TUESDAY, 12 JULY 2022

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

MUMBAI
~11.00
VOLUME XXVI NUMBER 231

THE MARKETS ON MONDAY chg#

Sensex 54,395.2 q 86.6

Nifty 16,216.0 q 4.6
Nifty Futures* 16,203.5 q 12.5 ECONOMY P4 ECONOMY P4
Dollar
Euro
Brent crude ($/bbl)
~79.4
~80.3
111.0##
~79.3
~80.2 **
113.0 **
INDIA MAY SURPASS CHINA AS MOST INDIA NOWHERE NEAR A MIDDLE
Gold (10 gm)### ~50,673.0 p
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~24.0
POPULATED NATION NEXT YEAR: UN INCOME TRAP: NICHOLAS STERN
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

THE CMIE TRACKER

Consumer Sentiments Index
(Base: September - December 2015 = 100) RBI allows trade Demat accounts opened in
June lowest since Feb 2021
settlement in ~
Move aimed to facilitate trade with Russia, Sri Lanka
SUNDAR SETHURAMAN
Mumbai, 11 July

New dematerialised (demat)

THE SMART INVESTOR 14
New a/cs opened in
accounts opened in June were at 1.79
June via SIPs slacken
Unemployment rate (%)
MANOJIT SAHA & BHASKAR DUTTA
Mumbai, 11 July
MEASURES ANNOUNCED million — the lowest since February
2021. Equities dropping to their 13- New accounts opened by
> All exports, imports may be denominated, month lows and small- and mid-cap systematic investment plan (SIP)

T
he Reserve Bank of India (RBI) has invoiced in rupees stocks getting hammered have taken investors moderated in June as
allowed trade settlements between the edge off euphoria around stock- 12-month rolling returns turned
India and other countries, including > Exchange rate > Settlement of trade market investing among individual HITTING A BUMP negative for the first time in two
Sri Lanka and Russia, in rupees. between currencies of transactions under investors, observe industry players. Demat accounts in 2022 (in million) years. Even the discontinuity in
“In order to promote the growth of global two trading countries this arrangement New demat account openings New SIPs rose.
trade with emphasis on exports from India and may be market- will take place in have been moderating after hitting 3.4 2.9 2.8
to support the increasing interest of the global determined rupees 3.5 million in October 2021, when the 2.4 2.7 1.8
Source: CMIE trading community in INR, it has been decided > Rupee surplus balance may be used for benchmark indices made their life- TCS Q1 numbers
to put in place an additional arrangement for capital and current account transactions time highs. Since then, markets have
ON SENTIMENTS invoicing, payment, and settlement of made feeble attempts at recovery, but Jan Feb Mar Apr May Jun pull down IT pack
exports/imports in INR,” the RBI said in a noti- > Balance in Special Vostro Accounts can be the trend has largely been downward 84.0 86.9 89.7 92.1 94.8 96.6 Shares of TCS fell 4.7 per cent to close
invested in govt
FUTURE IMPERFECT fication on Monday.
Banks have to take approval securities
on headwinds like monetary tight-
ening, Russia-Ukraine war, and rising
TOTAL
Sources: CDSL, NSDL
at ~3,112 on Monday on the NSE after
the information technology (IT)
The Index of Consumer Sentiments inched Page 9 on doing such transactions. commodity prices, among others major reported a 185-basis bp
up 1.1 per cent in June 2022. It reflects the “(The) exchange rate Trading volumes have slackened as retail investors is showing a pro- sequential decline in earnings
sluggish growth of sentiments that has EDIT between the currencies of the well. The average daily turnover for nounced slowdown,” says Vijay before interest and tax margins to
been prevalent in recent times. The SAVING two trading partner countries the cash segment fell to its lowest Chandok, managing director and 23.1 per cent for the quarter ended
gradual loss of momentum of growth in SRI LANKA may be market-determined,” levels since February 2020. chief executive officer, ICICI June of 2022-23 (FY23).
sentiments can be traced to the the RBI said. “The level of participation by Securities. Turn to Page 6 >
deterioration in consumer expectations Ananth Narayan, associate professor at the
from the future. MAHESH VYAS writes 21 > S P Jain Institute of Management and Research,
told Business Standard: “On first reading, this
circular seems geared towards enabling rouble- FOOD FIRMS WAIT FOR PRICES OF LIC FINDS NO TAKERS FOR
SC GIVES VIJAY MALLYA rupee trades settled in rupees. The language
also seems to envisage alternative financial mes- ~ falls to new low as dollar COMMODITIES TO COOL FURTHER ~3,400-CR RCAP BONDS
4-MONTH JAIL TERM saging to SWIFT (Society for Worldwide
Interbank Financial Telecommunications), if index around 20-yr high Though commodity prices have Life Insurance Corporation’s
The Supreme Court on Monday sentenced so needed.” The rupee on Monday settled at a fresh low moderated in the recent past, (LIC’s) plans to sell its exposure
fugitive Vijay Mallya to four months’ jail Banks in India are permitted to open Vostro against the dollar as the greenback firmed up consumers may not stand to gain from in ~3,400-crore bonds issued
term with a fine in a 2017 contempt of court accounts in rupees (Vostro accounts are globally owing to fears of weak economic growth it anytime soon, as food by Reliance Capital did not find
case. The apex court also directed Mallya arrangements between banks across geogra- worldwide amid a worsening energy crisis in companies say that they are any takers among the asset
and his beneficiaries (family) to repay $40 phies). Turn to Page 6 > Europe, dealers said. The domestic currency waiting for a further reduction reconstruction companies as
million with an interest of 8 per cent within ended at 79.44 as against 79.25 at the previous in input prices before they the deadline to submit
four weeks, else recovery officers would be EXPORTERS SAY RUPEE TRADE close. The previous record closing low was 79.35 FARM TO FORK pass on such benefit to expressions of interest (EoIs)
entitled to take action and recover the said SETTLEMENT IS A TIMELY MOVE P4 > on July 5. So far in 2022, the rupee has lost 6.4 per PART-II consumers. closed today.
amount. Mallya was convicted of contempt cent against the dollar. 6> SHARLEEN D’SOUZA writes 4> DEV CHATTERJEE writes 3>
in 2017 by the apex court for disobeying its
order on full disclosure
of assets and for
breaching a Karnataka
High Court order
UNACADEMY’S LESSONS ON FRUGALITY
refraining him from
alienating assets. He
has allegedly
Pay cut for founders;
no travel in biz class
transferred $40 million
to his children,
violating against
the HC order. 2>
Edtech firm eyes PATH TO
ECONOMY P6
IPO in 2 years PROFITABILITY
Privatise all govt banks PEERZADA ABRAR > No
except SBI: NCAER Bengaluru, 11 July
complimentary
meals and snacks
The Centre should privatise all public sector
banks except SBI. This is because private banks Frugality hasn’t been its core across offices
have emerged as a credible alternative to value, focused as it has been on > Dedicated drivers to
PSBs. Also, government ownership hinders growth. But now Unacademy is CXOs removed
the ability of the RBI to regulate the sector, a starting a new chapter with an eye
report by the National Council of Applied on profitability and the aim to go public > Salary cuts for > Certain
Economic Research (NCAER) said. in two years. So the founders have taken management, businesses being
a salary cut; complimentary meals and too, on the cards shut down
snacks across offices have been done
away with; and “certain businesses” are
being shut down.
“…the goal has changed,” said Big Tech uses gaps in
Unacademy's Co-founder and Chief
Executive Officer Gaurav Munjal in an laws to game system:
internal note to the employees. “We
have to do an IPO (initial public offering)
Chandrasekhar
in the next two years. And we have (to) Minister of state for IT Rajeev
turn cash flow positive. For that, we Chandrasekhar — in a tweet on Monday —
must embrace frugality as a core value.” highlighted how Big Tech companies use
Turn to Page 6 > loopholes in the regulation to take
advantage of the system. The minister
BYJU’S STRUGGLES TO CLOSE $800-MN shared a report, which alleges that Uber
FUNDING AS INVESTORS BAULK P2 > expanded its business using cracks in the
regulation for ride-sharing platforms. 2 >

Cell-therapy treatment for cancer

in India may come at 10% of US cost
Pharma companies and start-ups working to launch it within two years
SOHINI DAS
Mumbai, 11 July CAR T-CELL T-cells are collected: T-cells are a type of white blood
cells extracted from the patient's blood
THERAPY: MAKING
Indian pharmaceutical companies and Genetically modified: CAR T-cells multiplied:
start-ups may soon offer cell therapy-
A LIVING DRUG These are genetically Re-engineered cells are now
based treatment for cancers at nearly engineered to find multiplied until there are
one tenth of the cost in the US. and kill cancer cells millions of attacker cells
Immuneel Therapeutics, backed by
Biocon Chairperson Kiran Mazumdar- Infused back: CAR T-cells are infused back into the
Shaw and US oncologist Siddhartha patient. These attacker cells recognise and kill
Mukherjee; Dr Reddy’s Laboratories cancerous cells, and help guard against recurrence
and Chinese firm Shenzhen Pregene
Biopharma; and ImmunoACT, an IIT- INDIA VS US CANCER BURDEN
32,471

Bombay spin-off, are among firms work-

All cancers Leukaemia
23,882
784,821

ing to bring CAR T-cell therapy for

616,714

cancers, especially blood cancers, to nAnnual (blood

2,129,118

cancer)
42,055
1,157,294

50,149

India within the next two years. mortality

Treating leukaemia, a cancer of the nAnnual nAnnual mortality
blood cells, with CAR T-cell therapy incidence nAnnual incidence
costs $800,000-900,000 (about ~6-7 US India US India
Source: GLOBOCAN 2018
crore) in the US.
CAR T-cells, or chimeric antigen tem is the body’s natural defence strategies utilise the patient’s immune
receptor T-cells, are genetically engi- against infections and old or abnormal cells, which are then genetically altered
neered to produce artificial T-cell recep- cells (including those that make up outside the body and re-infused into it.
tors. In simple terms, the immune sys- cancer). Cellular immunotherapy Turn to Page 6 >
2 COMPANIES MUMBAI | TUESDAY, 12 JULY 2022

> Coal India > Zydus Lifesciences > Dilip Buildcon > One 97 Communications > GOA Carbon
STOCKS 195 The govt-owned 373 Receives nod from the 209 Declared as L1 bidder for 715 Total loans disbursement
464.70
485 Resumes operations
IN THE NEWS 193.30
company achieves a capex
370.50
368 USFDA for Empagliflozin
205.00
~1,400 crore Gandhisagar 644.70
709.40
366.50
190 204 690 grows 492% YoY to 440 at Bilaspur unit in
182.10 growth of 65% YoY in Q1 360.10 and Metformin tablets 201.80 water supply project in MP 8.5 mn in Q1FY23 Chhattisgarh
185 363 199 665 395
189.80 365.80 699.10 423.10
180 ~193.3 CLOSE 358 ~370.5 CLOSE 207.70 194
~205.0 CLOSE 640
~709.4 CLOSE 350 ~464.7 CLOSE
Jul 2022 Jul Jul Jul 2022 Jul Jul Jul 2022 Jul Jul
4 8 11 p1.8% UP* 4 8 11 p1.27 % UP* Jul 2022 Jul Jul
8 11
p1.6% UP* Jul
4
2022 Jul Jul
8 11 p1.5% UP* 4 8 11 p9.8% UP*
*OVER PREVIOUS CLOSE 4
>

Loan disbursements ‘Big Tech uses gaps in laws’, govt reacts on Uber row
for Paytm up 9-fold We are a ‘different’ WHAT LEAKED FILES SAY ABOUT UBER last five years and what we will do in
the years to come,” Uber said.
to over ~5,550 crore company now: Uber >The company lobbied to change the labour and taxi
laws across countries
In the India context, in one such
finding related to a rape incident,
SOURABH LELE & PEERZADA ABRAR >It confronted consumer forums, >It tried to put the blame of which shook the nation, Uber had
SHIVANI SHINDE engagement, with the aver- New Delhi/Bengaluru, 11 July the RBI, the GST department, the the 2014 New Delhi rape blamed it on the country’s ‘flawed’
Bengaluru, 11 July age monthly transacting income-tax department and the incident on “flawed” criminal criminal database. It also did not take
users (MTU) for Q1 at 74.8 mil- Minister of state for IT Rajeev service tax department database in India responsibility for its driver, who was
Paytm on Monday said that lion, registering a growth of Chandrasekhar — in a tweet on accused of the crime.
the value of loans disbursed 49 per cent YoY. For the Monday — highlighted how Big Tech >It has not implemented >It shut down its local system That’s not all. Mark MacGann,
through its platform grew 779 month of June alone, the companies use loopholes in the reg- safety features announced six times to dodge a probe Uber’s former chief lobbyist in
per cent, or nine-fold, year- MTU stood at 75.9 million ulation to take advantage of the sys- after the 2014 incident by Indian authorities Europe, hit out at Uber’s approach
on-year (YoY) to ~5,554 crore “The rapid growth of our tem. The minister shared a news- to entering new markets.
($703 million) in the quarter lending products brings us an paper report, which alleges that Flush with funds, in 2014, the
ending June 2022 (Q1). Its attractive profit pool. We Uber expanded its business using accountable Internet under the Modi International Consortium of 2017,” Uber said. It added that the company entered as many as 14
lending and disbursements, are also seeing increases in cracks in the regulation for ride- government. The comments came Investigative Journalists (ICIJ), company has gone through an enor- countries, according to the report by
meanwhile, touched an average ticket size due to sharing platforms. after the minister stressed on ensur- which includes 40 media organisa- mous public scrutiny, a number of ICIJ. As Uber entered India,
annualised run rate of over the scale-up of the personal “I have said many times that Big ing that the constitutional rights of tions from various countries. high-profile lawsuits, multiple gov- Kalanick’s top executive in Asia
~24,000 crore in June. loans business in particular,” Tech firms use gaps in laws and rules citizens are not contravened by Big Meanwhile, the cab-booking plat- ernment investigations, and the ter- asked managers to focus on growth,
The number of loans dis- the company said in a regu- to game the system and consumers Tech platforms. Over 124,000 form — in a statement addressing mination of several senior execu- even as “fire starts to burn”, said
bursed grew 492 per cent YoY latory filing. — always using the cover of innova- records, including 83,000 emails and the reports — washed its hands of tives. “We have not and will not make The Guardian report. “Know this is
to 8.5 million loans in the The total merchant GMV tion to fend off scrutiny,” he wrote in 1,000 other files involving conversa- founder and then chief executive excuses for past behaviour that is a normal part of Uber’s business,”
quarter ending June 2022 processed through its plat- a tweet. Chandrashekhar added that tions from 2013 to 2017 were leaked officer (CEO) Travis Kalanick. clearly not in line with our present he said, adding, “Embrace the
from 1.4 million in the year- form for the quarter ending innovation would grow along with a to The Guardian. “There has been no shortage of values. Instead, we ask the public to chaos. It means you’re doing some-
ago period. June 2022 aggregated to citizen’s right to open a trusted and It was then shared with the reporting on Uber’s mistakes prior to judge us by what we’ve done over the thing meaningful.”
The company also stated approximately ~2.96 trillion
that the Paytm Super App ($37 billion), marking a YoY
was seeing ramp up in user growth of 101 per cent.
MOVE TO EXPEDITE EXTRADITION PROCEEDINGS: EXPERTS N
IN BRIEF
Byju’s fails to close $800-mn
funding as investors baulk
SC sentences Mallya to 4 months in jail
Indian online education provider Byju’s is struggling to close a Asked to repay $40 million with 8% interest 10 years on,
funding round of $800 million as a global technology rout
weighs in on valuations. Investors, including Sumeru Ventures
within 4 weeks, else he faces recovery action ex-Kingfisher
and little-known firm Oxshott, haven’t transferred about $250
million of the targeted amount because of “macroeconomic
reasons,” a Byju’s spokeswoman said on Monday without
BHAVINI MISHRA
New Delhi, 11 July
appeared to show no remorse…an
adequate sentence must be
Airlines staff
elaborating. The two firms should come through by the end of imposed on him so as to uphold the wait for dues
T
August, she added. Founder Byju Raveendran, however, has he Supreme Court on majesty of law and directions
completed an injection of about $400 million into the start-up as Monday sentenced fugitive should be issued to ensure that the ANEESH PHADNIS
part of the round, the spokeswoman said. BLOOMBERG industrialist Vijay Mallya to amount is available for execution of Mumbai, 11 July
a four-month jail term with a fine, the orders.”
in a contempt of court case of 2017. The move, according to Indian Ten years after Kingfisher
L&T bags orders Glance user base The court directed Mallya and authorities, would expedite the Airlines was grounded, its
his beneficiaries (family) to repay extradition proceedings against former employees continue to
to build 10.8-Mw grows 30% YoY $40 million — which, in violation Mallya in an alleged ~9,000-crore wait for their dues.
of a high court order, he transferred money-laundering case related to While the government and
data centres in June quarter to his kin — with interest of 8 per loans to his now defunct Kingfisher banks have partially
cent within four weeks, or else Airlines. The court also held the recovered their dues through
Larsen & Toubro (L&T) on Lock screen platform Glance’s recovery officers will take action fund transfer to his kin was “void asset seizures or sale of
Monday said it has bagged active user base in India grew and recover the amount. and inoperative”. It had reserved pledged shares, the airline’s
significant contracts to build 30 per cent YoY growth to A fine of ~2,000 should also be orders on March 10. staff has been left high and
data centres of capacities reach 183 million in Q1 2022, deposited within the deadline with “The SC verdict will strengthen Vijay Mallya was convicted for disobeying the SC order on full disclosure of assets dry. “An official liquidator was
totalling 10.8Mw at Mumbai according to Counterpoint the apex court’s legal services the Indian authorities’ extradition appointed by the Karnataka
and Navi Mumbai. Research’s Quarterly Mobile authority, failing which the jail term case against the Mallya. This is the High Court and we submitted
The company will design,
build and would be involved
Application Tracker. Glance
added more than 10 million
will be extended by two months, the
court said.
first time Mallya has been sen-
tenced by the top court. This will
VERDICT WILL ENHANCE RECOVERY PROSPECTS: BANKERS our claims in 2019. We don’t
have any clarity on how
in supply work, among others users in the first quarter of Mallya was convicted for dis- aid the process and would see to it ABHIJIT LELE related to the principal amount (over employees’ dues will be paid
for the data centres and 2022, a sequential growth of obeying the SC court order on full that it reaches its finality soon,” said Mumbai, 11 July ~5,000 crore) are through, those and haven’t received a penny
allied buildings. PTI 6 per cent. BS REPORTER disclosure of assets and for breach- public prosecutor Hiten involving the interest component are yet,” said Aniruddha Ballal, a
ing a Karnataka High Court (HC) Venegavkar. The SC order, however, The Supreme Court verdict in a contempt under way, the bankers added. former Kingfisher Airlines
order refraining him from alienat- will be executed only when he is petition involving industrialist Vijay “The Supreme Court verdict employee. Ballal stressed that
Aerem raises Leasing of office ing assets. He allegedly transferred
the $40 million to his children,
deported to India, where he faces
other charges. “The process of
Mallya will enhance the prospects of
recoveries, which are already in progress
strengthens our hands,” said a banker.
“However, for a clear view on the matter,
the government must exert
pressure on the UK to
$2.5 mn in space at record which was against the HC directive.
The SC orders imply if the
bringing back a convicted person
can be complex, arduous, and time-
in the Kingfisher Airlines account,
bankers said. Beyond the case, the
we will have to go through the judgment
and consult legal experts for future course
extradite the fugitive
businessman. “His lifestyle
pre-Series A in top 9 cities amount is not deposited within the
stipulated time, Mallya’s properties
consuming,” said Lomesh Kiran
Nidumuri, partner (disputes), Cyril
decision also has demonstrative effect for
sternly dealing with other big-ticket
of action,” the banker added. For the
State Bank of India, Mallya’s defunct
hasn’t changed while former
employees continue to suffer,”
Solar financing platform Leasing of office space in could be attached by the authorities Amarchand Mangaldas. defaults, two senior officials with large Kingfisher Airlines became a non- Ballal remarked.
Aerem has raised $2.5 million top nine cities across India concerned. A State Bank of India-led con- banks said in a first-cut assessment. performing asset in December 2011. A A former pilot with the
in pre-Series A funding led by rose 61 per cent during the The apex court Bench, compris- sortium had sought contempt The recoveries in this case were consortium of lenders led by SBI has been airline said that putting
Blume Ventures. Aerem is June quarter to record 18.2 ing Justice Uday Umesh Lalit, action and a direction to Mallya to already in progress, the bankers said. pursuing legal forums for debt Mallya behind bars would not
creating a full-stack solution million square feet from the Justice S Ravindra Bhat, and Justice deposit $40 million received from While the recoveries pertaining to dues repayment, the executives said. bring any relief for the airline’s
to build India’s first asset previous quarter on better PS Narasimha, said: “Mallya offshore firm Diageo. staff. “Rather, Mallya should
finance and quality platform. demand, according to a be given a chance to clear his

$40-mn transfer to family that resulted in $25 fine

Aerem was founded in report. Real estate dues and his name. The
2021 by Anand Jain who consultant CBRE on Monday government must look at
comes with a background releases its office leasing creating a mechanism to help
in financial services data for April-June (Q2) us. Employees are the most
and solar. BS REPORTER of 2022. PTI SAI MANISH Court documents show that Mallya divided equally between Siddharth, person charged with contempt has to vulnerable and none of the
New Delhi, 11 July had received the amount of $40 million Leanna, and Tanya Mallya. All his appear in person before the court. With governments stood by us,” he
in his Swiss bank account on February children are American citizens. law enforcement agencies in hot said. Mallya launched
PE investments in domestic The Supreme Court (SC) on Monday
held Vijay Mallya guilty of contempt,
25, 2016, from Diageo Plc, a company
controlled by him. The very next
This transfer of money, according to
SBI’s petition, amounted to
pursuit, Mallya, who had shifted to
London, filed a petition to withdraw
Kingfisher Airlines in 2005.
With new modern aircraft
firms fall to $6.72 bn in Q1 after it was brought to its notice that he
had transferred $40 million to his
day he transferred an amount
of $13 million each to his son
disregarding the high court’s
directions and amounted to
the contempt notice instead.
The court had held Mallya’s refusal
with in-flight entertainment,
free meals, and a loyalty
Private equity investments into domestic companies fell 17 per children in the US. He was slapped with Siddharth and daughters contempt. The case was to appear before it in person an programme, the airline
cent to $6.72 billion on an annual basis in the June quarter, a fine of ~2,000 ($25) and a four-month Tanya and Leanna. The challenged in the country’s additional ground while holding him offered premium services. In
according to a report. During the same period, the number of jail sentence. In 2016, the Karnataka money was transferred highest court which passed guilty of contempt. The Ministry of 2007, it increased its presence
Private Equity (PE) deals also declined 15 per cent to 344 High Court had prohibited Mallya from from Mallya’s Swiss bank a judgment in 2017, but Home Affairs was asked to produce with the acquisition of Air
compared to the year-ago period. In the year-ago period, the transferring money to any third party accounts to three separate reserved sentencing in the Mallya before the court, something Deccan, and subsequently
deal value stood at $8.13 billion. The deal value declined by 25.1 without clearing existing dues. These trusts whose sole beneficiaries case. Mukul Rohtagi, the that Indian authorities have failed to placed a large order that
per cent in the three months ended June compared to the loans were owed by his now defunct were each of his three children. The attorney general of India at the time, do till date. included Airbus A350 and
2022 March quarter when it stood at $8.97 billion, deal Kingfisher Airlines to a consortium of remaining amount of almost $1 million had represented the banking He was given a “last chance” by the super jumbo A380s aircraft.
tracker Refinitiv, a London Stock Exchange group entity, said various public sector banks, led by the was transferred on February 29 consortium in this case. SC in February to appear before it in
on Monday. PTI State Bank of India. through the same channels and According to the SC’s rules, any person, but Mallya had failed to do so. More on business-standard.com

Musk’s alarm over Twitter bots takes the lid off advert frauds
SURAJEET DAS GUPTA
10-12 per cent of the ad viewership is its use is proliferating with unattended countries. Our assessment is it is far
New Delhi, 11 July
generated by machines.
THE WORLD OF FAKES 30-35 impact as has happened with Twitter.” higher,” says Gupta.
Elon Musk’s decision to drop the idea of So advertisers lose a similar Average ad fraud rates (% of Google and Meta, however, did not Bots are used by companies to
acquiring Twitter over purported percentage of their money as well. viewers who are machines) respond to queries on these issues till automate some of the functions — to
under-reporting of fake accounts due to But the average ad fraud rate on 15-20 the time of going to press. monitor criticism, keeping close tabs on
the use of bots has opened a can of Google Ads Network and Facebook 17 Twitter claimed that less than 5 per complaints. But when they are also
worms on what is a growing and crucial Audience Network (where they tie up 10-12 cent of its accounts are fake, but global used to view ads for which companies
problem —advertisers who put in with other digital platforms to insert research agencies say it is at least 3x the pay for real consumers and not
money based on these falsified their impressions through a revenue- quoted number. From a valuation machines to read it, it is a fraud. In
numbers (which is the mainstay share agreement, in which, generally 70 perspective, this is key to making many cases the bot is primarily meant
revenue of these platforms) are making per cent share goes to the website and money with Twitter, given over 95 per to push an agenda, but its unattended
losses; they are paying for bots in the 30 per cent to the social media Search OTT Click cent of its revenue comes from consequence is that it also scans
guise of viewers. company) is higher at 18 per cent. engines platforms ads advertising. through ads, upping the overall
mFilterIt — a global digital and On the popular YouTube and other Other digital platforms like In India, however, mFilterIt says the numbers.
advertising (ad) fraud detection and over-the-top channels based on data, Elon Musk told Twitter that he was percentage of fake accounts on social Bot is not the only way an ad fraud
e-commerce, sports websites ending the $44-bn deal on Friday
protection company in India — says the rate is 17 per cent. Source : mFilterIt media would be much higher than the takes place. Over 45 per cent of the
search engines like Google have the For ads you click on, the ad fraud global average of 20 per cent — frauds happen through this route,
lowest average ad fraud rate of 10-12 per rate ranges between 15 per cent and agencies, and sport platforms, it could a big problem faced not by Twitter thereabouts of 30 per cent. followed by click spams (25 per cent)
cent, based on the inference arrived at 20 per cent. range between 30 per cent and 35 per alone, but across all digital platforms. “India is a tech hub. It has a large in which malware is inserted in the
while working with their own clients For other digital networks like e- cent. Says Dhiraj Gupta, co-founder and The technology (tech) behind creating a developer community that can build device to generate ad clicks, as well as
that use these platforms. This means commerce websites, publishing chief technology officer, mFilterIt, “It’s bot has become so simple and easy that bots cheaply, compared to other domain spoofing.

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.
MUMBAI | TUESDAY, 12 JULY 2022 COMPANIES 3
<

Strong order book booster for

infra, cap goods companies
Sequentially, numbers likely to decline, since June quarter is seasonally weak
VIVEAT SUSAN PINTO INFRA CHECK
Mumbai, 11 July Q1 forecast for infra and capital goods
firms (~cr)

T
he government’s capital expen-
diture (capex) outlay is Financial Q1FY23E* QoQ % YoY %
expected to aid year-on-year parameters change change
(YoY) top line and bottom line growth Net sales 61,614 -40.8 18.4
of infrastructure and capital goods
companies in the first quarter (Q1) of Ebitda 7,584 -54.9 42.4
the current financial year (2022-23).
Sequentially, however, numbers on PAT 3,894 -66.4 69.9
both fronts are likely to be down since Note: The data is for the top 21 firms in the
Q1 is a seasonally weak quarter for infrastructure and capital goods sector;
Ebitda: Earnings before interest, tax, depreciation,
these firms. and amortisation; PAT: Profit after tax
Sector analysts expect 18.4 per cent Compiled by BS Research Bureau Source: Bloomberg
revenue growth and nearly 70 per cent
profit after tax (PAT) growth on a YoY prices fluctuate. Overall, we have to capital goods sector. L&T, on the other hand, has
basis for these companies, which strike a balance, ensure all “On the export front, ordering and announced engineering, procurement
includes names like Larsen & Toubro contracts have a PV clause, renegotiate enquiries remain strong from geogra- and construction orders to the tune of
(L&T), Thermax, ABB, and KEC when the price increases are more phies such as West Asia, Africa, the US, ~7,000-15,000 crore in Q1, said ana-
International, according to the data than the PV clause, and hedge for co Europe, and the South Asian regions,” lysts at ICICI Direct.
compiled by BS Research Bureau. modity risk,” S N Subrahmanyan, said analysts. On Monday, the company added
Quarter-on-quarter, both revenue managing director (MD) & chief execu- Firms have hinted at the same, say- more projects to this list, saying it had
and PAT growth may decline 40.8 per tive officer (CEO), L&T, said in a recent ing their order inflows from India and secured ‘significant orders’ in its
cent and 66.4 per cent each for players press conference. markets such as West Asia, building and factories’ vertical. This
within this universe, as margins Despite challenges, have tracked well between included constructing data centres of
remain under pressure due to rupee analysts and players main- April and June this year. KEC a total capacity of 10.8 megawatt at
depreciation and partial recovery of tain that order enquiries International, for instance, Mumbai and Navi Mumbai.
commodity inflation. and inflows have been recently said it had received “While order inflows have
A weak rupee increases the strong in Q1, adding that orders worth ~1,147 crore from remained strong in Q1, key risks for
landed cost of imported goods, which the government’s con- diverse segments, including infrastructure and capital goods
also gives domestic manufacturers of tinued thrust on infras- railways, power transmission players include projects deferrals and
such goods leeway to raise prices.
While global prices of oil and metals
tructure development and
pick-up seen in private
RESULTS and distribution, hydrocar-
bons, cables, wires, and data
delays,” Chirag Shah, Vijay Goel,
Ameya Mahurkar, and Yash Panwar,
have been cooling off of late on
account of recession fears, these
capex activity after two
years of Covid-19 has aided
PREVIEW centres.
Vimal Kejriwal, MD and
analysts at ICICI Direct, said in their
Q1 preview of the sector.
gains will be offset, say experts, momentum. CEO, KEC International, Some experts have also pointed to
against currency volatility as interest Of course, January-March quarter says, “The new orders reinforce our the challenges emanating from an
costs will increase for companies. of 2021-22 remains the strongest period belief that there is an improvement in increase in the cost of capital for
Companies have responded to for these players since order inflows the capex cycle, at least for now. We infrastructure and capital goods firms
commodity and currency risk by tend to be high in the period. are seeing a gradual uptick in the rail- due to sustained interest-rate hikes.
putting in place inward and outward “Sectors like data centres, Metro way order intake, for instance. Diverse “The overall interest rate cycle has
covers, as well as factoring in projects, power transmission and dis- orders in the civil business, in the res- only been picking up as the Reserve
price variance (PV) clauses in tribution, and mining continue to wit- idential and industrial segments, such Bank of India looks to tackle infla-
their contracts. ness strong traction in India,” Hitesh as hydrocarbons and data centres, tion,” says M S Unnikrishnan, capital
“Many of our contracts have a PV Jain, Hemant Nahata, and Keval Shah, strengthens our portfolio diversifica- goods veteran and former MD of
clause. Some don’t, resulting in some analysts at YES Securities, said in their tion and reaffirms our confidence in Thermax, adding, “This is a near-
impact on margins when commodity Q1 preview of the infrastructure and the growth of this vertical.” term concern.”

