FRIDAY, 5 APRIL 2024

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

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THE MARKETS ON THURSDAY chg#

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Euro
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90.6
90.2##
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90.7 **
GOOGLE MAY PUT AI-POWERED ‘BONDED LABOUR’: VISTARA
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SEARCH BEHIND PAYWALL PILOTS GET A-I UNIONS’ SUPPORT
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM E D ABA D, B ENG AL URU, B HOP AL , B HUB ANE SW AR, CHA NDI GAR H, C HENN AI , HY DE R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU MB A I, N E W D E L HI AN D P U N E

MF ASSETS JUMP 34%,

HIGHEST IN 7 YEARS Secys in a huddle Summer to fire up sales
of ACs, beer, sunscreen
The assets managed by

to prepare 5-year
domestic mutual funds
(MFs) rose by 34 per cent
during 2023-24 (FY24) —
the most since 2016-17 —
propelled by a sharp rally AKSHARA SRIVASTAVA
HOT
plan of next govt
in the equity market and New Delhi, 4 April
robust inflows. For the three
months ended March 2024, the average Earlier this week, the India Meteorological Department SALES
assets under management (AUM) stood at
~54.1 trillion compared to ~40.5 trillion in
forecast above-normal maximum temperatures from
April through June over most parts of the country, AHEAD
Q4 FY23, according to data from Amfi. along with above-normal heatwave days likely over
10 >
Full-year Union Budget to lay out Viksit Bharat vision most parts of the South Peninsula, Central India, East > VOLTAS
SENSEX, NIFTY LOG NEW HIGHS ON India, and the Northwest plains. expands
HDFC BANK GAIN 10 > SHREYA NANDI Fast-moving consumer goods (FMCG) majors and manufacturing
New Delhi, 4 April ON THE TABLE consumer durables companies alike are expecting operations in
> A review meeting growth in demand this summer season after last year’s Chennai to cater

T
ECONOMY AND PUBLIC AFFAIRS P4 op-level meet- unseasonal rain washed out sales for the companies. to the growing
of secretaries of all
India not asked to cut ings of key gov-
ernment
key ministries
A spokesperson for Voltas, the market leader in air
conditioners (ACs), said the industry was poised for
demand for ACs

Russian oil imports: US departments

and departments
scheduled for May 1
double-digit growth across channels. “We are optimistic
India has not been urged to reduce its are in full swing to prepare about the season and are expecting good growth in the > EPACK
imports of Russian crude oil, senior a five-year road map in line segment. We are well-prepared to meet the surge in DURABLE enters
officials from the US Department of the with the Viksit Bharat vision > Govt departments demand,” the spokesperson said. Turn to Page 6 > room cooler > LONE > COCA-COLA > McNROE —
Treasury said on Thursday, emphasising for a developed India by 2047, to identify major goals segment, eyes WOLF beer ramping up maker of Wild
a desire to see Russia offer higher a person aware of the matter told that will include annual additional expects a distribution Stone deodorant
negotiated discounts to buyers. They Business Standard. targets for FY25-FY29 FMCG FIRMS TO FACE Q4 VOLUME PRESSURE ~250-300 crore twofold in light of — expects 18 per
highlighted that Indian buyers can procure A review meeting, where secre- AMID SLUGGISH RURAL DEMAND P2 revenue increase in surging cent growth this
Russian crude above the $60 per barrel taries of all important ministries and > If current govt comes to power, by FY28 demand demand season
price cap if they opt out of Western departments are expected to be pres- first 100 days’ draft will be based
shipping and maritime services. ent, has been scheduled for May 1. The on the five-year plan; ministries
first draft of the five-year plan could
SHIPS IN IRAN, VENEZUELA SHADOW TRADE
SUPPLIED RUSSIAN OIL TO INDIA 4>
possibly come up for discussion at the
meeting. Agriculture, education,
skilled employment, infrastructure,
to consult industry
> Draft to include sectors
such as agriculture, education,
RBI defers Fx derivatives rules until May 3
trade, tourism, green economy and start- ANJALI KUMARI the RBI post market hours. Exchange Management Act (FEMA),
COMPANIES P3 skilled employment, infrastructure,
ups are among the areas on the agenda, the Mumbai, 4 April Now, rupee-denominated currency 1999, and regulations framed there-
trade, tourism, etc
Tesla making EVs in source said. The first meeting of secretaries,
led by Cabinet Secretary Rajiv Gauba, ILLUSTRATION: AJAY MOHANTY The Reserve Bank of India (RBI)
contracts traded on the National Stock under, which mandate
Exchange (NSE) and the BSE require currency derivative contracts involving
that

Germany for India began sometime in March on this. Thursday deferred the implementation underlying exposure. rupee — both over-the-
Tesla has begun production of electric The full-year Union Budget for FY25, of norms on exchange-traded currency Though traders are not counter (OTC) and exchange
vehicles (EVs) at its plant in Germany for expected to be presented by the next gov- first 100 days’ plan will be based on the derivatives (ETCDs) linked to Indian required to provide evidence The RBI said traded — are permitted only
export to India later this year, three people ernment in June-July, is likely to see a par- five-year plan, the person said. rupee until May 3 following concerns of underlying exposure for there was no for the purpose of hedging of
aware of the company’s plans told Reuters. adigm shift and initiate the initial steps for “Government departments have been by investors. The norms were positions up to $100 million, change in exposure to foreign exchange
A team from Tesla is expected to visit India achieving the Viksit Bharat vision, the per- tasked with identifying major goals, which scheduled to take effect starting Friday. they must confirm the exis- its policy rate risks.
later this month to look at sites for a local son quoted above said. will include annual targets from the “In view of the feedback received tence of such exposure. approach The norms, the RBI said,
car manufacturing plant. Apart from the Union Budget, if the financial year 2024-25 to 2028-29. and recent developments, it has been The RBI said the regu- for ETCDs reiterated the regulatory
Bharatiya Janata Party, which is running Ministries and government departments decided that these directions will now latory framework for partici- framework for participation
BALL IN TESLA’S COURT: INDIA ON the government, wins the Lok Sabha elec- have also been consulting industry as well,” come into effect from May 3,” pation in ETCDs involving the rupee is in ETCDs involving the rupee without
FIRM’S EV INVESTMENT PLANS 3> tions for the third consecutive time, the the person added. Turn to Page 6 > according to a press release issued by guided by the provisions of the Foreign any change. Turn to Page 6 >

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zindagi mein aage badhiye
Large Cap Funds ke baare mein jaaniye

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2 COMPANIES MUMBAI | FRIDAY, 5 APRIL 2024

STOCKS > Equitas Small Finance Bank

Total deposits surge
> Vedanta
Board approves fund-
> SOM Distilleries And Breweries
Reports highest ever
> Indian Energy Exchange
Achieves highest ever
> KEC International
Secures new orders
IN THE NEWS 43% Y-o-Y as on raising of ~2,500 cr beer sales in Karnataka total volume of 110 Bu of ~816 cr across
March 2024 to ~36,129 cr via NCDs during March 2024 in FY24, up 14% Y-o-Y various businesses
~98.3 CLOSE ~310.3 CLOSE ~301.5 CLOSE ~144.8 CLOSE ~769.6 CLOSE
p1.4% UP* p3.9% UP* p5.2% UP* p0.6% UP* p5.6% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Hero MotoCorp gets ~605 cr FMCG cos to
demand notice from I-T dept
The country's largest two-wheeler maker Hero MotoCorp on
Thursday said it has received demand notices from the Income Tax
face volume
pressure in Q4
department for around ~605 crore, including interest, for six
assessment years. On April 3, 2024, the company received
assessment orders/ demand notices dated March 30, 2024, Govt targets mature nodes, foresees conservative $180-210 bn demand in 5 yrs
pertaining to six assessment years from the Income Tax
department, the company said in a regulatory filing. The SURAJEET DAS GUPTA
Rural demand stagnates, urban areas
two-wheeler major is examining the orders/ notices received
and shall take appropriate steps, including the filing of appeals
New Delhi, 4 April
THE CHIP STORY drive low to mid single-digit growth
T
and rectification applications, it added. PTI he domestic market demand for n Market for matured nodes —
28 nanometre (nm) and above 28 nanometre (nm) and above —
semiconductor chips in 2023 is in is pegged at $17-20 billion in India, ROAD AHEAD FMCG estimates (in ~ cr)
Tapan Sahoo new head of the range of $17-20 billion annually,
according to estimates by the Ministry of
most of which is imported
Companies Net sales % chg PAT % chg
n Between 2025 and 2030, the
digital enterprise at Maruti Electronics and Information Technology
(Meity), said a top official in the ministry. semiconductor demand will be
Q4FY24E Y-o-Y Q4FY24E Y-o-Y
In the latest management rejig in Maruti Suzuki This accounts for around half of the $600 billion, of which 30-35% be Hindustan Unilever 15,342 2.6 2,593 -0.3
India, Tapan Sahoo (pictured) will be responsible total domestic semiconductor chip mar- for 28 nm and above ITC 17,112 6.2 5,177 1.8
for chalking out strategies for new-age technology ket requirement, which is pegged
solutions for enhanced customer experience, between $35 million and $40 billion in n Fabrication market will range Britannia Industries 4,160 6.9 557 -0.2
operational efficiency improvement using cutting- 2023. from $10-20 billion in this period
Godrej Consumer
edge tech like AI, ML, collaboration with startups. As According to a broader estimate by n Tata project is focused on meeting
3,297 3.9 493 9.0
Products
part of its overall growth strategy, Maruti Suzuki is Counterpoint Research, between 2025 this demand by ‘Making in India’
also stepping up its efforts on digital and 2030, the total semiconductor Dabur India 2,875 7.4 382 26.9
technologies beyond vehicles. PTI demand in India will be $600 billion. Of n India will start production with Tata Consumer
this, the 28 nm and above market is mature nodes and then make 4,002 10.6 353 29.4
Products
expected to be 30-35 per cent, or $180- chips below 28 nm
More than half of GCCs actively 210 billion. “Even if you assume that 5-10
per cent of the market will shift to the manufacturer at the frontier, we have to Company, was expected to mass-produce
United Spirits
Marico
2,765
2,182
10.5
-2.6
298
325
157.9
7.5
embracing ESG agenda country’s first fabrication (fab), you are
looking at a market of $9-10 billion going
subsidise a few generations of chip fac-
tories before we reach that frontier,” said
its 2 nm chips sometime in 2025, but
reports say this could be delayed until
Colgate-Palmolive
1,458 8.7 357 12.8
Around 52 per cent of global capability centres (GCCs) in India have up to $18-20 billion, which is big and will Rajan. The senior Meity official defended 2026. However, there are numerous other India
“proactively” adopted environmental, social and governance (ESG) continue to be there for a long while,” says the government’s strategy. chips in a phone which are 28 nm and Emami 876 4.7 165 13.9
policies and are refining processes to anchor them, said a report on Neil Shah, founder, Counterpoint “We are addressing the issue by first above. Tata has identified its semicon- PAT: Profit after tax
Thursday, referring to facilities set up by large companies to provide Research India. manufacturing the mature nodes which ductor products. It will be making chips Compiled by BS Research Bureau Source: Bloomberg
services. EY India’s survey, ‘ESG GCC Report 2024’, took data from It is this market, which is currently are 28 nm and above as there is a large in mature nodes which include 28, 40, 55,
more than 45 GCCs. Around 70 per cent of GCCs are “actively looking” met mostly by imports, that the coun- market in India which currently is met 60, and 110 nm, for which Tatas will be SHARLEEN D’SOUZA Reviving rural demand is cru-
for technology collaborations to implement ESG norms evaluating try’s first fab plant by Tata plans to mostly by imports. There is a large market offered technology by Taiwanese Mumbai, 4 April cial for the FMCG sector, with
the sustainability and ethical impact of a company. BS REPORTER address. The Tatas have invested $11 bil- globally too. After that, we will move to Powerchip Semiconductor companies pinning hopes on
lion in a 50,000-wafer-per-month plant the next stage of lower nodes. We esti- Manufacturing Corporation. It has also Fast-moving consumer goods a favourable monsoon, which
to be set up in Dholera in Gujarat, added mate that the total demand for semicon- identified its markets. It will make chips (FMCG) companies anticipate could stimulate the rural econ-
IL&FS: NCLAT tells NHAI not to the official.
However, noted economist and former
ductor chips will go up to $100 billion in
the next five years on a conservative basis.
for the growing automotive, computing
and data storage, wireless communica-
sustained volume pressures in omy,” it said.
the January-March quarter Nuvama Institutional
terminate concession pact Reserve Bank of India governor
Raghuram Rajan had expressed doubts
If manufacturing goes faster, which is
likely, the market size of semiconductors
tions, and artificial intelligence markets.
Tata will also make chips for applications
(Q4) coupled with sluggish Equities also noted in its
rural growth during the period. report on the sector that rural
The National Company Law Appellate Tribunal (NCLAT) has directed about India subsidising the semiconduc- will increase further,” said the official. such as power management integrated Brokerages estimate top- demand remains a concern
the National Highways Authority of India (NHAI) not to terminate tor industry by ~75,000 crore when the Experts also point out that in modern circuits, display drivers, microcontrollers, line growth to be in low single with flat to low single-digit
the concession agreement of an IL&FS group entity — Baleshwar annual budget for education is much less. mobile phones, only a few currently use and high-performance computing logic. digits in the quarter. Also, the growth in many categories and
Kharagpur Expressway, and take measures for its insolvency Rajan noted that if all goes well with 3 nm chips: the iPhone 15 Pro and Pro Given the growth of electric vehicles, late onset of winter had an added that volume growth will
resolution. The appellate tribunal said the resolution of Baleshwar India’s fab strategy, the country will get Max with the A17 chip is Apple’s first the automotive sector — both two- and impact on demand for winter remain a challenge with low-
Kharagpur Expressway Ltd (BKEL), a SPV set up by IL&FS Transpor- 28 nm chips when, in fact, the state-of- entry into this space (earlier they used 5 four-wheelers — is expected to pick up products which range from to-mid-single-digit volume
tation Networks Limited (ITNL), “is in final stages” and any termin- the-art in modern cell phones is 3 nm nm chips). in India and this too will generate a large moisturisers to hot beverages. growth driven by urban.
ation at this stage would “further complicate” the process. PTI and below. The world’s largest fab plant, Taiwan requirement for semiconductor chips to While brokerages expect “Rural demand remains a
“If we are to become a global chip Semiconductor Manufacturing power the vehicles. no respite in rural sales, Dabur concern with flat to low single
India said in its pre-quarterly digit growth in many cate-
Hiranandani to invest ~3K cr update ahead of its Q4 results gories,” Nuvama Institutional
that it noticed a Equities said in its
in FY25, expects 25% growth ‘Bonded labour’: Air India pilot pick-up in rural Factors such
growth fuelled by as low farm
report. It also said,
“Winter demand
Hiranandani Group plans to allocate about ~3,000 crore towards price rollbacks in income and picked up a bit for
expansion of projects during FY25, as it expects a robust residential staples which led to rise of small winter care pro-
real estate business growth of about 25 per cent. Hiranandani
Group is evaluating few projects under the joint venture and aims
to strategically extend its presence to regions with favourable
unions extend support to Vistara the gap between regional ducts, but distribu-
rural and urban nar- competitors are tors were unwilling
rowing. But, it also affecting larger to stock up much.”
conditions such as connectivity, infrastructure, demand, and DEEPAK PATEL by the Vistara pilots are not merged into Air India. pilots taking sudden sick pointed out, companies The brokerage
customer base. BS REPORTER New Delhi, 4 April isolated incidents but rather “The issues of 70 hours leave at the end of March to “Demand trends pointed out that the
indicative of systemic issues fixed remuneration, approval indicate their dissatisfaction remained sluggish during the international businesses of
Describing their situation that extend across var- of leaves, adequate rest with the roster as well as the quarter.” most companies are likely to
Swiggy makes Suparna Mitra akin to “bonded labour”, two
Air India pilot unions
ious Tata Group avi-
ation entities,”
periods, unstable
roster, stretching
new salary structure.
On Thursday, the airline
“In Q4FY24, demand for outperform India operations.
FMCG products faced ongoing On the raw material front,
independent director extended their support to
Vistara pilots on Thursday,
Indian
Commercial
pilots to maxi-
mum flight duty,
cancelled approximately 15
flights. It typically operates
challenges, dampening vol- Elara Capital said that essen-
ume growth. There was no tial commodities such as
Swiggy on Thursday announced the appointment of Suparna Mitra, who have raised grievances Pilots' Association botched roster about 350 flights daily. meaningful change in the crude and palm oil have wit-
Titan Company Ltd CEO Watches and Wearables Division, as an regarding the duty roster and (ICPA) and Indian practices and an “Pilots are being subjected rural growth trends. Factors nessed a sequential increase
Independent Director on its board. Mitra joins Swiggy's other the revised salary structure. Pilots' Guild (IPG) unsupportive to conditions and treatment such as low farm income and but it has not been significant
independent directors that include Anand Kripalu - MD & Global Amid the slew of flight said in a joint letter work environment reminiscent of bonded the rise of small regional com- to have an impact on margins
CEO at EPL Limited and Chairperson of the Swiggy board, Shailesh cancellations and delays, written to Tata The unions said are consistently labourers. There have been petitors, are adversely affect- as year-on-year growth
Haribhakti - Chairman of Shailesh Haribhakti & Associates, and Vistara Chief Executive Sons Chairman N concerns raised echoed by pilots instances where Human ing larger companies,” said remains subdued.
Sahil Barua - Managing Director & CEO at Delhivery. PTI Officer Vinod Kannan Chandrasekaran by Vistara pilots across different Resources resorted to threat- Elara Capital in its earnings “Companies focus has
acknowledged on Wednesday on Thursday. present in Tata Group air- ening pilots with potential preview report on the sector. been focused on offering
that pilot utilisation in the air- Vistara is a various Tata lines," the unions disruptions to their future, The brokerage also pointed higher schemes to drive
line was high, and announced 51:49 joint venture Group aviation said. accompanied by severe con- out that Chyawanprash sales volume and there have been
plans to scale back its flight of Tata Group and entities Between sequences. Threatening pilots lost steam in the quarter no incremental price cuts,” it

AKASA MOST PUNCTUAL schedule and overhaul the

rostering system to provide
pilots with more rest time.
Singapore
Airlines. Air India
Monday
Wednesday,
is a completely owned airline Vistara was compelled to can-
and with disruptions to their
future is not only unethical
but also creates a hostile and
ended March, due to delayed pointed out. Brokerages
winter and have not recovered expect expansion in gross
in Q4. “Food categories con- margins for companies but

AIRLINE IN MARCH “It is crucial to recognise

that the concerns expressed
of the Tata Group. Vistara is cel over 125 flights, allegedly
in the process of being due to a specific group of
intimidating work environ-
ment,” the two unions added.
tinue to outperform home and the pace of expansion will
personal care products. be slow.

Battery cell demand for EVs to rise... Byju’s vs investors:

NCLT adjourns
... even as India’s reliance hearing to April 23
on imports continues REALITY CHECK
Akasa Air reclaimed top position in the on-time n India will continue to depend on cell import Embattled edtech firm Byju’s has filed a
performance (OTP) chart for March, according to the SURAJEET DAS GUPTA in 2030, with only 13% being produced in India plea with the National Company Law
Ministry of Civil Aviation’s data analysed by Business New Delhi, 4 April
n Battery demand will go up from 4 GWh in Tribunal (NCLT) seeking arbitration in its
Standard. In March, the new airline maintained an dispute with some of its key investors.
2023 to 139 GWh in 2035
average daily OTP of 85.21 per cent. AIX Connect, which Tata Motors leads the electric passenger vehicle Byju’s counsel argued that according
held the top position in February, recorded an OTP of market with over 70 per cent share, making n By 2027, India’s over-dependence on China to the shareholding agreement, “such
85.07 per cent in the same month. them the largest consumer of batteries. for cells will reduce, with Maruti and Hyundai matters should be referred for arbitration
Air India, previously the least punctual among all However, snapping at their heels is Maruti sourcing cells from their own countries before proceeding to NCLT.” The investors'
airlines in February, experienced a significant Suzuki India (MSIL), which is projected to match counsels pointed to various case laws and
improvement in OTP. It logged an increase of over 17 per Tata’s demand for battery cells by 2035, powered n The share of Asian cell suppliers is also sections of the law, which said that such a
cent in March. SpiceJet was ranked as the least punctual by the launch of electric vehicles (EVs) later slated to increase matter cannot be referred to arbitration
airline in March, with an OTP of 68.58 percent, according this year. n Suzuki JV, Exide, and Agratas are expected due to the violations alleged and the
to the data. DEEPAK PATEL In a presentation on the Indian EV battery to start cell production in 2024-2025 prayer sought, sources said. The NCLT will
market for light vehicles, S&P Mobility stated now hear the case on April 23. The plea for
ON THE DOT that while MSIL currently holds a small EV arbitration is crucial, as it will mean that
Average daily on-time performance of airlines (in %) market share, its demand for battery cells is However, for battery packs — of which 50 per neck, while Asian suppliers, focusing on the case will shift from NCLT’s jurisdiction.
nFebruary nMarch expected to reach 20 per cent by 2035, slightly cent are already produced in India — the figure building cell capacity, will increase their share On February 27, Byju’s and its investors
trailing Tata at 22 per cent. The third major may decrease slightly to 48 per cent by 2030. from the current minuscule figure. S&P projects locked horns over the company’s $200
player, Hyundai, is expected to make significant S&P warns that the push for localisation may a jump in battery demand, from 4 gigawatt hour million rights issue in a petition alleging
strides in the EV sector, particularly in light lead to more manufacturers producing battery (GWh) in 2023 to 139 GWh by 2035. oppression and mismanagement.
vehicles, including passenger vehicles and packs within India rather than outsourcing. While some cell manufacturing projects have The NCLT, in its order on February 27,
commercial vehicles below 6 tonne, such as the The presentation also highlighted changes in commenced, they are still limited in number. instructed the edtech firm to place funds
Tata Ace. India’s dependence on imported cells India’s global sourcing of cells for light vehicles. MSIL, in a joint venture with Toshiba and Denso obtained from the rights issue in an
68.58
68.67
75.08

85.07
82.03
60.19

67.76

77.60
77.56

85.21
74.27
75.77

for light vehicles is expected to persist. Currently dominated by cell manufacturers Corporation, has established a plant in Gujarat, escrow account. During Thursday's
According to S&P Global, only 13 per cent of from Greater China, the market is expected to currently producing modules and packs for hearing, the petitioners' counsels — Peak
the total battery cells required to power light see Japanese and South Korean cell makers lithium batteries, with plans to manufacture XV Partners, Prosus, and General Atlantic
vehicles by 2030 will be domestically produced, gaining market share by 2027, particularly as cells this year. — said the egregious breach of the
IndiGo Air SpiceJet Vistara AIX Akasa with the remainder outsourced. MSIL and Hyundai prioritise sourcing cells from Exide, in collaboration with SVOLT Energy undertakings given to the courts by
India Connect Air
S&P also forecasts that by 2030, 23 per cent of their respective countries for their EV launches. Technology, aims to begin cell production by Byju’s, including the no allotment of
Source: Ministry of Civil Aviation battery modules will be manufactured in India, By 2034, the market share of China and 2025, starting with a capacity of 6 GWh annually, securities without increasing the
up from the current negligible amount. Japan/South Korea is projected to be neck-and- to be doubled later. authorised share capital. SHIVANI SHINDE

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.
MUMBAI | FRIDAY, 5 APRIL 2024 COMPANIES 3 <

Ball in Tesla’s court: India X activates ‘Community Notes’

Fact-checking type feature to curb misinformation YouTube okayed ads
on company’s EV plans
BLOOMBERG that is now going up, it should
PRESS TRUST OF INDIA
New Delhi, 4 April

Social media platform X (formerly Twitter)

licly shown on a post. X described
Community Notes as a collaborative way
to keep people better informed.
“Contributors are people like you.
with misinformation
on India’s election
THERE HAVE BEEN CONTACTS
4 April
MADE WITH STATE
be closer to 15 per cent by
2030, after which it will just
has expanded its ‘Community Notes’ pro-
gramme to India, a fact-checking type fea-
Anyone on X whose account meets the
eligibility criteria can sign up to help. All process: Report
T
he country’s industry snowball.” ture that allows people to collaboratively contributors start with the ability to rate
secretary said the ball
GOVERNMENTS AND THE CENTRAL According to add context to potentially misleading notes, and over time, can earn the ability ASHUTOSH MISHRA
is now in Tesla Inc.’s GOVERNMENT. VINFAST HAS BloombergNEF estimates, posts. The activation of ‘Community to write,” the content on the sign-up New Delhi, 4 April
court to lay down its invest-
ment plans for the South
ALREADY ANNOUNCED AND WE some 96,000 passenger EVs
were sold in India in 2023,
Notes’ programme in India comes at a cru-
cial juncture when the world’s most pop-
page to join Community Notes read.
Notes are not chosen by majority Video streaming giant YouTube allegedly
Asian nation after the govern- EXPECT A FEW OTHERS” nearly double a year earlier, ulous democracy is scheduled to hold Lok rule. Community Notes identifies notes approved almost 50 advertisements having
ment cut import duty on elec- and that could climb by Sabha elections over seven-phases that are found helpful by and for people misinformation about elections recently,
tric vehicles. RAJESH KUMAR SINGH, Secretary, DPIIT another 40 per cent in 2024. between April 19 and June 1. The results with different points of view. according to a joint investigative report
The industry department India’s electric passenger will be declared on June 4. “X doesn’t choose what shows up: the by digital rights group AccessNow and
last month released a compre- vehicle market however has Elon Musk, the billionaire boss of X, people do,”it said. To join the Community Global Witness. But YouTube, while reacting
hensive policy for boosting EV years, India’s government said penetration of four-wheeler to date largely been driven by in a post said, “Community Notes now Notes pilot programme, the X account to the report, said that none of the advertise-
manufacturing in the world’s in March. electric vehicles to at least 10 electric scooters, which are active on India!” Welcoming new con- must have no rules violations on the plat- ments ever ran on its systems.
most-populous nation. Singh said on Thursday per cent by 2030,” he said. much cheaper. India also tributors in India, X’s official form since Jan 1, 2023; and at least six The advocacy groups claimed that a total
Following that move, it’s up to that the policy should help “My view is that if we have doesn’t have very good EV ‘Community Notes’ handle posted, "Our months on the platform. The eligibility of 48 misleading advertisements in English,
Elon Musk’s carmaker to spur growth of EVs in the these manufacturing units charging infrastructure and first contributors are joining today, and criteria also calls for a verified phone Hindi, and Telugu containing content pro-
“make the announcements of country. up and running, along with the EVs that are on offer are we'll be expanding over time. As always, number with a trusted phone carrier, adds hibited by YouTube’s advertising and elec-
their manufacturing plans,” “We expect it to lead to a the battery infrastructure mainly expensive. we’ll monitor quality to ensure that that the number should not be associated tions misinformation policies, were allegedly
Rajesh Kumar Singh, secre- notes are found helpful by people from with other ‘Community Notes’ approved by the streaming giant.
tary of department for promo- different points of view." accounts. Over the last The advertisements were however pulled
tion of industry and internal Community Notes now has con- months, social media plat- down after they were approved from
trade, told Bloomberg in an
interview on Thursday.
“We will help them out in
Tesla begins car production tributors in 69 nations around
the world, it said, adding “and
we’re adding more regularly”.
forms have lined up a slew
of measures to combat
misinformation, false
YouTube, but before they could be
published, the report confirmed.
“Heading into the crucial election year
terms of giving them the con-
tacts at state level,” Singh said.
“There have been contacts
in Germany for export to India According to information on
the X’s helpcentre, “Community
Notes aims to create a better
news, and deepfakes and
with polls just weeks
away, the election inte-
of, tech platforms made tall promises about
safeguarding electoral integrity, but the proof
is in the pudding: YouTube greenlit all 48
made at that level with state REUTERS informed world by empowering grity efforts too ads violating its policies, submitted as part
governments and the central
government. VinFast has
New Delhi/Berlin, 4 April Telangana courts EV giant people on X to collaboratively
add context to potentially mis-
have been scaled up by
big tech players who
of our investigation,” said Namrata
Maheshwari, Senior Policy Counsel, Access
already announced and we Tesla has begun production The Telangana government is global giants, and as part of its leading posts.” Contributors can count India amo- Now. Reacting to the allegations, a Google
expect a few others.” of right-hand drive cars at its holding discussions with Tesla focus, Tesla's planned leave notes on any post and if ng their spokesperson said, “Our policies explicitly
Vietnamese automaker plant in Germany for export by putting in all efforts to investment initiatives in India enough contributors from major prohibit ads making demonstrably false
VinFast recently broke ground to India later this year, three establish their plant in the are also being tracked. different points of view mar- claims that could undermine participation
on an EV manufacturing facil- people aware of the compa- state, Industries Minister D “We have been studying rate that note as help- ket. or trust in an election, which we enforce in
ity in India’s southern state of ny's plans told Reuters, as it Sridhar Babu said on Thursday. and tracking Tesla's planned ful, the note is pub- several Indian languages.”
Tamil Nadu. moves ahead with a possible In a message on X Sridhar investment initiatives in India.
Tesla is planning to send a entry into the world's third- Babu said since December 2023 We have been making all out
team of people to scout for largest car market. the state government has been efforts to bring Tesla to
locations in India this month A team from Tesla is actively focusing on major Telangana for some time...”
for a proposed $2 billion to $3 expected to visit India later investment opportunities by he said. PTI
billion electric car plant, the this month to look at sites for
Financial Times reported ear- a local car manufacturing
lier this week, citing people plant that would require an to India, they have started indication of right-hand
familiar with the matter that investment of about $2 building them," one of the drive (RHD) cars being
it didn’t identify. Tesla would billion, said two of the three people said, with some cars produced in Berlin. Tesla's
also look to increase purchas- people, who declined to be due to be shipped to India by Shanghai plant, its primary
es of auto parts from the named because the plans are the end of the year. export hub located nearer to
nation to as much as $15 bil- not public yet. It was not immediately right-hand-drive markets,
lion, Bloomberg reported in India last month slashed clear which model Tesla such as Australia and Japan,
November. Musk’s carmaker the import tax rate on certain plans to export to India. It has so far handled
has for years been been mak- electric vehicles if their currently produces only the production of such vehicles.
ing a case for cutting import makers invest at least $500 Model Y at its factory near Tesla imported RHD
taxes before it commits to any million in the country and Berlin. Under the new Indian Model Y vehicles for its
significant investment in one start production there within policy, companies can launch in the UK from China
of the world’s biggest automo- three years. The move is a import up to 8,000 cars a and has not said whether it
bile markets. win for Tesla, which had year at the lower tax rate. has shifted to importing
To get tax concessions, lobbied for months for lower Tesla did not respond to from Berlin. The carmaker
companies will have to invest taxes, but faced resistance an email seeking comment has eyed the Indian market
at least ~41.5 billion ($500 mil- from local carmakers. outside US office hours. for years and its officials
lion) and start producing EVs "The right-hand drive The plans for shipments visited the country several
from a local plant within three cars which will be allocated to India are the first times over the past year.

