicher Motor 4019.3 2.7 0.5 28.7 31.3 60 300 Value(~ crore) 203 - 65113 284777

363
Siemens 1.5 MRF 0.2
Grasim Ind 2287.3 3.6 0.8 22.1 101.8 Sun Pharma 1620.6 1.0 1.7 43.7 400.9
69 OPTIONS * Ranked on the basis of percentage gain/loss on previous close

316
Tata Consumer P 1096.2 0.5 0.7 86.9 96.3 Indus Tower 1.3 Abbott India 0.3
HCL Techno 1543.6 -0.2 1.6 26.7 35.6 40 200 Contracts 250808504 - 461720992 4223016

30
Tata Motors 992.8 1.4 1.7 17.0 38.9 Aurob Pharma 1.2 Vodafone Idea 0.3
HDFC Bank
HDFC Std Life
1447.9
633.4
0.5 10.8 23.9 19.5
1.1 0.7 99.6 89.9 Tata Steel 155.9 2.1 1.3 - 44.1
20 100
Open Int.(000)
Shares(In Mn)
1620
-
- 654486
- 21195.2
6501367
5314.1
Alkem Labs 1.2 ONGC 0.4 MOST TRADED TOP M-CAP TRENDS
TCS 3876.3 0.9 3.8 31.3 33.4 InterGlobe Avia 1.1 Atul 0.4
Hero MotoCorp 4722.3 3.3 0.6 33.6 24.8 Value(~ crore) 18521906 - 48936661 373978 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 560.3 0.5 0.8 12.5 40.4 Tech Mahindra 1248.1 -0.5 0.8 43.3 53.5 0 0 BSE+NSE BSE+NSE
1 Reliance Ind 2014010.6
Titan Company 3801.8 1.1 1.6 103.9 96.7 Advance Decline Advance Decline BS200 Thirdwave Fin 40.6
HUL
ICICI Bank
2264.4
1093.3
1.1 2.0 52.6 51.9
0.9 7.5 22.6 19.5 UltraTech 9749.2 1.3 1.1 43.9 45.0 ACTIVE CALLS ACTIVE PUTS HDFC Bank
(~ crore)

4204.9
(Mn shrs)

29.0
2
3
TCS
HDFC Bank
1405107.2
1100183.1
UP 7 DAYS Olympic Oil 40.4
IndusInd Bank 1553.0 1.3 1.0 - 14.0 Wipro 480.1 1.7 0.7 22.2 28.1 Bajaj Fin 11.3 Inter Data Mgm 40.2
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg 4 ICICI Bank 769445.6
Infosys 1498.1 1.0 5.3 25.5 25.2 Nifty 50 22326.9 á0.9 100.0 25.5 29.8 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind
IDFC First Bank
3392.3
2940.5
11.3
389.6 5 Bharti Airtel 695037.6 DOWN DOWN 7 DAYS
Assoc.Cerami -30.2
Index Index 6 SBI 671665.4 Infibeam Aven -8.0
INDEX PE SHRS TRDS 1 YR Bajaj Fin 2749.4 3.8 Koura Fine -28.6
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
28/03/24
28/03/24
22500
22400
1737.0
1279.5
14.1 9.5
12.7 35.1
Nifty
Nifty
28/03/24
28/03/24
22300
22400
1205.8
908.2
17.4
11.6
732.4
1394.1
ICICI Bank 2572.4 23.4
7
8
Infosys
LIC India
622118.9
578484.5
UP 3 DAYS
Siemens 7.7 Shanti Spintex -23.5
Asian Paints 2846.0 0.6 1.5 50.2 51.1 Maruti Suzuki 12613.1 0.7 1.9 48.3 33.2 SENSEX 26.2/30.7 14.9 345 26 4 27.8 Infosys 1934.6 12.9 Metropolis Heal 7.7 EMA India -23.3
NIFTY 50 25.5/29.8 407.4 8462 43 7 31.7 Nifty 28/03/24 22450 1279.2 8.4 44.1 Nifty 28/03/24 22200 851.3 9.2 66.0 9 ITC 535031.8
Axis Bank 1048.3 -0.5 3.4 29.9 27.0 Nestle India 2623.3 2.2 1.1 - 84.4 TCS 1704.5 4.4 Reliance Power 7.6 MIL -23.0
C = CONSOLIDATED; S = STANDALONE Nifty 28/03/24 22550 1113.0 7.1 114.7 Nifty 28/03/24 22350 847.9 8.1 4574.8 10 HUL 532948.0
Bajaj Fin 7240.4 3.1 2.3 38.9 37.1 NTPC 336.0 1.6 1.8 19.3 17.9 Nifty 28/03/24 22600 870.6 15.7 65.7 Nifty 28/03/24 22250 833.0 8.2 743.3 SBI 1695.3 22.6 Aurob Pharma 6.8 Capfin India -20.9
11 L&T 518806.7
Bajaj Finsrv 1643.7 3.9 1.2 33.6 223.8 Power Grid 277.1 2.2 1.4 16.7 16.6 CASH DERIVATIVES Stock Stock L&T 1673.7 4.4 12 Bajaj Fin 448177.7 Chola Inv 6.2 SRM Energy -20.9
Bharti Airtel 1229.1 0.4 3.6 82.7 153.8 Reliance Ind 2976.8 -0.4 11.8 28.8 45.1 TURNOVER BSE NSE BSE NSE Vodafone Idea 28/03/24 14 65.8 104.0 -10.4 Vodafone Idea 25/04/24 13 25.2 48.2 19.9 13 HCL Techno 418797.6 Indian Hotel 6.1 UP 3 DAYS
Bharti Airtel 1303.6 10.6
HCL Techno 1543.3 -0.3 1.9 26.7 35.6 Tata Steel 28/03/24 155 62.7 9.6 -37.9 Vodafone Idea 28/03/24 14 22.1 24.2 -41.6 14 Maruti Suzuki 396555.9 NHPC 5.4 Onelife Cap 45.3
SBI 752.6 2.5 3.3 10.5 11.8 VALUE(IN ~ CRORE) 8960 110148 18522109 49660528 VIP Ind 1280.9 24.5
HDFC Bank 1448.2 0.5 12.6 23.9 19.5 Vodafone Idea 28/03/24 8 57.7 144.1 61.2 Vodafone Idea 25/04/24 11 21.2 30.0 113.1 15 Sun Pharma 388806.6 DOWN Switchng Tch 33.1
Sun Pharma 1620.5 0.8 2.0 43.7 400.9 SHARES(IN MN) 934.7 3855.2 - 33917.9 ITC 1247.9 29.0
HUL 2268.3 1.3 2.3 52.7 51.9 TRADES(000) 3691 33953 - 139201 Vodafone Idea 25/04/24 14 56.9 85.8 20.3 Vodafone Idea 28/03/24 16 19.9 28.2 -5.1 16 Adani Enter 364064.7 Delta Corp -8.0 MSP Steel 23.2
Tata Motors 993.0 1.5 2.0 17.0 39.0 Kotak Mah Bank 1219.6 6.8
ICICI Bank 1095.9 1.1 8.8 22.6 19.6 Vodafone Idea 25/04/24 15 46.5 67.6 10.9 Vodafone Idea 28/03/24 17 17.7 23.3 -15.7 17 Kotak Mah Bank 354999.2 Cochin Ship -3.3 Flexituff Vent 21.3
Tata Steel 155.9 2.0 1.5 - 44.1 Axis Bank 1108.9 10.6
IndusInd Bank 1555.7 1.5 1.2 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Titan Company 337785.7 SBI Card & Pay -3.1 Jyoti CNC Autom 18.3
Infosys 1498.8 1.0 6.2 25.5 25.2 TCS 3883.6 1.2 4.5 31.3 33.5
Maruti Suzuki 1103.7 0.9 19 ONGC 336962.8 UPL -3.0 Sanghvi Mov 17.4
Tech Mahindra 1250.4 -0.3 0.9 43.4 53.6 BSE 38,742,176 39,358,764
ITC
JSW Steel
428.6
831.4
0.1
1.7
6.2
1.3
27.9 26.1
18.2 20.6 Titan Company 3804.8 1.2 1.8 103.9 96.8 NSE 38,328,245 38,970,628 SPURT IN VOLUMES Tata Motors
Tata Steel
1046.5
1044.6
10.6
67.3
20
21á
Tata Motors
NTPC
329998.7
325759.6
Atul
Laurus Labs
-2.4
-1.7
Bharat Bijle
DOWN 3 DAYS
16.8