FORM G

Merc in top gear, sees INVITATION FOR EXPRESSION OF INTEREST

(Under Regulation 36A (1) of the Insolvency and
Bankruptcy (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016

record June qtr sales 1 Name of the

corporate debtor
RELEVANT PARTICULARS

2 Date of incorporation
SKS Power Generation (Chhattisgarh) Ltd.
18th March 2008
SHALLY SETH MOHILE While the inflationary trend had an of corporate debtor
Mumbai, 11 July adverse impact, the desire to purchase a lux- 3 Authority under which RoC – Mumbai
corporate debtor is
ury product outweighed the inflationary incorporated / registered
Mercedes is on a roll in India. A positive busi- trend, as there is financial capability to deal 4 Corporate identity U40103MH2008PLC180231
ness sentiment and a desire to own the latest with the latter, said Schwenk. number/limited liability
models from its stable drove the April-June This is in line with the trend seen among identification number of
corporate debtor
quarter sales at the local arm of the German the luxury travel and home buyers, he added. 5 Address of the registered Unit No.201 & 207, Centre Point Premises CHS Ltd,
luxury carmaker to a record high, according to Almost 11 per cent of the investable wealth office and principal 2nd Floor, J.B. Nagar, Andheri-Kurla Road, Andheri
a top company executive. of Indian ultra-high net worth individuals office (if any) of
corporate debtor (E), Mumbai, Maharashtra – 400059
For the quarter ended June (Q2), it sold 3,551 (UHNWIs) is allocated towards passion-led
6 Insolvency commencement 29th April 2022
units, the highest ever in any Q2 in the compa- investments, against the global average of 16 date of the corporate
ny’s 28-year history in India. It had sold 1,664 per cent. debtor
units in the corresponding period last year. About 29 per cent of India’s UHNWIs spent 7 Date of invitation of 12th July 2022
expression of interest
Deliveries in the first half of more on passion investments in 8 Eligibility for resolution The eligibility criteria is mentioned in the Detailed
2022 also advanced at a brisk pace, Martin Schwenk, MD 2021 compared to the previous year, applicants under section Invitation for Expression of Interest available on
soaring 56 per cent to 7,573 units in and CEO, Mercedes according to the Knight Frank 25(2)(h) of the Code is
http://spgcl.com/cirp.php
the January-June period. This was India, said he Wealth Report 2022. available at:
9 Norms of ineligibility Available at the website of IBBI
the second highest since 2018. It expects 2022 to be UHNWIs are individuals with a applicable under section (https://www.ibbi.gov.in/legal-framework/) and
had delivered 8,061 units in the the best year for the net worth of $30 million and above. 29A are available at: on http://spgcl.com/cirp.php
comparable period in 2018. firm given that supply “Joy of ownership scored 10 Last date for receipt of
28th July 2022
“It’s a genuine demand for chain issues don’t above investment returns,” the expression of interest
many months now. It’s no longer a impact the plans report said. 11 Date of issue of provisional
7th August 2022
pent-up demand,” Martin Meanwhile, the semiconductor list of prospective resolution
applicants
Schwenk, managing director (MD) and shortage continues to weigh on sales. “If 12 Last date for submission
chief executive officer (CEO), Mercedes not for the shortage, we would have done 12th August 2022
of objections to provision-
India, told Business Standard. even better. We are working to reduce al list
The company’s order book for the the impact but it will last for the remain- 13 Date of issue of final list
22nd August 2022
new models has doubled to over 6,000 ing months of the year,” Schwenk said. of prospective resolution
applicants
units in three months, underscor- The recently-launched C Class 14 Date of issue of information
ing the robust demand, he has a waiting period of two to 12th August 2022
memorandum, evaluation
pointed out. In addition to the three months, and for the matrix and request for
new models — including the Maybach S 580, it is four to resolution plans to
prospective resolution
Maybach S Class and C Class five months. applicants
introduced this year — a pos- The GLA or GLS models 15 Manner of obtaining The Resolution Professional will share the request for
itive consumer sentiment have waiting periods of 4-5 request for resolution resolution plan, evaluation matrix, information mem-
and a resilient business cli- months and 10-11 months, plan, evaluation matrix, orandum and further information with the prospec-
mate also helped, added respectively. So, there are information memorandum tive resolution applicants through electronic mail or
and further information
Schwenk. This is in contrast hardly any models from the virtual data room (as may be notified) on executing a
to the global macro-eco- company that are available Confidentiality Agreement with the Resolution
nomic scenario. off the shelf. Professional. Further, participation of the prospective
resolution applicants in the process shall be subject to
satisfaction of the conditions set out in the detailed
invitation for expression of interest, eligibility under
section 29A of Insolvency and Bankruptcy Code, 2016

LIC finds no takers for 16 Last date for submission

of resolution plans
and other applicable requirements specified under the
Code and the regulations thereunder.
11th September 2022

~3,400-cr RCap bonds 17 Manner of submitting

resolution plans to
resolution professional
18 Estimated date for
Details to form part of the Request for Resolution
Plan mentioned in point 15 above.

11th October 2022

DEV CHATTERJEE ket, then they will recover submission of resolution
Mumbai, 11 July around 30 per cent of their plan to the Adjudicating
investment in the bonds. Authority for approval
LIC’s plan to sell its exposure Several lenders, including 19 Name and registration Mr. Ashish Arjunkumar Rathi
number of the resolution Registration Number -
in bonds worth ~3,400 crore LIC, have made total claims of professional IBBI/IPA-001/IP-P00568/2017-18/11010
issued by Reliance Capital ~ 25,333 crore against RCap. 20 Name, Address and e-email Mr. Ashish Arjunkumar Rathi, 19/503, NRI Complex,
(RCap) did not find any takers As the sale of assets has been of the resolution profes-
Sector 54, 56, 58, Seawood, Nerul, Navi Mumbai,
among asset reconstruction delayed, LIC had sought bids sional, as registered with
the Board Maharashtra - 400706, Email – [email protected]
companies (ARCs), as the from ARCs to sell its bonds,
21 Address and email to be Mr. Ashish Arjunkumar Rathi, SKS Power Generation
deadline to submit expressions according to an advertisement used for correspondence (Chhattisgarh) Limited – Unit No.201&207, Centre Point
of interest (EoIs) closed on by IDBI Capital Markets & with the resolution profes- Premises CHS Ltd, 2nd Floor, J.B. Nagar, Andheri-Kurla
Monday. Multiple sources said Securities last month. sional
Road, Andheri (E), Mumbai City, Maharashtra – 400059,
ARCs did not find the option RCap bonds are currently While few of the investors India Email - [email protected]
to buy bonds of the bankrupt trading at 70% discount to the are exiting their exposure in 22 Further Details are On the website of the corporate debtor at
firm attractive and decided to bond amount the non-banking financial available at or with http://spgcl.com/cirp.php or can be sought by
give it a miss. A source said services firm by selling their email [email protected]
IDBI Capital, which has been Insurance Corporation of India bonds in the market at a huge 23 Date of publication of 12th July 2022
mandated to sell the bonds, (LIC) and several other banks loss, a separate process to sell Form G
The above-mentioned timelines are subject to further extension/ amendment at the discretion
will extend the deadline to July and provident funds. the firm’s assets is currently on. of the CoC and/or approval of the NCLT. All the prospective Resolution Applicants should
22. The EoIs are to be followed The RCap bonds are cur- Of the 54 firms that had sub- regularly visit the website of the Company, http://spgcl.com/cirp.php to keep
themselves updated on clarifications/ amendments/ time-extensions, if any.
by an auction to sell the bonds. rently trading at 70 per cent mitted their EoIs to acquire the
RCap was sent to bank- discount to the bond amount firm’s assets, as of now, only Sd/- Ashish Arjunkumar Rathi
Resolution Professional for SKS Power Generation (Chhattisgarh) Limited
ruptcy court in November last and have already made a big Piramal Enterprises and the IP Registration Number- IBBI/IPA-001/IP-P00568/2017-18/11010 Registered Address and
Email ID with IBBI: 19/503, N R I Complex, Sector 54, 56, 58,
year after the company hole in investors’ pockets. If Torrent group are left in the Mumbai Seawood, Nerul Navi Mumbai,Maharashtra - 400706
defaulted on its loans to LIC or any other investor has race and are conducting due 12.07.2022 [email protected]
lenders, including Life to sell their bonds in the mar- diligence for the entire firm.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 12 JULY 2022 1

India to be most populous nation in a year: UN

Economic impact: People’s IN NUMBERS IMPLICATIONS FOR DEVELOPMENT The UN report also said that the world’s
population is projected to touch eight bil-
productivity will have to | 1990 | 2022 | 2050 (In million) | Bigger the country’s
population, greater
| India has higher
proportion of
lion by mid-November 2022.

1,317
The global population is growing at its
increase to support larger

1,668
1,144
the number of working-age people
slowest rate since 1950, having fallen under

1,412
people it has to than China: Former
numbers, say experts one per cent in 2020, it said.

1,425

861
support chief statistician
The world's two most populous regions
| People’s productivity Pronab Sen
INDIVJAL DHASMANA in 2022 were Eastern and Southeastern
will have to | Will need policies to Asia, with 2.3 billion people, representing

375
New Delhi, 11 July

337

317
275
246

231
increase increase jobs so that

215
29 per cent of the global population; and

181

149
I
ndia would be the world’s most | Proportion of labour force Central and Southern Asia, with 2.1 bil-
populated country next year, surpass- working-age people participation rate lion, representing 26 per cent of the total
ing China, a report by the United China India US Indonesia Brazil in total population increases for both world population.
Note: Pakistan is the fifth populous country in 2022, while Nigeria will be the fourth men and women
Nations said on Monday. populous country in 2050 will be critical China and India accounted for the
Source: World Population Prospects, 2022; UN Department of Economic and Social Affairs
“India is projected to surpass China as largest populations in these regions, with
the world's most populous country during more than 1.4 billion each in 2022. More
2023,” said the World Population Prospects in 2023, and that the country will have a ulation growth in India is much higher the number of people it has to support. people than China, and that is why it is than half of the projected increase in global
2022 by the United Nations Department of population of 1.41 billion only by 2025. than in China at the moment,” he said. “We This means that people’s productivity will expected to have a demographic dividend. population up to 2050 will be concentrated
Economic and Social Affairs, Population Amitabh Kundu, member of that com- had thought then (when the committee have to increase for any given per capita Also significant is the labour force par- in just eight countries: the Democratic
Division. mittee and now a fellow at the World prepared its report) that India will certainly income, he said. What is more significant, ticipation rate (LFPF), which is the propor- Republic of the Congo, Egypt, Ethiopia,
In 2022, India's population will only be Resources Centre, told Business Standard, overtake China this year or at the begin- however, is the share of working-age people tion of the working-class willing to work. India, Nigeria, Pakistan, the Philippines,
slightly lower (at 1.412 billion) than China's “Our model was quite robust as far as pop- ning of next year. It is a reality." in the total population. Sen said the LFPR stands at 42 per cent in and Tanzania. Pakistan will be the fifth
(1.426 billion), according to the report. ulation projections were concerned. We The technical committee projected The UN report did not mention the India against over 65 per cent in China. most populous country in 2022.
And in 2050, the country is projected have taken very rigorous care. Projections India's population to increase from 1.21 bil- working-age population country-wise, but This is mainly because of low female LFPR The report estimated that 10 countries
to have a population of 1.668 billion – way made by the expert group are much more lion in 2011 to 1.52 billion in 2026 – a jump said the proportion of the working-age in India, which is around 25 per cent only. experienced a net outflow of more than 1
ahead of China's 1.317 billion. reliable than UN’s World Population of 25.7 per cent in 25 years at a rate of one group will continue to increase for some This is the reason why policies will have million migrants between 2010 and 2021.
The UN estimates exceed those pre- Prospects. The UN's projections are based per cent annually. time in central and southern Asia as well to be well-thought out. "If you make pol- In many of these countries, these out-
sented in July 2020 by a technical group more on macro considerations, whereas as in northern Africa and Western Asia. In icies that raise female LFPR without flows were due to temporary labour
of population projections constituted by Indian demographic projections are far Implications for India’s these regions, the working-age population increasing total employment, then by def- movements. For instance, Pakistan wit-
the National Commission on Population more robust.” economic development will start declining only by 2045. inition a few men are going to be unem- nessed net outflow of -16.5 million during
(NCP), an Indian government panel. That He, however, agreed that India's pop- Former chief statistician Pronab Sen told Sen, now programme director at Inter- ployed... So you require policies to increase 2010-2021; India (-3.5 million);
report showed that India's population will ulation would surpass China’s by next year. Business Standard that at a macro level, national Growth Centre, said India has a jobs, and then prevail upon women to Bangladesh (-2.9 million); Nepal (-1.6 mil-
stand at 1.37 billion in 2022 and 1.39 billion "It is not surprising since the rate of pop- the bigger a country’s population, the more much higher proportion of working-age come out to join the labour force," Sen said. lion); and Sri Lanka (-1 million).

PM UNVEILS NATIONAL EMBLEM

ATOP NEW PARLIAMENT BUILDING
‘India isn’t anywhere near Exporters say ~
a middle income trap’ trade settlement
The Russian invasion of Ukraine may accelerate the case for moving away from fossil fuel even
as the world has to struggle to streamline its supplies in the next two-three years,
NICHOLAS STERN, professor of economics at the London School of Economics and a prominent
Ukraine war will make life pretty difficult
for the next two-three years. In that time,
we will need some alternative sources of
is a timely move
environmental economist, tells Asit Ranjan Mishra in an interview. Edited excerpts: fossil fuels. We may have to extract from SHREYA NANDI ments-related challenges.
oil fields a little longer in my own country, New Delhi, 11 July While they said most of the
What do you think should be the focus the UK. We have to be as sufficient as can stuck payments had now been
areas and reforms that India should und- be in usage of energy, be careful on the Exporters cheered as the cleared, the mechanism
ertake to become a developed economy? demand side. We should be planning for Reserve Bank of India (RBI) on drawn out by the central bank
The whole environment for investment is greater storage than we had in the past in Monday accepted their was the much needed step-by-
very important. We know India has grown gas and oil. We should be planning for demand to set up a mecha- step measure that had been
the fastest when it has invested strongly. I better links in electricity grid structures. nism to settle international made public for the first time.
would focus on the conditions for private So when the sun is shining in Spain, you trade transactions in rupee, a Besides, the decision is crucial
investment and how confident people are can send electricity to Poland. So those are move they said would enable considering India’s rising
getting things done and realising returns the dimensions on which we should be trade, especially with sanc- dependence on Russian crude
from their investments. Clarity in the tax managing the shorter run. But I think over tions-hit nations. oil. “This move is a rec-
system is another one and I do think that eight-nine years, we will be using less fossil While the central EXPORTERS SAY ognition of the rupee as
GST is an important fuels as a result of this because after all the bank’s decision will THE RBI’S MOVE an international cur-
step in a good direc- problem lies in the volatility of supply of apply to almost all IS A STEP rency. We hope that the
tion. So building on “I AM VERY HOPEFUL OF fossil fuel. So this will accelerate the case trading partners of TOWARDS government will clarify
that is the basis for tax- INDIA’S GROWTH IN THE for moving away from fossil fuel. India, exporters said ACCEPTANCE OF on benefits on such
ation. India needs to that one of the main RUPEE AS AN exports in rupee, which
raise the share of tax- NEXT COUPLE OF DECADES. How do you rate India’s climate actions triggers was to ease INTERNATIONAL is hitherto only granted
NICHOLAS STERN
Professor of
ation to GDP. It is per- INDIA WILL WORK OUT ITS towards building a green economy and the disruption CURRENCY for export payments
haps 3 or 4 percentage its intention to achieve net zero by 2070? created by interna- received in foreign cur-
Economics, London points below what you PRODUCTION, INVESTMENT, I have been to all the COPs since 2006 and tional trade since Russia's rency,” he said.
School of Economics
would expect on AND TRADE POLICIES. WE HAVE I have been coming to India since 1974. If invasion of Ukraine from Engineering and Export
income per capita basis. Now you have the you look at the Paris agreement, India was February 24. They also said the Promotion Council of India
tools to do that. But it is important to use it TO SEE HOW THAT DEVELOPS” very important, prime minister Modi was move was a step towards India Chairman Mahesh Desai
in a simple way so that it doesn’t compli- very active in those discussions. We acceptance of rupee as an said there was a need to see
cate people’s lives too much. to get into too much detail. We discussed would not have got a Paris agreement with- international currency. this move as the first step
Prime Minister Narendra Modi during the ceremony for ideas in his Glasgow speech setting out a out the enthusiastic participation of India. Federation of Indian towards 100 per cent convert-
unveiling of the bronze National Emblem cast on the roof Some experts have expressed concern new clean, sustainable growth model for In the Glasgow deal, which was the next Export Organisations (FIEO) ibility of the Indian currency.
of the new Parliament building on Monday PHOTO: PTI that India may be caught in a middle India. We discussed the inclusiveness id- big one last November, PM Modi in his President A Sakthivel said the Besides, it would reduce the
income trap. Your thoughts. eas and governance ideas in his speech on speech, set out a new path for India new provisions would help risk of forex fluctuation.
I don’t think India is in anywhere nearer Friday night. We discussed India’s pres- through five milestones that included net export-import (EXIM) trade Rupee is currently partially
IN BRIEF to a middle income trap. The policies that idency of G20 and what could be the big zero by 2070 and a lot of action by 2030 with countries staring at a for- convertible. Making the
we have been discussing about sustainable themes. We talked about how develop- which were very important. eign exchange shortage. “This domestic currency fully con-
Parameswaran Iyer takes infra, creating new, clean cities, electrifi-
cation of transport and particularly the
ment, human welfare, resilience, sustain-
ability, inclusion could be the overarching After India’s promises at COP 26, you had
is a timely move, and comes at vertible will enable easier con-
a time when many countries version into another currency,
charge as NITI Aayog CEO energy transition in power invokes strong
investment and will drive India’s growth.
theme for India’s G20 presidency. He indi-
cated that in his view G20 can be a turning
said India’s annual emissions of
greenhouse gases could peak by 2030. Do
are facing huge forex shortages apart from increasing liquidity
in Africa and South America. in financial markets. “Ever
I am very hopeful of India’s growth in the point in the sense that it will not simply you think that is still achievable? Allowing only EXIM transac- since sanctions were imposed
next couple of decades. India will work out be narrowly economic and financial. I said “could”. It won’t be easy given the tions through a letter of credit on Russia, trade has been vir-
its production, investment, and trade pol- existing structure of energy supply but will help our exporters and tually at a standstill with the
icies. We have to see how that develops. How badly the Russia-Ukraine war has that’s a useful target. India is not com- importers.” country due to payment prob-
affected the global efforts to mitted to that. But India has exceeded tar- With western nations lems. As a result of the latest
You met PM Narendra Modi on Saturday. decarbonise? Does it have the potential to gets in the past few years. Its growth of imposing sanctions on Russia mechanism, we see the pay-
What was the nature of the discussion? delay the net-zero emission targets? renewables has been faster than antici- after its invasion of Ukraine, ment issues with Russia eas-
It was a private discussion, so I don’t want In fuel, fertiliser, and finance, the Russia- pated. But I won’t pretend it is easy to do. exporters were staring at pay- ing,” Desai said.

THE SECOND OF A FOUR-PART SERIES FOCUSES ON HOW FOOD COMPANIES ARE YET TO PASS ON
NITI Aayog Vice Chairman Suman Bery (left) greets THE BENEFIT OF THE DECLINE IN INPUT PRICES TO CONSUMERS
Parameswaran Iyer on taking charge as CEO. Iyer had
spearheaded the implementation of the flagship
$20-billion Swachh Bharat Mission PHOTO: TWITTER
Food firms wait for commodity prices to cool further
Coal India’s capex rises 65% SHARLEEN D’SOUZA
Mumbai, 11 July
the grammage, nor will we reduce
prices. We barely made any profits in
INFLATION PANGS Price in ~ on % Change
From
to ~3,034 cr in June quarter Though commodity prices have
the last two years.”
He also said that the company
Commodity Unit Jul 11,’22 highs 1 year YTD 3 month 1 week
Coal India on Monday said its capital expenditure (capex) jumped moderated in the recent past, con- will get the benefit of lower com- Sugar Kolhapur 1Q 3,350.00 -5.5 7.2 -0.6 0.4 0.0
64.8 per cent to ~3,034 crore in June quarter 2022-23, driven by sumers may not stand to gain from it modity prices, especially that of Wheat Delhi 1Q 2,320.75 -3.7 28.9 6.5 5.6 0.6
strong spend in acquiring land and strengthening transport anytime soon, as food companies say edible oil, only after 10-15 days.
infrastructure in its coalfields under first-mile connectivity that they are waiting for a further Parle Products, which sells the CPO Kandla 10 K 1,111.25 -31.2 6.7 1.6 -23.1 0.1
projects. Its capex was ~1,841 crore in the April-June period of reduction in input prices before they popular biscuit brand Parle-G, will Ref soya oil Indore 10 K 1,271.60 -22.2 -2.0 7.7 -16.0 -1.9
FY22. Land acquisition at ~608 crore accounted for nearly one- pass on the benefit to consumers. also not reduce the price of its bis- Groundnut oil 10 K 1,600.00 -5.9 14.3 21.2 -0.6 -0.6
fifth of the first quarter's capex basket. This is close to 2.3 times of The last two years of the pan- cuits. Instead, it will wait to see how
~268 crore spent under this head during April-June 2021-22. PTI demic have led to cascading effects commodity prices pan out. It witne- Sunflower ref oil 10 K 1,610.00 -16.8 19.3 27.8 -5.3 -1.8
of spiralling commodity prices, ssed an impact of 250 to 300 basis Rice bran oil 10 K 1,210.00 -18.2 3.4 9.0 -8.7 -5.5
leaving food companies with no points on its margins in the last six Cottonseed ref oil 10 K 1,450.00 -14.2 6.2 21.8 -8.8 0.3
Dwarka Expressway will be choice but to opt for multiple price
hikes and grammage cuts of pro-
months after prices, which were
already inching up, climbed higher,
Q: Quintal; K: Kilogram; Ref: Refined; YTD: year-to-date: Compiled by BS Research
Bureau Sources: NCDEX spot, Bombay Commodity Association
operational in 2023: Gadkari ducts ranging from snacks to
biscuits to coffee.
due to geo-political tensions.
“There is still a lot of uncer-
The Dwarka Expressway, also known as the Northern Peripheral The companies resorted tainty going on and we will four per cent to ~2,321 per quintal ahead of its earnings. sumption pressure continued
Road, will be operational in 2023 and will ease traffic congestion on to reducing grammage in wait before we take any from its high of ~2,411 per quintal and Adding that consumers switched across the sector in the April-June
Delhi-Gurugram Expressway, Union Minister Nitin Gadkari said on smaller packs while tak- further pricing decision,” sugar M-grade Kolhapur prices have to smaller packs in essential cate- quarter on account of unprece-
Monday. Taking to Twitter, Gadkari said Dwarka Expressway, which ing direct price increas- Mayank Shah, category also reduced by 5.5 per cent. Yet, they gories, the company said that the dented inflation. This has impacted
is being developed as the first elevated urban expressway in India, es in large packs. head at Parle Products, are 3 per cent to 29 per cent higher performance of its brand, Saffola Oil, the share of the income available
would reduce pressure on Delhi-Gurugram Expressway and However, even though said, adding that further on a year-on-year basis (see table). was impacted in the April-June for spending on consumer staples
arterial roads that experience heavy traffic, primarily from the they passed on the price increases, which Britannia Industries also took quarter due to significant downtrad- — a trend visible in both urban and
commuters of West Delhi. PTI input price hikes to con- the firm had earlier plan- price hikes of 10 per cent in FY22. ing visible from super premium to rural markets, it said.
sumers in a phased FARM TO FORK
ned, are now on hold. The company also reduced gram- the mass segment in edible oils. Britannia Industries told inves-
manner, their margins PART-II “However, only if mage as an indirect way to increase “In the given context, India busi- tors after its March 2022 quarter
Explain how duty cut on edible oils continued to remain
under pressure.
(input) prices correct by
another 20 per cent from current
prices in most of its stock keeping
units (SKUs). Rising inflation has
ness volumes declined in mid-sin-
gle digits… Excluding Saffola Oils,
results that it will take higher gram-
mage cuts instead of increasing pri-
will boost supply: Govt to industry That’s not all. Higher prices have
taken a toll on demand, leading to
levels, will we look at giving offers
and promotions,” Shah said.
also impacted demand in the last
few months.
the India business posted marginal
volume growth,” the company said,
ces. In FY22, the ratio of grammage
reduction/price increase was 65 per
Amid demands for reducing import duty on rice bran oil and olive weak volumes for the industry. The company resorted to product “In India, the sector has con- adding that its international cent. Companies that sell commod-
pomace oil, the Centre has asked edible oil associations to explain Namkeen and wafers manufac- price hikes last year as commodity tinued to witness tepid demand as business maintained strong ity-based products such as edible
how the move will help boost domestic availability. According to turer, Balaji Wafers, reduced the prices continued to rise.From its rising retail inflation exerted pres- momentum, delivering high-teen oils, however, typically pass on cost
sources, Food Secretary Sudhanshu Pandey has written to Solvent weight of its ~5 pack by 2 gm and that peak, CPO (crude palm oil) Kandla sure on the share of wallet for FMCG constant currency growth. increases/ decreases to customers
Extractors Association of India, Indian Vegetable Oil Producers Asso- of its ~10 pack by 5 gm. Said founder prices have come off by 31.2 per cent, companies,” Marico said in its June In its quarterly update, FMCG without any lag. Hence, there is very
ciation and Soybean Processors Association of India in this regard. PTI Chandu Virani, “We will not increase wheat Delhi prices have cooled off by 2022 quarterly update (on July 5) company Dabur, too, said that con- limited impact on their margins.
.
MUMBAI | TUESDAY, 12 JULY 2022 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 12 JULY 2022 1

~ falls to new low Bank of Maharashtra bucks the

as $ index rises to trend, cuts MCLR by 20-35 bps
SUBRATA PANDA & ABHIJIT LELE
Mumbai, 11 July BUSINESS GROWTH TRAJECTORY (YoY growth in %)

fresh 20-year high

| Loans | Deposits | Business

19.84

26.93
25.62

18.00
18.27
Bank of Maharashtra cut its marginal

16.26
22.98
cost of funds-based lending rate (MCLR)

15.21
14.47
14.00
14.00
14.00

13.27
by 20-35 basis points (bps) across tenors

12.34
11.44
effective July 11, bucking the trend of
lenders raising rates after the central
BHASKAR DUTTA bank hiked the benchmark policy rate
Mumbai, 11 July POOR SHOW (~ vs $) by 90 basis points in last two months.
73 The lender cut overnight and one-