Vedanta begins Top four cement companies

ops as mining
resumes in Goa plan to add 42 mtpa in FY25
PRESS TRUST OF INDIA AMRITHA PILLAY
New Delhi, 4 April Mumbai, 4 April PECKING ORDER
Capacity additions (mn tonnes)
Mining in Goa resumed after India’s leading cement makers are on a capac-
a gap of six years, with ity expansion spree. More than 42 million UltraTech Cement 21.6
mining major Vedanta com- tonnes (mt) of additional cement capacity is ACC-Ambuja 11.6
mencing operations on expected to go onstream in the current finan-
Thursday at Bicholim min- cial year. Shree Cement 6.0
eral block in the state. Earlier this week, UltraTech Cement Dalmia Cement 2.9
Bicholim Mineral Block is announced the commissioning of 5.4 million Note: Data excludes bulk terminals and under progress
acquisitions, includes grinding units, integrated units,
E-AUCTION - SALE OF LAND (FREEHOLD INDUSTRIAL) & CERTAIN ASSETS
the first auctioned mine to tonnes per annum (mtpa) capacity, taking its
become operational since overall capacity to 151 mtpa. This is part of the clinker plants ON "A SET OF ASSETS COLLECTIVELY" BASIS, UNDER IBC, 2016
Source: Analyst reports, company presentations
2018 when the Supreme 21.6 mtpa the company has guided to commis- MARMAGOA STEEL LIMITED - (IN LIQUIDATION)
Court imposed a blanket ban sion in the current financial year. UltraTech’s CIN: L27106GA1987PLC000764
on mining in the coastal closest competitor, ACC-Ambuja Cement, FY23, and expected to reach 54 per cent by the Sale
state, the company said. according to company disclosures, will add end of FY26, as new capacities trickle in, under the provisions of the Insolvency and Bankruptcy Code, 2016
The mining in Goa came another 11.6 mtpa of capacity in FY25. Further, according to estimates by rating agency Notice is hereby given to the public in general under the provisions of Insolvency and
to a grinding halt in March Shree Cement and Dalmia Cement, the other CareEdge. India’s cement sector is witnessing Bankruptcy Code, 2016 and Regulations there under, that the process of sale of
2018 after the Supreme Court two of the top four cement makers, also have consolidation, marked by numerous mergers Assets of Marmagoa Steel Limited - In Liquidation (Corporate Debtor/CD) on
"A Set of Assets Collectively" basis, forming part of Liquidation Estate formed
quashed 88 mining leases. capacity commissioning lined up. and acquisitions, resulting in a more concen- by the Liquidator, appointed by the Hon'ble NCLT, Mumbai vide order dated February
“Heralding a new era of Shree Cement on Tuesday announced that trated market landscape, said Ravleen Sethi, 15, 2023 is scheduled to take place on 08-05-2024. The E-Auction would be
inclusive development, it has commissioned fresh cement capacity of associate director at CareEdge. “The consoli- conducted on "AS IS WHERE IS BASIS, AS IS WHAT IS BASIS, WHATEVER
Vedanta Sesa Goa com- 3 mtpa, six months ahead of schedule. dation is aimed at achieving economies of THERE IS BASIS AND NO RECOURSE BASIS."
menced mining operations According to analyst estimates, the company scale, increasing market share, and enhancing The Auction would be conducted by the undersigned through E-Auction service
provider - Right2Vote.
at Bicholim Mineral Block- is expected to add 6 mtpa of fresh capacity for competitiveness in the industry,” said Sethi. All the assets are located at Plot No.280, Eclate Curtorim Salcete, Margao, Goa,
Block 1 in the state of Goa,” the full financial year. On cue of these rising capacities, three of the South Goa-403709. Amounts in INR
the company said in a state- Based on analyst estimates, the top four top four cement makers – UltraTech Cement, Sr. No. Description
Reserve Earnest Money Incremental
ment. Vedanta Limited had companies will add 42.1 mt of cement capacity Shree Cement, Dalmia Cement – have brand Price Deposit (EMD) Bid Amount
in 2022 emerged as a success- in FY25. This is about 9-10 per cent of total vol- ambassadors: actors Shah Rukh Khan, Sunny Sale of Land & Certain Assets on "A Set of Assets Collectively" basis
ful bidder for the mining umes estimated as sold in FY24. Deol, Ranveer Singh, appointed in the past few Date and Sale of Land (Freehold
block which was auctioned. Email queries sent to the four companies months. Time of Industrial) & Certain 21,00,00,000/-
E-Auction: Assets on a "A Set of 1,00,00,000/- 10,00,000/-
Vedanta was the highest remained unanswered at the time of writing However, these capacities are also going (Rupees
08-05-2024 Assets Collectively" Twenty One (Rupees One Ten Lakh
(Rupees
bidder with 63.55 per cent this story. The rising capacity additions will onstream amid challenges in increasing from basis (Under Regulation Crore Only)
Crore Only) Only)
revenue for Bicholim Mining strengthen market presence for the top four cement prices, coinciding with the country’s 11:00 AM 32(c) of the Liquidation
Block, spread over cement companies, from 40 per cent share in General Elections, which could temporarily to 01:00 PM Regulation, 2016
485 hectares. cement capacity in FY12, to 48 per cent in dampen construction activities. Date and Time of Auction Wednesday, 08-05-2024 (From 11:00 AM to
01:00 PM) (with unlimited extension of 5 min each)
Last Date of Submission of Expression of Interest (EOI): Saturday, 20-04-2024
Expression of Interest (EOI) and by 06:00 PM
Earnest Money Deposit (EMD) Earnest Money Deposit (EMD): Monday,
NCDRC dismisses 2015 plea GE Aerospace to 06.05.2024 by 06:00 PM
Physical Inspection Date and Thursday, 25-04-2024 till

against sale of Maggi noodles invest ~240 cr for

Time (Assets to be auctioned Friday, 03-05-2024 between 10:30 AM to 2:30 PM
are located at Marmagoa, Goa)

Pune facility upgrade The Interested Applicants may refer to the complete E-Auction Process Document
containing details of terms and conditions of the E-Auction on the website of CD
http://marmagoasteel.in/ or the website of the E-Auction service provider
AKSHARA SRIVASTAVA “The complaint filed by the Union GE Aerospace on Thursday announced https://right2vote.in/eauction/, or may directly write an email to
New Delhi, 4 April of India, Department of Consumer its plans to invest over ~240 crore msl.liquidator@gmail.com to obtain the same.
Affairs in 2015… was dismissed by (around $30 million) to upgrade its man- The Liquidator holds the right to cancel, modify or extend the terms and timelines of this
The National Consumer Dispute NCDRC in the favour of the company ufacturing facility in Pune. E-Auction at any time.
Redressal Commission (NCDRC) has vide NCDRC’s order dated April 2, 2024. The investment will be used to add The Liquidator reserves right to reject any bid or bidder without assigning any reason.
dismissed a 2015 complaint by the The copy of the said order was new projects and manufacturing pro- Sd/-
Department of Consumer received by the company on cesses in the facility by acquiring ESS Sriramachandra Murthy
Liquidator of Marmagoa Steel Limited
Affairs (DoCA) against the sale April 3, 2024,” Nestle said in machines/equipment and specialised IBBI Regn. No. - IBBI/IPA-001/IP01408/2018-2019/12161
of Maggi noodles, Nestle the exchange filing. The tools along with capacity enhancement Email id: msl.liquidator@gmail.com
India said in an exchange fil- Food Safety and Standards of existing products, the company said Contact No: +919959184111
ing on Thursday. Authority of India (FSSAI) in a statement. Authorization for Assignments valid till 30.10.2024
Date: 05-04-2024 Communication Address: 8-2-698, 502, 5th Floor, M.J.Tower,
The DoCA alleged that found excess levels of lead Inaugurated in 2015, the Pune facility Place: Hyderabad Road No.12, Banjara Hills, Hyderabad, 500034
the company had indulged in and monosodium glutamate produces components for commercial
unfair trade practices by man- (MSG) in Maggi noodles in 2015, jet engines.
ufacturing and selling hazardous following which several states “This investment helps us to continue
and defective goods to the public. banned the product. The company had our growth in aerospace in India, giving
It further sought compensation of pulled out the product from the market us the resources we need to meet increas-
~284.55 crore and punitive damages and destroyed over 35,000 tonnes of ing customers’ demand,” said Amol
to the tune of ~355.41 crore from the Maggi noodles. However, the ban was Nagar, managing director for GE
company. lifted five months later. Aerospace's Pune facility. PTI
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | FRIDAY, 5 APRIL 2024 1

IN BRIEF
Rakesh Mohan appointed
to World Bank panel
India not asked to reduce Record rise in
exports spurs
The World Bank Group has appointed former
Reserve Bank of India deputy governor
Rakesh Mohan (pictured) member of the
Russian oil imports: US Services PMI
to 61.2 in Mar
Economic Advisory Panel, according to a
statement released by New Delhi-based
SUBHAYAN CHAKRABORTY
New Delhi, 4 April WHAT US TREASURY DEPARTMENT OFFICIALS SAID
think tank Centre for Social and Economic n Goal is to force n Want to see n Happy that price

I
Progress (CSEP). Currently, Mohan is serving as ndia has not been urged to reduce its Russia to sell oil at Russia continue cap is forcing Russia
president emeritus and distinguished fellow imports of Russian crude oil, with senior cheaper prices giving higher President Vladimir
at CSEP and is also part-time member of the officials from the US Department of the
regardless of who negotiated Putin to invest in oil
Prime Minister’s Economic Advisory Council. According to the CSEP Treasury emphasising a desire to see Russia
statement, the panel will focus on strategic issues for the World Bank offer higher negotiated discounts to buyers, is buying it discounts to buyers tankers and not tanks
Group in relation to their objectives, research agenda and actions. they said on Thursday. Additionally, they
Previously, Mohan worked as executive director on the board of the highlighted that Indian buyers can procure n Non-G7 nations free to buy Russian n No Indian company
International Monetary Fund, as economic affairs secretary and chief Russian crude above the $60 per barrel price oil above $60-cap without using has violated sanctions
economic adviser in the Finance Ministry, and economic adviser in cap if they opt out of Western shipping and Western shipping, insurance services so far
the industry ministry. Mohan also served as senior fellow at the maritime services.
Jackson Institute for Global Affairs, Yale University, and was professor Speaking to journalists at the Ananta
in the practice of international economics and finance at the School Aspen Centre in Delhi, Anna Morris, assistant tions involving Russian crude sold at or above Sovcomflot, on February 23. These sanctions,
of Management from 2010 to 2012. HARSH KUMAR secretary for terrorist financing and financial a $60 per barrel cap. This measure was imple- announced on the second anniversary of
crimes, and Eric Van Nostrand, assistant sec- mented concurrently with a separate ban on Russia’s invasion of Ukraine, targeted 14
retary for economic policy of the US Russian seaborne crude and refined ship- tankers within the fleet.
GREEN SIGNALS
CBDT enables ITR filing for Department of the Treasury, explained that
the existing price cap regime aims to limit
ments by European Union (EU) nations.
According to estimates by the London- Forcing Russia’s hand Services PMI (in points) 64
Russia’s ability to sell oil at inflated prices. based commodity data analytics provider The price cap has compelled Russia to divert
FY24; 23,000 returns filed “Effectively, the price cap is designed to
compel Russia to continue selling its oil, but
Vortexa, which tracks ship movements to
gauge imports, Russia remained the single-
funds from the battlefield towards developing
its oil marketing infrastructure, effectively
57.8 61.2
62
The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have at lower prices than it could otherwise com- largest supplier of crude oil for the 18th con- pressuring Moscow to prioritise oil tankers
been made available on e-filing portal from April 1, 2024, and about mand,” Nostrand said. He added that it also secutive month as of March. over tanks, Morris said. 60
23,000 returns have already been filed for the 2023-24 financial year. seeks to foster a market where global buyers Imports from Russia increased by 7 per “In the second half of 2023, we observed
This is for the first time in recent years that the Income Tax can generally secure better deals from cent month-on-month in March, reaching Russian efforts to build up an infrastructure 58
department has enabled taxpayers to file their I-T returns on the first Moscow. Since December 5, 2022, the Group 1.36 million barrels of crude per day com- of ships, insurers, and other maritime serv-
day of the new financial year and, is a step towards ease of of Seven (G7) nations — the US, Canada, pared to February. Analysts had previously ices with providers with opaque ownership 56.9
compliance and seamless taxpayer services. In a statement, the France, Germany, Italy, Japan, and the UK — anticipated reduced imports from Russia fol- structures and a history of sanctions evasion 56
Central Board of Direct Taxes (CBDT) said it has facilitated taxpayers to have prohibited Western shipping and insur- lowing fresh sanctions imposed by the US activities, sometimes colloquially known as
Mar ‘23 Mar ‘24
file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year ance companies from engaging in transac- against Russia’s leading tanker group, the shadow fleet,” Morris said. Note: A reading above 50 denotes expansion and a figure
below that is contraction
(relevant to Financial Year 2023-24) from April 1, 2024. PTI
Source: S&P Global

Trai consultation for auction Ships in Iran, Venezuela shadow SHIVA RAJORA
New Delhi, 4 April

of 4,000 MHz spectrum begins

Telecom regulator Telecom Regulatory Authority of India (Trai) on
Thursday sought stakeholders’ views on the auction of three new
trade supplied Russian oil to India Growth in India’s dominant services sector
resumed in March after decelerating in
February, helped by a record rise in exports.
Healthy demand, efficiency gains and sales
spectrum bands in higher frequency range that will make available S DINAKAR es were affected, Vortexa data pushed the headline Purchasing Managers’
around 4,000 megahertz radiowaves for mobile services. The New Delhi, 4 April showed. Imports of Russian oil in Index (PMI) figure to 61.2 from 60.6 in February,
regulator has sought views on pricing, allocation norms, and March actually rose on the month said a survey by HSBC Bank on Thursday.
payment terms, among others, for spectrum in frequency bands of What’s common among Snow to 1.65 million bpd according to “Buoyant demand for Indian services creat-
37–37.5GHz, 37.5–40GHz and 42.5–43.5GHz for mobile services. This Lotus, Turaco, Eternal Peace, data from Kpler. Indian refining ed a cascade of positivity for the sector at the
is the first time three spectrum bands in 37-37.5GHz, 37.5-40GHz and Thalia 111, and Limo? These are sources said that traders selling end of the fiscal year. March saw one of the
42.5-43.5GHz are being proposed for the auction that will make among the 90 or so oil tankers, Iranian crude, flagged as strongest expansions in total sales and business
available 4,000 Mhz spectrum for 5G services in the future. PTI which transported Russian oil to Malaysian oil, continue to activity in close to 14 years, helped by a series
India in the past few years but approach state-run refiners but record upturn in new export orders,” said the
were previously involved in the they are more wary of violating US survey. March marks 32 months of the index

France-based Allianz Partners Iranian/Venezuelan shadow trade

in sanctioned crude shipments.
sanctions than Beijing.
For instance, many of the Sokol
remaining above the 50-mark since July 2021.
A reading above 50 in the survey means expan-
This batch of vessels, which cargoes that were turned away by sion in services and a figure below that is con-
to launch ops in GIFT City has earned sobriquets of “ghost
fleet” and “dark fleet”, came handy SHIPS USED India China India since December have found
a home in China, and 40 per cent
traction. The composite PMI output index rose
to an eight-month high of 61.8 from the previous
France-based Allianz Partners on Thursday announced the launch of
its IFSC Insurance Office (IIO Reinsurance Branch) in International
as Asian countries led by India and
China sought alternate ways to FOR CRUDE of those cargoes were delivered on
sanctioned vessels.
month's 60.6, after a 16-year high growth in
manufacturing in March as recorded by the
Financial Services Centre (IFSC) GIFT City, Gandhinagar. The company
has become the first foreign reinsurer to open its office at IFSC,
secure discounted Russian oil as
the US sanctions on Moscow
TRANSFER TOTAL
VESSELS
TOTAL
VESSELS
But Washington is now turning
its sights on Iran, with at least six
headline PMI figure for the sector released on
Tuesday. The composite PMI had a preliminary
marking a significant milestone in its strategic expansion efforts in intensified, according to ship Figures from ships flying the Panamanian flag reading of 61.3 when released on March 21.
India. The IIO is a reinsurance branch of AWP P&C SA, a group entity of tracking agencies and industry January 2021 to 493 18%
370 29% and carrying Iranian oil since HSBC services survey polled around 400 com-
Allianz Partners headquartered in Paris, that aims to transform the sources. That doesn’t necessarily March 2024 Iran, Iran, January facing sanctions. panies in transport, information, communica-
reinsurance landscape in India with its B2B offerings, the company mean that these tankers were 82% Venezuela 71% Venezuela Last month, American officials tion, finance, insurance, real estate, non-retail
said in a statement. PTI named and sanctioned by Source: Vortexa Russia links Russia links visited Panama — whose flag flies consumer and business services.
Washington, but they were on 8,540 vessels, representing 16 Granular data showed better demand for
involved in transporting oil from US Treasury department offi- US has sanctioned less than 10 per per cent of the ships that make up Indian services from both domestic and inter-

CBSE changes Class 11, 12 exam Venezuela and Iran, said Armen
Azizian, a senior oil risk analyst
cials said in Delhi on Thursday cent of the 600-plus strong dark
that Washington “began and have fleet carrying Russian oil to global
the world fleet — asking local
authorities to stop tankers flying
national sources as new export business rose at
the fastest rate since the series started in
with London-based market intel- continued to publicly sanction importing nations, an Indian its flag from transporting Iranian September 2014.
format, more focus on concepts ligence agency Vortexa.
A ban on Iranian oil exports,
vessels involved in oil trade above refining official said.
the price cap (of That still leaves a
crude. In January, Washington
asked the Panama Maritime
Respondents reported gains in Africa, Asia,
Australia, Europe, the Americas and West Asia.
The exams for Classes 11 and 12 from the 2024-25 session will include instituted by former President $60/barrel).”“Our large non-sanctioned Authority to investigate 189 There were quicker increases in output and sales
more competency-based questions that assess the application of Donald Trump, still holds while efforts are bolstered ‘Dark fleet’ comes fleet operational. Panamanian-flagged vessels, across each of the four broad areas of the service
concepts in real-life situations, according to Central Board of the ban on Venezuelan crude by international sup- handy as India There are several accounting for around half of economy monitored by the survey, with finance
Secondary Education (CBSE) officials who announced a change in the exports was lifted in October for a port for these seeks Russian oil tankers, typically over Iran’s shadow fleet, US-based mar- and insurance topping the growth rankings in
format.While the percentage of competency-focused questions in six-month period ending 18th enforcement actions, amid escalating 10 years old and spe- ket information provider Energy both cases.
the form of MCQs, case-based questions, source-based integrated April. Of the 493 tankers that like the recent deci- sanctions cialising in opaque Intelligence reported. Ines Lam, economist, HSBC said that serv-
questions or any other type has been increased from 40 to 50 per docked at Indian ports to dis- sion from private and shipments, available to Despite US sanction enforce- ices PMI rose in March on the back of strong
cent, the percentage of constructed response questions including charge Russian crude since publicly owned transport Russian oil ment actions, Iran increased crude demand that spurred sales and business activity.
short and long answers has been reduced from 40 to 30 per cent. PTI January 2021, 18 per cent have pre- refineries to halt imports on to India, the official remarked. exports by 40 per cent last year to “Service providers increased hiring at the fastest
viously been involved in Sovcomflot ships,” they said. Oil secretary Pankaj Jain is very 1.4 million bpd on over 250 pace since August 2023 in order to expand pro-
Iranian/Venezuelan oil trade, India’s oil ministry did not clear that India will not allow tankers, according to Vortexa. duction capacity. Input costs rose at a faster rate,
Centre aims 7-fold rise in wheat Azizian, who authored a report
reviewing the impact of sanctions
reply to an email nor did Indian trades in sanctioned vessels. The
Oil, the biggest buyer of Russian country will buy Russian oil only
Small, independent refiners in
China termed as teapots are the
yet service providers were able to broadly main-
tain margins by charging higher output prices,”
buying from UP, Raj, and Bihar on Russian oil flows in Asia, said.
Not only India but many Asian
oil, and which was impacted the if it is delivered on non-sanctioned
most from recent US sanction ships, he said. India is more risk-
main buyers of sanctioned crudes.
Iranian crude is reported to be
he said. The survey noted an intensification of
price pressures, with both input costs and out-
nations import Russian crude util- enforcement actions. Indian Oil is averse than China but a large handed over via ship-to-ship put charges increasing.
Amid the heat of the ongoing Lok Sabha electioneering, the Centre ising these tankers, replacing ton- now in talks to renew a 490,000 opaque fleet suggests minimal transfers offshore Malaysia before “The rate of input price inflation was
on Thursday announced plans to significantly increase wheat nage from any loss of vessels from barrels per day term contract, 10 impact to both markets from US being designated as Malaysian oil. marked, faster than that seen in February and
purchase from non-traditional states of Uttar Pradesh, Rajasthan, recent sanctions. 29 per cent of the per cent of India’s crude imports, sanctions. Shipments of Russian China imported 1.1 million bpd of above its long-run average. The combination of
and Bihar and set a target of seven-fold jump in procurement to tankers that discharged at Chinese with Russian state-owned oil com- oil on sanctioned vessels to India Malaysian-origin crude in 2023, rising cost pressures and demand strength
5 million tonnes in the ongoing 2024-25 marketing year. The Union ports in the last three years had pany Rosneft. declined by 300,000 bpd from a according to customs data, up 70 encouraged companies to lift their selling prices
Food Ministry has decided to procure 16 per cent of the total wheat shipped crude from Iran and India gets oil from Russia in 45 2023 average, however, hardly 5 per cent from 2022, the Energy in March. The rate of charge inflation climbed
procurement target of 31 million tonnes set for 2024-25. PTI Venezuela. to 50 tankers every month, and the per cent of overall Indian purchas- Intelligence reported. to its highest mark since July 2017,” it said.

AHEAD OF LS POLLS, TAMING GETTING DEARER

Retail price of major food commodities in Delhi markets (~/kg)
Home-cooked veg
FOOD PRICES GOVT’S PRIORITY Potato
Mar 3 Apr 3
17 25
% change
47.1
thali costlier in March
Ahead of the seven- However, going forward, most experts said that Soyoil 122 131 7.4 RAGHAV AGGARWAL and 22 per cent year-on-year.
phase Lok Sabha inflation management in the coming months New Delhi, 4 April Markets had low supplies of onions
Gram dal 78 82 5.1 and potatoes and a low base last fiscal
elections, keeping food will depend on how the rabi harvest comes
prices under check has through and the vagaries of weather. Excessive Mustard oil* 133 139 4.5 The cost of a home-cooked vegetarian shaped tomato prices. Low supplies
Groundnut oil* 133 139 thali increased 7 per cent in March to pushed up rice prices by 14 per cent
emerged as one of the and sudden rise in temperature between April 4.5
~27.3 compared to ~25.5 in the same and pulses by 22 per cent.
topmost priorities for the and June could also play a part in pushing up Moong dal 122 125 2.5 month in 2023, said a report on The price of a vegetarian thali in
government. prices, particularly of vegetables and perishable
Commodity

Masoor dal 85 87 2.4 Thursday. March fell by one per cent compared
BATTLEGROUND Food prices would food items. A “non-vegetarian” thali’s price to February (~27.4) as tomato prices fell
likely have a bearing on The good news is that so far, all indications Tur dal 157 157 0 decreased 7 per 2 per cent. A
2024 the preferences of voters. hint that the 2024 southwest monsoon could be Rice 40 40 0 cent to ~54.9 FOOR FOR THOUGHT non-vegetarian
In the past, there have ‘normal’ as El Niño is waning and ‘La Niña’ is from ~59.2 in Cost of preparing thali at home (~) thali became
Wheat 29 29 0
been instances when governments have been about to set in. SANJEEB MUKHERJEE the same peri- Veg thali Non-veg thali cheaper in
voted out over rising food inflation. Atta (wheat flour) 31 31 0 od, said the March year-on-
report by rating 59.2 54.9 year as broiler
For a year now, the Centre has announced a Sugar 44 44 0
agency Crisil. prices declined
series of measures to check food prices like Urad dal 143 140 -2.1 A vegetarian 25.5 16 per cent.
export bans, allowing duty-free imports of *Packaged
thali comprises “For the past
Tomato 42 40 -4.8 Source:
most pulses and edible oils until March 2025, Department of roti, onion, five months,
stopping diversion of sugarcane juice for Onion 40 32 -20.0 Consumer Affairs
tomato, potato, 27.3 there has been a
making ethanol to conserve the sweetener rice, dal, curd, divergence in
for domestic consumption, among COMBINED and salad. A Source: Crisil Roti Rice Rate report the cost of vege-
others. The government is also
simultaneously selling packaged wheat,
FOOD non-vegetarian tarian and non-
has the same foods but chicken (broil- vegetarian food plates,” said Pushan
rice, atta (wheat flour), gram dal under INFLATION er) replaces dal. The average cost of a Sharma, director of Research at
home-cooked thali is calculated based Crisil Market Intelligence and
the ‘Bharat’ brand to make sure food (in %) on input prices in North, South, East Analytics. “While the vegetarian
items are available at affordable and West India. plate has become more expensive on-
prices. Liquidation of public According to Crisil's Roti Rice Rate year, the non-vegetarian is cheaper.
stocks of wheat and rice has also report, a vegetarian thali became cost- The divergence is because broiler
been taken up to cool down rates. Source: MoSPI
lier due to prices of onion, tomato and chicken prices have fallen owing to
potato rising 40 per cent, 36 per cent, excess supply.”
.
MUMBAI | FRIDAY, 5 APRIL 2024 5
<

This is an advertisement issued to the public, pursuant to Regulation 30(1) of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended, for information purpose only.

(Please scan the QR Code to view the Abridged Prospectus)

EDELWEISS FINANCIAL SERVICES LIMITED
Edelweiss Financial Services Limited (the “Company” or “Issuer”) was incorporated at Mumbai on November 21, 1995 as a public limited company with the name 'Edelweiss Capital Limited' under the provisions of the Companies Act, 1956. Thereafter, a certificate of commencement of business was issued to the Issuer by the Registrar of
Companies Maharashtra, at Mumbai, (“RoC”), on January 16, 1996. Subsequently, the name of the Issuer was changed to 'Edelweiss Financial Services Limited' pursuant to a fresh certificate of incorporation issued by the RoC on August 1, 2011. For more information about the Issuer, please refer “General Information” and “History and
Main Objects” on pages 49 and 143 of the Prospectus.
Registered & Corporate Office: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai 400 098, Maharashtra, India; Tel.: +91 22 4079 5199;
CIN: L99999MH1995PLC094641; PAN: AAACE1461E; Website: www.edelweissfin.com; Email: efslncd@edelweissfin.com
Company Secretary and Compliance Officer: Mr. Tarun Khurana; Tel.: +91 22 4079 5199; Email: efslncd@edelweissfin.com; Chief Financial Officer: Ms. Ananya Suneja; Tel: +91 22 4079 5199; Email: efslncd@edelweissfin.com,
Link to download Abridged Prospectus: https://www.edelweissfin.com/wp-content/uploads/2024/04/EDELWEISS-FINANCIAL-SERVICES-LIMITED-2A.PDF

Our Promoters:
(i) Rashesh Chandrakant Shah; Email: efslncd@edelweissfin.com; Tel: +91 22 4079 5199; (ii) Venkatchalam A Ramaswamy; Email: efslncd@edelweissfin.com; Tel: +91 22 4079 5199, (iii) Vidya Rashesh Shah; Email: efslncd@edelweissfin.com;
Tel: +91 22 4079 5199; and (iv) Aparna T.C; Email: efslncd@edelweissfin.com; Tel: +91 22 4079 5199. For details of our Promoters, see “Our Promoter” on page 159 of the Prospectus.
PUBLIC ISSUE BY THE ISSUER OF 20,00,000 SECURED REDEEMABLE NON-CONVERTIBLE DEBENTURES OF FACE VALUE OF ₹ 1,000 EACH (“NCDS” OR “DEBENTURES”) FOR AN AMOUNT UP TO ₹ 1,000 MILLION (“BASE ISSUE SIZE”) WITH A GREEN SHOE OPTION OF UP TO ₹ 1,000
MILLION, CUMULATIVELYAGGREGATING UP TO ₹ 2,000 MILLION (“ISSUE LIMIT”) HEREINAFTER REFERRED TO AS THE “ISSUE”. THE NCDs WILL BE ISSUED ON THE TERMS AND CONDITIONS AS SET OUT IN THE PROSPECTUS DATED MARCH 28, 2024 (THE “PROSPECTUS”) FILED
WITH THE ROC, STOCK EXCHANGES AND SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”). THE ISSUE IS BEING MADE PURSUANT TO THE PROVISIONS OF SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF NON-CONVERTIBLE SECURITIES)
REGULATIONS, 2021, AS AMENDED (THE “SEBI NCS REGULATIONS”), THE COMPANIES ACT, 2013 AND RULES MADE THEREUNDER AS AMENDED TO THE EXTENT NOTIFIED AND THE SEBI NCS MASTER CIRCULAR. THE ISSUE IS NOT UNDERWRITTEN.
CREDIT RATING: “CRISIL A+/Stable (pronounced as CRISIL A plus rating with Stable outlook)” by CRISIL Ratings Limited.
#
Allotment on first come first serve basis .
#
Allotment in the public issue of debt securities shall be made on the basis of date of upload of each application into the electronic book of the stock exchange in accordance with the SEBI Master Circular. However, in the event of oversubscription and thereafter, on such date, the allotments should be made to the applicants on proportionate basis. For further details refer section title “Issue
Related Information” on page 243 of the Prospectus.
The following is a summary of the terms of the NCDs to be issued pursuant to the Prospectus:
Series I II III IV** V VI VII VIII IX X XI XII
Frequency of Interest Payment Annual NA Monthly Annual NA Monthly Annual NA Annual Monthly Annual Annual
Minimum Application `10,000/- (10 NCDs) across all Series

Face Value/Issue Price of NCDs (`/NCD) `1,000/-

In Multiples of thereafter (`) `1,000/- (1 NCD)

Tenor 24 months 24 months 36 months 36 months 36 months 60 months 60 months 60 months 60 months 120 months 120 months 120 months
Coupon (% per annum) for NCD Holders in Category I, II, III & IV 9.00% NA 9.20% 9.60% NA 9.67% 10.10% NA 10.10% 10.00% 10.45% 10.45%
Effective Yield (per annum) for NCD Holders in Category I, II, III and IV 9.00% 9.00% 9.60% 9.60% 9.60% 10.10% 10.09% 10.10% 10.10% 10.46% 10.44% 10.44%
Mode of Interest Payment Through various mode available
Amount (` / NCD) on Maturity for NCD Holders in Category I, II, III & IV ` 1,000 ` 1,188. 20 ` 1,000 ` 1,000 ` 1,316.71 ` 1,000 ` 1,000 ` 1,618. 60 Staggered Redemption in Three (3) ` 1,000 ` 1,000 Staggered Redemption in Five (5)
annual payments of `250.00 each in annual payments of ` 200 each,
3rd and 4th Anniversary and starting from 6th Anniversary*
`500.00 on 5th Anniversary* until Maturity

Maturity / Redemption Date (Months from the Deemed Date of Allotment) 24 months 24 months 36 months 36 months 36 months 60 months 60 months 60 months 60 months 120 months 120 months 120 months
Redemption Date / Redemption Schedule 24 months 24 months 36 months 36 months 36 months 60 months 60 months 60 months Staggered Redemption by Face Value as 120 months 120 months Staggered Redemption by Face
per “Principal Redemption Schedule and Value as per “Principal Redemption
Redemption Amounts” Schedule and Redemption Amounts”
Put and Call Option NA
**Our Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series. 1. With respect to Series where interest is to be paid on an annual basis, relevant interest will be paid on each anniversary of the Deemed Date of Allotment on the face value of the NCDs. The last interest payment under annual Series will be
made at the time of redemption of the NCDs. 2. With respect to Series where interest is to be paid on monthly basis, relevant interest will be paid on the first date of every month on the face value of the NCDs. The last interest payment under monthly Series will be made at the time of redemption of the NCDs. 3. Subject to applicable tax deducted at source, if any. 4. Please refer
to Annexure C of the Prospectus for details pertaining to the cash flows of the Company in accordance with the SEBI NCS Master Circular.
Set out below is the principal redemption schedule and the redemption amount for the Series IX NCDs and Series XII NCDs in relation to which the principal outstanding will be redeemed in a staggered manner:

Principal Redemption Schedule and Redemption Amounts:

Series Series IX Series XII
Tenure 60 Months 120 Months
Redemption Schedule Principal Outstanding Redemption Schedule Principal Outstanding
Face Value ₹1,000.00 ₹1,000.00 ₹ 1,000.00 ₹ 1,000.00
1st Anniversary* ₹0.00 ₹1,000.00 ₹ 0.00 ₹1,000.00
2nd Anniversary* ₹0.00 ₹1,000.00 ₹ 0.00 ₹1,000.00
3rd Anniversary* ₹250.00 ₹750.00 ₹ 0.00 ₹1,000.00
4th Anniversary* ₹250.00 ₹500.00 ₹ 0.00 ₹1,000.00
5th Anniversary* ₹500.00 ₹0.00 ₹ 0.00 ₹1,000.00
6th Anniversary* NA NA ₹200.00 ₹800.00
7th Anniversary* NA NA ₹200.00 ₹600.00
8th Anniversary* NA NA ₹200.00 ₹400.00
9th Anniversary* NA NA ₹200.00 ₹200.00
10th Anniversary* NA NA ₹200.00 ₹0.00
*of Deemed Date of Allotment.