UltraTech 9745.1 1.2 1.3 43.9 45.0 DERIVATIVES 25,892,756 25,892,756

Kotak Mah Bank 1785.8 0.6 3.0 20.4 27.0 Company Days 2-week Avg Change Close *Price 22â Axis Bank 323505.4 Bata India -1.3 Lorenzinl App -36.4
Bajaj Finsrv 874.4 5.3
L&T 3774.1 1.8 6.0 41.0 53.8 Wipro 480.1 1.7 0.8 22.2 28.1 Volume Volume % price %chg 23á Avenue Supermar 294738.4
Mah & Mah 1921.4 2.3 2.2 23.2 23.4 BSE SENSEX 73651.4 á0.9 100.0 26.2 30.7 TRADING ACTIVITY Sensex1 308816.0 3496.0 8733.4 78.7 0.3
IRFC
Jio Financial
846.5
840.4
58.9
23.8
24â Adani Green En 290503.2
Others
UP 7 DAYS
V R Films
Vrundavan Plant
-20.1
-17.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Ports 289827.3 PCS Techno 54.3 Cargotrans Mari -16.3
Dspamc - Dsppsb 662803.0 8563.9 7639.5 69.1 1.1 HCL Techno 832.0 5.4
Equity Debt Equity Debt 26 UltraTech 281329.8
Net Net Net Net Psubankadd 323860.0 4905.5 6502.0 69.4 1.3 Yaan Enterprise 40.7 Shri Balaji Val -15.7
Zomato 821.7 45.5
WORLD INDICES On 27 Mar 4043 1441 - - Omfurn India Li 1190400.0 26666.7 4364.0 76.6 -5.0 Bajaj Auto 792.7 0.9
27
28
Asian Paints
Coal India
272988.3
267308.4
Autorid.Inte
Iykot Hitec
40.7
40.7
Raw Edge Ind
Cargosol Logist
-15.5
-15.2
On 26 Mar -3171 2482 - - Shradha Infra 927700.0 27891.8 3226.1 65.7 6.6 Adani Enter 788.4 2.5 29á Bajaj Finsrv 262244.4
Indices Close % Chg* Indices Close % Chg*
On 22 Mar -3871 -3545 - - Agri-Tech I 687974.0 24817.1 2672.2 226.0 4.9 30â Bajaj Auto 258965.3 (T+2) cycleStocks which rose/fell continuously
NHPC 777.7 86.7
Americas (Mar 27,24) Asia/Pacific (Mar 28,24) On 21 Mar -1327 941 - - VIP Ind 24526064.0 988747.5 2380.5 525.8 12.9
Dow Jones 39760.1 1.2 Shanghai Se Comp 3010.7 0.6 On 20 Mar -2243 2159 - - Ortin Lab 543582.0 26572.0 1945.7 17.8 4.9
S&P/ TSX Composite
Nasdaq Composite
22107.1
16399.5
0.9
0.5
Taiwan Taiex
Jakarta Composite
20146.6
7288.8
-0.3
-0.3
Mar till date
2024 till date
30897
8786
13736
54492
31212
68518
-23532
-91472
Century Tex
GOCL Corp
3659322.0
3097410.0
200834.7
179074.9
1722.1
1629.7
1632.5
453.4
8.6
20.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Mar 27,24) Kospi 2745.8 -0.3 Group consider the ation Commit- of issue of To consider
CAC 40 8251.5 0.6 Kuala Lumpur Comp (Mar 27) 1530.6 -0.5 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company appointment tee equity shares inter-alia
Purpose of statutory Gautam Gems: convertible declaration
FTSE 100 7962.7 0.4 Stock Exchange of Thai 1370.3 -0.8 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock MARCH 29 auditor Any to consider securities and / of Special
DAX 18497.6 0.1 Straits Times 3224.0 -0.9 NET Net Fut OI Opt OI OI Bhandari other business and approve or any other Dividend for
HIGH *Insolation Ener . . . . 1750.0 *Guj Themis . . . . . . . . . 400.1 LOW
IBEX 35 11081.3 -0.3 Volatility (Mar 27,24) BS 200 *Century Tex . . . . . . . 1685.0 *JRE Ltd . . . . . . . . . . . . 386.4 BS 200 Hosier: To with Prior 1. The resigna- eligible secu- the Financial
On 27 Mar -15777 -1935 0.2 3.7 3.5
Asia/Pacific (Mar 28,24) CBOE S&P 500 13.0 1.6 On 26 Mar -14227 148 0.2 4.3 3.5 *Oracle Fin . . . . . . . . . 8893.0 *TechNVision Ven . . . 1580.8 *Ceenik Exp . . . . . . . . . 372.7 *Atul . . . . . . . . . . . . . . 5720.1 consider and permission of tion of current rities on a Year 2023-24.
Hang Seng 16541.4 0.9 CBOE Dow Jones 10.7 -5.6 On 22 Mar -18421 6257 0.2 3.7 3.5 *Dixon Tech . . . . . . . . 7563.3 *IFB Ind . . . . . . . . . . . . 1524.4 *Kilburn Engg . . . . . . . 337.4 *Zee Enter . . . . . . . . . . 138.0 approve Chair Person Statutory preferential Kenvi Jewels:
On 21 Mar -33990 3907 0.3 3.1 3.5 *ABB India . . . . . . . . . 6470.0 *Sanghvi Mov . . . . . . 1400.0 *Prithvi Exch . . . . . . . . 273.1 *Delta Corp . . . . . . . . . 110.0 raising long Dynacons Sys: Auditor of the basis as may To consider
Nikkei 225 40168.1 -1.5 * Change over previous close
On 20 Mar 3171 2436 0.3 3.2 3.5 *Info Edge . . . . . . . . . 5634.4 *Ebbetf0430 . . . . . . . 1359.0 *Niftyietf . . . . . . . . . . 250.0 Others term Equity To consider Company and be considered and approve
funds with an and approve to consider appropriate 1. To consider
MAJOR INDICES Mar till date
2024 till date
-209556
-1220803
21750
1003
-
-
-
-
-
-
*Siemens . . . . . . . . . . 5413.9
*L & T . . . . . . . . . . . . . 3812.0
*Ebbetf0431 . . . . . . . 1213.6
Ebbetf0425 . . . . . . . . 1197.0
*Shah Foods . . . . . . . . . 246.8
*Machhar Inds . . . . . . . 240.9
Hawkins Cook . . . . . . 5995.5
Fine Organic In . . . . . 4005.0 objective inter Allotment of and appoint subject to all and approve
*InterGlobe Avia . . . . 3573.7 *Bbetf0432 . . . . . . . . 1139.9 *Nidhi Gran . . . . . . . . . 227.5 *Alkyl Amines . . . . . . 1805.0 alia to reduce equity shares new Statutory such regulatory the appoint-
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Pidilite Ind . . . . . . . . 3036.1 *Dynacons Sys . . . . . . 1084.4 JETK India . . . . . . . . . . . 185.0 Rolex Rings . . . . . . . . . 1726.9 the present to the eligible Auditor of the / statutory ap- ment of new
S&P BSE Sensex 72,996.3 73,149.3 74,190.3 73,120.3 73,651.4 655.0 0.9 *Cummins (I) . . . . . . . 3021.8 *Veritas . . . . . . . . . . . 1070.3 *Aayush Food . . . . . . . . 175.8 *Vinati Org . . . . . . . . . 1465.0 secured debts employees Company provals as may Statutory
*Mankind Pharma . . . 2374.8 *Wonderla Holida . . . 1019.0 *TIL . . . . . . . . . . . . . . . . 168.0 *AAVAS Finan . . . . . 1307.1 of the who have 2. To transact be required. Auditor of the
S&P BSE Sensex 50 23,212.6 23,269.0 23,617.8 23,260.3 23,440.8 228.2 1.0 S&P BSE SECTORAL INDICES *Grasim Ind . . . . . . . . 2308.9 *Mirae -ET . . . . . . . 1000.0 *Kkrrafton Dev . . . . . . 155.0 *Lux Inds . . . . . . . . . . 1072.1 company chosen to any other Hatsun Agro: Company.
*Sun Pharma . . . . . . . 1634.1 *Eyantra Ve . . . . . . . 963.9 *Rico Auto . . . . . . . . . . 154.3 *Tatva Chintan . . . . . . 1063.4 through a exercise their matter with To consider 2. To take and approve Maris Spinners Independent Directors who vacation of
S&P BSE-100 23,067.6 23,128.1 23,448.1 23,120.2 23,294.0 226.4 1.0 Prev cls Close % Chng
*Adani Ports . . . . . . . . 1358.9 *Chalet Hotels . . . . . . . 959.0 *Swad.Polytex . . . . . . . 144.5 Abslliquid . . . . . . . . . 1000.0 Rights Issue. options prior approval and approve note and Notice of board Ltd will be held (Promoter) shall be office of
S&P BSE-200 10,005.3 10,038.4 10,162.7 10,031.0 10,099.6 94.3 0.9 Auto 48,563.6 49,142.1 1.2 *Indus Towers . . . . . . . 292.7 *Last Mile Enter . . . . . . 875.9 *Vashu Bhagnani . . . . 141.3 Bajaj Elect . . . . . . . . . . . 898.9 BNR Udyog: granted to of Chairman Considering approve the meeting for on Friday the Director Mrs vacating office Chairman by
Bankex 53,079.4 53,515.2 0.8 Others *Schneider Elect . . . . . 748.7 *National High . . . . . . 126.0 *Happiest Minds . . . . . 738.1 Meeting of the the employees Gretex Corpor: the Appoint- resignation consider cer- 29th March Preethi S effective from the present
S&P BSE-500 31,765.5 31,882.4 32,228.0 31,857.4 32,043.2 277.7 0.9
Cons. Durables 51,759.4 52,276.6 1.0 *Voltamp Tran . . . . . . 9991.4 *Arvind SmartSpa . . . . 727.0 *Nam Securities . . . . . 113.4 *Excel Ind . . . . . . . . . . . 698.9 Board of under Dyna- To consider ment of of Existing tain items of 2024 at 10 AM Maher and 31st March Chairman Mr
S&P BSE IPO 13,032.1 13,115.1 13,134.0 13,003.8 13,052.9 20.8 0.2 Cap. Goods 60,018.3 60,943.1 1.5 *Elantas Beck . . . . . . 9325.0 *Red Tape . . . . . . . . . . . 684.9 *Tinna Trade . . . . . . . . 111.0 *Globus Sprt . . . . . . . . 656.1 Directors of cons-Employ- and approve Independent Statutory balance sheet for the Financial consider 2024 pursuant Babubhai P
FMCG 19,196.1 19,318.4 0.6 *JSW Hold . . . . . . . . . 7450.0 *Wonder Electric . . . . . 681.9 *Fundviser Capit . . . . . 106.2 *Orientl Crbn . . . . . . . . 650.6 the Company ees Stock Preferential Woman Auditor of the and its ac- year 2023-24 acceptance of to completion Patel with
S&P Dollex-30 7,190.7 - - - 7,249.8 59.0 0.8 Darshan Orna: Option Plan Issue of Equity Director in the Company
Healthcare 34,643.9 35,052.8 1.2 *Force Motors . . . . . . 7388.0 *Fischer Chemic . . . . . 624.7 *Sam Ind . . . . . . . . . . . . 106.0 Rajratan Glb . . . . . . . . . 578.0 counting for Narendr Prop: her resignation of the 2nd Term effect from
Nifty 50 22,123.7 22,163.6 22,516.0 22,163.6 22,326.9 203.3 0.9 Infra 560.5 565.8 0.9 *Bharat Bijle . . . . . . . 6490.0 *Swastik Inv . . . . . . . . . 614.2 *AKM Lace & Emb . . . . 103.0 *Barbeque Nation . . . . 495.5 To consider 2020 (ESOP- Shares. capacity of 3. Any other financial year To consider and from the Board Tenure. 31st March
IT 35,449.2 35,644.8 0.6 *Vadilal Ind . . . . . . . . 4576.7 *Diamond Power . . . . 502.8 *Integ.Switch . . . . . . . . . 92.2 Hind.Foods . . . . . . . . . . 460.8 and approve 2020) based Guj Terc Lab: Additional business 2023-24 approve effective from 3. To consider 2024 pursuant
Nifty next50 59,911.7 60,079.7 60,842.4 60,026.0 60,624.3 712.6 1.2 To take note on the recom- To consider Director matter with
Metal 27,887.9 28,196.1 1.1 Avenue Supermar . . . 4562.6 *Tulive Develop . . . . . . 496.2 *Mafang . . . . . . . . . . . 88.5 *Best Agro . . . . . . . . . . 453.8 Maris Spin: To 1. To take on 31st March appointment of to expiry
Nifty 500 20,087.8 20,150.4 20,380.5 20,146.2 20,255.2 167.3 0.8 Oil & Gas 27,410.5 27,644.5 0.9 *Thermax . . . . . . . . . . 4288.0 *Websol Energy S . . . . 487.4 *Rishabh Yarn . . . . . . . . 86.3 *Jindal Poly . . . . . . . . . 450.0 and approve mendation and and approve a subject to the the permission consider and record the 2024. Chairman of of his term
Power 6,590.3 6,701.7 1.7 *Veljan Denis . . . . . . . 4200.0 Shilpa Medi . . . . . . . . . 468.7 *India Finsec . . . . . . . . . 86.1 *IFB Agro Ind . . . . . . . . 411.0 the resignation approval of the proposal for approval of of Chairman approve Inde- resignation 2. To take on the Board of office as
India VIX 12.7 12.7 13.2 12.3 12.8 0.1 1.0 *Kalyan Jeweller . . . . . 438.8 *Thirdwave Fin . . . . . . . . 76.4 of statutory Nomination raising of Shareholders Lcc Infotech: a pendent Direc- submitted record the of Directors Independent
PSU 17,998.0 18,274.6 1.5 *Semac Consultan . . 3097.6 *HLE Glascoat . . . . . . . 405.0
Nifty CPSE 5,671.9 5,697.6 5,803.8 5,692.4 5,759.4 87.5 1.5 Realty 7,071.4 7,108.4 0.5 auditor To and Remuner- funds by way Indian Metal: to consider tors Meeting of by the Non- Independent pursuant to Director.
* Indicates that the market price of these companies reached two-year highs/lows.

