TUESDAY, 30 JANUARY 2024

36 pages in 3 sections www.business-standard.com

BENGALURU
~13.00
VOLUME XXVI NUMBER 180

THE MARKETS ON MONDAY chg#

Sensex 71,941.6 p 1,240.9

Nifty 21,737.6 p 385.0
Nifty Futures* 21,855.3 p 117.7 COMPANIES P2 BACK PAGE P16
Dollar
Euro
Brent crude ($/bbl)
~83.1
~90.0
81.5##
~83.1 **
~90.6 **
83.5**
INDIAN ECONOMY LOOKING LIKE A INDIA JOINS LAB-GROWN
Gold (10 gm)### ~62,265.0 p
*(January) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~203.0
WOW: BIRLA’S NOTE TO EMPLOYEES FISH R&D BANDWAGON
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E

FY25 may see 7% growth:

STARTUPs SHORE UP
OPs AHEAD OF PUBLIC
LISTINGS THIS YEAR
RIL drives mkts to
best day in 2 mths
FinMin ahead of Budget
Layoffs,corporaterestructuring,improving
governance,and,mostimportantly,targeting
profitability.Asmanyas14Indianstartups
thatareeyeinginitialpublicofferings(IPOs) SUNDAR SETHURAMAN
thisyeararepullingoutallthestopstoensure Mumbai, 29 January Sensex UPTURN,
successfuldebutsonstockexchanges.
Althoughamajorityoffirmslookingtogo
Review report flags elevated risk of geopolitical conflicts only area of concern The benchmark indices recorded AGAIN
publicarenotprofitableyet,manyare their biggest gain in nearly two Nifty50
employingcost-cuttingmeasurestoimprove RUCHIKA CHITRAVANSHI & ASIT RANJAN MISHRA PAGE 4 months, driven by rallies in Reliance
theirfinancialhealth. ARYAMAN GUPTA writes 2 > New Delhi, 29 January Industries Ltd (RIL) and HDFC Bank,
21,352.6
Red Sea crisis may the top two weighted stocks.
25 Jan, ‘24 1.8

T
% Chg
he Indian economy is expected to push up prices The Sensex surged 1,241 points,
21,737.6
Byju’s to raise $200 mn expand at around 7 per cent in FY25, Prices maygo up because of or 1.8 per cent, closing at 71,942, while

AJAY MOHANTY
Jan 29, ‘24
through rights issue the finance ministry’s review of the
economy estimated on Monday.
higherenergycosts, caused by
the rise in shipping charges,
the Nifty 50 ended at 21,738, rising
385 points, or 1.8 per cent — the big- Top 5 Sensex gainers
Ed-techstartupByju'sonMondaysaidit This, the government said, will mark the withcommercialvesselstaking gest single-day gain for both indices
wouldraise$200millionthrougharights fourth consecutive post-pandemic year for since December 4. RIL and HDFC As on January 29, 2024 Price in ~ 1-day chg (%)
alongerroutetoavoidthe
issueofsharestoclear‘immediateliabilities’
andforotheroperationalcosts,asthe
the Indian economy to register growth at or
over 7 per cent. THE OUTLOOK troubledRedSearegion,a
financeministryreportsaid.
Bank contributed to over half of these
gains. RIL shares rose amid reports
nRelianceIndustries

nTataMotors
2,896.2
840.9
6.9
3.6
companyaimstostabiliseitsbusiness. 3> “It now appears very likely that the Indian Growth forecast (Y-o-Y in %) that it would benefit from the Red nPowerGridCorpofIndia 253.8 3.4
economy will achieve a growth rate at or above NEED POLICY CONSISTENCY FOR Sea crisis due to higher refining mar-
n FY24 nFY25 nLarsen&Toubro 3,708.4 3.2
7 per cent for FY24, and some predict it will FARMERS TO ADOPT NEW TECH gins. Reports suggested that India’s
Family pension: Woman achieve another year of 7 per cent real growth 7.0 7.0
7.0
7.0
USE OF TECH A COMMON
oil purchases from Russia, a major nKotakMahindraBank 1,823.5 3.2
in FY25 as well. If the prognosis for FY25 turns source for RIL, remained largely
can name kids over spouse out to be right, that will mark the fourth year 6.7
6.7
6.7 THREAD IN REFORMS unaffected by the Red Sea situation.
Sources: Bloomberg, exchanges; Compiled by BS Research Bureau

6.5
TheDepartmentofPensionsandPensioners' post-pandemic that the Indian economy will
6.5
POLICY PRAGMATISM SHAPING “RIL is a big beneficiary of RIL MCAP CROSSES ~19.5 TRN
WelfareonSundaysaidthattheCentrehas have grown at or over 7 per cent. That would 6.3 6.3 6.4 6.4 INDIA’S GREEN TRANSITION Russian oil. And their margins might Reliance Industries’ market capitalisation
allowedwomengovernmentemployeesand be an impressive achievement, testifying to 6.3 6.3 improve because of this,” said U R
6.2 crossed the ~19.5 trillion mark on Monday,
pensionerstonominatetheirchildrenfor the resilience and potential of the Indian econ- Bhat, co-founder of Alphaniti as its stock price rallied 7.2 per cent to hit
receivingfamilypensionovertheirspouse. 16 > omy. It augurs well for the future,” the finance TAKE TWO Fintech. Shares of ONGC also rallied ~29,005 on the BSE in intraday trade. II, 1 >
ministry said in a report titled “The Indian IMF S&P RBI Kotak over 8 per cent. Turn to Page 6 >
Economy: A Review”. WorldBank ADB ICRA Barclays INDIA’S MACRO P14
However, the finance ministry clarified the
report was not the customary Economic
Source: BS Research BALANCING ACT Q3 SCORECARD
The policy imperatives of
Survey, which will be presented after the Lok
the last two years were ITC PROFIT RISES 6.6% ON
Sabha elections and before the full Budget. 2030 on the strength of the financial sector and
unambiguous: Boosting STRONG CIGARETTE DEMAND > RESULTS RECKONER
Union Finance Minister Nirmala Sitharaman other recent and future structural reforms.
will present the Interim Budget for FY25 on “Only the elevated risk of geopolitical con-
growth and containing Diversified entity ITC’s net profit in the
Thursday. The National Statistical Office, in its flicts is an area of concern. Exporting one’s way
inflation. The imperatives third quarter of 2023-24 increased QuarterendedDec31,2023;commonsampleof
First Advance Estimates, has estimated India’s to growth will not be easy. This reinforces the
for 2024 are more 6.6 per cent year-on-year to 523companies(resultsof628firmsavailable)
nuanced: Nurturing the ~5,335.23 crore, led by earnings
economy to grow at 7.3 per cent in FY24, higher need to lower logistics costs and invest
recovery but while
SALES
than the forecast made by various national and in product quality to hold on to and expand from cigarettes, FMCG, and hotels. 2 >
ensuring public debt is Dec 31, 2022 17.8% ~15.57 trn ì
A 16-PAGE international agencies. market share in areas where India has an
The report, authored by a group of econ- advantage,” it added.
stabilised and any Vi NET LOSS NARROWS 12.5% Dec 31, 2023 5.1% ~16.37 trn ì
FUND MANAGER omists in the finance ministry led by Chief
Turn to Page 6 >
excessive financial
exuberance is contained.
TO ~6,985 CRORE P2 NET PROFIT
is being carried as a tabloid
with this edition
Economic Adviser V Anantha Nageswaran,
said there was “considerable scope” for the
MODI 2.0: SPEND ON HEALTH, SAJJID Z CHINOY writes BAJAJ FINANCE PROFIT RISES Dec 31, 2022 8.1% ~1.37 trn í
growth rate to rise well above 7 per cent by EDUCATION REMAINS LOW 6> 22% ON HEALTHY NII GROWTH P11 Dec 31, 2023 31.0% ~1.80 trn ì
2 COMPANIES BENGALURU | TUESDAY, 30 JANUARY 2024

STOCKS > Azad Engineering

Bags contract from
> VA Tech Wabag
Signs MoU with Peak
> Tata Power Company
Commissions 1,040 Kw
> Man Infraconstruction
Launches luxury
> Power Mech Projects
Receives orders
IN THE NEWS Rolls-Royce to produce Sustainability Ventures Bifacial solar system at residence project of worth ~645 crore
and supply engine parts for 100 Bio-CNG plants Chengmari tea estate 500,000 sq. ft in Mumbai
~711.7 CLOSE ~647.0 CLOSE ~381.9 CLOSE ~237.9 CLOSE ~5,049.4 CLOSE
p5.2% UP* p6.8% UP* p4.6% UP* p5.3% UP* p2.3% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Indian economy is ‘looking like a wow’: Birla
Pay $4 mn to engine lessors by DEV CHATTERJEE & PTI Birla said. tral government during the last few for that, our government deserves sumer businesses are on the brink of

Feb 15, Delhi HC tells SpiceJet

Mumbai, 29 January India is striding forward with years, Birla said on Monday. much credit,” Birla said. “In the arc of transformational growth. With the
unwavering optimism even as large In a note to employees, Birla said a nation’s progress, there comes a launch of two new and large busi-
Drawing from a viral meme, Kumar pockets of the world remain engulfed there is a palpable sense that the coun- moment when you feel a certain pulse. nesses in 2024, we are constructing a
The Delhi High Court on Monday directed SpiceJet to Mangalam Birla, chairman of the in pessimism, he added. try is on the move. “India is Perhaps it’s time to imagine an growth platform with a unique mix of
pay $4 million to its engine lessors Team France 01 Aditya Birla Group, on Monday said As large pockets of the world awash with optimism, index that captures the collec- strength and scope,” said Birla, with-
SA and Sunbird France 02 SAS by February 15. The the Indian economy’s vibrant energy remain engulfed in pessimism due pride, and anticipa- tive confidence of a nation. out commenting on individual busi-
airline had sought more time for payment and is ‘looking like a wow’. to the ongoing wars in Israel and tion. This anticipation Maybe call it the national nesses like telecom. He is ranked elev-
said they could pay $1 million upfront. SpiceJet is A deeply impactful pulse of Ukraine, India seems to stride for- stems from our coun- confidence index,” Birla said. enth in Bloomberg India rich list.
supposed to pay nearly $11 million to the lessors. In an confidence in the nation is palpable, ward with unwavering optimism — try’s accelerated high- “Our group’s market Birla said in a world where
internal note to the senior staff on Monday, the airline said it now the billionaire said in his new year thanks to the steps taken by the cen- growth trajectory. And cap grew 40 per cent over geopolitics, ideologies, and national
has a substantial bank balance of over ~900 crore, including message, adding that the meme the previous year to around identities increasingly polarise and
~160 crore received as an instalment under the government’s captures the “unparalleled nature” “INDIA IS AWASH WITH OPTIMISM, PRIDE, AND $90 billion, our scale man- divide, corporations like the Birla
Emergency Credit Line Guarantee Scheme. BHAVINI MISHRA of the moment. ufacturing businesses con- Group have the potential to bridge
“The viral meme ‘just looking like
ANTICIPATION. THIS STEMS FROM OUR COUNTRY’S solidated their these divides through their transna-
a wow’ echoes the vibrant energy of ACCELERATED HIGH-GROWTH TRAJECTORY” leadership tional operations, cultural exchanges,
HC asks WhatsApp, Telegram to the Indian economy and captures the
unparalleled nature of this moment,”
KUMAR MANGALAM BIRLA
Chairman, Aditya Birla Group
positions,
and our con-
and the common platforms they
provide for people globally.
suspend fake VC firms’ accounts

ITC net rises 6.6%

The Delhi High Court on Monday ordered WhatsApp and Telegram
to suspend accounts cheating people in the name of venture
capitalists Peak XV Partners & Sequoia Capital. The court also
directed the Ministry of electronics and IT and Department of Vi loss narrows 12.5% to
~6,985cr,ARPUrisesto~145
Telecommunications to issue appropriate directions to curb these

to ~5,335 cr in Q3
identified scams. SHIVANI SHINDE

BluSmart to raise $25 mn from SUBHAYAN CHAKRABORTY

New Delhi, 29 January
STATUS REPORT
Swiss-based responsAbility Board recommends interim dividend of ~6.25 per share Vodafone Idea (Vi) on Monday Q3FY23
Net loss (~ cr)
7,988
ARPU (~)
135
Switzerland-based asset manager responsAbility Investments AG reported a net loss of ~6,985 Q2FY24 8,746 142
will invest up to $25 million (around ~208 crore) in BluSmart, a ISHITA AYAN DUTT crore, narrowing 12.5 per cent
domestic electric vehicle ride hailing and charging infrastructure Kolkata, 29 January in the third quarter of FY24
Q3FY24 6,985 145
Source: Company
platform. A joint statement on Monday said the investment will from ~7,990 crore in the corre-

I
help BluSmart in expanding its electric vehicle charging TC on Monday reported a 6.6 per cent sponding quarter of the pre- in the preceding two quarters, Bharti Airtel, ending Q3 with
infrastructure across the country. PTI year-on-year (Y-o-Y) rise in consolidated vious financial year, as a result respectively. The company said 4.6 million fewer subscribers.
net profit during the October-December of lower expenses. this was primarily aided by the In the quarter, a gain of ~755
quarter (Q3FY24) to ~5,335.23 crore from On a sequential basis, the change in entry level plans and crore, arising out of a telecom
Jio cements market lead, adds ~5,006.65 crore.
It was led by earnings from cigarettes, fast-
firm’s net loss reduced 20 per
cent, down from ~8,737 crore in
subscriber upgrades. Vi’s 4G
subscriber base continued to
disputes settlement and
Appellate Tribunal ruling
3.4 mn users in November: Trai moving consumer goods (FMCG) (non-ciga-
rette), hotels and lower tax expense.
the preceding quarter.
However, its finance cost
grow for the tenth consecutive
quarter and stood at 125.6
helped their earnings. The tri-
bunal had told the Department
Reliance Jio moved to a higher gear adding 3.4 million mobile Consolidated revenue from operations in increased to ~6,493 crore, up million, up from 124.7 and of Telecommunications to
subscribers in November, improving on its October gains, as rival
Bharti Airtel garnered about 1.7 million new wireless users,
Q3FY24 was at ~19,484.50 crore, up 2.44 per cent.
The numbers beat Street estimates — the REPORT CARD from ~6,284 crore in the same
quarter of the previous year.
122.6 million subscribers in
the preceding two quarters.
adjust the excess amount col-
lected from Vi as part of its ear-
according to Trai data released on Monday. Reliance Jio’s addition Bloomberg consensus estimate had pegged Consolidated figures (~ cr) % chg The average revenue per However, the firm con- lier merger-related liabilities
of 3.4 million mobile subscribers pushed up its wireless subscriber revenue at ~18,034.3 crore and adjusted net Q3 Q2 Q3 Q-o-Q Y-o-Y user (ARPU) for the quarter rose tinued to lose customers to against its statutory licence fee
tally in November. PTI income at ~5,137.7 crore. Sequentially, revenues FY23 FY24 FY24 to ~145, up from ~142 and ~139 larger rivals, Reliance Jio and and spectrum usage dues.
were up 1.11 per cent and net profit 8.93 per cent.
Revenues 17,705 17,774 18,019 1.4 1.8
The current tax for the quarter, at ~1,238.80, was
ONDC-linked ride-hailing app lower than Q3FY23.
The company said it had reassessed its pro-
Other income 595 665 657
PBT 6,844 6,656 6,688
-1.2 10.3
0.5 -2.3 AdaniGreenEnergy Adani Energy
Namma Yatri drives into Chennai visions relating to uncertain tax positions for Net profit 5,007 4,898 5,335 8.9 6.6
Solutions net
Namma Yatri, an auto booking app, part of the Open Network for
Digital Commerce (ONDC), on Monday announced that it has
earlier years based on a favourable order of the
Supreme Court during the quarter.
This resulted in a credit of ~468.44 crore in
Source: Company Compiled by BS Research Bureau
profit surges 148% down 27%
commenced operations in Chennai. The app, with over 5 million the current tax expense for the quarter and nine nue stood at ~5,218.25 crore in Q3FY24 com- Adani Green Energy on up our execution capability by Adani Energy Solutions (AEML)
downloads, has been customised for Chennai, including the months ended December 31, 2023. The board pared to ~4,848.95 crore in the year-ago period. Monday posted an over 148 focusing on a resilient supply on Monday posted over 27 per
availability of the driver app in Tamil and an enhanced user recommended an interim dividend of ~6.25 per Pre-tax profits rose to ~433.80 crore from per cent jump in net profit to chain with emphasis on local- cent decline in its net profit to
booking experience to prominent locations. ARYAMAN GUPTA share for the FY24. ~351.91 crore a year ago. ~256 crore in the quarter ended isation, digitalisation at scale, ~348.25 crore in the October-
ITC said amid a challenging macroeco- The company said FMCG businesses deliv- December 2023, on the back of workforce expansion, and December quarter compared
nomic and operating environment and high ered resilient performance amid a slowdown higher revenues. competency building,” said to the year-ago period.

Samsung to start base effect in some operating segments, the

company delivered a resilient performance
during the quarter.
in consumer demand. Staples, dairy, bever-
ages, fragrances, personal wash, homecare,
agarbattis, Classmate notebooks and pens
The consolidated net profit
stood at ~103 crore in the year-
ago period. Total income rose
Amit Singh, CEO of Adani
Green Energy.
The company’s operational
The company had reported
a consolidated
net profit of ~478.07 crore

making laptops The cigarettes segment witnessed consoli-

dation on a high base after a period of sustained
growth momentum, the company said.
drove growth.
Competitive intensity remained high in cer-
tain categories such as biscuits, snacks,
to~2,675croreinQ3from~2,256
crore year-on-year (Y-o-Y)
“With the recently
capacity grew 16 per cent
Y-o-Y to 8,478 Mw with green-
field addition of 700 Mw solar-
in the quarter ended on
December 31, 2022. AEML in an
exchange filing explained

in India this year Revenue from cigarettes stood at ~8,295.18

crore in Q3FY24 compared to ~8,085.72 crore
in the year-ago period. Pre-tax profit was at
noodles and popular soaps, including from
local/regional players, ITC said.
The hospitality segment clocked its best
announced equity and debt
capital raise, we have put in
place the capital management
wind hybrid, 304 Mw wind,
and 150 Mw solar projects.
The sale of energy rose
that the profit in Q3FY24
includes a miscellaneous
income of ~136 crore on
PRESS TRUST OF INDIA ment to strengthen manufac- ~4,966.57 crore, a rise from ~4,862.33 crore a quarterly performance. Revenue from the framework for a growth path 59 per cent Y-o-Y to 16,293 mil- account of the $120 million
Gurugram, 29 January turing in India, he added. year back. hotels segment was at ~872.46 crore in Q3FY24 to the targeted 45 Gw capacity lion units in the April- bond buy-back. PTI
The firm will also manufac- In the non-cigarettes FMCG segment, reve- compared to ~739.32 crore a year back. by 2030. We continue to ramp December 2023 period. PTI
SouthKoreanelectronicsmajor ture the recently launched
Samsung plans to start man- Galaxy S24 series smartphone Mahindra Logistics
ufacturing laptops at its Noida
factory this year, a senior com-
panyexecutivesaidonMonday.
at the Noida factory.
“Noida is a very important
production base for Samsung.
Marico Q3 profit rises 17% as input costs decline logs loss for fourth
straight quarter
Terming India as its imp- It is our second-largest base. REUTERS The firm’s total expenses declined predicted a low single-digit revenue economic indicators, government
ortant manufacturing base, There may be some changes Bengaluru/Chennai, 29 January 5 per cent to ~1,970 crore, as cheaper decline due to weaker rural demand. spending, and “conducive” consumer Mahindra Logistics reported a
Samsung Electronics President at the plant to optimise it as dried coconut or copra, edible oils, Sales of “Parachute” coconut oil, pricing amid a “benign input cost loss for a fourth straight
andHeadofMobileeXperience per the global demand, but Homegrown FMCG major Marico and crude derivatives brought which it says accounts for 34 environment.” quarter, hurt by mounting
Business, TM Roh said that the what remains unchanged is reported better-than-expected third- input costs down 21.6 per cent. per cent of domestic reve- Earlier this month, rival Hindustan costs and a persistent decline
preparation for the manufac- the fact that it is an important quarter (Q3) profit on Monday, as As a result, its Ebitda nue, grew 3 per cent. Sales Unilever reported profit below esti- in its express cargo business
turing is in progress in India. base for us,” Roh said. declining raw material costs out- (earnings before interest, taxes, of “Saffola” edible oils fell mates as competition in the consumer amid stiff competition. The
Roh said the company has The Noida plant has weighed a drop in revenue. depreciation, and amortisation) while that of hair oils grew, goods space heated up and demand in logistics arm of the Mahindra
received support at various already started making feature The consumer goods manufacturer margin expanded to 21.2 per cent the firm said without speci- rural regions remained low. Grouppostedaconsolidated
levels from the state and cen- phones, smartphones, wear- reported a net profit of ~383 crore ($46.1 from 18.5 per cent last year. fying the numbers. Marico’s shares fell 2.3 per cent dur- netlossaftertaxof~17.41crore
tral governments. able, and tablets, and now will million), up nearly 17 per cent from last Marico’s revenue, however, dipped Marico said it remained ing the December quarter, compared inthequarterendedDecember
The company will continue start manufacturing laptops year, and surpassing analysts’ estimate 2 per cent to ~2,422 crore, aligning with optimistic of a demand recovery this with a 10.4 per cent gain in the Nifty 31,comparedwithaprofit
to cooperate with the govern- this year. of ~374 crore as per LSEG data. its forecast earlier this month which calendar year, citing improving macro- consumer goods index . of~1.39croreY-o-Y. REUTERS

14 startups fine-tune ops for D-Street debut

recentlyreporteda42percent bookings,thefirmexpectsto
growthinoperatingrevenuefor reportadjustedearningsbefore
FY23at~14,845crore.Itstotalloss interest,tax,depreciation,and
declinedby9percentto~4,026 amortisationofaround
ARYAMAN GUPTA Sourcessaidthatthe crore,accordingtodatabybusiness ~800crorein2023-24.
New Delhi, 29 January Bengaluru-basedfirmislooking intelligenceplatformTofler. OravelStays,theparentfirmof

Layoffs,corporaterestructuring,
toletgoof350-400employees,or
6percentofits6,000-strong
PROFITABILITY PUSH Meanwhile,electricvehicle
companyOlaElectric,whichhas
Oyo,recentlyrefileditsDRHPwith
Sebiundertheconfidentialpre-
improvinggovernance,and,most workforce,aspartofanoperational SWIGGY FLIPKART alsofileditsdraftredherring filingroute.Theissuesizeforthe
importantly,targetingprofitability. efficiencydrive,BusinessStandard n Looking to lay off prospectus(DRHP)withthe company’spubliclistingwas
n Looking to lay off
Asmanyas14Indianstartupsthat hadreportedearlier. 250-400 employees SecuritiesandExchangeBoardof reducedbyalmosthalftobetween
areeyeinginitialpublicofferings Afteraprolongedperiodofhigh
1,000 employees India(Sebi),isalsolookingat $400billionand$600billion,allof
n Shut down businesses n Grocery business grew
(IPOs)thisyeararepullingoutall cashburn,thecompanyhas,since buildingvolumesbeforeitsIPO whichwillberaisedthrougha
thestopstoensuresuccessful lastyear,undergone n May increase platform by 50% in the last openssometimeinMarchifitgets primaryissuance,inabidtorepay
fee up to ~10 six months
IPO-BOUND
debutsonstockexchanges. retrenchmentsbywayoflayoffs regulatoryclearancesintime. mostofthefirm’sdebt.
STARTUPS
Althoughamajorityof andshuttingmanyofitsunviable Thefirmgrabbedamarketshareof “Unlikeprivatemarketsthat
companieslookingtogopublicare businessverticals.Thefirmalso OYO THAT ARE over41percentintheelectrictwo- valuefuturegrowth,public
notprofitableyet,manyare introduceda~2platformfeeforall
PROFITABLE: wheelermarket,itshighestin marketsprioritiseprovenvalue.
n Turned cash flow
employingcost-cuttingmeasures itsusers,whichmaynowgoupto OLA ELECTRIC n PayU calendaryear2023with30,219 Successreliesonshowcasing
positive in Q4FY23,
toimprovetheirfinancialhealth. ~10.Thisledtoitsfooddelivery n Grabbed a market marking its first n Garuda registrationslastmonth.Ithasalso tangibleachievementsand
“Keyindicatorsforastartup’s businessturningprofitableinthe share of over 41% in the Aerospace beenapprovedforIndia’s performancemetrics.Public
profitable quarter
IPOsuccessincluderobust January-Marchquarter(fourth n Go Digit production-linkedschemes—one marketsalsodemandstrong
e-2W segment, its n Expects to report
financialperformance,awell- quarter,orQ4)of2022-23(FY23) relatingtomanufacturing financialsandsustainable
definedbusinessmodel,aclear afterconsideringcorporatecosts
highest in CY23 adjusted Ebitda of n Unicommerce advancedautomotivetechnology businessmodelsandstartupsmust
growthstrategy,acompetitive andexcludingemployeestock n Got nod for two PLIs ~800 crore in FY24 n Perfios productsandanotheronadvanced demonstrateaclearpathto
marketposition,andacompelling options.SeveralofSwiggy’s cellchemistrybatteries. profitabilityforenduringsuccess
valueproposition,”saidAnkur investorshavesincemarkedupits ILLUSTRATION: AJAY MOHANTY SoftBank-backedhospitality inthepublicdomain,”saidPratip
Bansal,co-founderanddirector, valuation,indicatingahealthy reviewexercise,isintensifyingits governance,improvingkey thatthecompany’sfinancial majorOyoisyetanotherlarge Mazumdar,co-founderand
BlackSoil—aventuredebtfirm. growthtrajectory. effortstoachieveprofitability financeoperationsandfunctions, healthisimproving,accordingto startupthathasshoredupits partneratInflexorVentures.
FooddeliverymajorSwiggy,for Walmart-ownede-commerce aheadofitsIPO.Thecompanyis andtrimmingitsworkforce. sources.Headdedthatthecash marginsaheadofitsupcoming WhilelargerIPO-bound
instance,islayingoffemployees firmFlipkart,whichissimilarly planningtogopublicin2025-26 FlipkartChiefExecutiveOfficer losseswereatahistoriclowinthe publiclisting.Thefirmturned startupsareontracktoimproving
aheadofwhatislikelytobe2024’s planningtolayoff1,000employees insteadofthisyear.Topreparefor KalyanKrishnamurthyhelda monthofJanuary. cashflowpositiveinQ4FY23, theirfinancialhealth,several
biggeststartupIPO,withapotential —5-7percentofitsworkforce—as itsIPO,thefirmhasbeencreating townhallwithemployeeson FlipkartInternet,marketplace markingitsfirstprofitablequarter. smallerfirmsareaheadonthe
issuesizeof$1billion(~8,300crore). partofitsannualperformance aneffectivesystemofcorporate January25duringwhichhesaid armofthee-commercegiant, Bolsteredbyanincreasein profitabilityfront.