ISSUE PROGRAMME**
ISSUE OPENS ON: MONDAY, APRIL 8, 2024 & ISSUE CLOSES ON TUESDAY APRIL 23, 2024
** The Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated above, except that the Issue may close on such earlier date or extended date (subject to a minimum period of three working days and a maximum period of 10 working days from the date of opening of
this Issue) as may be decided by the Board of Directors of the Issuer or the Debenture Fund Raising Committee, thereof, subject to relevant approvals. In the event of an early closure or extension of the Issue; the Issuer shall ensure that notice of the same is provided to the prospective investors through an advertisement in a daily national
newspaper with wide circulation and a regional daily at the place where the registered office of the Issuer is situated on or before such earlier or extended date of Issue closure. Applications Forms for the Issue will be accepted only from 10:00 a.m. to 5:00 p.m. or such extended time as may be permitted by BSE, on Working Days during the
Issue Period. On the Issue Closing Date, Application Forms will be accepted only between 10:00 a.m. to 3:00 p.m. and uploaded until 5:00 p.m. (Indian Standard Time) or such extended time as may be permitted by BSE. Further, pending mandate requests for bids placed on the last day of bidding will be validated by 5 PM on one Working
Day after the Issue Closing Date. For further details please refer to the chapter titled “Issue Related Information” on page 243 of the Prospectus.
‘Applications supported by blocked amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account.
Simple, Safe Smart way of Application!!! Mandatory in public issues from October 1, 2018. No cheque will be accepted.

UPI is now available for Retail Individual Investors submitting bids up to an application value of `5,00,000, applying through Designated Intermediaries, SCSBs or through the BSE Direct App / Web interface of stock exchange or any other permitted methods. For details of the ASBA and UPI Process, refer to the details given in the Application Form and also refer to the section “Issue Procedure” beginning on page 270 of the Prospectus. List
of banks supporting UPI is also available on the website of SEBI at www.sebi.gov.in ICICI Bank Limited has been appointed as Sponsor Bank for the issue, in accordance with the requirements of the SEBI Master Circular dated August 10, 2021 on UPI mechanism.

CONTENTS OFTHE MEMORANDUM OFASSOCIATION OFTHE COMPANYAS REGARDS ITS OBJECTS: For information on the main objects of our Company, see “HISTORYAND MAIN OBJECTS” on page 143 of the Prospectus and Clause III of the Memorandum of Association of the Company. The Memorandum
of Association of the Company is a document for inspection in relation to the Issue. For further details, see the section titled “MATERIALCONTRACTS AND DOCUMENTS FOR INSPECTION” on page 316 of the Prospectus.
LIABILITYOF MEMBERS: Limited
AMOUNT OF SHARE CAPITAL OF THE COMPANYAND CAPITAL STRUCTURE AS ON THE DATE OF THE PROSPECTUS: The Authorised Share Capital of the Company is Rs. 1,250,000,000 divided into 1,23,00,00,000 Equity Shares of face value of Re. 1 each and 40,00,000 Preference Shares of face value of Rs. 5
each and Issued, Subscribed and Paid-up share capital of the Company is Rs. 94,37,85,026 divided into 94,37,85,026 Equity Shares of face value of Re. 1 each fully paid up. For information on the share capital of our Company, see “CAPITAL STRUCTURE” on page 61 of the Prospectus.
NAMES OFTHE SIGNATORIES AT THE TIME OF SIGNING OFTHE MEMORANDUM OFASSOCIATION OFTHE COMPANYAND THE NUMBER OF SHARES SUBSCRIBED BYTHEM: Given below are the names of the signatories of the Memorandum of Association of the Company and the number of Equity
Shares subscribed of face value of Rs. 10 each by them at the time of signing of the Memorandum of Association: Mr. Rashesh Shah - 20 Equity Shares, Ms Vidya Shah - 10 Equity Shares, Mr Urvish Mody - 10 Equity Shares, Ms Shilpa Mody - 10 Equity Shares, Ms Sharmista Shah - 10 Equity Shares, Ms Vijaya Vaidyanath - 20 Equity
Shares and Ms Padma Sridhar - 20 Equity Shares.
LISTING:The NCDs offered through the Draft Prospectus and Prospectus are proposed to be listed on BSE Limited (“BSE”) and BSE shall be the Designated Stock Exchange. The Company has received an 'in-principle' approval from BSE vide their letter no. DCS/BM/PI-BOND/030/23-24 dated March 20, 2024.
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Prospectus has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the
Prospectus for the full text of the Disclaimer clause of the BSE Limited.
DISCLAIMER CLAUSE OF USE OF BSE ELECTRONIC PLATFORM: It is to be distinctly understood that the permission given by BSE to use their network and software of the Online system should not in any way be deemed or construed that the compliance with various statutory requirements approved by the Exchange; nor
does it in any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements nor does it take any responsibility for the financial or other soundness of this Company, its promoters, its management or any scheme or project of this Company. It is also to be distinctly
understood that the approval given by BSE is only to use the software for participating in system of making application process.
CREDIT RATING: The NCDs proposed to be issued under the Issue have been rated “CRISILA+/Stable (pronounced as CRISILA plus rating with Stable outlook)” for an amount of ₹ 10,000 million by CRISIL vide their rating letter dated December 18, 2023, revalidated vide their letter dated March 4, 2024 with rating rationale dated
December 18, 2023. Securities with these ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities carry low credit risk. There are no unaccepted ratings or any other ratings obtained for the Issue other than as specified in the Prospectus. The rating given by the Credit
Rating Agency is valid as on the date of the Prospectus, shall be valid as on the date of issuance and listing and shall remain valid until the rating is revised or withdrawn. The rating is not a recommendation to buy, sell or hold securities and investors should take their own decision. The rating may be subject to revision or withdrawal at any
time by the assigning rating agency and the rating should be evaluated independently of any other rating. The rating agency has a right to suspend or withdraw the rating at any time on the basis of factors such as new information. This rating is not a recommendation to buy, sell or hold securities and Investors should take their own
decisions. Please refer to Annexure Aof the Prospectus for the rating letter, rationale and press release of the above rating.
GENERAL RISK: Investment in non-convertible securities is risky and investors should not invest any funds in such securities unless they can afford to take the risk attached to such investments. Investors are advised to take an informed decision and to read the risk factors carefully before investing in this offering. For taking an
investment decision, investors must rely on their examination of the issue including the risks involved in it. Specific attention of investors is invited to statement of risk factors contained under “Risk Factors” and “Material Development” on page 17 and 182 respectively of the Prospectus. These risks are not, and are not intended to be, a
complete list of all risks and considerations relevant to the non-convertible securities or investor’s decision to purchase such securities. The Prospectus has not been and will not be approved by any regulatory authority in India, including the Securities and Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”), any
registrar of companies or any stock exchange in Indian or do they guarantee the accuracy or adequacy of the document.
AVAILABILITY OF APPLICATION FORM: Application forms can be obtained from the Issuer: Edelweiss Financial Services Limited; Lead Managers:Trust Investment Advisors Private Limited and Nuvama Wealth Management Limited, Consortium Members to the Issue, the Registrar to the Issue,Trading Members and
Designated Branches of the SCSBs. Electronic Application Forms will also be available on the websites of BSE.
AVAILABILITYOF PROSPECTUS: Investors are advised to refer to the Prospectus and the Risk Factors on page 17 of the Prospectus before applying in the Issue. Physical copy of the Prospectus may be obtained from the Registered Office and the Corporate Office of the Company or from the office of the Lead Managers, Consortium
Members for marketing of the Issue, the Registrar to the Issue and the designated branches of the SCSBs. Full copy of the Prospectus is available on the websites of the Issuer/Lead Managers/BSE at www.edelweissfin.com, www.trustgroup.in, www.nuvama.com and www.bseindia.com respectively.
PUBLIC ISSUE ACCOUNT BANK, SPONSOR BANK AND REFUND BANK: ICICI Bank Limited

LEAD MANAGERS TO THE ISSUE REGISTRAR TO THE ISSUE DEBENTURE TRUSTEE TO THE ISSUE CREDIT RATING AGENCY (S) STATUTORY AUDITOR

Nangia & Co. LLP,

Chartered Accountants
Trust Investment Advisors Private Limited KFIN TECHNOLOGIES LIMITED Beacon Trusteeship Limited* CRISIL Ratings Limited 4th Floor, Iconic Tower, Urmi Estate,
Nuvama Wealth Management Limited# 95 Ganpatrao Kadam Marg, Lower
109/110, Balarama, Bandra Kurla Complex, (formerly known as Kfin Technologies Private Limited), 7 A&B, Siddhivinayak Chambers, Gandhi CRISIL House, Central Avenue, Hiranandani
(formerly known as Edelweiss Securities Limited) Selenium Tower B, Plot 31-32, Financial District, Nagar, Opp. MIG Cricket Club, Bandra (East), Business Park, Powai, Mumbai 400076 Parel (West), Mumbai – 400 013, India
Bandra (East), Mumbai – 400 051
801-804, Wing A, Building No 3, Inspire BKC, G Block, Nanakramguda, Serilingampally, Mumbai 400 051 Tel: + 91 22 3342 3000 Tel: + 91 22 4474 3400
Maharashtra, India Bandra Kurla Complex, Bandra East, Mumbai – 400 051 Hyderabad - 500 032, Telangana
Tel.: +91 22 4606 0278 Email: crisilratingdesk@crisil.com Email: info@nangia.com
Tel: +91 22 4084 5000 Tel: +91 22 4009 4400 Tel: +91 40 6716 2222
Email: compliance@beacontrustee.co.in Website: www.crisil.com/ratings Contact Person: Rakesh Nangia /
Fax: +91 22 4084 5066 Email: efsl.ncd@nuvama.com Fax: +91 40 6716 1563 Jaspreet Singh Bedi
Email: projectpragati9.trust@trustgroup.in Investor Grievance Email: Contact Person: Ajit Velonie
Investor Grievance Email: customerservice.mb@nuvama.com Email: efsl.ncdipo@kfintech.com investorgrievances@beacontrustee.co.in
Investor Grievance Email: Website: www.nuvama.com Investor Grievance Email: einward.risk@kfintech.com
customercare@trustgroup.in Website: www.beacontrustee.co.in
Contact Person: Saili Dave Website: www.kfintech.com Contact Person: Kaustubh Kulkarni
Website: www.trustgroup.in
Contact Person: M Murali Krishna Compliance Officer: Kaustubh Kulkarni
Contact person: Hani Jalan

*Beacon Trusteeship Limited

#
under Regulation 8 of SEBI NCS Regulations has by its letter dated March 12, 2024 given its consent for its appointment as Debenture Trustee to the Issue and for its name to be included in the Prospectus and the Draft Prospectus and in all the subsequent periodical communications sent to the holders of the NCDs issued
pursuant to the Issue. Nuvama Wealth Management Limited is deemed to be our associate as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (“Merchant Bankers Regulations”). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers
Regulations, Nuvama Wealth Management Limited would be involved only in marketing of the Issue and as per Regulation 25 (3) of SEBI NCS Regulations shall not issue a due diligence certificate, in relation to the issue of the NCDs.

COMPANY SECRETARY AND COMPLIANCE OFFICER: Mr. Tarun Khurana, Company Secretary and Compliance Officer, Edelweiss Financial Services Limited, Edelweiss House, Off C.S.T. Road, Kalina, Mumbai 400 098, Maharashtra, India, Tel.: +91 22 4099 5199; Fax: +91 22 22 4086 3610, Email:
efslncd@edelweissfin.com.
DISCLAIMER STATEMENT OF CRISIL: CRISIL Ratings Limited (“CRISIL Ratings”) has taken due care and caution in preparing the Material based on the information provided by its client and / or obtained by CRISIL Ratings from sources which it considers reliable (Information). A rating by CRISIL Ratings reflects its
current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL Ratings. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation
to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. The Rating is not a recommendation to invest / disinvest in any entity covered in the Material and no part of the Material should be construed as an expert advice or investment advice or any form of investment banking
within the meaning of any law or regulation. CRISIL Ratings especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of the Material. Without limiting the generality of the foregoing, nothing in the Material is to be construed as CRISIL Ratings providing or intending to provide any services
in jurisdictions where CRISIL Ratings does not have the necessary permission and/or registration to carry out its business activities in this regard. Edelweiss Financial Services Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Material or part thereof outside India. Current rating
status and CRISIL Ratings’s rating criteria are available without charge to the public on the website, CRISIL Ratings. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please contact Customer Service Helpdesk at CRISILratingdesk@crisil.com or at 1800-267-1301.
DISCLAIMER: Edelweiss Financial Services Limited (“Company”), subject to market conditions, and other considerations, is proposing a public issue of secured redeemable non-convertible debentures (“NCDs”) and has filed a prospectus dated March 28, 2024 (“Prospectus”) with the Registrar of Companies, Maharashtra at
Mumbai (“RoC”), BSE Limited (“BSE”) and Securities and Exchange Board of India (“SEBI”). The Prospectus is available on the website of the Company at www.edelweissfin.com, on the website of BSE at www.bseindia.com, on the website of the lead managers at www.trustgroup.in and www.nuvama.com and on the website of
SEBI at www.sebi.gov.in. Investors proposing to participate in the Issue should invest only on the basis of the information contained in the Prospectus. Investors should note that investment in the NCDs involves a high degree of risk and for details in relation to the same, refer to the Prospectus, including the section titled “Risk
Factors” and “Material Developments” beginning on page 17 and 182 respectively of the Prospectus.
For further details refer to section titled “Issue Related Information” on page 243 of the Prospectus. Allotment in the public issue of debt securities should be made on the basis of date of upload of each application into the electronic book of the stock exchange. However, on the date of oversubscription and thereafter, the allotments
should be made to the applicants on proportionate basis. For further details please refer the Prospectus.
Note: Capitalized terms not defined herein shall have the same meaning as assigned to such terms in the Prospectus
For Edelweiss Financial Services Limited

Sd/-
Rashesh Shah
Place : Mumbai Chairman and Managing Director
Date : April 04, 2024 00008322
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | FRIDAY, 5 APRIL 2024 1

HDFC Bank gross advances hit HDFC Credila targets

~25 trn; deposit growth robust ~2,700 cr capital raise
ABHIJIT LELE
Mumbai, 4 April

AATHIRA VARIER Private lender Bandhan Education loan financier

Mumbai, 4 April
HOW THEY FARED IN Q4 Bank’s loans and advances
reported a growth rate of 17.8
HDFC Credila Financial
Services is looking at a fresh

H
DFC Bank, the  Advances  Deposits (% change Y-o-Y in Q4) per cent year-on-year to more capital infusion of ~2,700
largest private-sector 55.40 than ~1.28 trillion from ~1.09 crore after a new set of
lender in the coun- 43.00 trillion a year ago. investors — global investors
try, has reported an increase 33.72 35.47 Bandhan Bank’s deposits EQT and ChrysCapital —
in deposits of ~1.66 trillion in recorded a growth rate of 25.1 came on board in 2023-24
the January-March period,
26.40 25.10 25.00 26.00 23.00 24.00 24.00 per cent to ~1.35 trillion during (FY24).
translating into a growth rate 17.80* the period. Besides EQT,
of 7.5 per cent over the previ- The growth in advances ChrysCapital, and HDFC
ous quarter. This addressed and deposits of small finance Bank, South Korean financial
investors’ concern over a high banks (SFBs) also remained services player Shinhan Bank Fresh capital will be used to support growth of the education
credit-deposit ratio. HDFC Bank Bandhan Bank AU SFB Equitas SFB ESAF SFB Ujjivan SFB robust. In the last quarter of will chip in as an investor. loan financier and also reduce the leverage for the company
The share of low-cost * Loans & Advances (On book + off book + targeted long-term repo operations + pass-through certificates) FY24, AU SFB’s advances Arijit Sanyal, managing
Note: HDFC Bank's figures are not exactly comparable with year-ago period as HDFC Ltd was merged with the bank on July 1, 2023
deposits — current and sav- Source: Exchange filing grew 25 per cent year-on-year director and chief executive used to support growth and crore and nine months of
ings account deposits (Casa) — to ~73,999 crore from ~67,624 officer of HDFC Credila, said also reduce leverage for the FY24 amounting to ~10,823
to total deposit of HDFC Bank to ~23.8 trillion. The bank’s period. Sequentially, the per cent sequentially and com- crore. Ujjivan SFB recorded a the board has cleared a pro- company, which saw more crore led to significant growth
improved to 38.2 per cent at stock came under pressure in bank’s advances inched up 1.6 mercial and rural banking growth rate of 24 per cent to posal for raising fresh equity. than a twofold growth in with AUM at ~25,237 crore as
March end from 37.7 per cent the third quarter after deposits per cent from ~24.69 trillion at increased 4.2 per cent over Q3. ~29,779 crore. Shinhan Bank will infuse assets under management of December 31, 2023.
in December. Casa grew 8.7 per grew only ~41,000 crore, which the end of December 31, 2023 “Corporate & other whole- Equitas SFB’s advances ~1,500 crore through prefer- (AUM) in 21 months to over Its AUM was at ~8,838 crore
cent year-on-year (Y-o-Y) to resulted in the credit-deposit (Q3 FY24). HDFC was merged sale loans (excluding non-indi- rose by 23 per cent to ~34,337 ential issuance. Existing ~25,000 crore as of end- as of March 31, 2022. The
~9.09 trillion. ratio increasing to 110 per cent. with HDFC Bank on July 1, vidual loans of the erstwhile crore and ESAF SFB’s shareholders EQT, December 2023. majority of its portfolio con-
The bank’s stock ended On loans, the bank posted 2023, and the figures for HDFC Limited) grew by advances increased 33.72 per ChrysCapital, and HDFC In FY24, EQT and sists of loans to students going
3.06 per cent higher at a 55.4 per cent year-on-year Q4FY24 are not comparable to around 4.1 per cent over March cent to ~18,878 crore over the Bank will invest up to ~1,200 ChrysCapital had acquired a overseas for education.
~1,527.90 as compared to the increase in gross advances to those for Q4 FY23. 31, 2023 and were lower by last quarter of FY23. Equitas crore through a rights issue 90 per cent stake from HDFC A higher rate of loan
Sensex gain of 0.47 per cent. ~25.08 trillion at the end of the Loan growth during the around 2.2 per cent (~98 bil- SFB saw a 43 per cent surge in of shares. Group. About ~2,003.6 crore growth has been witnessed
On a year-on-year basis, last quarter of FY24, up from quarter was driven by retail lion) over December 31, 2023,” deposits over last year to This capital raising is came as investment, of which after 2020-21, and only a
deposits grew by 26.4 per cent ~16.14 trillion in the year-ago advances, which went up 3.7 the bank said. ~36,129 crore. expected to be completed in ~1,303.6 crore was brought in moderate proportion of loans
the first quarter of the current as part of the stake sale trans- have been fully repaid due to
financial year and will be suf- action in March 2024, accord- the inherent nature of the
ficient to support growth for ing to CARE Ratings. long tenure of education

CD issuances by banks up SFBs sell ~9,300 cr loans in 18-24 months, Sanyal told
Business Standard in an inter-
view. The fresh capital will be
The rating agency said the
increase in disbursements in
2022-23 amounting to ~7,992
loans. Consequently,
Credila’s loan book remains
moderately seasoned.
34% in FY24, hit ~9.56 trn FY24 through securitisation
Amid tight liquidity conditions and as banks issued short-term CDs to roll
sluggish growth in deposits, banks them over on maturity. The outstand-
With intense competition for
resources, small finance banks
in deposit growth rates.
The share of SFB originated loans Private firms got $1 bn incentives under PLI
turned to mobilising ing amount on CDs stood at (SFBs) sold loans worth had crossed 10 per cent of the
funds through issuing CD ISSUANCES ~3.04 trillion as of March 24. ~9,300 crore through secu- overall market volumes for The government paid $1.02 incentive scheme (PLI) is the Electronics, Hindustan
certificates of deposit (in ~ trn) Banks raised the highest ritisation in Fy24, up from the first time inQ3FY2024. billion as incentives to boost government’s key industrial Unilever Ltd, and Reliance
(CDs) in the financial year amount of ~3.6 trillion in the about ~6,400 crore in Given the high credit local manufacturing, follow- policy and covers 14 sectors Industries .
2023-2024, which saw a FY21 0.9 last quarter of the financial Fy23 to generate liquidity growth and comparatively ing over $13 billion in invest- ranging from electronic prod- It has also helped push
surge of 31 per cent in CD FY22 2.8 year, against ~2.5 trillion in for business operations, higher cost of deposits, they ments from private firms ucts to drones. mobile phone exports
issuance compared to the FY23 7.2 the third quarter. In according to ICRA data. will continue to rely on secu- under a scheme introduced Critical to Prime Minister to a record $15 billion in the
previous year. FY24 9.5 February, the issuance of Abhishek Dafria, group ritisation as a source of fund- in 2020, Rajesh Kumar Singh, Narendra Modi’s plans to financial year that ended
Banks issued CDs CDs reached its peak for the head, Structured Finance raising, the rating agency added. secretary, Department for promote India as a global March 31, according to indus-
worth ~9.56 trillion in Source- Primedatabase financial year, totalling ~1.49 Ratings, ICRA, said there was a sharp According to ICRA’s estimates, the Promotion of Industry and manufacturing hub, the try estimates. “The scheme
FY24 against ~7.28 trillion trillion. This marked a increase in securitisation by small overall securitisation volumes Internal Trade, said on scheme has drawn participa- has had a good impact
in the previous financial year, accord- remarkable 162 per cent increase com- finance banks and by few private sec- originated mainly by financial Wednesday. tion from large global and and incentive disbursements
ing to Prime Database. However, the pared to the ~56,795 crore raised in tor banks to support their portfolio institutions, stood at ~1.88 trillion The ~1.97 trillion ($24 bil- Indian firms including Apple, have also picked up,”
net amount raised was ~71,300 crore February 2023. ANJALI KUMARI growth, given the recent challenges in Fy24. ABHIJIT LELE lion) production-linked Foxconn, Samsung Singh said. REUTERS

bank’s notification, some mar-

ACCENT REGION > FROM PAGE 1 ket participants expressed
optimism that the volatility in

UTTAR PRADESH
Secys in a
huddle to
Summer to fire up AC, the rupee’s exchange-traded
derivatives, particularly
options, might decrease.
“The immediate implica-

UP buys 5.5K mn prepare 5-year beer, sunscreen mkt sales tions of the circular wouldn’t
be any for now as there is no
change in the RBI’s policy
plan of “We anticipate more business coming in from approach to the regulatory

power units to next govt

the Tier-II and Tier-III markets,” the Voltas
spokesperson said.
To address this growing demand, the com-
framework. However, trading
volumes on such platforms
could experience a rise that

brace for deficit Various departments are

devising action plans to
ensure meeting the targets
pany, which currently operates four manu-
facturing plants, is expanding in Chennai.
Epack Durable, which manufactures ACs
had slumped sharply in the
past two days due to the
unwinding of positions.
that will be set. The targets are for durables companies like Voltas, Haier, etc., Further, the pressure on the
VIRENDRA SINGH RAWAT ing state partners include in sync with the government’s expects a growth rate of more than 15 per cent options premiums could sta-
Lucknow, 4 April Madhya Pradesh, Rajasthan, think tank NITI Aayog’s ‘Viksit this year if the heatwave persists beyond May. bilise,” said Amit Pabari, man-
Telangana, Maharashtra, Bharat @2047’ vision docu- “Last year 10 million units of ACs were aging director at CR Forex.
With Uttar Pradesh’s peak Karnataka, Gujarat, Punjab, ment, a long-term strategy sold in the market. This year, the industry “The option premium which
energy demand likely to Jammu & Kashmir, and aiming to make India a devel- expects to sell 11.5 million units. We have a had risen to 3.5 per cent might
breach 31,000 Mw in 2024, the Himachal Pradesh. oped economy of $30 trillion good order book and are running at 100 per come down to 1.5 per cent- 2
Uttar Pradesh Power The state’s Power in 23 years from now. cent capacity to cater to this surge in per cent,” he added.
Corporation Limited (UPPCL) Consumer Forum President The vision hinges on the demand,” said Ajay D D Singhania, managing sumption, although we must remain cautious Transactions in currency
has traded 5,500 million unit Avadhesh Kumar Verma said expectation that India will be director (MD) and chief executive officer due to the upcoming elections,” said Vivek futures were primarily driven significantly to liquidity in
(Mu) power from 11 states UPPCL would need to scout able to deal with most of its (CEO), Epack Durable. Gupta, MD and CEO, United Breweries, which by the retail segment who exchange-traded currency
though power banks. Around for more energy amid rising post-independence problems The company, on Thursday, also markets Kingfisher beer in the country. couldn't transact in OTC mar- futures. Initially, when curren-
4,000 Mu will be supplied dur- demand that has breached over the next two years. As a announced its entry into the room cooler seg- "At Lone Wolf, we expect a substantial kets because banks demanded cy futures trading began in
ing the high energy demand 20,000 Mw. “UPPCL also faces result, there is a need to tran- ment, eyeing revenue of ~250-300 crore from surge in demand this year, particularly in the proof of underlying exposure, August 2008, the RBI allowed
period (April-October). an uphill task in arranging scend a different set of chal- the business by 2027-28. Beverage giant Coca- April-June quarter, with a projected twofold which they didn’t have. These transactions in dollar-rupee
In 2023, the state clocked a optimum coal supply for 660 lenges. To achieve this, the Cola too is ramping up distribution to address increase compared to the previous year, retail trades accounted for currency futures for hedging
peak demand of 28,284 Mw of Obra C Thermal Power government has 27 themes, the summer season sales. mainly attributed to our expanded produc- more than 50 per cent of total foreign exchange rate risks or
megawatt (Mw), while the Plant and 660 Mw including macroeconomic “In India, we are always attuned to market tion capacity and the heightened demand transactions and contributed other purposes.
power corporation arranged Jawaharpur Thermal Power strategy, quality and afford- dynamics and consumer preferences. As the driven by the onset of summer,” said Atul
for 3,000 Mu of energy from Plant to ensure uninterrupted able health and wellness for summer season approaches, we are adopting Kumar Singh, co-founder and MD of Lone
five states to overcome the operation in the summer all, education and skilling for a segmented approach and strategically Wolf. However, with the general elections in
demand-supply gap. One months,” he added. the future, women-led devel- ramping up distribution to stay connected the offing and the imposition of the model
> BS SUDOKU # 4248
megawatt is equal to 1000 kilo- The peak energy demand opment, industries of the with our consumers and embrace this time code of conduct, the company estimates a 10-
watt (Kw). is estimated to increase to future, trade integrating with of year,” said a company spokesperson. 15 per cent decrease in on-trade sales num-
Power banking is a bilateral 53,000 Mw by 2028. However, the world, balanced regional Bisleri too anticipates a major increase in bers, with retail operations largely remaining
arrangement between two the state government is hope- development, a startup sales of both water and fizzy drinks, especially unaffected. Beauty companies too are already
power utilities/states to trade ful that it will ramp up renew- ecosystem for the world, criti- in regions experiencing extreme weather. seeing a surge in sales of sunscreens and
energy to match their respec- able energy generation by cal resources such as energy, “The increase is more pronounced for deodorants as consumers prepare for the
tive seasonal variations of sur- enough. The state is targeting minerals and water, agricul- fizzy drinks, prompting us to add new man- summer conditions.
plus-deficit matrix. According 22,000 Mw of solar energy ture and rural economy, etc. ufacturing facilities for our range of Limonata, “We have seen growth of approximately
to sources, UP’s power bank- generation in 4-5 years. Pop, Rev, and Spyci Jeera. We have also added 20 per cent compared to the previous year’s
new facilities and extended our e-commerce figures. Going ahead, we anticipate the
FX derivatives service footprint across new towns and local- deodorant segment to achieve a growth rate
RAJASTHAN rules deferred
ities,” said Angelo George, CEO, Bisleri
International.
of roughly 18 per cent this year,” said Ankit
Daga, head of business development at