> 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 SYMBOLS FOR FACE VALUE OF
SCRIPS 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 < H
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (657.2) (658.3) (6279.8) (6279.4)
m ~50 H ~2 Open 654.3 655.2 6270.4 6280.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
n ~20
High 670.0 670.5 6470.0 6472.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions « ~1
Low 653.1 653.0 6225.4 6222.8
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 666.4 665.6 6363.3 6360.9
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 33108 1405K 20461 722K
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 55.7 55.6 111.6 111.5
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 6470/3143 6472/3141
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 24155 24126 134838 134786
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 Energy So Adani Enter«
« Adani Green En Adani PortsH
H Adani Total Gas«
« Aditya Bir Fa Aditya Birla Alkem LabsH
H Ambuja CemH
H Apollo Hosp<
< Apollo Tyres«
« Ashok Leyland«
« Asian Paints«
« Astral«
« Atul Au Small Fin
PCLose (26748.4) (26711.1) (2456.6) (2454.1) (1016.3) (1014.8) (3122.3) (3122.1) (1824.3) (1822.5) (1323.9) (1322.8) PCLose (920.6) (919.8) (204.8) (204.9) (175.4) (175.6) (4999.0) (5004.2) (601.7) (601.5) (6230.3) (6231.5) PCLose (467.7) (467.7) (168.9) (169.0) (2830.1) (2830.5) (1997.2) (1998.1) (5786.3) (5784.4) (561.3) (561.5)
Open 26771.2 26858.4 2460.2 2478.0 1030.0 1030.0 3123.5 3134.0 1837.3 1832.6 1335.0 1334.0 Open 933.0 932.0 206.6 206.2 176.5 176.9 4889.6 4935.0 608.5 607.5 6225.2 6231.5 Open 467.3 468.0 170.8 170.7 2837.5 2835.1 2020.1 2010.0 5800.0 5784.4 562.4 563.9
High 27200.0 27229.9 2503.0 2505.0 1041.2 1041.8 3235.3 3237.0 1861.5 1863.0 1358.9 1358.7 High 939.0 939.1 206.9 207.0 177.0 177.0 5010.0 5010.0 617.0 617.0 6425.3 6425.6 High 471.4 470.7 172.1 172.6 2867.2 2868.0 2020.1 2012.1 5824.9 5820.7 570.4 570.5
Low 26663.4 26715.0 2453.1 2453.2 1015.7 1015.2 3098.2 3096.8 1819.5 1820.0 1313.7 1314.0 Low 914.1 912.8 202.9 203.0 174.7 174.6 4849.3 4820.1 602.3 602.3 6114.4 6112.5 Low 462.6 462.7 169.6 169.6 2819.0 2819.0 1983.0 1982.0 5720.1 5730.0 561.1 561.0
Close 26946.0 27120.8 2490.7 2491.7 1025.8 1026.7 3193.6 3197.1 1834.0 1835.2 1341.7 1341.9 Close 925.5 926.6 205.5 205.6 175.4 175.4 4940.2 4942.0 612.3 612.4 6351.9 6356.8 Close 466.2 466.5 171.2 171.3 2846.0 2846.8 1990.5 1991.3 5738.2 5740.5 565.6 565.0
Shares 555 33995 11202 326K 175K 3159K 153K 2327K 75531 605K 251K 4189K Shares 269K 3467K 172K 4179K 80606 1980K 16861 427K 249K 3861K 10467 818K Shares 78476 1162K 410K 16281K 41892 1865K 8295 380K 3846 125K 69916 2783K
PE 50.0 50.3 28.7 28.8 98.2 98.3 103.6 103.8 - - 40.1 40.1 PE - - - - 234.9 235.0 37.5 37.6 38.4 38.4 91.5 91.5 PE 16.5 16.5 20.4 20.4 50.2 50.2 94.8 94.8 42.4 42.5 23.8 23.8
52 Wk H/L 29628/20594 29639/20605 2760/1594 2746/1592 1250/687 1250/686 3349/1590 3350/1591 2016/796 2019/796 1359/590 1359/590 52 Wk H/L 1260/522 1259/522 266/184 266/184 199/146 199/146 5519/3211 5520/3186 625/358 625/358 6871/41706874/4168 52 Wk H/L 560/306 558/305 191/134 192/134 3567/2706 3568/2709 2144/1300 2144/1301 7587/5720 7590/5730 813/554 813/554
Mcap 57260 57632 46773 46792 114427 114527 364065 364469 290503 290693 289827 289860 Mcap 101781 101902 19505 19510 45591 45604 59060 59082 121581 121591 91328 91398 Mcap 29608 29624 50255 50284 272988 273060 53463 53485 16893 16900 37844 37808