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BENGALURU | TUESDAY, 30 JANUARY 2024 COMPANIES 3 <

Byju’s eyes rights issue to raise Consumerstogetabreatherasdrug

pricesmayremainsamethisyear
$200 mn; valuation to fall 99% Move comes after hikes in previous two years were 12% and 10%
The post-money valuation of the edtech firm will be $230-$250 million SOHINI DAS is intense competition in the Indian mar-
Mumbai, 29 January ket. Therefore, companies take lesser
PEERZADA ABRAR price hikes for NLEM drugs on an aver-
Bengaluru, 29 January
‘Headisbloody,butunbowed’ Consumers are in for relief this year with
prices of drugs in the National List of
age than what is allowed by the NPPA,”
Jain added.

C
ash-strapped edtech firm Byju’s’ Essential Medicines (NLEM) likely to The government has been stringent
parent company said on Monday it AT A TIME when firm Byju’s is facing a Under the bludgeonings of chance, My remain unchanged due to a minuscule with pricing changes. Prices of 651 essen-
will raise $200 million by way of a multitude of challenges, delays in head is bloody, but unbowed,” said the change in the wholesale price index tial medicines in the NLEM came down
rights issue to all its equity shareholders, financial reporting and legal Byju’s founders in a letter addressed (WPI). This would come after the price from April 1 2023 by 6.73 per cent with
aiming to support growth and achieve disputes with lenders, the to the shareholders, and a copy hikes allowed (in line with a change in the government capping ceiling prices
operational sustainability. company founders have written of which was reviewed by WPI) in the previous two years were of these drugs. The NPPA had noted that
The proposed rights issuance by Think a letter to the shareholders and Business Standard. 12.12 per cent (2023) and 10.7 per cent with the capping of ceiling prices, the
and Learn Private Limited (TLPL) will fund to raise funding.The founders The founders said that they have (2022) respectively. cost of 651 essential drugs on average had
capital expenditure and support general told shareholders that they infused over $1.1 billion into the The prices of drugs in the NLEM are “The NPPA will announce the quan- already come down by 16.62 per cent.
corporate purposes. As the largest share- draw inspiration from these lines company over the past 18 months, capped by the National Pharmaceutical tum of price change allowed for NLEM “Due to this, the price of 651 essential
holders, the founders of Byju’s have per- in the poem Invictus by William as a testament to the steadfast Pricing Authority (NPPA), and the drugs in March which will be effective drugs, which was to go up by 12.12 per
sonally invested more than $1.1 billion in Ernest Henley. In the fell clutch and continuous faith in the annual price change allowed in this cat- from April 2024. We are awaiting clarity cent, has actually come down by 6.73 per
the company in the last 18 months. of circumstance, I have not business and its mission. egory is determined by the change in on whether this minuscule change in cent from April 1,” NPPA said last year.
“This rights issue is about those who winced nor cried aloud. PEERZADA ABRAR WPI over the last year. For non-NLEM WPI will be implemented resulting in a The NLEM was revised in 2022 and
care the most about Byju’s stepping up as drugs, companies are allowed to take a negative 0.0165 per cent change in prices. now covers 384 drugs covering around
we continue to turn the company around. 10 per cent raise. According to pharma That would require us to call back stocks 870 formulations. NLEM 2015 covered
Along with being a founder, I am also the a much lower valuation,” said a source. Byju’s said the rights issue demon- industry calculations based on the WPI in circulation from the market to re-label 376 drugs covering 800 formulations.
largest investor in the company. The funds In a letter to shareholders on Monday, strates the company’s proactive approach monthly data released by the Ministry the stock,” a senior official of an industry Analysts pointed out that price
raised will be exclusively utilised to clear the founders acknowledged the com- to securing capital for growth and ensuring of Commerce, the change in WPI in the body said, requesting anonymity. growth has been a major growth driver
immediate liabilities and meet opera- pany’s challenges and the tough decisions a promising future for all stakeholders. It calendar year 2023 over the previous year For the consumer, however, this year for the IPM. "If we analyse the growth
tional requirements, while maintaining it had made. aims to offer all existing shareholders the is minus 0.0165 per cent. “Therefore, the there would be practically no impact on drivers for the IPM over a period of time,
the current rights of our valued share- “As we prepare to face any challenge in chance to participate in this proposed cap- price change in NLEM drugs is going to prices of essential medicines. we can see that price growth has been a
holders,” said Byju Raveendran (pictured), the future, we draw inspiration from these ital raise to maintain shareholding without remain largely unchanged,” said an Sudarshan Jain, secretary general of major growth driver. In September 2022,
the company’s founder. “I am also happy lines in the (poem) Invictus by William the need to ascribe valuations. office bearer of a pharma industry body. the Indian Pharmaceutical Alliance price growth was 6.3 per cent while vol-
to share that Byju’s is now less than a Ernest Henley, ‘In the fell clutch of cir- The development comes at a time At least two industry bodies con- (IPA), said that with Schedule M being ume growth was 5.2 per cent. In March
quarter away from achieving operational cumstance. I have not winced nor cried when Ranjan Pai, chairman of Manipal firmed that according to the WPI change notified, the industry and government 2023, price growth was 5.7 per cent while
profitability, reflecting the effectiveness aloud. Under the bludgeonings of chance. Education and Medical Group, may (minus 0.0165 per cent), the prices of focus now on ensuring quality standards volume growth was 3.3 per cent,” said
of our strategic initiatives and the resil- My head is bloody, but unbowed’,” said the emerge as the major shareholder in Aakash medicines in the NLEM would remain for medicines. “The price rise of drugs Sheetal Sapale, vice-president, commer-
ience of our business model.” letter, a copy of which Business Standard Educational Services Limited (AESL), the unchanged for the consumer. recently has not beaten inflation, as there cial, Pharmarack, a market research firm.
If Byju’s raises $200 million, its post- has seen. test-prep firm owned by Byju's, with 39 per
money valuation will be between $230 mil- The founders stressed the importance cent stake. Aakash’s board has approved
lion and $250 million, a 99 per cent drop of raising capital to create a new path for to convert Pai's $300 million investment
from the $22 billion valuation the firm had
in 2022, according to sources.
strong shareholder value and prevent
further value impairment. The letter said
in 2023 into equity.
This strategy values Aakash Institute HCupholdsconstitutionalvalidity PM to meet
“This would allow every investor to par-
ticipate in the fundraising process and at
the rights issue will allow existing share-
holders to participate in the capital raise.
at approximately $700 million and would
position it as a debt-free entity.
ofanti-profiteeringunderGST CEOs of oil,
The Delhi High Court on Monday upheld the out the possibility of them hiking prices due
gas firms
constitutional validity of anti-profiteering to cost escalation, skewed input tax credit Prime Minister Narendra
COMPANIES CAUTIOUS PRIVACY CRITICAL FOR
CUSTOMER TRUST, NOT JUST
CONCERNS WITH GenAI
88%: Cite use of GenAI
provisions in the Goods and Services Tax
(GST). More than 100 companies, including
(ITC) and arbitrary use of power beyond
jurisdiction by anti-profiteering bodies in
Modi will next week meet
chief executives of top Indian
ON GenAI: CISCO A COMPLIANCE MATTER as a risk of disclosure Hindustan Unilever, Patanjali, Jubilant some cases which would now be deter- and foreign oil and gas firms,
Organisations are facing growing 92%: Recognise their of information to the Foodworks, and Phillips, filed petitions mined based on facts and numbers. where topics like energy
privacy concerns over the use of customers will not buy public competitors against the provisions. An appropriate remedy would be to supplies amid geopolitical
generative artificial intelligence from them if they do not The court held that the provisions get these matters listed before the division conflicts and attracting
(GenAI) while getting attractive 84%: Say use of GenAI pertain to a commensurate reduction bench for directions on February 8, said investments may be dis-
adequately protect their data
returns from investments in could replace their jobs of prices when GST rates are reduced or the court. cussed. Oil Minister Hardeep
privacy, according to Cisco’s latest 100%: Say external privacy 87%: Cite use of GenAI due to input tax credit and hence these “Thereafter, these matters would Singh Puri said the meeting
Data Privacy Benchmark Study. certifications is an important could replace other provisions are in the public interest. They be listed wherein these aspects of jurisdic- will happen on the sidelines
The findings highlight the factor in buying decisions employees are in line with legislative powers given tion, cost escalation, ITC skewed situation of the second edition of India
responses from 2,600 privacy and 98%: Believe organisation 88%: Say use of GenAI
under the Constitution. will now be addressed on a case-by-case Energy Week being held in
security professionals across have the responsibility to use The court, comprising a bench of acting basis,” said Abhishek Rastogi, founder Goa from February 6 to 9.
12 geographies. could be detrimental Chief Justice Manmohan and Justice of Rastogi Chambers, who argued Besides, there will also
data ethically for humanity
COMPILED BY AYUSHMAN BARUAH Dinesh Kumar Sharma, also provided a the petitions of some companies be an India-US investment
breather to the companies as it did not rule in the case. INDIVJAL DHASMANA roundtable. PTI
4 FINMIN ECONOMY REVIEW
>
BENGALURU | TUESDAY, 30 JANUARY 2024 1

Geopolitics may weigh on Innovation, tech needed

‘remarkable’ export show for nutritious food basket
Policy consistency TAKING STOCK
Likely surge in prices due to Red Sea attacks, says finance ministry report required to expand GVA for agriculture forestry and fishing (at basic prices)
SHREYA NANDI
production choices nGVA (%) 6.8 6.6 6.2 4.1 4.0
New Delhi, 29 January
TRADE SHOW for farmers: FinMin 2.1 1.8

P
rices may go up because of Trade deficit has widened over the last calendar year -0.2 0.6
higher energy costs, caused SANJEEB MUKHERJEE 2014 2015 2016 2017 2018 2019 2021 2022 2023
by the rise in shipping Value ($ bn) Exports Imports New Delhi, 29 January -15 -16 -17 -18 -19 -20 -22 -23 -24*
charges, with commercial vessels *First Advance Estimates; GVA is gross value added Source: MOSPI
70
taking a longer route to avoid the Indian farmers can be encouraged
troubled Red Sea region, the 58.25 to adopt technologies and practices
finance ministry said on Monday. 52.23 through policy consistency and con-
Iran-backed Houthi rebels of 60 tinuity, a finance ministry review of
Yemen are repeatedly attacking the Indian economy said.
ships in the Red Sea. That will expand their market
While the global economy is and production choices, keeping in
50
grappling with challenges such as view ecological considerations, nat-
sticky inflation, sluggish growth,
-19.8 ural resource availability, and
-16.45 TRADE
and mounting fiscal pressure, demand, according to the Review.
India’s external sector could face BALANCE 40 The review, released on Monday,
“potential risks” due to the ongoing before the government presents its
geopolitical tensions, according to Interim Budget on Thursday,
the finance ministry’s report on 35.78 stressed the need for continuous
38.45 30
the review of the Indian economy. Source: Department
innovation in crop varieties,
The Red Sea is vital for 30 per Jan ’23 Dec ’23 of Commerce technology adoption, and farming
cent of global container traffic and to meet the growing demand
12 per cent of global trade. As much for a diversified and nutritious food output and initial weakness in Yojana (PMFBY), have played a piv-
as 80 per cent of India’s merchan- bound shipments hit a record high merchandise trade. ments through schemes like pro- basket. rabi sowing. otal role in providing financial and
dise trade with Europe passes in the last two financial years, the “Setting export targets and duction-linked incentives, the Meanwhile, the Review said the Planting has been affected due income support to farmers,” the
through it. While freight and insur- pace of growth moderated in FY23 monitoring of these targets fol- finance ministry expects the agricultural sector, which is estimat- to the uneven monsoon in 2023. Review said.
ance premiums have risen, taking due to persisting geopolitical ten- lowed by course correction, provi- momentum of inflows will be sus- ed to constitute 18 per cent of India’s “India’s global dominance It added PM-KISAN, launched in
the Cape of Good Hope route has sions, such as the Russia-Ukraine sion of export credit insurance tained during the coming months. gross value added (GVA) in FY24 extends across agricultural com- 2019, supplemented the financial
resulted in a longer transit time. conflict. The moderation contin- services for short-term as well as “FPIs (foreign portfolio and is the bedrock of the economy, modities, making it the largest pro- needs of landholding farmers by
According to Nomura, so far, ued till November 2023 mainly on medium and long-term exports, investors) turned net buyers in had demonstrated remarkable ducer of milk, pulses, and spices transferring ~6,000 per year in three
the automotive and retail sectors account of weaker global demand. encouraging banks to provide FY24 (till January 9, 2024) in con- tenacity and resilience by contribut- worldwide. Given opportunities and equal four-monthly instalments.
are most affected by shipping The share of exports in GDP is also affordable and adequate export trast to the previous two financial ing significantly to economic recov- an appropriate policy setting, “As of December 12, 2023, over
delays, with production cuts in the estimated to moderate from FY23 credit to MSME (micro, small, and years on the back of rising confi- ery and development despite the India’s farmers have demonstrated ~2.8 lakh crore (~2.8 trillion) have
auto sector. Europe is most impact- to FY24, as a slowdown in global medium enterprises) exporters, dence in the prospects for the challenges posed by the global their capability to meet food been transferred to more than 11
ed, given its dependence on Asia demand has led to a decline in the enabling them to explore new mar- Indian economy and markets, sup- health crisis and variability in cli- demand of the rest of the world. crore (1110 million) beneficiaries,”
for supplies. “The economic demand for India’s exports, it said. kets and diversify existing prod- ported by the stability in foreign mate conditions. The potential is still huge,” the the Review said.
impact (on Asia) depends on the “Despite global shocks, India’s ucts competitively are some of the exchange reserves and external “Agriculture grew at a higher Review said. It said the government was
duration of these disruptions merchandise trade balance measures being taken towards this debt position vis-a-vis other coun- average annual rate of 3.7 per cent The Review talked of the various actively promoting digital inclusion
(which is uncertain) and whether improved markedly from a deficit end,” the report said. tries, among other factors,” it said, from FY15 to FY23 compared to 3.4 policy initiatives that the Narendra and mechanisation to foster produc-
it also extends to oil prices (not yet of $189.2 billion in April-November adding that growth in remittances per cent from FY05 to FY14. For the Modi government had initiated for tivity, adding that the government’s
seen). We see some downside risks 2022 to $166.4 billion in April- Investment was expected to be up to 8 per cent, year FY23, the sector grew at 4.0 per farmers since 2014 and how effec- push for technology adoption was
to near-term growth, due to higher November 2023 as a result of the The finance ministry said the “sub- taking remittance levels to $135 bil- cent as compared to the previous tive they had been. evident in its efforts to make drone
import costs and delayed export decline in imports,” the report said. dued global trends” had resulted lion in 2024. year,” the Review said. “The policy initiatives, such as technology affordable to farmers.
shipments, as well as potential pro- It further said a consistent rise in a dip in foreign direct invest- It said the stability of the rupee In FY24, the first advanced esti- Pradhan Mantri Kisan Maandhan On food security to the poor, the
duction delays, while firms may in services exports as well as remit- ment (FDI) into India, although the vis-a-vis other currencies during mate estimated GVA for agriculture Yojana (PM-KMY), Pradhan Mantri Review said ensuring it, especially
want to maintain higher invento- tances had enabled India’s current country continues to remain a pre- FY24, and easing inflationary pres- and allied sector at a seven-year low Kisan Samman Nidhi (PM-KISAN), for vulnerable populations, was the
ry,” Nomura said in note. account balance to remain within ferred destination among investors sures across the globe triggering of 1.8 per cent due to weak kharif and Pradhan Mantri Fasal Bima cornerstone of government policies.
a “comfortable range”. The current due to its young workforce and a expectations of rate cuts in future
Exports, balance on account deficit for the first half of large middle-class population. led FPIs to increase their exposure

Green policy pragmatism

current account FY24 dropped to $17.5 billion from Amid continuous reforms in to Indian markets by $28.8 billion
The finance ministry further said $48.8 billion during the same peri- the FDI policy, along with a thrust in the first half of FY24 from an
though India’s export performance od in the previous year, due to on improving infrastructure and outflow of $7.8 billion in first half
had been “remarkable” as out- broad-based improvements in logistics and facilitating invest- of FY23.

shaping India’s transition

Use of technology a common thread SHREYA JAI the emission intensity of the economy was 33 per cent by

in reforms undertaken in nine years

New Delhi, 29 January 2019 from the 2005 level, and an additional carbon sink
of 1.97 billion tonnes of carbon dioxide equivalent (CO2eq)
‘The Indian Economy: A Review’, in its chapter on India’s was created by 2019, exceeding the 2005 level.
climate action, has lauded the policies that balance eco- “The strengthened National Action Plan on Climate
SHIVANI SHINDE nomic growth and the country’s long-term climate action Change has been a prominent intervention for the imple-
Mumbai, 29 January

India’s positive growth outlook is anchored by

DIGITAL INITIATIVES The AI challenge plan. The Review highlights the government’s achieve- mentation of India’s climate action and comprises nine
ment in placing developmental priorities at the core of missions in specific areas, including solar energy, energy
its energy transition efforts. efficiency, water, sustainable agriculture, Himalayan
the digital revolution and the harnessing of > Expansionofdigitallearning Artificial intelligence (AI) is one of the “The Government of India’s policies and initiatives to ecosystem, sustainable habitat, green India, strategic
technology for inclusive growth, said a report throughSwayamPrabhaandMOOCs: challenges confronting the Indian achieve high economic growth, substantially improve the knowledge for climate change, and the recent Health
from the Department of Economic Affairs in 200 channels with over 13,000 contents economy, the report stated. The advent of standard of living, ensure food Mission,” according to the review.
‘The Indian Economy: A Review’. produced for telecast in 31 languages AI is a big challenge to governments and water security, manage dis- Beyond policy initiatives by
The report asserts that a common thread around the world due to the questions it aster risks, create resilient infra- the Centre, the Review also men-
through all the reforms undertaken during the > Entrepreneurshiptrainingto poses to employment, particularly in structure, improve health and tions steps taken by the financial
past nine years has been the use of technology 200,000beneficiariesbetween Apr services sectors, it said. social infrastructure, and take sector to tackle the increasing risk
and digital platforms. India’s digitalisation 2018 and Mar 2023 The review further added that AI may steps to conserve biodiversity and of climate change and main-
reforms and the resulting efficiency gains in remove the advantage of cost natural resources are measures to stream climate considerations
terms of greater formalisation, higher financial > 114,902DPIIT-recognisedstartups competitiveness that countries exporting enhance resilience,” notes the into the financial economy. It
inclusion, and more economic opportunities across 763 districts as of Oct 31, 2023 digital services enjoy.Artificial Intelligence Review. The Review emphasises cites Securities and Exchange
stand as a model for other economies to (AI) is one of the challenges confronting the importance of finding the Board of India’s role as one of the
> 445mnloansworth~26.1trn
follow. The creation of digital infra- the Indian economy, the report stated. right balance between develop- early adopters of sustainability
structure has enabled the establish- sanctionedunder MUDRA The advent of AI is a big challenge to ment and emissions mitigation. reporting for listed entities, with
ment of digital identities, Yojana, with 68% accounts governments around the world due to the “It begins with the realisation mandatory environmental,
improved access to finance, belonging to women questions it poses to employment, that wishing away the trade-off is social, and corporate governance-
access to markets, reduced trans- entrepreneurs particularly in services sectors, it said. the wrong place to start. related disclosures for the top 100
action costs, and improved tax The review further added that AI may Fortunately, near-term pragma- listed entities (by market capital-
collection, providing the founda- > 450,000commonservice remove the advantage of cost tism, blended with a clear long- isation) since 2012.
tion for sustained and accelerated centres set up in rural areas competitiveness that countries exporting term goal of reducing depend- “Steps like the introduction of
economic growth this decade. till Nov 30 digital services enjoy. ence on fossil fuels, is shaping the regulatory framework for issu-
Some of the important indicators India’s policies towards energy ing green debt securities,
include internet penetration in India, transition,” states the Review. ‘Framework for Sovereign Green
financial inclusion, and access of vulnerable “With the CoWIN app, India has been suc- to the country’s services sector. The India Stack Citing climate change as one Bonds’, ‘Framework for
sections to direct benefits.
According to the ‘Internet in India’ report
cessful in implementing one of the world’s
largest vaccination programmes, with 2.21 bil-
consists of three interconnected layers — iden-
tity (Aadhaar), payments (Unified Payments
of the biggest threats to global
economic growth, the Review
GREEN STRIDES Acceptance of Green Deposits’ by
the Reserve Bank of India, the
2022, it crossed the 50 per cent mark in 2022, lion vaccination doses administered to the pop- Interface, or UPI, Aadhaar Payment Bridge, acknowledges India as one of the 187 Gw: Non-fossil fuel based inclusion of mitigation projects
growing more than threefold since 2014. ulation aged 18 years and above. Up to July Aadhaar Enabled Payment Service, or AePS), few countries where the growth electricity capacity till Nov 2023. such as those in renewable energy
“Aadhaar has been a major game changer 2023, India had launched 431 foreign satellites, and the data layer (account aggregator). of green energy and allied ecosys- It is 43.9% of total electricity basket in the priority sector lending
across domains in India. It has facilitated the of which 396 had been launched since June “Before Aadhaar, only one in 25 citizens had tems has matched the economic rules, the issue of sovereign green
transfer of over ~34 trillion to more than 11.67 2014,” said the Review. any form of formal identification, and just one pace. The Review also under- 33%: Reduction in emission intensity bonds, and rules for financial dis-
till 2019 from 2005 level
billion beneficiaries under the direct benefit Besides the structural reforms across vari- in four had bank accounts. The value of scores India’s achievements in closures and reporting of non-
transfer, and on average, more than 2 billion ous sectors, the government’s emphasis on transactions conducted on the UPI platform meeting climate action goals. 1.97 bn tonnes: Additional carbon financial data, including informa-
Aadhaar-based authentications are happening developing public digital infrastructure during has increased multifold from ~7,000 crore in India has already surpassed sink of CO2 equivlent created by 2019. tion on sustainability impacts by
every month,” noted the Review. The report the last few years has also been a game changer 2016-17 to ~143.4 trillion in 2023-24 (April- the targets for building non-fossil It is higher than the 2005 level top companies, all aim to foster
highlights the success of the CoWIN application
(app) and how India effectively dealt with the
in enhancing the economic potential of indi-
viduals and businesses. The Economic Review
December 2023). fuel-installed electricity capacity,
reaching 43.9 per cent in
100 mn : LPG connections under and develop a green finance
ecosystem in the country,” adds
PM Ujjawala Yojana
scourge of the Covid-19 pandemic. states that India Stack has given a digital face More on business-standard.com November 2023. The reduction in the Review.