Industry seeks govt until May 3

Ice cream companies are also expecting a
summer surge in sales.
“We are encouraged by the steady increase
McNROE, which markets deodorant brands
like Wild Stone and Secret Temptation.
Skincare company Re’equil expects a 60-
support to scale up As hitherto, participants with
a valid underlying contracted
in demand we have observed in March and
the prediction of a long and intense summer
70 per cent growth in the sun protection cat-
egory in the coming year.

destination weddings exposure can continue to

enter into ETCDs involving
the rupee up to a limit of $100
season. Our projections indicate an industry
growth of 15-20 per cent this summer. In the
past couple of years, we have grown faster
“The sun care category in India has been
growing strongly on the back of growing
awareness of its importance for all age
ANIL SHARMA support of the state million without having to pro- than the industry. We assume that this year groups,” said Vipul Gupta, founder and direc-
Jaipur, 4 April government in this sector,” duce documentary evidence too, we will grow faster than the market,” said tor at Re’equil.
said a manager of a travel of the underlying exposure. Mohit Khattar, CEO, Graviss Foods, which “We expect a substantial surge in the
The tourism industry in agency, who wished not to be “Thus, it is emphasised operates Baskin Robbins India. demand for summer essentials like deodor-
Rajasthan is looking to named. According to that the regulatory framework Beer companies too are betting on the ants, sunscreens, aqua perfumes, and men- SOLUTION TO #4247
intensify efforts to grow the Bhavani Shankar Mali, for ETCDs has remained con- summer season this year to drive sales. thol-based shampoos. The heightened aware- Very hard:
destination wedding market. general secretary, All sistent over the years and that “The beer category has seen steady growth ness of the need for protection against the
“We are ready to work Wedding Industries there is no change in the RBI’s in the mid-single digits, a trend that we antic- sun’s rays and changing temperatures are «««««
with the government,” said Federation, Rajasthan, the policy approach,” the press ipate to continue. Over the past few quarters, already driving growth in select categories,” Solution tomorrow
Kuldeep Singh Chandela, state hosts 1.5-2 million release said. we’ve experienced strong momentum with said Anmol Sikka, senior director and head-
president, Federation of marriages every year on The significant volatility in high single-digit volume growth. The upcom- beauty and personal care at the online shop- HOW TO PLAY
Hospitality and Tourism of average. Of these, 25 per cent the rupee’s exchange-traded ing warm summer bodes well for beer con- ping platform Myntra.
Rajasthan (FHTR). have a low budget, 50 per derivatives continued on
Fill in the grid so that
Executives from the tourism cent a medium budget up to Thursday as brokers advised every row, every col-
industry said although ~10 lakh, 20 per cent have a their clients to either unwind umn and every 3x3
Rajasthan hosts several royal high budget up to ~50 lakh positions or provide evidence came after market hours, Services. “The circular has not frameworks remain the same, box contains
weddings every year, the and 5-7 per cent marriages of underlying forex exposure. whatever had to happen has changed or modified; they that means nothing is going the digits 1 to 9
involvement of the tourism boast a ~50 lakh to ~3 crore “The positions have already happened,” said have just changed the date. If to change in future as well,”
department seems to be budget. The expenditure hits already been liquidated, noth- Ritesh Bhansali, vice-presi- the circular has come today he said.
lacking.“We are seeking the ~5-10 crore in some cases. ing changes. The circular dent at Mecklai Financial and they said the regulatory Following the central
1
>
MUMBAI | FRIDAY, 5 APRIL 2024 7
BATTLEGROUND 2024
Thinnest winning margins in 2019 LS polls were seen in UP’s Machhlishahr
(181), Lakshadweep (823), and West Bengal’s Arambagh (1,142)

What politicians invest in:

Small, midcap & bluechips
SAMREEN WANI
New Delhi, 4 April PORTFOLIO PEEK the form of TISCO. The Union minister
of state for electronics and information
Investments in ~ lakh technology invested

S
tocks of smallcap and midcap com- ~18,322 in the company
panies, which had caught the fancy
NITIN GADKARI and the investment is
of retail investors, also feature in Stocks/shares held now worth over ~2
the portfolio of leading politicians in addi- Purti Power and Sugar 0.0031 lakh.
tion to bluechip stocks. Co-operative societies, etc 2 This is a ten-bag-
Rahul Gandhi disclosed investments ger in market parl-
in several smaller companies in addition Miscellaneous investments 2 ance, which means a
to mutual funds that invest in the space. stock that has gone up 10
Similarly, Rajeev Chandrasekhar shows RAJEEV CHANDRASEKHAR times since it was bought.
investments into a scheme that puts Stocks/shares held The bulk of his investments are in
money in the midcap space. Nitin mutual funds or debt securities. The
Gadkari, who has also TISCO 2.14 Bharatiya Janata Party (BJP) candidate
filed an election affi- Mutual fund/debt and other securities for 2024 polls from Thiruvananthapuram
davit for the upcom- HDFC Midcap Opportunities Fund 492.5 also owns a midcap fund worth nearly ~5
ing general elec- crore. He also invested crores in tax-free
HDFC Equity Savings Fund 218.9
tions, shows bonds including HUDCO (Housing and
minimal exposure NHAI 170.3 Urban Development Corporation) and
to equities. HUDCO Tax Free Bonds 157.2 IRFC (Indian Railway Finance
According to dec- Others 139.7 Corporation). The total value of these and
larations, the total value similar investments is over ~45 crore.
of the assets (movable, including cash in Union Minister of Road Transport
hand at the time of filing the nomination, RAHUL GANDHI and Highways Nitin Gadkari has also
and immovable assets) owned by Gandhi Stocks/shares held filed his election affidavit but shows lim-
was ~20.3 crore, Chandrasekhar was ~23.6 ited exposure to the share market.
Pidilite Industries 42.3
crore and Gadkari was ~6.3 crore . He has investments
Since the nomination process for the Bajaj Finance 35.9 worth ~310 in Purti
2024 general elections is still ongoing, Nestlé India 35.7 Power and Sugar.
not all candidates have filed their affi- Asian Paints 35.3 Shares in coopera-
davits that include the candidate’s crim- tive societies are
inal record; ongoing/pending criminal
Others 284.4 worth ~2 lakh and a
Mutual fund/debt and other securities
RAIN INDUSTRIES LIMITED
trials; total assets of the candidate, similar amount is Regd.Off : Rain Center, 34, Srinagar Colony,
spouse and dependants; total invest- HDFC Small Cap (Regular) 123.9 allocated under mis- Hyderabad-500 073, Telangana State, India.
ments; dues pending to the government; ICICI Prudential Reg Savings 102.2 cellaneous investments. Ph.No. : 040-40401234, Fax : 040-40401214
and other details. He has not declared any mutual Email:secretarial@rain-industries.com; website:www.rain-industries.com
The major stock holdings of Gandhi, Others 170.5 fund holdings. Of the key Congress and CIN: L26942TG1974PLC001693
who is fighting from Kerala’s Wayanad Source: Election Commission of India BJP members of parliament (MP) that NOTICE OF 49th ANNUAL GENERAL MEETING
constituency, include Pidilite Industries, contested the previous general elec- NOTICE is hereby given that the 49th Annual General Meeting (e-AGM) of the Members
of Rain Industries Limited (the Company) will be held on Friday, the May 3, 2024 at 11.00
Bajaj Finance, Nestlé India and Asian tions, as many as eight had declared A.M (IST) through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) to
Paints. The investments range from ~30- crore. He also has exposure to gold zero investments. transact the business as set out in the Notice of 49th e-AGM in compliance with the
45 lakh. The Congress leader has invest- through sovereign gold bonds worth over These include the current leader of applicable provisions of the Companies Act, 2013 and Rules framed thereunder and the
ments in 24 companies and the total val- ~15 lakh. The total value of all these hold- opposition in Lok Sabha Adhir Ranjan SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with
General Circular No. 14/2020, 17/2020, 20/2020, 02/2021, 21/2021, 02/2022, 10/2022
ue of his stock portfolio is ~4.3 crore. In ings is over ~8.3 crore. Chowdhury, and Kiren Rijiju, the incum- and 09/2023 dated April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, December
addition, he has invested in multiple Rajeev Chandrasekhar’s election affi- bent minister of earth sciences and food 14, 2021, May 5, 2022, December 28, 2022 and September 25, 2023 respectively issued
mutual funds with a total value of ~3.8 davit shows that he had a multibagger in processing industries. by Ministry of Corporate Affairs and SEBI Circular No. SEBI/HO/ CFD/CMD1/CIR/P/2020/
79, dated 12 May 2020, SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021,
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, SEBI/HO/DDHS/DDHS-
RACPOD1/P/CIR/2023/001 dated January 5, 2023 and SEBI/HO/DDHS/P/CIR/2023/
0164 dated October 06, 2023 issued by Securities and Exchange Board of India (“SEBI

‘Oppn spreading rumours about CAA, Circular”).without the physical presence of the Members at a common venue.
In terms of Section 101 and 136 of the Companies Act, 2013 read with Rules 18 of the
Companies (Management and Administration) Rules, 2014 (“the Act and Rules”), the
notice of the AGM and standalone and consolidated financial statements for the financial

providing citizenship Modi’s guarantee’ year ended 31st December 2023 along with Board’s Report, Auditors Report and other
documents to be transacted at the AGM will be sent through electronic mode by KFin
Technologies Limited to those shareholders who have registered their e-mail ids with
depositories or with the Company.
PRESS TRUST OF INDIA brought CAA, they are spread- The Annual Report along with the Notice of AGM is available on the Company’s Website
https://www.rain-indust rie s.com/inves tors/disclosure-under-re gulation-
Cooch Behar/ Jamui, 4 April ing rumours and lies. It is Modi 46#annual-reports and on the website of stock exchanges i.e, BSE Limited at https:/
ki guarantee to provide citi- /www.bseindia.com and National Stock Exchange of India Limited at https://
Prime Minister Narendra zenship to those who have www.nseindia.com and on the website of Registrar and Share Transfer Agents of the
Modi on Thursday slammed faith in Maa Bharati,” he said. Company KFin Technologies Limited at https://www.evoting.kfintech.com
opposition bloc INDIA for His comments came If shareholder email-id is already registered with the Company/ Depository, Login details
for e-voting are being sent to shareholder registered e-mail ID.
“spreading rumours” about against the backdrop of a cam-
In case a shareholder has not registered email ID with the Company/ Depository, Shareholder
the Citizenship Amendment paign by opposition parties, CIN: L40106DL1981PLC012228
is requested to follow below instructions to register email id for obtaining Annual Report,
Act (CAA), asserting that it is including TMC, which has Registered Office: F 27/2, Okhla Industrial Area, Phase II, New Delhi – 110020 Login details for e-voting and to update bank account details with the Company:
“Modi ki guarantee to provide claimed that applying for Tel.: 011-26387091; E-mail: cs@spml.co.in; Website: www.spml.co.in Physical Holding Send a request to the Registrar and Share Transfer Agents of the
citizenship to those who CAA would turn legal citizens NOTICE OF THE EXTRA ORDINARY GENERAL MEETING Company, KFin Technologies Limited, at murthy.psrch@
have faith in Maa Bharati into foreigners. AND REMOTE E-VOTING INFORMATION
kfintech.com and Company at secretarial@rain-industries.com
(Mother India)”. Meanwhile, addressing an providing Folio No., Name of Shareholder, Scanned Copy of Share
NOTICE is hereby given that the Extra Ordinary General Meeting (EGM) of the Company Certificate (Front & Back), PAN (Self attested Scanned copy of PAN
Addressing a mega rally at Prime Minister Narendra Modi in Cooch Behar on Thursday PTI election rally at Jamui, the PM will be held on Friday, the 26th April, 2024 at 12:30 P.M through Video Conference (“VC") / Card), Aadhaar (Self attested Scanned copy of Aadhaar Card) for
Rash Mela grounds in West accused the previous Congr- Other Audio-Visual Means ("OAVM") to transact the business, as set out in the Notice of registering e-mail ID.
Bengal’s Cooch Behar, Modi even stricter action in the next Modi assured that the “culprits ess governments of failing to the EGM. Following additional details need to be provided for updating Bank
criticised opposition parties five years. of Sandeshkhali will spend the effectively deal with cross-bor- Pursuant to the Ministry of Corporate Affairs (MCA) General Circular No 2/2022 Dated 05th account details for receiving dividends directly in their bank accounts
th
May, 2022 read with Circular no. 14/2020 dated 8 April, 2020, Circular no. 17/2020 dated through the Electronic Clearing Service (ECS):
for their efforts to protect the Referring to recent inci- rest of their lives in jail". der terrorism from Pakistan th th
13 April, 2020, Circular no. 20/2020 dated 05 May, 2020, Circular no. 22/2020 dated 15
th
a.) Name and Branch of the Bank
corrupt, asserting his determi- dents in Sandeshkhali, where “They (INDIA bloc) never and said this gave rise to the th
June, 2020, Circular no. 33/2020 dated 28 September, 2020, Circular no. 39/2020 dated b.) Bank account type
nation to ensure their allegations of sexual abuse cared for marginalised com- perception that India was a 31st December, 2020, General Circular No 10/2021 Dated 23rd June, 2021, General c.) Bank account number
th
punishment and promising against TMC leaders surfaced, munities. Now that we have “weak and poor” target. Circular No 20/2021 Dated 08 December, 2021, General Circular No. 10/2021 dated d.) 9 Digit MICR Code
December 14, 2022, General Circular No. 02/2022 dated May 05, 2022 and General e.) 11 Digit IFSC Code
Circular No. 11/2022 dated December 28, 2022 (collectively referred to as 'MCA f.) Scanned Copy of Cancelled Cheque bearing the name of first
Circulars") and with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May shareholder
12, 2020, Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021, Demat Holding The shareholder who are holding shares in demat mode are requested
Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 and Circular No.
NALL IN A DAYN SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January 05. 2023, Companies are permitted
to hold Extra Ordinary General Meeting ("EGM') through Video Conference/Other Audio-
to contact their Depository Participant to register their Email ID,
Bank Account particulars, PAN, Aadhar, Contact No. etc.
Visual Means, without the physical presence of the Members at a common venue. In compliance with the SEBI Circular dated November 3, 2021, the Company has

Vaishnaw, Sonia Nirupam blames ‘5 99% independent In compliance with aforementioned Circulars, the EGM of the Company will be held on
Friday, the 26th April, 2024 at 12:30 P.M through Video Conference ("VC”) / Other Audio-
Visual Means ("OAVM”). Further, electronic copies of Notice of EGM have been sent on
despatched the physical copies of Form-ISR-1 Form ISR-3 and Form-SH-13 through
Registered Post on February 26, 2022, March 17, 2023, May 18, 2023 and January 24,
2024 for updation of PAN, Nomination and KYC details for those shareholders who are

among 14 sworn Cong power centres’; candidates lost Thursday, 04th April, 2024 to all the Members, whose email ids are registered with the
Company / Depository Participant.
holding the equity shares in Physical form. The aforesaid Forms can be downloaded
from the Company’s website: https://www.rain-industries.com/assets/pdf/kyc-

in as RS members Vallabh quits party deposits since 1991 The Notice of the EGM of the Company is available and can be downloaded from the form-isr-1—isr-2—isr-4—sh13_20240120062059.pdf for submission.
Company's website www.spml.co.in, and on Stock Exchange's website, National Stock The shareholders who wish to attend the e-AGM through Video Conferencing (“VC”) /
Exchange of India and BSE Limited at www.nseindia.com and www.bseindia.com Other Audio Visual Means (“OAVM”) are requested to go through the procedure laid
As India heads to the respectively. down in the Notice of 49th Annual General Meeting.
Former Congress president Sonia Gandhi A day after being expelled from the 18th general Members holding shares either in physical form or in dematerialized form, as on the cut-off The Company has provided its shareholders remote e-voting facility in compliance with
and Railways minister Ashwini Vaishnaw Congress, former MP Sanjay Nirupam hit out election, data date i.e. Friday, the 19th April, 2024 may cast their vote electronically on the businesses as the Companies Act, 2013 and Rules made thereunder and Regulation 44 of the Securities
were among the 14 who took oath as at the grand old party on Thursday and over the years set out in the Notice of EGM through electronic voting system of National Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Depository Limited (remote e-voting). All the Members are hereby informed that: Regulations, 2015. The Company has engaged KFin Technologies Limited as the
members of the Rajya Sabha on Thursday. claimed there is "tremendous arrogance" show voters' authorized agency to provide e-voting facility. The details as required pursuant to the Act
i. The business, as set out in the Notice of EGM, may be transacted through remote
Vicepresident and Rajya Sabha Chairman in the party leadership. Addressing a press trust in e-voting or e-voting system at the EGM; and Rules are as under:
Jagdeep Dhankhar administered the oath conference, Nirupam further claimed the independent ii. The Register of Members and Share Transfer Books of the Company will remain 1. The cut-off date to determine eligibility to cast votes through e- voting at e-AGM is
to them in the new Parliament house Congress is now history and has no future candidates has been closed from Friday, 19th April, 2024 to Friday, 26th April, 2024 (both days inclusive) for April 26, 2024. The e-voting shall be open for Three days, commencing at 10.00 A.M.
building. While Sonia Gandhi took oath as and that the Maha Vikas Aghadi (MVA) is a diminishing, with more the purpose of EGM; on April 30, 2024 and ending at 5.00 P.M. on May 2, 2024 for all the shareholders,
a member of the Upper House from merger of three “sick units”. There are five than 99 per cent of independent iii. The remote e-voting shall commence on Tuesday, 23rd April, 2024 (9:00 A.M. IST) and whether holding shares in physical form or in dematerialized form. The e-voting
end on Thursday, Thursday, 25th April, 2024 (5:00 P.M. IST); module shall be disabled by KFin Technologies Limited for voting thereafter. Remote
Rajasthan, Vaishnaw was sworn in as a power centres in the Congress — the three candidates losing their deposits iv. The cut-off date for determining the eligibility to vote by remote e-voting or e-voting e-voting shall not be allowed beyond the said date and time.
member of the same house from Odisha. Gandhi family members, AICC president since 1991. system at the EGM shall be Friday the 19th April, 2024; 2. The members who have not cast their votes by remote e-voting can exercise their
Congress leader Ajay Maken from Karn- Mallikarjun Kharge and (party general Data compiled by the Election v. Any person who acquires shares of the Company and become a Member of the Company voting rights during the e-AGM.
ataka, BJP leader R P N Singh from Uttar secretary) K C Venugopal, Nirupam said. Commission of India show that after dispatch of the Notice of EGM and holding shares as of cut-off date i.e. Friday the 19th
April, 2024 may obtain the login ID and password by sending a request at
3. A member may participate in the e-AGM even after exercising his right to vote through
Pradesh, and BJP member Samik Bhatt- Also, Congress spokesperson Gourav since independence, even as the remote e-voting, but shall not be allowed to vote again during the e-AGM.
evoting@nsdl.co.in or cs@spml.co.in However, if a person is already registered with NSDL
acharya from West Bengal were among the Vallabh resigned from all posts and number of independent candidates for e-voting then the existing user ID and password can be used for casting the vote; 4. A person, whose name is recorded in the register of members or in the register of
14 who took the Rajya Sabha oath. YSRCP membership of the party on Thursday, has remained high, numbers of vi. Members may note that: beneficial owners maintained by the depositories as on cut-off date only shall be
leaders Gola Babu Rao, Medha Raghunath saying that neither can he raise anti- those winning polls have come down a. the remote e-voting module shall be disabled by NSDL after 5:00 P.M. IST on 25th entitled to avail the facility of remote e-voting or e-voting during e-AGM. A person,
Reddy, and Yerum Venkat Subba Reddy Sanatan slogans nor abuse 'wealth from over six per cent in 1951 and eight April, 2024 and once the vote on a resolution is cast by the Member, the Member who acquires shares and becomes shareholders of the Company after dispatch of the
shall not be allowed to change it subsequently; notice and holding shares as of the cut-off date can do remote e-voting by obtaining
also took oath as members. PTI creators' day in and day out. PTI per cent in 1957, to around 0.11 per b. The facility of joining the EGM through VC/OAVM shall open 30 minutes before the the login-id and password by sending an e-mail to secretarial@rain-industries.com
cent in 2019. time scheduled for the EGM and will be available for Members on first come and first or murthy.psrch@kfintech.com by mentioning their Folio No./DP ID and Client ID No.
An independent candidate is one serve basis. However, if such shareholder is already registered with KFin Technologies Limited
who is not aligned with any c. the facility for voting electronically will be made available during the EGM; for remote e-voting, then existing user-id and password can be used for casting vote.

CPI(M) promises: Super-rich tax, nixing FRBM recognised party. In the first elections
of 1951-52, 533 independent
d. the Members who have cast their vote by remote e-voting prior to the EGM may also
attend the EGM but shall not be entitled to cast their vote again and
5. The Company has appointed Mr. DVM Gopal / Ms. Ansu Thomas, Practising Company
Secretaries as the Scrutinizer to scrutinize the e-voting process at e-AGM in a fair and
e. a person whose name is recorded in the Register of Members or in the Register of transparent manner.
In its manifesto released on Thursday, the Act (PMLA), the Citizenship Amendment Act, candidates had contested, and 37 of Beneficial Owners maintained by the depositories as on the cut-off date only shall be For detailed instructions pertaining to e-voting, members may please refer to the section
Communist Party of India (Marxist) reduce duties on petroleum products, and them won, around 6.90 per cent. entitled to avail the facility of remote e-voting or e-voting at the EGM: “Notes” in Notice of the Annual General Meeting. In case of queries or grievances
advocated for the scrapping of the Fiscal ensure devolution of 50 per cent of the total Election Commission regulations vii.The detailed procedure and instruction for remote e-voting and e-voting during the pertaining to e-voting procedure, shareholders may refer the Frequently Asked Questions
Responsibility and Budget Management collection of central taxes to the states, stipulate that candidates failing to EGM are given in the Notice of the Extra Ordinary General Meeting; (FAQs) and e-voting user manual available at the Downloads section of https://
viii.In case of queries relating to remote e-voting / e-voting, Members may refer to www.evoting.kfintech.com or may contact Mr. S. Venkat Ramana Reddy, Company
(FRBM) Act and setting a minimum floor for including share of surcharges and cesses secure a minimum of one-sixth of the Frequently Asked Questions (FAQs) and e-voting user manual for Shareholders Secretary, Rain Industries Limited, Rain Center, 34, Srinagar Colony, Hyderabad – 500073,
social sector spending as a binding levied by Centre. The CPI (M) said it stands for total valid votes polled would have available at the downloads section of NSDL or contact at toll free no. 1800-222-990 or Telangana State, India, Ph.No. 040-40401234 or at secretarial@rain-industries.com
constraint in fiscal exercise for both the state governors to be chosen out of a panel their deposits redirected to the send a request to www.evoting.nsdl.com. In case of any grievances / queries relating or Mr. P S R Ch. Murthy, Manager, KFin Technologies Limited., Telephone No. (040)
Centre and state governments. It has backed of three eminent persons proposed by the treasury. The security deposit amount to conduct of AGM through VC / OAVM e-voting, please contact Ms. Pallavi Mhatre, 67161566, email ID: murthy.psrch@kfintech.com.
Manager, NSDL, 4th Floor, 'A' Wing, Trade World, Kamala Mills Compound, Senapati Members may kindly note that the Results of the voting will be announced within 48
reversing the privatisation of the public chief minister, state funding of elections was ~500 for general candidates and Bapat Marg, Lower Parel, Mumbal-400013, email: evoting@nsdl.co.in/ hours of conclusion of Annual General Meeting.
sector, introducing a tax on the super rich, and banning corporate donations to ~250 for candidates from SC/ST pallavi@nsdl.co.in, Tel: 91 22 24994545/11800-222-990
For SPML Infra Limited for RAIN INDUSTRIES LIMITED
along with legislating a general wealth tax political parties, scrapping of the mandatory communities in 1951. The sum has sd/-
and an inheritance tax. The party said it will use of Aadhaar and biometrics for all social since increased to ~25,000 and ~12,500 Date: 04.04.2024 Swati Agarwal Place : Hyderabad S. Venkat Ramana Reddy
scrap the Prevention of Money Laundering welfare schemes. ARCHIS MOHAN for general and SC/ST candidates. PTI (Company Secretary) Date : April 4, 2024 Company Secretary
Place: Kolkata
8 WORLD
>
MUMBAI | FRIDAY, 5 APRIL 2024

Alphabet mulls bid Home robotics may be Apple’s ‘next big thing’
for $35 bn HubSpot Engineers at the tech giant have been exploring a mobile robot that can follow users around their homes
Google parent Alphabet has been talking to its advisers about BLOOMBERG
the possibility of making an offer for HubSpot, an online 4 April
marketing software company with a market value of $35 THE NEXT Apple sees outages
billion, people familiar with the matter said. The potential
acquisition would be Alphabet's largest ever and allow it to
Apple Inc. has teams investigating a
push into personal robotics, a field GAME CHANGER? across several apps
put some of its cash pile, which reached $110.9 billion as of the with the potential to become one of The company's Apple suffered outages at several
end of December, to work. Alphabet has met with Morgan the company’s ever-shifting “next big best-selling hardware of its offerings late on
Stanley investment bankers in recent days about a potential things,” according to people familiar products, ranked by year Wednesday, including the App
offer for HubSpot, the sources said. It has been discussing how with the situation.
29.4 200.6 28.3 16.9 16.3 Store, its Music service and the
launched
much it should offer and whether antitrust regulators would Engineers at Apple have been TV+ streaming platform. The
clear such a tie-up, the sources added. HubSpot, which listed exploring a mobile robot that can fol- 1984: 2007: 2010: 2015: Apple 2016: issues were resolved after
in the stock market in 2014, provides marketing software to low users around their homes, said Mac iPhone iPad Watch AirPods outages affected users across
companies that typically have up to 2,000 employees. It the people, who asked not to be iden- 2022-2023 revenue ($ bn) multiple regions, the company's
Source: Company reports, analyst estimates compiled by Bloomberg
generated $2.2 billion revenue in 2023 and posted a net loss of tified because the skunk-works proj- website showed. BLOOMBERG
$176.3 million. Alphabet has not yet submitted an offer to ect is private. The iPhone maker also
HubSpot and there is no certainty it will do so, the sources has developed an advanced table-top
said, requesting anonymity to discuss confidential home device that uses robotics to project in February, and a push into approach it might take. Though the division and its AI and machine- sidered to be in the early research
deliberations. REUTERS move a display around, they said. mixed-reality goggles is expected to robotic smart display is much further learning group, which is run by John phase.
Though the effort is still in the take years to become a major money- along than the mobile bot, it has been Giannandrea. Matt Costello and Brian Apple investors reacted coolly to
beginning stages — and it’s unclear if maker. added and removed from the compa- Lynch — two executives focused on the news, with the stock paring earlier
the products will ultimately be With robotics, Apple could gain a ny’s product road map over the years, home products — have overseen the gains after Bloomberg reported on the
IN BRIEF released — Apple is under growing
pressure to find new sources of reve-
bigger foothold in consumers’ homes
and capitalize on advances in artificial
according to the people.
The robotics work is happening
hardware development. Still, Apple
hasn’t committed to either project as
robotics work. It was up less than 1
per cent at $171.09 as of 8:52 p.m. in
nue. It scrapped an electric vehicle intelligence. But it’s not yet clear what within Apple’s hardware engineering a company, and the work is still con- India.
18 gunmen, 10 security
force members die in Iran
Iran's state media said security forces were able to release
hostages taken by gunmen Thursday following clashes in
three separate areas in southeastern Iran that left 18
Taiwan’s chip giants resume Israel beefs up
ops a day after earthquake defences, on
militants and 10 troops dead. The fighting erupted
overnight in Sistan and Baluchistan when gunmen opened
fire on Revolutionary Guard posts in Rask and Sarbaz towns