Aurob Pharma«
« Axis BankH
H Bajaj Auto Bajaj FinH
H Bajaj Finsrv«
« Balkrishna IH
H Balram Chini«
« Bandhan Bank Bank of BarodaH
H Bata India<
< Berger Paints«
« Bharat Elctn«
« Bharat ForgeH
H Bharti Airtel<
< BHELHH Biocon<
< BirlasoftH
H Bosch
PCLose (1070.0) (1070.3) (1053.6) (1052.8) (9171.4) (9162.5) (7023.2) (7022.8) (1581.2) (1582.7) (2293.4) (2290.9) PCLose (361.9) (362.1) (180.8) (180.9) (258.9) (258.8) (1366.4) (1367.3) (567.3) (567.2) (199.6) (199.4) PCLose (1111.1) (1111.2) (1224.7) (1224.8) (242.9) (243.1) (256.6) (256.6) (760.3) (760.5) (30352.1) (30341.6)
Open 1071.6 1070.4 1054.0 1052.9 9204.7 9162.5 7038.0 7032.1 1594.0 1588.0 2298.0 2307.4 Open 361.8 363.0 181.1 181.3 259.2 258.8 1374.7 1367.3 569.6 564.0 200.8 200.5 Open 1124.5 1115.0 1238.7 1227.0 252.0 253.1 257.6 260.0 771.3 765.0 30611.0 30500.0
High 1095.0 1099.3 1058.5 1058.4 9240.0 9243.6 7349.7 7349.3 1669.0 1669.0 2326.0 2333.0 High 364.1 364.3 181.7 182.0 266.4 266.4 1374.7 1371.0 586.0 586.0 202.5 202.5 High 1135.0 1135.2 1238.7 1238.5 253.4 253.7 266.7 266.8 771.3 769.0 30611.0 30595.8
Low 1064.8 1064.1 1044.6 1044.1 8985.2 8980.1 7038.0 7032.1 1591.5 1588.0 2274.4 2275.0 Low 359.0 359.0 179.6 179.5 259.1 258.8 1358.1 1360.3 560.8 561.0 199.0 199.0 Low 1103.9 1103.5 1220.4 1220.3 245.6 245.6 257.6 259.2 740.0 739.8 29720.1 29731.0
Close 1089.5 1088.8 1048.3 1047.2 9144.9 9148.2 7240.4 7245.3 1643.7 1643.9 2318.0 2317.4 Close 361.6 362.0 180.1 180.0 264.2 264.1 1364.3 1364.2 572.9 573.1 201.5 201.5 Close 1129.5 1129.6 1229.1 1228.6 247.2 247.3 264.1 264.2 742.2 742.0 30046.3 30031.3
Shares 131K 2060K 323K 10235K 22721 847K 219K 3575K 106K 5210K 9415 272K Shares 66428 1485K 795K 13335K 704K 11967K 25120 383K 80643 1546K 1096K 17425K Shares 27334 1391K 92209 10518K 1467K 28015K 1492K 7744K 30141 1503K 1499 36810
PE 23.0 23.0 27.0 26.9 35.0 35.0 37.1 37.1 33.6 33.6 37.0 36.9 PE 15.0 15.0 9.7 9.7 7.7 7.7 66.1 66.1 64.9 64.9 40.9 40.9 PE 41.1 41.1 82.7 82.7 - - 26.4 26.4 36.8 36.8 38.1 38.1
52 Wk H/L 1177/505 1177/505 1152/830 1152/830 9285/3801 9288/3800 8190/5550 8192/5555 1742/1226 1741/1225 2794/1933 2796/1932 52 Wk H/L 486/343 486/344 272/173 272/173 286/160 286/160 1770/1349 1771/1348 679/471 680/473 217/90 217/90 52 Wk H/L 1330/744 1330/744 1245/739 1245/739 272/68 276/68 307/200 307/200 862/250 862/251 31125/17925 31150/17931
Mcap 63831 63790 323505 323166 258965 259057 448178 448481 262244 262276 44807 44794 Mcap 7293 7301 29014 28997 136627 136549 17533 17533 66789 66806 147256 147292 Mcap 52587 52594 695038 694783 86076 86111 31708 31714 20480 20475 88606 88562

BPCL Britannia«
« Can Fin HomeH
H Canara Bank CGCELHH Chambal Fert Chola InvH
H CiplaH
H City Union Bk«
« Coal India Coforge Colgate«« Containr Crp<
< Coromndl Int«
« Cummins (I)H
H Dabur India«
« Dalmia BharatH
H Deepak NitrtH
H
PCLose (595.0) (595.2) (4919.6) (4920.2) (756.2) (757.2) (563.9) (564.3) (265.4) (265.6) (344.0) (344.0) PCLose (1128.8) (1130.2) (1466.2) (1463.3) (135.4) (135.6) (430.8) (429.5) (5554.1) (5549.3) (2657.3) (2658.8) PCLose (867.5) (866.2) (1072.0) (1072.8) (2967.4) (2968.4) (521.5) (521.7) (1955.7) (1957.8) (2155.6) (2156.6)
Open 605.0 600.9 4939.0 4942.3 755.7 758.0 572.7 568.2 268.7 266.1 345.0 346.3 Open 1131.6 1130.2 1469.7 1472.0 135.4 135.6 430.5 430.0 5574.6 5569.0 2691.9 2678.0 Open 869.0 869.0 1081.4 1072.8 2991.1 2986.5 520.6 522.0 1960.0 1956.0 2150.4 2156.6
High 611.0 611.3 4949.0 4971.2 755.7 761.3 587.6 587.8 268.9 268.9 347.5 347.9 High 1168.3 1168.6 1513.1 1514.2 138.2 138.1 438.4 438.5 5580.0 5594.0 2742.0 2738.8 High 891.6 891.7 1084.4 1085.0 3021.8 3025.0 525.9 526.0 1973.8 1977.0 2164.5 2169.0
Low 598.0 597.6 4867.0 4864.6 747.4 748.1 568.8 568.1 263.6 263.5 341.2 341.0 Low 1131.4 1130.2 1462.4 1461.2 134.6 134.7 430.4 430.0 5485.0 5485.0 2633.3 2630.2 Low 864.9 864.6 1060.8 1061.0 2939.0 2939.2 517.9 517.8 1935.7 1935.1 2112.1 2117.0
Close 602.3 602.4 4913.0 4911.3 752.6 753.0 581.1 581.1 267.2 267.5 342.1 342.0 Close 1156.6 1156.6 1494.7 1497.0 135.1 135.2 433.8 434.1 5498.9 5502.5 2710.9 2710.4 Close 882.2 882.1 1076.0 1075.1 3008.0 3006.3 523.2 523.2 1942.2 1942.2 2121.7 2125.5
Shares 115K 6084K 10895 649K 5309 401K 294K 10358K 70511 3000K 76552 1412K Shares 38164 1846K 60392 2110K 72305 2859K 396K 10333K 10120 262K 13226 781K Shares 47088 1661K 4542 373K 7263 827K 42452 2313K 5507 650K 9234 215K
PE 4.5 4.5 54.8 54.8 14.2 14.2 7.5 7.5 39.3 39.3 10.2 10.2 PE 30.2 30.2 32.5 32.6 10.2 10.2 9.1 9.1 48.6 48.7 58.5 58.5 PE 44.3 44.2 18.3 18.3 58.8 58.8 51.7 51.7 35.2 35.2 69.2 69.3
52 Wk H/L 688/327 688/327 5386/4200 5386/4199 905/509 910/512 606/274 606/274 328/251 328/251 402/249 403/248 52 Wk H/L 1310/731 1310/731 1519/885 1519/885 168/120 168/120 488/208 488/208 6840/3565 6847/3565 2761/1491 2760/1490 52 Wk H/L 1035/555 1028/555 1288/849 1272/849 3022/1481 3025/1481 597/504 597/504 2429/1805 2431/1803 2520/1785 2521/1784
Mcap 130654 130676 118353 118312 10021 10026 105419 105410 17184 17203 13706 13702 Mcap 97149 97149 120671 120856 10003 10011 267308 267524 33994 34016 73736 73722 Mcap 53752 53746 31676 31649 83382 83333 92702 92702 36426 36425 28939 28992

Delta Corp«
« Divis LabH
H Dixon TechH
H DLFHH Dr Lal PathLabs Dr Reddys<
< Eicher Motor«
« Escorts Kub Exide Ind«
« Federal BankH
H GAIL Glenmark«
« GMR Airports«
« GNFC Godrej Cons«
« Godrej Prpty<
< Granules«
« Grasim IndH
H
PCLose (113.3) (113.3) (3364.8) (3367.9) (7410.4) (7424.2) (880.8) (880.5) (2268.9) (2274.8) (6047.6) (6044.1) PCLose (3914.4) (3913.8) (2798.6) (2798.7) (304.4) (304.5) (149.9) (149.8) (180.3) (180.3) (963.0) (962.5) PCLose (79.8) (79.8) (629.2) (630.0) (1235.2) (1235.1) (2276.9) (2277.0) (429.8) (430.0) (2206.1) (2207.4)
Open 113.3 113.5 3366.0 3367.1 7498.4 7486.4 884.1 886.8 2279.7 2261.1 6096.4 6078.0 Open 3916.0 3915.3 2756.1 2800.0 305.1 305.5 151.3 151.0 181.6 181.4 961.0 960.0 Open 81.3 80.9 630.6 636.0 1211.5 1236.0 2299.4 2277.1 430.0 430.0 2216.7 2210.0
High 116.1 116.1 3469.5 3469.7 7563.3 7580.0 906.8 907.0 2306.0 2308.0 6211.5 6209.8 High 4075.0 4075.0 2808.7 2812.4 306.1 306.5 151.3 151.0 182.4 182.4 968.1 968.6 High 82.3 82.3 635.4 636.1 1258.5 1259.5 2315.7 2315.0 434.1 434.3 2308.9 2309.2
Low 110.0 110.1 3366.0 3367.1 7441.4 7431.5 882.8 882.7 2252.8 2253.3 6081.8 6078.0 Low 3891.3 3891.8 2755.7 2754.6 302.9 302.8 149.1 149.1 179.7 179.7 954.5 954.3 Low 80.3 80.3 623.5 623.4 1211.5 1220.3 2250.0 2248.4 426.1 425.8 2211.9 2210.0
Close 110.7 110.7 3436.8 3445.3 7480.9 7479.3 898.3 897.0 2262.7 2262.9 6155.2 6157.9 Close 4019.5 4019.3 2778.6 2777.3 304.5 304.6 150.2 150.2 181.2 181.1 957.5 958.5 Close 81.6 81.6 624.8 625.1 1251.7 1251.8 2299.1 2300.1 430.0 430.2 2288.5 2287.3
Shares 1029K 5516K 69822 1145K 5364 251K 101K 4055K 4543 523K 13702 517K Shares 39110 1307K 4426 227K 131K 1829K 548K 7209K 459K 10520K 21109 518K Shares 757K 24358K 15149 612K 25594 1334K 11540 428K 13009 601K 680K 1786K
PE 13.3 13.3 66.9 67.1 126.7 126.6 93.6 93.4 57.3 57.3 19.6 19.6 PE 28.7 28.7 31.3 31.3 26.5 26.5 9.8 9.8 16.4 16.4 - - PE - - 13.3 13.3 71.7 71.7 96.0 96.0 26.4 26.4 101.8 101.8
52 Wk H/L 260/110 260/110 4072/2791 4074/2793 7563/2760 7580/2760 944/347 942/347 2767/1790 2767/1791 6506/4383 6506/4384 52 Wk H/L 4202/2852 4200/2850 3435/1832 3440/1832 354/173 354/173 167/121 166/121 196/103 196/103 974/444 974/444 52 Wk H/L 94/37 94/38 815/487 815/487 1300/897 1314/897 2541/1006 2541/1005 481/268 480/268 2309/1601 2309/1605
Mcap 2963 2963 91229 91455 44736 44726 222356 222034 18889 18890 102680 102726 Mcap 110053 110048 30704 30689 25883 25887 36567 36579 119108 119042 27021 27047 Mcap 49265 49253 9181 9185 128024 128034 63923 63952 10422 10427 150698 150619