Agri, self-employment drive women participation in rural workforce

SHIVA RAJORA
New Delhi, 29 January
rural female FLFPR has been
accompanied by a rise in the AT WORK reflected in the Periodic Labour
Force Survey (PLFS) data
of skilled agriculture labour (up
from 48 per cent in 2018-19 to 59.4
share of self-employment and Sharp uptick in rural female labour force participation rate showing a significant shift in per cent in 2022-23). It also shows
Higher presence in agriculture agriculture among working n2017-18 n2022-23 (%) females away from domestic a decline in the share of
and the rise in entrepreneurship women, points which deserve duties,” the report notes. elementary agriculture labourers
among women in rural India are greater scrutiny,” the report Besides, the report also notes using considerable physical
driving their participation in the notes. that male workforce is tilting effort, from 23.4 per cent to 16.6
workforce in recent years, said a In rural areas, the FLFPR has away from agriculture due to men per cent over the same period.
finance ministry report titled increased to 41.5 per cent in 2022- taking up rising opportunities in “Among skilled agricultural
‘The Indian Economy: A Review’ 23 from 24.6 per cent in 2017-18, the non-agriculture sector, while female workers, market-oriented
released on Monday. whereas in urban areas, it has women at home move to farm to workers drive the expansion,
The report authored by a gone up to 25.4 per cent from 20.4 fill in for the men. The rise in the possibly filling up for the men
group of economists in the per cent, during the same period. share of agriculture in the rural leaving agriculture and
finance ministry, led by chief The report explains that the female workforce has gone up to contributing to family income.
economic advisor V Anantha rise in rural female employment 76.2 per cent in 2022-23 from 73.2 Thus, the feminisation of
Nageswaran, pointed out that the has been contributed by both the per cent in 2017-18. The share of agriculture also points to a much-
female labour force participation own account worker/employer 24.6 41.5 20.4 25.4 23.3 37.0 agriculture in the rural male needed structural shift within
rate (FLFPR) has been rising for at category (share rising from 19 per Rural Urban Rural + urban workforce has declined to 49.1 per agriculture, where excess (male)
least six years now, to 37 per cent cent in 2017-18 to 27.9 per cent in *2017-18 refers to Jul 2017-Jun 2018 Source: The Indian cent from 55 per cent during the labour moves out and the
in 2022-23 from 23.3 per cent in 2022- 23) and the unpaid helper and so on Economy: A Review same period. remaining (female) is utilised
2017-18. category (from 38.7 per cent to The report also notes that efficiently. Thus, female
“While urban FLFPR has also 43.1 per cent). This indicates a “This is plausibly a growth in agriculture output and to basic amenities such as piped there has been a structural shift participation in rural India is
been rising, the rural FLFPR has rising contribution of females to culmination of many factors, freeing up women’s time due to drinking water, clean cooking among rural female workforce. It productive and remunerative,”
seen a sharp growth. The rise in rural production. including continuous high substantial expansion of access fuel and sanitation. This is also is marked by a rising proportion the report notes.
.
BENGALURU | TUESDAY, 30 JANUARY 2024 5
<

CIN: L65910MH1987PLC042961
Registered Office: Akurdi, Pune - 411 035 | Corporate Office: 4th Floor, Bajaj Finserv Corporate Office,
Off Pune - Ahmednagar Road, Viman Nagar, Pune - 411 014 | Tel. : 020-71576403 Fax: 020-71576364
E-mail ID: [email protected] | Website: https://www.aboutbajajfinserv.com/finance-about-us

Extract of unaudited consolidated financial results for the Quarter and Nine months ended 31 December 2023
(` in crore)
Sr. Particulars Quarter ended Nine months ended Quarter ended
No. 31.12.2023 31.12.2023 31.12.2022
(Reviewed) (Reviewed) (Reviewed)
1 Revenue from operations 14,161.09 40,037.16 10,787.25

2 Profit before tax 4,895.52 14,204.49 4,011.68

3 Profit after tax 3,638.95 10,626.64 2,973.00

4 Total comprehensive income (Comprising profit for the period 3,658.43 10,700.17 3,016.70
and other comprehensive income after tax)

5 Paid-up equity share capital 123.54 123.54 120.86

6 Other equity as shown in the Balance Sheet of the previous year 54,251.09

7 Earnings per share (not annualised)

(Face value of ` 2 each)
Basic (`) 59.42 174.93 49.20
Diluted (`) 59.20 174.22 48.96
Key standalone financial information is given below: (` in crore)
Sr. Particulars Quarter ended Nine months ended Quarter ended
No. 31.12.2023 31.12.2023 31.12.2022
(Reviewed) (Reviewed) (Reviewed)
1 Total Income 12,103.62 34,179.29 9,214.69

2 Profit before tax 4,291.30 12,486.62 3,540.28

3 Profit after tax 3,177.39 9,242.20 2,624.22

Note: The above is an extract of the unaudited financial results for the quarter and nine months ended 31 December 2023 which have been reviewed by the
Audit Committee and approved by Board of Directors at its meeting held on 29 January 2024, subjected to limited review by joint statutory auditors and filed
with the stock exchanges under Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. These
financial results have been prepared in accordance with Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with the
Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time and other recognised accounting practices generally accepted in India
along with the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) and the National Housing Bank (NHB) from time to time. The full
format of the aforesaid financial results is available on the website of the Company, BSE Limited and National Stock Exchange of India Limited i.e.
https://www.aboutbajajfinserv.com/finance-about-us, www.bseindia.com and www.nseindia.com respectively.

By order of the Board of Directors

For Bajaj Finance Limited
Pune Rajeev Jain
29 January 2024 Managing Director
6 ECONOMY & PUBLIC AFFAIRS
>
BENGALURU | TUESDAY, 30 JANUARY 2024 1

Modi 2.0: Spend on health, Unanimity among

current RBI MPC’s
education remains low internal members
Interest payments, subsidies HEALTH Voting pattern of external members more varied
account for big chunk of outlays

ILLUSTRATION: AJAY MOHANTY

MANOJIT SAHA & ANJALI KUMARI
Mumbai, 29 January
INDIVJAL DHASMANA
New Delhi, 29 January All eyes will be on the mone-
tary policy committee (MPC)

T
he Modi government 2.0 has been able to utilise as the rate-setting body meets
a small portion of its allotment on education and on February 6-8, days after the
health because expenditure on items such as Interim Budget presentation.
interest payments and major subsidies namely food, The committee has largely
fuel, and fertiliser, has consumed one-third of the total been unanimous in its decision
spending pie, according to a Business Standard analysis on rate and stance since its
of Budget documents. Another 12 per cent was allocated inception in October 2016.
to secure borders and maintain law and order.
Expenditure on health declined below 2 per cent of EDUCATION PENSION The first MPC formulated
policies between October 2016 HOW MPC VOTED
the total in two financial years — 2022-23 (Revised and August 2020.
Estimates, or RE) and 2023-24 (Budget Estimates, or BE) The second MPC, with
— compared to around 2.4 per cent in the first year of its three new external members, Total policy
second term (2019-20 or FY20). was established in October reviews
Similarly, allocation to education came to just 2.4-2.5 2020. External MPC members
per cent of expenditure in the ongoing and last financial
years against 3.3 per cent during 2019-20.
have a fixed tenure of four
years, which cannot be
MPC 1 (Oct 2016-
Aug 2020) 24 MPC 2 (Since
October 2020) 21
If one adds a safety net in the form of pension, expen- extended. Michael Patra is the
diture on three items (education, health, and pension) only member who has been
declined to 9.7-10 per cent during FY23 and FY24 against part of the MPC since its incep- Voting pattern Voting pattern
12 per cent in FY20. However, it should be noted that tion, first as a Reserve Bank of in MPC 1 in MPC 2
expenditure on pension is largely to central government India central board-nominated
Internal members Internal members
employees, though there are pension schemes for vulner-
able sections such as the unorganised sector. DEFENCE HOME AFFAIRS member when he was the
executive director, and then as On rate: Voted On rate: Voted unanimously
A research note on “Social State”, penned by the deputy governor in charge
differently 5 times in all 21 meetings
Emmanuel Saez in a magazine of the International of monetary policy.
Monetary Fund, found the bulk of the government spend- The first MPC On stance: Were On stance: Voted
ing in Europe was devoted to so-called regalian public determined the outcomes of 24 unanimous on unanimously in all
goods such as law and order and national defence, among monetary policies, while the all occasions* 21 meetings
others, until the early 20th century. In contrast, the growth second MPC has held 21 meet-
of government over the 20th century in advanced econ- ings so far. All internal External members External members
omies was almost entirely due to growth in “social state”, members of the current MPC
which provides education, childcare support for the voted unanimously, both in On rate: Voted differently On rate: Voted differently
young, health care for the sick, and retirement benefits terms of rate action and stance, in 11 policy meetings on 3 occasions
for the old as well as an array of other forms of income in all 21 policies. On rates, inter-
On stance: Voted On stance: Voted
support, according to Saez. While expenditure on educa- nal members voted differently
tion and health care by the Centre has remained low, food on five occasions in the first
differently on differently in 13 of 21
subsidy swelled during Covid-hit 2020-21, which can also INTEREST PAYMENTS MAJOR SUBSIDIES MPC. Regarding the stance, 3 occasions policies
be taken as an indication of the social state. It was, Expenditure (~ cr) % of total expenditure Expenditure (~ cr) % of total expenditure data available since October Note: *Data available since Oct 2018 Source: RBI
however, rationalised compared to 15.42 per cent of expen- 12,00,000 28 8,00,000 24 2018 shows that the first MPC
diture that food subsidy accounted for in the first Covid 23.98 internal members voted unan-
22.78
year. Food subsidy accounted for 7.62 per cent in 2021-22, imously. Voting patterns were the second MPC voted differ- is available since October 2018.
9,00,000 21 6,00,000 18
and was brought down to 6.85 the next year (RE) and 4.38 much more varied among ently on 13 occasions. External The present MPC comprises
per cent this financial year (BE). The subsidy projected 8.32 external MPC members. member Jayanth Varma, a pro- RBI Governor Shaktikanta
for FY24 as part of total expenditure is almost the same as 6,00,000 14 4,00,000 12 In the second MPC, exter- fessor at the Indian Institute of Das, Deputy Governor
8.5
4.04 per cent in the pre-Covid year of 2019-20. However, nal members voted differently Management, Ahmedabad, Michael Patra, and executive
its RE is likely to further rise as the government extended 3,00,000 7 2,00,000 6 three times on setting the pol- voted against a resolution on director Rajiv Ranjan as
8,05,499
6,79,869

10,79,971
9,40,651
6,12,070

4,46,150

5,21,585
2,28,341

3,74,707
7,07,707

free foodgrains to 800 million people for the next five icy repo rate. In the first MPC, most occasions. In the first internal members; and
years, including the last quarter of 2023-24. Similarly, there 0 0 0 0 external members voted differ- MPC, external members were Ashima Goyal, Jayanth R
are schemes run by the government for farmers such as 2019-20 2020-21 2021-22 2022-23* 2023-24** 2019-20 2020-21 2021-22 2022-23* 2023-24** ently on 11 occasions on the not unanimous on three occa- Varma, and Shashanka Bhide
PM-Kisan, and for poor women such as Ujjwala, etc. *Revised estimates, **Budget estimates Sources: Budget papers rate. Concerning the stance, sions on stance, for which data as external members.

ACCENT REGION > FROM PAGE 1

“We are not expecting any
big-bang reforms in this DoT asks telcos for audit
Budget. As long as it is more

RIL drives of the same, like a thrust on

capital expenditure, the mar-
after claims of data leak
CHHATTISGARH UTTAR PRADESH mkts to best kets would be happy,” said
Holland. of 750 million users
Incubators in
Raipur civic body to day in 2 mths
The market breadth
remained positive, with 2,252 The Department of Telecom telecom operators to get a

colleges soon According to market players,

stocks advancing and 1,671
declining. Four-fifths of
has asked service operators
for a security audit of their
security audit of their sys-
tems,” a senior government

issue green bonds

investors showed interest in Sensex stocks gained. Foreign systems following claims by official said. The officer,
to fuel startups energy stocks, expecting
increased budgetary outlay to
portfolio investors were net
buyers of shares worth ~110
a cybersecurity firm that
data of 750 million Indian
however, said that telecom
operators have informally
VIRENDRA SINGH RAWAT the sector on February 1. crore on Monday, while subscribers has been leaked, shared with the department
R KRISHNA DAS Lucknow, 29 January RIL shares got an domestic institutional inves- a government official said. that the leaked information
Raipur, 29 January additional boost from reports tors bought shares worth Cybersecurity firm claimed in the ClouSEK
Uttar Pradesh is planning to inte- that Walt Disney’s India unit ~3,221 crore, according to the CloudSEK has claimed that report seems to be a compi-
Raipur Municipal Corporation (RMC), the grate higher education with incu- is valued at less than half the provisional data from the its researchers have found lation of old data sets of tele-
civic body in Chhattisgarh’s capital, is plan- bators to support business ideas initial price in a proposed exchanges. that hackers are selling 1.8 com subscribers and it is not
ning to launch green bonds in the current through angel funding. merger with the company. terabyte of database com- due to any vulnerability in

7% growth in
financial year to execute infrastructure With 63 incubators already RIL shares rose 6.8 per prising 750 million Indian their system.
projects. operational, the government is cent to a record high of mobile consumers on the CloudSEK in its report
Under the plan, the RMC is seeking to raise working towards setting up one at ~2,896, valuing the company dark web. The hacker has last week said that its
~200 crore. The proposal is in the final stages.
And, a detailed project report (DPR) has been
every higher education institution
across 75 districts.
at ~19.6 trillion. The stock is
trading at a one-year for-
FY25: FinMin denied any involvement in a
breach and has claimed to
researchers have found that
CYBO CREW affiliates
prepared to utilise the funds raised from the
bonds, a senior RMC official said.
According to a KPMG report,
Uttar Pradesh emerged the coun-
warded price-to-earnings
(PE) ratio of 24.2 against its
review ahead have obtained the data
through undisclosed assets
CyboDevil and UNIT8200
have recently advertised a
“We have completed all the formalities and
have obtained the required clearances,” the
try’s fourth-largest startup ecosys-
tem, with eight unicorns and two
10-year average of 15.2.
“The company’s val-
of Budget working within law enforce-
ment channels, CloudSEK
massive Indian Mobile
Network Consumer Database
official said, adding that the proposal will be potential soonicorns. At present, uations are a bit stretched, said. “The DoT has asked for sale. PTI
sent to the state government for final two soonicorns are working in the but they are coming with new The report said the Indian
approval. Once it gets nod, the RMC will Fund raised through the green bonds will state — Class Plus and InShorts. income streams. We do not economy would face three
launch public issues of the green bonds. be used for plying e-buses in Raipur and Of nearly 10,000 recognised know whether these projects key challenges in the coming
Efforts are on to launch the bonds in the setting up a sewage treatment plant startups in the state, 50 per cent will lead to a huge cash flow, years — slower growth in > BS SUDOKU # 4192
current financial year as the corporation has come from tier-II and –III cities. but there is a possibility given global trade; impact of artifi-
made a provision in the 2023-24 budget of the The official added that the fund raised More than 4,300 are being run by their track record of project cial intelligence on trade in
civic body. The bonds will be sold through through the green bonds will be used for ply- women entrepreneurs. UP is implementation,” said Bhat. services, and employment;
post offices, banks, demat and net banking ing e-buses in Raipur and setting up a sewage home to eight of 108 Indian The market players said and energy transition. “The
accounts. Besides, they will also be available treatment plant. The RMC is planning to keep unicorns — Paytm, Paytm Mall, HDFC Bank’s shares Indian economy is better
in the office of the RMC. the rate of interest at up to 9 per cent. India Mart, Moglix, Pine Labs, increased on value buying placed than ever to take on
A green bond is a debt security issued by “It will help mop up maximum funds as Innovaccer, InfoEdge, and following a 15 per cent decline these three key challenges
an organisation for the purpose of financing the higher interest rate attracts the investors,” Physics Wallah. due to the weak December- because of the policies
or refinancing projects that contribute posi- the official added. Over 500 colleges are affiliated quarter results. Both HDFC adopted and implemented in
tively to the environment. A green bond is Once the issue is open, the priority of offi- with the state’s nodal technical Bank and RIL have a signifi- the last decade,” Nageswaran
alternatively known as a climate bond. cials will be to complete all the projects at the education varsity — the APJ cant weighting in the Nifty, wrote in the preface to the
The official, however, did not elaborate earliest. This will help minimise the interest Abdul Kalam Technical Uni- at 11.2 per cent and 9.6 per report.
on which green projects it will invest in via burden, the official said. Citing an example versity. It aims to set up the pro- cent, respectively. The report highlighted
the bonds. Another official said, initially, of a corporation in Madhya Pradesh, the offi- posed incubators by March under Amidst measures by the priority areas for future
three mega commercial complexes were to cial said it launched the green bond and raised the UP Startup Policy 2020. Chinese government to sta- reforms include skilling,
be constructed. money for a solar power plant. The project These incubators will help start- bilise equity markets, some learning outcomes, health,
The three are located in a prime location got delayed for over a year and the corporation ups with funding, marketing, of Asia’s peers experienced energy security, reduction in
of the state capital. is struggling to pay the interest. and mentorship. gains. compliance burden for
Investors are now closely micro, small and medium
monitoring the Federal enterprises, and gender bal-
RAJASTHAN Reserve’s monetary policy
decision on Wednesday and
ancing in the labour force.
The report said in the

Open mkt to rescue as power cuts hit irrigation India’s

on Thursday.
Union Budget

The Bank of England will

next three years India was
expected to become the
third-largest economy in the
R KRISHNA DAS Suresh Aggarwal criticised the reducing electricity prices.“We energy like solar energy for announce its rate decision on world, with GDP of $5 tril- SOLUTION TO #4191
Raipur, 29 January state for not providing suffi- estimate a 7 to 10 per cent domestic as well as industrial Thursday, and a bunch of lion, and achieve the $7 tril-
cient electricity. “How will reduction in production due sectors,” Biyani said. macro indicators from the lion target in the next six to
Very hard:
Power companies in Rajasthan India become the to the ongoing power Earlier this month, Chief developed world will deter- seven years by 2030. « «« ««
are imposing four-to-five hour third-largest world The government cuts,” Minister Bhajan Lal Sharma mine the market trajectory. “Ten years ago, India was Solution tomorrow
cuts to meet the domestic economy without should do he said. addressed the increased elec- “FPI flows will give a fresh the 10th largest economy in
demand, causing losses to electricity? The whatever is Prem Biyani, tricity demand during the rabi impetus. It was not very the world, with a GDP of $1.9
winter crop irrigation, indus- first task for the necessary to executive president of season by seeking temporary encouraging for the last few trillion at current market
HOW TO PLAY
try bodies claim. state government increase All Rajasthan Trade allocation of 1,000 megawatt days,” said Bhat. prices. Today, it is the 5th Fill in the grid so that
This is prompting the should be to fulfil production, say and Industry from the Centre to ensure Andrew Holland, chief largest with a GDP of $3.7 tril- every row, every col-
Rajasthan Urja Vikas Nigam to whatever is neces- Association, high- adequate power supply. The executive officer, Avendus lion (est. FY24), despite the umn and every 3x3
industry bodies
purchase electricity from the sary to increase lighted the challenges coal supply issue from Parsa Capital Public Markets pandemic and despite inher- box contains
open market, sources in the production,” for continuous opera- East-Kanta Basin may impact Alternate Strategies, said iting an economy with the digits 1 to 9
state energy department said. Aggarwal said, urging the gov- tion in industries. “In such a Rajasthan Vidyut Utpadan investors would be watching macro imbalances and a
Rajasthan Federation of ernment to focus on increas- situation, the state should pro- Nigam's capacity units, add- for any negative surprises in broken financial sector,”
Trade and Industry President ing industrial production and mote alternative sources of ing to the power crisis. the Budget. it said.
>
BENGALURU | TUESDAY, 30 JANUARY 2024 POLITICS & PUBLIC AFFAIRS 7

CAA across India in 7

GFL LIMITED
NOTICE
Registered Ofice: 7th Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai – 400 018
Notice is hereby given that the following Equity Shares Certiicate(s) of the Company have
been reported as lost/ misplaced and the registered shareholder(s) or their legal heir(s)

days: Union minister

have applied to the Company for the issue of duplicate shares certiicate(s).
Any person who has any claim in respect of the said share certiicate/s should lodge such
claim with the Company or its RTA, Link Intime India Private Limited 247 Park, C-101,
1st Floor, L. B. S. Marg, Vikroli (W) Mumbai-400083 Tel: 022 49186270 within 15 days of
publication of this notice after which no claim will be entertained and the Company shall
proceed to issue Duplicate Share Certiicate/s.
Shareholder's and/ Kind of Securities Certiicate Distinctive Nos No of
or Claimant’s Name and Face Value No. (s) Shares
Krishna Swarup Equity Shares of Face 63 87001-97000 10000
Meanwhile, Uttarakhand CM Dhami says state to enact UCC soon Joint Holder:
Shailendra Swarup
Value of Rs.1/-

Shailendra Swarup Equity Shares of Face 65 102001- 112000 10000

ARCHIS MOHAN
New Delhi, 29 January FINE PRINT of the Uttarakhand Assembly will begin
on February 5. Uttarakhand’s UCC draft
Joint Holder:
Krishna Swarup
Place: Mumbai
Value of Rs.1/-

Shailendra Swarup and Krishna Swarup

could look at banning polygamy and

T
he Bharatiya Janata Party (BJP)
CAA amending inheritance laws to ensure
Date: 30th January, 2024 Name of the holders

could soon move on two con- n Parliament passed Citizenship an equal share of property for women.
tentious issues from its pending Amendment Act (CAA) in December 2019 The CAA provides for granting
agenda — the Centre implementing the n CAA rules should have been framed Indian citizenship to persecuted Technocraft Industries (India) Limited
Citizenship Amendment Act (CAA) and within six months non-Muslim migrants, such as Regd. Office: Technocraft House, A-25, Road No. 3,
some of its state governments initiating Hindus, Sikhs, Jains, Buddhists, Parsis MIDC Industrial Estate, Andheri (E), Mumbai - 400093
the legislative process to adopt the nSince2020,MHAhassoughtextensions and Christians from Bangladesh, Tel: 4098 2222; Fax No. 2836 7037; CIN: L28120MH1992PLC069252
Uniform Civil Code (UCC). atregularintervalsforframingofrules Pakistan, and Afghanistan who Email: [email protected],
On Monday, Union Minister entered India before website: www.technocraftgroup.com
Shantanu Thakur told a news channel
UCC December 31, 2014. NOTICE
that the CAA would be implemented n Uttarakhand govt set up a The Parliament passed Pursuant to Regulation 29 (1) (a) read with Regulation 47 of the SEBI
in the country within a week. Thakur 5-member committee to the CAA in December 2019. (Listing Obligations and Disclosure Requirements) Regulations, 2015,
is a BJP MP from West Bengal’s prepare a draft of Uniform Civil The Congress and other par- notice is hereby given that a Meeting of the Board of Directors of the
Bongaon constituency in the North 24 ties had opposed it. The law Company will be held on Tuesday, February 13, 2024, inter- alia to
Code (UCC) Bill on May 27, 2022
consider and approve the Un-Audited Standalone & Consolidated
Parganas. The area, on the Indo- n Former SC judge triggered nationwide
Financial Results for the quarter ended December 31, 2023.
Bangladesh border, has a significant Ranjana Prakash Desai heads protests. According to sources,
This intimation is also available on the website of the Company at
population of the Scheduled Caste the rules for the CAA could be noti-
the committee www.technocraftgroup.com and on the websites of the Stock Exchanges
Matua community. fied “much before” the announcement
The BJP has in the past flagged the n After several extensions, it will submit of the Lok Sabha elections. Last
where the shares of the Company listed at www.bseindia.com and
its draft to the govt on February 2 www.nseindia.com.
persecution of the community in month, addressing a meeting in
For Technocraft Industries (India) Limited
Bangladesh and the need to give Hindu n Uttarakhand CM said the forthcoming Kolkata, Union Home Minister Amit
Sd/-
migrants Indian citizenship. The party Assembly session from February 5 Shah said the implementation of the Place: Mumbai Neeraj Rai
has also raised illegal migration from would take it up CAA was inevitable. Date: January 29, 2024 Company Secretary
the neighbouring country during elec- Reacting to Thakur’s comments, the
n Uttarakhand's UCC draft is likely to
tions. Thakur, the Union minister of Trinamool Congress accused the BJP
state for ports, shipping and waterways
suggest uniform personal laws of trying to “fool” the people on the
and Matua community leader, made a n Gujarat and Assam govts are also issue for the last five years and attempt-
similar comment on Sunday. working on their respective UCC draft ing it again. “Our party supremo and
In another development, Chief Minister Mamata Banerjee have
Uttarakhand Chief Minister Pushkar clearly said CAA won’t be implemented
Singh Dhami posted on X that his gov- February 2. in West Bengal. The BJP leaders are
ernment soon to enact the UCC in the “We shall bring the UCC Bill in the attempting political gimmickry by
state. Dhami said the committee to pre- forthcoming Assembly session and making such false promises before the
pare the UCC draft will submit its pave the way for its implementation in Lok Sabha elections,” TMC spokesper-
report to the state government on the state,” he said. The Budget session son Kunal Ghosh said.