alert after Iran

and a coast guard station in Chahbahar city. PTI

The death toll has risen to 10; more than 1,000 injured
Crackdown on password
sharing from June: Iger
BLOOMBERG
4 April
revenge threat
T
Walt Disney's streaming service will start aiwan’s semiconductor industry
cracking down on password-sharing from restarted operations and emer- BLOOMBERG
June, Chief Executive Bob Iger (pictured)
said on Thursday, as the conglomerate
gency personnel worked to help
injured and trapped citizens as the island
4 April
‘Probe of strike
looks to boost subscriber growth and begins to recover from its worst earth- Israel braced on Thursday for on aid convoy
profitability at the business. Iger also said quake in 25 years. the possibility of a retaliatory
there was a need for some consolidation in Taiwan Semiconductor Manufacturing attack after its suspected kill- to take weeks’
the streaming industry and Disney was Co., the leading producer of advanced ing of Iranian generals in Israel signalled on
eventually looking at double-digit chips for Apple Inc. and Nvidia, said it Damascus this week, saying Thursday that its probe of
margins in streaming, in an would resume production less than 24 it would respond forcefully an air strike that killed
interview. REUTERS hours after evacuating staff and halting and signalling it had stiffened seven aid workers in the
operations. The company said there has its military preparedness. Gaza Strip, and which it
been no damage to its most critical chip- Israel's armed forces - has already described in
Govt, tech job cuts push making equipment.
That statement was bolstered by news
stretched by nearly six
months of war in the Gaza
preliminary statements as
an operational accident,
US layoffs to 14-mth high from Tainan Science Park, where many of
those advanced chips are manufactured, A damaged building, following the earthquake in Taiwan PHOTO: BLOOMBERG
Strip and on the Lebanese
front - announced they were
could take weeks.
"In the coming weeks, as
US layoff announcements rose 7 per cent in March to the that most operations have resumed. suspending leave for all com- the findings become clear,
highest since January 2023, led by technology and Technological advancements in late Wednesday that it had brought 70 per resources to ensure a full recovery, it bat units, a day after they said we will be transparent and
government-sector job eliminations, though cuts Taiwan appear to have kept damage and cent to 80 per cent of machinery back added. they were mobilising more share the results with the
announced year to date are down 5 per cent from a year casualties low after the 7.4 magnitude online within 10 hours after the earth- The United Microelectronics Corp. also troops for air defence units. public," Israeli
ago amid a still-strong job market, a report out on quake struck the island early Wednesday. quake hit. Its most expensive gear is said it would restart normal operations The possibility of Iran government
Thursday showed. Job cut announcements increased to The government revised building codes extreme ultraviolet machines from ASML and shipments, and that the quake had retaliating for Monday's pre- spokesperson Raquela
90,309 in March from 84,638 in February, outplacement and other regulations after a 1999 temblor Holding NV, which are used to engineer not had any major impact on operations. sumed Israeli air strike on Karamson said. PTI
firm Challenger, Gray & Christmas said. REUTERS that killed over 2,400 people. processors for the latest iPhones and UMC had halted some machinery at some Iran's embassy compound in
While the full extent of the damage Nvidia chips for training AI models like plants and evacuated certain facilities at Damascus has raised the
from the latest quake isn’t yet known, the ChatGPT. its hubs in the cites of Hsinchu and spectre of a wider war,
Carlyle CEO given $187 mn latest figures are 10 people dead and more “There is no damage to our critical tools Tainan. though two Iranian sources McD’s to buy
than 1,000 injured. The government said including all of our extreme ultraviolet TSMC affiliate Vanguard International said Tehran’s response
Israel franchise
pay package in first year 642 people were trapped or cut-off because
of road closures and debris as of Thursday
lithography tools,” TSMC said in a state-
ment late Wednesday. A small number of
Semiconductor Corp. said it brought about
80% of its machinery back online by
would be calibrated to avoid
escalation. from owner
Carlyle Group Chief Executive Officer Harvey Schwartz afternoon. tools were damaged at some facilities, but Thursday noon and is resuming produc- "The State of Israel is pre-
(pictured) was awarded a $187 million pay package in his Taiwan’s biggest chipmaker had said the company is deploying all available tion gradually. pared for every scenario. We McDonald's is buying its
first year at the private equity firm. The will respond with force to any 30-year-old Israel
vast majority of his compensation — $180 attempts to attack us," gov- franchise from Alonyal,
million of restricted stock units that he ernment spokesperson taking back ownership of
received when he joined the firm —
vests over several years and is based on
how long he stays in the role and how
well the shares perform. He also
Musk increasing Tesla pay to Raquela Karamson said in a
briefing.
Reuters journalists and
residents of Israel's commer-
225 restaurants in the
country that employs
more than 5,000 people,
the companies said on
received a $6 million cash bonus that was
double the size of his target and a salary
of $838,462, according to a filing
stop OpenAI from poaching cial hub Tel Aviv said GPS
services had been disrupted,
an apparent measure to help
Thursday. The US fast-
food chain has been
subject to boycotts and
Wednesday. REUTERS BLOOMBERG network. In responding to a prefers to develop AI and native to the hit product ward off guided missiles. protests since Alonyal
4 April report by The Information on robotics products elsewhere. ChatGPT. He played a pivotal Iran, Israel's arch-enemy, announced shortly after
how his startup xAI has Two weeks later, a Delaware role in co-founding OpenAI, has sworn revenge for the the October 7 attack that it
Boeing paid $160 mn to Elon Musk (pictured)
acknowledged Tesla Inc. is
poached four engineers from
Tesla, the chief executive
judge voided a massive stock
award that Tesla’s
the chatbot’s developer, but
fell out with other leaders at
killing of two of its generals
along with five military
would be donating free
meals to Israeli military.PTI
Alaska after MAX incident having to make special
efforts to retain artificial
officer blamed “the craziest
talent war I’ve ever seen!”
board arranged
for him in 2018.
the startup.
“As Tesla continues
advisers in an air strike on an
Iranian diplomatic com- Biden, Netanyahu to
Alaska Air Group said on Thursday that Boeing had paid intelligence specialists, some An exodus of personnel Musk to become more focused on pound in the Syrian capital speak over phone
about $160 million to the airline in the first quarter as initial of whom have left the car- from Musk’s most valuable announced the AI, this will eliminate a on Monday. US President Joe Biden and
compensation to address the hit from the temporary maker in the past year to join company to his newest may formation of xAI potential future conflict Israel is believed to have Israeli Prime Minister
grounding of 737 MAX 9 jets. The payment is equivalent to his AI venture. exacerbate concerns about in July of last for Elon,” OpenAI said in carried out the strike, among Benjamin Netanyahu’s phone
lost profits in the quarter, the carrier said, adding it expects Tesla is increasing com- conflicts and governance year, after months a February 2018 the most significant yet on call on Thursday will mark the
additional compensation. An Alaska Airlines-operated pensation for its AI engineer- within the billionaire’s empire. of hinting that post announc- Iranian interests in Tehran's two leaders’ first phone call
MAX 9 jet experienced a mid-air cabin panel blowout in ing team, contingent on per- In January, Musk said that he wanted to ing his depar- close ally Syria. Israel has since an Israeli airstrike killed
January, which led the US aviation regulator to order a formance milestones, Musk unless he’s awarded around build an ture from the neither confirmed nor seven World Central Kitchen
temporary grounding of 171 jets for inspections. REUTERS wrote on X, his social media 25% voting control at Tesla, he alter- board. denied involvement. aid workers in Gaza.

Nato marks 75th anniversary with flags, cake, message to US on Ukraine

REUTERS “Democratic nations, free people
4 April chose to join (Nato) unlike how Russia
NATO DEFENCE SPENDING (% of real GDP) expands by annexation or illegal
Nato foreign ministers celebrated the aggression,” Finnish Foreign Minister
75th anniversary of their alliance on Top 5 Bottom 5 Elina Valtonen said.
Thursday with flags, cake and marching Poland 3.9 Slovenia 1.4 Russia said on Wednesday that Nato
bands, while its secretary general had returned to a Cold War mindset.
reminded the United States that it US 3.5 Türkiye 1.3 Foreign Ministry spokeswoman Maria
needed its allies more than ever as the Zakharova told reporters Nato had no
Ukraine war enters its third year. Greece 3.0 Spain 1.3 place in the "multipolar world" Moscow
The alliance’s 32 member states says it seeks to build to end U.S.
agreed on Wednesday to start planning Estonia 2.7 Belgium 1.1 dominance.
for a greater role in coordinating military Lithuania 2.5 Luxemborg “Nato’s biggest battles to fight are still
0.7
aid to Ukraine to help it battle Russia in in the future, and we have to be ready for
Source: Nato
Europe's biggest conflict since World them," said Lithuanian Foreign Minister
War Two and show its unity as Ukraine Gabrielius Landsbergis.
awaits a package worth some $60 billion Ukraine's Foreign Minister Dmytro Kuleba speaks as US Secretary of State Antony
that remains stalled in the US Blinken looks on, after their bilateral meeting at the Nato Alliance's headquarters in Long-term plan for Ukraine help
Brussels, Belgium PHOTO: REUTERS Nato ministers agreed on Wednesday to
Congress start planning for a greater NATO role in
On the second day of a meeting in Brussels. only about Nato’s future if former US North America and Europe, founded in Seventy-five years on, it has 32 coordinating security assistance and
Brussels, the ministers marked the "At the same time, North America President Donald Trump beats response to growing fears that the Soviet members and has retaken a central role training for Ukraine.
signing in Washington on April 4, 1949, also needs Europe. European allies incumbent President Joe Biden in Union posed a military threat to in world affairs after Russia invaded Under a proposal by Stoltenberg,
of the North Atlantic Treaty that provide world-class militaries, vast November, but also about the ongoing European democracies. Ukraine in February 2022, leading Nato would take over work done by a
established the transatlantic political intelligence networks and unique hold-up to the Ukraine aid package in At its heart is the concept of European governments to view Moscow US-led ad-hoc coalition known as the
and military alliance. diplomatic leverage, multiplying Congress as Republicans demand collective defence, the idea that an once more as a major security threat. Ramstein group, in part to guard
“Europe needs North America for its America's might." border-security measures in return for attack on one member is considered an Nato's two newest members, Finland against any cut in US support if Donald
security,” Stoltenberg said at a European leaders, who make up the passing the bill. attack on all, giving US military and Sweden, joined in direct response to Trump returns to the White House,
ceremony at Nato's headquarters in bulk of Nato members, are anxious not Nato began with 12 members from protection to Western Europe. Russia's invasion of Ukraine. diplomats said.

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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

VOLUME XXVIII NUMBER 199

MUMBAI | FRIDAY, 5 APRIL 2024

Out on a wing The transformation of war

HR management is the key in the airline business One has to give the US Army credit for trying to be better Precision Payload Delivery System. The Russians,
prepared for war in the future. The Indian Army would do

H
uman resource issues in merger and acquisition are some of the meanwhile, have become reliant on Iranian-made
Shahed self-detonating drones and their own Lancet
toughest challenges for corporations. This is a lesson the manage-
ment of Tata- and Singapore Airline-owned airline Vistara has
well to follow that example ILLUSTRATION: AJAY MOHANTY
drones and GPA-guided glide bombs.
Drones fly slowly, are annoyingly noisy, and their
absorbed the hard way. Over the past few days, the airline has been communications links can be easily jammed. They
mired in chaos, cancelling almost a tenth of its 350-odd daily flights after pilots can be disabled with bullets, missiles, or electronic
reportedly called in sick to express their dissatisfaction with new contracts ahead jamming devices. According to the Royal United
of a merger with formerly state-owned Air India. This is a predicament with Services Institute (RUSI), a British think tank, a quad-
which Air India’s former owners would have been familiar, not least during the copter drone lasts an average of three flights in com-
bat. The war is already seeing drone swarms and
merger of Air India, the flag carrier, with Indian Airlines, the domestic carrier, in
more are likely in the future, as China and the US
2007. That crisis, which festered for months, should have raised the red flag for mass-produce sophisticated autonomous systems.
the current exercise. If anything, the Vistara crisis presents a good example of A Ukrainian official said: “There will be a new type
how not to manage employee grievances. of army. Like there is the air force and there are
Signs of the impending crisis were visible in late February-early March, when artillery forces, there will be drone forces. A different
some pilots reported a sickout. At the heart of the problem are the restructured army within the army.”
pay packages for Vistara pilots to bring them in line with those of Air India. The The US Army, which believes in being ready for
new types of warfare, has set up a new command
new salary structure, which pilots were required to accept by March 15, would have
structure called the Army Futures Command (AFC).
resulted in significant pay reductions for first officers, giving them a minimum As so often, it was a former military person, Senator
guaranteed flying of 40 hours after the integration against 70 hours at present. For John McCain (Republican-Arizona), who inspired
captains and senior captains, the reduction would be between 52 and 60 hours, the AFC’s creation in 2018. At that point, the army
respectively. Two Air India unions associated with Vistara pilots have reportedly was reeling from the cancellation of expensive, high-
written to the Tata Group chairman, expressing their concerns. To be sure, this profile weapons development programmes such as

O
reduction came with a hefty one-time compensation payout but the grievances n October 27 each year the Indian Army cel- Europe’s biggest conflict since 1945 — features a the project, which was meant to produce the next
ebrates Infantry Day, commemorating the mix of old and new. The artillery duels, minefields, generation of armoured vehicles.
over new salary packages morphed with other grievances. One is the indefinite
bravura contributions of the foot soldiers, and trench warfare are straight out of World War I, McCain was convinced that the enormity of the
postponement by the Directorate General of Civil Aviation (DGCA) of the improved the army’s largest fighting arm. On this day, in 1947, and yet, Ukrainian artillery fire is being spotted by challenge posed by drones demanded that all the
Flight Duty Time Limitation Rules (FDTL) from the original deadline of June 1 with Pakistani tribal invaders raping and pillaging drones and adjusted on tablet computers, linked Army’s modernisation functions be moved under
under pressure from domestic airlines. The new FDTL, passed in response to pilot their way into the Kashmir Valley, Indian infantry via satellite to the internet. Arriving at solutions one roof, with that organisation located far from any
complaints across the industry, mandates longer rest periods, fewer night landings, men from such storied battalions as 1st SIKH and requires figuring out what won’t change, what is traditional military post. It is the job of the AFC and
requiring airlines to hire more pilots. This apart, pilots were also concerned about 4th KUMAON were airlifted in old Dakota transport changing fundamentally, and how to apply those its 20,000 personnel to develop the technologies
aircraft to Srinagar airport to block the advance of insights. The war has also shown the limitations of and concepts that will enable the Army to stay up
seniority within the merged structure. Several spoke of fears of losing seniority
Pakistani tribal invaders, who had had reached the sheer mass in warfare: If it were merely a function to speed with developments in areas such as
within the merged structure irrespective of flying experience. The issue of seniority outskirts of the city and were poised of deploying lots of troops and robotics, quantum computing, hypersonics, directed
is additionally important for pilots because it determines their ability to choose to capture the airport. Armed with tanks, the Russians would have tak- energy, and AI.
their base and aircraft (whether wide-bodied or narrow-bodied). little more than raw courage, the en Kyiv long ago. Ukraine’s success The AFC’s goal is to prepare the Army for the
Airlines the world over understand that pilots wield a uniquely strong bargaining handful of Indian troops blocked the in holding them off, initially battlefield of 2040 with projects such as the Robotic
power within an organisation. Consequential changes in salary structures, seniority, Pakistanis on the outskirts of employing handheld weapons sys- Platoon. This would involve integrating crewed and
and rostering, therefore, demand energetic management engagement to ensure a Srinagar and drove them back to tems such as Javelin and Stinger non-crewed vehicles into a single unit, so that the
what became the border, ensuring missiles, highlights the profound first contact with the enemy is never made with
smooth transition process. Vistara, however, held a town hall with the pilots after
that the state of Jammu and changes underway. This involves a America’s most precious weapons system, the
the crisis manifested itself in the marketplace with large numbers of cancellations, Kashmir (J&K) remained a part of deep study of Ukraine, the Indo- infantryman. Instead, a human platoon would need
delays, and inconvenienced customers. No doubt the experience with the merger India. To this day, many of the Pacific, and the employment of to be made more lethal and survivable in a future
of Vistara-Air India, a full-service carrier, will offer lessons for the impending merger Indian border posts that guard the technologies like artificial intelli- fight where pervasive sensors (many of them
of Air India Express with AIX Connect (formerly AirAsia), the Tata group’s low-cost Line of Control (LoC) display plaques gence (AI) and machine learning. mounted on drones) will make it nearly impossible
offering. The significant commitment by the group in the airline business demands carved with the names of Indian BROADSWORD Many scholars of contemporary to avoid detection.
another order of skilful people management at a time when the post-Covid aviation infantrymen who gave up their lives war are arguing that, although about The Pentagon does not expect to always get it
while capturing those picquets. AJAI SHUKLA 90 per cent of the weapons being right. It says: “The goal is not to get it really wrong.
market is growing rapidly. Domestic air traffic alone is expected to grow 8 per cent
While honouring the sacrifices of employed by both sides — including We want to get a 70 per cent solution, recognize what
in FY25, after similar growth in FY24. With pilot-training schools unable to keep those Indian infantrymen, we must never forget aircraft, tanks, artillery and armoured personnel we got wrong and adapt faster than the opponent.”
pace with demand and quality, all airlines can be expected to be in poaching mode, that many of them died in vain, because the military carriers — were developed and produced in the 20th For all of AFC’s brave talk of innovation, it
raising the prospect of mass sick leave becoming a mass exodus. of that time was poorly prepared for the wars it was century, it is the other 10 per cent that will have a remains part of one of the world’s biggest bureau-
required to wage. From the recapture of Srinagar, transformational impact. cracies — the US Department of Defense (the
Baramula, Poonch, Naushera and others in 1947; to Prime among these is the unarmed aerial vehicle Pentagon). It can develop weapons, but it can’t

A unique career Jaswantgarh and Walong in 1962; Haji Pir Pass in

1965, to the liberation of Bangladesh in 1971, India’s
combat units very often lost, with catastrophic con-
(UAV), being built in numbers by both sides for film-
ing weddings and vacations. These can be adapted
to conduct surveillance of enemy positions, or to
acquire them in bulk; that’s the job of the Pentagon’s
lumbering acquisitions bureaucracy. So it remains
to be seen how successful this five-year-old com-
Manmohan Singh served the country in multiple ways sequences, the opening battles of the wars they carry grenades or crude explosives to drop on enemy mand will be in speeding up the US Army’s innova-

F
fought. It is the job of planners in New Delhi to soldiers. At a higher level of sophistication, Ukraine tion metabolism. But one has to give the US Army
ormer Prime Minister Manmohan Singh’s long career in public service
ensure that doesn’t ever happen again. has received strike drones from the West — e.g., the credit for at least trying to be better prepared for
came into sharp focus with his retirement from the Rajya Sabha this Analysing contemporary warfare is made diffi- Turkish Bayraktar TB2, the US Switchblade 300, and war in the future than it has been in the past. The
week. Dr Singh has served the nation in multiple capacities: As an cult by the fact that the conflict in Ukraine — Phoenix Ghost, and Australia’s ultracheap, Corvo Indian Army would do well to follow that example.
economist, a bureaucrat, a regulator, a legislator, a Cabinet minister,
and Prime Minister. Few in independent India will have had as varied, as long,
and as influential a career as his. As time passes, it is likely that his tenure as the
Union finance minister who introduced liberalising reforms from 1991 onwards
will be remarked upon more by historians than his decade in 7 Race Course
Road (as it then was). Other economists or politicians could have served as
Solar manufacturing challenge
T
finance minister for that period; and the broad parameters of the reforms that he generous subsidies being offered by many manufacturing in Goodyear, Arizona, for the time The energy sector — oil, natural gas and coal —
were immediately essential were also generally known and did not require Dr countries for local manufacturing along the being,” it wrote in a statement last month. is one of the main sources of global methane emis-
Singh’s particular expertise. Nevertheless, the grave earnestness with which the solar value chain may not quite lead to the India’s decision to re-impose curbs on solar panel sions attributable to human activity, the other being
finance minister stewarded and defended the initial phases of reforms did much expected outcome. In the US, for instance, incentives imports — after a series of policy turns in an attempt agriculture, according to the International Energy
to restore confidence in the future of India’s economy and of its growth story. only partly offset higher production costs. to promote made-in-India panels while also keeping Agency. Two-thirds of the 120 million tonnes of esti-
“Best-in-class modules from Southeast Asia will solar power generation ultra-competitive — is pos- mated methane emissions from fossil fuels in 2023
The great weakness of Dr Singh’s career is also visible in the reminder that it is soon be irresistibly cheap for US developers. Only a itive for manufacturers but would mean higher came from 10 countries — the US, Russia, Iran,
the Rajya Sabha that he is retiring from. In India, where electoral democracy can handful of suppliers may end up making modules prices for developers at a time when the global sup- Turkmenistan, Venezuela, China, Algeria, Saudi
and must always trump technocracy, the fact that he never managed to achieve in the US as more factory plans are scrapped,” said ply glut is pointing toward ever-lower prices. Arabia, Canada and Iraq — the IEA said.
“mass” appeal limited his political impact. This led to what many would decry as Pol Lezcano, BloombergNEF’s lead US solar analyst. The world’s largest manufacturers are vertically The emitters seem to be keen to act on limiting
the fatal weakness of his 10 years as Prime Minister during the United Progressive Local manufacturing is being pushed through a integrated and have gargantuan capacities. China’s the emissions of this gas, which could trap as much
Alliance (UPA) governments from 2004 to 2014; the apparent division of power combination of incentives for manufacturing and JinkoSolar, for instance, shipped over 78 gigawatts as 80 times the heat of carbon dioxide over 20 years.
disincentives for imports. If the in 2023. It expects this to increase to More than 50 oil and gas companies pledged to limit
between the constitutional executive, led by Dr Singh, and the party and political
import price is low enough even 100-110 gigawatts this year. That is their methane emissions by the end of the decade
organisation, which reported to then Congress president Sonia Gandhi. The fact after tariffs, neither lever works. The more than the combined new-build at COP28 in Dubai by signing the Oil and Gas
that Ms Gandhi was the first choice of UPA parliamentarians for Prime Minister price equilibrium of a protected forecast for the four largest markets Decarbonization Charter.
and she stepped aside and handpicked Dr Singh meant that he would always be in market also settles at a level higher after China — the US, India, Brazil It has become easier to locate and measure
her political shadow. But it must also be said that neither member of this duumvirate than it would without protection — and Germany. China could install methane emissions, such as through the
aired her or his disagreements in public; when Ms Gandhi’s son chose to take on as is the case in the US. more than 300 gigawatts this year. MethaneSAT satellite. The International Methane
some UPA legislation by physically tearing it on camera, it is in retrospect interesting For a nascent industry, a high ini- The European Commission start- Emissions Observatory, which is part of the United
tial cost can translate into a strategic ed a probe into a solar contract in Nations universe, has had many wins since its launch
to note that this was shocking because such conflict was so rare.
competitive advantage in the long Romania this week under its Foreign at the G20 meeting in 2021. The World Bank’s Global
Dr Singh may not be given credit for much of what the UPA achieved in terms term as manufacturing volume Subsidies Regulation — aimed at Flaring and Methane Reduction Partnership is
of poverty reduction, entitlement expansion, and infrastructure investment — picks up, as long as the product is VANDANA GOMBAR investigating the potentially market focused on developing countries. As many as 155
especially given that multiple years of his tenure were consumed by crisis-fighting not easily replicated. “That is unlike- distortive role of foreign subsidies countries are now party to the Global Methane Pledge
as policy and administration were paralysed by widespread discontent in the ly to happen in the solar industry given to a bidder in a public pro- to reduce emissions, and this is being reflected in
middle class and among the bureaucracy. However, the UPA’s growth achievements where the product is completely commoditised,” curement procedure. national policies. Companies like SLB, formerly
were not inconsiderable, even if they built off the record of the governments before said Lezcano. “Solar panels have become strategically impor- Schlumberger, are seeing a lot more interest in their
Europe has also been nudging local panel man- tant for Europe: For our clean energy production, methane emission management solutions as a result.
them. Likewise, the current government, which can point with pride to its reform
ufacturing. Swiss solar panel maker Meyer Burger jobs in Europe, and security of supply,” Thierry There is need to be cautious, however. “The
of welfare and the growth of digital public infrastructure, owes much of its success cited deteriorating business climate in Europe as a Breton, the EU’s internal market commissioner, was United Nations, its related bodies and satellites have
to the policy decisions, such as Aadhaar, which were taken in Dr Singh’s tenure. reason to shift its focus to setting up manufacturing quoted as saying by Bloomberg News. The investi- supercharged the recent scrutiny from policymakers
That government was far too weak in terms of its internal political appeal, relying plants in the US, after announcing the closure of a gations “aim to preserve Europe’s economic security and investors. Whether this early interest will actu-
on external approval for its action. But, on the other hand, there was little doubt manufacturing unit in Germany. “The module pro- and competitiveness,” he added. ally translate into lower methane emissions is far
that it had a respect for competence, technical knowhow, and expertise. Dr Singh’s duction at our Freiberg (Saxony) site in Germany from certain,” said Ilhan Savut, BNEF’s head of
was discontinued in mid-March 2024, which shall Methane control upstream oil analysis.
training as an economist was hardly his greatest resource as Prime Minister, but
lead to significant cost savings from April. The solar A few recent developments are set to ensure
he worked in what now appears to be a different era. cell production in Thalheim, Germany, will continue methane emissions are better monitored The writer is a New York-based senior editor, global policy,
to support production ramp-up of US solar module and controlled. for BloombergNEF; vgombar@bloomberg.net

Reconciling ‘development’ dilemmas

correctly. Perhaps there is a low- could enhance reach. Politicians are
hanging fruit here. It may be better to likely to consider suggestions for
train the unqualified practitioners and development schemes that are
quickly increase the reach of proper implementable in one or two years, with
public service staff) in a practical and and fiscally, a legacy of the fears of secretary that “except getting most of medical care. results visible in the next two years to
implementable way. Divided into four national disintegration uppermost in the children to school, everything that The author rightly emphasises that give them bragging rights in the next
sections, the book uniquely demonstrates the minds of the drafters of the could go wrong has gone wrong with the goals of welfare programmes should elections. Many of the suggestions
that criticism need not be the primary Constitution at Independence. school education in India”. The crisis be to help the poor escape the poverty would fit this schedule.
language of analysis. The book rightly Spending at the discretion of local extends to skills and makes India’s trap; instead, many programmes The author's ideas about making a
pierces open the smokescreen of governments where most services get hopes for a demographic dividend seem incentivise them to stay poor. Public common goods and services (GST) rate
BOOK REVIEW “averages”, the most convenient way of delivered are 51 per cent in China, largely misplaced. spending can yield far better welfare if or taxing factors with inelastic supply
hiding the truth, missing opportunities 27 per cent in the US and Brazil, and a The chapter on there is like land, need to be more carefully
V KUMARASWAMY and covering the rot. distant 3 per cent in India. Now that health care, a sector Accelerating India's predictability and thought out. Even the euro zone has
Section 1 discusses the plight of those fears have proved misplaced, it where the laissez Development: A reliability. The multiple GST rates and has its share of

D
on’t be daunted by the size of this politicians and bureaucrats caught in may be time to rethink funding faire solution is State-led Roadmap author’s thoughts “invoice mills”. Suggested reforms on
book; it’s an easy read because the India’s “democracy before patterns. Many centrally sponsored intolerable is a for Effective on replacing the voting may be efficient but suffer
author views his subject through development” approach. For politicians schemes, the author points out, only revelation. Consider Governance electricity-subsidy implementation difficulties.
the eyes of the non-specialist rather than who lament that they know the best lead to “adherence to process and these facts: (i) 80 per Author: Karthik trap are useful. If the worth of an economist is judged
the rarefied world of economists. In fact, solutions but don’t know how to get abdication of accountability”. cent of India’s Muralidharan Ideas on by “how dirty his shoes are”, the book has
Karthik Muralidharan has made good use elected after implementing them, this Section 3 discusses five key areas of health care is Publisher: Penguin urbanisation, made a strong case for the author being a
of his consultations and field experiments book holds lots of ideas. public service delivery — education, provided by non- scaling up, and potential chief economic advisor.
Pages: 832
for various arms of the Centre and state Section 2 is about improving public health care, police and public safety, qualified tackling Overall, it is a must read for
governments. As a result, it has a dirt- service delivery and capacity building. courts and justice, and social protection practitioners; (ii) on Price: ~1,299 misallocation as bureaucrats and policy analysts,
under-the-fingernails quality that our It includes compelling ideas on and welfare. By focusing on facts first, field trials, for tools for improving recommended for politicians, and
Economic Surveys lack. harnessing data, mobilising and principles and implementable ideas testing adherence to a standard medical productivity and creating jobs — a worthwhile for professionals and
Accelerating India’s Development is motivating staff and raising next, and revealing many myths, check list and prescription for forgotten goal — find resonance. others with even a cursory interest
about enhancing development and revenues and allocation based on this section is both convincing and tuberculosis, diarrhoea, dysentery, and The author's idea about practicum in the politics and economics
growth by improving public service 70:20:10 proportional to equality, thought provoking. pre-eclampsia, only 71 per cent of the training — “training while doing of Indian development.
delivery. It reconciles the dilemmas of equity, and effectiveness. The pitfalls of our education have MBBS doctors, 40 per cent of AYUSH contractual engagement”— seems to
development vs democracy, equity vs The author rightly argues that India been brought out well, as epitomised by doctors and, surprisingly, 44 per cent of hold promise across sectors. The reviewer is the author of Making Growth
efficiency, and numbers vs skills (in is excessively centralised, politically the quote of a former education unqualified doctors managed all cases An abridged version of the book Happen in India (Sage)
 QUICK TAKE: VALUATION DISCOUNT FOR ASTER DM UNWARRANTED “A group of companies that we think are

The Smart poised for outperformance are financial

Investor
(Share price in ~) The stock of Aster DM Healthcare is up 12 per cent in the services companies that are linked
past week. At current market price, adjusted for GCC and to financial markets such as fund
managers and stock exchanges.
minority stake, the India business is trading at 17 times
MUMBAI | enterprise value to operating profit on FY26 estimates
Both should benefit from ongoing
FRIDAY, 5 APRIL 2024 rally in the stock markets”
which is at 15-40 per cent discount to listed peers and
JOACHIM KLEMENT
unwarranted, says Prabhudas Lilladher Research Head of Strategy, Liberum
<

Mutual fund assets jump 34% Top firms see cessation

of independent directors
in FY24, highest in 7 years Over 130 directors step down as grandfathering period ends
KHUSHBOO TIWARI showed the number of inde-
Q4 average AUM surges to ~54 trillion on back of strong inflows, market rally Mumbai, 4 April pendent directors who had
served 10 years or more among
ABHISHEK KUMAR More than 130 independent the top 500 NSE-listed com-
Mumbai, 4 April
TOP LEAGUE MARCHING FORWARD directors in nearly 75 com- panies stood at 476.
MF AUM logs growth for 12th consecutive financial year panies have stepped down Governance experts

T
he assets managed by domestic Average AUM (~ trillion) Y-o-Y growth (%) from their posts after the 10- believe inducting new inde-
mutual funds (MFs) rose by 34 year ‘grandfathering period’ pendent directors isn’t as
60.0 50.0

54.1
per cent during 2023-24 (FY24) ended on March 31. straightforward an exercise as
— the most since 2016-17 — propelled Notable firms like Reliance it used to be.
by a sharp rally in the equity market Industries, Adani Power, “The complexities of the
34

38.4
and robust inflows. Larsen & Toubro, Asian Paints, business environment have
For the three months ended March 40.0 30.0 Avenue Supermarts, and
ILLUSRATION: AJAY MOHANTY
increased significantly in the

32.1

40.5
2024 (Q4FY24), the average assets under Marico have announced the
BOARD REJIG last decade or so, and regula-

27.0
How the largest MFs fared in FY 2024

24.5
management (AUM) stood at ~54.1 tril- departure of independent tions are also getting more

6.6

23.1
lion compared to ~40.5 trillion in Q4 of Fund house MF Q4 AUM (~ trillion) Y-o-Y chg (%) directors in the past week. n Independent directors complex and tighter. In this

18.3
2022-23 (FY23), according to data from SBI 20.0 10.0 Under the Companies Act who were on the board context, incoming directors,

13.5
9.1 27 -5

11.9
the Association of Mutual Funds in
ICICI Prudential
2013, an independent director for 10 years or more have especially those who are new

9.1
8.2
India. The just-concluded FY24 marked
6.8 37 7.0 can serve a maximum of two ceased to be on the board to boards, will need to get
the 12th consecutive year of AUM HDFC 6.1 36 terms of five years each. familiar with the sector in
0.0 -10.0 n The grandfathering period
growth for the industry, which primarily Nippon India 4.3 47 Independent directors who which the company operates,
caters to retail investors. The industry Q4 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 had already served the maxi-
or relaxation given ended the risks associated with the
last recorded a decline in year-on-year Kotak Mahindra 3.8 32 Source: Association of Mutual Funds in India
mum when the amendment of with FY24 relevant sector, as well as reg-
AUM in 2011-12. Although the MF indus- the Act came into effect were n Companies which do not ulations relevant to that sector;
try has made huge strides, its AUM still average AUM gain. Meanwhile, on the inflow front, MFs ment in March, the industry is given an additional 10 years to have minimum number this would be in addition to
represents only around a quarter of the MF AUM moves depending on received a net of ~5.1 trillion in the first expected to have seen a sharp surge in relinquish their positions. This of required independent having a broad understanding
total deposits with banks. investor flows and market movements. 11 months of FY24. Actively managed equity scheme inflows. additional period of 10 years is directors will have to fill of directors’ responsibilities
The largest fund house, SBI MF, In FY24, the equity market witnessed equity schemes attracted ~1.6 trillion of An analysis by Business Standard in referred to as the grandfather- positions within three under the Companies Act, the
maintained its lead with an average a stellar rally, with the benchmark these. The gross inflows through the February revealed that the sharp surge ing period. months accounting (especially Ind AS)
AUM of ~9.1 trillion in Q4, 27 per cent National Stock Exchange Nifty 50 ris- systematic investment plan route in MF assets since February 2023 was Industry insiders said landscape and the evolving
higher than the same quarter of FY23. ing by 29 per cent, marking its best amounted to ~1.8 trillion during the largely due to mark-to-market gains in many companies have already n Experts say board refresh and increasingly onerous
Among the top 10, fourth-placed performance since the pandemic- April 2023-February 2024 period, 15 per equity assets. While MFs received ~3.86 onboarded new independent may give opportunity to LODR regulations,” said Ketan
Nippon India recorded the fastest affected 2020-21. The broader market cent higher than the FY23 tally. trillion in net inflows during the directors or are in the process first-time directors Dalal, managing director of
growth. Its average AUM surged by 47 Nifty Smallcap 100 and the Nifty The flow data for March is due to February 2023-January 2024 period, the of doing so. Katalyst Advisors.
per cent to ~4.3 trillion. In the top 15, Midcap 100 gained by 70 per cent and be released next week. Judging by AUM surged by ~13 trillion owing to “If any company is short on Notwithstanding the com-
Tata MF led with nearly a 50 per cent 60 per cent, respectively. MFs’ record equity market deploy- market-driven gains. the minimum requirement of While the grandfathering plexities, the move to induct
an independent director, they period was a generous 10 years, new directors is seen as a
will have to fill the position India Inc appeared to have chance to improve governance
within three months and seek acted slowly when it came to and board composition.
HDFC foreign
Bulls march on D-Street, pitch legroom rises
shareholder approval. A
number of companies will
induct new independent direc-
tors onto their boards. This
replacing old-timers.
At the end of FY21, there
were 235 companies with at
least one independent direc-
“2024 is the year in which
corporate India has an oppor-
tunity to rethink its board
structures. As tenured inde-

camp at new heights but misses may also bring fresh individ-
uals as many individuals have
tor having served more than
10 years. The count fell to 213
pendent directors are required
to cease their positions, boards

Rally in HDFC Bank, Powell’s reassurance buoy sentiment MSCI threshold registered as directors by qual-
ifying the exams and require-
at the end of FY22 and 198 at
the end of FY23. The latest fig-
must use the vacancies to build
greater diversity and board
ments,” said Shriram ure couldn’t be ascertained independence,” reads a recent
Subramanian of InGovern immediately. study by Institutional Investor
SUNDAR SETHURAMAN macro numbers, though higher Research Services — a proxy Data provided by Prime Advisory Services (IIAS) on
Mumbai, 4 April SENSEX than expected, did not advisory firm. Infobase around mid-March India Inc board composition.