Gujarat GasH
H HAL<< Havells I«
« HCL TechnoH
H HDFC AMC< < HDFC Bank«« HDFC Std Life Hero MotoCorpHH Hind Copper<
< Hindalco«
« HPCL HUDCO HUL«« ICICI BankH
H ICICI Lombard ICICI Prud Life IDFC IDFC First Bank
PCLose (541.7) (541.8) (3281.4) (3281.1) (1488.2) (1488.4) (1547.3) (1546.2) (3792.6) (3795.6) (1440.7) (1440.7) PCLose (626.3) (626.3) (4570.6) (4572.5) (285.0) (285.0) (557.5) (557.7) (470.6) (471.1) (186.9) (186.9) PCLose (2240.0) (2239.7) (1084.0) (1083.8) (1662.7) (1662.7) (599.0) (599.1) (111.3) (111.3) (77.8) (77.8)
Open 549.0 545.0 3285.7 3291.0 1494.4 1488.4 1547.4 1549.0 3793.3 3800.0 1440.0 1440.7 Open 626.0 626.4 4649.6 4604.0 287.7 287.0 563.0 561.0 477.7 475.1 188.8 188.5 Open 2240.7 2245.0 1084.0 1085.0 1659.4 1652.6 593.7 599.0 110.9 110.4 76.5 76.3
High 549.0 547.0 3340.0 3345.0 1523.5 1525.0 1561.0 1561.1 3808.6 3809.8 1459.7 1460.5 High 638.6 638.8 4752.0 4750.0 290.5 290.5 566.4 566.7 479.1 479.4 193.5 193.6 High 2287.9 2287.9 1105.1 1105.1 1692.0 1693.0 614.1 614.0 111.9 111.9 76.5 76.3
Low 538.8 538.3 3272.2 3272.0 1481.0 1480.6 1531.1 1531.0 3742.6 3744.2 1440.0 1440.7 Low 626.0 626.4 4585.2 4583.2 273.9 273.3 555.1 555.3 470.3 470.1 186.5 186.3 Low 2240.1 2240.1 1084.0 1085.0 1659.4 1652.6 593.7 596.6 108.9 108.9 75.1 75.1
Close 544.3 544.3 3327.3 3327.0 1514.9 1515.0 1543.3 1543.6 3753.2 3754.1 1448.2 1447.9 Close 633.0 633.4 4717.2 4722.3 278.2 278.1 560.5 560.3 475.8 475.7 XD187.3 187.3 Close 2268.3 2264.4 1095.9 1093.3 1685.1 1684.5 609.0 608.7 110.7 110.7 75.4 75.4
Shares 23170 698K 86942 1386K 19076 924K 88541 5301K 3906 331K 1170K 27796K Shares 67423 6879K 16346 1087K 1023K 14832K 72569 8327K 80769 4811K 1211K 9627K Shares 213K 3186K 1357K 22071K 16251 688K 72316 1328K 1009K 10269K 198766K 190832K
PE 34.0 34.0 36.2 36.2 80.0 80.1 26.7 26.7 - - 19.5 19.5 PE 89.8 89.9 24.7 24.8 88.7 88.7 40.4 40.4 4.5 4.5 18.2 18.2 PE 51.9 51.9 19.6 19.5 45.2 45.2 96.0 96.0 4.2 4.2 17.6 17.6
52 Wk H/L 621/397 620/397 3429/1308 4170/1768 1591/1128 1591/1136 1697/1016 1697/1016 4066/1666 4067/1667 1758/1363 1758/1364 52 Wk H/L 711/487 711/487 4980/2253 4949/2250 307/95 307/95 621/390 621/390 594/221 595/220 227/41 226/40 52 Wk H/L 2769/2222 2770/2232 1113/848 1114/848 1740/1056 1735/1055 616/418 616/419 134/76 137/76 101/52 101/52
Mcap 37466 37466 222520 222503 94936 94945 418798 418865 80122 80143 1100183 1099955 Mcap 136149 136225 94297 94399 26902 26888 125944 125899 67495 67473 37496 37486 Mcap 532948 532032 769446 767655 83011 82984 87716 87673 17704 17712 53300 53307

IEX«
« India Cement IndiaMART Int Indian Hotel«
« Indraprst GsH
H Indus Towers IndusInd Bank Info Edge Infosys<
< InterGlobe Avia IOC Ipca Labs«
« IRCON IntlH
H IRCTCHH IREDA IRFC ITC«
« Jindal Steel«
«
PCLose (133.6) (133.6) (212.8) (212.4) (2685.1) (2683.6) (585.7) (585.8) (425.5) (425.5) (283.1) (283.6) PCLose (1533.2) (1533.6) (5473.3) (5475.5) (1484.1) (1483.8) (3545.1) (3546.6) (166.3) (166.2) (1198.2) (1205.3) PCLose (222.4) (222.5) (929.2) (930.0) (136.1) (136.0) (142.9) (142.9) (428.0) (428.0) (833.8) (833.1)
Open 134.0 134.0 214.1 213.8 2719.4 2700.0 591.4 589.5 429.3 429.8 284.0 283.6 Open 1531.3 1534.8 5473.8 5481.0 1487.6 1487.2 3559.4 3546.0 166.4 166.8 1200.7 1205.4 Open 224.2 224.5 930.0 933.4 138.3 138.3 145.2 145.0 428.0 428.0 836.1 836.1
High 135.6 135.6 215.2 215.3 2719.4 2700.0 595.6 595.6 432.9 433.0 292.7 292.8 High 1564.3 1564.5 5634.4 5631.8 1511.5 1511.8 3573.7 3573.8 169.6 169.5 1245.0 1245.0 High 225.1 225.0 939.1 939.4 139.5 139.5 147.5 147.8 433.1 433.3 854.0 854.0
Low 134.0 134.0 211.3 211.4 2610.5 2612.9 583.0 583.1 425.1 425.4 283.5 283.3 Low 1531.3 1533.6 5425.1 5415.0 1487.6 1487.2 3516.0 3516.0 166.4 166.7 1200.7 1202.4 Low 213.7 213.5 926.6 925.0 135.5 135.5 141.3 141.3 427.2 427.0 836.1 836.0
Close 134.3 134.4 212.5 212.4 2645.8 2645.5 591.4 591.2 431.0 430.8 291.2 291.2 Close 1555.7 1553.0 5592.7 5592.0 1498.8 1498.1 3544.5 3548.7 167.8 167.8 1238.3 1237.4 Close 218.9 219.7 930.0 929.7 135.9 135.9 142.4 142.4 428.6 428.4 849.5 849.2
Shares 1233K 7320K 185K 2536K 12052 229K 168K 4201K 287K 2934K 735K 20460K Shares 69708 3964K 9169 573K 374K 12500K 185K 1103K 1386K 17007K 65795 668K Shares 697K 8713K 58667 1730K 2737K 13308K 7940K 50963K 1109K 27933K 110K 1751K
PE 36.4 36.4 - - - - 72.0 71.9 17.8 17.8 14.1 14.1 PE 14.0 14.0 90.3 90.3 25.5 25.5 19.0 19.1 5.3 5.3 57.1 57.0 PE - - - - - - - - 26.1 26.1 15.9 15.8
52 Wk H/L 173/116 173/116 277/167 277/168 3293/2395 3336/2393 603/310 603/310 516/376 516/376 293/136 293/136 52 Wk H/L 1694/1009 1695/1008 5634/3554 5632/3555 1731/1215 1733/1185 3574/1812 3574/1811 197/77 197/77 1264/670 1264/670 52 Wk H/L 281/52 281/52 1050/557 1049/557 215/50 215/50 193/25 193/26 500/378 500/377 867/503 868/503
Mcap 11976 11980 6585 6582 15869 15867 84173 84144 30167 30156 78463 78463 Mcap 121082 120872 72358 72349 622119 621808 136811 136971 236884 236884 31414 31393 Mcap 20588 20658 74396 74376 36527 36527 186096 186030 535032 534782 86652 86622