T
he rupee on Monday 74.34 74 month MCLR by 25 bps to 6.90 per cent
settled at a fresh low and 7 per cent. The three-month MCLR Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23
75
against the dollar as the was cut by 35 bps to 7.20 per cent. Six- Source: Bank press statement and BSE filing
greenback firmed up globally 76 month and one-year MCLR were cut by
owing to fears of weak 77 20 bps to 7.40 per cent and 7.50 per cent, by 90 bps for all banks, the MCLR linked end of Q1, the bank's advances stood at latest Reserve Bank data, as of March
economic growth worldwide 78 according to the bank’s notification to loans rates have been raised dispropor- ~1.4 trillion and deposits at ~1.95 trillion. 2022, about 43.6 per cent of loans of
amid a worsening energy crisis (inverted scale) the stock exchanges. tionately by lenders depending on their A S Rajeev, managing director and scheduled commercial banks is linked
79
in Europe, dealers said. Lending rates have been going up cost of funds. chief executive officer at Bank of to the MCLR.
79.44 80
The domestic currency since May after the Reserve Bank of The Pune-based public sector lender Maharashtra, said the MCLR revision
ended at 79.44 as against 79.25 Dec 31,’21 Jul 11,’22 India’s six-member monetary policy ramped up its loan growth in FY22 and was a course correction as the bank’s Bank of Baroda raises MCLR
at the previous close. The pre- committee (MPC) raised the repo rate continued that in Q1FY23. The YoY rate across maturities were higher by Meanwhile, Bank of Baroda has hiked
vious record closing low was 2022, more than three times still remain above the central by 40 bps to 4.40 per cent, almost after growth in advances improved 11.44 per over 20 bps than competitors. Another MCLR by 10-15 bps on some tenors,
79.35 on July 5. So far in 2022, the amount in 2008, the year bank’s mandate. On the other three years. The following month the cent YoY basis in Q2FY22 to 26.93 per bank executive said that bond yields effective July 12. According to the bank's
the rupee has lost 6.4 per cent of the global financial crisis. side the current and capital rate setting body increased the rate by cent in the quarter ended June 2022 like 10-year government of India bench- exchange notification, overnight and
against the dollar. Currency traders too were account deficits are likely to be 50 bps more, taking the repo rate to 4.90 (Q1FY23). Its loan book grew at double mark bonds in the market have been one-month MCLR remain unchanged
The US dollar index, which jittery ahead of the release of higher than the government’s per cent, to tame the headline inflation, the rate at which the banking system’s established and are likely to stay that but the three-month and six-month
measures the greenback consumer price index-based initial estimates. The rupee is which was above the RBI’s tolerance loan expanded (13.2 per cent) in June way in the near term, offering the bank MCLR has been hiked by 10 bps to 7.35
against six rival currencies, inflation for June on July 12. still having some more pain in limit for quite some time. 2022. The credit-to-deposit ratio was room for course correction. per cent and 7.45 per cent respectively.
rose to a fresh 20-year high of Headline retail inflation has the near term.” While the external benchmark 71.65 per cent at end of June 2022 up This will not impact the net interest Similarly, the one-year MCLR has been
107.74 on Monday. The previ- remained well above the upper The analyst sees the next linked loan interest rates have gone up from 63.42 per cent a year ago. At the income, official said. According to the hiked by 15 bps to 7.65 per cent.
ous close was 107.01, the band of the Reserve Bank of technical level for the rupee at
Bloomberg data showed. India’s comfort zone of 2-6 per 79.90 before reaching 80. If the
Fears of growth slowing cent for several months now. rupee strengthens, the range
worldwide have intensified
due to the US Federal Reserve’s
aggressive plans to increase
A Reuters poll estimates the
June inflation reading at 7.03
per cent as against 7.04 per cent
on the higher side is seen at
78.85 over the near term,
Parmar said. Privatise PSBs Nearly half of probes under
except SBI, says FEMA were pending till FY22
rates and tackle high inflation a month ago. Persistently high The weakness of the rupee
in the world’s largest economy. inflation, which has resulted in comes despite the RBI
Disruptions in supply chains negative real interest rates, has announcing measures to
owing to sanctions on Russia been a key factor that has pre- attract greater overseas invest- ISHAAN GERA
ONLY HALF OF THE CASES
NCAER report STATUS CHECK
after its invasion of Ukraine vented overseas investors from ment flows, including the pro- New Delhi, 11 July
have led to severe energy short- parking funds in Indian debt vision of more room to invest UNDER FEMA HAVE BEEN
ages in Europe, worsening the over the past few months. in government securities. On July 8, the Enforcement DISPOSED OF
outlook on growth. “The dollar rally continues Analysts said the meas- Directorate (ED) imposed a No. of
Amid the broad rush to the as recession risks and central ures might not attract much NIKUNJ OHRI private banks, both in terms penalty of ~52 crore on investigations 30,716
safety of the dollar, concern bank nervousness weigh on overseas capital till domestic New Delhi, 11 July of deposits and advances of Amnesty India and ~10 crore initiated
over India’s widening trade investors. The latest rally in the inflation showed firm signs loans. Since 2014-15, almost on its former head Aakar
No. of
deficit amid unabated outflows dollar has been a function of of cooling. The Centre should privatise all the entire growth of the bank- Patel. Until 2021-22 of the
of overseas investment has tak- the weak fundamentals in “The RBI has been inter- public sector banks (PSBs), ing sector is attributable to the 30,716 investigations ini-
investigations 15,495
en a toll on the rupee. Europe, the UK, and Japan,” vening heavily in the market -- except the State Bank of India private banks and the SBI, it tiated under the Foreign disposed of
At $25.63 billion, India HDFC Securities Research it sold $5 billion last week – but (SBI). This is because said.“The under-perfor- Exchange Management Show cause
recorded its highest ever Analyst Dilip Parmar told it knows when the fundamen- private banks have mance of PSBs has Act (FEMA) by the ED, notices 8,109
monthly trade deficit in June. Business Standard. tals are showing weaknesses, emerged as a credible persisted despite a only half or 15,495 had issued
Foreign portfolio investors “There is a high chance of there is no point in just deplet- alternative to PSBs number of policy been disposed of. Further
Show cause
have net sold Indian assets inflation numbers cooling in ing reserves,” a dealer with a with substantial mar- initiatives aimed analysis shows that show
worth $30.3 billion so far in this week’s reading but they state-owned bank said. ket share. Also, gov- at bolstering their cause notices had been
notices 6,472
ernment ownership performance dur- issued in a quarter of the adjudicated
hinders the ability ing this period. investigations.
of the Reserve Bank These initia- A show cause notice is INCIDENCES OF COMPLETING SUMMONS AND SEARCHES
INVESTIGATIONS DECLINING HAVE ALSO DECLINED
Irdai forms task
‘Tribunal allows forces on issues
of India (RBI) to reg-
ulate the sector, ACCORDING TO THE
according to a REPORT, FIRST
tives are recapi-
talisation, consti-
tution of the
issued at the end of an investi-
gation. Based on the issuance
of the notice, the adjudicating
(Show cause notices issued as a
proportion of new investigations
in %)
AFTER PANDEMIC
Number of ...
summons searches
of reinsurance report by the TWO BANKS FOR Bank Board authority decides on a penalty.

refund of CVD, support

National Council of PRIVATISATION
Applied Economic SHOULD BE THE
Bureau
streamline and
Research (NCAER). ONES WITH BETTER professionalise
to As ED cases under FEMA have
risen, so has the pendency.
While 5,100 cases were pend-
2016-17 27.0
2017-18 21.8
2016-17
issued under conducted
FEMA under FEMA
3,240 222
2018-19 31.7
SAD and cess’ The Insurance Regulatory
and Development Authority
(Irdai) has formed two task
Barring

have lagged behind

SBI, ASSET QUALITY
most other PSBs AND LOWEST NPA
hiring and gover-
nance practices;
prompt correc-
ing investigation by the start of
2016, the count had almost
tripled by 2021-22.
2019-20 21.4
2020-21 19.1
2017-18
2018-19
2019-20
4,156
6,102
6,838
126
151
142
July 5, 2022. Can you please forces to study issues the private banks in all the major tive action plans; and consol- A Business Standard analy-
give your opinion? non-life insurance and life indicators of performance idation through mergers, sis found that such instances 2021-22* 6.8 2020-21 4,005 56
*till Dec 2021
First, please note that as per insurance industries face in during the last decade. They which helped reduce their got rarer as time progressed. A show cause notice is issued after 2021-22* 3,176 74
notification no.11/2015-20 re-insurance support. The have seen soured loans and number from 27 in 2016-17 to Show cause notices issued by completion of an investigation (till December 2021)
dated May 25, 2022, the PIMS two have to submit reports in operational costs soar, the 12 currently,” the report said. the authority as a proportion Source: Directorate of Enforcement, Department of Revenue, Ministry of Finance, India
will be effective for bills of three weeks, said Irdai. report authored by NCAER’s The non-performing of investigations initiated have
entry filed from October 1, Reinsurance support Poonam Gupta and econo- assets (NPA) of PSBs remain declined over the past few ated. The ratio increased to 31.7 2020-21. In the previous fiscal
2022 onwards, although reg- refers to insurance firms tran- mist Arvind Panagariya said. elevated as compared to pri- years.A decline in show cause per cent in 2018-19 and has year (until December 2021),
istrations can start with sferring a part of the risk they These PSBs have also vate banks even as the govern- notices also indicates since declined. In 2019-20, 718 show cause notices comprised
effect from July 15, 2022. underwrite to other firms. attained lower returns on ment infused $65.67 billion rising pendency. notices (21.4 per cent) were only 6.8 per cent of the new
Second, notification no.11 The task force for the non-life assets and equity than their into PSBs between 2010-11 In 2016-17, 27 per cent of the issued, and the ED initiated investigations.
CHATROOM gives the list of items from insurance industry has nine private sector counterparts. and 2020-21 to help them tide notices were issued as a pro- 3,360 investigations; the ratio Adjudications have
Chapter 48, for which pre- members. BS REPORTER PSBs have lost ground to over the bad loan crisis. portion of investigations initi- declined to 19.4 per cent in declined further.
T N C RAJAGOPALAN import registration will be
necessary. The list does not
For regularisation of cover paper waste, which
bonafide default under
advance authorisation, we
falls under the heading 4707.
> FROM PAGE 1
2021 and subsequently correct-
ed, we see a slump in the pace
reveals the Securities and
Exchange Board of India data.
co-founder and managing part-
ner of 5AM Ventures, a venture
uct is available, one would have
to work out these nuances.
Pay cut...
have paid Basic Customs Can a Forwarder’s Cargo of newcomers entering the However, a major chunk of capital firm focused on next- Last August, edtech firm
Duty (BCD), Countervailing
Duty (CVD), Special
Receipt be considered as a
transport document under
Demat... market,” Chandok adds.
The total demat count now
these accounts is no longer
trading actively, with moribund
generation life science compa-
nies, in its leadership team.
RBI... Unacademy raised $440 mil-
lion in a funding round led by
Additional Duty (SAD) and the Uniform Customs and “In 2019-20, the industry added stands at 96.5 million, with 16 initial public offering (IPO) Immuneel is not only doing The RBI said for settling trade Temasek, with General
cess on our imports made Practices for Documentary 5 million new demat accounts. million new accounts getting markets and weakness in stock trials in India (it has begun transactions with any country, Atlantic, Tiger Global and
before introduction of GST. Credits, 2007 (UCP 600)? Is In 2020-21, this figure trebled added during the first half of prices weighing down senti- patient dosing in a phase 2 banks in India might open spe- Softbank Vision Fund pitching
We are unable to take input there any guidance on how to 15 million and nearly dou- 2022 — higher than 12.4 million ment. CAR-T trial named “IMAGINE” cial rupee Vostro accounts of in as other participants. The
tax credit of CVD, SAD and such a document will be bled in 2021-22 to 30 million. added in the first half of 2021. here), it also has collaborated correspondent bank/s of the fundraising took the
cess under the GST laws. examined by banks, if the This is the best growth period During the second half of with Hospital Clinic de partner-country in trading. Unacademy Group’s valuation
Can we claim refund of the
same?
Letter of Credit (LC) calls for
such a document? Is there a
the industry has ever had. Since
markets peaked in October
2022, a staggering 18.5 million
new accounts got added,
Cell-therapy... Barcelona for trials in Europe.
Phase 2 trials have also begun
“Indian importers under-
taking imports through this
to $3.44 billion – up from a $2-
billion valuation in November
In the case of Newage time limit for presentation The results start to show within in several European countries. mechanism shall make pay- 2020. The group’s valuation
Laminators Pvt. Ltd. [2022 of such a document under weeks, and last for years. Anand also explains that ment in INR which shall be grew almost 10 times in 18
(188) ELT 88 (Tri. Delhi)], the the LC? > BS SUDOKU # 3712 Since live cells are re-engi- this therapy costs around credited into the Special Vostro months, which, analysts say, is
Tribunal has held that refund Para 19 of the International neered to fight the disease, cel- $450,000 in the US. “However, account of the correspondent one of the fastest growth rates
is allowed in such cases Standard Banking Practices lular immunotherapies are together with before and after bank of the partner country, by a mid-stage consumer inter-
under the provisions of for examination of docu- considered ‘living drugs’. A liv- care for the patient, the cumu- against the invoices for the sup- net startup in India.
Section 142(3) and (6) of the ments under Documentary ing drug is not a pill, but a lative cost comes to $800,000 ply of goods or services from “Even though we have more
CGST Act, 2017. In the case of Credits (ISBP 681E), deals process that is personalised to to $900,000 in the US,” he says, the overseas seller/supplier,” than ~2,800 crore in the bank
Indo Tooling Pvt. Ltd. [2022 with documents for which the needs of the patient. adding that they aim to offer it the RBI said. (as of this morning), we are not
(61) GSTL 595 (Tri.Del.)], the the UCP 600 Transport A little more than one mil- in India at one tenth of the US Indian exporters sending efficient at all,” said Munjal in
Tribunal held that a conjoint Articles do not apply. It says lion new cases of cancer are costs. India could become a out goods and services through the note, which Business
reading of sub-sections (3),(5) that some documents com- diagnosed every year in India - medical tourism hub, the go-to this mechanism should be paid Standard has reviewed. “We
and 8(a) of Section 142 of the monly used in relation to the - about 8 per cent of the world’s country for cell therapy-based in rupees from the balances in spent crores on travel for
CGST Act, 2017, allows claim transportation of goods — for cancer patients are in India. cancer treatment. the designated special Vostro employees and educators. We
of refund of service tax and example, Delivery Order; Despite a lower incidence of Rahul Purwar, founder and account of the correspondent must cut all these expenses. We
cess paid after introduction Forwarder’s Certificate of cancer, India suffers a higher chairman of ImmunoACT, bank of the partner country, the must turn profitable as soon as
of GST. Based on the above Receipt; Forwarder’s mortality rate. Without access agrees. The firm’s product, H- notification said. “At first possible.”
judgments, I suggest you Certificate of Shipment; to advanced interventions, this CAR T-19, is set for phase 2 tri- glance, the move clearly looks Munjal said meals and
claim refund of CVD, SAD Forwarder’s Certificate of number is estimated to rise to als. Purwar says the results start like it is aimed at facilitating snacks will not be complimen-
and cess paid towards regu- Transport; Forwarder’s Cargo over 1.3 million by 2040. showing in around one week’s easier trade with Sri Lanka. The tary across all its offices. And
larisation of the default Receipt and Mate Receipt — However, the cancer land- time, and the cancer cells are step to bring about denomina- that the edtech company is put-
under advance authorisa- do not reflect the contract of scape in India may change killed. Moreover, this is a one- tion in rupees (for invoicing of ting out a strong guideline for
tion. carriage and are not transport soon. time treatment that would cost exports and imports) definitely travel, which includes no busi-
documents as defined in UCP Arun Anand, director and around ~20-30 lakh per patient, suggests that it is aimed at oth- ness travel for anyone, includ-
We have a Special Economic 600 articles 19-25. chief operating officer, Purwar said. er countries in our neighbour- ing its chief experience officers
Zone (SEZ) unit, from where As such, UCP 600 sub- Immuneel Therapeutics, says Dr Reddy’s Laboratories, hood so as to remove the dollar (CXOs) and founders.
we sell waste paper to article 14(c) will not apply to CAR T-cell therapy for cancers which had licensed the tech- exchange rate risk. There is also Employees and educators can
Domestic Tariff Area (DTA) these documents. Therefore, SOLUTION TO #3711 like leukaemia has the poten- nology from Shenzhen Pregene the element of facilitating trade pay from their own pocket if
parties. These are mostly
used cartons in which some
these documents will be
examined in the same man-
Hard: «««« tial to reduce the three-year
conventional treatment (using
Biopharma last year, is in the
process of setting up a manu-
with Russia, which is also a fac-
tor,” a senior economist with a
they want an upgrade. Certain
privileges like dedicated drivers
goods are received. We are ner as other documents for Solution tomorrow oral drugs, chemotherapy, facturing facility. “The product large bank said. for CXOs will be removed.
not clear whether the DTA which there are no specific bone marrow transplant, etc) to is likely to go into clinical trials According to the Sri Lankan Founders have already tak-
party has to first register provisions in UCP 600 — i.e., just three weeks. Immuneel, next year. We are setting up a High Commission, in 2020 en salary cuts and this would
under the Paper Import under sub-article 14(f). In HOW TO PLAY which started its journey in unit in Bengaluru, and it is two India was Sri Lanka’s second- be applied to the management
Monitoring System (PIMS) any event, the documents Fill in the grid so that 2019, has set up an integrated to three years before the prod- largest trading partner with as well. The firm will be shut-
before clearance of such must be presented not later every row, every GMP (good manufacturing uct or therapy can be available bilateral merchandise trade ting down certain businesses,
goods, in view of the DGFT than the expiry date stated in practice)-certified facility in in the market,” said G V Prasad, amounting to around $3.6 bil- such as Global Test Prep, that
column and every 3x3
Policy Circular no. 41 dated the credit. Bengaluru. co-chairman and MD of DRL. lion. The RBI has said Indian have failed to find PMF (prod-
box contains Apart from Mazumdar- In the US, insurance com- exporters may receive advance uct-market fit).
Business Standard invites readers’ SME queries related to GST, export the digits 1 to 9 Shaw and Mukherjee, panies cover immunotherapy payment in rupees through this
and import matters. You can write to us at [email protected] Immuneel has Kush Parmar, costs. In India, once this prod- mechanism. More on business-standard.com
>
MUMBAI | TUESDAY, 12 JULY 2022 POLITICS & PUBLIC AFFAIRS 7

EPS new boss of AIADMK;

OPS, supporters expelled
Party ends dual power structure; TN govt seals AIADMK headquarters LGB FORGE LIMITED
SHINE JACOB Regd. Office: 6/16/13, Krishnarayapuram Road, Ganapathy, Coimbatore- 641 006.
Chennai, 11 July THE RIFT WIDENS Email: [email protected] Website: www.lgbforge.com
Phone: 0422 2532325, Fax: 0422 2532333 | CIN : L27310TZ2006PLC012830
CORRIGENDUM
T
he All India Anna
Dravida Munnetra Reference to our Notice of Postal Ballot published in this newspaper on 05th July, 2022. Further
Kazhagam (AIADMK) it is hereby bring your Notice that, the Disclosure made under Reg.36(3) of SEBI (LODR)
Regulation, 2015 and Secretarial Standard on General Meetings (SS-2) in our Postal Ballot Notice dt
on Monday made Edappadi K 25.06.2022 for (1) Sri. B. Vijayakumar and (2) Sri. Sajeev Mathew Rajan, shall be read as follows:
Palaniswami (EPS) its leader (1) Sri. B. Vijayakumar is only a member and not a Director in M/s. Magna Electro Castings Ltd, M/s.
as interim general secretary Coimbatore Lakshmi Investment & Finance Company and M/s. Interglobe Aviation Limited. (2) Sri. Sajeev
and expelled former chief Menon Rajan is not a director in M/s. L.A.W Textile Park Pvt Ltd and M/s. Seshraj Energy Pvt Ltd. Since
n O Panneerselvam (OPS), n Edappadi K Palaniswami both companies were already stricken off. Sincerely regret for the inconveniences caused.
minister O Panneerselvam By Order of the Board
(OPS), ending a dual power a loyalist of Amma, became (EPS), elected interim For LGB Forge Limited
structure in Tamil Nadu’s CM for the 3rd time in 2016 general secretary, has Place : Coimbatore K. Maheswaran
OPS supporters forcefully open Dated: 09.07.2022 Company Secretary and Compliance Officer
main Opposition party that after her demise, but had been vested with full
the door of AIADMK office , in
lost power in 2021. to resign two months later powers to helm the party
Chennai on Monday PHOTO: PTI
A meeting of AIADMK’s
general council, which has n Settled down as deputy n EPS camp believes dual
more than 2,500 members, in CM and announced EPS as EPS ALLEGED THAT OPS leadership no longer
Chennai expelled OPS from its CM nominee for 2021 polls ORCHESTRATED THE ATTACK existed as the June 23
primary membership and as n He is now trying to fight meeting did not approve
treasurer for allegedly working ON THE AIADMK OFFICE the election and alleges ALKEM LABORATORIES LIMITED
the odds to retain his hold
against the party. OPS rejected
over the party, backed IN COLLUSION WITH that OPS has never done CIN: L00305MH1973PLC174201
the council’s decision and
announced expelling EPS by a thin cadre strength THE RULING DMK anything good for AIADMK Registered Office: ‘Alkem House’, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
Phone: +91 22 3982 9999 Fax:+91 22 2495 2955
instead. OPS said his camp Website: www.alkemlabs.com, Email: [email protected]
would approach the Sasikala was made the general on June 23 was proof of anti- EPS faction from taking a deci- NOTICE TO MEMBERS
courts against the general secretary for a brief period and party activity. The party also sion on unitary leadership in
Notice is hereby given that the 48th Annual General Meeting (AGM) of
council meeting. later expelled. expelled leaders R June. OPS had even reportedly
Alkem Laboratories Limited (“the Company”) is scheduled to be held on
The AIADMK has 66 MLAs The rift between the two Vaithilingam, P H Manoj approached the Election th
Thursday, 25 August, 2022 at 11.00 A.M. through Video Conferencing
in the state Assembly and five factions intensified during Pandian (both legislators), and Commission, citing that the
(“VC”)/ Other Audio Visual Means (“OAVM”) to transact the business as set
MPs. EPS has the support of a Rajya Sabha elections this former-MLA JCD Prabakar, Monday (July 11) meeting was
out in the Notice dated 13th May, 2022, convening the said AGM.
majority of the party MLAs and year, when OPS demanded who were close allies of OPS. held unilaterally without his
district secretaries. EPS will seats for his loyalists. Analysts The OPS camp had consent. In the meeting, the In view of the continuing Covid-19 pandemic, the Ministry of Corporate
now be holding a position that say that one reason EPS want- approached the court against party decided to conduct Affairs (MCA) has vide its circular dated 5 th May, 2020 read with General
th th th st
J Jayalaithaa, the late AIADMK ed single leadership was to the general committee meet- organisational polls in four Circulars dated 8 April, 2020, 13 April, 2020, 28 September, 2020, 31
leader held for years. EPS and counter the Bharatiya Janata ing held last month. A ruling months to elect general secre- December, 2020, 13th January, 2021, 08th December, 2021 and 05th May,
OPS made a dual leadership Party (BJP) in the state. by the Madras High Court tary. The OPS camp had 2022 (collectively referred to as “MCA General Circulars”) alongwith other
agreement after Jayalalithaa’s A resolution at AIADMK’s upholding the position of OPS approached the court citing applicable circulars issued by MCA and Securities and Exchange Board of
death in 2016 to keep the for- general council alleged that and against any decision on that the meeting called by a India (SEBI), permitted the holding of AGM through VC/OAVM, without the
mer chief minister’s aide V K OPS taking a legal route to stall unitary leadership is what newly appointed presidium physical presence of the Members at a common venue. In compliance with
Sasikala away from the party. a general committee meeting restrained the party and the chairman is technically illegal. these MCA General Circulars and the relevant provisions of the
Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the AGM of the Company will be held

ED summons Sonia on July 21

through VC/OAVM.
In accordance with the aforesaid MCA General Circulars and SEBI
Circulars, electronic copies of the Notice of the AGM and Annual Report of
the Company for the financial year 2021-2022 have been sent to all the
PRESS TRUST OF INDIA The ED late last year Swamy had accused them Members whose email addresses are registered with the Depository
New Delhi, 11 July lodged a case under the crim- and others of conspiring Participant(s)/Company. The Annual Report of the Company for the
inal sections of the Prevention to cheat and misappropriate financial year 2021-2022 is available on the Company’s website at
The Enforcement Directorate of Money Laundering Act funds, with Young Indian www.alkemlabs.com and also on websites of the Stock Exchanges i.e
(ED) has asked Congress pres- (PMLA), following a trial court paying only ~50 lakh to obtain BSE Limited at www.bseindia.com and National Stock Exchange of India
ident Sonia Gandhi to depose here taking cognisance of an the right to recover Limited at www.nseindia.com and Notice of the AGM on the website of
before it on July 21 for ques- income tax department probe ~90.25 crore that Associated Central Depository Services (India) Limited (CDSL) at
tioning in the National against Young Indian on the Journals Limited owed to www.cdslindia.com.
Herald-linked money-laun- Rahul Gandhi has been ques- basis of a private criminal the Congress. Notice is further given pursuant to the provisions of Section 108 of the
dering case, officials said tioned by the agency in con- complaint filed by Bharatiya Sonia and Rahul Gandhi Companies Act, 2013 read with Rule 20 of the Companies (Management
on Monday. nection with the case for over Janata Party (BJP) leader both have 38 per cent and Administration) Rules, 2014 as amended from time to time and
Her son and Congress MP 50 hours in sessions. Subramanian Swamy in 2013. shareholding in the company. Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, that the Company is providing remote e-voting facility
to all its Members to enable them to cast their vote on all matters listed in
the said Notice by electronic means. The details regarding the remote e-

ACCENT REGION voting facility is provided below:

Cut-off date for determining the Thursday, 18th August, 2022
Members entitled to vote
Commencement of remote e-voting period Monday, 22nd August, 2022 at 9.00 A.M.
RAJASTHAN CHHATTISGARH End of remote e-voting period Wednesday, 24th August, 2022 at
The remote e-voting facility shall be disabled by CDSL for voting thereafter

Alwar town set to State pegs this and the Members shall not be allowed to vote beyond the said date and
time.

season’s grain
Persons whose names are recorded in the Register of Members or in the
Register of Beneficial Owners maintained by the Depositories as on the

become a hub for output at 10 mt

cut-off date i.e Thursday, 18th August, 2022, shall be entitled to cast their
vote either through remote e-voting or through e-voting during the AGM.
The Company shall also provide e-voting facility during the AGM for the
Members attending the AGM through VC/OAVM, who have not cast their