Indian equity benchmarks hit INTRADAY materially change the overall

picture and reiterated that it
new highs on Thursday, pro- 74,227.6 would be appropriate to cut
74,600
pelled by gains in HDFC Bank
and comments from US
Federal Reserve Chair Jerome
Powell. Powell’s statement,
73,876.8

0.5% 74,200
rates at some point this year.
Going forward, the Reserve
Bank of India’s (RBI’s) mone-
tary policy decision, March
Zydus, Hero Moto in line
indicating a potential policy
rate reduction later this year,
provided crucial insights for
Change

73,800
quarterly results, and US non-
farm payroll data on Friday will
determine market trajectory. The investment legroom for
for largecap upgrade
investors, enhancing their The US private payroll data foreign portfolio investors ABHISHEK KUMAR
awareness of market trends.
The S&P BSE Sensex and
released on Thursday
revealed that it rose to 184,000
(FPIs) in HDFC Bank rose to
24.95 per cent during the
Mumbai, 4 April
IN AND OUT
National Stock Exchange Nifty 73,400 in March against 155,000 in quarter ended March 2024. Zydus Lifesciences, Hero Expected changes in largecap, midcap stock lists
closed the session at new highs, Apr 3,’24 Apr 4,’24 the previous month. However, it fell short by only Motocorp, NHPC, Bosch and MIDCAP TO Price LARGECAP TO Price
with the Sensex reaching Vinod Nair, head of 5 basis points (bps) of the JSW Energy may move to LARGECAP chg (%)* MIDCAP chg (%)*
74,228, a gain of 351 points, or research at Geojit Financial threshold required for index mutual fund’s largecap basket
0.5 per cent, and the Nifty clos-
ing at 22,515, a gain of 80 points,
Nifty Smallcap 100 index Services, said investors expect
RBI to keep the status quo
provider MSCI to hike its
weight in its global indices.
thanks to a sharp run up in
their stock prices in the past
Zydus Lifesciences
Hero Motocorp
38.7
15.2
Marico
Berger Paints
-11.2
-6.7
or 0.4 per cent. Both indices
surpassed their previous record extends gains to 10th day amidst inflation worries.
Inflation worries have
Hitting the 25 per cent
threshold would have meant
three months and a correction
in some of the existing large-
NHPC 37.0 SBI Cards -9.9
close on March 7. The Nifty Smallcap 100 index on Thursday rose for a 10th intensified amidst a rise in doubling of HDFC Bank’s cap stocks. Bosch 36.8 SRF 3.6
Besides the benchmark straight trading session — its longest gaining streak since commodity prices. Brent crude weight in MSCI indices — Nuvama Alternative & JSW Energy 36.7 Polycab India -3.2
indices, the BSE 500, BSE February 2024. Since March 19, the index has jumped 11.3 per on Thursday was trading at leading to billions of dollar of Quantitative Research early *in 3 months; Source: Nuvama Alternative & Quantitative Research, Bloomberg
AllCap, and the Nifty Midcap cent as investors have rushed to buy the dip. In the prec- $90.4 per barrel after ending inflows from passive trackers. estimates for mutual fund July
100 made fresh record highs. eding month, the index had slumped more than 10 per cent the previous day’s session at “The foreign holding now classification expects Marico,
Most of the gains in the amid caution sounded by the markets regulator Securities $90.6, the highest since stands at 55.54 per cent ver- Berger Paints, SBI Cards, SRF change before the next such gone up from ~29,000 crore to
Sensex were contributed by and Exchange Board of India (Sebi) around froth built up. October 2023. sus the requirement of and Polycab to move from exercise as the Securities and ~67,000 crore. Nuvama
HDFC Bank, which rose 3.06 The Nifty Smallcap 100 index last closed at 16,230, its “We expect some volatility 55.5 per cent. Thus, it misses largecap to midcap list, making Exchange Board of India expects the largecap and mid-
per cent and was also the best- highest level since February 19. The index last gained for on Friday, especially in the by about 5 bps. With the way for the new entrants. (Sebi) is mulling expansion of cap thresholds to rise further
performing Sensex stock. The 11 straight sessions in September 2023. BS REPORTER rate-sensitive sector, amid potential for further selling The Association of Mutual the largecap basket by 25 if the markets extend gains
private lender’s shares rose India’s central bank’s policy this quarter, there may be a Funds in India (Amfi) stocks. The review comes seen during the first three
after the bank reported a 26.4 meeting. Overall, we maintain possibility of a weight-up announced a revised list of amid a sharp surge in the mar- months of calendar 2024.
per cent year-on-year deposit inent companies were largely Investors interpreted our positive bias on the mar- adjustment in the August largecap, midcap and small- ket-cap of smallcap com- According to the Nuvama
growth compared to the pre- encouraging, driving stock- Powell’s comments on ket, and any dip can be viewed review,” said Abhilash Pag- cap stocks biannually panies, providing room for report, citing present rules, the
vious quarter when deposits specific action in the market. Thursday as a reaffirmation as a buying opportunity,” said aria of Nuvama Alternative (January and July). The list is expansion of largecap and stocks primed for smallcap to
grew by 7.5 per cent. Nifty has been consolidating in that the central bank is on track Khemka. Research in a note. “The revised based on the past six midcap segments. midcap upgrade include
Hopes of better corporate a narrow range at higher levels to cut interest rates this year. The market breadth was Stock still trades at about two month’s performance. The In the present classifica- MRPL, HUDCO, IRB Infra,
results for the March quarter for the last few sessions, while The Fed chief said policy- positive, with 2,382 stocks times FY25E price-to-book top 100 stocks by market cap- tion, companies with a mar- Global Health, BSE, NLC India,
also lifted sentiment. Analysts broader markets have bounced makers would wait for clearer advancing and 1,465 declining. (core) which is much lower italisation (mcap) are labelled ket cap of less than ~22,000 Bharat Dynamics, TICL, am-
said investors will keenly track back strongly, especially after signs of lower inflation before After HDFC Bank, Tata than its historical averages. as largecap, and the next 150 crore qualify as smallcaps. ong others. They may replace
the management commentary a sharp recent correction,” said cutting interest rates, but the Consultancy Services, which We believe this is a great time fall into the midcap bucket. This figure stood at just ~8,500 stocks like Zee Entertainment,
of firms in certain sectors. Siddhartha Khemka, head of recent price bump did not alter rose 1.4 per cent, gained the to add a quality franchise like The rest of the listed stocks go crore in December 2017. IIFL Finance, Devyani Inter-
“The fourth-quarter busi- retail research, Motilal Oswal their broader trajectory. most, followed by Titan Com- HDFC Bank,” said a note by to the smallcap bucket. Similarly, the upper threshold national, Piramal Enterprises
ness updates from a few prom- Financial Services. Powell said the recent pany, which rose 1.9 per cent. global brokerage Macquarie. However, the rules may for the midcap basket has and Ramco Cement.

N IN BRIEF N THE COMPASS

Reliance Securities gets approval
from Sebi for change in control Higher cash flows, moderate valuations to support CIL stock
The Securities and Exchange Board of India (Sebi) has approved an application for
a proposed change in control at Reliance Securities as required under regulations
governing research analysts and investment advisors, said sources. The plea —
made to Sebi’s market intermediaries department — comes ahead of the change
The stock should be and 25 MT in FY25, respectively.
In FY24, CIL dispatched 618.5
Despite the energy transition
focus, coal usage should acceler-
with a decline in unit costs
could translate into an operat-
in promoter group at parent Reliance Capital from the erstwhile Anil Ambani group a decent investment MT (up 5.4 per cent Y-o-Y) to the ate until 2030. Due to its monop- ing profit growth of 13.2 per cent
to now Hinduja group following IndusInd International Holdings' (IIHL) successful power sector (vs committed vol- oly status, CIL is likely to main- during FY23-27.
bid to acquire the beleaguered financial services company. An email sent to Sebi over the long term ume of 610 MT). The power sec- tain good margins and generate As capex is completed, free
garnered no response, while a spokesperson for the companies acquiring Reliance tor thus accounted for 82 per free cash. cash flows would rise enabling
Securities said, “As a matter of policy, we do not comment on regulatory DEVANGSHU DATTA cent of total dispatches. The production target is 1 bil- diversification into renewables
developments.” Hinduja group-owned IIHL has emerged as the successful Dispatches to the non-power lion tonnes (BT) by FY26 and as the group plans. The gener-
resolution applicant to acquire Reliance Capital under the Corporate Insolvency Coal India (CIL) produced 89 sector rose from 108 MT in FY23 even if that target is hit a year ous dividend may also be
Resolution Proceedings (CIRP) process of the Insolvency and Bankruptcy Code (IBC). million tonnes (MT) in March- to 135 MT in FY24. Inventory has later, it implies 9.2 per cent maintained. The FY24 estimates
According to news reports, Reliance Securities has also received approvals from the 24, up 6 per cent year on year (Y- increased in FY24 to 90 MT (69 annual growth over FY23-27E. indicate that net revenues could
NSE, BSE, MCX, and NCDEX for transferring shares owned by existing promoter o-Y) and offtake was 69 MT, up 7 MT end-FY23). One key risk to this thesis would hit ~1.42 trillion, up 3 per cent
Reliance Capital to Hinduja-led Aasia Enterprises. SAMIE MODAK per cent Y-o-Y. FY24 production In Q4FY24, e-auction pre- be the faster adoption of renew- Y-o-Y over FY23.
was 774 MT, up 10 per cent Y-o- miums narrowed to 30–40 per able energy. Operating profit could rise by
Bharti Hexacom IPO Bandhan MF to launch Y. Offtake was 754 MT, up 9 per
cent Y-o-Y. CIL targets produc-
cent, down from 115 per cent in
Q3FY24. While blended Q3FY24
CIL employs about 240,000
people, and employee cost is the
8 per cent to ~39,756 crore with
the margin rising by around 130
booked 1.12x on Day 2 innovation fund tion of 838 MT in FY25, up 8 per operating profit/ton was as high
cent Y-o-Y over FY24. Offtake as ~594, the unit numbers are
largest component of the cost
base contributing about 52 per
basis points to around 27.8 per
cent. The net profit could rise to
The initial public offering (IPO) of Bharti Bandhan Mutual Fund (MF) on Thursday could rise to 825 MT in FY25 and likely to drop. But if the e-auc- is fuel supply agreement coal cent of expenses. ~30,708 crore, up by 9 per cent.
Hexacom was subscribed 1.12 times (x) on announced the launch of the Bandhan 870 MT in FY26. The subsidi- tion premium could remain at accounting for 80 per cent of The group is reducing its FY25 should see a sharp
Thursday, the second day of the issue. Innovation Fund. The scheme will open aries South Eastern Coalfields 50 per cent levels, FY26 operat- volume, at an operating profit of workforce by 10,000 per annum. improvement in cash flow. The
The retail portion of the issue was subs- for subscription on April 10 and will invest Limited (SECL) and Northern ing profit can hit ~38,000 crore ~300/tonne and e-auction coal This implies the CIL group stock is still moderately valued
cribed 1.15x, the high net worth indiv- in firms with substantial R&D invest- Coalfields Limited (NCL) can compared to ~36,800 crore in at an operating profit of would employ about 170,000 and it should be a decent invest-
idual portion 1.71x and the institutional ment, high skilled-employee costs, and increase their offtake by 41 MT FY23. The blended assumption ~1,000/tonne. people by FY30. Volume growth ment over the long term.
investor portion 0.82 x. BS REPORTER potentially higher margins. BS REPORTER
>
MUMBAI | FRIDAY, 5 APRIL 2024 THE SMART INVESTOR 11

DMart leads the charge Sync your tax savings with

down the revenue aisle goals and cashflow needs
Even ELSS, being equity-based, should be purchased with 7-year horizon
Private-label assortment will drive the next leg of share gains SARBAJEET K SEN
ELSS: HIGH DOUBLE-DIGIT RETURNS OVER PAST DECADE
DEEPAK KORGAONKAR If you are one of those who have done a n Category average n S&P BSE 500 TRI (Returns in %)
Mumbai, 4 April last-minute running around to com-
plete your tax investments before 42.6 41.9

S
hares of Avenue Supermarts, which March 31, you will do well to keep the
owns and operates the DMart momentum going in the new financial
stores, hit a two-year high of year. Starting your tax planning for
~4,710.15 as they surged nearly 6 per cent 2024-25 right at the start of the finan-
on the BSE in Thursday’s intraday trade cial year will help you organise your 20.2 19.4 18.3 17.8 17.2
after reporting strong revenue growth in finances better and maximise the 16.1
the January-March quarter (Q4) of the benefits from tax-saving investments.
previous financial year (FY24). “Starting your tax planning early
DMart, in the Q4FY24 pre-quarter prevents last-minute stress that arises
update, said the company reported once employers ask for proof of tax-
20 per cent growth in standalone revenue saving investment. It also ensures that
from operations at ~12,393 crore, as your financial goals are aligned with 1 year 3 years 5 years 10 years
against ~10,337 crore in the third quarter your tax-saving investments,” says Returns of above one year are compound annualised Source: Navigation RA
(Q3) of 2022-23 (FY23), driven by a 7 per Vishal Dhawan, founder and chief
cent growth in revenue per store and executive officer (CEO), Plan Ahead investments,” says Rao. dren, and parents. In the case of senior
a robust 13 per cent year-on-year (Y-o-Y) Wealth Advisors. Arvind A Rao, fou- citizens, this deduction stands at
increase in store additions. nder, Arvind Rao and Associates, adds: Align with financial goals ~50,000. “Ideally young investors may
In Q3 of 2021-22, the company reported “You have better clarity on tax obliga- Ad hoc investments at the last minute find ELSS relevant due to its shorter
revenue of ~8,606 crore and in Q3 of 2020- tions and better control over may help save some tax but lock-in and possible higher inflation-
21, it posted revenue of ~7,303 crore. cash flows when the tax liabil- often do not serve financial adjusted return over longer horizons.
Following a period of subdued store ity is spread throughout the goals. For example, a tradi- Younger investors may also consider
additions in the nine months of FY24 year. You can also optimise tional life insurance policy NPS to get the benefit of compounding
(adding 17 stores), the company added
24 stores in Q4FY24, taking the total store
store growth and reve-
nue per sq. ft growth,”
ON A SHOPPING SPREE share gains.
“We observed DMart
investment opportunities.” bought in a hurry to reduce
tax may offer neither adequ-
and save towards retirement in a tax-
deferred manner,” says Dhawan.
count to 365. The stock of the food and the brokerage firm said Avenue Supermarts 120 increasing the number of Assess your ate sum assured nor decent “Senior citizens who don’t have any
grocery retailer finally settled 4 per cent in a stock update. Sensex private-label products tax-planning needs returns. “Aligning financial active income must also ensure that
higher at ~4,614.95, its highest closing DMart offers its pro- 114 over the past year as it Begin by figuring out your tax YOUR goals with tax planning allows their cash flows are tax efficient,” adds
level since January 10, 2022. In compari-
son, the S&P BSE Sensex was up 0.5 per
ducts under various cat-
egories, such as grocery
110 tied up with more sup-
pliers across the country
liability for the year. If you are
employed, use the average
MONEY you to do more with your
money – protect your finan-
Joseph.

cent on Thursday. It had hit a record high and staples, dairy and Base = 100 for the manufacturing of growth rate of the past years to cial goals and save tax,” says Match the duration
of ~5,900 on October 18, 2021. frozen food, fruit and 100 exclusive brands. DMart estimate your salary for the current Santosh Joseph, founder, Germinate Avoid any mismatch between invest-
In the past month, DMart has outper- vegetables, home and now has exclusive year. “Project last year’s income to this Investor Services. If you have a spouse, ments and goals. For example, if you
formed the market by rising 23 per cent as personal care, bed and 103 brands in a wide range of year — fixed and variable. Also eval- parents and kids who are financially plan to invest in a unit-linked insur-
compared to a less than 1 per cent rise in bath, crockery, foot-
90 categories from laundry uate which of your tax commitments dependent on you, go for a term cover ance plan (Ulip) that calls for a multi-
the benchmark index. A sharp rally in wear, toys and games, Dec 29,’23 Apr 4,’24 to home cleaners, dish- will happen by default, for example, with an adequate sum assured. year commitment, or take a home loan,
stock price has helped DMart’s market kids apparel, apparel for washing, room fresh- school fee payments, Employees’ then figure out if these options are suit-
capitalisation (mcap) surpass the ~3 trillion men and women, and eners, personal wash, Provident Fund (EPF) contributions, Plethora of options able for your goals and fit into your
mark again. At the end of the day, DMart daily essentials. oral care, hair oil, breakfast cereals, des- and so on,” says Dhawan. Contributions to EPF, Public Provident cash flow needs. “For long-term goals,
is commanding a mcap of ~3.02 trillion. Last month, global brokerage CLSA serts, biscuits, snacks, green tea, and Existing obligations that call for Fund (PPF), life insurance premiums, NPS, retirement-oriented mutual
Analysts at Motilal Oswal Financial initiated coverage on the stock with a instant coffee, among others,” CLSA had recurring payments include life insur- National Savings Certificate, ELSS, funds, PPF, EPF, and ELSS may be con-
Services believe they have seen growth ‘buy’ rating and a target price of ~5,107. said in its initiating coverage report. ance premium, health insurance pre- Sukanya Samriddhi Yojana, home loan sidered, while for medium-term goals,
in revenue per square (sq.) feet (ft) in the “DMart is a discount retailer with the Historically, DMart has underplayed mium and systematic investment principal repayment, and child’s tax planning fixed deposits could be
last three to four quarters (each quarter lowest operating costs, which have driv- the private-label opportunity so as not to plans (SIPs) in Equity Linked Savings tuition fee qualify for tax deduction of considered. Everyone should go for a
growing by 4-6 per cent Y-o-Y). en the lowest consumer prices, in turn be seen competing with large suppliers Schemes (ELSS). If you have a home up to ~1.5 lakh under Section 80C of the health cover and avail of Section 80D
“In the past three years, revenue per leading to high sales velocity and better and key brands. However, the brokerage loan outstanding, ask the lender for Income-Tax Act. Contributions up to deduction,” says Dhawan. Rao has a
sq. ft remained subdued due to the scale, further reducing costs — a virtu- firm said it has seen a steady increase in bifurcation of the expected home loan ~50,000 to the National Pension slightly different take. “No short-term
addition of larger store sizes and weak dis- ous loop that allows DMart to gain mar- DMart’s private-label offerings and principal and interest repayment for System (NPS) qualify for deduction goals should be aligned to tax-saving
cretionary spending (contributing 23-25 ket share in a price-sensitive market,” believes private labels can be a key differ- the financial year. Salaried persons under Section 80CCD(1B). This is over instruments as the minimum lock-in
per cent of revenue). However, this trend according to CLSA. entiator, especially when compared with should figure out expected EPF con- and above the ~1.5 lakh deduction for these investments is three years (for
has been gradually reversing in the past DMart is rapidly scaling its private- e-commerce and quick-commerce. Private tributions. “Evaluate whether the old under Section 80CCD(1). Health insur- ELSS). Even ELSS, being an equity
three to four quarters, as evidenced by the label assortment, which the brokerage brands are offered at a 20-40 per cent dis- or the new tax regime works better and ance premium gets a deduction up to instrument, should be considered for
narrowing gap between the revenue per expects, will drive the next leg of count to popular brands. accordingly decide on tax-saving ~25,000 per year for self, spouse, chil- long-term goals only,” he says.

Regd. Office:

NOTICE
It has come to our notice that some unscrupulous persons are passing
NOTICE TO SHAREHOLDERS themselves off as or being affiliated with Mr. Kenneth Andrade, Founder of Old
Notice is hereby given that pursuant to the provisions of section 160 of Bridge Capital Management Private Limited and Chief Investment Officer of
the Companies Act, 2013 read with Rule 13 of the Companies Old Bridge Asset Management Private Limited. They have been appropriating
(Appointment and Qualifications of Directors) Rules, 2014 and other parts of his identity and photograph(s) with the intent to defraud unsuspecting
applicable provisions of the Companies Act, 2013, it is hereby notified members of the public. We have learnt that some of the platforms being used
by these impostors are (a) Instagram; (b) 81 Stock Market Alliance Training
to the members that the Company has received two notice in writing group (whatsapp group); and whatsapp number (+91 8128612875) & (+91
from member proposing the candidature of Shri Jitendra Asati 9998572971) and or any other channel / platform we are not aware of to lure
(DIN:10042542) and Shri Surjith Karthikeyan (DIN:09634785) for the members of public in investment and or trading activity for their unlawful gains
office of Director of the Company for consideration at the forthcoming promising huge returns on their money.
Extra-Ordinary General Meeting (EGM) of the Company scheduled to For the avoidance of doubt we would like to inform the public in general that,
be held on Thursday, April 18, 2024 at 11:30 A.M. (IST) through Video Mr. Kenneth Andrade, Old Bridge Asset Management Private Limited, Old
Conferencing (VC) / Other Audio-Visual Means (OAVM). Bridge Mutual Fund, Old Bridge Mutual Fund Trustee Private Limited, are in no
way associated with these fake social media accounts / posts / Whatsapp
The Special Business (item no 2 and 3 ) for appointment of Directors is group / Whatsapp numbers and shall not be responsible for, and expressly
included in the remote e-voting facility commencing Monday, April 15, disclaims all liabilities for, damages of any kind arising out of the use of,
2024 at 9:00 A.M. (IST) and ends on Wednesday, April 17, 2024 at 5:00 reference to, or reliance on any information contained on the such social
P.M. (IST) and also in the e-voting facility available during the EGM, for media platform, Whatsapp groups, and or any other channel / platform we are
members to vote electronically. not aware of by impostors.
We advise then investors not to fall prey to these fake groups / phishing websites
As the notice of candidature was received subsequent to the issue of and stay vigilant of such scams. The general public should take note as anyone
the Notice for this ensuing EGM, hence an addendum to the EGM who engages with the said fake groups / phishing websites, or any other
Notice is being circulated electronically to those members to whom the platform and material promoted by the impostors does so at their own risk.
EGM Notice has been sent earlier, in terms of the provisions of the For any information about Schemes, we urge investors to visit our official
Companies Act, 2013. The EGM Notice and the addendum to the EGM website https:// www. oldbridgemf.com, or contact our officials at
Notice is also available on the website of the Company services@oldbridgemf.com.
(https://www.ifciltd.com). For Old Bridge Asset Management Private Limited
For IFCI Limited Place: Mumbai (Investment Manager for Old Bridge Mutual Fund)
Sd/- Date: April 05, 2024 Sd/-
Date : April 05, 2024 (Priyanka Sharma) Authorised Signatory
Place : New Delhi Company Secretary MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS,
READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
Old Bridge Asset Management Pvt. Ltd. CIN - U67120MH2022PTC394844
1705, C Wing, One BKC, G-Block,
Bandra Kurla Complex, Bandra East, Mumbai - 400051 Tel: +91 22 69459999

Notice-Cum-Addendum to the Scheme Information Document (SID) and Key

Information Memorandum (KIM) of Schemes of Sundaram Mutual Fund (‘Fund’)
A) Modifications to terms of SIP Cancellation:
Investors are requested to note that accordance with SEBI Letter No. SEBI/HO/OW/IMD/IMD-SEC1/P/2024/270/1 dated January 03,
2024, the terms and conditions for SIP Cancellation will undergo the following changes effective April 1, 2024 (“Effective Date”):
1. In case of Daily, Weekly, and Monthly frequencies, the SIP registration will stand cancelled, in case of 3 consecutive failed
debits;
2. In case of Quarterly frequency, the SIP registration will stand cancelled, in case of 2 consecutive failed debits.
Further, where 1 or more consecutive debit attempts have already failed prior to April 1, 2024, only the remaining debit attempt
(as per point 1 and 2 above), if any, shall be allowed.
3. SIP cancellation request submitted by an investor, will be effective within 10 calendar days from the date of such request. Any
SIP installment falling prior to the date of such cancellation, will be processed as per applicable NAV.
B) Newly Opened Customer Care Centre:
Investors / Unit holders are advised to take a note of the addresses of the Customer Care Centre of KFIN Technologies Limited as stated
below, which is an official point of acceptance of transactions for the Schemes of Sundaram Mutual Fund:
(i) KFIN TECHNOLOGIES LTD (Operating since 1st April 2024)
24-6-326/1, Ibaco Building 4th Floor, Grand Truck road,
Beside Hotel Minerva, Saraswathi Nagar, Dargamitta, Nellore – 524003.
All the other provisions of the SID and KIM of the Scheme except as specifically modified herein above, remain unchanged.
This Notice-cum-Addendum forms an integral part of the SID and KIM of the Scheme, as amended from time to time.
For Sundaram Asset Management Company Ltd
Place: Chennai R Ajith Kumar
Date: April 05, 2024 Company Secretary & Compliance Officer
HY1-24-25-1 (16x12cms)

For more information please contact: Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
Sundaram Asset Management Company Ltd Royapettah, Chennai-14.
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
(Investment Manager to Sundaram Mutual Fund) Fax: +91 44 2841 8108. www.sundarammutual.com
CIN: U93090TN1996PLC034615 Regd. Office: No. 21, Patullos Road, Chennai 600 002.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
12 STOCKS
>
MUMBAI | FRIDAY, 5 APRIL 2024 1
IN THE
> STOCK
> Elgi Equipments > Steel Authority of India > Indo Count Industries