I challenge every challenge, PM

tells students at Pariksha event
PHOTO: PTI

PRESS TRUST OF INDIA

New Delhi, 29 January

Prime Minister Narendra Modi on

Monday said it was in his nature to “chal-
lenge every challenge” and asserted that
he looked for a way to deal with poverty
in the country instead of just sitting on
the issue like others. In reply to a ques-
tion during his annual ‘Pariksha Pe
Charcha’ programme on how he keeps a
positive mindset amid the challenges of
his job, Modi said every person has to
manage situations and tests, and some
people believe in waiting for the crises
to pass and circumstances to improve.
Such people cannot achieve anything in
life, he added.
“Just like mobile phones, human bod-
ies need recharging to function properly,
while emphasising that physical health is
as important as excelling in academics.”
Modi said that even though competi-
tion and challenges act as inspirations,
competition must be healthy. Prime Minister Narendra Modi while speaking in Delhi on Monday cautioned

VODAFONE IDEA LIMITED

“A lot of parents keep on giving exam- parents against treating their children’s report cards as their own visiting cards
ples of other children to their children.
Parents should avoid doing these things... — induced by peer pressure, by parents ered very important by modern health
never sow the seeds of rivalry and com- and self-induced. science,” he said. Responding to a ques- Suman Tower, Plot No. 18, Sector-11, Gandhinagar - 382 011, Gujarat
petition among students,” he said. “At times, children take pressure on tion by Deepasri, a student, the prime L32100GJ1996PLC030976 +91-79-66714000 +91-79-23232251
“We have also seen that those parents themselves that they are not performing minister also touched upon the serious [email protected] www.myvi.in
who have not been very successful in their up to the mark. I suggest that you should issue of trust deficit in families and asked
lives have nothing to say or want to tell set small goals during preparation and parents and teachers to tackle it.
the world about their successes and gradually improve your performance, this He advised students not to use their
achievements, make the report card of way you will be completely ready before sleep time for watching reels. UNAUDITED CONSOLIDATED FINANCIAL RESULTS
their children their visiting card.” exams,” he said. He also asked the students not to keep
The prime minister explained that the “Habits like screen time are eating into preparing until the last moment and
FOR THE QUARTER AND NINE MONTHS ENDED 31-DECEMBER-2023
stress faced by students is of three types the required sleep time, which is consid- approach exams with a relaxed mindset.
`
Quarter ended Nine months ended Quarter ended

Amara Raja chief No more elections if Modi

wins 2024 LS polls: Kharge
Particulars 31-December-23
Unaudited
31-December-23
Unaudited
31-December-22
Unaudited

announces ‘break’
Revenue from Operations 106,731

Congress president Mallikarjun Kharge on Monday

expressed apprehension that the 2024 Lok Sabha elections

from active politics would be the last opportunity for the people to save democ-
racy, as Prime Minister Narendra Modi might prefer dicta-
torship in case his party wins the upcoming polls.
`
He also urged people to keep away from the BJP and its
SHINE JACOB said Galla, who represents ideologue RSS, alleging that they are “like poison”. `
Mumbai, 29 January Guntur in Parliament. “This will be the last opportunity for the people to save
“As part of this we are democracy in India. If Narendra Modi wins another elec-
Jayadev Galla, chief of Amara investing about ~9,500 crore tion, there will be dictatorship in the country. The BJP will
Raja Batteries and two-time for the Amara Raja Giga rule India like Putin in Russia,” Kharge said while address- Notes:
member of Parliament for the Corridor, which will have one ing a party rally.
Telugu Desam Party (TDP), of the largest manufacturing Launching a scathing attack on the BJP and RSS, Kharge
said he was taking a break facilities of lithium-ion bat- said that the present government under Modi was being
from electoral politics to focus teries and also state-of-the- run by threatening states and leaders of the opposition.PTI
on business “without fear of art research and develop- `
reprisals and attacks”. ment center for research Quarter ended Nine months ended Quarter ended
Galla, 57, is one of the rich-
est MPs in Lok Sabha with a
in advanced chemistry cells,”
said Galla, who is chairman
ED questions Lalu Prasad Particulars 31-December-23 31-December-23 31-December-22
declared asset of around ~683
crore. Amara Raja is moving
and managing director
of Amara. in land-for-jobs scam Revenue from Operations
Unaudited Unaudited Unaudited

from being a battery manu- Galla has been part of par-

facturer to a comprehensive liamentary committees Rashtriya Janata Dal
provider of energy and on commerce, exter- chief Lalu Prasad (pic-
mobility solutions. “It is nal affairs, defence, tured) on Monday
with a heavy heart that and information appeared before the
I announce my deci- technology. Enforcement
sion to not contest in Many of his rec- Directorate for question-
the upcoming 2024 ommendations ing in connection with www.nseindia.com www.bseindia.com www.myvi.in.
general elections. I will were accepted the central agency’s
be taking a break from and implement- money laundering
politics to focus on diver- ed as policy. probe into the alleged VODAFONE IDEA LIMITED
sifying the business land-for-jobs scam, offi-
which is at a crucial cials said. The RJD supremo, accompanied by his daughter
stage of leading the Misa Bharti, reached the ED office. He appeared before the Sd/-
world in the transi- central agency a day after JD(U) president and Bihar Chief Ravinder Takkar
tion to a more sus- Minister Nitish Kumar ditched the ‘Mahagathbandhan’ in
Non-Executive Chairman
tainable future,” which the RJD was the largest constituent. PTI
8 WORLD
>
BENGALURU | TUESDAY, 30 JANUARY 2024

IN BRIEF
China invites Bangladesh
Crisis-hitEvergrandeheadstoliquidation
PM Hasina for official visit REUTERS
29 January THE GREAT Aug 2021: Many mansion belonging to support for the Beijing is grappling with an under-
performing economy, its worst prop-
Evergrande projects halt Evergrande’s chairman restructuring proposal
China has invited Bangladesh Prime Minister Sheikh Hasina for
FALL erty market in nine years and a stock

A
construction due to in Hong Kong was
an official visit to the country as Beijing is keen to work with the Hong Kong court on Monday Aug 2023: Trading in market wallowing near five-year lows,
overdue payments seized by China
new government in Dhaka to cement bilateral cooperation in all ordered the liquidation of Evergrande's shares so any fresh hit to investor confidence
fields. “We (Dhaka) will find a suitable time for property giant China Sep 2021: It misses two Construction Bank could further undermine policy-
the visit,” Foreign Minister Hassan Mahmud Evergrande Group, dealing a fresh offshore bond coupon Dec 2022: Evergrande resumes after 17 months makers’ efforts to rejuvenate growth.
told reporters after he met with Chinese blow to confidence in the country’s payments of $131 million says it has resumed work Sep 2023: Firm says Evergrande applied for another
Ambassador to Bangladesh Yao Wen on fragile property market as policy-
Nov 2021: Founder Hui Ka on 631 pre-sold and founder is being adjournment on Monday as its lawyer
Sunday. Wen met Mahmud after the Hasina- makers step up efforts to contain a undelivered projects said it had made “some progress” on
Yan sells 1.2 billion investigated
led Awami League was re-elected to power deepening crisis. the restructuring proposal. As part of
for the straight fourth term in the elections Justice Linda Chan decided to liq-
shares worth HK$2.68 Jan 2023: PwC resigns as over suspected the latest offer, the developer proposed
boycotted by the major opposition uidate the world’s most indebted
billion ($342.7 million), firm’s auditor due to creditors swap their debts into all the
“illegal crimes”
Bangladesh Nationalist Party (BNP) developer, with more than $300 bil- lowering his stake to disagreements related to shares the company holds in its two
on January 7. PTI lion of total liabilities, after noting 67.9% from 77% the 2021 account audit Oct 2023: The Hong Kong Hong Kong units, compared to stakes
Evergrande had been unable to offer Mar 2022: Evergrande Mar 2023: Evergrande High Court gives of about 30 per cent in the subsidiaries
a concrete restructuring plan more suspends trading in its announces plans for the Evergrande a five week ahead of the last hearing in December.
Maldivian president may than two years after defaulting on its
offshore debt and following several
shares, citing
investigation of the
restructuring of its
offshore debt
reprieve to come up with Evergrande’s lawyer argued liquida-
tion could harm the operations of the
a deal with creditors
face impeachment motion court hearings.
“It is time for the court to say
property management Apr 2023: Firm says 77%
Jan 2024: Evergrande
company, and its property manage-
ment and electric vehicle units, which
arm in which 13.4 billion of the holders of class-A
The main opposition MDP, which holds a majority in enough is enough,” Chan said in yuan of deposits were issued a liquidation would in turn hurt the group's ability
the Maldivian Parliament, is planning to submit court yesterday. debts and 30% of the to repay all creditors.
seized by banks holders of class-C debts order by a
a motion to impeach President Mohamed The decision sets the stage for what Evergrande had been working on
Muizzu even as three members of his cabinet is expected to be a drawn-out and Nov 2022: A luxury have submitted their Hong Kong court a $23 billion debt revamp plan with a
were denied approval during a parliamentary complicated process with potential group of creditors known as the ad hoc
vote on Monday, according to media reports. The political considerations as investors tion for suspected crimes. Evergrande's onshore and offshore senior economist at Natixis. “As most bondholder group for almost two
development comes a day after clashes broke out watch whether the Chinese courts will Evergrande, which has $240 billion units, he added. of Evergrande’s assets are in mainland years. Evergrande could appeal the
in Parliament on Sunday between recognise Hong Kong’s ruling, given of assets, sent a struggling property “Ourpriorityistoseeasmuchofthe China, there are uncertainties about liquidation order, but the liquidation
pro-government MPs and opposition the many authorities involved. sector into a tailspin and dealt a blow business as possible retained, restruc- how the creditors can seize the assets process would proceed pending the
lawmakers. PTI Offshore investors will be focused on to the economy when it defaulted on tured, and remain operational. We will and the repayment rank of offshore outcome of the appeal.
how Chinese authorities treat foreign its debt in 2021. The liquidation ruling pursue a structured approach to pre- bondholders, and situation can be The ruling is expected to have little
creditors when a company fails. creates further uncertainty for China's serve and return value to the creditors even worse for shareholders.” impact on the company’s operations
Chan appointed Alvarez & Marsal already fragile capital and property and other stakeholders”, said Tiffany Evergrande’s shares were trading including home construction projects
Amazondrops$1.4bniRobot as the liquidator, saying an appoint-
ment would be in the interests of all
markets. Evergrande chief executive
Siu Shawn told Chinese media the
Wong, managing director of Alvarez &
Marsal after the appointment.
down as much as 20 per cent before
the hearing. Trading was halted in
in the near term, as it could take
months or years for the offshore liq-
deal after EU veto threat creditors because it could take charge
of a new restructuring plan for
company will ensure home building
projects will still be delivered despite
“It is not an end but the beginning
of the prolonged process of liquidation,
China Evergrande and its listed sub-
sidiaries China Evergrande New
uidator appointed by the creditors to
take control of subsidiaries across
Amazon.com has abandoned its planned $1.4 billion Evergrande at a time when its chair- the liquidation order. The ruling which will make Evergrande's daily Energy Vehicle Group and Evergrande mainland China — a different juris-
acquisition of Roomba maker iRobot Corp. after clashing with man, Hui Ka Yan, is under investiga- would not affect the operations of operations even harder,” said Gary Ng, Property Services after the verdict. diction from Hong Kong.
European Union regulators who had threatened to block the
deal. The decision is a sign of the intense pressure Amazon is
facing to prove its actions don’t harm competition as its

Biden vows response as Iran

influence grows in retail, cloud-computing and
entertainment. The breakup also spares Amazon the task of
stemming the losses incurred by Bedford. BLOOMBERG

Goldman Sachs senior exec denies role in US base attack

Esposito to retire after 29 yrs Troops were first Americans to die in a West Asia attack since start of Gaza war
Jim Esposito, co-head of the global banking
and markets division at Goldman Sachs,
AGENCIES
29 January
WEHADATOUGHDAYLAST
plans to depart after nearly 30 years at the
bank, according to a memo seen by Reuters
on Monday. One of the most senior executives
Iran sought to distance itself from a deadly
attack on a US base in Jordan by Tehran-
NIGHT(SUNDAY)INTHE
MIDDLEEAST.WELOSTTHREE Plane shortages
BRAVESOULSINANATTACKON
grapple financiers
at Goldman, Esposito joined in 1995 as a backed militants, as President Joe Biden
salesperson for emerging markets debt,
according to his profile on the bank’s
faced mounting pressure to respond
fiercely against the Islamic Republic.
ONEOFOURBASES...ANDWE
SHALLRESPOND
amid Boeing crisis
website. Esposito was named managing “Resistance groups in the region do not
director in 2002. REUTERS take orders from the Islamic Republic of
Iran,” Foreign Ministry Spokesman Nasser JOE BIDEN, US President
Kanaani said yesterday. He was referring
US wants cloud firms to reveal to what’s often called the “axis of resist-
ance” — a network of militias in territories
night (Sunday night) in the Middle East.
We lost three brave souls in an attack on
REUTERS
29 January
TURBULENT TIMES
foreign clients in China AI race from Yemen to Iraq and Gaza that are
funded by Tehran and share its opposition
one of our bases,” he said. After the
moment of silence, Biden added, “and we The financiers behind the
>The Federal Aviation
Administration last week
The US wants cloud services providers such as Amazon.com and to the US and Israel. shall respond”. world’s airline industry are ordered Boeing to stop
Microsoft to actively investigate and call out foreign clients The troops were the first Americans to meeting for the first time since increasing 737 MAX
developing artificial intelligence applications on their platforms, die from a West Asia attack since regional Hamas hostage talks constructive: amid-aircabinblowoutpushed production
escalating a tech conflict between Washington and Beijing. The tensions were inflamed by the start of the White House Boeing into a new safety crisis,
>After the limit is lifted,
Biden administration proposal, scheduled for release on Israel-Hamas war in Gaza last October. way attack drone struck near base barracks The White House said on Monday that compoundingashortageofair-
Monday, requires such firms to reveal foreign customers’ names Republicans accused Biden of letting early in the morning. talks to secure a new release of hostages planesasregulatorssteppedup
experts say regulators are
and IP addresses. BLOOMBERG American forces become sitting ducks, Biden, who was travelling in South held by Palestinian Islamist group factory inspections. expected to maintain
waiting for the day when a drone or missile Carolina, asked for a moment of silence Hamas in Gaza were constructive and Lessors, bankers and air- extra checks
would evade base defences. They say that during an appearance at a Baptist church's promising but there was still a lot of work lines meeting in Dublin — >This may weigh on
KFC West Asia operator cuts day came on Sunday, when a single one- banquet hall. “We had a tough day last to be done. home to a booming global air
finance sector — are examin-
production of aircraft

jobs after revamp, boycott UN fires Gaza staff after Iran executes 4 alleged
ing the supply consequences
of a recent partial grounding checks that may curtail predic-
Americana Restaurants International Plc, the West Asia operator of the Boeing 737 MAX 9, fol- tions for production. While a
of KFC and Pizza Hut, has cut almost 100 jobs in an internal
restructuring and amid a consumer boycott of its brands after the
Hamas-link allegations to be Israeli spies lowing the Alaska Airlines
incident earlier in January.
previous safety crisis over fatal
MAX crashes in 2018 and 2019
start of the Israel-Hamas war.The firm, which is listed in TheUnitedNationsfired accusedforpotential IranonMondayexecuted countrybeforeentering “Demand is more or less a prompted regulators to tighten
Abu Dhabi and Riyadh, eliminated the roles after conducting severalstaffersatits prosecution,hisofficesaidin fourmenconvictedof Iran,itsaid. slam dunk; the question is control of aircraft design and
“structure reviews to align our resources with our strategic goals Palestinianrefugeeagency astatementFriday. planningsabotageand Thereportdidnotsay when does the supply catch development. The two crises
and growth aspirations,” according to a representative for overIsraeliallegationsthat Accordingtothestatement, allegedlinkswithIsrael’s howthedeathsentences up?” Rob Morris, head of will respectively make air-
the company. BLOOMBERG theytookpartintheOctober therewillbean“urgentand Mossadsecretservice,state werecarriedout,butinIran global consultancy at Ascend planes harder to develop and
7attackbyHamas,newsthat comprehensive mediareported. it'susuallybyhanging. by Cirium, told Reuters before slower to produce. The clamp-
promptedtheUS,theUK independentreview”ofthe TheofficialIRNAnews In2022,Iransaidits the Airline Economics confer- down comes on top of wide-
France to push for EU law rejig; andothercountriesto
suspendfunding.
agency.Bidensuspended
fundingfortheUNagency
agencysaidthemenwere
convictedofplanningto
intelligenceagentshad
dismantledagrouplinked
ence starting yesterday. The
Federal Aviation Adminis-
spread snags in the supply
chain since the pandemic.
farmers block Paris highways UNSecretary-General
AntonioGuterres“is
thataidsPalestinian
refugeesoverthese
targetafactoryin2022
belongingtoIran’sdefence
toMossadthathad
allegedlyplannedterror
tration last week took the
unusual step of ordering Ryanair ready to pick up
France said it would push to ease European Union environmental horrifiedbythenews”that allegations.Theclaimswill ministryandinvolvedin operationsinsideIran, Boeing to stop increasing 737 Boeing 737 MAX 10 from
regulations on fallow farmland this week, as tractors blocked workerswiththeUNRelief beablackeyeforUNRWA, missileanddefense arrestingallmembersofthe MAX production until quality US airlines
major highways out of Paris on Monday and nationwide farmers’ andWorksAgency,or whichprovides equipmentinthecentral groupandconfiscatinga control concerns were Ryanair has told Boeing that if
protests intensified. The French government on Friday dropped UNRWA,mayhavebeen humanitarianassistance cityofIsfahan.The largeamountofweapons addressed. It has given no indi- any US customers refuse to
plans to gradually reduce state subsidies on agricultural diesel involvedintheattackby andprotectiontoPalestinian operationwasallegedly andexplosives.Iranand cation how long the limit may take delivery of 737 MAX 10
and promised an easing of environmental regulations, but Hamasmilitantson refugeesintheGazaStrip, engineeredbyMossadand Israelhaveaccusedeach last. But when it is lifted, aircraft, that it would buy
farmers’ organisations said that was not enough and pledged to southernIsrael,andurged Jordan,Lebanon,Syriaand thefourweretrainedbythe otherofspyingandwaging industry experts say regulators them “at the right price,”
step up the pressure. REUTERS theagency’schieftoreferthe theWestBank. BLOOMBERG IsraeliagencyinanAfrican ashadowwarforyears. AP are expected to maintain extra executives said on Monday.

Nvidia’s Big Tech rivals put their own AI chips on the table Pentagon plans AI
programme to estimate
Chafing at their dependence, Amazon, Google, Meta and Microsoft are racing to cut into Nvidia’s dominant share of the market critical mineral prices
ILLUSTRATION: BINAY SINHA The US Department of Defense plans to
CADE METZ, KAREN WEISE & MIKE ISAAC
29 January
severalyears.Theyhavespentbillionsof
dollarsonNvidia’ssystems,andthe RIVAL SHEET Nvidia’ssalesinthepasttwofull
quarters,saidGilLuria,ananalystatthe
develop a programme to estimate prices
and predict supplies of nickel, cobalt
chipmakerhasnotkeptupwiththe investmentbankDADavidson.Nvidia and other critical minerals, a move
n Google spent $2-3 billion on
InSeptember,Amazonsaiditwould demand.SoAmazonandothergiantsof sellsitschipsforabout$15,000each, aimed at boosting market transparency
investupto$4billioninAnthropic,a theindustry—includingGoogle,Meta building about a million of its whileGooglespendsanaverageofjust but one that throws a new.
SanFranciscostart-upworkingon andMicrosoft—arebuildingAIchipsof own AI chips $2,000to$3,000oneachofitsown, The programme, which received
artificialintelligence(AI). theirown.Withthesechips,thetech n Amazon spent $200 million on accordingtoFerragu.“Whenthey little attention after it was announced,
Soonafter,anAmazonexecutivesent giantscouldcontroltheirowndestiny. 100,000 chips encounteredavendorthatheldthem is part of Washington's broader efforts
aprivatemessagetoanexecutiveat Theycouldreinincosts,eliminatechip overabarrel,theyreactedverystrongly,” to jumpstart US production of critical
n Microsoft said it had begun testing
anothercompany.HesaidAnthropic shortagesandeventuallysellaccessto Luriasaid.Companiesconstantlycourt minerals used in weapons
hadwonthedealbecauseitagreedto theirchipstobusinessesthatusetheir
its first AI chip Huang,jockeyingtobeatthefrontofthe manufacturing and the energy
builditsAIusingspecialisedcomputer cloudservices. n Competitors have used their lineforhischips.Heregularlyappearson transition. US output lags market leader
chipsdesignedbyAmazon. WhileNvidiasold2.5millionchips investments in high-profile AI eventstageswiththeirchiefexecutives, China partly because attempts to build
Amazon,hewrote,wantedtocreatea lastyear,Googlespent$2billionto$3 start-ups to fuel use of their chips andthecompaniesarequicktosaythey new American mines can be heavily
viablecompetitortothechipmaker billionbuildingaboutamillionofitsown remaincommittedtotheirpartnerships influenced by commodity price swings.
Nvidia,akeypartnerandkingmakerin AIchips,saidPierreFerragu,ananalyst withNvidia.Theyallplantokeep Jervois Global, for example, announced
theall-importantfieldofAI. atNewStreetResearch.Amazonspent itsincreasinglypowerfulchiefexecutive, generativeAINvidia’ssaleshaveshotup offeringitschipsalongsidetheirown. last year it would suspend construction
TheboomingenerativeAIoverthe $200millionon100,000chipslastyear, JensenHuang. 206percentoverthepastyear,andthe TheAIchipmarketisprojectedto of an Idaho cobalt project due in part to
lastyearexposedjusthowdependentbig heestimated.Microsoftsaidithadbegun Huang’scompanyaccountsformore companyhasaddedaboutatrillion morethandoubleby2027,toroughly low market prices, even while Chinese
techcompanieshadbecomeonNvidia. testingitsfirstAIchip. than70percentofAIchipsales, dollarsinmarketvalue. $140billion,accordingtotheresearch cobalt miners — financially backed by
TheycannotbuildchatbotsandotherAI Butthisworkisabalancingact accordingtotheresearchfirmOmdia.It What’srevenuetoNvidiaisacostfor firmGartner. Beijing — said they would boost
systemswithoutaspecialkindofchip betweencompetingwithNvidiawhile suppliesanevenlargerpercentageofthe thetechgiants.OrdersfromMicrosoft production of the battery metal in a bid
thatNvidiahasmasteredoverthepast workingcloselywiththechipmakerand systemsusedinthecreationof andMetamadeupaboutaquarterof 2023 The New York Times News Service for greater market share. REUTERS

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

ILLUSTRATION: BINAY SINHA

VOLUME XXVI NUMBER 180
BENGALURU | TUESDAY, 30 JANUARY 2024

Questions on China existing schemes, such as PM Kisan, PM Awas

Yojana, and others.
The Budget always contains a very unrealistic
Evergrande liquidation would be keenly watched disinvestment number. The target for FY24 of

O
n Monday, a judge in Hong Kong, which is officially part of China but ~61,000 crore is unlikely to be achieved. Fortunately,
has an independent legal system based on British principles, ruled dividends from the Reserve Bank of India and public
sector units will be higher and compensate for the
that the liquidation process should begin for property major
disinvestment shortfall. I have demonstrated in a
Evergrande Group. The developer was once the favoured child of detailed study for the National Institute of Public
mainland China’s property boom, but it has as swiftly become emblematic of Finance and Policy that if the government is serious
the real estate bust, which has cast a shadow over the country’s economic about disinvestment, the way to go forward is with
prospects. Once worth hundreds of billions of dollars, Evergrande has now lost a five-to-10-year plan, not yearly targets that are
almost all its value because it is encumbered with scores of half-built properties never consummated. Worse, in trying to meet yearly
that may never get off its balance sheet. The order may have come more swiftly targets, shares are forced onto other public institu-
than authorities in Beijing may like. China’s leaders are still trying to postpone tions such as the LIC, hurting their finances. The
a permanent resolution of the housing crisis. The judgment now raises three time is right to achieve higher disinvestment targets
unsolved questions, each of which has enormous implications for investment — the markets are liquid and sentiment for India is

Expect no drama
in China and the nature of its growth. good — but unless the finance ministry changes the
ways in which it goes about it, it’s unlikely to happen.
The first question is on the future of Hong Kong. The mainland has benefited
Perhaps, a separate disinvestment ministry — as
tremendously from Hong Kong’s reputation over the past decades. Companies was the case during the successful phase of disin-
with businesses across China have been able to list and raise money in the vestment under the Vajpayee government — may
former British possession, providing financiers with the comfort that any prob-

in the Budget
be needed.
lems that they run into might be settled through a dispute resolution process Looking forward, we should aim to see faster fis-
conducted by a transparent judiciary and independent institutions under British cal consolidation. So far, a high fiscal deficit has not
common law principles that are familiar and investor-friendly. Yet there is every translated into a high current account deficit, but if
chance that the Evergrande judgment might not be applied swiftly in the main- the spotty recovery in private investment widens,
land, if at all. If it turns out that Hong Kong courts do not really have sufficient then India must make room for faster fiscal consol-
legal power in the mainland, a benefit that Chinese companies have long taken But over the medium term, India’s fiscal health needs attention idation, as otherwise the current account deficit will
increase. According to International Monetary Fund
for granted — the ease of raising capital through a hybrid offshore/onshore
data, India’s public debt ratio, currently at 83 per

I
location — may evaporate. ndia’s economy has emerged from the pandemic population) for another five years. This announce- cent of GDP, is higher than all other non-G7 major
The second is on how effectively the Chinese political system can deal in relatively good shape compared to others. Its ment was clearly aimed at the elections but was G20 economies, including China (77 per cent),
with the complicated political economy of bankruptcy. In real estate, where adroit fiscal policy has played a key role in this made in November 2023 to avoid attracting a repri- Indonesia (40 per cent), Mexico (50 per cent), Saudi
debt-ridden local governments are often the silent partner in large investments, recovery. Finance Minister Nirmala Sitharaman has mand from the Election Commission. If the govern- Arabia (30 per cent), South Africa (67 per cent), South
the question of who takes how much of a haircut is particularly complicated. already stated that on February 1, the government ment claims poverty has been reduced hugely — so Korea (54 per cent), Turkey (32 per cent). Only
Beijing has not done well when it comes to writing down politically sensitive will present an interim Budget, a vote on account, that only about 230 million people are poor accord- Argentina and Brazil (85 per ent) have slightly higher
loans in the past. Partly this is because of the opaque nature of the connections and that the real Budget would be presented in July ing to the multi-dimensional poverty estimate done public debt ratios. If India’s economy shifts to 7 -7.5
that lie behind successful or unsuccessful investment. But it is also because 2024 when a new government is in place. While no by the NITI Aayog, and other estimates from the per cent growth over the medium term, that will
there may simply be little legal backing for write-downs of public money, or major new initiatives should be expected, some bud- World Bank show even lower numbers of poor, why bring the debt ratio down. But at 6-6.5 per cent GDP
getary imperatives and parameters is there a need for free food grains growth, more fiscal consolidation will be needed —
institutional capacity to make the determinations of solvency or seniority that
are already in place that will shape for 810 million people at an estimat- especially if state fiscal deficits continue at 3-3.5 per
are essential to the process. China needs to get the answers right here if it is
both the interim and the eventual ed cost of ~12 trillion over five years? cent of GDP, so that the public sector borrowing
ever to have a modern financial system. real Budget for FY25. The costs of delivering this promise requirement stays at 9 per cent of GDP. And in any
The third question is on whether foreign capital will ever be treated properly India’s growth trajectory looks are even larger. The system case, India must try to reduce the public debt ratio
in China, or it will always have subordinate status when push comes to shove. more promising, and the need going required to deliver free food involves significantly if it wants to create fiscal space to deal
Investment fled the mainland in recent years, as President Xi Jinping’s economic forward is to try and consolidate the a market support price-linked pro- with future crises, which will inevitably come.
nationalism has become increasingly strident and intrusive. But the hope has budget deficit, which is expected to curement system, costly FCI oper- While new initiatives will not be introduced, do
always been that, while investment on the ground may have turned unfavourable decline from 5.9 per cent of gross ations with heavy storage costs, and expect the finance minister to announce with a flour-
for foreigners, the capital markets could continue to serve as a conduit in which domestic product (GDP) in FY24 to delivery through the public distri- ish how key expenditure priorities that may help
foreign and local capital could meet on equal terms. Any hint that Beijing is 4.5 per cent of GDP in FY26. Unless bution system fair price shops. It during elections, such as support to the poor, wom-
preventing resolutions that would lead to the repatriation of capital would be some unexpected shocks hit India,
IF TRUTH BE TOLD
the fiscal deficit should follow a glide
also means, more than likely, that
the inefficient fertiliser subsidy
en, farmers, and tribals, will be maintained. Ms
Sitharaman will also most likely show continued
deeply unwelcome. Evergrande is being watched as a clue to the future of
path downwards and hit 5.2-5.3 per AJAY CHHIBBER (which largely goes to inefficient fer- support for the defence forces, clean energy, water
Chinese real estate. But its implications for the entire structure of the Chinese cent of GDP for FY25. How will this tiliser firms and larger farmers) and and sanitation, as well as the small and medium
economy and its integration with the outside world go far deeper. reduction be achieved? What the free electricity to farmers will con- sector, along with G20-related initiatives. So, expect
interim Budget might reveal is whether it will result tinue. Expect no major farm reforms for the next no fireworks in the Budget and not much debate on
from expenditure compression or rely largely on five years. it either, especially as the focus will shift now to the