Japanese firms
R KRISHNA DAS vote on resolutions through remote e-voting and are otherwise not barred
Raipur, 11 July
from doing so. The Members who have cast their vote through remote e-
voting prior to the AGM may attend the AGM through VC/OAVM but shall
Chhattisgarh has set a target to produce
not be entitled to cast their votes again.
a little over 10 million tonnes (mt) of food-
Any person, who becomes a Member of the Company after completion of
grain in the kharif marketing season
dispatch of notice and hold share(s) as on cut-off date i.e. Thursday, 18th
2022-23, a decrease of 3 per cent from the
August, 2022, may request for login ID and password at
previous year’s output.
[email protected] or [email protected]. However, if the
The state produced 10.39 mt of food-
person is already registered with CDSL for e-voting, then the existing user
grain in the last kharif season. The out-
ID and password can be used for casting vote.
put, however, has been reduced to 10.06
mt this year, according to the kharif 2022- Members who have not registered their email addresses are requested to
23 plan of the government. The state gov- register their email addresses with their respective Depository
ernment’s decision to reduce the paddy Participant(s) and Members holding shares in physical mode are
acreage could be attributed as one of the requested to update their email addresses with the Company’s Registrar
reasons for the change. and Share Transfer Agent, Link Intime India Private Limited at
ANIL SHARMA
Jaipur, 11 July
HUGE PUSH (In ~ cr) To encourage oilseed and pulses, the
state, once known as the rice bowl of the
[email protected] or Members shall register their
e m a i l a d d r e s s e s b y c l i c k i n g t h e l i n k :
Companies that have signed MoUs for country, has reduced paddy acreage by https://linkintime.co.in/emailreg/email_register.html and completing the
Neemrana, a town in Alwar district of investments in Neemrana, Ghiloth, over 500,000 hectares. Chhattisgarh is registration process to receive copies of the Annual Report for the FY
Rajasthan, is rapidly developing into a and Chaparia Ki Dhani one of the top five rice supplying states 2021-22 along with the Notice of AGM.
hub for Japanese industries. to the central pool. CS Mannish L. Ghia, Partner, M/s. Manish Ghia & Associates, Practising
Situated on National Highway 8 Tokai Rika Minda India 335 According to the state’s plan, paddy Company Secretaries, Mumbai (Membership No. 6252, CP No. 3531)
between Delhi and Jaipur, and nearly 140 Nidec India 300 crop will be taken in 3.36 million hectares have been appointed as Scrutinizer to scrutinize e-voting process in a fair
km from the state capital, Neemrana is of area against last year’s 3.89 million and transparent manner.
witnessing the hustle-bustle of Japanese Hitachi Astemo hectares. Though rice productivity has The results declared alongwith the Scrutinizer’s Report shall also be
140
entrepreneurs, who have made this region Rajasthan Brake System been increased to 2,500 kilogram per communicated to the Stock Exchanges and Central Depository Services
a major centre for Japanese industries. Fuji Silvertech India 110 hectare against last year’s 2,400 kilogram (India) Limited (CDSL) and the same shall also be displayed on the
Rajasthan State Industrial per hectare thanks to better technology website of the Company.
Development & Investment Corporation CKD India 100 and quality fertilisers, overall production If you have any queries or issues regarding attending AGM & e-voting from
(RIICO) has developed a Japanese zone Taiyo India 100 remained 10 per cent lower. The rice pro- the e-voting System, you may refer the Frequently Asked Questions
and a country-specific zone in Neemrana. duction for the current year has been esti- (“FAQs”) and e-voting manual available at www.evotingindia.com, under
So far, more than 50 Japanese compa-
Allied JB Friction 78 mated at 8.4 mt as against 9.3 mt pro- help section or write an email to [email protected] or
nies, including Daikin, Nissin Brake, H2 Milk Farm 65 duced last year. contact at toll free no. 1800 22 55 33. All grievances connected with the
Mytex Polymer and Nippon Pipe, among HNV Casting 40 The overall acreage for the kharif sea- facility for voting by electronic means may be addressed to Mr. Rakesh
others, have invested over ~6,000 crore in son this year has been increased margin- Dalvi, Sr. Manager, CDSL, A Wing, 25th Floor, Marathon Futurex, Mafatlal
the zone. MIESP India 40 ally by 1.15 per cent. As against 4.76 mil- Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or
RIICO, a state government enterprise, Beltechno India 30 lion hectares, kharif crops in send an email to [email protected] or call on 022-
has pioneered the industrialisation of Chhattisgarh will be sown in 4.82 million 23058542/43.
Rajasthan by setting up industrial areas. Total 1,338 hectares of area this time. While paddy
The Company has fixed Wednesday, 10th August, 2022 as the “Record
RIICO also acts as a financial institu- acreage has been reduced by 535,000
Date” for the purpose of determining entitlement of shareholders for
tion, providing loans to large, medium, (~40 crore) and Beltechno India Pvt Ltd hectares, the area under cultivation of
payment of final dividend for the financial year 2021-22. The final dividend,
and small-scale projects. (~30 crore) are some of the companies pulses-oilseeds and other crops has been
if approved by the Members will be paid on or after Tuesday, 30th August,
Recently the state inked 11 memoran- that have signed MoUs for investment expanded by 150,000 hectares.
2022.
dums of understanding (MoUs) with in the state. Instead of traditional paddy, a state
Japanese companies. With this, an Chief minister Ashok Gehlot, while government spokesperson said, farmers Members may note that in terms of the provisions of the Income-Tax Act,
investment of ~1,338 crore is likely to be thanking the Japanese companies, said, were encouraged to take scented, organic 1961, (“the Act”) as amended by the Finance Act, 2020, dividend paid or
made in Neemrana, Ghiloth, and “Japanese firms have prominently invest- and zinc paddy and other varieties that distributed by a Company on or after 01st April, 2020 shall be taxable in the
Chaparia Ki Dhani (Pali) and around ed in Rajasthan and such investment has require less water. The state has launched hands of the Members. The Company shall therefore be required to deduct
2,300 persons may get employment. been an inspiration for entrepreneurs in a campaign to convince farmers to give tax at source (TDS) at the time of making the payment of dividend. In order
Tokai Rika Minda India Pvt Ltd (~335 the state. Now, Japanese companies must up paddy crops. As of now, 346,044 farm- to enable us to determine the appropriate TDS rate as applicable,
crore), Nidec India Pvt Ltd (~300 crore), write a new chapter by investing in the ers have diverted the paddy crops in Members are requested to submit the documents in accordance with the
Hitachi Astemo Rajasthan Brake petrochemical complex coming up in 184,901 hectares of land to cultivate sug- provisions of the Act. The detailed tax rates, documents required for
System Pvt Ltd (~140 crore), Fuji Barmer district.” arcane and horticulture crops. availing the applicable tax rates are provided in the Notice of the AGM.
Silvertech India Pvt Ltd (~110 crore), He said the MoUs signed with these Agriculture experts believe the farm- For Alkem Laboratories Limited
CKD India Pvt Ltd (~100 crore), Taiyo companies will further strengthen the ers give their consent for crop diversifi- Sd/-
India Pvt Ltd (~100 crore), Allied JB relationship between Japan and cation but finally go for paddy as it gives Manish Narang
Friction Pvt Ltd (~78 crore), H2 Milk Rajasthan. Gehlot added that the state better return. The Bhupesh Baghel-led President – Legal, Company Secretary & Compliance Officer
Farm Pvt Ltd (~65 crore), HNV Casting government will provide necessary coop- Congress government in the state is th
Date: 11 July, 2022
Pvt Ltd (~40 crore), MIESP India Pvt Ltd eration to these companies. procuring paddy for ~2,500 per quintal. Place: Mumbai
8 WORLD
>
MUMBAI | TUESDAY, 12 JULY 2022

BANKS FROZE MILLIONS OF DOLLARS WORTH OF DEPOSITS IN APRIL, TELLING CUSTOMERS THEY WERE UPGRADING INTERNAL SYSTEMS
China quells protest by people seeking life savings back
deposits could be worth up to about 170,000 yuan ($25,000) fundraising, the state-run
$1.5 billion and authorities deposited with one of Global Times reported.
are investigating the the banks, the Zhecheng More than 1,000 deposi-
three banks. Huanghuai Community tors from across the country
Anguished depositors Bank. had planned to gather in
have staged several demon- Zhang said he had Zhengzhou last month to try
strations in the city of suffered injuries to his foot to withdraw their money but
Zhengzhou, the provincial and thumb, and was taken they were unable to when
capital of Henan, over the away by four unidentified their Covid-19 health codes,
past two months, but their security personnel at around which determine if one can
demands have invariably midday. Security personnel travel, switched to a ‘no
fallen on deaf ears. outnumbered protesters by travel’ status.
About 1,000 people gath- around three to one, he said. Five officials were
ered outside the Zhengzhou “They did not say they subsequently punished
branch of China’s central would beat us if we refused to for misusing the health
bank to demand action. leave. They just used the code system.
Videos and photographs loudspeaker to say that we The demonstration is
on social media showed were breaking the law by peti- among the largest China has
depositors waving banners tioning. That’s ridiculous. It's seen since the pandemic,
and throwing plastic bottles the banks that are breaking with domestic travel limited
at approaching security the law.” by various Covid restrictions
guards who then roughly Reuters was not immedi- on movement.
dragged some of the pro- ately able to reach police for Last month, Zhengzhou
About 1,000 had people gathered outside the Zhengzhou branch of China’s central bank to demand action on Sunday PHOTO: REUTERS testers away. comment. authorities even resorted to
“I feel so aggrieved I can't The banks, which include tampering with the country's
AGENCIES Zhengzhou over the freezing the crowd. internal systems. responded to emails and even explain it to you,” one the Yuzhou Xinminsheng digital Covid health-code sys-
Beijing, 11 July of deposits by some rural- The banks froze millions The banks have not issued telephone calls seeking protester, surnamed Zhang, Village Bank and the tem to restrict the move-
based banks said they were of dollars worth of deposits in any communication on the comment. 40, told Reuters. Shangcai Huimin Country ments of depositors and
Several people protesting in injured when heavy-handed April, telling customers matter since, depositors said. Chinese media has Zhang said he had Bank, are under investigation thwart their planned protest,
the Chinese city of security personnel dispersed they were upgrading their None of the banks has reported that the frozen been hoping to retrieve by the authorities for illegal sparking a nationwide outcry.

IN BRIEF Europe on edge as Russia G20 regulator

Lanka central bank
chief to stay in job; gas link enters shutdown set to propose
new Prez set to be Shutting of Nord Stream 1 for annual maintenance may be extended, fears EU
REUTERS an event at the end of June.
‘robust’ crypto
elected on July 20 London,Frankfurt, 11 July Germany has moved to
stage two of a three-tier emer-
rules in Oct
T
he biggest single pipe- gency gas plan, which is one
Sri Lanka’s central bank governor signalled on Monday line carrying Russian step before the government
he would stay in the job but warned that prolonged gas to Germany began rations fuel consumption. REUTERS
political instability in the country may delay progress on annual maintenance on It has also warned of reces- London, 11 July
negotiations with the International Monetary Fund for a Monday, with flows expected sion if Russian gas flows are
bailout package. Governor P. Nandalal Weerasinghe, to stop for 10 days, but govern- halted. The blow to the econ- The Financial Stability Board
who has been holding bailout talks with the IMF since ments, markets and companies omy could be 193 billion euros (FSB) said on Monday it
taking office in April, had told reporters in May he could are worried the shutdown ($195 billion) in the second half would propose ‘robust’ global
resign if there was no political stability. President might be extended because of Germany has warned of recession if Russian gas flows are of this year, data from the vbw rules for cryptocurrencies in
Gotabaya Rajapaksa plans to resign on Wednesday while the war in Ukraine. halted. The blow to the economy is pegged at $193 billion industry association of the October, following recent tur-
Prime Minister Ranil Wickremesinghe has also offered to The Nord Stream 1 pipeline state of Bavaria showed last moil in markets that has high-
quit, without specifying a date, to make way for a unity transports 55 billion cubic being serviced by Germany’s ments and painfully high bills month. lighted the need to regulate
government. Protesters stormed their residences on metres (bcm) a year of gas from Siemens Energy in Canada. for consumers. “If Nord Stream gets cut off, the ‘speculative’ sector.
Saturday and have vowed to stay put until the two Russia to Germany under the Canada said at the weekend German Economy Minister or if Germany loses all its The FSB, a body of regu-
leaders resigned. The parliament will reconvene on July Baltic Sea. Maintenance lasts it would return a repaired tur- Robert Habeck has said the Russian imports, then the lators, treasury officials and
15 and a new president will be elected on July 20 and the from July 11 to 21. bine, but it also said it would country should confront the effect will be felt on the whole central bankers from the
cabinet will make way for a unity government, the prime Operator Nord Stream AG expand sanctions against possibility that Russia will sus- of north-western Europe,” Group of 20 economies (G20),
minister’s office said. Speaker Mahinda Yapa confirmed the shutdown start- Russia's energy sector. pend gas flows through Nord said Dutch energy minister has so far limited itself to
Abeywardena on Monday told BBC that President ed as planned at 0600 CET Europe fears Russia could Stream 1 beyond the scheduled Rob Jetten. monitoring the crypto sector,
Gotabaya Rajapaksa has left the island and is in a nearby (9:30 am IST) and that gas extend scheduled mainte- maintenance period. Extended could also result saying it did not pose a sys-
country. The president was flown to an airbase near the flows would drop to zero a few nance to restrict European gas “Based on the pattern we've in more Russian gas produc- temic risk.
main international airport Monday, officials said, raising hours later. supply further, throwing plans seen, it would not be very sur- tion shut-ins, relative to the But recent turmoil in
speculation he will flee into exile abroad. AGENCIES Last month, Russia cut to fill storage for winter into prising now if some small, tech- 9 per cent year-on-year decline crypto markets has highlighted their volatility, structural vul-
flows to 40 per cent of the pipe- disarray and heightening a gas nical detail is found and then in Gazprom production nerabilities and increasing links to the wider financial system,
line’s total capacity, citing the crisis that has prompted emer- they could say ‘now we can't reported so far this year, the FSB said.
UK foreign secy Truss to delayed return of equipment gency measures from govern- turn it on any more’,” he said at Goldman Sachs said. “The failure of a market player, in addition to imposing
potentially large losses on investors and threatening market
run for prime ministership confidence arising from crystallisation of conduct risks, can
also quickly transmit risks to other parts of the crypto-asset
British Foreign Secretary Liz Truss
entered the race to replace Boris
Johnson as prime minister on
Monday, taking the number of
Twitter lawyers up to sue Musk on ecosystem,” the FSB said in a statement.
The value of bitcoin, the largest cryptocurrency, has
slumped some 70 per cent since its November record of
$69,000 and was trading at $20,422 on Monday, leaving many
candidates in an increasingly
bitter and unpredictable contest
to 11. Truss, who has held
broken buyout deal; stock sinks 8% investors nursing losses.
TerraUSD stablecoin collapsed earlier this year, and with-
drawals and transfers from major crypto firms Celsius Network
ministerial jobs in a number of BLOOMBERG Musk is trying to abandon the deal,” said and Voyager Digital have rattled markets.
government departments including 11 July Vital Knowledge founder Adam Crisafulli. Stablecoins should be captured by robust regulation if they
trade, justice and the treasury, said she would cut taxes “The problem, though, is that this whole are to be used as a means of payment, the FSB said.
and maintain a tough line against Russian President Twitter shares tumbled in premarket trad- saga was probably quite disruptive over “The FSB will report to the G20 Finance Ministers and
Vladimir Putin. Johnson was forced out last Thursday after ing after Elon Musk walked away from his the last few months, which could weigh Central Bank Governors in October on regulatory and super-
his government imploded over a series of scandals. The $44 billion deal to buy the company, set- on Twitter’s performance not only in the visory approaches to stablecoins and other crypto-assets,” the
aim is to find a successor by early September. REUTERS ting the scene for a disruptive legal battle. second quarter but third quarter too.” FSB said.
Shares fell 7.9 per cent per cent to $33.88 With a $1 billion breakup fee on the line, The FSB has no lawmaking powers but its members commit
as of 10:00 am in trading session on traders are bracing for more chaos as to applying its regulatory principles in their own jurisdictions.
About 30 million people Monday, on track to erase about $1.4 billion
in market value, after Musk backed out of
Twitter takes Musk to court.
Twitter Chairman Bret Taylor said the
The watchdog is lagging the European Union, a leading
member of the FSB, which agreed comprehensive new rules
face Covid curbs in China an agreement to buy the social-media
giant and take it private. Shares in Tesla ,
Musk alleges that Twitter
misrepresented data, with the number
company will pursue legal action in order
to close the transaction “on the price and
for the crypto market this month.
The FSB said cryptoassets are predominantly used for
Close to 30 million people are under some form of the electric carmaker that Musk leads, of spam bots on the platform much terms agreed by Musk.” The company has ‘speculative purposes’ but don’t operate in a ‘regulation free
movement restrictions as more cities and counties across climbed 1 per cent after swinging between higher than the company has disclosed hired merger-law heavyweight Wachtell, space’ and must comply with relevant existing rules.
China seek to quell resurgent Covid-19 outbreaks. The gains and losses. Lipton, Rosen & Katz and aims to file suit Many countries require crypto firms to have anti-money
nation reported 352 new cases for Sunday, with the daily Twitter shares have been trading well much higher than the company has dis- early this week, according to people famil- laundering controls.
figure hovering over 300 for the past week, the highest below the $54.20-per-share offer Musk closed. The stock has also been falling iar with the company’s plans, who asked “FSB members are committed to using the enforcement
level since late May. New infections in Shanghai jumped made in April. The billionaire alleges that along with the tech sector amid rising not to be identified. Musk mocked Twitter powers within the legal framework in their jurisdiction to pro-
to more than 60 for Sunday, from near zero just over a Twitter misrepresented user data, with the interest rates. threat to sue him following his move to mote compliance and act against violations,” the FSB said.
week ago, spurring concern the city’s brutal two-month number of spam bots on the platform “It’s not a huge surprise to anyone that abandon the deal.
lockdown could be revived. BLOOMBERG

Wirecard faked data to gain

£900 mn from SoftBank Netherlands now poised to make WFH a legal right
German fintech giant Wirecard, before it collapsed in The new legislation comes at a time when companies two years before the pan-
2020, allegedly forged client data and internal records to demic, according to Eurostat,
secure 900 million euros as investment from Japanese worldwide struggle to bring workers back to office the acceptance of remote
conglomerate SoftBank, said a media report on Monday. working is much higher in
Wirecard allegedly cited SoftBank’s assistance to secure a AGENCIES of the Netherlands on sector workers are set to be the lowlands.
separate funding of 500 million euros, UK’s Financial 11 July Tuesday. It still needs a nod offered a four-day work week, The pandemic has fuelled
Times (FT) reported citing whistleblowers. The German from the Dutch senate before but in exchange for pay cuts. a shift in attitudes about
company collapsed on June 25, 2020, and filed for As US companies struggle to its final adoption. The law The legislation will be work, with many workers
insolvency. AGENCIES entice workers back to forces employers to consider introduced by Steven van seeking to maintain some of
offices, the Dutch parliament employee requests to work Weyenberg, a member of pro- the flexibility they’ve experi-
approved legislation to estab- from home as long as their European D-66 Party, and enced over the last two years.
Macau casino stocks fall lish home working as a legal
right, setting the Netherlands
professions allow it, accord-
ing to media reports.
Senna Maatoug, a lawmaker
for the Green Party,
But with companies seeking
to respond to surging
up to 8% as city shuts up to be one of the first coun-
tries to enshrine such flexibil-
Currently, employers in
the Netherlands can deny
Weyenberg told Bloomberg
on Wednesday. The two will Currently, employers in the Netherlands can deny any request
demand as the pandemic
recedes, the topic has become
Macau casino shares slumped along with dollar bonds on ity in law. any request from workers submit the proposal to parlia- from workers about working from home without giving any increasingly polarising issue.
Monday as the world’s largest gambling hub shut almost Last week, the Dutch about working from home ment before the house enters reason. Under the new law, employers must consider all such Some companies like
all business premises, including gaming venues, to try Parliament's lower house without giving any reason. summer recess on July 3. requests and give adequate reasons for refusing them Tesla still have coerced
and contain its worst ever Covid-19 outbreak. A passed legislation in this Under the new law, “We have the green light employees to return to the
Bloomberg gauge of the city’s six licensed casino regard. The European coun- employers must for this new law thanks to the summer.” the Wall Street Journal. office.
operators fell 5.5 per cent, and is down 20 per cent this try now needs to wait for consider all such requests support we received from “It allows them to find a For Dutch companies, the Last month, Tesla Chief
year. Sands China fell 8 per cent, while Wynn Macau approval from the Senate. and give adequate reasons for both employees and better work-life balance and new legislation isn't expected Executive Officer Elon Musk
dropped 6.7 per cent. Residents are banned from leaving The legislation was refusing them. employers’ unions,” said reduce time spent on com- to be as contentious. With 14 issued an ultimatum for staff
their homes. BLOOMBERG approved by the lower house Last month, Scotland Weyenberg. “We are very muting,” said Maatoug of the per cent of the workforce at the company to return to
of the bicameral parliament announced that its public hopeful it will pass before the GroenLinks party, reported already working remotely the office — or leave.

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

Volume XXVI Number 231

A first half worth forgetting

MUMBAI | TUESDAY, 12 JULY 2022

Saving Sri Lanka

India will have to take the lead Contrasting narratives are plausible and in play after a truly it may take some time. We can easily have pull-
back rallies of 15-20 per cent in the interim.
terrible six months for the markets

T
he scenes beamed around the world from Sri Lanka, in which a In terms of data to track, the surge in US 30-
illustration: BINAY SINHA
vast sea of protestors caused the nation’s president to flee and then year fixed rate mortgages is worth following, rising
invaded the presidential palace, are stunning even by the standards from 3 per cent to 6 per cent, in a matter of months.
of the country’s tumultuous politics. It has been reported that It has decimated housing affordability. Every reces-
sion in the last 70 years in the US has only hap-
President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe
pened after the two-year/10-year bonds yield curve
have agreed to resign their posts. But there is a major trust deficit when it has inverted. We saw inversion in late March/early
comes to the president in particular and many of the protestors and others April, briefly in June and now again in July. Clearly
are doubtful as to whether he will in fact leave his post as promised. This recession risks are elevated. There is also an
comes as the economic crisis in the country showed few signs of improve- unusual decoupling between consumer sentiment,
ment. Sri Lanka had stopped paying its bondholders, in what many saw was which is at a 70-year low, and a record low unem-
a harbinger of broader sovereign debt market troubles to come. The links ployment rate. Very odd!
between the troubled economy and the complete loss of faith in the political Deciding your stance on whether the US will go
into a recession in 2023 is one of the big calls of the
authority are obvious —but the latter makes it much harder for Sri Lanka to
coming months. It will determine your stance on
address the former without help from outside. corporate earnings and the end point on the Fed
There are two horizons along which India and the global community funds rate. If you feel no recession, the correction
will have to address the questions thrown up by Sri Lanka’s economic and may be done. If you believe in the recession thesis,
political crisis. On the one hand, in the short term, humanitarian suffering we have probably more downside to come. At least
and a political vacuum must be avoided. Money to pay for immediate and initially, the direction of US equity markets will
essential imports must be found, and New Delhi must support a peaceful drive global returns.
As for rates, looking at the data, it is now quite
transfer of power to whatever cobbled-together coalition of opposition pol-
astonishing to see just how crazy an environment
iticians wants it under these circumstances. Yet the longer-term concerns we were living in. As rates rise and liquidity tightens,
must also be given attention. The question of whether Sri Lanka’s debt, as it seems inevitable that some financial accidents
currently structured, cannot and will not be serviced, must be answered. If will occur in some corner of the financial markets.
it is indeed unsustainable, it will need to be restructured. Just a short time ago, 40 per cent of all govern-
Yet it would be glib to call for restructuring this debt without a clear ment debt outstanding globally had negative

T
solution to the central problems in all sovereign debt restructuring today. he year so far has proved to be very difficult ronments ever seen, the question inevitably turns yields. This percentage is now down to 2.5 per cent;
Will multilateral money bail out Chinese state-linked bondholders? Do loans for investors. There has been no place to to what now? 10 per cent of all corporate debt outstanding had a
hide, and market volatility has been We have seen the beginnings of a rally in equity negative yield. This is now zero per cent. Any com-
from state-linked banks and enterprises in the People’s Republic of China
elevated. In the span of a few months, we have markets globally, led by the US. Markets have been pany or CFO that did not term out their debt, or
count as state lending, subject to one set of rules? The West seems to think seen the fourth fastest rise in commodity prices up every day, and we have a four-day winning streak. raise fresh long-term debt, has really missed a once-
so, while Beijing argues that these loans should be treated as if they were ever, following the Russian invasion of Ukraine, Is this a sustainable rally or just a dead cat bounce? in-a-life-time opportunity.
from the private sector and thus given priority in repayment. A solution to as well as the third fastest fall—over the last few At its worst the S&P was down about 25 per cent, The other big call relates to Japan and its central
this problem in Sri Lanka’s case is vital in that it will set precedents for other weeks! Bond yields have also seen high volatility, in mid-June. This is the median correction for the bank. The Bank of Japan (BoJ) is the last anchor of
sovereign debt restructuring that appears inevitable, from Ghana to Laos. with exaggerated moves in both directions since S&P 500 in post-war recessions. If you look at the global rates, and is currently an outlier on monetary
Even though India has clear budgetary constraints, it has already offered the beginning of the year. range of data, the correction for the S&P in a post- policy. It is continuing with its capping of Japanese
financial assistance to Sri Lanka. It must now take up a leadership role in Taking a look at the numbers, clearly there was war recessionary period has been at the minimum 10-year sovereign yields (JGB) at 0.25 per cent,
no place to hide for financial market players. 15 per cent, with the median correction being 24 per despite the rising costs, collapse of the yen, and the
addressing these problems without waiting for the global community. In
Unless you were invested in crude oil (Brent prices cent and the extreme being 50 per cent (the global lack of sustainability of this strategy. Work done by
the end, Sri Lanka is small compared to most Indian states, and so a bailout rose by 47.6 per cent till June 30) or commodities financial crisis saw a 57 per cent correction, but that DB shows that the current pace of the BoJ buying of
cost will not be prohibitive. Plus, bailing out a fundamentally productive more broadly (CRB commodity index was up 25.3 was more due to the banking collapse). So in a sense, JGB bonds, at approximately $110 billion per month
neighbouring country is clearly in the national interest. Much stability could per cent in the six months, you would be sitting the market is already priced as though we are on exceeds what the Fed and the European Central
be restored, in addition, just by in-kind shipments and by guarantees with a on losses. Treasuries were down by 9.4 per cent, the verge of entering a serious recession. Bank were buying at their peak. The BOJ balance
much lower impact on the Indian Budget. There was talk of the outgoing the MSCI Emerging Markets index The same data, for market cor- sheet is at 140 per cent of gross domestic product,
prime minister convening a conference of the country’s creditors, including was down by 17.6 per cent, S&P 500 rections in non-recessionary compared to 40 per cent for the Federal Reserve.
India, Japan, and China. Such a meeting should certainly go ahead even if index was down by 20 per cent and periods (post-war era: source DB) This cannot continue indefinitely. Once the BoJ also
the Nasdaq was down by 29.2 per show that the median correction throws in the towel, can yields spike globally? All
the current prime minister himself is not around to conduct it. If necessary,
cent (all total return). has been 12.5 per cent. This is the major central banks will be shedding assets and
it should be convened by India and focus on a long-term and replicable solu- This was a horror show, and just already the fourth steepest non- no longer injecting liquidity through quantitative
tion to Sri Lanka’s debt problem. for context, this was the worst first recessionary correction since easing. No investor, nor any financial market, has
half start for US equities since 1962, World War II. Clearly, if you believe ever experienced quantitative tightening (QT). It

Nano urea potential and the worst start to the year for
10-year US treasury bonds since
1788. The numbers were even
that the US is not going into a
recession, and many think that is
the case given the booming jobs
will have unintended consequences. We will have
global tightening of liquidity, through QT and rising
rates across all geographies, as inflation is now global
It can materially cut fertiliser import dependence worse, but for a rally for both asset AKASH PRAKASH market and consumer finances, and central banks everywhere are behind the curve.
classes in late June. This was also then one can argue that we may This will happen just as economies globally are also

T
he indication from the government that India would not need to only the fourth time in the last 100 years that have corrected enough. In this scenario, the mar- slowing. A dangerous cocktail.
import urea by 2025 could not have come at a more opportune stocks and bonds were both down in the US, two kets may have bottomed and this rally may be real. These are highly uncertain and volatile times.
moment, given that the global prices of this most-consumed fer- quarters in a row at the same time. If you believe that a recession is inevitable in Contrasting narratives are plausible and in play.
tiliser have soared to new highs and its availability has dwindled With both stocks and bonds in the US and both the US and the EU, then we may have more However, having gone through a truly terrible first
due to the Russian-Ukraine conflict and export cuts by China and other globally down, it was a horrendous performance downside to come. Given that this recession will half 2022, the second half of the year should be
countries. The international urea prices are currently ruling at their highest for the classic 60/40 portfolio of stocks and bonds, bring on a regime change in terms of inflation and hopefully less damaging to investor portfolios. It
level since the 2008 food and financial crisis. So are, in fact, the prices of the mainstay for many allocators. This model port- the tightening of financial conditions, the possibil- remains an environment to build your portfolio,
folio was down double digits, and its performance ity of a financial accident is high. Thus, many improve the quality of your holdings and concen-
phosphatic and potassic fertilisers, for which the country’s reliance on
was in the bottom 2 per cent of rolling returns expect the ultimate market correction to be nearer trate on your best ideas
imports is even higher than that for urea. As a result, the fertiliser subsidy in going back to 1926! So clearly, we have gone the extremes of 40-50 per cent. In this scenario
the current fiscal year is projected to exceed ~2.5 trillion, surpassing last through one of the most challenging market envi- there is more downside to come eventually, though The writer is with Amansa Capital.
fiscal year’s record of ~1.62 trillion by a big margin. Higher indigenous pro-
duction, more efficient use of fertilisers, and promoting organic sources of
plant nutrients are the only means to rein in burgeoning subsidy burden.
That said, the fact also is that self-sufficiency in urea has been on the
cards ever since the introduction of the new urea policy in 2015, which
focused primarily on maximising domestic output, promoting energy effi-
Understanding inflation in the US
T
he inflation rate in the US touched 8.6 per the size of the store of value that financial institu- oil and various other commodities. So, their prices
ciency in urea manufacturing, and reviving the defunct fertiliser plants. The cent in May. This is more than four times tions actually needed. Bank credit was stuck at rose substantially. Thus, the related and the so-
evolution of “nano urea”, which is substantially more potent than the con- the 2 per cent target rate and at a 40-year about $9 trillion from 2009 to 2012 and even there- called cost-push inflation was endogenous. It was
ventional material, came as an additional bonanza in this respect. This new- high. In order to understand the present, we need after grew slowly. The bottom line is that the jump a consequence of the excessive stimulus. Clearly,
generation urea, which condenses one bag equivalent of urea into a tiny to first consider the past. in central bank money did not translate into any this story is very different from the usual view that
bottle of 500 ml liquid, further speeded up the march towards shedding reli- During the Great Depression of the 1930s, real jump in money in circulation with the public. This we have two separate kinds of inflation — demand-
ance on imports of this key farm input. The cooperative sector fertiliser per capita gross national product fell by one third helped in maintaining low and stable inflation. So pull and cost-push.
giant, IFFCO, must be given due credit for pioneering and promoting nano- in the US. Also, there was 25 per cent negative infla- far so good. Next, leaving aside the cause of the so-called
tion, and a massive shift from bank deposits to cur- Fast forward to the Covid-19 crisis and the eco- cost-push inflation, this latter kind of inflation
urea technology, which has already proved its worth as a game-changer.
rency. Over one-third of the banks failed. In 1936, nomic situation in 2020. The policymakers over- cannot continue on its own. It is sustainable only
The production capacity of nano urea is likely to swell from the present John Maynard Keynes gave legitimacy to additional extended the message from both Keynes and if the Fed accommodates it by increasing the cen-
50 million bottles (each containing 500 ml liquid) to over 440 million bottles public spending through large fiscal Friedman — more so, when they tral bank money. The Fed did so. So, it was again
with the commissioning of the under-construction nano urea plants. deficits in a recession, and rightly so. saw the absence of high inflation in the picture.
Moreover, the resurrected fertiliser plants at Ramagundam, Talcher, This was to take care of output and from 2007 to 2020. Of course, Much had gone wrong already in 2020 and 2021.
Gorakhpur, Sindri and Barauni, and a few new ones at other sites are also employment. Subsequently, by 1963, there was a need to help many It so happened that this year Russia invaded
expected to begin producing to their full capacity. Indeed, many analysts Milton Friedman had given clear people but that could have been Ukraine on February 24, geopolitical tensions rose,
believe that India should now be looking forward to exporting urea rather legitimacy to a huge increase in cen- achieved even through a reason- and China introduced restrictions in March. These
tral bank money during a crisis. ably sized stimulus. But the fiscal factors aggravated the situation; they were not the
than importing it, by capitalising on its huge nano urea production potential. Again, rightly so. This was to prevent stimulus to aggregate demand primary causes of the high inflation. The price of
The breakthrough in nano technology has also opened up opportunities for systemic banking failures and neg- was excessive and even misap- crude oil had already touched about $95 per barrel
the production of nano di-ammonium phosphate (DAP), which is the sec- ative inflation. plied to an extent, given the by mid-February.
ond-largest in consumption and highly import-dependent farm input. This The work of both Keynes and supply disruptions this time in Finally, although electoral concerns played a
product, currently in advanced stages of development, is expected to bring Friedman, though very different, one way or another due to the role with both the Trump administration and the
down the cost of DAP by half. was extremely useful in dealing ex- GURBACHAN SINGH health crisis. The fiscal deficit Biden administration in a variety of ways, the zeit-
The significance of these innovations goes far beyond alleviating import- post with the global financial crisis went beyond $3 trillion in 2020; geist by then had paved the way for the policies
and the Great Recession in and around the year it was less than $1.5 trillion in 2009. that came to be used. It is only in the last two
dependence for fertilisers. They offer multiple advantages, ranging from
2007 (the ex-ante story is very different). The US Given that the new fiscal stimulus was exces- months or so that economic thinking seems to be
cost reduction and supply augmentation to the much-needed improvement government came out with a large fis- cal sti- sive, the Fed also ended up going beyond what was changing widely and decisively.
in fertiliser-use efficiency and rise in farmers’ income. Studies have shown mulus. The Fed intervention too was massive. optimal. This time, even the money in circulation To conclude, lessons from economics and his-
that while nutrient consumption by plants (read nutrient-use efficiency) is From 2008-09 to 2014-15, the central bank with the public jumped; M2, a measure of such tory need to be applied appropriately by the public
only 25-30 per cent in the case of conventional fertilisers, it rises to 90 per money was increased in the US by about $3 trillion. money, went from about $15.5 trillion to a whop- authorities to the changing situations. There are
cent for nano products, thereby pushing up crop yields perceptibly. However, that was mainly used as a store of value ping figure of nearly $22 trillion by May 2022. hardly any neat formulae.
Additionally, the use of nano urea and DAP helps reduce the soil, air, and by financial institutions for whom it was difficult Consequently, we have had high demand-pull
water pollution attributable to chemical fertilisers. With such developments to expand credit, given factors like the slow recov- inflation, given the “limited” capacity to produce The writer is visiting faculty at Indian Statistical
ery and the additional financial regulations. in the economy. Institute, Delhi Centre. This column is based on his
being on the horizon, India may well be on the cusp of transmuting from a
Though the rise in the central bank money was The massive demand for final goods and serv- address at the PHD Chamber of Commerce and Industry
bulk importer to a net exporter of plant nutrients. about 400 per cent, it was not so huge relative to ices, in turn, led to higher demand for inputs like on 9 June 2022. [email protected]