Jio Financial JK Cement JSW Steel«

« Jubilant FdH
H Kotak Mah Bank<< L & TH
H L&T Finance Hol L&T Tech SerH
H Laurus LabsH
H LIC Hsg FinH
H LIC India LTIMind«« LupinH
H M & M FinH
H Mah & Mah<< Maha Gas Manapp FinanceH
H Marico««
PCLose (350.5) (350.7) (4053.6) (4054.3) (817.8) (818.0) (454.9) (454.9) (1775.7) (1775.6) (3706.1) (3706.4) PCLose (158.9) (159.0) (5446.8) (5446.3) (392.2) (392.2) (591.7) (591.4) (894.2) (892.5) (4928.8) (4927.5) PCLose (1598.2) (1599.9) (274.1) (274.5) (1878.9) (1881.2) (1369.0) (1370.3) (174.3) (174.3) (494.9) (494.8)
Open 355.0 354.9 4099.0 4075.0 827.5 827.0 453.7 455.0 1776.2 1778.0 3710.3 3706.6 Open 159.3 159.5 5456.3 5475.0 392.0 391.6 592.0 591.8 903.0 902.7 4930.1 4936.0 Open 1600.5 1611.0 273.4 275.5 1879.2 1881.2 1379.5 1370.5 174.5 174.3 500.1 496.4
High 357.5 357.8 4104.4 4109.0 840.9 840.9 458.3 458.4 1803.5 1803.9 3812.0 3813.4 High 160.9 161.1 5552.0 5555.0 396.0 396.3 614.7 614.5 927.7 928.0 4967.8 4967.4 High 1625.0 1625.0 280.0 280.0 1962.1 1963.0 1380.2 1376.7 175.0 175.3 500.1 500.0
Low 350.5 350.4 4063.9 4060.1 820.2 820.0 445.3 447.4 1774.1 1774.2 3699.0 3697.6 Low 157.7 157.7 5428.4 5427.6 389.5 389.6 591.4 591.8 903.0 901.8 4907.1 4908.1 Low 1594.8 1593.1 273.4 274.6 1872.5 1870.4 1345.7 1346.0 172.6 172.7 491.0 490.8
Close 353.8 353.8 4076.9 4076.2 831.4 830.2 448.4 448.9 1785.8 1785.5 3774.1 3763.9 Close 158.2 158.3 5480.3 5482.7 391.8 392.4 611.1 611.0 914.6 916.2 4936.2 4938.4 Close 1617.9 1616.8 278.8 278.8 1921.4 1921.4 1363.5 1364.1 173.1 173.2 496.9 497.2
Shares 1090K 22677K 1639 128K 85589 3723K 156K 4408K 192K 6630K 164K 4279K Shares 141K 3011K 9903 235K 98957 1535K 88121 2993K 342K 4191K 23366 1170K Shares 9186 865K 54466 2514K 92264 3791K 13877 463K 268K 4247K 76732 1874K
PE - - 41.7 41.7 18.2 18.2 115.6 115.8 20.4 20.3 41.0 40.9 PE 17.4 17.4 45.6 45.6 112.4 112.5 6.9 6.9 - - 31.8 31.8 PE 41.2 41.1 18.9 18.9 23.4 23.4 10.4 10.4 7.2 7.2 43.9 43.9
52 Wk H/L 375/205 375/203 4565/2829 4575/2827 896/661 896/659 586/420 587/420 2063/1667 2064/1667 3812/2123 3813/2121 52 Wk H/L 179/79 179/79 5675/3281 5679/3297 445/280 445/279 672/316 672/316 1175/530 1175/530 6443/4130 6442/4132 52 Wk H/L 1704/628 1704/628 346/221 347/222 1982/1130 1982/1132 1579/909 1580/909 199/102 199/102 595/463 595/463
Mcap 224779 224747 31502 31496 203307 203025 29584 29617 354999 354940 518807 517405 Mcap 39363 39387 57954 57979 21113 21146 33611 33605 578484 579465 146209 146275 Mcap 73717 73669 34442 34449 238924 238924 13469 13474 14648 14656 64304 64343

Maruti Suzuki<
< Max Fin SreH
H MCX Metropolis HealH
H Mphasis MRF Muthoot Finance Nat Alum<
< Navin FluoH
H NBCC« « Nestle India«
« NHPC NMDC« « NTPC Oberoi Relty ONGC< < Oracle Fin<
< Page Inds
PCLose (12520.3) (12510.3) (1016.7) (1015.8) (3362.3) (3356.8) (1725.8) (1728.9) (2399.4) (2407.0) (131884.7) (131809.4) PCLose (1476.8) (1478.2) (151.7) (151.6) (3134.4) (3136.1) (113.5) (113.4) (2567.4) (2566.4) (88.6) (88.8) PCLose (199.1) (199.0) (330.6) (331.6) (1514.2) (1514.9) (261.9) (261.8) (8799.5) (8802.3) (34439.9) (34439.9)
Open 12589.1 12570.0 1024.4 1024.6 3388.5 3365.3 1729.6 1728.9 2439.3 2421.0 133300.0 132889.0 Open 1476.5 1475.0 152.6 152.8 3130.0 3128.0 114.8 114.5 2579.1 2567.1 90.6 90.4 Open 200.1 200.9 332.6 331.9 1524.6 1515.0 261.9 262.5 8799.5 8802.3 34650.7 34469.5
High 12723.0 12726.8 1026.3 1027.4 3392.2 3394.7 1814.4 1814.8 2439.3 2421.0 133950.0 134000.0 High 1494.6 1495.0 154.6 154.7 3135.0 3138.0 119.2 119.1 2637.5 2638.7 91.0 91.0 High 203.7 203.7 340.0 340.0 1524.6 1521.2 270.9 271.0 8893.0 8894.0 34650.7 34600.0
Low 12386.2 12385.5 999.0 999.0 3316.5 3315.6 1690.0 1681.1 2377.0 2377.0 132055.2 132000.5 Low 1466.1 1465.8 151.6 151.6 3089.3 3086.6 114.5 114.4 2571.5 2567.1 88.7 88.7 Low 200.1 200.1 330.5 330.3 1435.0 1387.9 261.9 262.0 8722.2 8722.3 34108.0 34100.0
Close 12613.1 12600.4 1001.7 1002.2 3348.5 3349.6 1726.4 1723.6 2388.2 2388.1 133294.0 133387.4 Close 1478.2 1480.5 152.5 152.6 3112.0 3114.3 119.1 118.9 2623.3 2622.4 89.6 89.7 Close 201.7 201.8 336.0 335.8 1473.7 1475.9 267.9 268.1 8766.1 8774.1 34428.0 34451.0
Shares 16926 860K 57849 1221K 112K 332K 21952 1235K 7298 381K 617 10442 Shares 8832 607K 827K 9698K 5158 295K 2176K 13066K 147K 2183K 7417K 79331K Shares 557K 11957K 469K 19868K 12158 1274K 652K 18889K 5266 243K 558 30442
PE 33.2 33.1 - - 7906.2 7908.8 - - 28.8 28.8 27.3 27.3 PE 15.2 15.3 17.9 17.9 55.3 55.4 57.3 57.2 84.4 84.3 24.9 24.9 PE 9.2 9.2 17.9 17.9 85.9 86.1 11.4 11.4 35.5 35.6 71.2 71.2
52 Wk H/L 12725/8190 12727/8188 1069/599 1068/599 3990/1289 3990/1285 1829/1181 1831/1171 2835/1661 2838/1660 151283/81795 151445/81787 52 Wk H/L 1537/963 1537/960 170/76 170/76 4922/2900 4950/2899 177/31 177/31 2771/1887 2769/264 116/39 116/39 52 Wk H/L 253/104 252/104 360/167 360/167 1586/821 1586/821 285/147 285/147 8893/3204 8894/3203 43599/33100 43570/33070
Mcap 396556 396155 34569 34586 17077 17083 8848 8833 45137 45134 56517 56556 Mcap 59342 59434 28000 28018 15436 15447 21429 21402 252939 252847 90034 90104 Mcap 59110 59125 325760 325614 53582 53662 336963 337214 75967 76036 38387 38413

PAYTM« « Persistent S<

< Petronet LNG PI Inds«
« Pidilite Ind«
« Piramal EntpH
H PNBHH Polycab India Power Fin Power Grid PVR Inox Rail Vikas Niga RailTel Corp Ramco Cements«
« RBL Bank REC Reliance Ind SAIL
PCLose (396.9) (396.8) (4046.6) (4049.8) (263.8) (263.8) (3839.6) (3834.9) (2989.8) (2992.3) (838.5) (840.2) PCLose (122.8) (122.8) (5036.1) (5038.2) (385.3) (384.5) (271.0) (270.3) (1326.3) (1326.8) (255.9) (256.0) PCLose (367.9) (368.1) (815.2) (815.7) (238.3) (238.1) (445.5) (445.6) (2987.9) (2985.7) (133.6) (133.6)
Open 402.1 402.4 4100.0 4069.0 267.2 264.5 3855.4 3865.0 3033.4 2997.8 868.4 869.9 Open 123.0 122.9 5099.5 5042.0 385.0 384.6 272.0 272.0 1330.0 1329.0 256.5 258.7 Open 372.7 371.5 829.6 822.0 238.7 239.0 446.0 446.0 2994.4 2985.8 135.3 134.8
High 404.9 405.0 4100.0 4096.7 268.4 268.4 3906.0 3905.9 3036.1 3037.3 882.2 890.0 High 125.1 125.1 5116.0 5116.0 394.0 394.2 279.5 279.5 1333.6 1334.0 259.0 258.9 High 374.0 374.0 829.6 822.0 245.9 245.8 455.7 455.6 3011.3 3011.9 136.7 136.7
Low 398.3 399.0 3953.0 3947.5 261.2 261.1 3798.9 3801.0 2965.1 2964.5 847.1 847.1 Low 123.0 122.9 5004.1 5004.0 384.8 384.6 271.7 271.7 1320.6 1320.0 252.0 251.4 Low 361.8 361.5 805.5 805.0 238.3 238.4 445.1 445.0 2959.0 2957.3 133.2 133.2
Close 402.8 402.7 SS3989.3 3984.6 263.4 263.2 3868.9 3867.6 3014.8 3014.7 848.7 849.4 Close 124.4 124.4 5066.3 5065.0 390.2 390.3 277.1 276.9 1326.3 1326.3 253.0 252.9 Close 363.7 363.8 810.8 810.6 240.0 240.3 XD450.8 451.0 2976.8 2971.7 134.2 134.3
Shares 488K 2537K 9201 747K 151K 4263K 13985 405K 12165 662K 102K 5261K Shares 2005K 29453K 10313 359K 523K 12412K 1035K 26647K 15214 544K 508K 11074K Shares 118K 1846K 319K 1545K 360K 5845K 219K 12638K 422K 10927K 1786K 32145K
PE - - 59.7 59.6 11.6 11.6 36.1 36.1 89.6 89.6 - - PE 21.4 21.4 - - 9.4 9.4 16.6 16.5 - - - - PE - - 45.0 45.0 13.4 13.4 9.1 9.1 28.8 28.7 20.0 20.0
52 Wk H/L 998/318 998/318 4490/1980 4450/1981 296/192 296/192 4010/2885 4011/2885 3036/2293 3037/2293 1140/634 1140/638 52 Wk H/L 133/45 133/45 5723/2765 5733/2783 478/117 478/117 299/165 299/165 1880/1248 1875/1248 346/65 346/65 52 Wk H/L 491/97 491/97 1058/715 1058/716 301/134 301/134 524/113 524/114 3025/2211 3025/2211 150/81 150/78
Mcap 25591 25584 61458 61386 39503 39480 58690 58671 153330 153328 19066 19081 Mcap 136922 136977 76111 76091 128770 128786 257673 257534 13014 13014 52741 52730 Mcap 11673 11674 19158 19153 14519 14541 118706 118758 2014011 2010560 55411 55452