NEWS Top gainer

amongst BSE 500
Snaps 9 days
of winning
Hits new all time
high on BSE OF THE DAY
companies streak at ~380 Adani Power
~589.2 PREVIOUS CLOSE ~148.2 PREVIOUS CLOSE ~345.6 PREVIOUS CLOSE Hits new all-time high
~653.7 CLOSE ~145.9 CLOSE ~374.8 CLOSE at ~647; Surged 73 per cent
p 11.0% UP  1.5% DOWN p 8.4% UP in 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
4 Apr ’24 Chg (%) Con Std 4 Apr ’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 3210.8 -0.7 1.0 104.2 145.9 ITC 422.8 -0.6 5.1 27.5 25.8 price price (%) price price (%)
Adani Ports 1366.9 -2.2 1.0 40.8 225.9 JSW Steel 862.5 -0.7 1.1 18.9 21.4 Indiab Real 136.5 135.6 5.9 136.5 136.5 Dabur India 502.6 506.0 -4.8 502.6 502.6
MOST BULLISH MOST BEARISH
Apollo Hosp 6440.6 1.0 0.6 113.1 92.7 Kotak Mah Bank 1749.2 1.0 2.5 19.9 26.5 Zomato 188.1 187.0 4.8 189.0 189.0 Colgate 2695.0 2713.2 -3.2 2380.1 1507.3
Asian Paints 2918.3 1.7 1.3 51.5 52.4 Bandhan Bank 199.3 198.0 0.7 IndiaMART Int 2501.1 2538.5 -1.5 Ipca Labs 1281.0 1276.2 4.2 1281.0 1281.0 ICICI Lombard 1635.0 1640.4 -3.1 1354.8 1056.0
L&T 3797.9 0.4 5.1 41.3 54.2
Axis Bank 1063.0 0.0 2.9 30.3 27.3 Power Fin 417.7 415.0 0.7 Muthoot Finance 1642.9 1666.6 -1.4 Bandhan Bank 199.6 198.1 4.0 263.0 272.0 Swan Energy 645.8 657.6 -2.7 437.8 208.4
LTIMind 4935.2 1.4 0.4 31.8 32.6
Canara Bank 611.3 607.4 0.7 Metropolis Heal 1663.6 1683.4 -1.2 Vedanta 312.5 310.3 3.9 312.5 312.5 HPCL 460.0 461.8 -2.6 416.0 222.4
Bajaj Auto 9146.2 0.7 1.1 35.0 37.1 Mah & Mah 2002.7 0.7 2.0 24.2 24.3 Indus Tower 308.5 306.6 0.6 Au Small Fin 619.1 621.0 -0.3 Policy Bazar 1253.7 1234.1 3.7 1253.7 1253.7 IndiaMART Int 2536.2 2540.7 -2.6 2395.0 2395.0
Bajaj Fin 7283.4 -0.4 2.0 39.2 37.3 Maruti Suzuki 12567.3 1.1 1.6 48.1 33.0 Zee Enter 154.0 153.1 0.6 Indraprst Gs 436.0 437.1 -0.3 UPL 496.5 492.1 3.2 591.0 760.5 Petronet LNG 273.6 275.8 -2.5 225.1 191.7
Bajaj Finsrv 1655.8 0.9 1.0 33.9 225.5 Nestle India 2549.6 -0.2 0.9 - 82.0
Bharti Airtel 1206.9 -1.5 3.0 81.2 151.0 HDFC Bank 1529.9 1527.9 3.1 1704.9 1757.8 ICICI Prud Life 602.9 606.3 -2.4 463.5 420.1
NTPC 354.7 1.0 1.6 20.3 18.9 BSE NSE City Union Bk 158.1 154.0 2.8 158.1 167.7 Metropolis Heal 1680.0 1683.1 -2.4 1450.1 1209.3
BPCL
Britannia
598.5
4813.6
-2.0 0.6 60.9 4.5
-0.4 0.6 53.7 55.0
ONGC 269.0 -2.3 1.3 9.5 11.5 Index Stock Index Stock PUT-CALL RATIO Coforge 5888.0 5817.2 2.7 6840.0 6840.0 Infibeam Aven 37.2 37.8 -2.4 22.4 13.2
Power Grid 277.7 -0.9 1.2 16.7 16.6 Varun Bever 1544.0 1515.6 2.7 1560.3 1560.3 IOC 169.1 169.8 -2.3 128.5 76.8
Cipla 1459.6 -0.8 0.8 31.8 34.7
Reliance Ind 2925.9 -0.6 9.8 28.3 44.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 448.9 0.8 1.0 9.4 17.8 Contracts 3641 - 438878 1411142 HUDCO 209.7 207.1 2.7 227.0 227.0 ONGC 265.4 269.0 -2.3 209.7 150.4
SBI 759.3 -1.5 2.8 10.6 11.9 Market 2135.1 3320.0 0.6 Au Small Fin 639.8 621.2 2.6 813.0 813.0 Shriram TrFn 2486.2 2499.7 -2.2 2118.4 1275.0
Divis Lab 3734.2 1.3 0.5 54.4 72.7 Open Int.(000) 35 0 14950 8496750
SBI Life Ins 1463.8 0.2 0.6 - 78.8 Indiabulls Hous 186.3 184.0 2.2 208.9 209.6 Oil India 613.0 621.6 -2.2 362.3 240.7
Dr Reddys 6142.5 0.3 0.7 19.6 25.7 Shares(In Mn) - - 15.6 3971.7 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2499.3 -2.2 0.7 15.6 14.3 Muthoot Finance 1674.0 1664.9 2.1 1674.0 1674.0 Adani Ports 1363.0 1368.1 -2.1 1111.3 625.3
Eicher Motor 4014.3 2.0 0.5 28.7 31.3 Value(~ crore) 285 - 41474 121555
Sun Pharma 1619.4 0.0 1.7 43.6 400.6 Aurob Pharma 1.2 Coromndl Int 0.3
Grasim Ind 2277.9 -1.2 0.8 22.0 101.4 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1118.0 -0.1 0.7 88.6 98.2 Siemens 1.2 Dalmia Bharat 0.3
HCL Techno 1539.7 0.2 1.6 26.6 35.5 Contracts 20792433 - 517380306 4917073
Tata Motors 1011.6 0.2 1.7 17.3 39.7 Alkem Labs 1.2 ONGC 0.3
HDFC Bank
HDFC Std Life
1527.6
622.4
3.1 11.3 25.2 20.6
-0.3 0.6 97.8 88.3 Tata Steel 163.4 -0.2 1.3 - 46.2
Open Int.(000)
Shares(In Mn)
10903
-
- 617487
- 24029.7
4837587
8864.8
Syngene Intl 1.2 Atul 0.3 MOST TRADED TOP M-CAP TRENDS
TCS 4003.3 1.4 3.9 32.3 34.5 Jindal Steel 1.0 Ipca Labs 0.3
Hero MotoCorp 4523.0 -0.8 0.6 32.2 23.7 Value(~ crore) 1546476 - 55722026 437918 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 577.8 0.2 0.8 12.9 41.7 Tech Mahindra 1279.3 1.9 0.8 44.4 54.9 BSE+NSE BSE+NSE
Titan Company 3782.8 1.9 1.5 103.3 96.2 1 Reliance Ind 1979945.4 BS200 Olympic Oil 40.7
HUL 2265.0 0.0 2.0 52.6 51.9 (~ crore) (Mn shrs)
ICICI Bank 1078.9 0.2 7.3 22.3 19.3 UltraTech 10005.1 0.0 1.1 45.0 46.2 ACTIVE CALLS ACTIVE PUTS HDFC Bank 7060.4 46.4
2
3
TCS
HDFC Bank
1448343.5
1160730.4
UP 7 DAYS Autorid.Inte 40.7
IndusInd Bank 1544.5 0.1 1.0 - 13.9 Wipro 487.4 0.9 0.7 22.6 28.5 Indiab Real 20.1 Guj Terc Lab 40.7
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg ICICI Bank 2334.2 21.7 4 ICICI Bank 756201.8
Infosys 1486.7 0.4 5.2 25.3 25.0 Nifty 50 22514.7 0.4 100.0 25.6 30.0 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Kotak Mah Bank 2317.2 13.4 5 Bharti Airtel 682539.9 NHPC 11.3
KP Green Engine
VLL
40.6
40.6
Index Index 6 SBI 677600.3 Indian Hotel 11.0
INDEX PE SHRS TRDS 1 YR Reliance Ind 2149.4 7.3 Thirdwave Fin 40.6
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
04/04/24
04/04/24
22600
22500
1778.4
1728.9
10.4 16.6
11.7 -6.9
Nifty
Nifty
04/04/24
04/04/24
22500
22400
1473.9
1280.7
17.6 312.8
12.6 70.5
Axis Bank 1934.9 18.1
7
8
LIC India
Infosys
636358.3
617066.8
NTPC
Union Bank
9.2
7.4
DOWN 7 DAYS
SENSEX 26.4/30.9 10.7 292 17 13 25.6 Infosys 1702.6 11.5 Assoc.Cerami -30.1
Asian Paints 2919.2 1.7 1.5 51.5 52.4 Maruti Suzuki 12576.8 1.2 1.9 48.2 33.1 Nifty 04/04/24 22550 1648.3 16.8 201.7 Nifty 04/04/24 22450 1061.0 11.4 221.2 9 HUL 532313.6 Jio Financial 4.9
NIFTY 50 25.6/30.0 401.0 9320 27 23 29.4 BLB -30.0
Axis Bank 1062.7 -0.1 3.4 30.3 27.3 Nestle India 2549.1 -0.1 1.0 - 82.0 Nifty 04/04/24 22650 1107.7 8.5 40.6 Nifty 04/04/24 22300 1053.4 10.8 40.6 KEC Intl 1527.3 19.0 10 ITC 527790.7 UP 3 DAYS
C = CONSOLIDATED; S = STANDALONE Risha Digha -30.0
Bajaj Fin 7282.2 -0.4 2.3 39.2 37.3 NTPC 354.8 0.9 1.9 20.3 18.9 Nifty 04/04/24 22700 930.6 18.6 95.4 Nifty 04/04/24 22350 956.9 7.5 61.8 Vodafone Idea 1475.8 1094.6 11 L&T 522367.0 Aditya Birla 13.1
Front Capital -23.2
Bajaj Finsrv 1655.2 0.9 1.2 33.9 225.4 Power Grid 277.6 -1.0 1.4 16.7 16.6 CASH DERIVATIVES Stock Stock Jio Financial 1374.5 37.9 12 Bajaj Fin 450768.2 IREDA 11.0
TURNOVER BSE NSE BSE NSE
Kkalpana Plasti -22.9
Bharti Airtel 1207.0 -1.5 3.5 81.2 151.1 Reliance Ind 2926.5 -0.5 11.5 28.3 44.3 Vodafone Idea 25/04/24 15 492.8 165.4 29.8 Vodafone Idea 25/04/24 13 231.2 117.9 12.8 13 HCL Techno 417807.1 City Union Bk 10.0
TCS 1369.0 3.4 Aananda Lak Spg -13.2
HCL Techno 1539.7 0.2 1.9 26.6 35.5 SBI 759.3 -1.5 3.3 10.6 11.9 VALUE(IN ~ CRORE) 6929 113788 1546761 56322974 Vodafone Idea 25/04/24 14 471.8 176.8 27.1 Vodafone Idea 25/04/24 12 129.7 77.3 -1.0 14 Maruti Suzuki 395414.6 Nat Alum 8.6
SBI 1237.3 16.2 NDA Sec -13.1
HDFC Bank 1527.9 3.1 13.2 25.2 20.6 SHARES(IN MN) 959.7 4764.7 - 36881.7 Vodafone Idea 25/04/24 16 281.4 150.0 24.3 Vodafone Idea 25/04/24 11 129.0 61.7 -6.9 15 Sun Pharma 388686.6 Varun Bever 8.5
Sun Pharma 1620.0 -0.1 2.0 43.6 400.8 PNB 1174.1 86.5 UP 3 DAYS
HUL 2265.6 0.0 2.3 52.6 51.9 TRADES(000) 3861 36885 - 134632 Vodafone Idea 25/04/24 13 169.2 60.6 -32.0 Vodafone Idea 25/04/24 14 115.7 74.2 4.2 16 Adani Enter 366065.4 GNFC 7.6
Tata Motors 1012.1 0.3 2.1 17.3 39.7 NTPC 1065.5 29.8 Supreme Ho 44.0
ICICI Bank 1076.9 0.0 8.6 22.2 19.2 Vodafone Idea 25/04/24 17 111.4 74.2 32.1 PNB 25/04/24 135 27.4 6.9 49.0 17 Kotak Mah Bank 347624.1 Coforge 5.9
Tata Steel 163.4 -0.1 1.5 - 46.2 Ashish Polyp 33.1
IndusInd Bank 1543.9 0.1 1.2 - 13.9 MARKET-CAP (~ CR) TRADED TOTAL Tata Steel 1054.8 64.6 18 NTPC 343989.4 DOWN
TCS 4003.1 1.4 4.6 32.3 34.5 DRA Consultants 33.1
Infosys 1486.6 0.4 6.1 25.3 25.0 Zomato 1047.7 56.9 19 ONGC 338409.5 DLF -6.3
Tech Mahindra 1278.7 1.8 0.9 44.4 54.8 BSE 39,853,979 40,483,802 Spectrum Foods 32.9
ITC 422.8 -0.6 6.0 27.5 25.8
JSW Steel 862.5 -0.7 1.3 18.9 21.4 Titan Company 3783.1 1.9 1.8 103.3 96.2 NSE 39,408,254 40,086,910 SPURT IN VOLUMES IREDA
Tata Motors
1016.6
950.8
63.3
9.4
20
21
Tata Motors
Titan Company
336380.1
335859.2
IndiaMART Int
Torrent Phar
-6.3
-5.1
Scilal
Dhanlax Fabr
32.2
31.8
UltraTech 10006.6 0.1 1.3 45.0 46.2 DERIVATIVES 26,267,898 26,267,898
Kotak Mah Bank 1748.7 1.0 2.9 19.9 26.4 Company Days 2-week Avg Change Close *Price 22 Axis Bank 328007.7 Godrej Cons -4.1
IndusInd Bank 940.3 6.1 Shuubham Poly 31.2
L&T 3800.0 0.5 6.0 41.3 54.2 Wipro 487.5 0.9 0.8 22.6 28.5 Volume Volume % price %chg 23 Avenue Supermar 302404.0 Hero MotoCorp -3.4
Mah & Mah 2002.5 0.7 2.3 24.2 24.3 BSE SENSEX 74227.6 0.5 100.0 26.4 30.9 TRADING ACTIVITY Shiva Mills 996924.0 12822.9 7674.6 104.7 19.8
L&T
Bharti Airtel
895.9
893.5
2.4
7.4
24 Adani Green En 299381.7 Abbott India -3.2
DOWN 3 DAYS
Nilachal Ref -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Ports 295530.1 United Spirt -3.2
KEC Intl 19013726.0 342748.1 5447.4 769.6 5.6 NHPC 878.6 93.1 Futuristic Sol -14.2
Equity Debt Equity Debt 26 UltraTech 288880.5
Net Net Net Net Orchid Pharma 260636.0 8710.2 2892.3 1130.4 2.7 Others Onelife Cap -14.2
RBL Bank 850.4 32.9 27 Asian Paints 280009.7
WORLD INDICES On 03 Apr -1255 -3654 - - Suryoday SFB 8490899.0 447211.8 1798.6 184.6 10.0 Au Small Fin 806.6 12.8 28 Coal India 276521.7
UP 7 DAYS
Switchng Tch 61.7
Sizemasters Tec
Flexituff Vent
-13.2
-12.9
On 02 Apr -447 994 - - Elgi Equip 5270665.0 280965.9 1775.9 653.7 11.0 ITC 803.8 19.0 29 Bajaj Finsrv 264087.2
Indices Close % Chg* Indices Close % Chg*
On 01 Apr 2355 4723 499 -4 Jubilant Pharmo 4076246.0 217529.0 1773.9 637.8 10.3 30 Bajaj Auto 258890.2 (T+2) cycleStocks which rose/fell continuously
Vedanta 790.4 25.7
Americas (Apr 03,24) Asia/Pacific (Apr 04,24) On 27 Mar 4043 1441 2027 -9362 Scilal 28575710.0 1849946.0 1444.7 55.5 20.0
Nasdaq Composite 16277.5 0.2 Kospi 2742.0 1.3 On 26 Mar -3171 2482 3889 -4107 Edelamc - Egold 601530.0 39023.6 1441.5 71.0 0.5
Apr till date 653 2064 499 -4
S&P/ TSX Composite
Dow Jones
22112.5
39127.1
0.2
-0.1
Jakarta Composite
Kuala Lumpur Comp
7254.4
1553.2
1.2
1.1 2024 till date 9439 56556 82826 -113753
Alkyl Amines
Pix Trans
1541216.0
305577.0
103698.8
22508.9
1386.2
1257.6
2155.1
1442.2
10.7
5.3
BOARD MEETINGS INTRA-DAY
Europe/Africa (Apr 03,24) Straits Times 3235.0 0.4 Group the proposal tors of the nancial Results tors of the
IBEX 35 11100.8 0.6 Stock Exchange of Thai 1373.9 -0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company for raising of Company to along with the Company
Purpose funds by way consider and Limited Review Vaswani Inds:
FTSE 100 7973.0 0.5 Shanghai Se Comp (Apr 03) 3069.3 -0.2 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock of means per- approve var- Report of the To transact the
DAX 18379.3 0.1 Taiwan Taiex (Apr 03) 20337.6 -0.6 NET Net Fut OI Opt OI OI APRIL 05 missible under ious business Company for following busi-
HIGH *Lakshmi Machine . 17675.0 *Zen Techno . . . . . . . . 1058.5 Quess Corp . . . . . . . . . . 609.9
CAC 40 8152.9 - Volatility (Apr 03,24) BS 200 *Voltamp Tran . . . . . 10099.7 *Goa Carbon . . . . . . . 1009.5 *JSW Energy . . . . . . . . 604.2 7Seas Enter- applicable laws matters. the quarter ness: 1. To con-
On 03 Apr 27328 -10604 0.3 2.7 3.4
Asia/Pacific (Apr 04,24) CBOE Dow Jones 12.6 - *Bosch . . . . . . . . . . . 31129.6 *Force Motors . . . . . . 7898.0 *Mirae -ET . . . . . . . 1000.0 Dollar Inds . . . . . . . . . . 579.0 tain: To con- such as issue Indiab Real: To and three sider and
On 02 Apr 11068 -1503 0.2 4.0 3.3
Nikkei 225 39773.1 0.8 CBOE S&P 500 14.2 -0.6 *ABB India . . . . . . . . . 6620.0 *Linde India . . . . . . . . 7296.6 *Eyantra Ve . . . . . . . 963.9 *Hercules Hst . . . . . . . 575.9 sider and of equity consider and months ended approve a pro-
On 01 Apr -6789 1421 0.2 3.5 3.3
*GRP . . . . . . . . . . . . . . 6925.8 *Bondada . . . . . . . . . 957.2 *Panasonic . . . . . . . . . 570.3 approve 1. shares/ con- approve the on June 2023 posal for rais-
Hang Seng (Apr 03) 16725.1 -1.2 * Change over previous close On 28 Mar 19853 9397 0.2 2.8 3.1 *L&T Tech Ser . . . . . . 5869.1
*LIC MF Gold . . . . . . . 6430.0 *The Hi-Tech Gea . . . . 932.0 *B N A . . . . . . . . . . . . . . 562.0 Conversion of vertible bonds/ proposal for Muzali Arts: To ing funds by
On 27 Mar -15777 -1935 0.2 3.7 3.5 *Siemens . . . . . . . . . . 5772.6
*IVZINGOLD . . . . . . . . 6210.0 *Josts Engg . . . . . . . . . 874.4 *Diamond Power . . . . 544.2 warrants into debentures/ raising of funds consider and way of the
MAJOR INDICES Apr till date
2024 till date
31608
-1169342
-10686
-285
-
-
-
-
-
-
*HAL . . . . . . . . . . . . 3615.0
*Shriram TrFn . . . . . . 2579.0 Lakshmi Mill . . . . . . . . 5000.0 *Ajmera Rlty . . . . . . . . . 841.4 *Tulive Develop . . . . . . 537.0 equity shares warrants/ pref- by way of debt approve the issue of equity
*Nuvama . . . . . . . . 5000.0 *KEC Intl . . . . . . . . . . . . 838.3 *Websol Energy S . . . . 536.5 of the Com- erence shares/ equity or any Postal Ballot shares through
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Mah & Mah . . . . . . . . 2014.9
*Avenue Supermar . . 4710.2 *Pitti Engg . . . . . . . . . . 832.9 *Shilpa Medi . . . . . . . . 519.4 pany to the any other other equity Notice to- Private Place-
*Muthoot Finance . . . 1674.0
Non-Pro- equity linked linked or con- gether with the ment/ Prefer-
S&P BSE Sensex 73,876.8 74,413.8 74,501.7 73,485.1 74,227.6 350.8 0.5 *Ipca Labs . . . . . . . . . 1281.0 *Shilchar Tec . . . . . . . 4594.0 *Wonder Electric . . . . . 826.7 *V2Retail . . . . . . . . . . . 506.0
moters, subject securities and/ vertible secu- Explanatory ential Issue as
*Policy Bazar . . . . . . . 1253.7 *Thermax . . . . . . . . . . 4576.4 *GM Breweries . . . . . . 815.3 *Savita Oil . . . . . . . . . . 493.0
S&P BSE Sensex 50 23,541.9 23,709.2 23,735.7 23,410.9 23,626.1 84.2 0.4 S&P BSE SECTORAL INDICES *Voltas . . . . . . . . . . . . 1229.9 *The Anup Engg . . . . 3541.2 *KPT Indu . . . . . . . . 775.0 Vardhmn Text . . . . . . . . 469.9
to the deposit- or any other
ing the balance securities in-
rities
(Securities)
Statement for
seeking ap-
may be decided
by the Board Extraordinary prove the notice nancial year 23- Kapadia as a sonnel pursuant
S&P BSE-100 23,476.1 23,644.6 23,664.7 23,368.2 23,536.0 59.9 0.3 *Glenmark . . . . . . . . . 1010.0 *DOMS Inds . . . . . . . . 1717.2 *Tinna Rub & Inf . . . . . 772.0 *Lokesh Mach . . . . . . . 459.3
Prev cls Close % Chng outstanding cluding through all or proval of the subject to such General Meet- of EGM fix date 24 2. appoint- Company Sec- to Regulation
*Ambuja Cem . . . . . . . . 641.0 *TechNVision Ven . . . 1710.9 *Indian Metal . . . . . . . . 749.8 *Transform . . . . . . . . . 451.0
S&P BSE-200 10,220.1 10,294.3 10,302.1 10,180.4 10,245.9 25.8 0.3 amount for through prefer- any permis- Shareholders statutory/ reg- ing/ Postal Bal- and time of the ment of retary and 30(5) of the
Auto 49,356.6 49,480.0 0.3 *Indian Hotel . . . . . . . . 622.3 *Waaree Renewabl . . 1708.2 *Uno Minda . . . . . . . . . 745.9
LOW conversion of ential issue on sible modes or for appoint- ulatory approv- lot to seek EGM and other independent di- Compliance Of- SEBI (Listing
S&P BSE-500 32,567.8 32,810.5 32,832.4 32,459.8 32,655.7 87.9 0.3 Bankex 53,832.5 54,139.5 0.6 *Canara Bank . . . . . . . 615.3 *Sapphire foods . . . . 1700.0 *Chemfab Alkl . . . . . . . 742.7
BS 200 warrants into a private place- method includ- ment of Direc- als as may be shareholders matter with the rectors ficer of the Obligations and
Cons. Durables 53,079.8 53,528.5 0.8 Laurus Labs . . . . . . . . . 453.5 *Pix Trans . . . . . . . . . . 1570.0 *Manbro Inds . . . . . . . . 728.4
Dabur India . . . . . . . . . . 502.6 the equity ment basis ing private tors Statutory necessary in- approval inter permission of Sunrise EM: To Company; 3. Disclosure Re-
S&P BSE IPO 13,674.6 13,850.4 13,872.9 13,668.6 13,768.4 93.8 0.7 Cap. Goods 62,502.2 62,605.4 0.2 *NTPC . . . . . . . . . . . . . . 362.8 Epigral . . . . . . . . . . . . 1397.5 *Red Tape . . . . . . . . . . . 708.4
Others shares of the qualified insti- placement Auditor and cluding the ap- the Chair.
alia in respect of consider and The resignation quirements)
FMCG 19,388.3 19,322.5 -0.3 *Hind Copper . . . . . . . . 323.7 *Blue Star . . . . . . . . . . 1379.4 *Genesys Intl . . . . . . . . 704.9 Company. 2. To tutional place- preferential any other inci- proval of
S&P Dollex-30 7,268.6 - - - 7,302.5 33.8 0.5 *Garbi Fin . . . . . . . . . . . . 20.0 the aforesaid R.J.Shah: To approve 1. The of Mr. Lejas He- Regulations
Healthcare 35,455.2 35,503.1 0.1 Vedanta . . . . . . . . . . . . 312.5 *INOX India . . . . . . . . 1359.8 *Sudarsh Chem . . . . . . 686.5 consider any ment rights issue rights dental and an- shareholders of proposal(s) if consider and allotment of mantrai Desai 2015; 5. Any
Nifty 50 22,434.7 22,592.1 22,619.0 22,303.8 22,514.7 80.0 0.4 Infra 589.8 587.7 -0.4 *Aditya Birla . . . . . . . . . 208.6 *Cigniti Tech . . . . . . . 1348.9 *Ceinsys Tech . . . . . . . 681.6 IEL . . . . . . . . . . . . . . . . . . . 6.7
other matter issue or any issue qualified cillary matters the Company the same are approve 1. con- Bonus Shares to from the post of other matter
IT 35,891.9 36,224.2 0.9 *Manapp Finance . . . . 202.5 *Indo Tech T . . . . . . . . 1244.0 *Fischer Chemic . . . . . 675.2 National Ply. . . . . . . . . . . . 4.1
Nifty next50 62,423.8 62,882.2 62,951.0 62,005.6 62,159.0 -264.8 -0.4 with the per- other methods institutions as may be de- wherever re- approved by the vening share- the equity Compliance Of- with the permis-
Metal 29,551.0 29,567.1 0.1 *Nat Alum . . . . . . . . . . . 180.3 *Veritas . . . . . . . . . . . 1158.5 *Graphite . . . . . . . . . . . 673.0 08Gpg . . . . . . . . . . . . . . 0.7
mission of the or combina- placement cided by the quired. The Board. holders meeting shareholders of ficer of the sion of Chair.
Nifty 500 20,605.7 20,755.4 20,772.4 20,537.5 20,664.7 59.0 0.3 Oil & Gas 28,340.0 27,875.3 -1.6 *PNB . . . . . . . . . . . . . . . 137.3 *Gulf Oil Lub . . . . . . . 1116.7 *JUNIOR BEES . . . . . . 669.7 *Satr Proprty . . . . . . . . . . 0.5
chair. tions thereof Metalyst Forg: board. Board if re- for regularizing the Company; 2. Company; 4. To Kindly take the
Power 6,981.4 7,007.7 0.4 *Indiab Real . . . . . . . . . 136.5 *RIR Power . . . . . . 1111.9 *Adani Power . . . . . . . . 647.0 *Shalimar Prd . . . . . . . . . 0.5
India VIX 11.4 11.4 11.8 10.9 11.2 -0.2 -1.3 Artemis Med: Energy Devlp: For approval of New Light App: quired would APRIL 06 appointment of The appoint- change the above informa-
PSU 19,093.5 18,949.3 -0.8 Others *G E Shipping . . . . . . 1071.9 *Jubilant Pharmo . . . . 647.0 *Nouveau Global . . . . . . . 0.5
To consider Meeting of the Unaudited Meeting of the also consider Kaushalya I: To statutory audi- ment of Ms. Structure of Key tion on record
Nifty CPSE 6,000.9 6,060.1 6,077.2 5,923.9 5,979.2 -21.6 -0.4 Realty 7,298.8 7,284.8 -0.2 m m w w and approve Board of Direc- Standalone Fi- Board of Direc- conducting an consider and ap- tors for the fi- Dhruvi Shyam Managerial Per- and oblige.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (694.5) (694.0) (6505.4) (6504.0)
m ~50 H ~2 Open 691.2 694.0 6620.0 6593.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 706.6 701.9 6620.0 6622.5
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 685.9 686.0 6489.1 6490.1
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 691.3 691.9 6500.2 6501.8
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 70640 726K 9142 325K
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 57.7 57.8 114.0 114.0
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 6620/3143 6622/3141
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 25058 25080 137739 137773
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Aditya Bir Fa Aditya Birla m H m mH H  « « « « m m « H
(26715.1) (26714.4) (2633.2) (2633.9) (3235.4) (3233.4) (1397.1) (1397.2) (236.1) (236.3) (204.1) (204.2)
O 26650.1 26799.9 2670.0 2648.9 3240.1 3250.0 1406.1 1408.6 238.0 237.6 205.0 205.0 O O
26850.0 26877.8 2670.0 2666.7 3273.7 3273.0 1409.1 1408.6 238.8 238.8 208.6 208.7
w 26425.0 26428.3 2590.2 2590.1 3202.0 3201.7 1363.0 1362.3 234.2 234.1 203.6 203.6 w w
26622.4 26606.4 2614.9 2616.3 3211.1 3210.8 1368.1 1366.9 237.1 237.0 205.6 205.6
550 12556 6055 207K 79821 1404K 108K 4198K 175K 5411K 230K 9379K
49.4 49.4 30.2 30.2 104.2 104.2 40.9 40.8 - - 275.4 275.4
W 29628/20594 29639/20605 2760/1671 2746/1671 3349/1672 3350/1672 1425/625 1425/625 266/184 266/184 209/153 209/153 W W
M 56573 56539 49104 49131 366065 366031 295530 295260 24091 24081 53443 53443 M M

Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL Britannia« Can Fin HomeH
(7308.2) (7309.3) (1639.8) (1640.3) (2318.9) (2318.1) (385.4) (385.4) (190.5) (190.5) (274.4) (274.3) (1369.4) (1369.6) (561.5) (561.0) (221.4) (221.5) (1141.3) (1141.8) (1225.4) (1225.7) (251.8) (251.8) (272.5) (272.6) (776.8) (777.0) (30794.6) (30815.7) (611.0) (611.0) (4828.2) (4834.6) (804.8) (805.2)
O 7325.1 7345.0 1654.6 1650.0 2327.6 2335.0 386.1 387.2 192.0 192.0 276.9 276.3 O 1370.0 1382.0 566.4 564.9 223.4 223.5 1145.5 1152.5 1234.9 1232.0 254.0 253.0 O 274.8 274.4 792.0 789.9 30846.6 30815.7 612.2 614.0 4854.4 4840.0 817.4 813.0
7345.0 7350.0 1662.5 1662.5 2357.7 2357.9 388.3 388.8 199.6 199.7 276.9 276.7 1380.1 1382.0 566.4 565.3 224.0 223.9 1172.3 1172.5 1234.9 1233.0 256.9 256.9 274.8 274.9 792.0 789.9 31129.6 31145.1 616.0 616.1 4854.4 4855.0 817.4 818.0
w 7257.8 7255.0 1629.7 1630.0 2319.7 2319.7 380.6 381.0 192.0 192.0 268.4 268.4 w 1367.0 1367.0 555.4 555.1 218.3 218.3 1139.4 1139.3 1202.0 1201.3 247.5 247.5 w 269.4 269.2 769.6 769.1 30640.0 30629.3 595.5 595.5 4784.0 4780.6 797.6 796.8
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.
MUMBAI | FRIDAY, 5 APRIL 2024 13 <