Subtle subversions She has produced a very thought-

The research into original sources
is frighteningly detailed. She has con-
sulted manuscripts, letters and other
such original documents in a large
for 18 months during 1865-67 in the
home of the daughter of a governor of
Bombay. She was called Mary Frere.
Anna’s stories, told by her to
Chennai. Of Raju’s writings she has
this to say: “…wrote in what we may
call a ‘double register’, a style he per-
fected.” This, she says, enabled him to
and Sullivan’s hilarious operas.
M N Venkataswami was cut from a
different cloth. He studied and wrote
about both the so-called scientific
ful collection of four papers on a sub- number of archives in the UK, US Frere in broken English, came to be “speak in two voices, two languages, method of the British and about folk-
ject that few have bothered to think and India. The result is gripping published by John Murray, a hugely sometimes across two cultures…” This lore and folk tales. He was a member of
about, namely, while a conqueror can authenticity. respected publishing house in the 19th created separate meanings. the Royal Asiatic Society as well as the
subjugate your minds, as the British She has chosen four such people, century. The details are fascinating. He, thus, simultaneously praised Folklore Society of London.
did with us, some people just refused all from the South. They are Anna The book went into and criticised the Ms Prasad’s account of him is a page-
to give in, or up. Liberata de Souza who was an ayah; four editions. It was Leela Prasad has Empire’s policies and turner. He made the colonial anthro-
Thus, I remember an article in the P V Ramaswami Raju, a lawyer; M N marketed as a children’s produced a thoughtful practices. Christianity, pologists look pretty silly.
Economic and Political Weekly during Venkataswami, a librarian in book. collection of four papers commerce and conquest And last but not least there is S M
the Emergency in the mid-1970s by the Hyderabad; and S M Natesa Sastri, Ms Prasad has sort of on a subject that few is how he described the Natesa Sastri, the epigraphist. He
KITABKHANA late KN Raj, who was one of India’s top
flight economists in which he talked of
an epigraphist (someone who studies
inscriptions).
reinterpreted them and
this is where she moves
have bothered to think
about, namely, while a
British. Ms Prasad says
he was trying to make
deciphered ancient inscriptions on
structures and he also collected
TCA SRINIVASA RAGHAVAN the Eighteenth Brumaire, the coup that into some slippery conqueror can subjugate Asia the centre of the folklore. He also wrote novels. He also
brought Louis Bonaparte to power in Subtle barbs ground. She says Anna’s your minds, as the world and thereby “pro- advocated the cause of Sanskrit. He was
France. That article became something These people were contemptuous of stories were a critique of British did with us, vincialise” Europe. In a nationalist as well.

E
very now and then everyone of a cult read at the time. British ways and social mores. But the Raj’s economic pol- some people just today’s context, that’s an Sadly, I don’t have the space here to
comes across books about strik- Ms Prasad tells a fascinating story they didn’t show their contempt in a icies. She has devoted an refused to give in, or up interesting thought. write in detail about these people who
ingly different themes. This hap- about what the colonial intellectuals crude way. entire section to this His first work, ploughed their own furrows. For that you
pened to me last month when I bor- called “old native storytellers” but Subtlety was their main weapon. interpretation. But whether you accept written when he was 24, was a satiri- must read the book despite its high price.
rowed a book called The Audacious who she prefers to describe as “auda- The audience understood what they this interpretation or not, it makes for cal play called Lord Likely. Its English There’s a lot of interpretation and
Raconteur by an academic called cious raconteurs.” These guys, she were trying to convey. That’s all fascinating reading. characters were named Sir Dreadful arcane postmodern academic
Leela Prasad. The back flap merely says tells us, “challenged the bulwarks of that mattered. Next comes PV Ramaswami Raju Dash, Major Mincemeat, Sir Sternface, terminology. In some places you have to
she is a professor of ethics and religious colonialism”. It’s that sentence in her Anna Liberata de Souza was a very whose writings Ms Prasad accessed Lady Homely and so on. In this, if you suspend belief. But at no point do you
studies at Duke University in the US. Introduction that hooked me. poor woman who worked as an ayah through his great-grandson in ask me, he was anticipating Gilbert feel like turning on the TV.
10
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MUMBAI | TUESDAY, 12 JULY 2022 1
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MUMBAI | TUESDAY, 12 JULY 2022 11
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MUMBAI | TUESDAY, 12 JULY 2022 1

RENAISSANCE GLOBAL LIMITED

CIN: L36911MH1989PLC054498
Regd. Office: Plot No. 36 A & 37, Seepz, Andheri (E), Mumbai - 400096
Tel: 022- 4055 1200 | Fax: 022-2829 2146
Web: www.renaissanceglobal.com | Email: [email protected]
NOTICE OF ANNUAL GENERAL MEETING, BOOK CLOSURE AND E-VOTING DETAILS
Notice is hereby given that the 33rd Annual General Meeting (AGM) of the Company will
be held on Thursday, August 04, 2022 at 3:30 PM through Video Conferencing or other
audio - visual means (InstaMEET platform of Link Intime)
In view of the continuing outbreak of Covid-19 Pandemic, this year also the Ministry of
Corporate Affairs ("MCA") as well as the Securities and Exchange Board of India (SEBI)
has allowed companies to conduct the Annual General Meeting through Video
Conferencing ("VC") or Other Audio Visual Means ("OAVM"), without the physical
presence of the members at a common venue. Accordingly, the AGM of the Company is
being held through VC/OAVM. The web-link to attend the AGM through VC/OAVM is:
www.instameet.linkintime.co.in.
Due to CoVID 19 pandemic, the MCA and SEBI has also dispensed with the printing of
annual reports and dispatch of the same to shareholders. Accordingly, Notice of AGM
along with Annual Report 2021-22 is sent only through electronic mode to those Members
whose email addresses are registered with the Depository Participant/ the Company as on
July 06, 2022. The same is also available on websites www.renaissanceglobal.com,
www.bseindia.com and www.nseindia.com. The Flipbook of Annual Report 2021-22 is
available on https://www.renaissanceglobal.com/annual-report-2021-22-flipbook/
It is further notified that pursuant to Section 91 of the Companies Act, 2013 and Rule 10 of
the Companies (Management and Administration) Rules, 2014 read with Regulation 42
of SEBI (LODR) Regulations, 2015, the Register of Members and the Share Transfer
Books of the Company will remain closed from Thursday, July 28, 2022 to
Thursday, August 04, 2022 (both days inclusive) for the purpose of Annual General
Meeting.
Pursuant to provisions of Section 108 of the Companies Act, 2013 read with the
Regulation 44 of SEBI (LODR) Regulations, 2015, the Company is providing e-voting
facility to its' members through InstaMEET platform of Link Intime. The members holding
shares, either in physical form or dematerialized form, on the cut-off date i.e.
Thursday, July 28, 2022 may cast their vote electronically to transact the business set
out in the Notice of this AGM.
The details of e-voting, required under Rule 20 of the Companies (Management and
Administration) Rules, 2014, are given hereunder:
1. Date of sending electronic copy of Annual Report along with Notice of AGM: Monday, July 11, 2022
2. Date and time of commencement of e-Voting: Sunday, July 31, 2022 at 9.00 a.m. (IST)
3. Date and time of end of e-Voting: Wednesday, August 03, 2022 at 5.00 p.m.(IST)
4. e-Voting shall not be allowed beyond 5.00 p.m. (IST) on Wednesday, August 03, 2022
5. The AnnualReportandNoticeofAGMareavailableonCompany'swebsitewww.renaissanceglobal.com.
6. In case of any queries regarding e-voting, members may refer the Frequently Asked Questions
("FAQs") and e-voting manual available at https://instavote.linkintime.co.in under help section or
write an email to [email protected]
By order of the Board
For Renaissance Global Limited
Sd/-
Place: Mumbai CS Vishal Dhokar
Date: July 11, 2022 Company Secretary
.
MUMBAI | TUESDAY, 12 JULY 2022 13 <

— TENDER CARE — — Advertorial

PNB INTRODUCES PRE-APPROVED KBL BRANCH BANKING AND DIGITAL
PERSONAL LOAN IN 4 CLICKS AND CHANNELS DEPARTMENT
SINGLE OTP VIA DIGITAL CHANNELS
NB introduces ‘Pre-Approved Personal Drive the business in all segments duly ad-
P Loan in 4 Clicks and Single OTP’ on
the mobile Banking App PNB One, that
“ hering to the ethical practices and following
the guidelines” said Mahabaleshwara M.S, MD
unifies multiple services of PNB on a sin- & CEO of Karnataka Bank. He was speaking at
gle platform. Customers can now get personal loans with just four the Regional Heads’ Review Conference held
clicks and a single one-time password (OTP). The end-to-end digi- in Mangaluru. He shared the provisional busi-
tal journey takes less than a minute with instant disbursal in the ac- ness numbers for Q1 of FY23, where GrossAd-
count. ‘Pre-Approved Personal Loan in 4 Clicks and Single OTP ’was vances have grown at a satisfactory rate of 12.59%. The share of
launched byAtul Kumar Goel, MD & CEO of PNB, at the Bank's head CASA stood at 32.80% and the Core Deposits of the Bank stood
office in New Delhi, in the presence of Executive Directors - Sanjay at Rs.80,572.70 Crore. This has given a new confidence that the
Kumar, Vijay Dube, and Kalyan Kumar, CGMs, senior officials and business of the Bank is fast returning to pre-Covid-19 levels and
other bank staff. At the event, Atul Kumar Goel, MD & CEO of PNB, growth prospects are looking very promising. Further he said,
said: “Having understood the opportunity due to the growing demand “While continuing to focus on credit growth, NPAand Stress Man-
of digital loans, we are delighted to offer the Pre-Approved Person- agement, CASAimprovement, augmenting other income streams
al Loans to our customers through our digital channels”. etc., let us further pursue the envisaged digital initiatives ‘KBLNxT’
under wave 2.0 of ‘KBL VIKAAS’- Bank’s transformation journey
ODISHA STATE COOPERATIVE
BANK REGISTERS AN ALL TIME HIGH to enhance the level of customer service/ experience through dif-
PROFIT OF RS. 143.00 CRORE ferent channels ” Gokuldas Pai, Chief Business Officer delivered
tanding tall at the apex of the three tier Short Term Cooperative the welcome and introductory address while Chief Operating Of-
S Credit Structure and spearheading the agriculture finance in the
State with a share of more than 60% of State level aggregate crop
ficer, Balachandra Y V moderated the discussions and all top ex-
ecutives participated in the deliberations. Raja B.S, General Man-
loan dispensation through KCC, the Odisha State Cooperative Bank ager, Branch Banking & Digital Channels Department, gave a
has succeeded in earning profit consistently for last 74 years with- presentation on the performance of different regions. All the Re-
out exception since inception. It has been the continuous endeav- gional Heads, across the country, Departments’ Heads and oth-
our of the Bank to make the benefits available under Government er executives of the Bank participated in the conference. Ramesh
Schemes reaching the people of the State. Bhat, Deputy General Manager, proposed the vote of thanks.

NHPC CONTRIBUTES RS. 2 CRORE TO NLCIL - ATAL TINKERING LAB

CHIEF MINISTER’S RELIEF FUND, ASSAM INAUGURATED AT JAWAHAR HIGHER
HPC has contributed Rs. 2 crore in SECONDARY SCHOOL, NEYVELI
N Chief Minister’s Relief Fund,Assam
to combat the devastating flood in the R akesh Kumar, CMD, NLCIL, dis-
cussing a point with a student of
state.A.K. Singh, CMD, NHPC met Chief Jawahar Higher Secondary School,
Minister of Assam Dr. Himanta Biswa Neyveli, just after inaugurating the Atal
Sarma on 7th July 2022 at Guwahati and Tinkering Lab in the school premises.Al-
presented the cheque in this regard. On this occasion, Pradan so seen are N. Sadish Babu, ED/HR and D.V.S.N. Murthy,
Baruah, Member of Parliament (Lok Sabha), Lakhimpur Lok Sab- Secretary/ Schools of Jawahar Educational Society.
ha constituency and Manab Deka, Member of LegislativeAssem-
bly, LakhimpurAssembly constituency were also present. On the MINISTER OF WOMEN & CHILD
occasion, the progress of construction of 2000 MW Subansiri Low- DEVELOPMENT AND MINORITY AFFAIRS
er Project was also reviewed and the Chief SMRITI ZUBIN IRANI INAUGURATES
AND DEDICATE SEALDAH METRO
Minister wished for its completion at the earliest. Chief Minister
STATION OF EAST-WEST METRO
and CMD, NHPC also discussed about development of
hydroelectric and solar power in Assam including pump storage olkata Metro, “India’s first Metro” has two corridors North-South
hydro plants and floating solar parks. K Metro and East-West Metro. North-South Metro was inaugu-
rated on 24th October 1984. East-West Metro Corridor of Kolkata
BOOK “INDIA’S VACCINE GROWTH STORY” is a fully Central Government funded project, which will run from
PRESENTED TO UNION HOME SECRETARY Salt Lake Sector V to Howrah Maidan, a stretch of 16.6 kms hav-
uthor Sajjan Singh Yadav, Additional ing 12 stations in-between. East-West Metro corridor was inau-
A secretary, Department of Expenditure,
Ministry of Finance, Government of India pre-
gurated on 13.02.2020 and was opened for public on 14.02.2020
with six newly constructed state of the art Metro Stations from Salt
senting a copy of his book “India’s Vaccine Lake Sector V to Salt Lake Stadium. Later on 04.10.2020, it was
Growth Story” to Ajay Kumar Bhalla, Union further extended upto Phoolbagan Metro Station, a total of 6.97
Home Secretary. A comprehensive book that offers a dynamic and Kms. The 8th Metro station of East-West Metro, i.e.,Sealdah Metro
unique coverage of vaccination as a medical invention. is being inaugurated on 11.07.2022.

PUNJAB TO PROVIDE IMPROVED QUALITY AND RELIABLE POWER: A.VENU PRASAD

nder the dynamic leadership transmission corpo- electricity for Punjab and also kV Inter-connectingTransformer
U of Bhagwant Mann, Chief
Minister, Punjab and able
ration limited is
performing a key
strengthening “interstate
highway” of electricity delivery.
(ICT) at 400 kV substation
Rajpura in village Chandua
guidance of Harbhajan Singh responsibility of CMDPSTCL A.VenuPrasadsaid Khurd has been dedicated to the
power minister, Punjab state transmission of that additional 500MVA400/220 people of Punjab recently.
 QUICK TAKE: VARUN BEVERAGES UP ON RISING DEMAND “The extreme rally in greenback

The Smart over the past year typically

Investor
(Price in ~) The stock of Varun Beverages has gained comes alongside market stress or
14.6% over the past month and hit its recession, or both. The dollar is
52-week high on Monday. It is the top pick unlikely to show any signs of
of Motilal Oswal Research, given revival in demise until the Fed pivots,
MUMBAI | out-of-home consumption and rising which seems unlikely for now”
TUESDAY, 12 JULY 2022 penetration in newly acquired regions MICHAEL J WILSON, Chief US
equity strategist, Morgan Stanley
<

New accounts Rub-off effect: Spooked by lacklustre

TCS Q1 results, IT pack suffers losses
opened via SIPs DEEPAK KORGAONKAR
Mumbai, 11 July TESTING TIMES
FOR TCS
year-on-year (YoY) and 2.5 per
cent sequentially to ~9,478 crore
in Q1FY23, but missed esti-
FY22-24 and double-digit
return ratios, strong cash gen-
eration, and healthy payout are

slacken in June
Shares of Tata Consultancy mates of ~9,850 crore, accord- key triggers for future price per-
Services (TCS) fell 4.7 per cent Brokerage ing to the Bloomberg data. formance, the brokerage firm
to close at ~3,112 on Monday on recommendations Revenue for the quarter said in the result update.
the National Stock Exchange n Buy n Sell n Hold came in at ~52,758 crore, up 16.2 However, it maintains a ‘buy’
(NSE) after the information Grand total * per cent YoY and 4.28 per cent rating on TCS, with a target
Experts say recent returns are a huge factor technology (IT) major reported
a 185-basis point (bp) sequen- 47 48 sequentially.
While the company’s Q1
price of ~3,785 per share.
Analysts at Nomura have
impacting incremental inflows into the market tial decline in earnings before
15 15 revenue was ahead of lowered dollar revenue
interest and tax margins to Bloomberg estimates of ~52,486 growth expectations to 9 per
ILLUSTRATION: BINAY SINHA
CHIRAG MADIA 23.1 per cent for the quarter 7 crore, margins for the quarter cent YoY, from 10.8 per cent
11
Mumbai, 11 July ended June (first quarter, or Q1) came in at 23.1 per cent, down earlier, factoring in sluggish
of 2022-23 (FY23). 2.4 per cent YoY. The impact of order bookings and cross-cur-

N
ew accounts opened While the stock was the top 25 22 salary hikes on margins was 150 rency headwinds.
by systematic invest- loser on Monday, it pulled bps, and that for travel cost was “We expect TCS to lag
ment plan (SIP) down the Nifty IT Index, which 30 bps. Analysts at ICICI Infosys on revenue growth in
investors moderated in June closed over 3 per cent lower Oct 08, '20 Jul 11, '22 Securities expect margins to be FY23. We lower FY23-24 (esti-
as 12-month rolling returns over the previous day’s closing, * Grand total is sum of ‘Buy’, ‘Sell’ under pressure until 2023-24 mated) earnings per share by
turned negative for the first making it the top loser among and ‘Hold’ recommendations (FY24), resulting in margin 1.4-2.5 per cent, factoring in
Compiled by BS Research Bureau
time in two years. Even the sectoral indices on Monday — Source: Bloomberg contraction of 30 bps between lower revenue and margin
discontinuity in SIPs rose. a day markets closed almost 2021-22 (FY22) through FY24. assumptions,” the brokerage
New SIP registration stood flat. The 30-share BSE Sensex, NSE Nifty dipped 4.6 points, or Mahindra, Wipro, and Mphasis New organisation structure firm said.
at 1.79 million, compared which opened on the back foot, 0.03 per cent, to end at 16,216. slipped between 1.6 per cent — aimed at increasing cus- According to Bloomberg
with nearly 2 million seen in witnessed strong buying in The rub-off effect of TCS and 2.0 per cent on the NSE. tomer stickiness — is expected data, at 22 (out of 48), the
May, reveals the data by the late-afternoon trade. was seen on other IT stocks. TCS, the leading IT service to enhance market-share gains. number of brokerages that
Association of Mutual Funds However, it could not sus- HCL Technologies, Coforge, provider with presence in Increase in outsourcing in have a ‘buy’ recommendation
in India (Amfi). tain the momentum and closed Infosys, Mindtree, and Larsen banking, financial services, and Europe, vendor consolidation, on TCS stock is the lowest
Since June 2021, new 86.61 points, or 0.16 per cent & Toubro Infotech were down insurance, communication, and deal pipeline, leading to after October 7, 2020, (or
SIP registration has always lower at 54,395.23. in the range of 2.85 per cent to manufacturing, and retail, saw revenue compound annual 21 months) when the figure
been upwards of 2 million On similar lines, the broader 4.33 per cent, while Tech its net profit grow 5.2 per cent growth rate of 12.2 per cent over was 21 (out of 47).
each month.
“This is the cautiousness
which has come to the SIP
account holder. In the past
three months, the market SYSTEMATIC DECLINE SIP accounts (in million) Recession woes: Jefferies downgrades 6 stocks
was highly volatile, showing n New n Discontinued*
some downward trend.
FALING STOCKS EARNINGS ESTIMATES
2.18

PUNEET WADHWA
2.09

1.97
2.65

Unsurprisingly, SIP investors New Delhi, 11 July

1.79
2.35

turned careful. We would As on July 11 CMP Change (~ per share) Changes in EPS (in %)
1.25

suggest SIP investors not to The possibility of a recession in the US

1.14
1.10

1.05

1.05

(~) YTD (%)

1.03

time the market and con- has made analysts cautious on the
FY23 FY24 FY23 FY24
tinue to focus on goal- information technology (IT) pack, with L&T Infotech 3,955.5 -46.1 TCS 112 123 -2.9 -2.1
based investment,” says analysts at Jefferies downgrading six Tech Mahindra 1,007.6 -43.7
N S Venkatesh, chief execu- large- and mid-cap domestic com- Infosys 58 65 0.0 -4.2
tive, Amfi. panies. Wipro 411.2 -42.5
Jan Feb Mar Apr May Jun HCL Tech 52 56 1.5 -5.0
SIPs discontinued or The list includes Tech Mahindra HCL Tech 943.6 -28.5
whose tenure got over also
2022 (TechM), HCL Technologies (HCL
*Also includes tenure-completed SIPs Source: Amfi Infosys 1,473.2 -22.0 Wipro 21 23 -1.4 -7.4
rose to 1.14 million — the Tech), Wipro, Coforge, Larsen & Toubro
highest since January. Infotech (LTI), and Mindtree. TCS 3,113.8 -16.7 Tech Mahindra 56 63 -6.5 -11.4
In the past few months, returns turning negative. of June. “Revenue growth for Indian IT firms
NSE Nifty IT 27,380.6 -29.3 LTI 152 169 -1.2 -8.5
Indian equities have been Experts say recent returns Sustained positive flows is likely to moderate sharply by 340
highly volatile due to worries are a huge factor impacting via the SIP route have sup- basis points due to a recession in the CMP: Current market price; YTD: Year-to-date EPS: Earnings per share (figures rounded off)
over rising inflation, higher incremental inflows into ported the overall equity US in 2023-24 (FY24). We lower our Sources: Bloomberg, exchange Sources: Company data, fact sheet, Jefferies estimates

crude oil prices, and sus- the market. inflow tally, helping offset the revenue and earnings per share (EPS)
tained selling by foreign port- Despite slackening SIP selling by FPIs. estimates by up to 15 per cent to factor performance. Jefferies has maintained perform’ due to risks of higher consult- better placed, while Mindtree/Coforge
folio investors (FPIs). account openings, inflows In June, equity funds saw this and expect earnings cuts to drive ‘hold’, with a revised price target of ing exposure and slippage in margins are the worst placed.
Last month, the S&P BSE via SIPs have continued to net inflows of ~15,498 crore. further price-to-earnings (P/E) derating ~3,070 (based on 24x P/E). due to acquisitions. Earlier in May, analysts at JPMorgan
Sensex Index shed around remain robust. The inflows During the first quarter of for IT stocks,” wrote Akshat Agarwal “We downgrade HCL Tech to ‘hold’, While LTI’s revenue mix is better had downgraded the Indian IT sector,
4.6 per cent, while the S&P through SIPs stood at ~12,276 2022-23, equity funds have and Ankur Pant of Jefferies in a recent given its higher exposure to engineer- versus other mid-sized firms, Jefferies citing growth concerns. Rising margin
BSE MidCap and the S&P BSE crore in June — slightly lower seen net inflows of nearly note, which was published ahead of ing, research and development and believes the integration risks with headwinds in the near term and reve-
SmallCap indices were down than ~12,286 crore in May. ~50,000 crore. Tata Consultancy Services (TCS) results products business; downgrade TechM Mindtree amidst a recession are a con- nue headwinds in the medium term,
6.18 per cent and 6.01 per The number of SIP Industry players say if last Friday. to ‘hold’ as it is likely to witness the cern. Hence, the brokerage has down- JP Morgan had said, posed a challenge
cent, respectively. accounts hit a new record of markets remain unstable for Infosys is Jefferies’ top pick, with a sharpest earnings cuts due to slippage graded the stock to ‘underperform’. to the Indian IT sector.
All three indices fell to 55.4 million in June, com- the next few months, equity price target of ~1,700, given its sector- in margins. We downgrade Coforge to In a recessionary environment, Thus far in calendar year 2022
their lowest levels in three pared with 54.8 million. Its funds will feel the impact leading growth and strong execution. ‘underperform’ as its large number of clients, says Jefferies, may fund their (CY22), IT stocks have taken a beating,
months during the month, assets under management and might see flows In another note after the results of sub-$1 million relationships add risks transformation programmes by lower- with the Nifty IT Index slipping 30 per
leading to one-year rolling was at ~5.51 trillion at the end turning sluggish. TCS, the brokerage said while the com- to growth,” Agarwal and Pant wrote in ing discretionary spends, increasing cent, compared to the Nifty50, which
pany would be better placed in a reces- the recent note. large outsourcing deals, and potentially has shed around 6 per cent during this
sionary environment, its rich val- On the other hand, Wipro, said consolidating IT vendors. In this period on global recession fears, reveals
uations will likely weigh on the stock Jefferies, was downgraded to ‘under- context, TCS/Infosys, says Jefferies, are ACE Equity data.