Samvardhana Mot«« SBI«

« SBI Card & Pay SBI Life Ins Shree Cement Shriram TrFn SiemensHH SJVN SRF Sun Pharma«
« Sun TV Net<
< Syngene Intl Tata Chem Tata Comm Tata Consumer P«« Tata MotorsH
H Tata Power«
« Tata Steel«
«
PCLose (117.3) (117.3) (734.0) (733.3) (692.5) (692.5) (1479.3) (1479.6) (25976.6) (25939.3) (2382.9) (2386.4) PCLose (5285.4) (5288.6) (122.8) (122.8) (2522.9) (2522.8) (1608.1) (1604.2) (596.0) (596.2) (711.8) (712.0) PCLose (1110.8) (1110.3) (1971.4) (1973.2) (1089.3) (1091.1) (978.8) (978.7) (388.4) (388.4) (152.9) (152.7)
Open 118.2 118.0 738.7 737.8 692.5 692.6 1481.0 1480.0 26017.9 26091.0 2379.0 2374.1 Open 5299.7 5288.7 123.7 123.9 2510.7 2516.5 1605.4 1610.0 606.7 595.0 710.5 712.1 Open 1114.5 1112.0 1976.0 1973.2 1105.2 1103.9 983.4 982.5 391.9 391.0 152.9 152.7
High 118.2 118.2 759.6 759.6 694.3 696.0 1522.5 1521.9 26031.1 26091.0 2395.2 2394.6 High 5413.9 5405.0 124.8 124.8 2575.0 2574.9 1634.1 1634.0 606.7 602.5 712.7 713.9 High 1124.4 1124.4 2019.6 2017.7 1108.5 1109.0 999.5 999.9 399.0 398.9 156.6 157.0
Low 116.8 116.8 736.8 736.9 680.1 680.0 1481.0 1480.0 25617.7 25585.0 2338.8 2338.3 Low 5230.0 5236.5 121.0 121.0 2510.7 2503.3 1605.4 1608.0 593.2 592.7 699.3 698.7 Low 1076.0 1075.2 1958.1 1957.7 1093.7 1093.7 979.0 979.0 390.9 391.0 152.7 152.7
Close 117.1 117.1 752.6 752.4 XD682.5 682.6 1498.0 1500.3 25703.8 25682.9 2360.2 2359.8 Close 5375.4 5374.1 121.4 121.4 2557.6 2560.3 1620.5 1620.6 600.8 600.3 701.7 702.6 Close 1080.6 1080.9 2011.3 2010.4 1095.4 1096.2 993.0 992.8 394.2 394.2 155.9 155.9
Shares 1819K 12210K 874K 21705K 270K 2613K 7272 1705K 725 26276 28920 2325K Shares 8140 398K 2052K 18585K 19538 521K 300K 4428K 5712 437K 5605 796K Shares 202K 2524K 13933 793K 103K 6722K 713K 9863K 797K 16041K 4740K 62575K
PE 39.7 39.7 10.5 10.5 - - 80.7 80.8 39.4 39.4 13.5 13.5 PE - - 55.4 55.4 50.0 50.0 43.7 43.7 12.9 12.8 60.6 60.6 PE 15.1 15.1 175.3 175.3 86.8 86.9 17.0 17.0 35.2 35.2 - -
52 Wk H/L 127/63 127/63 794/506 793/506 932/679 933/679 1572/1083 1569/1083 30710/22601 30738/22606 2535/1223 2535/1222 52 Wk H/L 5414/3240 5405/3240 170/31 171/31 2637/2050 2636/2040 1634/923 1634/922 735/397 735/397 860/568 860/574 52 Wk H/L 1350/922 1349/922 2037/1175 2038/1172 1270/691 1269/695 1066/401 1066/402 433/183 433/183 160/102 159/102
Mcap 79318 79352 671665 671442 64894 64904 150015 150246 92739 92664 88694 88679 Mcap 191416 191370 47708 47708 75811 75891 388807 388819 23674 23655 28210 28244 Mcap 27529 27537 57321 57296 104370 104446 329999 329932 125943 125959 194618 194555

TCS«« Tech Mahindra<

< Titan Company«« Torrent Phar<
< Trent«
« TVS Motor«« UltraTech United Brew«
« United SpirtH
H UPLH
H Vedanta«« Vodafone Idea Voltas«
« WiproHH YES BankH
H Zee Enter«
« Zomato« « Zydus Lifescien«
«
PCLose (3837.5) (3840.9) (1253.7) (1253.8) (3761.2) (3759.4) (2564.1) (2572.4) (3873.4) (3875.2) (2124.1) (2123.1) PCLose (9625.3) (9623.5) (1695.8) (1697.6) (1138.2) (1139.4) (455.9) (455.5) (271.6) (271.6) (13.3) (13.3) PCLose (1093.9) (1092.8) (472.2) (472.3) (23.1) (23.1) (141.4) (141.4) (179.5) (179.4) (999.6) (999.7)
Open 3856.5 3850.1 1254.2 1260.0 3769.5 3760.0 2589.3 2568.8 3883.4 3875.2 2130.1 2140.0 Open 9625.8 9680.0 1701.6 1693.1 1144.5 1143.9 457.5 458.5 271.7 272.0 13.3 13.3 Open 1100.2 1099.0 477.0 476.7 23.2 23.2 143.0 143.0 180.0 179.8 998.9 993.0
High 3914.7 3915.0 1265.0 1265.0 3837.2 3838.3 2616.5 2625.0 3975.0 3975.0 2163.0 2165.0 High 9850.0 9854.0 1745.6 1744.6 1146.0 1147.7 459.7 459.7 275.2 275.0 13.5 13.6 High 1115.6 1116.0 483.1 483.1 23.6 23.6 144.6 144.7 184.7 184.7 1021.0 1021.0
Low 3840.5 3840.5 1242.5 1242.0 3732.4 3732.6 2510.0 2522.0 3876.7 3875.2 2103.6 2104.4 Low 9625.8 9641.6 1688.7 1688.7 1125.0 1121.1 452.2 452.1 271.0 270.8 13.2 13.2 Low 1080.0 1080.1 475.4 475.3 23.1 23.1 138.0 138.0 176.0 176.0 987.0 985.0
Close 3883.6 3876.3 1250.4 1248.1 3804.8 3801.8 2601.2 2600.6 3948.5 3948.0 2151.5 2151.9 Close 9745.1 9749.2 1732.4 1736.0 1134.3 1134.3 455.9 456.0 271.7 271.7 13.2 13.3 Close 1103.6 1103.6 480.1 480.1 23.2 23.2 138.7 138.6 182.4 182.1 1005.3 1007.4
Shares 80498 4312K 80103 2436K 55771 1591K 5800 370K 9635 838K 34708 935K Shares 9898 506K 4002 145K 17673 709K 346K 5435K 334K 6625K 56795K 261797K Shares 46503 1283K 235K 7728K 20771K 189198K 1177K 29309K 2891K 42567K 56587 1874K
PE 31.3 31.3 43.4 43.3 96.8 96.7 58.9 58.9 158.3 158.3 50.9 50.9 PE 43.9 43.9 135.4 135.7 72.9 72.9 - - 21.3 21.3 - - PE 130.7 130.7 22.2 22.2 - 90.7 - - - - 34.2 34.3
52 Wk H/L 4254/3070 4255/3070 1416/983 1416/981 3885/2485 3887/2494 2746/1523 2744/1523 4244/1291 4244/1288 2314/1023 2313/1030 52 Wk H/L 10523/7308 10526/7300 1914/1342 1908/1354 1183/735 1182/736 760/448 760/448 301/208 301/208 18/6 18/6 52 Wk H/L 1139/745 1140/745 546/352 546/352 33/14 33/15 300/138 300/138 189/50 189/50 1030/483 1028/484
Mcap 1405107 1402484 122109 121884 337786 337524 88033 88015 140367 140351 102215 102234 Mcap 281330 281448 45803 45899 82503 82500 34216 34227 100978 100978 64452 64501 Mcap 36516 36516 250829 250855 66742 66742 13322 13308 160829 160609 101751 101964
4
>.
CHENNAI | FRIDAY, 29 MARCH 2024 1
l