Nitish’s U-turn
revenue increases and disinvestment. Tax revenues, The government is committed to maintaining electoral battle of May 2024. But India’s fiscal health
especially from direct taxes (including an increase high infrastructure spending to meet its targets for over the medium term will need attention at some
in corporate tax receipts), have shown buoyancy in the next five years and fulfil its commitments, such point after the elections, when the pressure to spend
FY24. The expectation is that the tax/GDP ratio will as the expenditures on the production-linked incen- is hopefully reduced and the options to raise rev-
INDIA’s future looks bleak

B
cross 18 per cent in FY24 and hopefully continue in tive scheme. The interim Budget is unlikely to enues are more feasible.
ihar Chief Minister Nitish Kumar’s third tieup with the Bharatiya Janata the future. change that, as well as spending on health and edu-
Party (BJP), ahead of the Lok Sabha elections, may not change the Expenditure compression will be difficult. The cation, and handouts to women and the elderly, The writer is a distinguished visiting scholar, Institute for
fortunesofBihar.Afterbeingsworninninetimesasheswitchedallegiance government has already extended the free food grain especially before the elections. An interim Budget International Economic Policy, George Washington
between the BJP-led National Democratic Alliance (NDA) and Lalu Pradhan Mantri Garib Kalyan Anna Yojana scheme will probably not announce new schemes but do University, and a former visiting professor at
Prasad’s Rashtriya Janata Dal (RJD), governance had taken a distant back seat for 810 million people (almost 60 per cent of the expect to see tweaks in the funds handed out in NIPFP, New Delhi

long ago. In the state’s political affairs, Mr Kumar’s Janata Dal (United), or JD(U),
is an influential power despite holding just 45 seats against the BJP’s 78 and the

Quite a hell of a ride

RJD’s 79 in the 243-member Assembly. Bihar’s Assembly elections are not due
till 2025 but the real significance of Mr Kumar’s latest embrace of the NDA is an
electoral calculus that probably spells the decimation of the Indian National
Developmental Inclusive Alliance (INDIA), led by the Congress. Mr Kumar was

T
seen as one of the prominent architects of this alliance. His exit, following the he horrific footage of a road accident from a man Cyrus Mistry and his friend Jehangir Pandole. The toughest part, though, is to tackle human
statement last week of Mamata Banerjee’s Trinamool Congress in West Bengal dashboard camera of a car on Sunday, Initial reports put it down to overspeeding, but later behaviour. On the Atal Setu, I chose to drive at a con-
that it will go alone, is a blow from which INDIA will struggle to recover. January 21, went viral on WhatsApp. It was when the root cause was identified by the sistent speed of 80 kmph in the middle lane. Vehicles
Interestingly, both Mr Kumar and Ms Banerjee have complained that from the newly inaugurated Atal Setu, the 21 km International Road Federation, it turned out to be on the right lane were clipping along at 150 kmph, way
trans-harbour link that connects Sewri and Nhava a design flaw where the Ahmedabad-Mumbai high- over the maximum permissible limit of 100 kmph. On
former Congress president Rahul Gandhi embarked on a east-to-west journey
Seva. The occupants of the maroon Maruti Ignis had way suddenly narrowed from a three-lane highway occasion, I had to slow down or dodge vehicles sud-
— the Bharat Jodo Nyay Yatra — without consulting them, including permission a miraculous escape when the car hit the divider to two lanes. What’s equally sad is that Mistry and denly pulling into the middle lane from the side.
to travel through their states. The overall thinking was that the yatra should and somersaulted more than a couple of times while Pandole’s lives might have been saved if they had Live speed guns and issuance of stiff penalties
have been organised under the INDIA banner. The underlying narrative, how- attempting to overtake a car from the left side at worn rear seat belts. through e-challans could deter drivers from over-
ever, is that neither politician sees the Congress as a viable winning partner in high speed. The accident occurred just an hour Over the last few years, there have been many speeding, but here’s the moot point: Why do people
the upcoming Lok Sabha elections, especially after the latter’s heavy losses in before I passed through the same stretch. attempts to tackle this collective failure. Nearly discount the risks of overspeeding on an expressway?
the Madhya Pradesh, Rajasthan, and Chhattisgarh Assembly elections. In the On the way back to Mumbai from 9,000 blackspots have been iden- Behavioural design firm Final-Mile, now part of
2019 general election, the Congress won one seat in Bihar and two in West Ulwe, the accident vehicle was being tified, where repeated accidents the Fractal group, argues driving is a non-conscious
Bengal. The exit of the JD(U) from INDIA and the decision of Trinamool to go towed away. The tragedy could have take place. Programmes like zero activity. When drivers sit behind a wheel on a high-
alone are likely to undermine the bargaining positions of the Congress with been much worse. Rows of cars were fatality corridors, like the one on speed expressway, they tend to lose all sense of risk
other allies in the grouping. parked along both sides of the bridge, the NH48 old Mumbai-Pune high- and empathy for fellow drivers. As a result, tradi-
with people busy clicking selfies at way, have been designated, to tional road safety signs do not get noticed. It takes
The working principle of the alliance is that the partner with the most seats
the scenic spot. Parking is strictly for- reduce the chances of accidents. specific nudges designed to force drivers to reeval-
in the state would be making the decisions on seat-sharing. But there have been bidden on the bridge, but families By 2021, these interventions had uate risk, instead of being oblivious while driving
accusations that the Congress is trying to browbeat alliance partners in some were oblivious to the dangers even helped reduce fatalities by 56 per along the high-speed motorway. It devised receding
states.InKeralaandPunjab,forinstance,wheretheCongressisthemainopposition after an hour of the ghastly accident. cent over a three-year period. white stripes in some of these blackspots to create
to the ruling Left Front and Aam Aadmi Party (AAP), respectively — the BJP has A few police officers manning the Non-government organisations an illusion of acceleration that makes the driver sit
a negligible presence here — the arrangements are uncertain. In Punjab, the chief stretch had a hard time trying to per-
suade people not to stop and park.
STRATEGIC INTENT like the Save LIFE Foundation have
endeavoured to raise awareness and
up and take notice, thereby making him more alert
to the possibility of an accident. It also mooted more
minister had said AAP would go it alone, even as the party’s high command has
said it has reached a preliminary understanding with the Congress. Much will Here’s the sobering fact: The more INDRAJIT GUPTA understanding among key stake- graphic, human and visual road signs to break
depend on negotiations in Uttar Pradesh, the state with the highest number of we set up modern expressways, high- holders. They have collaborated through the consciousness.
seats in Parliament, with Akhilesh Yadav’s Samajwadi Party (SP) saying it has waysandbridges,themoretheignominioustagofhav- closely with Nitin Gadkari, the Union Minister for So, what will it take to bring about a sea change?
ing the highest number of road fatalities and accidents Road Transport and Highways at the Centre, as well Improving policing and electronic surveillance, bet-
made some headway in talks with the Congress.
in the world refuses to go away. Nearly 10 per cent of as state governments, on programmes that rely on ter infrastructure design, and safer cars are obvious
ThebiggestgainerfromMrKumar’slatestU-turnistheBJP.Firstbyappoint- fatal accidents—of the 150 road accidents that happen evidence-based interventions. answers. We also need more stringent systems to
ing one representative each of the Koeri and Bhumihar castes as deputy chief every hour around the world—take place in India. On a recent trip to Lonavala on the national high- issue drivers’ licences. Better and more responsive
minister, the party has emphasised its case for caste inclusivity, weakening a core There are many reasons for such a high rate of way, we found that the dangerous trend of trucks trauma care is needed to deal with preventable road
INDIA plank. Bihar was the first state to conduct a caste census, an exercise that fatal road accidents, with over half of them occurring carrying protruding rods is now a thing of the past. accident deaths. But above all, achieving this will
had gained traction in INDIA. Second, the BJP and JD(U) together won 33 of the on India’s national expressways and highways: While the phenomenon may not have been entirely require much greater consciousness and awareness
40 Lok Sabha seats in 2019; 39, when the Lok Janshakti Party’s six seats were Overspeeding, poor engineering and road design, eliminated across the country, thanks to advocacy among citizens to ensure everyone’s safety when
added. If this performance is repeated, the ruling alliance would be assured of and inadequate trauma care. work done by SaveLIFE Foundation, state govern- they drive on India’s roads.
total control of the Hindi belt with Bihar in the bag. On September 4, 2022, bad engineering and ments have finally stepped up the enforcement of
design claimed the life of former Tata group chair- the 2014 government ban. The writer is co-founder at Founding Fuel

The politics of food

dogIndianculturallifeingeneral”. vegetarians could never win against around beef grew more frantic after defiance to assert identity.
MrStaples’sprimaryfocusisthe the Empire, Swami Dayanand and the 2014, the author argues Mr Modi took The book also describes the rise of
socioculturalsignificanceofmeat, Arya Samaj view of vegetarianism and the Indira Gandhi option when Dalits in alternative meats — chicken for
particularlybeefanditsconnotationsand the ideas of Vivekanand. Gujarat were attacked by gau rakshaks instance, and the political economy
published,anotheronecameoutonfood contestations.Itisanethnographicbook Equally interesting is the for skinning a dead cow. He said “more around it. For those not eating at home,
andwhatitmeansincontemporary thatisaculminationof35yearsof exploration of the post-independence cows have died from consuming plastic idli- dosa in Andhra Pradesh has been
India.CivilrightsactivistNanditaHaksar fieldworkincoastalAndhraPradeshand debate on cow slaughter, Jawaharlal than from slaughter”. He realised the supplanted by chicken and the
wantedhermemoir, TheFlavoursof Hyderabad.MrStaplesanalysesthe Nehru’s assertion that he would resign if need to keep Dalit and Muslim voters on dizzying number of ways in which it
Nationalismtobealightheartedbook. connectionsbetweenmeat-eatingand a private member’s the side of the can be presented — hence Chicken
“Butwiththepresentcontroversiesover casteandcommunalpolitics,particularly Bill on cattle Sacred Cows and party. The book Manchurian in the title of the book.
BOOK REVIEW beefandvegetarianism,thebooktookon inthecontextofHindunationalism,the slaughter was Chicken Manchurian: adds: “The This has nothing to do with Manchuria,
amoreseriousanddarkersideofthe riseoftheBharatiyaJanataParty(BJP) passed, and Indira The Everyday Politics institutionalisa- doused as it is in soy sauce, chilli sauce
ADITI PHADNIS politicsoffood. Thebias,theprejudice, andcowvigilanteviolenceagainstDalits Gandhi’s of Eating Meat in tion of and other condiments. Chicken
theignorance,thebigotryaroundfood andMuslims.Heexplainsthatmanyof equivocation by India vegetarianism as Manchurian is a metaphor for a new

L
ong ago, when the internet in reflectsthegeneralintoleranceinIndia,” hissourcesmustremainanonymousor setting up a Author: James Staples the norm in a economy — which presents
India was still in its infancy, a shetoldareporter. beidentifiedonlybyinitials,giventhe committee to society where prepackaged, pre-cut and sometimes
Publisher:
huge fight broke out, much to Indeed,inUttarPradesh, sensitivityoftheissuesinvolved. discuss the issue. HarperCollins between 60 and frozen chicken in different cuts,
everyone’s amusement. When the MohammadAkhlaqwaslynched(2015) This book has many rich layers. For The matter was 88 per cent of the shapes and sizes.
People for Ethical Treatment of Animals merelyonthesuspicionthathehadbeef instance, while it discusses the Vedic then put in cold Pages: 179 population Equally interesting is the review of
launched their website (Peta), another storedinhisfridge.InJharkhand, references to meat and beef-eating (the storage, including Price: ~299 identifies as non- the era of economic reforms, when
Peta website was launched— by the SantoshiKumari,11,died(2017)of Upanishad says that the sage during the Atal vegetarian, is infrastructure development made it
People for Eating Tasty Animals. At the starvationbecausehernameonthe Yagyavalkya, when reminded it was Bihari Vajpayee clearly political”. easier to transport meat across the
time, conspiracy theorists attributed rationcardwasnotlinkedtotheAadhaar sinful to eat beef, said: “That may well government when LK Advani promised The author explains the linkages, country; and the rise of packaged food
the riposte to the advocacy of cardthatentitledherfamilytofood be; but I shall eat of it nevertheless if in 2002 that it would enact a ban on cow market mechanisms and client-patron that have changed cultural mores.
vegetarianism to being funded by the grain.The“authorities”claimedshehad the flesh be tender”), it also discusses slaughter but failed to do so under relationships in the beef trade. It is an This is a fascinating and readable
meat processing industry in India. The diedof“otherreasons”,notstarvation. attitudes to beef and meat-eating pressure from alliance partners. activity that has to be carried out social anthropology of food and politics
debate did not last long, as is the way of Shediedbecauseshewasnotinthefood during the 1880s when widespread When Narendra Modi could sense he surreptitiously, and yet the end in India, written with wry humour and
the internet. But it did reveal the deep “system”.MrStaplesquotessociologist “cow riots” broke out in north India. It was coming to power, he promised to product is enjoyed, but always a bit sharp insights into Indian society. The
cleavages, as also the unifying force, of AshishNandy:“Thecrucialissuesthat explores Gandhi’s position on meat review subsidies on buff export and tax fearfully, even apologetically. On the contradictions of creating a dharmic
food and beliefs around what you eat. havecometodogIndiancuisinearenot and beef, which was derived to breaks on the buff trade. But while the other hand, eating beef, some of his nation are peeled back with
BeforeJamesStaples’sbookwas radicallydifferentfromquestionsthat challenge the British belief that puny debate (and violence on the ground) interviewees imply, is also an act of understanding and sensitivity.
10
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BENGALURU | TUESDAY, 30 JANUARY 2024 1
.
BENGALURU | TUESDAY, 30 JANUARY 2024 ECONOMY & PUBLIC AFFAIRS 11 <

IN BRIEF
RBI to conduct overnight VRR Commerce dept seeks 10% hike in Rodtep
to infuse ~25K crore today SHREYA NANDI
New Delhi, 29 January
will make the allocation for the
scheme ~16,575.9 crore.
crisis, are set to weigh on out-
bound shipments from India.
exported products.
The scheme is valid till June
like advance authorisations
holders and export-oriented
replaced the controversial
Merchandise Exports from
The Reserve Bank of India (RBI) will conduct overnight variable rate “We have sought a 10 per The Rodtep scheme refunds 30 at the same rates to the exist- units/ special economic zones India Scheme (MEIS). This
repo auction (VRR) auction on Tuesday to inject up to ~25,000 crore The commerce department has cent increase in the Rodtep the embed- ing export (EOUs/SEZs), which are also came after a World Trade
into the banking system, the central bank said on Monday.The RBI sought a 10 per cent increase in allocation, in line with the ded non- items, and bearing the incidence of unre- Organisation (WTO) ruling
has been conducting variable rate repo auction in order to infuse the allocation for the export- expectation of export growth,” creditable going ahead, bated taxes and duties, includ- stated that it violated the pro-
liquidity in the banking system. In the two-day VRR auction con- boosting Remission of Duties a senior government official central, state it will be ing the embedded taxes. This visions of the global trade body
ducted by the RBI on Monday, bids were received for ~73,290 crore, and Taxes on Export Products told Business Standard. and local extended till increase may also be needed to by giving export subsidies for a
against a notified amount of ~25,000 crore.The liquidity deficit in (Rodtep) scheme in the upcom- A higher allocation during levies paid the end of the factor export growth as well,” wide range of goods.Between
the banking system widened to ~2.58 trillion on Sunday, according ing Interim Budget, people the current financial year will on inputs to next financial Ajay Sahai, director-general (D- January 1, 2021, and March 31,
to the RBI data. In the preceding VRR auctions, the RBI received a aware of the matter said. help exporters, especially when exporters. year, the offi- G) and chief executive officer 2023, ~27,018 crore was spent
significant response, with banks submitting bids ranging between For the current financial external demand from devel- These taxes were not being cial cited above said.“An (CEO), Federation of Indian towards the scheme. During
2.5 to 3.2 times the bidding amounts due to tight liquidity year, the finance ministry had oped economies is tepid. This refunded but were incurred by increase in Rodtep allocation Export Organisations (FIEO) the current financial year,
conditions in the system. ANJALI KUMARI allocated ~15,069 crore towards is at a time when global uncer- the export entities in manufac- will enable it to cover certain said.The scheme was notified ~15,069 crore has been allocated
the scheme. A 10 per cent jump tainties, including the Red Sea ture and distribution of leftover products and entities on January 1, 2021, as it to support 10,610 product lines.

Murmu arrives in buggy for

Beating Retreat ceremony
Bajaj Fin Q3 profit Piramal posts
~2,378 cr loss on
RBI for strict
norms to
up 22% at ~3.6K cr AIF provisions
ABHIJIT LELE
govern UCBs
Reserve Bank of India (RBI) Deputy Governor
Higher risk weighting dents capital adequacy Mumbai, 29 January Swaminathan J urged for stringent governance
standards in urban co-operative banks (UCBs)
ABHIJIT LELE
Mumbai, 29 January Anup Saha named Piramal Enterprises (PEL) reported a
consolidated loss of ~2,378 crore for the
and said it was imperative to remain vigilant and
proactive in upholding the resilience of the sec-
Bajaj Finance DMD third quarter (Q3) ended December 2023, tor due to increased interconnectedness of the

B
ajaj Finance Ltd (BFL)’s consolidated primarily due to provisions of ~3,540 crore financial system.
net profit rose by 22 per cent year-on- In a management reshuffle, the board of for exposure to alternative investment “Some may argue that UCBs are not system-
President Droupadi Murmu at the Beating Retreat ceremony year (Y-o-Y) to ~3,639 crore in the Bajaj Finance Ltd has decided to re- funds (AIFs). In the same quarter of the ically important in view of their size and turnover.
at Vijay Chowk in New Delhi, on Monday PHOTO: PTI quarter ended December 2023 (Q3FY24) on designate Executive Director Anup Saha as previous financial year, it had posted a net However, if we consider the interconnectedness
healthy growth in net interest income (NII) deputy managing director (DMD) with effect profit of ~3,545 crore. that binds the entire spectrum of financial entities,

Govt extends ban imposed on and fees and commissions. The company
had posted a net profit of ~2,973 crore in the
from April 1, 2024. Executive Director Rakesh
Bhatt has stepped down and decided to
Ajay Piramal, chairman of PEL, stated in
response to the Reserve Bank of India (RBI)
it becomes evident that any vulnerable link has
the potential to erode public trust and confidence,”

terror group SIMI for 5 years same quarter a year ago.

Its stock closed 1.44 per cent up at ~7,187
pursue career pursuits outside the company.
Also, the firm elevated three senior
circular issued in December 2023 that the
company had made complete provisions
Swaminathan J said during Conference of
Governance in Urban Co-operative Banks for
a share on the BSE. management personnel to chief operating for its investments in AIFs, subsequently UCBs in Andhra Pradesh, Karnataka, Kerala and
The government on Monday extended the ban imposed on Its NII for the reporting quarter rose by officers (COO) from April 01, 2024. Deepak removing them from its assets under Telangana held in Hyderabad on 24 January.
terrorist group Students Islamic Movement of India (SIMI) for five 29 per cent to ~7,655 crore in Q3FY24 from Bagati is president, debt management management (AUM). “In an increasingly interwoven financial land-
years for its involvement in fomenting terrorism and disturbing ~5,922 crore in Q3FY23. Given the increase services. Sandeep Jain is chief financial officer “Our confidence in the full recovery of scape, the ripples of even an apparently small dis-
peace and communal harmony in the country. in risk weighting and higher incremental cost and will be CFO and COO. Anurag Chottani is these investments remains strong, which is turbance can resonate far beyond its initial
In a post on 'X', Union Home Minister Amit Shah said that of funds, the company has increased rates currently chief information officer. The board evident in the positive payment record impact,” he added in the speech that was uploaded
bolstering Prime Minister Narendra Modi's vision of zero tolerance across all portfolios by 20-30 basis points, also approved a hike in borrowing limit from thus far,” said Piramal. on the RBI website on Monday. He cited the key
against terrorism, SIMI has been declared an 'Unlawful BFL said in an analyst presentation. ~2.25 trillion to ~3.75 trillion. ABHIJIT LELE The company’s stock closed 1.14 per cent challenges faced by the sector in the areas of gov-
Association' for a further period of five years under the Unlawful The net interest margin continued to higher at ~883.55 per share on the BSE. ernance and professionalism, adoption and
Activities Prevention Act (UAPA). The SIMI was first banned in 2001 soften gradually on account of lagged effect Its loan losses and provisions went up Its net interest income declined by 19 upscaling of technology. AATHIRA VARIER
when the Atal Bihar Vajpayee government was in power and since of rising cost of funds in Q3FY24, BFL said substantially to ~1,248 crore in Q3FY24 as per cent year-on-year (Y-o-Y) to ~835
then the ban has been extended every five years. PTI in a statement. Its assets under management against ~841 crore in Q3FY23. Loan losses for crore in Q3 of 2023-24 (FY24) from ~1,033

ED team camps at Jharkhand

(AUM) grew by 35 per cent Y-o-Y to ~3.1 tril-
lion at end of December 2023 from ~2.3 tril-
lion as of December 2022.
rural business to customer (B2C) segment
continued to remain elevated. AUM growth
of rural B2C segment (excluding gold loan)
crore in the same quarter a year ago.
However, the net interest margins
improved by over 100 basis points (bps) to
75%banks,NBFCs
CM Soren’s Delhi house
The number of new loans booked grew
by 26 per cent to 9.86 million in Q3FY24 as
is down from 26 per cent in March 2023 to 10
per cent in December 2023. Urban B2C loan
4.9 per cent over the same quarter last
year, said Jairam Sridharan, managing have chatbots,
An Enforcement Directorate team on Monday visited the Delhi
residence of Jharkhand Chief Minister Hemant Soren to question
against 7.8 million in Q3FY23. The total cus-
tomer base expanded by 22 per cent Y-o-Y at
80.4 million as of December 31, 2023 com-
losses were higher in Q3 due to lower collec-
tion efficiencies. Overall, urban B2C portfolio
remains in good health, according to an ana-
director of Piramal Capital and Housing
Finance, in a media interaction after the Q3
results announcement.
e-assistants: RBI
him in connection with a money laundering investigation in an pared to 66.0 million a year ago. lyst presentation. While the Indian financial sector entities are adop-
alleged land fraud case and camped there for over 12 hours. ting newer technologies, there is a need to be
Official sources claimed Soren was “missing” and could not be watchful in areas like cyber security and growing
contacted by the federal agency but a family member alleged that
a “false” narrative was being set to “delegitimise” the JMM
leader's position. PTI
BPCL net jumps 82 % on Gail profit jumps reliance on software as a service (SaaS) solutions,
Reserve Bank of India’s Deputy Governor Michael
Patra said. He cited a survey conducted by the
higher refining margins 700% to ~ 3K crore Reserve Bank of India (RBI) at the end of June
2023, which showed that almost three-fourths of
Policy Ensure launches life, Bharat Petroleum Corporation Ltd (BPCL) on Monday reported an 82 State-run gas supplier Gail (India) on Monday reported a 703 per
Indian banks and non-banking financial com-
panies (NBFCs) have implemented chatbots and
health insurance verticals per cent jump in its December quarter net profit on the back of higher-
than-expected refining margins and a rise in margins on fuel sales.
cent rise in consolidated net profit at ~3,193 crore in the third quarter
(October-December) of 2023-24 (FY24) against ~397.6 crore in the
virtual assistants.
The survey highlighted a substantial surge in
Insurance broker Policy Ensure on Monday launched life and Its consolidated net profit of ~3,181.42crore in the third quarter of year-ago period. Sequentially, its net profit rose 30.75 per cent, up the incorporation of artificial intelligence (AI)-
health insurance verticals that will enable the company to offer the current financial year compares to ~1,747 crore in the same period from ~2,442.18 crore. related keywords within the Indian banking sector,
insurance services to a diverse set of customers ranging from of the previous financial year, according to a company statement. The latest rise in net profits came on a low base as Gail had suf- he said. However, he also underscored the signif-
families, shopkeepers and entrepreneurs to farmers, amongst Its profit was, however, lower than ~8,243.5 crore in the preceding fered from disruptions to supply from Russian energy giant icance of addressing concerns related to transpar-
manyothers.PolicyEnsure’sportfolionowincludesmotor,business, quarter (July-September 2023). Gazprom and higher global gas prices. The growth was accompanied ency, data biases, governance, privacy, and algo-
health, and life insurance, the company said in a statement. It has The continuing freeze in fuel prices, which has now continued by a 3.26 per cent fall in consolidated revenue from operations to rithmic strength amid the escalating use of AI.
also announced plans to expand its operations in 200 towns in the for 21 months, despite a fall in input raw material (crude oil) ~34,767.8 crore in Q3FY24, down from ~35,939.9 core in Q3FY23. Patra stressed the need for central banks to imple-
next 18 months from the existing 42 towns and intends to enlist prices helped the state-owned oil marketing company raise GAIL had also purchased ~31,761.6 crore worth of stock in trade in ment adequate checks and balances to ensure
10,000 agents, from the current 2,500. AATHIRA VARIER marketing margins. PTI the year-ago period. SUBHAYAN CHAKRABORTY responsible AI utilisation. ANJALI KUMARI
12
>
BENGALURU | TUESDAY, 30 JANUARY 2024 1