INFLOWS INTO GOLD ETFs DOWN 34%

In June, domestic gold
prices fell marginally, while
the benchmark Sensex
Sebi beefs up tech arsenal to crack whip on ‘mules’
declined nearly 5 per cent. Armed with the latest technology tools, the Securities technologies. investigations.
On a year-to-date basis, and Exchange Board of India (Sebi) has unearthed a "We are using high-tech algorithms, artificial intel- Another source said it is not so that the cases of
domestic gold prices have large number of insider trading and front-running ligence, big data and a lot more. Also, we can now insider trading and front running have gone up
risen 6 per cent, while the cases where ‘mule accounts’ were being used and is analyse all the data sets much more efficiently and at sharply during the pandemic period alone. "It is a fact
Sensex has declined now in the process of bringing to book the main cul- a lot faster speed. We are able to see very clearly from that some of our traditional surveillance measures
9 per cent. “When it comes prits, many of whom could be big names in the capital the data analysis that there has been a case of front such as recording of calls or CCTV coverage were not
market and the corporate world, top sources said. running or insider trading, but what is still taking time as effective when many market participants started
to gold, the price movement
There has already been a deluge of orders from is pinning the blame on the culprits," one of the working from home during the pandemic, but that is
depends on factors like the the market regulator on insider trading and front-run- sources explained. not the main reason behind the surge in the number
direction of the US dollar, ning related cases in recent months, which has been "The problem is that fraudsters are also using new of cases coming to light.
Gold exchange-traded fund (ETF) interest rate, and inflation. Investors are attributed by some to suspected lapses during the technologies, they are not using normal phone calls "There has been an entire industry of mule
schemes offered by domestic mutual likely to continue to invest in gold ETFs as Covid-19 pandemic induced remote work on surveil- and messages as call data records can easily establish accounts forever and they have become much smarter
funds saw net inflows of ~135 crore — a means to diversify their portfolio and lance front required from market intermediaries like the links. They all are using sophisticated messaging now. But what has changed now is that we are now in
down 34 per cent month-on-month. In hold gold ETFs as a hedge against market brokers and mutual funds. platforms that are fully encrypted and therefore, we a better position to catch them and therefore you are
the preceding three months, investors risks. A lower magnitude of inflows The sources, however, said that a lot more orders have to look for other ways to establish the connec- seeing a surge in cases.
had poured an average of ~500 crore likely arises out of investor expectations are to be passed soon and the main reason for that is tion," another source said. "The challenge now is to connect the culprits to
each month into gold ETFs.Investor folios Sebi's surveillance mechanism has become almost All sources and officials talked on the condition of the cases and we are trying new things for that," the
of a rising interest-rate scenario,
100-times more effective with the use of the latest anonymity, citing confidentiality attached to ongoing source added. PTI
in gold ETFs rose to 4.6 million in June, leading to a fall in gold prices,” said
compared with 4.5 million in May. In Kavitha Krishnan, senior analyst-
June, industry players had expected manager research, Morningstar India. THE COMPASS
sharper inflows into gold to soar as
equity markets tumbled. MAYANK PATWARDHAN

LOSING SHEEN Drop in inflows despite sharp fall in markets Telcos may feel heat of Adani’s entry into 5G
Gold ETF (~ Cr) Standard gold
DEVANGSHU DATTA manage its networks. Given the group’s holds 28 per cent) has seen 1.9 per cent
Net flow AUM ~/10 gm % return Sensex change (%) Base=100 presence in power and gas, for rise. Typically, more players could
160
Jan ’22 -452 17,840 47,642 -0.5 -0.4 The surprise entry of Adani Group into S&P BSE Telecom example, it already has right of way in improve the demand for towers and
5G spectrum auctions changes the many regions and it could use that hence, the tenancy for Indus.
Feb ’22 -248 18,728 50,493 6.0 -3.0 dynamics of the telecommunications experience to roll out public networks Valuations are hard to make — a
Mar ’22 205 19,281 51,278 (telecom) sector. A media statement 140 quickly if it wants to. At the least it majority of analysts have retained ‘buy
1.6 4.1
says Adani Group does not intend to shrinks the enterprise opportunity for recommendations’ on RIL and
Apr ’22 1,100 20,430 51,847 1.1 -2.6 enter consumer mobility services. other players. In practice, Vodafone ‘neutral’/’hold’ recommendations on
Adani Group says it will use 5G Idea (Vi) is completely under the gun. It Bharti Airtel. Jio holds about 40 per
May ’22 203 20,262 50,920 -1.8 -2.6 120
spectrum to provide private network is cash-strapped and may not be able to cent revenue share in the telecom
Jun ’22 135 20,249 50,659 -0.5 -4.6 solutions and enhanced cybersecurity fight for 5G. Reliance Jio and Bharti market at present, with Airtel at 36 per
Compiled by BS Research Bureau Sources: Amfi, IBJA, exchanges
at airports, ports and logistics, power Airtel will certainly compete in 5G. As cent and Vi at 19 per cent.
generation, transmission, distribution, of now, there may be no apparent Bharti Airtel seems to have
100
and manufacturing operations. impact. But their costs will probably valuations in the ~810-890 per share
Nevertheless, the news is negative escalate in terms of spectrum prices, range, with potential upside from
for incumbent telecom service
S&P BSE SENSEX and their potential market share may stronger tariff hikes, spin-offs of the
IPO WATCH providers (telcos). It increases 80 shrink in a medium-term perspective. payments bank, and data centres. The
competition in the July 5G auctions, In terms of share-price movements, potential downsides include higher
July 1,‘21 July 11,’22
DCX Systems, others get nod to float IPOs which may mean higher spectrum
prices. It shrinks the potential markets Compiled by BS Research Bureau
Vi remains off the radar for many
analysts — it continues to struggle
competition, over-bidding in 5G, and
currency issues, especially in Africa
Jewellery retail player Senco Gold, electronic with the regulator showed on Monday. for telcos, which were targeting the although the stock gained 30 paise to and Sri Lanka. There is an upside from
sub-systems and cable harnesses maker In Sebi parlance, issuance of observation high-value enterprise segment for 5G History, for example, shows that close out at ~8.7 on Monday. Airtel, the current levels.For RIL, one
DCX Systems and frozen meat exporter HMA letter implies its nod to float IPO. roll-out. In addition, there is nothing to Reliance Group bought 2300 which is also a pure-play telecom firm, valuation offers a price target of ~2,917
Agro Industries have received Sebi’s nod to Together, the three firms are expected to prevent Adani Group from getting a megahertz spectrum in 2010, which lost over 5 per cent. After being in red with Jio valued at ~826. Another
raise funds through IPOs. mop-up ~ 1,605 crore through the initial share unified access licence to target could not then be used for voice service. for most of the day, Reliance Industries valuation considers RIL to be worth
The companies, which filed their prelimi- sales. Going by the draft papers, Senco Gold’s consumer mobility in the future, or But the policy was later changed. (RIL) gained 1.25 per cent, but Reliance ~2,956 with Jio contribution at ~742.
nary initial public offering (IPO) papers with ~525 crore-IPO will comprise fresh issue of moving into the data centre business. Adani Group doesn’t have the Jio is hard to separate from other Given synergies between Jio, the digital
the Securities and Exchange Board of India equity shares aggregating up to ~325 crore and It is also quite possible that the expertise in running telecom networks. business segments in the parent. media business and retail segments,
(Sebi) between March and April, obtained their an offer for sale of equity shares to the tune of telecom policy may be modified to But it could easily get into relationships Indus Towers (Bharti Group holds only a spin-off would give clarity on
observation letters during July 5-7, an update ~200 crore. PTI make the entry of new players easier. with vendors like Nokia or Ericsson to 36.7 per cent and Vodafone Group Jio’s valuations.
>
MUMBAI | TUESDAY, 12 JULY 2022 THE SMART INVESTOR 15

Brokerages mixed on Avenue Want a lower insurance premium?

Supermarts after its Q1 show Watch how (often) you drive
Floater policies will
Most remain cautious on the stock owing to concerns regarding inflation be cost-effective,
provide convenience
NIKITA VASHISHT
New Delhi, 11 July of renewal at one go
for multiple vehicles
B
etter-than-expected results by
Avenue Supermarts, the owner and SARBAJEET K SEN
operator of D-Mart chain of stores,
triggered a 3.8 per cent rally in the shares of The Insurance Regulatory and
DRIVE
the company in intraday trade on Monday.
The shares eventually closed at ~3,979
Development Authority of India has
allowed insurance companies to offer
THROUGH
apiece on the BSE, up 0.94 per cent, against new add-on features to the own customer does not opt for an
a 0.16 per cent fall in the Sensex. damage (OD) component of motor n Currently, motor insurance appropriate top-up,” says Jain.
This comes even as most brokerages insurance policies. These are ‘Pay as customers are not rewarded Rakesh Goyal, director, Probus
remain cautious on the stock on the back of you drive’ (PAYD) and ‘Pay how you if they use vehicles sparingly, Insurance Broker, says NCB can be
near-term concerns regarding higher infla- drive’ (PHYD). It has also approved the or drive them more carefully used by customers to get additional
tion, leading to downtrading by consumers. launch of a floater motor policy. discounts. “PAYD will eliminate the
“D-Mart’s anchor variable (footfalls/sales n PAYD will benefit car owners standard premium criteria
density) remains suboptimal compared to How premium will be determined who use their cars less applicable otherwise. The existing
the pre-pandemic days. While we factor in In the case of PAYD, premium will be NCB discount can be used to get the
n PHYD will reward
recovery for FY22-24, this assumption based on the distance the car travels or OD premium reduced further,”
conscientious drivers who
stands at risk, given the heightened com-
petitive intensity from deep-pocketed
DIFFERENT STROKES INTRADAY the time period for which it is used.
PHYD, on the other hand, will take don’t violate traffic rules
says Goyal.

retailers. Hence, we maintain a sell,” HDFC Brokerage Suggestion Target price (in ~) MOVEMENT into account driving behaviour. n Floater policies may result
All-in-one floater policy
Securities said in a post-results update. Price in ~ “The premium for PAYD OD add- A floater motor policy will benefit
n Jefferies Hold 3,900 in even those customers,
Over the weekend, Avenue Supermarts 3,986.2 on cover will be directly proportional customers who own multiple
n Morgan Stanley Overweight 4,322 who currently opt for only
reported an over sixfold jump in consoli- to the average distance for which the vehicles. “This policy is aimed at
dated net profit to ~642.89 crore for the vehicle is driven in a policy period. At
third-party covers, to opt lowering the aggregate premium of
n JM Financial Buy 4,330 for own damage cover
quarter ended on June 30. the proposal stage, customers will be customers who own multiple
Moreover, its revenue from operations n ICICI Securities Downgrades provided the option to select the vehicles. The benefits accumulated
4,200
jumped 93.66 per cent to ~10,038.07 crore from ‘Buy’ to ‘Add’ 3,942.1 mileage. The premium will depend on customers. Since they are optional in one policy can be extended to
during the quarter under review. n HDFC Securities Sell 2,700 it,” says Rakesh Jain, chief executive add-ons, premiums will only get multiple vehicles. Since this is a first-
Consolidated and standalone gross mar- officer, Reliance General Insurance. impacted for customers who opt for of-its-kind option, the extent of
gin was at 16.3 per cent and 15.8 per cent, n Kotak Institutional Downgrades from In PHYD, there will be no them,” says Ashwini Dubey, head- reduction in the premium amount is
3,530 Compiled by
respectively, and this is close to Equities ‘Reduce’ to ‘Sell’ BS Research Bureau difference in premium in the first motor insurance renewals, yet to be seen and will depend on the
Source: Bloomberg
pre-Covid levels. Source: Brokerage reports year. “When a customer opts for this PolicyBazaar. product construct,” says Dubey.
Consolidated earnings before interest, add-on cover, he/she will have to According to Jain, opting for PAYD Goyal feels the floater option will
tax, depreciation, and amortisation (Ebitda) for the stock. n HDFC Securities agree to share add-on will benefit customers who encourage even those who avoided
margin touched 10 per cent, which is We remain bullish on the long growth Given the higher-than-pre-pandemic aver- his/her driving use their vehicles less. purchasing OD covers to buy one. “A
30-basis points (bps) below pre-Covid levels. runway offered by the business such that age order values, cuts in bills/store are information for the PHYD, according to him, will help floater policy is likely to make
Standalone Ebitda margin reached the stock can offer double-digit compound- likely to run deeper. We suspect this is not entire policy those who take care of their vehicles, premiums reasonable. It will
pre-Covid levels of 10.3 per cent. ing over the coming five years. just a function of high inflation keeping period with the follow traffic rules, and maintain good encourage customers who ignore the
Here’s how key brokerages interpret discretionary purchases in check but also insurer. The driving behaviour. Traffic violations, OD cover and purchase just the third-
the results: n Motilal Oswal Financial Services the consequence of a fair customer’s driving rash driving, and speeding could party cover to buy the former,” he says.
Older stores are delivering value growth, challenge to D-Mart’s value proposition by behaviour will be result in a higher premium.
n Jefferies
Even as Avenue Supermarts beat
led by volume growth in discretionary
products. This is the best reflection of
deep-pocketed peers. YOUR analysed and the
renewal premium Role of no-claim bonus (NCB)
Will the trio sync?
Will the floater policy sync with
Q1 estimates on better gross margin, the the strength of D-Mart’s business, com- n Kotak Institutional Equities MONEY appropriately One question customers are likely to PAYD and PHYD to provide greater
product mix is yet to fully recover to pre- petitive impact, and the local economy. New store expansion has picked up with discounted or ask is whether PAYD will impact NCB, benefits? Experts answered in the
pandemic levels. Besides, the manage- But revenue per square feet remains 56 new stores added in the last four loaded,” says Jain. which also rewards good driving. affirmative. “Generally, people with
ment is watchful of “potential volume under pressure due to the impact of quarters. This compares to 38 and NCB is a benefit given to customers multiple cars tend to have a primary
stress” in discretionary segments. inflation. We factor in a strong FY22-24E 21 stores added in FY20 and FY21, Customers likely to benefit for not making any claim in the vehicle and a secondary vehicle.
Ebitda and net profit compound annual respectively. As of now, it is difficult to say While it is too early to predict the previous policy period. Typically, the second vehicle is
n JM Financial growth rate (CAGR) of 37 per cent and whether the current pace of store impact on premiums, experts say “The NCB offering and handling driven much less than the primary
We believe that a near-16 per cent gross mar- 50 per cent, respectively, with a 17 per expansion will sustain. Or, is it still an ele- PAYD and PHYD are likely to prove will remain unchanged for both add- vehicle. In such instances, these
gin and over 10 per cent operating margin cent footprint CAGR. ment of catch-up for the lower store beneficial to customers in the long on covers. However, it might get new options could help reduce the
lend flexibility to the business to sharpen We are cognisant of the prominence of addition during Covid. We increased FY23 run. “The new norms are aimed at impacted under one condition — if premiums for the secondary
its value-propositions and get on to a higher new-age grocery models, rich valuation, EPS estimates by 4 per cent, but run-up in using technology to benefit the initially selected kilometres under vehicle. Much will, however,
growth path. and weak revenue per square feet in the stock price drives downgrade to ‘sell’ customers. They are likely to result in the PAYD add-on cover get exhausted depend on the way products are
This will possibly be the next big trigger past few quarters. (from ‘reduce’). reduced premiums for most before the policy end date and the constructed,” says Dubey.

PUBLIC
NOTICE
NOTICE is hereby given that we, 1) Sukanraj C. Jain, 2) Kiran C. Jain, residing at 26A,
Bazar Road, near Jain Temple, Bandra (West), Mumbai – 400050 and 3) Dr. Prakash
C. Jain, residing at A/6, Liberty, Hill Road, opp. Bandra Police Station, Bandra (West),
Mumbai – 400050, owners of the land more particularly mentioned in the schedule
below have filed an Application to Tehsildar, Andheri to remove the name of
“Sanvrakshit Kul” in the other rights of the property situated at Village Chakala, Taluka
Andheri bearing Plot Survey No. 79A/1/1/B, and CTS No. 122, 122/1 to 31. With
regards to the said application, the hearing is scheduled by Tehsildar, Andheri on
15/07/2022 at 11.30 a.m. Kindly take the same into consideration please.

Schedule of the Property

Plot of land bearing Survey No. 79A/1/1/B, C.T.S. No. 122, 122/1 to 31, at Village
Chakala, Taluka Andheri, Mumbai Suburban District Andheri (East), Mumbai – 400093

Sd/- Sd/- Sd/-

Sukanraj C. Jain Kiran C. Jain Dr. Prakash C. jain

Place: Mumbai
Date: 11-07-2022
16 STOCKS
>
MUMBAI | TUESDAY, 12 JULY 2022 1

> STOCK
IN THE > Mahanagar Telephone Nigam > Adani Total Gas > Alkem Laboratories