GUMMIDIPOONDI BRANCH
Rettembedu Road,
Opp. Malleeswari Kalyana Mandapam,
Gummidipoondi - 601201. PHONE: 044-27928259
CORRIGENDUM
In our Borrower Mr. Jagadeesan’s
Vehicle Sale advertisement
published in this newspaper
on 16.03.2024, E-Auction Date
30.03.2024. Reserve Price & EMD
published as Rs. 2,06,000/- &
Rs. 20,600/- IT SHOULD BE
READ AS Rs. 1,70,000/- &
Rs. 17,000/-
Other details remains the same.
Place : Gummidipoondi AUTHORISED OFFICER
Date : 28.03.2024 BANK OF BARODA

ASSETS CARE & RECONSTRUCTION

ENTERPRISE LIMITED (ACRE)
Regd. Office: Assets Care and Reconstruction Enterprise Limited, having its office at: 14th Floor, Eros
Corporate Tower, Nehru Place, New Delhi – 110019. Corporate Office: Unit No.502, C Wing, One BKC, Plot No.
C – 66, G Block, Bandra Kurla Complex, Mumbai – 400051.
SALE OF IMMOVABLE PROPERTY UNDER PRIVATE TREATY
Assets Care and Reconstruction Enterprise Limited (acting in its capacity as trustee of ACRE-80-Trust)
(“ACRE/Secured Creditor”) has acquired the entire loans/financial assets of Palpandi V (“Borrower”) together with the
rights, title, interests in the underlying securities and/or the guarantor(s) thereof, under section 5 of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act, 2002”) under a reg-
istered assignment agreement dated 19-07-2023 (“Assignment Agreement”) from Nido Home Finance Limited (former-
ly known as Edelweiss Housing Finance Limited) (hereinafter referred to as ‘Nido’) and by virtue of the said Assignment
Agreement, ACRE has become entitled to deal with the financial assets including enforcement of its security interest there-
under and all other subsequent actions thereto.
Sale Notice for sale of immovable property in exercise of the powers under the SARFAESI Act, 2002 and pursuant to the
possession taken by the Authorised Officer under the said Act and Rules for recovery of the secured debts. There were no
buyers enquired/participated in the previous public auction(s). Thereafter we have received the offer of Rs.11,00,000 /-
(Rupees Eleven Lakhs Only) to purchase the said property under private treaty sale. Therefore, Authorised Officer has
decided to sell the secured asset described herein under the private treaty.
Notice hereby is given to the public in general and in particular to the Borrower(s), Co Borrower(s) and Guarantor(s) that
the under mentioned property mortgaged in favour of Nido will be sold on “AS IS WHERE IS BASIS AND AS IS WHAT
IS BASIS”, condition, by way of “Private Treaty” for recovery of dues in terms of the provisions of SARFAESI Act read with
Rules 8 & 9 of Security Interest (Enforcement) Rules, 2002. If in case, you have an offer for the said Property for an amount
over and above Rs.11,00,000 /- (Rupees Eleven Lakhs Only) then same to be submitted to authorized officer within 15
days from the date of publication. If we do not receive any offer as mentioned herein above, we shall proceed with the said
offer price of Rs.11,00,000/- (Rupees Eleven Lakhs Only) under Private Treaty sale as per the relevant provisions of the
SARFAESI Act, 2002.
Sr. Name and Address of the
No. Borrower, Co Borrower Guarantor Details of the Secured Asset
and Loan Account No.
Madurai District, Madurai North Registrar Madurai North Taluk, now Maduria North
Taluk, Paravati 2nd bit village (Ormechikulam) Old Survey No.119/5 now updated
1.MR. PALPANDI V (BORROWER), udr Survey No.32/5 Hectare 1.49.5 in the end East Northern Side in the extend 1
2.MRS. SASIKALA P Acres And 76 Cents in that area lay out divided into plots in this Plot No.2 House
(CO-BORROWER), Address:
1. 7/557 Pasumpon Nagar Govt Kallar Plot Paravai Municipality Tax Assessment No.3218 at Sathiyamoorthy Nagar, bear-
ing door No.14-1-136 as House Plot bounded by the following Four Boundaries:
School Back Side Thirumangalam T North: Plot No.01, East: 21 Feet Common Road, South: Plot No.03 House Plot,
K Chekkanurani Madurai - 625514 West: Old Survey No.119/5, measuring boundaries on the eastern side northern
LAN NO.: LMADSTH0000063584 side 27 1/2, southern side 31 ¼ on south-north western side 26, eastern side 26
thus a total extent of 764 sq ft and building construed thereon with roofing with
doors, windows, almirah, electricity connection No.05-170-002-1173 all includes.
Place: Madurai Sd/- Authorized Officer
Date: 29-03-2024 For Assets Care and Reconstruction Enterprise Limited
(acting in its capacity as Trustee of Acre-80-Trust)

BAJAJ HOUSING FINANCE LIMITED

Corporate Office: Cerebrum It Park B2 Building, 5th Floor, Kalyani Nagar, Pune,
Maharashtra - 411014, Branch Office Office: Bajaj Housing Finance Ltd, Ground Floor,
Chateaud Ampa, No.37, Nelson Manickam Road Chennai-600029. Authorized Officer's Details: Name: Rathish
Ramachandran, Email Id: rathish.ramachandran@bajajfinserv.in, Mob No. 9940155459/9884330025/8669189048.
PUBLIC NOTICE FOR E-AUCTION FOR SALE OF IMMOVABLE PROPERTIES
UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL
ASSETS AND ENFORCEMENT OF THE SECURITY INTEREST ACT 2002 ('Act')
Notice is hereby given to the public in general that the below mentioned Borrower/co-borrower mortgaged the immov-
able property which is described hereunder to Bajaj Housing Finance Limited ('BHFL') and the possession of the
said immovable property ('secured asset/property') has been taken over by the Authorized Officer in accordance of
the SARFAESI Act 2002 and rules there to. The secured asset will be sold through public auction by bidding for real-
ization of the loan dues, applicable interest, charges and costs etc., payable to BHFL as detailed below. The secured
asset is being sold on 30/04/2024 and the bidding will be held on "AS IS WHERE IS", "AS IS WHAT IS", "WHAT-
EVER THERE IS" AND "WITHOUT RECOURSE BASIS" under the rule number 8 & 9 of the Security Interest
(Enforcement) Rules (hereinafter referred to as the rules) and on the terms and conditions specified here-under:
Loan account details/Borrower/S & 1. Date & Time of E-Auction l RESERVE PRICE
z

Guarantor/S Name & Address 2. Last Date of Submission of Emd zl EMD OF THEPROPERTY
3. Date & Time of the Property Inspection zl BID INCREMENT
LAN's: H403DHL0024075, H403DHT0030778
4. Property Description
1. Rishimadhukumar (Borrower) ReservePrice: Rs.32,00,000/-
2. Madhukumar (Co-Borrower), Both At: 1) E-Auction Date: 30/04/2024 (Rupees Thirty Two Lakh Only)
No:3, 8th Street, Saravana Nagar Between 11:00 AM to 12:00 PM With
Unlimited Extension of 5 Minutes EMD: Rs. 3,20,000/- (Rupees
Manikandapuram, Chennai,
Thirumullaivoyal, Thiruvallur - 600062 2.) Last Date of Submission of EMD Three Lakh Twenty Thousand
With KYC is : 29/04/2024 up to Only) 10% of Reserve Price.
TOTAL OUTSTANDING: Rs.44,25,221/-
(Rupees Forty Four Lakhs Twenty Five 5:00p.M. (IST.) Bid Increment: Rs.25,000/-
Thousand Two Hundred and Twenty One 3.) Date Of Inspection: 30/03/2024 (Rupees Twenty Five
Only) Along with future interest and charges To 26/04/2024 Between 11:00 Am Thousand Only) & In Such
accrued w.e.f 22/03/2024. To 4:00 Pm (IST). Multiples.
Description of the Immovable Property: All that piece and parcel of Flat No.S-2, in the Second Floor with an area of
970 sq.ft., (including common area) together with one covered car parking specifically marked as Car Parking No. S2,
Undivided 410 Square feet share of land out of total of 2420 sq.ft., in Plot situated at No.16, Thirumullaivoyal Village,
Manikandapuram, Thiruvallur District, Avadi Taluk, within the Sub-Registration District of South Chennai ans Sub-
Registration District of Ambattur, and within the limits of Avadi Municipality, Comprised in Survey Nos.569/1-B, Ward"D"
Block 86, Patta No.603, Old S.No.569/1B2B1A Part, Plot No.4, Measuring an extent of 2420 sq.ft., and Bounded on
the: North By: Mr. Masilamani Pillai Land, South By: 20 Feet Road, East By: Plot No.5, West By: Plot No.3.
TERMS AND CONDITIONS OF THE PUBLIC AUCTION ARE AS UNDER:
l Public Auction is being held on "AS IS WHERE IS, AS IS WHAT IS AND WITHOUT RECOURSE BASIS" and is
z
being sold with all the existing and future encumbrances whether known or unknown to Bajaj Housing Finance
Limited. zl The Secured asset will not be sold below the Reserve price. z l The Auction Sale will be online through
e-auction portal. zl The e-Auction will take place through portal https://bankauctions.in, on 30th Apr, 2024 from
11:00 AM to 12:00 PM to onwards with unlimited auto extension of 5 minutes each. z l For detailed terms and con-
ditions please refer company website URL https://www.bajajhousingfinance.in/auction-notices or
https://bankauctions.in and for any clarification please connect with Authorized officer.
Date: 29-03-2024, Place: Chennai Authorized Officer (Rathish Ramachandran) Bajaj Housing Finance Limited
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