PUBLIC NOTICE
Notice hereby given that we M/s Shagun Bluekey Realty,4th Floor, A wing, Krishvi Escape, Sitaram Poddar Marg, near Vinay Health
Home, Fanaswadi, Bhuleshwar, Mumbai - 400002, intending to develop the property more particularly described in the schedule
hereunder the provision of MHADA and which properly is free from all encumbrance and charges and is occupied by tenant/occupant
a list where given as below. .
Redevelopment for property on C.T.S. no. 2242 known as Kapreshwar Krupa, bearing ward no C -4738 & C- 4741 of Bhuleshwar
Division situated at Kapreshwar Marg, Fanaswadi, Mumbai - 400 002 .
All persons having any right, title, claim or interest in respect of the above mentioned immovable property by way of sale, exchange,
let lease, license, mortgage, inheritance, gift, lien, charge, maintenance, easement, trust, possession or otherwise of whatsoever
nature, are hereby required to make the same known in writing, along with documentary evidence to the above mentioned address.
Sr. Name of Tenants Name of Occupants Floor Shop / User
No. Room No. (R/NR)
1 Kusum Navratna Sundesha Kusum Navratna Sundesha Gr. 1 NR
2 Shikha M. Sundesha & Mehul Sundhesha Shikha M. Sundesha & Mehul Sundhesha Gr. 2 NR
3 Dhanraj P. Jain Dhanraj P. Jain Gr. 3 NR
4 Susanta Giri & Others Susanta Giri, Rita S. Giri, Biswajit S. Giri & Gr. 4 NR
Prasannajit S. Giri
5 Late Mohan Sakhre Late Mohan Sakhre 1st 11 R
6 Sushila Vasantlal Parekh Sushila Vasantlal Parekh 1st 12 R
7 Late Dhondu Shivram Karekar Late Dhondu Shivram Karekar 1st 13 R
8 Kishor/ Chandra shekar gajanan vadiya Chandra shekar gajanan vadiya 1st 14 R
9 Dattatray Bhikaji Malpekar Namrata Dattatray Malpekar 1st 15 R
10 Prakash Dattray Tawade & Pratik Prakash Prakash Dattray Tawade & Pratik Prakash 2nd 21 R
Tawade Tawade
11 late Ashok Moreshwar Vedpathak late Ashok Moreshwar Vedpathak 2nd 22 R
12 Kishanlal Durgaprasad Mahajan Kishanlal Durgaprasad Mahajan 2nd 23 R
13 Purushottam Balkrishna Chavan Purushottam Balkrishna Chavan 2nd 24 R
14 Late Ghanshyam Ramchandra Bhole Late Ghanshyam Ramchandra Bhole 3rd 31 R
15 Late Valchand Visaji Jain Rahul Phoolchand Jain 3rd 32 R
16 Gita Madhukar Shirdhankar Gita Madhukar Shirdhankar 3rd 33 R
17 Kailash Subash Bahal Kailash Subash Bahal 3rd 34 R
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) 18 Sunanda Ramakant Malandkar Sushant Subhash Rane 4th 41 R
19 late Vasant Gajanan Pimple late Vasant Gajanan Pimple 4th 42 R
District Deputy Registrar, Co-operative Societies, Mumbai City (4) 20 Sudin Dattatray Mankame Sudin Dattatray Mankame 4th 43 R
Bhandari Co-op. Bank Building, 2nd floor, P. L. Kale Guruji Marg, Dadar (W), Mumbai-400028. 21 Surender Kaur Singar Singh Shergill Smt. Surender Kaur Singar Singh Shergill 4th 44 R
22 Late Ramesh Gajanan Chawathe late Smt. Lata Ramesh Chawathe 5th 51 R
No.DDR-4/Mum./deemed conveyance/Notice/885/2024 Date: 02/04/2024 23 Late Shankar Govind Dere Mr. Sharad Shankar Dere 5th 52 R
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of 24 Vishwas Pandurang Shinde Smt. Sushila Vishwas Shinde 5th 53 R
construction, Sale, Management and Transfer) Act, 1963 25 late Taramati Harishchandra Manjrekar late Taramati Harishchandra Manjrekar 5th 54 R
Public Notice Sd/-
Place : Mumbai M/s Shagun Bluekey Realty
Application No. 63 of 2024
Ashtavinayak Co-operative Housing Society Ltd., Upper Govind Nagar Scheme, Malad
(East), Mumbai - 400 097 Applicant, Versus, 1. Shreelaxmi Housing Pvt. Ltd., 407,
Gateway Plaza, Hiranandani Garden, Powai, Mumbai - 400 076 2. Smt. Bhagwatidevi
Sitaram Singhania, Plot No. 137, Upper Govind Nagar Scheme, C.T.S. Nos. 97A - 31
and 97 - A - 31/1, Malad (E), Mumbai - 400 097....Opponents, and those, whose interests
have been vested in the said property may submit their say at the time of hearing at the
venue mentioned above. Failure to submit any say shall be presumed that nobody has any
objection in this regard and further action will be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral Deemed Conveyance of Land admeasuring 914.20 Sq. Meters along with
Society Building as speciically set out in the Property Registration Card and the copy of
the Agreement dated 17th March 2004 for the Plot of Land bearing Plot No. 137, Survey
No. 47 C.T.S. No. 97A-31 and 97-A-31/1, within the limits of Mumbai Suburban Municipal
Corporation, in favour of the Applicant Society.

The hearing in the above case has been ixed on 22/04/2024 at 02:00 p.m.
Sd/-
District Deputy Registrar,
SEAL Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.

Public Notice in Form XIII of MOFA (Rule 11(9) (e))

District Deputy Registrar, Co-operative Societies, Mumbai City (4)
nd
Bhandari Co-op.Bank building, 2 floor, P.L. kale Guruji Marg, Dadar (West), Mumbai-400028.
No.DDR-4/Mum./Deemed Conveyance/Notice/894/2024 Date:03/04/2024
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the
Promotion of construction, Sale, Management and Transfer) Act, 1963
PUBLIC NOTICE
Application No. 64 of 2024
Chairman / Hon. Secretary, Sumit Pramukh Enclave Co-Op. Hsg. Society Ltd., CTS No.
379, 379/1 to 53, Village - Malad East, Bachani Nagar Road, Off. Daftary Road, Malad East,
Mumbai - 400097 Applicant, Versus, 1) M/s. Sumit Pramukh Ventures, “THE
DEVELOPERS / PROMOTERS” A Joint Venture, having address at B/1101, Express Zone
Diagonally, Opp. Oberoi Mall, Western Express Highway, Malad East, Mumbai - 400097 1.1
M/s. Shri Pramukh Enterprises, “THE DEVELOPERS / PROMOTERS” A Partnership
Firm, having address at 3, Ambani Cottage, Near Western Express Highway, Malad East,
Mumbai - 400097 1.2 M/s. Sumit Wood Private Limited, “THE DEVELOPERS /
PROMOTERS” Having address at B/1101, Express Zone Diagonally, Opp. Oberoi Mall,
Western Express Highway, Malad East, Mumbai - 400097 2) M/s. Sumit Constructions,
“THE DEVELOPERS / PROMOTERS” Having address at B/1101, Express Zone
Diagonally, Opp. Oberoi Mall, Western Express Highway, Malad East, Mumbai - 400097. 3)
M/s. Shri Pramukh Enterprises “Land Owners” A Sole Proprietor, Shri Valjibhai Somabhai
Ambani, having address at B/1101, Express Zone Diagonally, Opp. Oberoi Mall, Western
Express Highway, Malad East, Mumbai - 400097 Opponents and those, whose interests have
been vested in the said property may submit their, say at the time of hearing at the venue
mentioned above. Failure to submit any say shall be presumed that nobody has any objection in
this regard and further action will be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral conveyance of land/property admeasuring 1766.20 square meters bearing C.T.S.
No. 379, 379/1, to 53, Village - Malad East in favour of the Applicant Society.
The hearing in the above case has been fixed on 22/04/2024 at 2.00 p.m.
Sd/-
District Deputy Registrar,
Seal Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.

MUMBAI DISTRICT CENTRAL

CO-OPERATIVE BANK LIMITED
Head Office : Mumbai Bank Bhavan, 207, Dr. D. N. Road, Fort, Mumbai 400 001
Head Office Phone Number : 8976754279 - 80
E Mail - contact-recovery@mumbaidistrictbank.com

PUBLIC AUCTION SALE NOTICE FOR IMMOVABLE PROPERTY

(under section 156 of Maharashtra Co. Operative Societies Act 1960 and rule Rule
107 of Maharashtra Co. Operative Societies Rules 1961)
Outward No Mumbai Bank / Loan Recovery Department/2023-24/00046 Date : 05/04/2024
Whereas, Mumbai District Central Co Operative Bank Ltd., having its Head Oice at
"Mumbai Bank Bhavan", 207, Dr. D. N. Road, Fort, Mumbai 400 001 has received a recovery
certiicate against the mentioned borrowers as per Maharashtra Co Operative Societies
rule 1961 Rule 101 and issued demand notice and possession notice. Said borrower has
failed to repay the amount and hence as per the powers given by Maharashtra Co Operative
Societies rule 1960 section 156 and section 107, I Mr. S. B. Mhapuskar, authorized oicer
hereby declares the sale of the immovable property on the following date, place and time.
Description of the property for auction sale is as following
Sr. Name and address Details of the property Reserve Price Rs. E. M. D.
No. of the borrower/ Rs.
Guarantor and owner
1 M/s Oneworld Creation M/s Oneworld Creation Rs. 12,14,13,959 /- Rs.
Pvt. Ltd. Oice No. 1, Pvt. Ltd. Oice No. 1, (In words Rs. 10,00,000 /-
2, 3, 4, 5th loor, solaris 2, 3, 4, 5th loor, solaris Twelve Crore (Rs. Ten
building D, Saki Vihar building D, Saki Vihar Fourteen Lakh Lakh Only)
Road, Andheri (east), Road, Andheri (east), Thirteen Thousand
Mumbai 400 072 Mumbai 400 072. Nine Hundred Fifty
Area 554.86 Sq. Mtr. Nine Only)
Place Of The Auction :- Mumbai District Central Co Operative Bank Limited,
Head Oice : Mumbai Bank Bhavan, 207, Dr. D. N. Road,
Fort, Mumbai 400 001.
Date and time Of the auction :- 20/04/2024 From 11.00 AM till the Auction
Process Completed.
Notes :
1. For the detailed terms and conditions of the auction, please contact the loan recovery
department in the head oice of the bank from 08/04/2024 to 18/04/2024. (Except 2nd
and 4th saturday, sundays and public holidays) from 11.00 AM to 4.00 PM
2. Inspection of the property can be done on Dated 15/04/2024 during working hours, from
11.00 AM to 4.00 PM ( for inspection of the property, contact Mr. S. B. Mhapuskar,
Authorized Officer, Mob: 9819858608)
3. The last Date and time to submit the sealed offer is 19/04/2024 till 4.00 PM at the
above mentioned head oice of the bank.
4. Deposit for the said auction is Rs. 10.00 Lakh and it should be paid by the DD/ Cheque
of any nationalized bank, drawn in favour of Mumbai District Central Co Operative Bank
Limited.
5. Authorized Oicer reserves the right to retain the auction or to cancel and postpone the
same.
6. If no one takes part in the said auction then we reserve the right to call for the fresh
auction. .
The said public notice is Sd/-
being issued today, Seal S. B. Mhapuskar
date 05/04/2024 with (Authorized Officer)
the signature and seal Mumbai District Central Co-Op. Bank Ltd.
14
>
MUMBAI | FRIDAY, 5 APRIL 2024 1

NOTICE FOR LOSS OF SHARES

Notice is hereby given that the following share certificates are registered in our/my name
has been lost. Therefore, I/We have applied for issue of duplicate share certificate to the
VINATI ORGANICS LIMITED (Regi.office Address :- B-12 & B-13/1, MIDC Industrial
Area, Raigad, Mahad , Maharashtra, 402309 So, general public are hereby warned about
not to deal with the following securities and if company do not receive any objection within
15 days from the date of publication of this notice on above – mentioned regd. Address/of
the company, or to the company’s R&T Agent LinkIntime India Pvt. Ltd., UNIT > VINATI
ORGANICS LIMITED > (C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai,
Maharashtra,400083), The company will proceed for the issue of Duplicate Share
certificate(s) in my/our name.
SR Name of the Holder Folio No Shares Certificate Distinctive Nos.
No (QNT) No
1 Parshottam Hirji Ghetia 008597 1500 & F.V.01/- 105 166001 TO 167500
Place: Rajkot Name of the Applicant :
Date: 05.04.2024 GHETIA PARSOTAMBHAI HIRJIBHAI

        

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MUMBAI | FRIDAY, 5 APRIL 2024 TAKE TWO 15
<

PHOTO: SHUTTERSTOCK

authentic taste.” The Goan masala

range by chef Crescentia, creator of
the iconic but now shut Bernardo’s
Goan Restaurant, for instance,
continues to be a hit.

More than a side dish

Some of the newer restaurants are
integrating retail at the outset. Aidu, a
South Indian restaurant in
Hyderabad’s Jubilee Hills, which
opened in February, started
simultaneously selling packets of
podis and pickles at the outlet.
Ditto for Colocal, a bean-to-bar
chocolate factory and café brand,
which launched both its café and the
retail business together in 2020.
The company, which clocked a
turnover of Rs 25-30 crore last year,
says 10 to 15 per cent of its overall sales
comes from retailing premium

Dining delights to home chocolate bars, spreads, baking

chocolate and hot chocolate powder.
By next year, it expects retail to
account for 25-30 per cent of its
revenue, and eventually, 70 per cent.

delicacies, restaurants
The cross-branding with its sister
company, Hyderabad-based
Roastery Coffee House, a café with
locations in Delhi-National Capital
Region, Lucknow and Kolkata, helps.

get into gourmet retail

Anshi Saxena, Colocal’s co-
founder, says the biggest benefit of
restaurants and café getting into
gourmet retail is that “suddenly, the
brand can be present in any part of
the world”.
From delectable pastes to artisanal blends, savoury chips to ice-creams, In the next two years, Colocal
expects to roll out a slew of chocolate
culinary treats crafted by in-house chefs are hitting the shelves products through tie-ups with offline
gourmet retail partners.
Its production has already shot up
ABHILASHA OJHA Hospitality intends to roll out a from 160 chocolate bars a month in
New Delhi, 4 April GOURMET GAMBLE bigger range of products: handmade 2020 to over 4,000 now. “Retail is
n Burma Burma, Bukhara, brands by pasta, black bean jam, pickles, contributing to our growth in a big

F
or its upcoming restaurants Azure Hospitality, among others have flavoured oils, dips, artisanal ice- way,” says Saxena. “We are looking to
in cities such as Bengaluru, joined the list of restaurants selling creams, black pepper, momo, and upgrade our factory so that by year-
Mumbai and New Delhi, gourmet products rice and noodle master sauces, end or early next year, we can launch
Burmese restaurant Burma among others. more varieties and look at selling with
Burma is redesigning its interiors to n Customer acquisition and loyalty, Last year, Diva Casa Pantry shut gourmet stores.”
create prominent shelf space for its besides brand recall, are some of the its operations and tied up with
merchandise and ready-to-eat reasons restaurants are pivoting Nature’s Miracle, a hydroponic fruit Pricey treat
gourmet products. towards gourmet food retail and and vegetable company, to co-create Not everyone, though, wants to bite
These include khow suey pastes, merchandising a range of sauces – salsa rossa, into this segment, considering that
chilli garlic oils, ready-to-eat lotus arrabiatta, aglio e olio – for Le the margins are slim and cost of
stem chips, tea leaf salad paste, n For most players, this category was Marche, a gourmet retail store. The labour, real estate and raw material
crunchy seed mix, dry Burmese a construct of the Covid pandemic, packaging credits chef Ritu Dalmia. remain high.
spices, tea blends, and artisanal ice- when they returned to the drawing Avantika Singh, manager, “The effort of managing inventory
creams, along with t-shirts and board to re-strategise as restaurants marketing and communication, Riga and sales wouldn’t be a worthwhile
branded chopsticks. remained shut during the lockdown Foods, which owns Diva, says the use of resources for a high-end
Burma Burma is one of many shift happened so the focus could restaurant like ours,” says Rahul
restaurants that are diversifying into n Not everyone, though, wants to return to the core business of running Bhambri, co-founder of Michelin-
gourmet retail. bite into this segment, considering restaurants. recognised ROOH (San Francisco and
Azure Hospitality, which runs that the margins are slim and costs New Delhi) and Pippal (San
pan-India food and beverage brands of labour, real estate and raw Fresh ingredients Francisco). “It’s a controlled
such as Mamagoto, Dhaba Estd 1986, material remain high According to Anita Sahoo, founder preparation of food that happens at
Sly Granny and Foxtrot ventured into and CEO of Home Kouzina, a two- our restaurants and we might not
food retail in 2021. In the last two year-old food aggregator that was in want customers using condiments
years, Café Diva, Hunan at Home the business of supplying hot meals, that could alter the intended taste of
(Bengaluru), Mahabelly (New Delhi), website, these products are available restaurants getting into gourmet food the dish.”
Kitchen Garden by Suzette (Mumbai) on platforms such as Amazon, retail requires fresh investments, That said, the Indian gourmet
and Fig & Maple (New Delhi) have Flipkart, Swiggy and Zomato, as well clear strategy and a proper roadmap food market, currently valued at
joined the list of restaurants that are as in the retail store Nature’s Basket. for growth. Also needed are a team of $1.3 billion, is expected to grow at 20
selling gourmet pantry staples. With an initial investment of food technologists, analysts, a per cent every year.
Among the first to enter the about ~ 8 lakh, the promoters of dedicated factory space, packaging Step into Food Stories, a gourmet
gourmet retail segment was ITC’s Burma Burma started a separate units, lab-testing facilities (even if retail store that opened a month ago
iconic restaurant, Bukhara, which factory-cum-laboratory in Mumbai outsourced), tech designers and in New Delhi’s Ambience Mall in
turned 45 this year. It launched its with chefs, digital creators and food website developers. Vasant Kunj, and you find people
brand of ready-to-eat gourmet technologists hired specifically for its For Home Kouzina, food retail reaching out for artisanal cheese from
products, including its signature dal branded gourmet food retail vertical. has now become the main driver Australia, Arizona-imported dark
Bukhara, way back in 2001. The 10-year-old restaurant’s retail of business. chocolates, South Korean
Customer acquisition and loyalty, sales are now upwards of ~15 lakh a It creates pickles, ready-to-eat strawberries, and freshly ground
besides brand recall, are some of the month. Ankit Gupta, co-founder, snacks, masalas, and paste from spices and dry fruit.
reasons restaurants are strategically Burma Burma, is confident of various regions of South India, Says Avni Biyani, founder,
pivoting towards gourmet food retail generating sales of ~25-30 lakh per including Coimbatore, Chettinad and Foodstories, “With increased
and merchandising. month by the end of 2025. parts of Kerala, besides Rajasthan, exposure to global food trends and
Rahul Khanna, co-founder of Odisha, Bihar and Goa. greater access to quality ingredients,
When pandemic bit Azure Hospitality, says the company Sahoo turned to branded retail India has widely accepted gourmet
For most players, this category was a decided to venture into food retail after her hot meal business went food.” According to her, globally
construct of the Covid pandemic, backed by customer demand. While kaput due to logistical issues – riders renowned chefs and F&B brands
when they returned to the drawing Mamagoto’s merchandise (cushion not reaching the destination; food frequenting India for pop-ups, the
board to re-strategise as restaurants covers, artworks, etc) has been on getting cold due to extra time taken rise of culinary culture by way of food
remained shut during the lockdown. sale for the last 12-odd years, the on account of traffic jams; home chefs shows by home chefs, and an evolved
Post-pandemic, it has become a company launched its range of dips, increasing their prices due to Indian palate “to crave finer flavours
marketing strategy to widen the sauces and pastes during the inflation, impacting brand loyalty. and recreate the experience of fine
consumer base. pandemic. “We are seeing repeat orders and dining at home” is leading to a
Take the case of Burma Burma, “We have along the way realised faster revenues in food retail since we growing interest in gourmet cuisine.
which launched its retail vertical in that retail is an important extension are continuing to work with among It’s only a matter of time before
2021 with eight products. Now, it has of our brand’s storytelling,” the best home chefs to bring products gourmet products from Indian
25 to 30. says Khanna. that have zero-preservatives, no restaurants appear on these shelves.
Apart from the restaurant’s Within the next month, Azure added colours, and fresh and The consumer is already here.

Google may put generative AI-powered

search content behind paywall
HARSH SHIVAM considering” making the overview of key information
New Delhi, 4 April Search ad-free and that it along with relevant links that
would “continue to build new point to the source of
Google is reportedly planning premium capabilities and information.’
to make the Search Generative services to enhance our The report states that this
Experience (SGE), its subscription offerings across kind of Search experience,
generative AI-powered search Google”. which includes an AI-powered
tool, exclusive to paid-tier. Google launched the AI- overview, costs more to Google
According to a report by the powered SGE in as generative AI
Financial Times, Google is August last year Google launched consumes a lot
considering charging for and it has since the AI-powered SGE more computing
generative AI features for remained available in August last year resources.
Search, including the to users as an opt- and it has since Additionally,
experimental AI-powered in experiment in remained available many online
search service. Google’s Search to users as an opt- publishers who
According to the report, However, the company will in all of our major markets. Lab. Once enabled, in experiment in depend on Google
Google’s traditional search likely run ads in search results, We’re continuing to rapidly SGE provides Google’s Search Lab for traffic on their
service will remain free to use, irrespective of the improve the product to serve relevant websites have
and the generative AI search subscription. In a statement to new user needs.” However, the information upfront on the shown concern as they expect
experience will be added to its the Financial Times, Google company added that there are search page, instead of fewer visitors due to
premium subscription said, “With our generative AI currently no new showing links to multiple information being presented
services, which already offer experiments in Search, we’ve announcements from their websites that may have directly on the search result.
access to Gemini Advanced already served billions of side. Additionally, the information related to search Making SGE exclusive to the
and AI-powered tools for queries, and we’re seeing company stated that they are queries and keywords. It paid tier might solve both of
services like Gmail and Docs. positive Search query growth “not working on or generates an AI-powered these issues for Google.
16
>
MUMBAI | FRIDAY, 5 APRIL 2024 1

Can boost supply Besides Covid, diabetes and renal disease reduce lifespan
Diabetes and kidney diseases were
among the leading causes for life
diseases and disorders. The age-
standardised rate of deaths for both
COUNTING TIME Life expectancy gained or lost between 1990 and 2021 (years)

for India’s IPV

expectancy to drop, other than Covid. males and females was 156.8 per
in recent times. India’s life expectancy 100,000 population. The mortality rate Key reasons for lower life expectancy... ...while progress on
was 60.8 years in 1990 and 70.5 years of ischemic heart disease was 151.1 per infections, disorders
in 2019. However, it declined to 68.7 100,000 in 2021. Chronic obstructive Covid-19 -1.90 added gains
years in 2021, primarily due to the pulmonary disease was next at 108.3 in

needs: Serum
Covid-19 pandemic. Diabetes and 2021, followed by other Covid-19 Other Covid-19 Lower respiratory
-0.75
kidney diseases led to a decline of 0.1 pandemic-related outcomes (61.2), pandemic-related outcomes infections
years, followed by heart disease at 0.05 diarrheal diseases (52), and lower Diabetes and 0.96
-0.10
years and HIV/AIDS 0.02 years. Between respiratory infections (41.2). Life kidney diseases Neonatal disorders
1990 and 2021, India lost 1.9 years and expectancy increased by 7.9 years for Ischaemic heart disease -0.05 0.98
SOHINI DAS “AT THE SERUM INSTITUTE OF 0.75 years due to Covid-19 and other the country than 6.2 years globally HIV/AIDS -0.02 Other communicable
pandemic-related ailments, between 1990 and 2021. Compared to
Mumbai, 4 April
INDIA, WE CURRENTLY HAVE A respectively, according to the Global the South Asian region, Brics and the
and maternal
Rise in Indian life expectancy better than others
PRODUCTION CAPACITY OF disorders

S
erum Institute of India (SII) on Burden of Disease Study 2021 published top five economies (based on the gross
1.10
60-70 MILLION DOSES

5.8
5.4
Thursday said it can ramp up sup- in The Lancet on Wednesday. It domestic product), India’s

4.5
2.5
10.4
Tuberculosis

13.6
Bangladesh 13.3
plies to meet India’s entire annual estimated mortality and years of life improvement in life expectancy is

9.9

7.9
demand of the injectable inactivated OF IPV PER YEAR FROM OUR lost from 288 causes of death in 204 better. Bhutan was leading with an 1.26
poliomyelitis vaccines (IPV) within DUTCH FACILITY” countries and territories from 1990 improvement of 13.6 years, followed Enteric (intestinal)

Germany

Pakistan
Bhutan
three to four months. until 2021. India gained 3.2 years due to by Bangladesh at 13.3 years, Nepal infections
ADAR POONAWALLA

Japan
Nepal
China

India

Brazil
Adar Poonawalla, CEO, SII told
CEO, Serum Institute of India reduced mortality from enteric or 10.4 years and China 9.9 years. 3.2
Business Standard, “At the Serum intestinal infections and also saw gains India was at fifth spot among the
US (1.5), Russia (0.5) and South Africa (-3.6) Source: The Lancet
Institute of India, we currently have a due to better management of other 12 countries. ANOUSHKA SAWHNEY
production capacity of around 60-70
million doses of IPV per year from our
Dutch facility. While there is no current
shortage, we can ramp up supplies to
meet India's full annual requirement INDIA FAST EMERGING AS DEPRESSION GETS 1st human trials for remote
within 3-4 months if the need arises.”
WORLD’S CANCER CAPITAL YOUNGER
Poonawalla added that SII is com-
mitted to prioritising India’s needs as
the only domestic supplier presently.
India is rapidly emerging as the “cancer capital of the world”,
according to data shared by the annual Health of Nation report by
One in every 10 individuals
had depression out of a
telesurgery on the cards
“Following which, we are ready to Apollo Hospitals, the country’s largest vertically integrated health sample size of 5,000 SANKET KOUL install an additional 100 robotic
provide additional doses as this is vital care provider. The report sheds light on the rise of non- The percentage of depression New Delhi, April 4 installations in various hospitals in
for maintaining India’s polio-free sta- communicable diseases (NCDs) in India, including cancer, 2024,” said Srivastava.
is highest among those in
tus,” he said. India was declared polio- diabetes, hypertension, cardiovascular diseases, and mental Robotic surgery firm SS Innovations “We used our SSI Mantra surgi-
free in March 2014 and continues to health issues, all of which significantly impact the nation’s overall the age category of 18-25, could soon start the first human tri- cal robotic system to perform four
hold that status. health. By 2030, these diseases are projected to cost India $3.55 where one in five was als for remote telesurgery, pending complex procedures on a pig model.
IPV has been introduced in UIP as
IPV supply will not be trillion in lost economic output. COMPILED BY SHINE JACOB depressed regulatory approval. The trials, The procedures undertaken were
part of Global Polio end-game strategy disrupted: Sanofi 80% of young adults (18-30 which would allow procedures on radical nephrectomy (removal of the
since November 2015 initially in six years) and seniors (above 65 patients who are not physically pres- entire kidney), cystectomy (removal
states, which was expanded across the French drugmaker Sanofi on Thursday MALIGNANT CONCERN Despite these trends, cancer ent with the surgeon, could mark a of the urinary bladder), cholecystec-
years) reported significant
country by April 2016. told Business Standard that it was screening rates in India milestone in surgical innovation. tomy (removal of the gallbladder),
IPV is manufactured in India by two phasing out Inactivated Polio Vaccine 1.39 mn: Number of cancer stress levels Speaking on the timeframe of and prostatectomy (partial or com-
remain very low:
players -- Sanofi and SII. It is estimated (IPV), ShanIPV and will roll out an cases in 2020 starting the trials, Sudhir Srivastava, plete removal of the prostate),”
that Sanofi supplies almost 80 per cent alternative jab, and there will be no 1.9%: Breast cancer managing director and chairman of he said.
of the IPV requirement in the UIP. The disruption to the supply of IPV vaccines.
1.57 mn: Expected number screening in India WEIGHTY ISSUE SS Innovations, said the company Srivastava explained that
of cases in 2025 compared to 82% in
UIP targets 27 million children and 29 “We have already obtained approvals Three in four individuals is waiting to receive approval in the telesurgery enables surgeons to con-
million pregnant women annually. for our product IMOVAX-Polio, an 13 %: Growth in five years the US, 70% in the UK, undergoing health next 60-80 days to conduct small duct procedures on patients who are
Some reports on Thursday claimed alternative IPV vaccine that has been in The median age for cancer and 23% in China checks at Apollo were telesurgeries on humans. not physically present in the same
that Sanofi has shut down its plants, a use in more than 100 countries for 40+ diagnosis in India is lower either obese or “The approval for such in- location. This is facilitated by robotic
0.9% :Cervical cancer
development which triggered concerns years. It also has the same human clinical trials will come from systems that are controlled remotely
than in other countries: screening in India overweight
around shortage of polio vaccines in the composition/formulation as ShanIPV,” the Hospital Institutional Ethics by the surgeon, with real-time data
country. But later in the evening, Sanofi it said. “We wish to assure all 52 years: Average age of compared to 73% in the Obesity incidence has Committees (IEC), which is present and visual feedback ensuring preci-
clarified to Business Standard that it was stakeholders that there will be no breast cancer diagnosis in US, 70% in the UK, increased from 9% in in every hospital. Wherever sion and safety.
not winding up its operations. shortage of IPV vaccines in India on our India versus 63 in the US and 43% in China 2016 to 20% in 2023 telesurgery will be conducted, the “In our animal trial, the remote
Industry sources claimed that mov- account,” it said. and Europe hospital IEC’s approval will be tak- surgery was conducted from a dis-
Apollo also observed
ing the procurement of vaccines to the en,” said Srivastava. tance of 5 km away from where the
Central Medical Services Society (CMSS) 59 years: Average age of that 90% of women The move comes after the firm pig model was kept,” he said.
has created more roadblocks. CMSS is supplier of medical goods to the gov- lung cancer diagnosis and 80% of men successfully conducted the first- Such procedures can also be used
the central procurement agency of the ernment. versus 70 years in the West had a higher ever animal trial of remote surgery by doctors to operate on patients in
Union Health Ministry. An email sent to the Additional 30%: Share of colon cancer waist-to-hip in India last week. remote areas. Another advantage of
“Vaccines procurement was initially Commissioner (In-charge- patients aged less than ratio than There are less than 200 robotic remote robotic procedures can be its
done by the MoHFW directly. Sometime Immunisation) of the National Health recommended installations in India. “SS potential use to operate on soldiers
50 years
back this was moved to CMSS which is Mission remained unanswered till the Innovations currently operates 32 on the frontlines or people in a dis-
also procuring medical devices,” said a time of going to press. robotic installations. Our goal is to aster-stricken region.