NEWS Top gainer

among A-group
Hits new all-time
high at ~2,776
Advances for
last 8 sessions OF THE DAY
companies on BSE in a row Gujarat Fluorochemicals
~19.4 PREVIOUS CLOSE ~2,541.4 PREVIOUS CLOSE ~3,124.5 PREVIOUS CLOSE Hits new all-time high at
~23.3 CLOSE ~2,714.2 CLOSE ~3,170.15 CLOSE ~3,209 Up 28 per cent
p 19.8% UP p 6.8% UP p 1.5% UP YTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
11 Jul ’22 Chg (%) Con Std 11 Jul ’22 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 729.2 1.9 0.7 32.4 387.0 ITC 295.0 0.7 5.0 23.9 24.2 price price (%) price price (%)
Apollo Hosp 3933.3 -0.1 0.5 53.6 85.0 JSW Steel 577.3 2.0 1.0 6.8 8.4 Adani Green En 2275.0 2209.8 15.0 3048.0 3048.0 Bharti Airtel 659.1 660.3 -5.0 634.2 513.5
MOST BULLISH MOST BEARISH
Asian Paints 2933.1 1.8 1.8 92.8 89.7 Kotak Mah Bank 1741.3 -0.2 3.5 28.6 40.3 Adani Total Gas 2775.9 2714.2 6.8 2775.9 2775.9 TCS 3105.9 3113.3 -4.6 3023.4 3023.4
Axis Bank 679.9 1.6 2.6 14.8 16.0 Vodafone Idea 8.8 8.7 0.6 REC 126.2 130.5 -3.3 Granules 298.6 296.9 6.3 311.3 404.5 HCL Techno 940.3 943.4 -4.1 940.3 940.3
L&T 1663.0 -1.4 3.2 27.0 31.8
Bajaj Auto 3848.6 0.6 0.7 18.1 22.2 IDFC 54.0 53.8 0.5 Tech Mahindra 980.7 1007.6 -2.7 Adani Trans 2750.0 2697.4 5.9 3000.0 3000.0 Persistent S 3230.3 3284.5 -3.3 3104.0 2726.9
Mah & Mah 1165.1 2.8 1.6 22.0 29.4
Manapp Finance 91.9 91.5 0.4 Birlasoft 329.5 337.8 -2.5 Adani Power 285.0 285.0 5.0 344.8 344.8 BPCL 315.4 315.9 -2.9 293.5 293.5
Bajaj Fin 5861.5 -0.2 2.1 50.5 55.9 Maruti Suzuki 8507.7 0.4 1.5 66.2 68.2 Rain Inds 152.8 152.2 0.4 Nippon Life Ind 293.5 300.0 -2.2 Adani Wilmar 617.3 617.3 5.0 878.4 878.4 Coforge 3450.0 3503.2 -2.9 3224.5 3224.5
Bajaj Finsrv 11938.2 -0.5 1.0 41.7 447.8 Nestle India 18489.4 0.4 0.9 - 83.4 Delta Corp 181.7 181.0 0.4 M & M Fin 196.9 201.1 -2.1 Exide Ind 152.4 151.7 4.5 160.8 203.0 L & T Infotech 3890.0 3953.5 -2.7 3733.3 3733.3
Bharti Airtel 660.6 -5.0 2.2 85.3 - NTPC 144.8 0.8 0.9 8.4 8.7
BPCL 315.9 -2.9 0.4 5.9 7.8 Intell Des Aren 700.0 697.9 4.4 960.0 986.0 Infosys 1467.0 1472.8 -2.7 1367.2 1367.2
ONGC 125.5 3.3 0.9 3.5 3.9
Britannia 3795.4 -0.6 0.6 60.0 57.0 BSE NSE Nippon Life Ind 301.0 299.7 4.4 337.1 476.5 Mindtree 2765.3 2814.7 -2.7 2650.0 2457.6
Cipla 947.6 1.3 0.7 30.4 25.8
Power Grid 217.1 -0.8 1.0 9.0 8.9 Index Stock Index Stock PUT-CALL RATIO Indiab Real 65.4 65.0 4.3 114.3 195.9 Bharat Forge 650.0 655.5 -1.9 597.5 595.9
Reliance Ind 2423.9 1.4 11.4 27.0 42.0 Atul 8540.0 8518.4 4.1 10070.8 10975.4 Wipro 405.7 411.2 -1.9 402.1 402.1
Coal India 193.4 1.9 0.6 6.9 10.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 488.2 -0.1 2.6 12.3 13.8 Eicher Motor 3052.0 3047.1 4.0 3052.0 3052.0 Dr Lal PathLabs 2122.9 2137.3 -1.9 1805.1 1805.1
Divis Lab 3734.1 1.7 0.7 33.5 33.6 Contracts - - 382227 868406
SBI Life Ins 1147.4 0.0 0.7 - 76.2 Market 1233.4 1954.5 0.6 RBL Bank 87.2 86.9 3.8 132.9 222.4 Tech Mahindra 988.2 1007.5 -1.8 944.1 944.1
Dr Reddys 4501.0 2.2 0.8 34.3 46.2 Open Int.(000) - - 16617 4836392
Shree Cement 19854.2 -0.4 0.4 - 30.1 Bank of Baroda 109.9 109.6 3.7 121.5 122.7 Birlasoft 328.3 337.7 -1.8 316.4 316.4
Eicher Motor 3046.9 3.9 0.6 49.7 52.5 Shares(In Mn) - - 15.4 1255.6 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 857.3 -0.1 1.3 62.8 449.5 Indiabulls Hous 98.1 97.6 3.7 173.2 297.7 Shriram TrFn 1240.8 1257.7 -1.7 1047.7 1002.5
Grasim Ind 1406.0 1.1 0.7 12.3 30.3 Value(~ crore) - - 32036 52868
Tata Consumer P 765.9 0.6 0.6 75.4 79.7 ACC 1.9 Honeywell A 0.0
HCL Techno 943.6 -4.1 1.4 19.0 23.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 437.1 -1.0 1.1 - - RBL Bank 1.2 Navin Fluo 0.1
HDFC 2249.5 0.4 5.6 18.1 29.7 Contracts - - 73217376 3396736
Tata Steel 912.8 3.0 1.0 2.8 3.6 Canara Bank 1.2 Syngene Intl 0.1
HDFC Bank 1406.2 0.6 8.4 20.5 21.1
HDFC Std Life 546.7 0.2 0.8 87.1 95.7 TCS 3113.8 -4.6 4.3 29.7 29.8
Open Int.(000)
Shares(In Mn)
-
-
-
-
282444
2730.6
2905403
3943.4
Kotak Mah Bank 1.1 Sun TV Net 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1007.6 -1.8 0.9 17.6 19.9 Dixon Tech 1.1 Max Fin Sre 0.2
Hero MotoCorp 2868.1 0.7 0.5 24.7 23.2 Value(~ crore) - - 6198552 214567 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 356.2 -0.4 0.7 5.8 14.5 Titan Company 2163.6 0.9 1.2 88.4 88.1 BSE+NSE BSE+NSE
UltraTech 5854.3 0.3 0.9 23.0 23.9 1 Reliance Ind 1639323.9 BS200 Himadri Sp Chem 52.9
HUL 2490.6 -0.3 3.1 65.9 66.4 (~ crore) (Mn shrs)
ICICI Bank 769.5 1.8 7.3 21.3 22.9 UPL 690.8 0.1 0.5 14.6 44.9 ACTIVE CALLS ACTIVE PUTS TCS 2246.1 7.2
2
3
TCS
HDFC Bank
1139169.3
780726.8
UP 7 DAYS PC Jeweller 52.2
IndusInd Bank 858.4 1.1 0.8 - 14.4 Wipro 411.2 -1.9 0.8 18.4 18.6 Canara Bank 19.7 K P Energy 43.3
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Reliance Ind 1726.9 7.2 4 Infosys 619698.3 Shanti Edu Init 40.7
Infosys 1473.2 -2.7 7.4 28.0 29.2 Nifty 50 16216.0 â0.0 100.0 22.0 24.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Green En 1720.4 8.1 5 HUL 585120.9 Chambal Fert 14.0
Katare Spg 40.6
Index Index 6 ICICI Bank 535260.2 Jubilant Fd 13.6
INDEX PE SHRS TRDS 1 YR Tata Steel 1421.2 15.7 Shukra Pharmace 40.5
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
14/07/22
14/07/22
16200 129.1
16300 91.7
5.3
4.5
22.2
33.6
Nifty
Nifty
14/07/22
14/07/22
16100
16000
98.2
88.7
4.8
5.4
73.7
19.7
Bharti Airtel 1263.8 19.1
7
8
LIC India
SBI
454388.0
435699.0
City Union Bk
Containr Crp
12.5
11.3
DOWN 7 DAYS
SENSEX 24.2/26.9 6.1 239 16 14 3.8 Axis Bank 1011.8 15.0 Kohinoor Fd -30.1
Asian Paints 2932.2 1.8 2.1 92.8 89.7 Mah & Mah 1165.1 2.9 1.9 22.0 29.4 Nifty 14/07/22 16500 73.0 5.1 30.7 Nifty 14/07/22 16200 85.2 4.6 16.9 9 HDFC 407852.1 Nippon Life Ind 10.7
NIFTY 50 22.0/24.6 255.9 4504 30 20 3.4 Mehai Tech -29.9
Axis Bank 680.0 1.6 3.0 14.8 16.0 Maruti Suzuki 8504.6 0.3 1.8 66.2 68.2 Nifty 14/07/22 16600 68.6 5.5 44.3 Nifty 14/07/22 16150 50.3 1.5 81.5 Avenue Supermar 993.9 2.5 10á ITC 364180.7 Ipca Labs 10.5
C = CONSOLIDATED; S = STANDALONE ETT -29.7
Bajaj Fin 5861.4 -0.2 2.5 50.5 55.9 Nestle India 18478.0 0.4 1.0 - 83.4 Nifty 14/07/22 16400 65.9 4.0 22.5 Nifty 14/07/22 15900 48.6 3.6 -5.9 ICICI Bank 963.7 12.6 11â Bharti Airtel 362638.1 UP 3 DAYS
Sai Capital -27.6
Bajaj Finsrv 11932.7 -0.6 1.2 41.7 447.6 NTPC 144.4 0.6 1.1 8.4 8.7 CASH DERIVATIVES Stock Stock Himadri Sp Chem 899.4 101.9 12 Bajaj Fin 354878.5 Adani Green En 16.2
TURNOVER BSE NSE BSE NSE
Eiko Life -25.5
Bharti Airtel 660.3 -5.0 2.5 85.2 - Power Grid 217.0 -0.8 1.2 9.0 8.9 Vodafone Idea 28/07/22 9 155.3 79.5 11.9 Vodafone Idea 28/07/22 9 20.2 43.4 8.6 Infosys 730.3 5.0 13á Adani Green En 350038.9 Poonawalla Finc 10.8 Moongipa Sec -23.1
Dr Reddys 4502.8 2.3 0.9 34.3 46.2 Reliance Ind 2423.2 1.3 13.2 27.0 41.9 VALUE(IN ~ CRORE) 2767 45439 - 6498023 Vodafone Idea 28/07/22 10 98.3 71.3 26.0 Vodafone Idea 28/07/22 8 16.5 43.0 4.1 14â Kotak Mah Bank 344990.1 Bank of Baroda 10.2
Tata Motors 589.1 13.5 White Organic -18.0
HCL Techno 943.4 -4.1 1.6 19.0 23.5 SHARES(IN MN) 378.9 1800.5 - 7944.9 Vodafone Idea 28/07/22 11 39.2 34.4 -2.8 Bank of Baroda 28/07/22 100 11.9 6.4 41.0 15 Adani Trans 300892.3 Adani Total Gas 9.7
SBI 488.2 -0.1 3.0 12.3 13.8 HCL Techno 576.9 6.1 UP 3 DAYS
HDFC 2247.8 0.4 6.4 18.1 29.7 TRADES(000) 2364 16074 - 30841 Vodafone Idea 28/07/22 8 37.2 15.4 1.4 ONGC 28/07/22 120 10.4 6.6 -8.4 16 Adani Total Gas 298502.2 Renuka Sugar 8.0
Sun Pharma 856.8 -0.1 1.5 62.8 449.2 HDFC Bank 568.9 4.1 Mindteck (I) 30.1
HDFC Bank 1405.6 0.6 9.8 20.5 21.1 ITC 28/07/22 300 35.0 26.5 -0.5 ITC 28/07/22 290 9.6 5.1 6.4 17 Asian Paints 281256.6 Granules 7.8
Tata Steel 912.7 3.0 1.2 2.8 3.6 Ami Organics 23.9
HUL 2490.3 -0.2 3.5 65.9 66.4 MARKET-CAP (~ CR) TRADED TOTAL Mah & Mah 535.1 4.6 18á Adani Enter 270356.7 Apollo Tyres 7.5
TCS 3113.3 -4.6 5.0 29.7 29.8 RateGain Travel 22.4
ICICI Bank 769.5 1.8 8.5 21.3 22.9 Hindalco 508.8 14.3 19á Avenue Supermar 258210.8 DOWN
Tech Mahindra 1007.5 -1.8 1.0 17.6 19.9 BSE 25,338,287 25,489,439 National Oxy 22.2
IndusInd Bank 858.2 1.1 0.9 - 14.4
Infosys 1472.8 -2.7 8.5 28.0 29.2 Titan Company 2158.8 0.7 1.4 88.2 87.9 NSE 25,081,951 25,143,438 SPURT IN VOLUMES HDFC
Adani Enter
489.2
484.3
2.2
2.1
20
21â
Maruti Suzuki
HCL Techno
256905.4
256005.7
Dr Lal PathLabs
Muthoot Finance
-3.7
-2.6
MTNL
TCPL Pack
21.4
21.3
UltraTech 5848.8 0.2 1.1 23.0 23.9 DERIVATIVES 17,991,861 17,991,861
ITC 295.0 0.7 5.8 23.9 24.2 Company Days 2-week Avg Change Close *Price 22 L&T 233634.3 Ramco Cements -2.2
Maruti Suzuki 479.5 0.6 Ganesh Hsg 18.6
Kotak Mah Bank 1737.6 -0.4 4.0 28.5 40.2 Wipro 411.2 -1.9 1.0 18.4 18.6 Volume Volume % price %chg 23 Wipro 225434.2 Chennai Petr -1.6 DOWN 3 DAYS
L&T 1662.7 -1.5 3.7 26.9 31.8 BSE SENSEX 54395.2 â-0.2 100.0 24.2 26.9 TRADING ACTIVITY Dspamc - Dspnew 299216.0 4282.3 6887.3 186.3 0.4
Bajaj Fin
Dr Reddys
455.7
438.4
0.8
1.0
24á Axis Bank 208858.6 Voltas -1.1 09Agg -24.0
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Sun Pharma 205572.0 Colgate -0.7
Coast Corp 734578.0 16532.8 4343.2 304.5 20.0 Adani Power 433.2 15.4 EKI Energy -19.0
Equity Debt Equity Debt 26á Titan Company 191653.8
Net Net Net Net Axisamc - Axish 106990.0 2432.9 4297.6 78.3 0.9 Others Indian Card -18.9
ONGC 425.5 34.1 27â Bajaj Finsrv 189896.2
WORLD INDICES On 08 Jul 119 -10 - - Hardwyn India 181297.0 6285.1 2784.6 246.6 5.0 Eicher Motor 411.1 1.4 28 Nestle India 178164.4
UP 7 DAYS
10Ard 94.8
NIBE
Mehta Housin
-14.2
-14.2
On 07 Jul -882 -22 - - Mindteck (I) 991080.0 42905.0 2209.9 135.4 6.9 HUL 406.9 1.6 29 UltraTech 168835.9
Indices Close % Chg* Indices Close % Chg*
On 06 Jul -796 925 - - MTNL 16208474.0 702147.3 2208.4 23.3 19.8 30 ONGC 157882.5 (T+2) cycleStocks which rose/fell continuously
Bank of Baroda 393.6 36.5
Americas (Jul 08,22) Asia/Pacific (Jul 11,22) On 05 Jul 2133 237 - - Chemcon Sp Chem 658099.0 59572.4 1004.7 321.7 7.9
Nasdaq Composite 11635.3 0.1 Kuala Lumpur Comp (Jul 08) 1425.8 0.5 On 04 Jul -1434 -318 - - Alps Ind 107626.0 9807.4 997.4 3.0 -4.8
Jul till date -3716 705 - - KSB 282612.0 28995.1 874.7 1451.8 -2.2
Dow Jones
S&P/ TSX Composite
31338.2
19022.9
-0.2
-0.2
Straits Times (Jul 08)
Stock Exchange of Thai
3131.3
1557.4
0.1
0.0 2022 till date -221580 -15764 139380 -15319 Ethos 107245.0 11656.2 820.1 845.0 8.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jul 08,22) Jakarta Composite 6722.2 -0.3 Quarterly Group P Den Network Ganesh Hsg Rane Eng Val
IBEX 35 8073.4 -0.3 Kospi 2340.3 -0.4 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Jupiter Ind Group M Rane Eng Val Sagar Cem
JULY 12 Group X IFL Enterprises Group X Group X
FTSE 100 7158.8 -0.5 Taiwan Taiex 14340.5 -0.9 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Guj Hotels Group X Arfin India Benares Htl
CAC 40 5993.3 -0.7 Shanghai Se Comp 3313.6 -1.3 NET Net Fut OI Opt OI OI Delta Corp Int Travel Amal Tanfac Ind Chandra Prab
HIGH *Sterl Tools . . . . . . . . . 306.9 *KLK Elect . . . . . . . . . . . 65.2 Guj Met Coal . . . . . . . . . . 13.3
DAX 12912.9 -0.8 Volatility (Jul 08,22) BS 200 *Mirza Intl . . . . . . . . . . 278.8 *Panth Infi . . . . . . . . . 60.0 Panache Innovat . . . . . . 13.0 HCL Techno Rama Signs Ashirwad Stl Group XT Kiran Syntex
On 08 Jul -296 1063 0.1 1.1 2.4
Asia/Pacific (Jul 11,22) CBOE S&P 500 26.3 6.7 On 07 Jul 6781 135 0.1 1.0 2.4 *Eicher Motor . . . . . . 3052.0 *Kernex Micro . . . . . . . 233.2 Rudra Glo . . . . . . . . . . 56.0 Arshiya . . . . . . . . . . . . . . 12.5 Group A JULY 14 Deep Diam Elixir Cap JULY 21
Nikkei 225 26812.3 1.1 CBOE Dow Jones 20.8 -8.9 On 06 Jul 606 1523 0.2 1.5 2.4 *Adani Total Gas . . . . 2775.9 *Lumax Tech . . . . . . . . 220.1 *Galactico Corpo . . . . . . 54.2 *Citi Prt Fin . . . . . . . . . . 10.0 Sterling & Wils BS 200 ICSL Southern Latex BS 200
On 05 Jul -577 303 0.2 1.4 2.4 *Siemens . . . . . . . . . . 2711.3 *Shuubham Poly . . . . . 209.6 *Sical Logis . . . . . . . . . . . 7.7 Group B ACC Martin Burn JULY 19 Persistent S
Hang Seng 21124.2 -2.8 * Change over previous close LOW
On 04 Jul 868 -464 0.2 1.2 2.4 *ABB India . . . . . . . . . 2629.0 *Atam Valves . . . . . . . . 205.0 Parsvnath . . . . . . . . . . . . . 7.1 Alphalogic Tech Angel One Mayukh Dealtrad BS 200 Group A
BS 200 Anand Rathi Wea L & T Infotech Tricom Fruit Ambuja Cem ABB Power India
*Coromndl Int . . . . . . 1013.2 *Shalimar Pts . . . . . . . 184.4 *Janus Corp . . . . . . . . . . . 6.8
MAJOR INDICES Jul till date
2022 till date
7240
251391
2629
29191
-
-
-
-
-
- *Varun Bever . . . . . . . . 865.2 *Arex Inds . . . . . . . . . . . 183.6
HCL Techno . . . . . . . . . 940.3
*Bharat Texts . . . . . . . . . . 6.0 ASRL Tata Elxsi Group XT HDFC Std Life Cyient
Others Excel Re Group A Beekay Niryat HUL GSFC
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *ITC . . . . . . . . . . . . . . . . 297.0 *Alfavision . . . . . . . . . . 180.0 Libord Sec . . . . . . . . . . . . . 6.0
Yamuna Syndicat . . . 11667.1 Goa Carbon Tata Steel Long Hathway Bhaw ICICI Lombard ICICI Securitie
Others *GTV Engg . . . . . . . . . . 164.0 Andhra Cem . . . . . . . . . . . 5.6
Gland Pharma . . . . . . 2488.6 Plastiblends Group B Suncity Synt L&T Finance Hol IIFL Wealt
S&P BSE Sensex 54,481.8 54,248.6 54,527.9 54,090.5 54,395.2 -86.6 -0.2 *Elantas Beck . . . . . . 4410.0 *Shukra Pharmace . . . 158.3 Tijaria Polypip . . . . . . . . . 5.0
Hind Urban . . . . . . . . . 2352.8 Shree Gan Rem Earum Tokyo Fin Group B Ramkrshn Frg
*Gujarat Fluoro . . . . . 3208.8 *Moneyboxx . . . . . . . 154.0 Prime Inds . . . . . . . . . . . . 4.7
S&P BSE Sensex 50 17,024.0 16,959.5 17,060.4 16,921.8 17,022.1 -2.0 0.0 S&P BSE SECTORAL INDICES *Tube Inv of Ind . . . . . 2095.0 Maximus Intl . . . . . . . . 150.0
MSTC . . . . . . . . . . . . 224.6
Bafna Pharma . . . . . . . 109.0
*Bombay Rayon . . . . . . . . 4.5 Trident Texofab Pharmaceu Group Z Control Prnt Group B
*KSB . . . . . . . . . . . . . 1624.5 *Morarka Fin . . . . . . . . 143.9 *Indra Inds . . . . . . . . . . . . 3.0 Group T GTPL Hthwa Opto Circuit Ponni Sugar Meghmani Fi- Meghmani Organi JULY 25 BS 200 Tata Motors Dr Reddys
S&P BSE-100 16,530.6 16,475.8 16,581.6 16,440.5 16,546.2 15.6 0.1 Prev cls Close % Chng *Electrotherm . . . . . . . . 78.8
*Arman Fin . . . . . . . . . 1358.0 *Brand concept . . . . . . 134.1 *Triveni Ent . . . . . . . . . . . 2.9 National Std Group X JULY 16 Pritika Auto In nech Ugro Cap Axis Bank Asian Paints Group A M & M Fin
S&P BSE-200 7,037.2 7,017.7 7,075.2 7,002.4 7,063.2 26.0 0.4 *Aashka Hospital . . . . . . 36.3 Group X Moschip Tech. BS 200 Steel Str Wh Rane Madras
Auto 27,791.1 28,107.3 1.1 *Phoenix Mill . . . . . . . 1289.3 *Sumedha Fisc . . . . . . 128.8 Jindal Cotex . . . . . . . . . . . 2.8 Group X Group A Bajaj Auto Mahi Lifespc Nestle India
*Shristi Inf . . . . . . . . . . . 31.2 Artson Engg Richirich In Bharat Elctn Group X Tokyo Plast
S&P BSE-500 22,028.1 21,973.4 22,159.0 21,925.1 22,123.4 95.2 0.4 Bankex 40,445.6 40,792.3 0.9 *DHP India . . . . . . . . . 1247.5 *Titagrh Wgns . . . . . . . 126.7 *Meglon Infra . . . . . . . . . 2.7 Duncan Engg Craftsman Auto United Spirt TeamLease Ser Nippon Life Ind
Hipolin . . . . . . . . . . . . . . . 30.4 Roselabs Fin Tiger Logistic HDFC Bank Aut Corp Goa Group IF
Cons. Durables 37,136.1 37,475.8 0.9 *TCPL Pack . . . . . . . . 1014.0 *Valiant Comm . . . . . . 125.8 Satvahan Isp . . . . . . . . . . . 2.7 Group XT GSK Pharma Group A Group B Shree Cement
S&P BSE IPO 8,977.4 8,987.6 9,096.1 8,925.9 9,079.8 102.4 1.1 Nagreeka Exp . . . . . . . . . 28.9 Shree Stl Wr Group XT ICICI Prud Life Indian Acry Embassy Office
Cap. Goods 27,580.5 27,476.6 -0.4 *Galaxy Bearings . . . . 881.5 *HG Industries . . . . . . . 125.4 Sea coast . . . . . . . . . . . . 2.5 Yash Trading IIFL Wealt Ramco Sys Novartis Group A
*Suumaya Corp . . . . . . . 28.6 Swiss Military Gayatri Bio Group B Skyline Mill JULY 22
FMCG 14,868.3 14,931.4 0.4 *Monte Carlo Fas . . . . 811.2 *APM Finvest . . . . . . . . 119.3 *Silveroak Blend . . . . . . . 2.3 JULY 23 Lakshmi Ma- Sanofi India Group X Bajaj Hold
S&P Dollex-30 5,643.2 - - - 5,626.4 -16.8 -0.3 Tulasee Bio- . . . . . . . . . . 26.6 Virinchi Con Gorani Indus Pil Italica Lif JULY 20 BS 200
Healthcare 22,160.4 22,306.5 0.7 *Maha Seamles . . . . . . 685.8 *Onesource Ideas . . . . . 94.5 *Viceroy Htl . . . . . . . . . . . 1.6 BS 200 chine Group B Greencrest Ramco Ind
*Adeshwar . . . . . . . . . . . 25.0 Group XT Linaks Micro Group X BS 200 Atul
Nifty 50 16,220.6 16,136.2 16,248.6 16,115.5 16,216.0 -4.6 0.0 Infra 258.7 264.3 2.2 *Gensol Engg . . . . . . . . 640.0 *Akshar Spintex . . . . . . . 94.0 Twinstar Ind . . . . . . . . . . . 1.4 ICICI Bank Maha Scoot Mahindra EPC JMD Ventures Group B
HT Media . . . . . . . . . . . . 18.5 Sanathnagar Ent JULY 15 Netlink Solu Syngene Intl HDFC AMC
IT 28,798.1 28,020.7 -2.7 *TD Power . . . . . . . . . . 526.0 *Himadri Sp Chem . . . . 93.2 *Vikas Proppant . . . . . . . 1.2 Navin Fluo Sonata Soft Rane Brake Super Sales Oriental Htl
Nifty next50 38,374.7 38,292.1 39,053.5 38,252.9 38,979.6 605.0 1.6 Aarvee Den . . . . . . . . . . . 16.5 Std.Cap.Mrkt BS 200 JULY 18 Wipro JSW Steel
Metal 15,950.4 16,217.7 1.7 *Sumitomo Che . . . . . 504.5 *IFL Enterprises . . . . . . . 88.4 Gemstone Inv . . . . . . . . . . 1.1 Group B Swaraj Engin JULY 27 Group XT Group X
Asia Pack . . . . . . . . . . . . 15.6 Suryakrupa Federal Bank Group A Group A UltraTech
Nifty 500 13,828.3 13,771.4 13,906.0 13,755.8 13,886.9 58.6 0.4 Oil & Gas 17,614.6 17,962.1 2.0 *Choice Int’l . . . . . . . . . 413.9 *IndiaNivesh . . . . . . . . . 77.9 *A & M Febcon . . . . . . . . . 1.0 D-Link India Group X BS 200 V B Inds SI Paper
*My Money Sec . . . . . . 15.0 JULY 13 Jindal Steel Heidelberg Gland Pharma Group A
Power 4,199.8 4,376.5 4.2 *Kewal Kiran . . . . . . . . 324.9 *Adv Petroch . . . . . . . . . 67.8 Five X Trade . . . . . . . . . . . 0.7 JULY 24 Johnson Pharma Bajaj Fin JULY 28 JULY 29
India VIX 18.4 18.4 19.2 16.6 18.4 0.0 -0.2 MIC Electr . . . . . . . . . . . . 13.7 BS 200 L&T Tech Ser NELCO Group B Mahindra CIE
PSU 8,143.7 8,181.6 0.5 *Elecon Engin . . . . . . . 321.7 *NINtec Sys . . . . . . . . . . 66.5 Shekhwti Ply . . . . . . . . . . 0.6 BS 200 Shree Gan Bio Biocon BS 200 BS 200
Nifty CPSE 2,373.1 2,373.4 2,403.9 2,368.3 2,392.8 19.7 0.8 Realty 3,274.7 3,324.5 1.5 Mindtree Group B Group B CyberTech Group B Infosys JULY 26 Colgate Bajaj Finsrv Chola Inv
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (722.8) (723.0) (2590.1) (2589.1)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 733.0 726.0 2591.3 2600.0
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 747.8 747.7 2629.0 2630.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 715.6 715.8 2583.0 2576.1
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 744.2 744.2 2609.2 2610.9
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 41815 1353K 11234 188K
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 20.9 20.9 73.6 73.6
company name is followed by shares traded, and also the 52 Wk H/L 1168/669 1168/669 2629/1619 2630/1618
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 26975 26977 55288 55324
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’.

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W 978/503 979/503 867/618 867/618 4047/3028 4050/3027 8044/5236 8050/5220 19320/10777 19325/10727 2724/1682 2724/1691 W 526/298 526/298 350/230 350/230 123/73 123/73 2262/1550 2262/1550 872/544 873/544 260/162 260/162 W 848/596 848/595 782/513 782/513 79/41 80/41 414/305 414/305 586/316 586/316 19245/12940 19250/12932
M 31841 31870 208859 208813 111406 111365 354878 354885 189896 189984 44073 44069 M 7340 7340 44289 44297 56652 56652 23598 23601 57530 57559 57224 57199 M 30520 30506 362638 362775 16714 16731 39458 39488 9456 9457 48805 48821

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(325.4) (325.3) (3818.2) (3816.9) (463.7) (463.5) (210.9) (211.1) (366.4) (366.8) (298.3) (298.0) (630.8) (631.0) (935.4) (935.5) (144.9) (144.9) (189.8) (189.8) (3606.4) (3606.6) (1567.3) (1566.7) (656.5) (656.6) (974.3) (974.5) (1115.1) (1118.3) (543.8) (543.9) (1432.3) (1433.7) (1771.6) (1771.9)
O 325.1 326.4 3839.9 3829.2 461.4 461.0 209.4 209.1 366.0 364.9 296.1 295.1 O 637.8 631.0 946.8 938.0 143.0 144.1 187.0 189.0 3579.0 3540.0 1572.0 1571.8 O 656.5 656.7 975.0 974.5 1130.0 1121.9 540.9 539.1 1428.6 1430.0 1778.0 1773.0
326.0 326.4 3839.9 3840.4 472.6 473.3 217.6 217.6 371.5 371.6 306.3 306.3 641.4 641.3 950.0 950.0 150.0 150.0 194.3 194.3 3579.0 3559.9 1572.0 1571.8 667.5 668.4 1013.2 1013.9 1133.3 1133.0 547.2 547.0 1453.2 1454.3 1847.0 1848.8
w 315.4 315.5 3780.0 3780.0 460.0 459.9 209.0 209.1 362.9 362.4 293.1 293.2 w 628.6 628.4 926.9 927.1 143.0 143.6 187.0 187.8 3450.0 3445.0 1551.1 1551.1 w 653.3 653.1 974.0 973.1 1103.5 1103.0 539.8 539.1 1418.1 1415.0 1765.0 1764.0
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M 68516 68527 91390 91431 6268 6274 39358 39358 23366 23363 12619 12628 M 52442 52409 76369 76458 11046 11027 119126 119156 21338 21336 42446 42471 M 40235 40241 29163 29163 30819 30804 96602 96629 27165 27175 25018 25021

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.
MUMBAI | TUESDAY, 12 JULY 2022 17 <

CORRIGENDUM FORM NO. CAA. 2

[Pursuant to Section 230 (3) of Companies Act 2013 and Rule 6 & 7 of the Companies
BOI E-auction notice (Compromises, Arrangements and Amalgamations), Rules 2016]
advertise published in this BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCHCA
(CAA)/12(CHE)/2022 & CA(CAA)/13(CHE)/2022
newspaper, Mumbai edition dated
IN THE MATTER OF SCHEME OF AMALGAMATION (MERGER) OF SREE VENKATESWARA
09/07/2022. Please read the date STRUCTURALS PRIVATE LIMITED (TRANSFEROR COMPANY) AND SREEVATSA REAL
in 3rd column as 25 July 2022 ESTATES PRIVATE LIMITED (TRANSFEREE COMPANY)
instead of 25 June 2022. Sree Venkateswara Structurals Private Limited (CIN:
- Bank of India Zonal office U02919TZ1985PTC001694), at 8/2, Mettupalayam Road, Coimbatore – 641043
Ratnagiri, Maharashtra. …………..Applicant/Transferor company
Sreevatsa Real Estates Private Limited, (CIN:70101TZ1995PTC005875)at
8/2, Mettupalayam Road, Coimbatore - 641043
.…………..Applicant/Transferee company
To,
All the unsecured creditors of Sree Venkateswara Structurals Private Limited
(Transferor Company) and all the shareholders & unsecured creditors of
Sreevatsa Real Estates Private Limited (Transferee Company)
Advertisement of Notice of the meeting of Shareholders and
Unsecured Creditors
NOTICE is hereby given that, by an order dated 01st July 2022 (the “Order”) in the
above mentioned Company Applications, the National Company Law Tribunal, Chennai
Bench (“NCLT” or “Tribunal”) has directed meeting of the unsecured creditors of the
Transferor company and the Transferee Company and the meeting of the shareholders
of the Transferee Company to be held for the purpose of considering, and if thought
fit, approving with or without modification(s), the arrangement embodied in the
Scheme of Arrangement for merger between Sree Venkateswara Structurals Private
Limited (Transferor Company) And Sreevatsa Real Estates Private Limited (Transferee
Company)under sections 230 and 232 of Companies Act, 2013 (“Scheme”).
In pursuance of the said Order and as directed therein further notice is hereby given
that meeting of the unsecured creditors of the Transferor company and the Transferee
Company and the meeting of the shareholders of the Transferee Company will be held
on 15th August,2022 (Monday)as under:
Name of the Company Type of Meeting Time
Sreevatsa Real Estates Private Shareholders 10.00 AM
Limited (Transferee Company)
Sree Venkateswara Structurals Un-secured Creditors and 11.30 AM
Private Limited (Transferor Trade Creditors
Company)
Sreevatsa Real Estates Private Un-secured Creditors and 02.00 PM
Limited (Transferor Company) Trade Creditors
The aforesaid meetings will be held through video conferencing or other audio-visual
means (“VC/ OAVM”). Further, there shall be no meeting requiring physical presence
at a common venue in view of the present circumstances on account of the CoVID-19
pandemic. At such day you are requested to attend using the video conference link
that will be provided by the applicant companies to the person authorised to attend
the relevant meeting. Notice with all requisite details and documents will be sent to
the registered mail id of the respective shareholders and unsecured creditors, as the
case may be.
Copy of the notice in relation to the Meeting, together with the copy of the scheme
and documents accompanying the same, including the explanatory statements under
Sections 230(3), 232(1), 232(2) and 102 of the Act read with Rule 6 of the Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016 (“Rules”)
(“Explanatory Statement”) can be obtained free of charge on any working day (except
Sunday and public holidays) from the registered office of the Applicant companies at
8/2, Mettupalayam Road, Coimbatore – 641043 or from the office of their authorised
representative being KSR &Co Company Secretaries LLP, at 7C, Mayflower Signature,
No.365/13, Avinashi Road, Peelamedu, Coimbatore 641 004.
The Tribunal has appointed Mr.R.Vidhya Shankar, Advocate as the Chairperson of the
above said meetings of Transferor Company and Transferee Company.
-Sd/-
Date : 12.07.2022 Mr. R.Vidhya Shankar
Place : Coimbatore Chairperson appointed by the Tribunal for the meeting

FORM NO. URC-2

Advertisement giving notice about registration
under Part I of Chapter XXI of the Companies Act, 2013
[Pursuant to section 374(b) of the Companies Act, 2013 and Rule 4(1)
of the Companies (Authorised to Register) Rules, 2014]
NOTICE
1. Notice is hereby given that in pursuance of sub-section (2) of section 366 of the
Companies Act, 2013, an application is proposed to be made after fifteen days
hereof but before the expiry of thirty days hereinafter to the Registrar at Maharashtra,
Mumbai, that Avena Foods LLP, a LLP may be registered under Part I of Chapter XXI
of the Companies Act 2013, as a company limited by shares.
2. The Principal objects of the proposed company will be as follows:-
To carry on the business in India or elsewhere the business to market, trade, import,
export, pack, repack, transport, store, forward, distribute, dispose, develop, handle,
improve, sell, resale, and deal in all kinds of plant based beverages and food,
agro/agri/food products including but not limited to vegetables, packed foods,
powders, pastes, liquids, drinks, beverages, juices, jams, jelly, squashes, pickles,
sausages and other items derived from agricultural, farming or relevant activities.
3. A copy of the draft Memorandum and Articles of Association of the proposed
company may be inspected at the office at 10/11 Shivai Indl Estate89 Kurla-Andheri
Road Sakinaka Andheri (E) Mumbai 400072 Maharashtra.
4. Notice is hereby given that any person objecting to this application may
communicate their objection in writing to the Registrar at Central Registration Centre
(CRC), Indian Institute of Corporate Affairs (IICA), Plot No. 6, 7, 8, Sector 5, IMT
Manesar, District Gurgaon (Haryana), Pin Code – 122050, within twenty one days
from the date of publication of this notice, with a copy to the company at its registered
office.
For Avena Foods LLP Sd/-
Sd/- Siddhant Anish Doshi
Namrata Anish Doshi Designated Partner
Date: 12-July-2022 Desgnated Partner DPIN: 07873223
Place:Mumbai DPIN: 09163025

Public Notice in Form XIII of MOFA (Rule 11(9) (e)) Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (4) District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op.Bank building, 2nd floor, P. L. Kale Guruji Marg, Dadar (West), Mumbai-400028. Bhandari Co-op. Bank Building, 2nd floor, P. L. Kale Guruji Marg,
No.DDR-4/Mumbai/ Deemed Conveyance/Notice/2294/2022 Date: - 08/07/2022 Dadar (W), Mumbai-400028.
Application u/s 11 of Maharashtra Ownership Flats No.DDR-4/Mum./deemed conveyance/Notice/2299/2022 Date: 08/07/2022
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963 Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
Public Notice construction, Sale, Management and Transfer) Act, 1963
Deemed Conveyance Application No. 209 of 2022 Public Notice
Vini Elegance Premises Co-op. Soc. Ltd., having its registered address at Plot Bearing Application No. 211 of 2022
No. FP. 116, TPS III, Borivali L. T. Road, Borivali (West), Mumbai - 400 092. ....Applicant Ruchi Co-Op. Hsg. Society Ltd., having its office address at situated at Shimpoli Road,
Versus Mr. Nipun Thakkar, The Sole Proprietor of M/s. Ami Corporation, 301, CIEM Borivali (West), Mumbai - 400092, Applicant Versus 1) Manohar Hariram Chogle, A/4.
Industrial Estate, Ramchandra Lane Extn., Kanchpada, Malad (West), Mumbai - 400 064 1st Floor, Garden View, Chandavarkar Road, Borivali (West), Mumbai - 400 092, 2) M/s.
....Opponents and those, whose interests have been vested in the said property may
Sidhi Developers, having its registered office at A/4, 1st Floor, Garden View, Chandavarkar
submit their say at the time of hearing at the venue mentioned above. Failure to submit
Road, Borivali (West), Mumbai - 400 092....Opponents, and those, whose interests have
any say shall be presumed that nobody has any objection in this regard and further action
will be taken accordingly. 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
Description of the Property, :-
objection in this regard and further action will be taken accordingly.
Claimed Area Description of the Property :-
Unilateral conveyance of the land bearing FP. No. 116, TPS III of Borivali (Final), Claimed Area
admeasuring 1877.90 Sq. mtrs. or thereabout in the Revenue Village - Borivali TPS ,
Unilateral deemed conveyance for the said Property i.e. all that piece and parcel of land
Taluka - Borivali, along with the building standing thereunder in favour of the Applicant
Society. bearing Final Plot No 534 admeasuring about 694.80 Sq. Mtrs., along with building
standing thereon known as “Ruchi” containing 20 residential flats, T.P.S. III, Borivali,
The hearing in the above case has been fixed on 25/07/2022 at 2.00 p.m. District Deputy Village Eksar, Taluka Borivali, in the Registration District and Sub-District of Mumbai
Registrar, Co-operative Societies, Mumbai City (4). Bhandari Co-op.Bank building, 2nd Suburban situated at Shimpoli Road, Borivali (West), Mumbai - 400 092, in favour of
floor, P. L. Kale Guruji Marg, Dadar (West), Mumbai-400028. the Applicant Society.
Sd/- The hearing in the above address case has been fixed on 28/07/2022 at 02:00 p.m.
For District Deputy Registrar, Sd/-
Co-operative Societies, District Deputy Registrar,
Co-operative Societies, Mumbai City (4)
Mumbai City (4) Competent Authority, SEAL Competent Authority
Seal
U/s 5A of the MOFA, 1963. U/s 5A of the MOFA, 1963.
18
>
MUMBAI | TUESDAY, 12 JULY 2022 1

IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH
C.P. (C.A.A.) /156/ 2021
IN
C.A. (CAA) No. 1132 of 2020
In the matter of the Companies Act, 2013;
AND
In the matter of Sections 230 to 232 of the Companies Act, 2013;
AND
In the matter of Scheme of Amalgamation of Aditya Birla Solar Limited
(Transferor Company), CIN U40106MH2016PLC280762 with Aditya Birla
Renewables Limited (Transferee Company), CIN U40300MH2015PLC267263
and their respective Shareholders and all concerned (the Scheme)
Aditya Birla Solar Limited, )
a company incorporated under )
the provisions of Companies Act, 2013 )
having its registered office at A-4 )
Aditya Birla Centre, S.K. Ahire Marg, )
Worli, Mumbai — 400030, Maharashtra ) … First Petitioner/
CIN U40106MH2016PLC280762 ) Transferor Company
And
Aditya Birla Renewables Limited, )
a company incorporated under the )
provisions of Companies Act, 2013 )
having its registered office at A-4 )
Aditya Birla Centre, S.K. Ahire Marg, )
Worli,Mumbai — 400030, Maharashtra ) …Second Petitioner/
CIN U40300MH2015PLC267263 ) Transferee Company
NOTICE OF HEARING OF THE PETITION
A petition under Sections 230 - 232 of the Companies Act, 2013 (Petition) for
an order sanctioning the scheme of amalgamation between Aditya Birla Solar
Limited (Transferor Company) and Aditya Birla Renewables Limited (Transferee
Company) (together, Petitioners) and their respective shareholders and all
concerned, was presented by the Petitioners on 17 June 2022 before the Hon’ble
National Company Law Tribunal, Mumbai (Hon’ble Tribunal). The Petition is
fixed for final hearing on 8 August 2022 before the Hon’ble Tribunal.
Any person desirous of supporting or opposing the said Petition should send
to the Petitioners’ advocate at the address mentioned hereunder, notice of his /
her intention, signed by him / her or his / her advocate, with his / her name and
address, so as to reach the Hon’ble Tribunal and the Petitioners’ advocate not later
than 2 days before the date of hearing fixed by the Hon’ble Tribunal, i.e., before
6 August 2022. Where such person seeks to oppose the Petition, the grounds of
opposition or a copy of his / her affidavit shall be furnished with such notice.
A copy of the Petition will be furnished by the Petitioner’s advocate to any person
requiring the same on payment of the prescribed charges for the same.
Dated: 11th July, 2022
Advocates for the Petitioners
M/s Bharucha & Partners
Kind attention: Alka M. Bharucha
13th Floor, Free Press House,
Free Press Journal Marg,
Nariman Point, Mumbai - 400 021