NOTICE AFFIDAVIT change OF name

TATA ELXSI LIMITED I, BEEBI FATHIMA, aged about 33 years, D/o
I, naveen S/o Rajkumar
Regd. Office : ITPB Road, Whitefield, Bengaluru, Karnataka-560 048. Mohammed T and RAHAMATH UNNISA, R/at
NOTICE is hereby given that the certificate for the
No. 290, Pulakunta Building, II Floor, Ward No. resident of Room No.15,
53, 9th Cross, 15th Street, Vinayakanagar, K.R
under mentioned securities of the company has been Puram, Bengaluru-560036, do hereby that I
No.1 SNCO's Mess, Air Force
lost/misplaced and the holder(s) of the said securities have changed my name from BEEBI FATHIMA Staion Jalahalli East,
applicant(s) has / have applied to the company to issue to RUTVA KADUR, henceforth I shall be known Bangalore-560014 have changed
and called as RUTVA KADUR only for all
duplicate certificate. Any person who has a claim in purposes, vide affidavit dated 27.01.2024, my name from naveen to
respect of the said securities should lodge such claim sworn before Advocate and Notary H.H. naveen Sahu, vide Aidavit
with the company at its registered office within 15 days NAGARAJ, at Bangalore.
dated 25 Jan 24 before
from this date, else the company will proceed to issue
duplicate share certificate without further intimation.
R.Lakshmi Devi notary
Name of the holders : Gurbachan Singh (Deceased) & AFFIDAVIT Bangalore.
Gurubachan Kaur, kind of Securities & Face Value I, ABDUL AZEEZ, aged about 34 years, S/o
: Equity Shares of ` 10/- each No. of Securities 300. Mohammed T and RAHAMATH UNNISA, R/at
No. 290, Pulakunta Building, II Floor, Ward No.
Folio No.
No. of Share Distinctive Number 53, 9th Cross, 15th Street, Vinayakanagar, K.R IN THE COURT OF THE HON'BLE IInd ACMM
Puram, Bengaluru-560036, do hereby that I AT BENGALURU
100 22415021-22415120 have changed my name from ABDUL AZEEZ to C.Misc. No. 1774 /2023
G0004081 100 24004521-24004620 MOKSHITH, henceforth I shall be known and BETWEEN:Smt.Shanthamma
BETWEEN: Smt.Shanthamma : PETITIONER
IN THE COURT OF THE HON'BLE IInd ACMM AND: Tehsildar East Bengaluru : RESPONDENT
called as MOKSHITH only for all purposes, vide
100 24004621-24004720 affidavit dated 27.01.2024, sworn before
AT BENGALURU PUBLIC NOTICE
C.Misc. No. 1773 /2023 Whereas the petitioner have filed this petition under
sd/- Advocate and Notary H.H. NAGARAJ, at
BETWEEN:Smt.Shanthamma
BETWEEN: Smt.Shanthamma : PETITIONER
Bangalore. section 13 (3) of the birth and deaths Act 1969. I,
Date : 30.01.2024 GURUBACHAN KAUR AND: Tehsildar East Bengaluru : RESPONDENT Smt.Shanthamma, D/o.Late. Narayanamma and
Place: Gonda, Uttar Pradesh Applicant PUBLIC NOTICE Sri.Late.Bajjaredy, aged about 62 years, residing at
Whereas the petitioner have filed this petition under No.175, Sorahunase, Varthur, Bengaluru-560087,
section 13 (3) of the birth and deaths Act 1969. I, Smt.
AFFIDAVIT Shanthamma, D/o.Late.Bajjareddy, aged about 62
s a i d , h e r m o t h e r L a t e . N A R AYA N A M M A
W/o.Late.Bajjareddy, died on 01/06/1985, at home in
I, RAHAMATH UNNISA, aged about 36 years, years, residing at No.175, Sorahunase, Varthur, that time she or her family members did not informed to
W/o Mohammed T, R/at No. 290, Pulakunta Bengaluru-560087, said, her father Late. the respondent. Now they are in need of her mother's
Building, II Floor, Ward No. 53, 9th Cross, 15th BAJJAREDDY, S/o.Late. Lakshmaiah Reddy, died on Death Certificate. As per the procedure she filed
Street, Vinayakanagar, K.R Puram, Bengaluru- 29/08/1991, at home in that time she or her family Cri.Misc. No.1774/2023, case before the Hon'ble Iind
560036, do hereby that I have changed my members did not informed to the respondent. Now they A.C.J.M at Bengaluru and hearing date is on 16/2/24
name from RAHAMATH UNNISA to G. are in need of her father's Death Certificate. As per the anybody interest, please come and appear.
CHANDRAMMA, henceforth I shall be known procedure she filed a Cri.Misc. No.1773/2023, case Given under my hand and the seal of the court on this
and called as G. CHANDRAMMA only for all before the Hon'ble Iind A.C.M.M at Bengaluru and the 22nd day of January 2024.
purposes, vide affidavit dated 27.01.2024, hearing date is on 16/2/24 anybody interest, please By Order of the Court.
sworn before Advocate and Notary H.H. come and appear. Sd/- Sheristedar
NAGARAJ, at Bangalore. Given under my hand and the seal of the court on this Court of Chief Judicial Magistrate
the 22nd day of January 2024. Bangalore Rural District, Bangalore
By Order of the Court. Advocate for Petitioner
Sd/- Sheristedar
AFFIDAVIT Court of Chief Judicial Magistrate
I, SAVITHA DEVI C/o HITESH BOKADIA, aged Bangalore Rural District, Bangalore
Advocate for Petitioner
about 43 years, R/at No. 0B1704 Tower 1
Parwest Apartment, Hosakere Road, Ward No. PUBLIC NOTICE
31, Binnypet, Bangalore North, Magadi Road, This is to put you all in notice that my client
Bangalore-56023, do hereby that I have Mr. IZHAR AHMED intend to sell the property
changed my name from SAVITHA KUMARI to which is absolutely belonging to them and
SAVITHA DEVI, henceforth I shall be known
and called as SAVITHA DEVI only for all situated at Flat No. 509 and 510, in 5th Floor,
purposes, vide affidavit dated 29.01.2024, sworn Budiling known as Angel Lakeview, Site No.
before Advocate and Notary G.N 36, Greenglen Layout, Bellandur, Bangalore
VENKATARAVANAPPA, at Bangalore.
- 560 103. If anybody is having any valid
objection for the above said sale can send
their claims in writing to my clients with
supporting evidence within 7 days from the
date of this public notice, if not it will be
considered as no one is having objection for
the above said sale.
ADVOCATE
K. KARTHIK ADVOCATE MS/278/2011
No. 1, RVN Complex Ist Floor,
Mathalangula Street, Tiruvannamalai
Mobile: 9894427073
E-mai: karthiklawoffi[email protected]

PUBLIC NOTICE
Public are informed that, my client Mr. Abdul
Ahad (Formerly Known as Anup Kumar Ramesh
Bhat) and Mrs. Saniya Z Sadiq, will be going to
purchase the property bearing Flat bearing No.
FF-104, in the First Floor, measuring about
1148.19 Sq. ft. super built up area, consisting of
MACROTECH DEVELOPERS LIMITED Two Bedrooms, with one covered car parking
Regd. Off.: 412, Floor-4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, place, Apartment building known as
Fort, Mumbai - 400 001. “HARMONY APARTMENTS" bearing Municipal
Corp.Off.: Lodha Excelus, L 2 Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai - 400 011. Corporation No.72/1, situated at Nagawara
CIN : L45200MH1995PLC093041 Website: www.lodhagroup.in Main Road, Venkateshapura,
Email: [email protected] Tel.: +91 226773 7373 (Kadugondanahalli), Corporation Ward No.94,
NOTICE OF POSTAL BALLOT THROUGH REMOTE E-VOTING PID No. 94-35-72/1, Bangalore from its previous
owner Mr. Bashir Gaffar Parkhaniya and others.
Members of the Company hereby informed that pursuant to Section 110 and other applicable provisions
Smiths & Founders (India) Limited Also, public are informed that My client Mr. Abdul
of the Companies Act, 2013 read with Rule 20 & Rule 22 of the Companies (Management and
Ahad (Formerly Known as Anup Kumar Ramesh
Administration) Rules, 2014, as amended, Secretarial Standard-2 on General Meetings (the "SS-2")
Regd.Off: No.505, 5th Floor, Brigade Rubix, No.20, HMT Main Road, Bangalore 560013 Bhat) has changed his name from Anup Kumar
read with General Circular Nos. 14/2020 dated April 08, 2020, 17/2020 dated April 13, 2020, 22/2020 CIN:L85110KA1990PLC011303. Ramesh Bhat to Mr.AbdulAhad.
dated June 15, 2020, 33/2020 dated September 28, 2020, 39/2020 dated December 31, 2020, 10/2021
dated June 23, 2021, 20/2021 dated December 08, 2021, 03/2022 dated May 05, 2022, 11/2022 dated
Email:[email protected]: www.smithsandfoundersindia.com Any person/s or if any one having any claim over
December 28, 2022 and 09/2023 dated September 25, 2023 issued by the Ministry of Corporate Affairs
(Rs.in Lakhs) the said property or any other claims by any
("MCA Circulars"), Securities and Exchange Board of India (Listing Obligations and Disclosure Extract of Standalone Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2023 person/s, Nationalized banks, MNC Banks,
Requirements) Regulations, 2015 (the "Listing Regulations") and other applicable laws and regulations, Quarter ended Nine Months ended Quarter ended private Banks, Co-operative banks any financial
if any, the Postal Ballot Notice ("Notice") has been sent electronically on Monday, January 29, 2024 to Particulars 31.12.2023 31.12.2023 31.12.2022 institutions Governed by the RBI rules may
the members whose e-mail address is registered with the Company/Link Intime India Private Limited Total Income from operations (net) 293.784 853.444 265.654 lodge their objections in writing within 07 days
("LinkIntime"), Company's Registrar and Share Transfer Agent/Depository Participant(s), as on the Cut- Net Profit/(Loss) from ordinary activities after tax 9.740 36.357 6.639 from this day to the under mentionedAdvocate.
Off Date i.e., Friday, January 19, 2024, for seeking approval of Members by way of Special Resolution Net Profit/(Loss) for the period after tax (after Extraordinary items) 9.740 36,357 6.639 KSR Associates, ADVOCATES & LEGAL CONSULTANTS
for the business set out in the Notice dated January 27, 2024 by voting through electronic mode ("e-voting").
Equity Share Capital 1019.965 1019.965 1019.965 OFFICE# 53/1, 8th Cross, Malleshwaram,
Earnings Per share (before and after extraordinary items) :
The Notice inter-alia indicating the process and manner of remote e-voting is also available on the 0.010 0.036 0.007 Bangalore–560003, Mobile: 9008965571
Basic
Company's website at www.lodhagroup.in, on the website of the Stock Exchanges i.e. BSE Limited and Diluted 0.010 0.036 0.007
National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively Note: The above is an extract of the detailed format of Quarterly financial results filed with the Stock Exchange under Regulation
and on the website of National Securities Depository Limited ('NSDL') at www.evoting.nsdl.com. Members 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of
the Quarterly financial results is available on the Stock Exchange website www.bseindia.com and
who do not receive the Postal ballot Notice may download it from the above-mentioned websites. Company's website www.smithsandfoundersindia.com
For and on behalf of the Board
In compliance with the MCA Circulars, the Company has sent the Notice in electronic form only. Hence, Place : Bangalore Suresh Shastry
hard copy of Notice along with Postal Ballot forms and pre-paid business envelope has not been sent to Date : January 29, 2024 Chairman & Managing Director
the Members for this Postal Ballot.
Instructions for e-voting:
In accordance with the applicable circulars issued by Ministry of Corporate Affairs, the Company is
providing to its members the facility to exercise their right to vote on the resolution proposed in the said
Postal ballot only by electronic means ("e-voting"). The communication of the assent or dissent of the
members would take place through remote e-voting only. The Compnay has engaged the servicesof
NSDL as the agency to provide e-voting facility. Members may cast their votes during the period mentioned
herein below:
Commencement of e-voting: 9:00 a.m.(IST) on Wednesday, January 31, 2024
End of e-voting: 5:00 p.m.(IST) on Thursday, February 29, 2024
E-voting will not be allowed beyond the aforesaid date and time and the e-voting module shall be forthwith
disabled by NSDL upon expiry of the aforesaid period.
Manner of e-voting by members holding shares in dematerialised mode, physical mode and members
who have not registered their email address has been provided in the Postal Ballot Notice. The manner
in which persons who have forgotten the User ID and Password, can obtain/generate the same, has
also been provided in the said Notice.
A person, whose name is recorded in the Register of members/List of beneficial Owners as on the Cut-
Off Date shall only be considered eligible for the purpose of e-voting. Voting rights of a member/beneficial
owner (in case of electronic shareholding) shall be in proportion to his/her/its shareholding in the paid-
up equity share capital of the company as in the Cut-Off Date. A person who becomes a member after
the Cut-Off Date should treat this notice for information purpose only.
Manner of registering/updating e-mail address:
a) Shareholders holding shares in physical mode and who have not updated their email addresses
with the Company are requested to update the same by writing to the Company at
[email protected] with a copy of the signed request letter mentioning the
name and address of the Shareholder, self-attested copy of the PAN card, and self-attested copy of
any document (eg: Driving License, Election Identity Card, Passport) in support of the address of the
Shareholder.
b) Shareholders holding shares in dematerialised mode are requested to register/update their email
addresses with the relevant Depository Participants.
The resolution, if approved, shall be deemed to have been passed on the last date of e-voting i.e.,
Thursday, February 29, 2024. The results of e-voting will be announced on or before Monday, March 4,
2024 and will be displayed on the Company's website www.lodhagroup.in and communicated to the
Stock Exchanges and NSDL. The Company will also display the results of the Postal Ballot at its registered
office.
In case of any query on e-voting, members may refer to the Help/FAQs tab for e-voting available at
NSDL website i.e., www.evoting.nsdl.com
Contact details for addressing e-voting related queries/grievances, if any:
Mr. Amit Vishal, Assistant Vice President / Ms. Pallavi Mhatre, Senior Manager
National Securities Depository Limited
Trade World, 'A' Wing, 4th Floor, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
E-mail: [email protected]
Tel no.: +91 22 4886 7000 / +91 22 2499 7000 / +91 22 2499 4360
For Macrotech Developers Limited
Sd/-
Sanjyot Rangnekar
Date: January 29, 2024 Company Secretary and Compliance Officer
Place: Mumbai Membership No. F4154

Home First Finance Company India Limited

CIN NO. L65990MH2010PLC240703.
Website: homefirstindia.com, Phone No.: 180030008425 Email ID: loanfirst@homefirstindia.com
POSSESSION NOTICE
REF: POSSESSION NOTICE UNDER SUB-RULE (1) OF RULE 8 OF THE SECURITY INTEREST (ENFORECEMENT) RULES, 2002
WHEREAS the undersigned being the Authorized Officer of HOME FIRST FINANCE COMPANY INDIA LIMITED, pursuant to demand notice issued on its respective dates as given
below, under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Act No. 54 of 2002) and in exercise of powers conferred
under section 13(12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002 calling upon you/Borrowers, the under named to pay outstanding dues as within 60 days from
the date of receipt of respective notices. You/Borrowers all, however, have failed to pay the said outstanding dues within stipulated time, hence HOME FIRST FINANCE COMPANY
INDIA LIMITED are in exercise and having right as conferred under the provision of sub section (4) of section 13 of SARFAESI ACT,2002 read with rules thereunder, taken
POSSESSION of the secured assets as mentioned herein below:
Date of
Sl. Name of Borrowers/
Description of Mortgaged Property
Total O/s as on date of Date of
Demand Demand Notice (in INR) possession
No. Co-Borrowers/ Guarantors Notice
Chethan S, Varalakshmi R Plot No. 11, Old Survey No.183/1B, New Survey No.183/2, Situated at Kurubarahalli Grama,
1 Tavarekere Hobli,Bangalore South Taluk, Bangalore, Karnataka, 560086 03-06-2023 12,55,508 24-01-2024
Arjun Mokhashi, Rekha M Property No.28A, Assessment No.99, Katha No.334, BBMP Ward No.40, Karivobanahalli
2 Village,Yeshwanthpura Hobli, Bangalore NorthTaluk, Bangalore. Bangalore Karnataka 560105 05-04-2023 13,49,333 23-01-2024
The borrower having failed to repay the amount, notice is hereby given to the borrower / Guarantor and the public in general that the undersigned has taken Possession of the
property described herein below in exercise of powers conferred on him/her under section 13(4) of the saidAct read with rule 8 of the said rule on the date mentioned above.
The BORROWERS/ GUARANTORS and the PUBLIC IN GENERAL are hereby cautioned not to deal with the above referred Properties/SecuredAssets or any part thereof and any
dealing with the said Properties/Secured Assets shall be subject to charge of HOME FIRST FINANCE COMPANY INDIA LIMITED for the amount mentioned hereinabove against
Properties/SecuredAssets which is payable with the further interest thereon until payment in full.
The borrower’s attention is invited to the provisions of subsection (8) of Section 13 of the Act, in respect of time available to redeem the secured asset.
Place:- Bangalore Signed by: AUTHORISED OFFICER
Date: 30-01-2024 Home First Finance Company India Limited
.
BENGALURU | TUESDAY, 30 JANUARY 2024 13
<

Manufacturer and Suppliers of Male

Condoms, Female Condoms, Lubricant
Water Based & In Vitro Diagnostics
A­68, M.I.D.C.(Malegaon), Sinnar, Nashik­422 113,
Maharashtra, India,
Tel No.: +91­2551­230280/230772, Fax : +91­2551­230279
CIN No.: ­ L25193MH1993PLC070846
E­mail: [email protected]
Website: www.cupidlimited.com

NOTICE FOR EXTRA ORDINARY GENERAL MEETING OF THE COMPANY

Notice is hereby given that the Extra Ordinary General Meeting ('EGM') of the
shareholders of Cupid Limited is scheduled to be held through Video Conferencing /
Other Audio Visual Means (VC/OAVM) on Wednesday, 21st February, 2024 at 3.30 P.M.
to transact the business as set out in the Notice of the EGM.

The EGM will be convened in compliance with the applicable provisions of the
Companies Act, 2013 and the Rules made thereunder ('the Act'), provisions of the
Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('the Regulations'), and in view of the Circular dated
September 25, 2023 and January 13, 2020 read with the Circulars dated April 8, 2020,
April 13, 2020, May 5, 2020, December 28, 2022 (collectively referred to as "MCA
Circulars") and SEBI vide its Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated
May 12, 2020, Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15,
2021, Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023, Circular
No. SEBI/HO/CFD/CFD/PoD-2/P/CIR/2023/167 dated October 7, 2023 (collectively
referred to as "SEBI Circulars"). Members participating through the VC/OAVM shall be
reckoned for the purpose of quorum under Section 103 of the Act.

The Notice of the EGM have been sent on 29th January, 2024, to those Members whose
email addresses are registered with the Company / Bigshare Services Private Limited
('RTA') / Depositories. The requirement of sending physical copy of the EGM notice has
been dispensed with vide the relevant circulars. The e-copy of the EGM Notice is also
available on the website of the Company at www.cupidlimited.com; the website of
Bombay Stock Exchange at www.bseindia.com and the website of National Stock
Exchange of India Limited at www.nseindia.com.

In terms of Section 108 of the Act read with Rule 20 of the Companies (Management and
Administration) Rules, 2014 ('the Rules'), and Regulation 44 of the Regulations, and
Secretarial Standards-2 on General Meetings issued by the Institute of Company
Secretaries of India, the Company is pleased to provide its Members with the facility to
exercise their rights to vote on the resolutions proposed to be passed at the EGM by
electronic means.

The Company has engaged the services of the Central Depository Services (India)
Limited (CDSL) for providing the e-voting facility [both before the EGM (remote e-
voting) from any place and during the EGM (e-voting at the EGM)].

Mr. Shailesh Kachalia (Membership No. FCS 1391), Practicing Company Secretary, has
been appointed by the Company as Scrutinizer for EGM related matters of the Company.

All members are hereby informed that:

i. Shareholder will be provided with a facility to attend the EGM through VC/OAVM
through the CDSL e-Voting system. Shareholders may access the same at
https://www.evotingindia.com under shareholders/members login by using the remote
e-voting credentials. The link for VC/OAVM will be available in shareholder/members
login where the EVSN of Company will be displayed.
ii. A person whose name is recorded in the register of Members or in the Register of
Beneficial Owners maintained by the Depositories as on 14th February, 2024 i.e. cut-off
date shall be entitled to vote on the Resolutions set in the Notice.
iii Any person who becomes a member of the Company after dispatch of the Notice of
the Meeting and holding shares as on the cut-off date i.e. 14th February, 2024 may
obtain the User ID and password in the manner as mentioned in the Notice or write an
email to [email protected].
iv. The remote e-voting period will commence on 18th February, 2024 at 9.00 a.m. and
ends on 20th February, 2024 at 5.00 p.m. The remote e-voting will be disabled for voting
thereafter by the CDSL.
v. In addition, the facility for e-voting shall be available during the EGM and Members
attending the EGM who have not cast their votes through remote e-voting shall be
eligible to vote at the EGM.
vi. Members who have already cast their votes through remote e-voting facility may
participate in the EGM, however shall not be allowed to vote at the EGM.
vii. Subject to receipt of requisite number of votes, the Resolutions shall be deemed to
be passed on the date of the Meeting, i.e. 21st February, 2024.
viii. In case of any queries or issues regarding e-voting, you may refer the Frequently
Asked Questions (“FAQs”) and e-voting manual available at www.evotingindia.com
under help section or write an email to [email protected] or contact at
022- 23058738 and 022-23058542/43.
ix. Shareholders who would like to express their views/ask questions during the meeting
may register themselves as a speaker by sending their request in advance atleast 15
days prior to meeting mentioning their name, demat account number/folio number,
email id, mobile number at company email id. The shareholders who do not wish to
speak during the EGM but have queries may send their queries in advance 15 days prior
to meeting mentioning their name, demat account number/folio number, email id,
mobile number at company email id. These queries will be replied to by the company
suitably by email.

Members are requested to carefully read all the Notes set out in the Notice of the EGM
and in particular the instructions for joining the EGM, and the manner of casting vote
through remote e-voting or e-voting at the EGM.