AMBARNATH BRANCH :
Plot No. 45, T. A. Building, 15, Station Road, Ambarnath (W) - 421501.
Ph No:02512-683433 Email: [email protected]
NOTICE TO BORROWER
(UNDER SUB-SECTION (2) OF SECTION 13 OF THE SARFAESI ACT, 2002)
To Annexure 1
Mr. Mahendra Raghunath Yadav (Late),
Mrs. Kamladevi Mahendra Yadav (Legal Heir), Mr. Ramashankar Mahendra Yadav (Legal Heir)
Flat No. 203 and 204, Second Floor, Patels Homes at Gutt No. 29, Near Green City, MIDC Road, Mouje-Morivali,
Ambernath (E), Dist. Thane, Pin: 421501, Maharashtra
Re: Credit facilities with our Ambernath (West) Branch
1. We refer to letter no. BOB/ADV/CPC/RETAIL/2017-2018 GMZ/77/BHL dated 11.05.2017 conveying sanction
of various credit facilities and the terms of sanction. Pursuant to the above sanction, you have availed and
started utilizing the credit facilities after providing security for the same, as hereinafter stated. The present
outstanding in loan/credit facility accounts and the security interests created for such liability are as under:
Nature and Limit Rate of O/s as on Security agreement with brief description of
Type of facility Interest 21.06.2022 securities
Term Loan/ Rs. 8.15% Rs. 10,32,305.50 Primary Security : equitable mortgage of Flat No.
Housing 30,00,000/- 203 and 204, Second Floor, Patels Homes at Gutt
Loan No. 29, Near Green City, MIDC Road, Mouje-
Morivali, Ambarnath (E), Dist. Thane, Pin: 421501,
Total Rs. 8.15% Rs. 10,32,305.50 Maharashtra
30,00,000/-
(For mortgage of property it may be stated that Mortgage of propert located Flat No. 203 and 204, Second Floor,
Patels Homes at Gutt No. 29, Near Green City, MIDC Road, Mouje-Morivali, Ambernath (E), Dist. Thane, Pin:
421501, Maharashtra)
1. As you are aware, you have committed defaults in payment of interest on above loans/outstanding for the
quarter ended March 2022. You have also defaulted in payment of installments of term loan which have fallen
due for payment on 31st March 2022 and thereafter.
2. Consequent upon the defaults committed by you, your loan account has been classified as non-performing
asset on 25.04.2022 in accordance with the Reserve Bank of India directives and guidelines. In spite of our
repeated requests and demands you have not repaid the overdue loans including interest thereon.
3. Having regard to your inability to meet your liabilities in respect of the credit facilities duly secured by various
securities mentioned in para 1 above, and classification of your account as a non-performing asset, we hereby
give you notice under sub-section (2) of section 13 of the Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002, and call upon you to pay in full and discharge your liabilities
to the Bank aggregating Rs.10,32,305.50/- (Rupees Ten Lakh Thirty Two Thousand Three Hundred Five and
Paise fifty Only), as stated in para 1 above, within 60 days from the date of this notice. We further give you notice
that failing payment of the above amount with interest till the date of payment, we shall be free to exercise all
or any of the rights under sub-section (4) of section 13 of the said Act, which please note.
4. Please note that, interest will continue to accrue at the rates specified in para 1 above for each credit facility
until payment in full.
5. We invite your attention to sub-section 13 of section 13 of the said Act in terms of which you are barred from
transferring any of the secured assets referred to in para 1 above by way of sale, lease or otherwise (other than
in the ordinary course of business),without obtaining our prior written consent. We may add that non-compliance
with the above provision contained in section 13(13) of the said Act, is an offence punishable under section 29
of the Act.
6. We further invite your attention to sub section (8) of section 13 of the said Act in terms of which you may redeem
the secured assets, if the amount of dues together with all costs, charges and expenses incurred by the Bank
is tendered by you, at any time before the date of publication of notice for public auction/ inviting quotations/
tender/ private treaty. Please note that after publication of the notice as above, your right to redeem the secured
assets will not be available.
7. Please note that this demand notice is without prejudice to and shall not be construed as waiver of any other
rights or remedies which we may have, including without limitation, the right to make further demands in
respect of sums owing to us.
Yours faithfully
Place : Ambarnath Sd/-
Date : 21.06.2022 Authorized Officer
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MUMBAI | TUESDAY, 12 JULY 2022 19
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MUMBAI | TUESDAY, 12 JULY 2022 1
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MUMBAI | TUESDAY, 12 JULY 2022 TAKE TWO 21 <

The emerging ON SENTIMENTS

Future imperfect
stress in imports wary household sector. higher than a year ago. This
Between January and ratio was 13 per cent or lower
June 2022, the Index of in the preceding months.
Current Economic Conditions While urban household spirits
Surprisingly, it’s coal more than oil that is proving to (ICC) grew by 28.1 per cent but were somewhat buoyant,
the Index of Consumer those of rural households
be a huge pressure point Expectations (ICE) grew at a were subdued. The
much slower pace of 13.2 per proportion of rural house-
cent. In four of these six holds that said their incomes
months, the ICC grew at a were higher than a year ago
MAHESH VYAS faster rate than the ICE. In declined, albeit just a wee bit,
June 2022, the ICC grew by from 12.6 per cent in May to
The Index of Consumer 2.65 per cent but 12.5 per cent in June. tions during the coming year ness conditions to improve
Sentiments inched up 1.1 per the ICE stagnated at its previ- Households felt less opti- in rural India has also over the next 12 months
cent in June 2022. This was ous month’s level. So, while mistic about the future. The declined. Optimism has also declined marginally and was
better than the 0.8 per cent the current condition of proportion of households that declined for economic condi- lower at 11.5 per cent. Further,
growth pencilled in May. But households is improving, felt their income would be tions over the next five years. the proportion that expects
it still reflects the sluggish their expectations are not higher in a year was less than This decline is again seen over the economy to improve over
growth of sentiments that has growing similarly. those that said they had the past three months. In the coming five years declined
been prevalent in recent One of the two compo- gained over the previous year. April, 11.6 per cent of rural from 11.3 per cent in May to
times. Growth slowed from 4- nents of the ICC is a question While 13.3 per cent of the households expected the eco- 10.8 per cent in June.
5 per cent in January and on the perception households said nomic conditions to improve The erosion of optimism
February to 3 per cent in that households The proportion of their incomes over the coming five-year in urban India is evidently
March and April, to around 1 have regarding their households that were higher than period. This proportion fell to milder. As a result, it did not
per cent in May and June. income in compari- believed that it was a year ago, only 9.7 per cent in May and then have a negative impact on the
The gradual loss of son to its level a year a good time to buy 10.2 per cent said to 8 per cent in June. inclination of urbanites to buy
SUBHOMOY BHATTACHARJEE THE CHANGING IMPORT BASKET momentum of growth in sen- ago. In June 2022, consumer durables their incomes There was a direct impact consumer durables. The pro-
New Delhi, 11 July Rank Commodities FY14 FY15 % Growth timents can be traced to the 13.3 per cent house- fell quite sharply, would rise in the of these growing negative per- portion of households that
1 Vegetable oils 7,249.85 10,621.48 46.51 deterioration in consumer holds said that their from 12.6 per cent coming year. ceptions on the decisions of considered the current times

I
t begins with oil, spreads expectations from the future. incomes were higher in May to 11.3 per Further, while the rural households regarding to be better to buy consumer
to gold and then sweeps in
2 Telecom Instruments 11,220.17 14,697.34 30.99 Households continue to than a year ago. This cent in June 2022 proportion of their intentions to purchase durables than a year ago rose
coal and electronics items. 3 Gold 28,704.13 34,407.18 19.87 report an improvement in is the highest propor- households that consumer durables. from 14 per cent in May to 14.9
This is how the tension in the 4 Coal, coke and briquittes etc 16,403.03 17,802.56 8.53 their current well-being, but tion that said so since the pan- reported an improvement in The proportion of house- per cent in June. However, the
Indian imports plays out 5 Organic chemicals 11,067.14 11,341.68 2.48 they are getting increasingly demic and its consequent their income rose in June holds that believed that it was weakening perception regard-
whenever there is a surge. 6 Petroleum: crude 143,638.53 116,442.86 -18.93 circumspect regarding the lockdowns that shattered the 2022, those that expected a good time to buy consumer ing the future makes this
There are other commodi- future. This, in a sense, is Indian economy in April 2020. their income to rise a year into durables fell quite sharply, small gain in urban India
ties whose imports spike, too, Rank Commodities FY21 FY22 %Growth counter-intuitive. In the preceding four months the future declined in June. from 12.6 per cent in May to somewhat fragile.
but their volumes soon fade 1 Petroleum: crude 59,477.65 122,449.32 105.87 It is logical to expect that a — February through May 2022 This despondency regard- 11.3 per cent in June 2022. Household incomes are
away in the pecking order 2 Vegetable oils 11,089.12 18,991.59 71.26 steady improvement in cur- — this proportion had hov- ing the future was limited to Urban India is not too san- improving slowly, but their
behind the top grossers. These 3 Petroleum products 23,206.23 39,358.44 69.6 rent economic conditions ered between 12 and 12.8 per the rural households. The pro- guine about the future either. perception regarding the
top ones are crude and petro- should translate into an cent. The rise to 13.3 per cent portion of rural households While 15.1 per cent reported future is eroding. This erosion
4 Electronic components 15,295.37 25,575.32 67.21
leum products, gold, coal and improvement in the outlook in June was aided by a sub- that believes their incomes an improvement in their impacts their propensity to
electronic items. They are like 5 Coal, coke and briquittes etc 16,274.53 31,718.29 94.9 for the future. People often stantial jump in optimism in would be higher in a year fell income over the past year, spend on non-essentials.
an In-Famous Five, which 6 Pearl,precs, 18,887.96 31,007.86 64.17 project their current experi- the urban regions. from 12.6 per cent in April to only 12.7 per cent expected an
account for half the share of semi-precs stones ences into the future. A diver- About 15.1 per cent of 10.1 per cent in May, to 9 per improvement over the next 12
India’s total imports in any 7 Organic chemicals 11,092.02 17,771.26 60.22 sion in the two, therefore, is a urbanites said that their cent in June 2022. Optimism months. The proportion of The writer is MD & CEO,
financial year. So any spike by 8 Gold 34,603.94 46,165.58 33.41 strong signal of a guarded or incomes in June 2022 were regarding the business condi- households that expect busi- CMIE P Ltd
one of them has usually Source: System on Foreign Trade Performance Analysis (FTPA), ministry of commerceAll
brought grief to India’s trade figures in US $, except as shown in %
deficit, spilled over to the larg-
er current account deficit and Within these five big items import of electronic compo-
then threatened to destabilise the relative values have begun nents and organic chemicals
the balance of payments. In to change. Coal imports in the has been among the top 10
other words, even if the last decade usually clocked a imports for the past five
growth rate of imports of other tenth of the value of crude, for years and they are both grow-
items temporarily becomes any financial year. They are ing fast. Imports of these Godrej Consumer Products Limited
the highest, their overall value now a third of the value of items, which are intermedi- Godrej One, 4th Floor, Pirojshanagar, Eastern Express Highway,
is dwarfed by the volume of crude. Of course, there are two ates, imply a boost to value Vikhroli (E), Mumbai 400 079.
these mega five items (mea- exceptional factors. The price addition in the economy. Tel: 25188010/20/30, Fax: 25188040
sured in US dollars). of a tonne of coal in the inter- “Production of mobile E-mail: [email protected], Website: www.godrejcp.com
This trend was similar in national markets has shot up, phones in India has taken a CIN: L24246MH2000PLC129806
the earlier episodes of stress and in this financial year, leap after the government NOTICE OF 22nd ANNUAL GENERAL
in the Indian current account. India has been importing introduced the Phased MEETING (“AGM”) AND E-VOTING
For instance, check out the cheaper Russian crude, Manufacturing Programme Notice is hereby given that the twenty second Annual General Meeting of
global financial crisis of 2008- accounting for almost 20 per (PMP) and the Production Godrej Consumer Products Limited will be held on Wednesday, August 3,
09 or the taper tantrum of cent of its total import volume. Linked Incentive (PLI) scheme, 2022 at 5.45 p.m. (IST) through Video Conferencing (“VC”) / Other Audio
FY13-15. In FY09 import of fer- Read together, they have reducing the country’s imports Visual Means (“OAVM”). In compliance with relevant circulars issued by
tilisers rose the fastest in terms brought down the distance and dependency on China,” Ministry of Corporate Affairs (“MCA”) and Securities Exchange Board of
India (“SEBI”), the Companies are allowed to hold the AGM through
of growth rate. In FY14, that of between coal and crude in the said Aniket Dani, author of a VC/OAVM, without physical presence of members at a common venue.
edible oils grew the Indian import bas- CRISIL report for the sector. Hence, the AGM of the Company is being held through VC/OAVM to
Now, when
fastest. Naturally, ket. “We estimate His report added that after log- transact the business as set forth in the Notice of the AGM dated July 8,
pressures are again 2022.
those growth rates that, at a contracted ging a 33 per cent compound-
developing on the
captured the news price of $70 per bar- ed annual growth rate between
current account, an In compliance with circulars, electronic copies of Notice of AGM and
headlines. For rel, the annual fuel fiscal 2016 and 2021, domestic the Annual & Integrated Report for financial year 2021-22 have been sent
inspection of the
instance, in FY15, import bill for 2022 mobile production is estimat- to all the members whose email IDs are registered with the
relative growth
the third fastest could be $8 billion ed to have grown at an even Company/Depository Participant. The electronic dispatch of Annual &
rates shows the Integrated Report to the Members has been completed on July 9, 2022.
rise in the pace of lower than our base- healthier pace of 24-26 per cent
pace of growth of The Notice of the AGM and the Annual & Integrated Report is uploaded
imports was of tele- line if Russia’s share in fiscal 2022.
edible oils has been on the Investor ’s page on the Company website
com instruments, of Indian oil imports So while there will be chal- https://godrejcp.com/investors/annual-reports
one of the fastest
essentially averages around 20 lenges, the composition of
mobiles. These were, almost per cent in the coming imports seems more varied. E-voting information
like gold, of little use as value months,” wrote Priyanka There are also more reasons
addition in the economy. Kishore, Head of India and for comfort. As Kishore point- Members holding shares either in physical form or dematerialized form, as
on the cut-off date (July 27, 2022), may cast their votes electronically on
Instead they met the pent-up SEA Economics at Oxford ed out, assuming a monthly the business as set forth in the Notice of AGM through e-voting services
demand for imported mobiles. Economics in a note this week. oil import volume of 20 mil- provided by Central Depository Services Limited (“CDSL”).
But the significant damage Similarly, while gold was the lion tonnes as growth returns Members are hereby informed that:
to India’s current account second largest item entering to the economy, and that India
i. The business as set forth in the Notice of AGM may be transacted th
deficit in both the episodes India last year, its imports grew imports around 20 per cent of
rough remote e-voting or e-voting during the AGM.
came from these In-Famous much more slowly than elec- this from Russia at an average ii. The remote e-voting shall commence on 9.00 a.m. (IST) on Saturday,
Five. Again now, when pres- tronic items or coal. In terms price of $70 per barrel, the July 30, 2022 and end on 5.00 p.m. (IST) on Tuesday, August 2, 2022
sures are again developing on of growth rate, gold imports total fuel bill for 2022 will be iii. The cut-off date for determining the eligibility to vote by remote
the current account, an took only the ninth rank “$8 billion lower than our cur- e-voting or e-voting during the AGM will be July 27, 2022.
iv. The remote e-voting module shall be disabled by CDSL for voting after
inspection of the relative behind these items. It used to rent baseline and the current
5.00 p.m. (IST) on August 2, 2022.
growth rates shows the pace occupy the second to fourth account deficit will be at 2.8 v. Any person who have acquires shares of the Company and becomes
of growth of edible oils has position in the import pecking per cent of GDP rather than a member after dispatch of the Notice of AGM and holding shares as
been one of the fastest. And, order in the last decade. So the our forecast of 3.1 per cent”. on cut-off date i.e. July 27, 2022 may obtain login ID and password by
in the first quarter of FY23, delta that will be captured by Juxtaposed against these sending a request at [email protected]. However, if a
person is already registered with CDSL for e-voting then existing login
the rank of edible oil in the the government through addi- improvements, the sole worry
ID and password can be used for casting vote.
import list has slipped to sixth tional customs duty on line is now coal. In the new vi. The facility for voting will also be made available during the AGM and
position. The top spot in terms gold imports is low. Except gold financial year, coal imports those members present in AGM through VC facility, who have not cast
of growth rate has been cap- for the government, the scope have moved to the top of the their vote on the resolutions through remote e-voting and are
tured by crude, which isn’t to levy punitive customs duty shelf with a jump of 159.03 per otherwise not barred from doing so, shall be eligible to vote through
e-voting system at the AGM.
surprising. If one adds petro- is low on these five items. cent, far outstripping that of
vii. The members who have cast their vote through remote e-voting can
leum products, the rise is even Higher duty means even higher crude at 98.82 per cent. More attend the AGM but shall not be entitled to cast vote again during the
more pronounced. In terms of inflation. than oil, as the demand for AGM.
volume, these five, including However, looking away coal shoots up even further in viii. A person whose name is recorded in the register of members or in the
gold, coal and electronic from them in the composition the economy, it has become register of beneficial owners maintained by the depositories as on the
cut-off date July 27, 2022 only shall be entitled to avail the facility of
items, are each far bigger than of imports, there are clearly the new pressure point in the remote e-voting as well as e-voting at the AGM.
edible oils. some improvements. The import basket of India. ix. The manner of voting remotely for members holding shares in
dematerialized mode, physical mode and for members who have not
registered their email address is provided in the Notice of AGM. The
details are also made available at the website of the Company

Survey shows overwhelming https://godrejcp.com/investors/annual-reports

x. Members who have not registered their email address are requested
to register their email address with respective depository participant

support for plastic ban and members holding shares in physical form are requested to update
their email address with Company at
[email protected] to receive the copies of the Annual
& Integrated Report for the Financial year 2021-22 along with the
Notice of AGM, instructions for remote e-voting and for participation in
PRESS TRUST OF INDIA the AGM through VC/OAVM.
New Delhi, 11 July xi. In case of any queries, members may contact Mr. R Shivshankar,
DGM- Corporate Secretarial by sending an e-mail to
As many as eighty-three per cent of [email protected], to address grievances connected
with e-voting.
the 176,000 people surveyed across Indian xii. The members who require technical assistance to access and
cities support the ban on single-use plastic, participate in the meeting through VC may contact Mr. Rakesh Dalvi,
according to Public, a location-based social Manager, Central Depository Services (India) Limited (CDSL), A
network application. Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M
However, 62.8 per cent of the respondents Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to
[email protected] or call 1800 22 55.
believe that the ban will cause some incon-
venience to their day-to-day lives. By order of the Board of Directors
For Godrej Consumer Products Limited
A ban on the use of single-use plastics was
notified by the Union Environment Ministry Rahul Botadara
in August 2021 and came into effect on July 1. Company Secretary & Compliance Officer
In less than a week, the ban has done away Mumbai, July 10, 2022
with disposable plastics like straws, cutlery,
earbuds, cigarette packs, and plastic sticks for “Although some environmentally-safe
balloons among many others. products come at a premium and switching to
According to the Public app, 83.06 per cent alternatives seem to be a task, Indians are ready
respondents said that they want to see their to bear it. Close to 80 per cent of Indians are
country soar with the newly implemented willing to switch to environmentally safe
decision and are willing to “change their lives” products to protect the environment,” the sur-
for the betterment of the society. vey showed
22
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MUMBAI | TUESDAY, 12 JULY 2022 1

Service charge ban: Staff RECOVERY TRACKER

Mobility up despite Covid rise,

wants pay increased power generation tumbles
NITIN KUMAR increase wages and can charge Number of flights decline; freight grows, traffic on Delhi roads eases
New Delhi, 11 July any rate for food and service
to customers.” SACHIN P MAMPATTA & KRISHNA KANT 1: INCREASED SHOPPING FOR ESSENTIALS 2: VEHICLE REGISTRATIONS
17% BELOW 2019 LEVELS
“T
his is my second bat- However, industry experts Mumbai, 11 July
tle in two years,” says say that while restaurants will n Vehicle registrations for week ending
Ram Pandey, a wait- increase the food prices there People stepped out more often July 3 (in 100,000)
er and father of three girls. The is no certainty on it going to for purchases and workplace n Vehicle registrations for week ending
first was the pandemic, which staff as it will be a part of the visits last week when Covid-19 July 10 (in 100,000)
hit the Indian restaurant busi- owner’s revenue. “Increasing cases increased in the country.

5.1
ness badly. The industry shrank price to compensate for service There were 16,678 cases in

4.2

3.9
53 per cent in FY21, according charge doesn’t necessarily the last 24 hours, said a

3.7
3.5
3.5
3.1
to a report by the National mean that it will be passed on government bulletin on

2.8
Restaurant Association of India to employees,” says Shervani, Monday. There were 16,135
(NRAI). And now it is the who has asked his employees cases a week ago.
Central Consumer Protection
Authority’s (CCPA’s) decision to AT A GLANCE to challenge the guideline in
the Labour Court and approach
There was a 2.4 percentage
point increase in essential
Note: Latest update is as of July 6 2022, based on location data as processed by the
company. The percentage change is compared to a baseline value for thesame day of
the week, calculated on a median basis during the 5-week period Jan 3–Feb 6, 2020.
2019 2020 2021 2022
Note: Based on road transport offices (RTOs)
stop hotels and restaurants the labour ministry. shopping, according to mobili-
from levying service charge Guidelines for eateries Rights of For Pawan Kumar, a chef, ty data from Google, which
The chart shows a seven-day rolling average of visits to each category. Residential
data refers to change in time spent at home.
for which Vahan data is available.
Source: Ministry of Road Transport and
from July 4 that has dealt n No automatic addition to
customers the worry is greater. “If cus- uses anonymised location data
Source: Google LLC "Google COVID-19 Community Mobility Reports", Our World In Data Highways

another blow to people like n Ask the eatery to tomers give tips to waiters a to see how people are moving
him, he says.
the bill
remove it from large portion of it will be kept during the pandemic. Essential
3: DROP IN POWER GENERATION (mn units) 5: LOWER TRAFFIC
Pandey, who works at Rao n No other name to collect
the bill by waiters and will not be shopping includes grocery and CONGESTION IN NEW DELHI
Hotel in Rewari, Haryana, now such a charge equally shared among all staff. pharmacy trips. There was also n Change in traffic congestion from 2019
n Lodge complaint (as of July 4, in percentage points)
plans to increase the number n Must inform customers it is It is us who will suffer the most, an increase in retail and recre-
with the National n Change in traffic congestion from 2019
of hours he works to cover for voluntary/optional Consumer Helpline owners will not share their prof- ation visits. More people also
the income he says he is bound its,” says Kumar, as he ponders went to work than in the previ- (as of July 11, in percentage points)
n No curb on services based no (1915)
to lose out on. He says he makes on switching roles from a chef ous week (see chart 1). New Delhi Mumbai
on such a charge n File complaint
another ~4,000-8,000 over and staff to a waiter. India registered nearly
above his monthly salary of n Can’t be added to the with Consumer “Service charge over and 350,000 vehicles during the
~12,000 with service charge. food bill and levied on the Commission or above their salary motivated previous week. This is 17 per
The CCPA later clarified that total amount district collector people to work harder. This cent lower than the same -35 -36 -35
the guidelines are not advisory move is going to create hiring period in 2019 which saw
-42
Note: Refers to change in Monday 9 am traffic
in nature and are fully enforce- problems for us,” says Shetty. nearly 420,000 registrations. congestion. Comparison is made to 2019
able by law, while asking district I’m in this industry.” “Because of this additional “It is a charge collected for The latest weekly number Note: Power generation based on reporting day data (million units, 7-day rolling average) levels.
Source: National Load Despatch Centre Source: TomTom International
collectors to take cognizance of “Without them, we earn less income, we were able to survive the benefit of the staff and shows a narrowing of the pre-
complaints and ini- than a construction in this sector, which does not there is nothing illegal in it,” vious week’s 28.8 per cent gap 4: DIP IN AIR TRAFFIC 6: RAILWAY NUMBERS
tiate “appropriate” Industry experts worker or a human promise a minimum wage. says Gurbaxish Singh Kohli, (see chart 2). HOLD STEADY
action. As many say that while scavenger,” says However, demands of hikes Vice President, FHRAI. “No Power generation was n Change vs same week last year
as 85 consumers restaurants will Rajesh Singh, a toilet meet deaf ears,” says Singh. hospitality establishment coax- down 2 per cent from the previ- (as of July 3, in %)
have complained increase the food cleaning staff, in a Hotel associations observe es a consumer to pay it if for ous week, but it was higher n Change vs same week last year
through the prices, there is no three-star hotel in this move as an attack on the any reason they choose not to,” compared to 2019 levels. Power (as of July 10, in %)
National Consumer certainty of it going New Delhi. Though already beleaguered hospital- he adds. However, Shetty says companies generated an aver- 22.56
Helpline till Friday. to staff as it will be collecting service ity and food sectors. Pradeep only over 20 per cent of restau- age of 4,418 million units per 23.7
6.4 8.28
He is not alone. a part of the charge is banned, Shetty, Joint Honorary rants and hotels used to charge day of electricity in the latest
With rising cost of owner’s revenue getting a tip or gratu- Secretary, Federation of Hotel service charges. week. It was 4,509 million
Freight loading Freight revenue
living and salary ity at the consumer’s and Restaurant Associations Even though the industry units per day in the previous
(quantity) (value)
cuts, levying service charges discretion is still allowed under of India (FHRAI), while dubs it unfair, customers hail week. In comparison, power Note: Shows 7-day rolling average numbers for domestic traffic based on departing flights and
passengers. Averages have been used wherever archival data was unavailable. Note: For seven days ending Sunday.
has helped survive thousands the new guidelines. denouncing the guidelines the move. Abhishek Sherawat, generation was 3801 MU per Source: Ministry of Civil Aviation Source: Indian Railways
others like Pandey in the hos- S M Shervani, owner, Rodeo said: “After examining, we an epicurean, feels that taking day during the corresponding
pitality sector. Without it many says, “with this move the gov- plan to approach the ministry a service charge without per- week in 2019. (see chart 3).
fear their take-home salary will ernment is encouraging people regarding these guidelines,” mission from the customers The number of flights gap, showed data from global carried. It was up 8.28 per cent nomic data is often released
decline by at least 50 per cent. to use cash for tips, along with adding “there will be some was arbitrary and illegal. “Only shows a declining trend. There location technology firm in the latest week compared to with a lag. Analysts globally
Sanjay Srivastav, chief chef forgoing its revenue through short-term casualty but the after completing the meal, one were 2,623 domestic flights on TomTom International. 6.4 per cent previously. Freight have been tracking similar
Rodeo Restaurants, Connaught GST on the service charge.” industry will find a way to is in a position to decide the previous Sunday. The lat- Mumbai traffic congestion revenue was up 22.56 per cent indicators to get a sense of the
Place, New Delhi, says “We The July 4 guidelines under manage its employees.” whether or not to pay a tip and est Sunday number was 2,603 was 35 per cent below 2019 lev- compared to 23.7 per cent in economic effects of the pan-
used to get more than 100 per- Section 18 (2) (I) of the Piyush Goyal, minister of how much. Grahak toh jaga hi (see chart 4). els, similar to previous week the previous week (see chart 6). demic. Google data is as of
cent in service charges and tips Consumer Protection Act, 2019 consumer affairs, food, and tha, sarkar ab jagi hai Traffic congestion on New (see chart 5). Business Standard tracks Wednesday, 6 July, while the
above my ~25,000 thousand are in addition to the Centre’s public distribution ahead of (Consumer was awake and Delhi roads was 42 per cent The Indian Railways these indicators as a way of traffic data is for 11 July, 9 am
salary”, adding, “the service 2017 guidelines which prohibit the new guidelines had said, aware, the government which below 2019 levels compared to showed higher growth than getting a weekly picture of the on Monday. All other data is as
charge is the only reason that the levy of service charges. “restaurants are free to woke up now.” the previous week’s 35 per cent before in the quantity of goods economy. Official macroeco- of Sunday, 10 July.