By Order of the Board

For Cupid Limited
SD/-
Place: Mumbai Saurabh V. Karmase
Date: 29th January, 2024 Company Secretary and Compliance Officer

Pursuant to Regulation 29(1) and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Notice is hereby given that a meeting of the Board of Directors of Grasim Industries Limited
(‘the Company’) will be held on Thursday, 8th February 2024, inter-alia, to consider and approve the Unaudited Financial
Results of the Company for the quarter and nine months ended 31st December 2023.
In terms of the Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons in Listed or Proposed to
be Listed Securities of Grasim Industries Limited, the trading window for dealing in the securities of the Company has been
closed from 1st January 2024 and shall remain closed till 48 hours after the announcement of Unaudited Financial Results
i.e. up to 10th February 2024 (both days inclusive).
This Notice is also available on the websites:- www.grasim.com; www.bseindia.com and www.nseindia.com.
For Grasim Industries Limited

sd/-
Place : Mumbai Sailesh Kumar Daga
Date : 29th January 2024 Company Secretary & Compliance Oficer
FCS-4164

“Grasim Industries Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations,
a rights issue of its equity shares and has filed a Letter of Offer with the Securities and Exchange Board of India. The Letter of
Offer is available on the website of the Company at www.grasim.com, the website of the SEBI at www.sebi.gov.in, the website of
BSE at www.bseindia.com, the website of NSE at www.nseindia.com, the website of the Lead Manager(s) at www.axiscapital.co.in,
business.bofa.com/bofas-india, investmentbank.kotak.com, www.jefferies.com, www.jmfl.com and www.sbicaps.com. Investors
should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Letter
of Offer, including the section titled “Risk Factors.”
14 TAKE TWO
>
BENGALURU | TUESDAY, 30 JANUARY 2024 1
ILLUSTRATION: BINAY SINHA

Nirmala Sitharaman,
Finance minister

MACRO BALANCING
above pre-pandemic levels, while revenue potential risks of excessive financial sector
expenditures are already lower than pre- exuberance as banks and NBFCs — whose
pandemic levels. balance sheets are the healthiest in years — seek
The larger point, therefore, is that to aggressively pursue growth. Consequently,
there is limited space on the bank credit growth (15-16 per
expenditure side to achieve cent) is running much above

ACT IN 2024
fiscal consolidation in the nominal GDP growth (9 per
coming years. Instead, the bulk It would seem cent) this fiscal — a multiple last
of the consolidation will need to seen in 2007. NBFC credit
be done on the revenue side. that fiscal and offtake is even stronger.
This is also desirable from a monetary settings Furthermore, much of the
growth perspective, because have been credit offtake is in the form
expenditure multipliers tend calibrated to a of unsecured lending to
to be higher than revenue households, where growth rates
multipliers.
nicety. But are at 25 per cent. To be sure,
Policyimperativesofthelasttwoyearswereunambiguous:Boostinggrowthand To be sure, combined
tax/GDP has shown an
beneath the
surface, both
some of the credit deepening
is because banks potentially
containinginflation.Theimperativesfor2024aremorenuanced:Nurturingrecovery encouraging increase in recent
years. Combined central and
will face new have access to better credit
infrastructure and information
trade-offs in 2024,
whileensuringpublicdebtisstabilisedandfinancialexuberancecontained state taxes rose from 17.3 per cent
of GDP pre-pandemic to 17.8 per and will need
on borrowers. But such a rapid
acceleration of credit also
cent in 2021-22 — a ratio last to be navigated creates the risk of excessively-
seen in 2007-08. Furthermore, carefully easy lending standards.
expected to narrow in line with budgeted Second, while the cap on state deficits is 3 per this year, a surge in personal The RBI will therefore need
estimates from 6.4 per cent of GDP last year to cent of GDP, the effective cap has risen to 3.75 per income taxes has meant that to keep a close eye on financial
5.9 per cent in 2023-24. Simultaneously, cent of GDP in recent years, contingent on central gross taxes could rise to exuberance to prevent excessive
however, state deficits are poised to rise this certain state reforms. Incentivising state 11.6 per cent of GDP, potentially taking risk-taking. To be sure, consistent with the
fiscal to 3.1 per cent of GDP — and possibly reforms is important and desirable. But combined gross taxes above 18 per cent of Tinbergen Principle, multiple objectives should
higher — from 2.8 per cent last year, as states from a debt sustainability perspective, the GDP for the first time. be addressed through multiple instruments.
press on the capex pedal but also grapple with consolidated deficit will need to be reduced to But gross tax/GDP will need to be increased A puritanical approach would suggest
lower revenues. As such, the consolidated 7 per cent of GDP, at a minimum. So if states are further in the coming years to enable the “separability” between monetary policy and
central and state deficit is expected to remain given more leeway, the Centre will need to adjust necessary fiscal consolidation. While financial stability — with monetary policy tools
around 9 per cent of GDP this year. The broader commensurately, and vice-versa. This will need broadening and simplifying the GST to achieve (rates and liquidity) deployed towards the
public sector borrowing requirements (which to be a holistic, collaborative effort to generate full efficiencies and improving compliance is inflation targeting framework and macro-
includes public sector enterprise borrowing) is equitable burden sharing. crucial, the temptation to grow tax/GDP through prudential tools deployed to contain excessive
SAJJID Z CHINOY therefore expected to remain sticky around Third, once the Centre achieves its 4.5 per indirect taxes should be avoided given the risk-taking in sectors. Thus far, the RBI has
10 per cent of GDP this year, bucking cent of GDP fiscal deficit target in two years, it regressivity of indirect taxes and their still-high pursued that approach with risk-weights being
expectations of some narrowing this year. should take stock and re-assess whether another ratio of total taxes in the Indian context. increased for unsecured lending and bank
percentage point of fiscal consolidation is Finally, boosting asset sales in 2024-25 lending to NBFCs and restrictions being

T
he combined role of fiscal and mone- needed to ensure debt/GDP decisively declines should be an integral part of raising revenues, imposed on bank/NBFC investments in
tary policy has been crucial in shep- HOW MUCH CONSOLIDATION? in the coming years under realistic growth given the buoyancy of markets and the alternative investment funds (AIF) to
herding India’s economy out of the pan- As we approach this week’s Budget, therefore, assumption. attractiveness of valuations. It is important to prevent evergreening of loans.
demic. The capex push by the central the policy question that emerges is what fiscal Details apart, the larger principle of underscore that using asset sales is the least But “separability” — while clean in theory —
government over the last four years has been path in the coming years will stabilise public “symmetrical counter-cyclicality” is important. growth-impinging way of reducing the deficit. is messier in practice. As former Fed Chairman
relentless and a key driver of the recovery. debt, and then bring it down to create fiscal The need to use firepower during slowdowns Ben Bernanke acknowledges, there is growing
Equally, the rapid normalisation of monetary space for the next shock, under reasonable and crisis is well understood. But the act of evidence that monetary easing promotes
policy in 2022 was crucial to preventing inflation growth assumptions. Recall, public debt evolves amassing gunpowder during peace time — MONETARY: OF INSTRUMENTS increased private-sector risk taking, dubbed
pressures from getting entrenched. Both have on the interplay of three variables: The creating fiscal space when growth recovers — AND OBJECTIVES the “risk-taking channel of monetary policy”.
contributed to the current outcomes. With gross consolidated primary deficit (fiscal deficit net of is often underappreciated. Prima facie, the Reserve Bank of India finds itself The implication is, even if macro prudential
domestic product (GDP) growth interest), nominal GDP growth, in a sweet spot. It now expects 2023-24 growth to measures are deployed for financial stability,
estimated close to 7 per cent in and the average cost of debt. be close to 7 per cent, even as core inflation has they risk being undermined if monetary policy
2023-24, core inflation below 4 per Though interest rate changes also CONSOLIDATION WITHOUT dipped below 4 per cent for the first time in four is simultaneously being eased. In theory, any
cent, and headline consumer As we approach have a bearing, their role is often COMPRESSION years. This vindicates the RBI’s rapid normali- easing would need to be accompanied by a
price inflation (CPI) expected to this week’s overstated, given that the average It is one thing to identify the level to which sation in 2022 and its holding tough on real rates further tightening of macro prudential
soften to a 4-5 per cent range this maturity of India’s central debt deficits need to be reduced, and in 2023. Meanwhile, pre- measures.
year, it would seem that fiscal and
Budget, the has been increased to 12 years — another to find ways to get there emptive government actions on There are also other dimensions to consider.
monetary settings have been cal- question is which, by itself, is a very healthy by minimising the food prices have meant that Macro prudential measures may not be able to
ibrated to a nicety. But beneath what fiscal development. The implication is contractionary impact on An inevitable food inflation has begun to reach or be efficacious across all parts of the
the surface, both fiscal and mone- path in the that potential interest rate growth. In India’s case, there market chorus is soften, despite the impact of El financial system. In contrast, as former Fed
tary policy will face new trade-offs
coming years changes will take a long time to should be no let-up on the capex building for the Niño. Consequently, headline Chair Jeremy Stein notes, monetary policy “gets
in 2024, and will need to be navi- permeate the entire debt stock. push for now, given its large RBI to ease inflation is expected to be in the into all the cracks”. So monetary policy and
gated carefully. will stabilise Instead, the real question is what multipliers on economic 4-5 per cent range through most financial stability can never be fully mutually
public debt combination of future deficits activity. Additionally, targeted
monetary policy, of 2024, barring fresh shocks. exclusive, in practice.
and growth is required to stabilise fiscal support for the bottom of but the central But success creates its own ThisisnottosuggestIndia’sinflationtargeting
FISCAL: SYMMETRICAL public debt in the medium term. the pyramid will need to bank will be well pressures. With headline CPI frameworkshouldbeburdenedby“financial
COUNTER CYCLICALITY So what do we find? continue in a post-pandemic justified in expected to finally be back in dominance”.Theframeworkhasworkedwelland
On its part, fiscal policy will have to achieve a n Under the government’s current fiscal road world. Finally, much-needed the 4 per cent handle, an shouldfocusprimarilyonitsinflationtargeting
careful balance between continuing to nurture map, the central fiscal deficit will be brought investments in health and
hanging tough... inevitable market chorus is mandate,withmacroprudentialmeasuresused
the recovery but while ensuring that deficits and down to at least 4.5 per cent of GDP by financial education will need to continue It will be import- building for the RBI to ease asthefirstlineofdefenceforfinancialstability.
debt are on a sustainable path. India’s upside year 2025-26. If state deficits also go back to their being a priority in the coming ant to let monetary policy. But the Buttheremaybeoccasionswhenmonetarypolicy
growth surprise in 2024 has been very pre-pandemic average of 2.5 per cent (approx) of years. So the expenditure side inflation get more central bank will be well willneedtointernalisetheimplicationsofits
encouraging. Despite that, output still remains GDP, the consolidated fiscal deficit would reduce has its work cut out. To be sure, entrenched justified in hanging tough and actionsonfinancialstabilityandleanagainstthe
below the pre-pandemic path, private to 7 per cent of GDP over the next two years, from central government not easing pre-emptively. wind(whatBenBernanketerms“Situational
investment needs to get stronger and more 9 per cent this year. In this scenario, public/debt expenditure is about 2.5 per towards the Inflation has averaged 5-6 per LeaningAgainsttheWind”),and2024maybeone
broad-based, and blue-collar job creation needs would stabilise at the current levels of about cent of GDP above pre- 4% target cent over the last four years. It suchoccasioninIndia.
to be a constant focus area. It is therefore crucial 83 per cent (approx) over the medium term, if pandemic levels. But about will therefore be important to More generally, the challenge for the RBI in
to keep the government’s impressive capex push nominal GDP growth averages 9.5 per cent. 1.7 per cent of that is higher let inflation get more 2024 is likely to be less about containing
going to eventually crowd in private investment. n With India’s GDP deflator averaging about capex — which should be persevered with. And entrenched towards the 4 per cent target before elevated inflation and more about curbing
Equally, investments in health and education are 3.3 per cent in the five years before the 0.5 per cent of GDP is on account of higher any easing is contemplated. excessive financial market exuberance and a
crucial to boosting medium-term growth. So the pandemic, and assuming inflation asymptotes interest payments. In the case of states, capex — A second consideration the RBI will have to “problem of plenty”.
fiscal’s work is by no means done and policy back to those rates, this would imply real GDP despite this year’s push — will be modestly be mindful of is financial stability. There are Take the external sector. Like this year, the
support cannot be withdrawn too abruptly. growth needing to average 6-6.5 per cent in the current account deficit (CAD) in 2024-25 is likely
But four years after the pandemic, other medium term to stabilise public debt/GDP. to print much below 1.5 per cent of GDP, barring a
considerations will now need to gain n Ideally, however, the policy would want to surge in crude prices. In contrast, the capital
importance in the policy calculus. Recall, go beyond just stabilising debt, and to account — notwithstanding the FDI slowdown —
India’s public debt — underpinned by the pre- progressively pare it down to create fiscal will be a beneficiary of bond index inclusion and
pandemic slowdown and then the pandemic — space for future shocks. associated catalytic flows in 2024 and is likely to
surged from 70 per cent of GDP in 2018-19 to n For this to happen, one of two things would be further buoyed by “risk-on” flows if the Fed is
almost 90 per cent in 2020-21. Since then, need to happen. If real GDP growth averages easing and prospects of a global soft landing take
however, the growth rebound from the 7-7.5 per cent on a sustained basis, then hold. One can therefore easily envisage a large
pandemic and high inflation meant nominal debt/GDP would reduce to 75 per cent of GDP BoP surplus in this environment, with the RBI
GDP growth averaged 17 per cent for two years over the next decade even if the consolidated intervening aggressively in the foreign exchange
and pulled down public debt/GDP back towards deficit was at 7 per cent of GDP. market to prevent rupee appreciation. That,
81 per cent (approx). This year, however, public n Alternatively, if growth averages 6-6.5 per cent however, would have implications for forward
debt is expected to tick up to 83 per cent (approx) in real terms, an extra percentage point of fiscal premia and rupee liquidity that could complicate
of GDP from 81 per cent (approx) of GDP last year, consolidation will be needed, such that the monetary management.
as nominal GDP growth has mean-reverted to consolidated fiscal deficit is brought down to All stated, the policy imperatives of the last
more normal levels of 9 per cent. 6 per cent of GDP, about three percentage points two years were unambiguous: Boosting growth
A small increase in debt ratios is, by itself, not below current levels. and containing inflation. The imperatives for
worrying in a world where public debt/GDP has 2024 are more nuanced: Nurturing the recovery
gone up across the board. But the important POLICY IMPLICATIONS but while ensuring public debt is stabilised, any
learning from this development is that India’s Against this backdrop, the immediate excessive financial exuberance is contained,
consolidated fiscal deficit (Centre and state) imperative would be to prioritise central fiscal and asset prices do not run too far ahead of the
may be too large for peace time (that is, when consolidation over the next two years and underlying fundamentals.
nominal GDP growth is more normal) — from a achieve the 2025-26 target of 4.5 per cent of GDP. Shaktikanta Das,
debt sustainability perspective. This would entail reducing the deficit by a non- RBI governor The writer is chief India economist for JP Morgan.
To be sure, the Centre’s fiscal deficit is trivial 1.4 per cent of GDP over the next two years. The views are personal
.
BENGALURU | TUESDAY, 30 JANUARY 2024 15
<
16
>
BENGALURU | TUESDAY, 30 JANUARY 2024 1

Family pension: Women

can now name children
Amendment to pension rules introduced, says minister; so far other family
members became eligible only after the spouse’s ineligibility or demise
PRESS TRUST OF INDIA ower with no eligible child, the
New Delhi, 29 January family pension will be payable
to the widower, it said.

T
he Centre has allowed However, if the widower is
woman employees to the guardian of a minor child
nominate her son or or a child suffering from a men-
daughter for family pension, tal disorder, the family pension
instead of her husband, accord- will be payable to the widower,
ing to an official statement as long as he remains the guar-
issued on Monday. dian, the statement said, add-
Previously, family pension ing that once the child attains
was granted to the spouse of a majority and remains eligible
deceased government servant for family pension, it will be
or pensioner, while other payable directly to the child.
family members became eligi- For cases where the
ble only after the spouse’s inel- deceased female government
igibility or demise, the state- men from Domestic Violence of giving just and legitimate servant or pensioner is sur-
ment said. Act, Dowry Prohibition Act or rights to the women function- vived by a widower and chil-
Union Minister of State for the Indian Penal Code, he said. aries in every sector. dren who have attained major-
Personnel Jitendra Singh said “In a path-breaking decis- The DoPPW said, the fem- ity but are still eligible for
that the Department of Pen- ion with far reaching socio-eco- ale government servant or pen- family pension, the family pen-
sions and Pensioners’ Welfare nomic impact and in keeping sioner must make a written re- sion will be payable to such
(DoPPW) has introduced an with Prime Minister Narendra quest to the head of office children, it said.
amendment to the Central Modi’s policy to provide equi- concerned, stating that family Singh said that a series of
Civil Services (Pension) Rules, table rights to women, the gov- pension should be granted to governance reforms have been
2021, allowing female govern- ernment has amended the her eligible child/children in introduced under the PM to
ment employees or pensioners long-standing established rule, precedence to her spouse, in provide an enabling environ-
to grant family pension to their thereby granting the woman the event of her death during ment for working women.
eligible child/children after employee the right to nominate the ongoing proceedings. The minister said that the
their own demise, in place of of her son or daughter for family “If the female government Department of Personnel and
their spouse. pension, instead of her hus- servant or pensioner passes Training has taken concerted
The amendment will add- band as has been practice so away during the proceedings, efforts to increase the represen-
ress situations where marital far,” said the statement issued the family pension will be dis- tation of women in central gov-
discord leads to divorce proce- by the personnel ministry. bursed accordingly,” the state- ernment jobs and to provide
edings or cases filed under laws Singh said, the amendment ment said. If a woman them a balance between pro-
such as the Protection of Wo- is in line with PM Modi’s policy employee is survived by a wid- fessional as well as family life.

India casts net for lab-grown fish R&D

SANJEEB MUKHERJEE on Monday.
New Delhi, 29 January “Cultivated fish meat or lab grown fish
meat is produced by isolating specific cells
An Indian Council of Agricultural from the fish and growing them in the
Research (ICAR) institute has signed a laboratory setting using animal compo-
first-of-its-kind agreement in India with a nent free media. The final product will rep-
startup to develop lab-grown fish meat. licate the original flavour, texture and
The Kochi-based Central Marine nutritional qualities of the fish,” the state-
Fisheries Research Institute (CMFRI) has ment said.
entered into a collaborative research agree- ICAR institute in Kochi signs pact with “We also call this ‘ahimsa fish meat’ as
ment with Neat Meatt Biotech, a startup Neat Meatt Biotech, a startup, to develop no actual fish is being harmed in the pro-
working on cultivated meat. cell-based meat of marine species cess. But, we are isolating fish cells to be
Although fish lovers may find it fishy, developed in labs by activating the
lab-grown fish meat is an area of research also predict that it would make up 4 to 60 medium to grow,” Kajal Chakraborty, head
in several countries including Israel, US, per cent of the world meat market by 2040. and principal scientist at CMFRI’s marine
Singapore and Korea, but none have com- In India, work is on to create cell-based biotechnology, fish nutrition and health
mercialised it yet. meat of high-value marine fishes such as division, told Business Standard.
Lab-grown meat or alternative proteins king fish, pomfret and seer fish, senior He claimed that the lab-grown fish
is gradually attracting big investments scientists said. meat would taste exactly like real fish and
globally. As of 2020, around $3.1 billion The CMFRI project aims to propel India also have the same texture and colour, if
capital was invested in the smart proteins in cultured marine fish meat, with a stated not the shape. “We can’t give any time
sector, according to reports. Some studies goal of meeting increasing demand for sea- frame as to when a final product will be
suggest that the niche market is projected food while alleviating the excessive strain available as it is an exploratory project,”
to reach $290 billion by 2035. Agencies on wild resources, an official release said Chakraborty said.
 The Smart
QUICK TAKE: EXECUTION, VALUATION CONCERNS FOR BHARAT DYNAMICS “The discussions about slowing and eventually

Investor
ending quantitative tightening are likely to
(Share price in ~) continue, but we believe it is too early to
The stock of Bharat Dynamics is down 4.5 per cent from announce any change at this meeting.
its high this month. Elara Securities is positive on the Risks for the dollar remain skewed
long-term story, based on strong inflow trajectory in to the upside as there is room for
BENGALURU | FY25-27, robust orderbook and rising visibility in the fed funds future pricing to converge
TUESDAY, 30 JANUARY 2024 toward the FOMC's projections”
exports business. However, it has a ‘reduce’ rating, given
execution challenges in Q4 and stock outperformance WIN THIN, Global Head,
Currency Strategy, Brown Brothers Harriman

RIL stock rallies 7%, mcap tops ~19.5 trn Sebi considers
tighter norms for
Robust retail, oil and gas performance, steady digital services drive company's earnings growth
DEEPAK KORGAONKAR
RELIANCE INDUSTRIES SCALING NEW HIGHS
proprietary trades
Mumbai, 29 January
Consolidated figures (~ crore) Reliance Industries Sensex
130 Mkts regulator plans to make Industry
R
eliance Industries’ (RIL’s) mar-
ket capitalisation (mcap)
Revenue
Q2FY24
231,886 225,086
Q3FY24 QoQ change %
-2.9
125 120 Standards Forum a permanent feature
crossed the ~19.5 trillion mark 110
on Monday, as the stock price of the Other Income 3,841 3,869 0.7 BASE = 100 KHUSHBOO TIWARI
100
country’s most valued company ral- PBIDT 44,867 44,678 -0.4 118 Mumbai, 29 January
lied 7.2 per cent to hit a new high of 90
~29,005 on the BSE in intraday trade. PBT 26,551 25,986 -2.1 The Securities and Exchange
80
The stock surpassed its previous high Net profit# 17,394 17,265 -0.7 Dec 30,’22 Jan 29,’24 Board of India (Sebi) is consid-
of ~2,792.65 touched on January 15. # attributable to owners of the company Source: Company ering segregation of settle-
It ended 6.8 per cent higher at PBIDT: Profit before interest, depreciation, and tax, PBT: Profit before tax ment for proprietary trades
~2,896 per share as against a 1.7 per and retail trades to avoid mis-
cent rise in the S&P BSE Sensex. RIL rise in the Sensex. to Organization of the Petroleum RIL with a target price of ~3,130. the required rate of return and will use and circumvention by cer-
recorded its sharpest single-day rally In the October-December quarter Exporting Countries plus (Opec+) cuts Meanwhile, Jio’s subscriber add- need a tariff hike to recover the 5G tain brokers, its chairperson
since September 10, 2020. of 2023-24, the oil-to-telecommunica- and geopolitical issues. ition has been strong in the past six investment; and a moderate tariff Madhabi Puri Buch said on
At close, RIL’s mcap stood at tions conglomerate RIL reported a 9.3 According to the International quarters, while average revenue per hike is unlikely to alleviate the cash Monday.
~19.59 trillion, BSE data shows. In per cent year-on-year (Y-o-Y) increase Energy Agency estimates, global oil user (ARPU) growth has been moder- constraint for Vi. Jio will continue Proprietary trading refers
intraday trade, the company’s mcap in its consolidated net profit at ~17,265 demand growth is projected to remain ate, in the absence of tariff hikes. gaining market share amid funding to trades done by brokers and
touched ~19.65 trillion and is less crore, while its revenue increased 3.9 strong led by transportation fuels. Analysts at Emkay Global delays by Vi. other financial institutions
than 2 per cent away from achieving per cent Y-o-Y to ~2.25 trillion. “Global oil demand for calendar Financial Services expect the robust With a pan-Indian 5G roll-out, RIL using their own capital.
~20 trillion. The company achieved Earnings before interest, tax, year 2024 is likely to be at 103 million subscriber addition to endure for is well-positioned to monetise the “There are some people
this feat for the first time since its depreciation, and amortisation barrels of oil per day (up 1.2 million Reliance Jio, led by competitive pric- services. Additionally, capital expen- who are permitting access to
demerger with the financial services increased by 16.7 per cent Y-o-Y to barrels of oil per day year-on-year). ing of its plans; the roll-out of 5G that diture intensity has also come down their clients through prop
business — Jio Financial Services ~44,678 crore. RIL said the earnings Gasoil cracks are anticipated to remain may attract high ARPU customers substantially which shall benefit accounts for a variety of rea- Madhabi Puri Buch, Sebi
(JFS) — on July 20, 2023. growth was led by robust retail and oil firm due to the strength in jet fuel from Vodafone Idea, or Vi (including cash flows. The brokerage firm sons, including wanting to chairperson speaks at the
Currently, JFS’ mcap stands at and gas performance, steady digital demand and the limited availability postpaid customers), as Vi is yet to roll Centrum Broking, thus, believes the fund their margins. The indus- Industry Standards Forum
~1.59 trillion. Earlier, on July 19, 2023, services, and oil-to-chemicals (O2C). of heavy crude. Further voluntary cuts out 5G; and the launch of JioBharat growth momentum to continue in try has made a representation for stock brokers in Mumbai
RIL’s mcap had touched a record According to the management by Opec+ and geopolitical tensions are phone at an attractive price, targeting digital and retail supported by oil and to us that there are different PHOTO: KAMLESH PEDNEKAR
high of ~19.21 trillion. commentary, O2C business’ outlook expected to keep price and margin current 2G customers. gas. Thus, it remains positive on RIL’s revenue models that brokers
In the past three months, RIL has remains positive on healthy diesel- high,” Motilal Oswal Financial The brokerage firm expects a tar- growth prospects and maintains a have and that some of those standards for various new and
outperformed the market by surging kerosene cracks and steady demand, Services said in its result update. The iff hike in 2024-25, as telecommuni- ‘buy’ rating on the stock with a target models may look like a misuse past Sebi regulations, was first
28 per cent compared to a 13 per cent though volatility would be present due brokerage firm has a ‘buy’ rating on cations companies are not earning price of ~3,299. but it is not. We will analyse all formed in September 2023.
of that in a very balanced way Sebi chairperson said that
to separate wheat from the the Industry Standards Forum
chaff,” said Buch. will become a permanent fea-

Mid, smallcap indices stay afloat in choppy Jan “That is something we can
look at. We can also look at seg-
regation of settlement so that
there is no netting between
ture and will be embedded in
the regulations.
“We have briefed our board
that from the various pilots
PUNEET WADHWA
New Delhi, 29 January TOP GAINERS THE TRAJECTORIES stretched valuations.
“If there is any sudden rush to realise the
client and proprietary,” she
said at the launch of brokers’
that we are running, we
see tremendous benefits.
Jan 29,’24 % Change BSE SmallCap Sensex dream of wealth creation, in our view, standards forum here. Therefore, it is our desire that
The BSE MidCap and BSE SmallCap indices BSE MidCap (Price in ~) Month-to-date BSE MidCap 108 finding adequate liquidity in the entire SMC The forum has been it should become a permanent
have managed to stay afloat during a volatile segment without damaging the valuations formed as a pilot project with feature in the regulatory archi-
January that saw frontline indices hit their Indian Railway Finance Corp 171 72.0 would be extremely difficult. Hence, we members from three broker tecture,” said Buch.
105.03
respective 52-week highs and then slip. Oracle Financial Services Software 6633 57.4 continue to suggest toning down expectations associations — the association On market hour extension
While the BSE Sensex has lost over 104 in the SMC segment, and tilt towards large- of National Exchange Mem- proposal by the National Stock
SJVN 129 42.2
2 per cent thus far in January, the MidCap and caps,” he advises. bers of India, Bombay Stock Exchange, the Sebi chair said
SmallCap indices have gained nearly Jan 29,’24 % Change 104.18 The broader market, according to Vinod Exchange Brokers Forum, and there are “very divergent”
4.2 per cent and 5 per cent, respectively, during BSE SmallCap (Price in ~) Month-to-date 100 Nair, head of research, Geojit Financial Commodity Participants views amongst the brokers.
this period. Services, is unable to hold on to gains due to Association of India. “The brokering commu-
Salasar Techno Engineering, IFCI, Ganesh IFCI 58 99.6 high valuations, subpar results, and persisting The standard setting body nity itself is a divided house
BASE = 100
Housing Corporation, IRFC, Waaree Salasar Techno Engineering 131 98.6 99.59 geopolitical tension in the West Asia, followed also comprises members from (on this). There is a lot of dis-
96
Renewable Technologies, RVNL, Kamdhenu Ganesh Housing Corp 764 83.3 by F&O expiry, which is weighing on the overall the stock exchanges, deposi- cussion and deliberation going
Ltd, Transformers & Rectifiers (India), Oracle
Dec 29,’23 Dec 29,’24 market sentiment. tories, and domestic and for- on. They will be reaching a
Compiled by BS Research Bureau Source: Bloomberg
Financial Services Software, Tourism Finance “Going forward, global market factors like eign custodians. The forum, conclusion in some reasonable
Corporation of India, Alok Industries and Ircon policy rate decisions of major countries will which sets implementation timeline,” said Buch.
International have been among the top elections have added to the caution. These looks like interest rate reversal in both the US affect the market. And, markets are likely to
mid and smallcap stocks that have seen events, they suggest, will keep the sentiment and China may be delayed. Most worrying con- witness stock-specific actions during the ongo-

Adani flagship stock

44–83 per cent returns so far in January, shows in check over the next few weeks, and investors cern is that many smallcaps with unattractive ing earnings season,” he said.
ACE Equity data. should adopt a stock-specific approach business models or balance sheets have mul- Valuation-wise, the markets, some analysts
Most analysts have turned cautious on the while investing. tiplied market caps to a few thousand crores believe, are not too expensive.
markets in the backdrop of global geopolitical
tensions, developments in the Red Sea, firm
bond yields and monetary policy of global cen-
“On the political front, tension is extending
to Pakistan and Iran. Post-election in Taiwan,
war of words between China and Taiwan is not
from a couple of hundred crores,” said
G Chokkalingam, founder and head of research
at Equinomics Research.
The Nifty is now 20x 1-year forward —
higher than the past 10-year average, but rel-
ative to emerging markets (EM) ex-China, the
may return over 50%,
tral banks. Also, events like vote on
account/interim Budget and the general
conducive. Bitcoin is once again emerging as
a competing asset class for global equities. It
Most of these ‘wealth-creating’ stocks from
small and midcap segments, he said, trade at
premium, at 67 per cent, is somewhat higher
than the historical average. says Cantor Fitzgerald
BLOOMBERG cent from Thursday’s close. It
29 January is the only one with an active

Direct plan bounces Nippon India AMC

IN BRIEF
Aditya Birla Sun Life Grasim rights issue
The Adani Group’s flagship
company can deliver a gain of
recommendation on the stock,
according to ratings data com-
piled by Bloomberg. Adani

back in ’23 on equity

more than 50 per cent, Cantor Enterprises rose as much as 5.4

profit up 39% in Q3 AMC Q3 profit up 26% fully subscribed Fitzgerald & Co said, adding
that the firm is central to
per cent on Monday and the
other group firms also gained.
NipponLifeIndiaAssetManagement Aditya Birla Sun Life AMC on Monday The rights issue of Grasim, which India’s economic ambitions. Cantor’s ‘buy’ recommen-

market euphoria Company(AMC)onMondayreporteda

39percentyear-on-year(Y-o-Y)jumpin
netprofitforthethirdquarter(Q3)at~284
crore.Therevenuefromoperationswent
reported a 26 per cent rise in its net
profit to ~209.34 crore in the Dece-
mber quarter (Q3) of FY24. In com-
parison, the company had posted a
concluded on Monday, was
subscribed more than two times.
The issue got bids for 42 million
shares against 22 million shares on
“Adani Enterprises is at the
core of everything India wants
to accomplish,” analysts Brett
Knoblauch and Thomas Shi-
dation will further bolster sen-
timent on billionaire Gautam
Adani’s conglomerate that
was hit by a US short seller’s
Direct plan distributors added 12.4 million SIP up20percentY-o-Yto~423crore.Comp- net profit of ~166.3 crore in the same offer. The Birla group firm had nske wrote in a note dated Jan- scathing report around the
aredtothesecondquarter,theprofitisup quarter of the preceding financial priced its ~4,000-crore issue at uary 28, initiating coverage as same time last year. The com-
accounts in 2023, 39% more than in 2022 16percent,whiletherevenuefromopera- year, the asset management firm ~1,812 per share. Grasim's rights ‘overweight’. The risk-reward bined stock market value of
tionshasrisen6.5percent.Duringthe said. Total income grew to ~420.96 issue was the 10th largest in the “is attractive at current levels.” 10 Adani companies has more
ABHISHEK KUMAR
Mumbai, 29 January TAKING THE LEAD period,theAMCsawitsshareinthetotal
mutualfundassetsrising21basispointsto
crore in the quarter under review as
against ~363.17 crore in the third
domestic market. Shares of Grasim
last closed at ~2,104, with a gain of
The US-based broker set a
price target price of ~4,368,
than doubled to $185 billion
from a record low of $82 bil-
Direct plans register faster growth in 7.67percent,itsaidinarelease. BS REPORTER quarter of FY23. PTI 1.4 per cent. BS REPORTER implying an upside of 51 per lion in February.
Direct plan mutual fund (MF) plat- 2023 but regular maintains
forms re-entered the high growth path dominance
in 2023 after a tepid 2022, propelled by NEW SIP REGISTRATIONS (million)
the sharp rally in the equity market. In n Direct plan n Regular plan
calendar year (CY) 2023, direct plans Figures in brackets show THE COMPASS
added 12.4 million systematic invest- Y-o-Ygrowth in %
19.9

Mixed outlook for Tata Steel as global demand remains soft

ment plan (SIP) accounts, 39 per cent
14.95 (33)
higher than the additions seen in the (18.9)
previous year. The sharp surge comes 12.4
after the 2022 blip when registrations (39)
grew only 4.5 per cent and even lagged DEVANGSHU DATTA consensus. The standalone o-Y),andsalesstoodat7.15mt(flat UKsellingpricesmayincreaseby
behind the traditional regular plans. 8.93 average selling price (ASP) was Base=100 Y-o-Y).Operatinglosspertonne £40pertonneinQ4FY24.
(4.5) 130
The pace of addition of new inves- Themedium-termfutureofTata down by ~2,851 per tonne Y-o-Y to forEuropestoodat$175.There TheBF6intheNetherlands
tors and SIP registrations, as seen in Steelcanonlybeassessedby ~71,069 per tonne. wasaproductionshortfalldueto willcomeonstreambythe
recent years, is linked to the perform- examiningseveralseparate The operating profit jumped Tata Steel end-of-lifeforUKassetsand endofJanuary2024.The
120
ance of the equity market. In the case trends.Thedomesticbusinessis 61 per cent Y-o-Y to ~8,200 crore, subduedEuropeanUnion(EU) Kalinganagarfacilitywilladd
of direct plan SIPs, the correlation is performingwell,andthe and the operating profit per demand. 0.7mtofvolumesin2024-25and
even higher. The Nifty 50 went up over momentumwillcontinuedueto tonne improved by ~5,716 per 110 Grossdebtdeclined~1,500 fullyrampupto5milliontonnes
19 per cent in 2023 compared to just 4.3 demandfromaninfrastructure tonne Y-o-Y to ~16,905 per tonne, crorequarter-on-quarter(Q-o-Q) perannum(mtpa)in2025-26E.
per cent growth in the previous year. 2022 2023 push.However,theEuropean also above the estimate. An to~88,200crore(from~89,700 BothUKblastfurnaceswillbe
The direct plan SIP registrations had Data does not include new SIPs that were closed the businessisstruggling.TheUK advantageous movement in the 100 croreinthesecondquarterof shutdownbythesecond
grown only 4.5 per cent in 2022 even as same year in which they were registered facilityisundergoingalow- inventory value of chrome Sensex FY24),andnetdebtstoodat halfofcalendaryear2024,
Source: Amfi
registrations in the regular plan surged carbonelectricarcfurnace(EAF) ore drove the decline in raw ~77,400crore,withaliquidity butthedownstreamfacilitywill
19 per cent, shows data from the Asso- makeoveratconsiderable material costs. 90 positionof~23,300crore.Net continuetooperate.
ciation of Mutual Funds in India (Amfi). investment and awareness about fin- expense,alongwithnegotiations Theadjustednetprofit Dec 30,‘22 Jan 29,’24 debt-to-operatingprofitratio Themanagementseeshigher
Mutual fund schemes come in two tech platforms,” said Neelesh Verma, withtheunion. rose96percentY-o-Yto~4,600 cameinat3.23x;netdebt-to- EUrealisationsandvolumesas
Source: Exchange
variants — regular and direct. The only Product Head & AVP, Coin by Zerodha. TheNetherlandsBlast crore,wellaboveestimates. equitystoodat0.78xin BF6comesonstream.Phase–III
Compiled by BS Research Bureau
difference is the cost. Regular plans are Direct plans, which were intro- Furnace6(BF6)hasalmost Standaloneproductionstoodat Q3FY24.CashflowfromIndia ofplannedexpansionswillscale
on the expensive side as they have a duced in 2023, have been slowly grow- completedamaintenance/ 5.1mt(up8percentY-o-Y),and roseto~9,016crore,while upIndiaoperations.
commission component in the expens- ing its share in the total MF assets reliningshutdown.Global thecompanypostedthebest-ever consolidatedoperatingprofit consolidatedcashflowwaslower Theeventualtargetis
es they charge investors. Regular plans under management (AUM). The gro- demandissoft,withChina, Q3salesat4.9mt(up6percentY- jumped55percentY-o-Yat at~7,879crore. 40mtpacapacity.
are mostly sold by individual distribu- wth has been more pronounced in the holdingover50percentofglobal o-Y). Domesticcrudesteel ~6,300crore,solelyduetoIndia Managementcommentary In the UK, the company has
tors and banks, while direct plans are post-Covid period. Except for 2022, SIP productioncapacity,exporting7- production(includingdomestic performance. highlightedthatcokingcoalcost committed over £130 million
primarily sold by online investment registrations in direct plans have seen 8milliontonnes(mt)inthethird subsidiaries)wasup6percentY- Europereportedanoperating inQ3FY24rose$4pertonneQ-o- in talks with the unions to
platforms like Groww and Zerodha. a higher growth every year compared quarter(Q3)of2023-24(FY24). o-Yat5.3mt. lossof~2,900crore.Theconso- Qandisexpectedtorise$10per support employees.
“In 2023, we have doubled our SIP to regular plans. The registrations went HigherChineseexportsmay Theconsolidatedrevenue lidatedblendedoperating tonneinthefourthquarter(Q4)of In addition, there is
accounts. The SIP book now stands at up 115 per cent in 2021 and 505 per cent furtherdepressglobalprices. declinedby3percentY-o-Yto profitpertonnestoodat FY24.Standalonerealisations £100 million funding for the
3.2 million compared to 1.5 million at in 2020, albeit at a low base. The rally In Q3FY24, Tata Steel’s ~55,300crore.Thereductionwas ~8,760pertonne. maydecreaseby~1,000pertonne transition board with the
the end of 2022. The bullish market was in the equity market helped the MF standalone revenue increased by duetolowerblendedASP,which Theadjustednetprofitfor inQ4FY24.TheASPsforthe UK and Welsh governments.
an enabling factor but it’s also due to industry add a net of 15 million SIP 2 per cent year-on-year (Y-o-Y) to stoodat~77,359pertonne(down Q3FY24stoodat~850crore. Netherlandsareexpectedtobe The new EAF is targeted to be
growing preference for direct plans accounts in 2023, 24 per cent higher ~34,700 crore, in line with ~2,478pertonneY-o-Y).The Productionstoodat7.6mt(flatY- lowerby£14pertonne,butthe commissioned in 2027.
considering the low cost and ease of than the 2022 tally of 12.2 million.
2 THE SMART INVESTOR
>
BENGALURU | TUESDAY, 30 JANUARY 2024
l

SBI Card suffers analyst Trim your tax bill: Gift money,
downgrades on weak Q3 pay rent to your parents
Investing in parents’ and also maintain proof of payments, so
that you can establish the genuineness
Concerns emerge over UNDER REVIEW name, paying their of these transactions to the tax

asset quality, rising cost BROKERAGES (Recommendations) Target price (~) health premiums authorities.

NIKITA VASHISHT
EMKAY GLOBAL (Downgrade to reduce) 725 can also help Health insurance premiums,
medical expenses
MOTILAL OSWAL SECURITIES (Downgrade to neutral) 850
New Delhi, 29 January
ICICI SECURITIES (Downgrade to add) 820
achieve this goal If you have paid the premium for the
health insurance cover of your senior cit-

M
ost analysts have downgraded NUVAMA INSTITUTIONAL EQUITIES (Retains reduce) 700 BINDISHA SARANG izen parents, then you are eligible for a
the stock of SBI Cards and Pay- KOTAK INSTITUTIONAL EQUITIES (Retains buy) 900 tax deduction of up to ~50,000 under
ment Services (SBI Card) after Source: Brokerage reports
In addition to the tax deductions that are Section 80D of the I-T Act. This section
the credit card issuer posted weak results available to you directly, you can also lev- also allows a deduction for preventive
during the October-December quarter EPS (~ cr) erage your family ties to reduce your tax health check-ups, capped at ~5,000
(third quarter, or Q3) of 2023-24 (FY24).
The subpar performance, analysts said,
KEY PROJECTIONS -8.60 -20.40 -17.80 liability further. Parents, for instance, can
play a crucial role in this process, as spe-
within the overall limit of ~50,000. This
deduction can be claimed for
continued for the eighth straight quarter. Revision in estimates n Earlier n Revised (~ cr) Chg (%) cific provisions within tax laws allow this. payments made on behalf of parents,
They have slashed their earnings esti- Net income -4.10 PPoP It’s imperative, however, to proceed with apart from the same deduction being

24.0

39.5
25.8
26.3

32.4

32.5
mates by as much as 20 per cent over caution so that you comply with both the available for payments on behalf of self,
FY24 through 2025-26 (FY26) amid near- 1.90 -0.70 FY24 FY25 FY26 letter and the spirit of tax laws. spouse and children. CLUBBING PROVISIONS
22,668

-0.30 -3.20 -7.00

21,731

term pressure points in the company’s

10,308 Net profit
Moreover, if your parents are 60 or
FOR CHILD TO PARENT
18,361
18,234

growth outlook. Gift to parents older and lack medical insurance, you
9,585 ASSET TRANSFERS
15,263

8,054

“SBI Card, yet again, reported a miss An effective tax-saving strategy involves can claim a deduction for their medical
14,973

-8.30 -20.00 -17.30

7,795
6,339
6,317

on earnings (of 10 per cent), with net transferring funds to your parents, espe- expenses of up to ~50,000, provided the

3,739
3,066

3,091
profit at ~549 crore, and return on asset cially if they are in a non-taxable or lower payments are made via non-cash modes. n Clubbing provisions do not apply where
2,487

2,454
2,279
at 4.1 per cent, due to continued deterio- tax bracket. Says Soayib Keep all the bills and receipts the children are adults and they gift
ration in asset quality leading to higher Qureshi, partner, PSL for the expenses paid by you. money to their parents
loan loss provisions/charge-off. Factoring FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Advocates and Solicitors: “Gifts
in the slower growth/higher loan loss pro- received by relatives are not Invest in their name n Any transfer or gifts of money between
EPS: Earnings per share, PPoP: Pre-provision operating profit Source: Emkay Research
visions, we cut our earnings estimates by subject to taxable income. According to the tax slabs for parents and adult children would not be
up to 20 per cent until FY26,” said ana- According to Section 2(41) of senior citizens for the financial subject to tax, and income arising from
lysts at Emkay Global. under review as against 2.22 per cent in fourth quarter of FY24. the Income-Tax (I-T) Act, par- year 2023–24, their tax liability investments made in the name of
The brokerage has downgraded the Q3 of 2022-23 and 2.43 per cent in second “Cost-to-income ratio rose sharply to ents fall under the definition on income of up to ~3 lakh is nil. parents would be taxable in the
stock to ‘reduce’ from ‘buy’ and has
slashed its target price to ~725 from ~865.
quarter of FY24.
Net NPA, too, increased to 0.96 per cent
59.9 per cent, up 284 bps Q-o-Q. With
credit cost likely to remain high and a
of relatives. Moreover, accord-
ing to Section 56 of the I-T Act,
YOUR Says Jain: “If your parents fall
in a lower tax bracket, you can
hands of the parent

On the bourses, shares of the credit from 0.8 per cent year-on-year/0.91 per likely increase in CoF, the outlook remains such gifts are not subject to tax- MONEY invest money in their names.
n However, these tax implications only
apply to cases where such transfer is not
card arm of State Bank of India tanked cent Q-o-Q. The management believes weak,” said analysts at Nuvama Instituti- able income.” The income from these invest-
revocable
6.5 per cent to ~710.5 per share on the asset quality stress is likely to be more onal Equities, who have retained ‘reduce’ Suresh Surana, founder of RSM ments will be taxed at a lower rate.”
BSE in Monday’s intraday trade before widespread and may swiftly intensify due but have cut the target to ~700 (from ~760). India, suggests using a gift deed for An individual can reduce tax liability n A revocable transfer is one where the
settling at ~715.6 (down 5.8 per cent). By to higher customer leverage. such transfers. “Any income earned by depositing excess funds in the transferor, directly or indirectly, retains
comparison, the benchmark S&P BSE Analysts, thus, warn that delinquencies Is slowdown bottoming out? from that gifted money will be consid- accounts of parents since people over 60 right over the transferred asset, or
Sensex ended 1.7 per cent higher at could continue to rise as stress in the While analysts at Kotak Institutional ered the income of the parent, poten- years of age can claim up to ~50,000 as can regain ownership of the asset
71,942 levels. multi-card and lower-bucket customer Equities consider higher provisions, tially reducing the family’s overall tax tax-free interest earnings from bank fixed at a later stage
During the recently concluded portfolio may come to the fore. weak net interest margins (NIMs), lack liability,” he says. deposits, savings accounts and post
n According to clubbing provisions, income
quarter, SBI Card posted a 9 per cent Operationally, the new card addition of improvement in revolvers, high credit office schemes. This tax benefit is avail-
quarter-on-quarter (Q-o-Q) decline in count moderated to 1.1 million in Q3FY24 cost, and declining return on equity Pay rent able under Section 80TTB. arising from a revocable transfer of an
profit after tax as provisions for impair- as against 1.6 million last year, partly due (below 20 per cent) as key near-term For salaried individuals, claiming House Investing in equity-linked savings asset will be clubbed in the hands
ments surged 66 per cent to ~883 crore. to the devaluation of the cashback card headwinds, they believe FY25 can show Rent Allowance (HRA) is a common tax- schemes (ELSS) and small savings of the transferor
Margins were flat sequentially at and the company’s cautious approach some recovery trends. saving practice. If you reside in a prop- schemes will also allow your parents to Source: RSM India
11.3 per cent as the cost of funds (CoF) amid rising delinquencies. “NIM is likely to bottom out in the erty owned by your parents, you can pay benefit from tax deductions under
rose 50 basis points (bps) Q-o-Q to 7.6 With this, SBI Card clocked 18.3 per next few quarters, and we are probably them rent. Says Ankit Jain, partner, Ved Section 80C, while you will earn higher scheme is taxable, it will be taxed at the
per cent, while the mix of revolver (a cus- cent market share in terms of card spends closer to the peak of higher credit costs. Jain & Associates: “While your parents returns. For instance, if the parents parent’s lower slab rate.
tomer who doesn’t pay the full balance and 18.9 per cent market share in terms of We remain optimistic about the will have to pay tax on the rent, you will are senior citizens, they can invest in the By investing in your parent’s name,
due each month) declined marginally to cards-in-force at the end of Q3FY24. medium-term prospects of this busi- be able to claim HRA benefits. Make Senior Citizens Savings Scheme, which you can also take advantage of higher
23 per cent. The management has guided Besides, the management added that ness. We are closer to the peak levels of sure that you actually pay the rent to offers a high interest rate of 8.2 per cent long-term capital gains (LTCG) tax
that CoF would remain higher until the the full impact of the Reserve Bank of interest rates and credit costs and con- your parents and they declare it in their per annum. exemption on equity investments.
first quarter of 2024-25 (FY25). India’s increase in risk weights, which firmation of these variables can help in tax return.” The investment in this scheme is also Long-term capital gains up to
Gross non-performing assets (NPAs) pushed the cost of borrowings up by rerating eventually,” they said while Document these transactions prop- eligible for tax deduction under Section ~1 lakh from listed equity investments
rose to 2.64 per cent during the quarter 30 bps Q-o-Q, will be reflected in the retaining a ‘buy’ rating. erly. Have a rental agreement in place 80C. While the interest income from the are tax-free.

— TENDER CARE — — Advertorial

REPUBLIC DAY CELEBRATED AT CPCL CANARA BANK'S MEGA HOME LOAN
EXPO DRAWS ENTHUSIASTIC RESPONSE
The 75th Republic Day was celebrated at Chennai Petroleum
Corporation Limited’s Canara Bank Chennai Circle Office organizes the Mega Home Loan
Manali Refinery Com- Expo at Vijaya Mahal, T Nagar under the guidance of Sri Nair Ajit
plex. Mr.Arvind Kumar, Krishnan, Chief General Manager of Canara Bank's Chennai
Managing Director, Circle Office . The event witnessed a grand inauguration by
CPCL, unfurled the na- Chartered Accountant Smt. Nalini Padmanabhan, Director of
tional flag and took the CanaraBank.Theexpo,features more
salute at an impressive than 50 reputed builders, aims to pro-
parade by the Central vide the public with a unique opportu-
Industrial Security nitytodirectlyengagewithbuildersand
Force (CISF) contin- explore Canara Bank's hassle-free
gent stationed at CPCL. housing loan schemes. Deputy
Mr. H. Shankar, Director (Technical), Mr. Rohit KumarAgrawala, General Managers Shri. I Jageedasan, Shri. Y Shankar, Smt.
Director (Finance), Mr. P. Kannan, Director (Operations), Vimala Vijayabaskar, Smt. Malini, Smt. Bhooma,Assistant Gener-
Mr. Dev Raj, Deputy Commandant, CISF, senior executives al Managers Shri. Babu S., Shri. Srinivas, Divisional Managers Shri.
and employees of CPCL, CISF Jawans with families and spous- Vijaya Raghavan, Shri. Sunil Joshi, and other dignitaries graced
es participated in the function. the occasion. During the inauguration, project approvals for builders
were ceremoniously handed over, emphasizing Canara Bank's
commitment to supporting quality housing initiatives.
REPUBLIC DAY CELEBRATIONS
AT KAMARAJAR PORT KARNATAKA BANK INTENDS TO ISSUE
The 75th Republic Day was celebrated at Kamarajar Port on EQUITY SHARE CAPITAL UP TO ₹ 700 CR
26th January 2024. Smt. Irene Cynthia, IAS, Managing Director, The Board of Directors of Karnataka Bank, in its meeting held
KPL unfurled the National on September 22, 2023 had approved to raise equity capital up
flag at Port Administrative to an amount of ₹ 1,500 crore in Indian/ permitted foreign
Premises. The Managing currency, in Indian and/ or overseas markets through issue of
Director while addressing equity shares by way of Qualified Institutional Placement,
the gathering underscored Preferential Issue, Rights Issue, or any other permissible mode
the remarkable milestones of capital issue, subject to such necessary regulatory / statuto-
achieved, proudly declar- ry approvals as the case maybe and shareholders’ approval.
ing that KPL has now Accordingly, the Bank had raised an amount upto ₹ 800 crore
entered its twenty-fifth by way of Preferential Issue of Equity Shares on October 26,
anniversary year, marking a momentous silver jubilee. Senior 2023.
Officials and Employees of KPL, Port users, Public from nearby The Board of Directors in its meeting held today had approved
villages participated in large numbers. to raise balance ₹ 700 crore by way of Preferential Issue for an
amount upto ₹ 100 crore and an amount aggregating up to
₹ 600 crore through, private placement(s), qualified institutions
NLCIL — REPUBLIC DAY 2024
placement(s) and/or any combination thereof or any other method
CELEBRATIONS
as may be permitted under applicable laws, subject to such nec-
NLC India Limited celebrated the 75th Republic Day of the essary regulatory / statutory approvals as the case maybe and
Nation with usual fervor. shareholders’ approval.
Shri Prasanna Kumar
Motupalli, CMD, NLCIL,
TMB — REPUBLIC DAY
unfurled the National flag
CELEBRATIONS
and took salute in the pres-
ence of NLCIL’s Func- Tamilnad Mercantile Bank Limited celebrat-
tional Directors, CVO, ed the Nation’s 75th Republic Day at its Head
Senior officials and Office, Thoothukudi. The MD and CEO,
employees. Earlier, CMD, Shri.S.Krishnan hoisted the National Flag.
NLCIL garlanded the Statue of Father of the Nation Mahatma The Chief Financial Officer, General Man-
Gandhi in the premises of Township Administration. agers, Deputy General Managers andAssis-
tantGeneralManagers,officersandstaffmem-
bers participated in the function.
BANK OF INDIA
CELEBRATES REPUBLIC DAY SBI, ADMINISTRATIVE OFFICE,
COIMBATORE, CELEBRATES REPUBLIC DAY
Ajey Thakur, Zonal Manager and Deputy
General Manager , hoisted the national Deputy General Manager
flag at the 75th Republic Day celebra- Dileep Singh Yadav hoisting
tions at Bank of India Coimbatore Zonal the national flag at the Re-
Office. He gave saplings to the customers public Day celebration held
and the public and gave a special speech. in SBI Administrative Office,
Coimbatore.
.l
BENGALURU | TUESDAY, 30 JANUARY 2024 STOCKS 3 <

IN THE
> STOCK
> IRB Infrastructure Developers > Hero MotoCorp > Dodla Dairy

NEWS Top gainer

amongst A group
Hits new all time
high on BSE
Trading volumes
jumps 28x over OF THE DAY
of companies at ~4,625 2-week avarge LIC Housing Finance
~50.6 PREVIOUS CLOSE ~4,445.3 PREVIOUS CLOSE ~881.0 PREVIOUS CLOSE Hits more than 6 year high
~59.9 CLOSE ~4,596.0 CLOSE ~987.3 CLOSE at ~609, Surged 45 per cent
p 18.3% UP p 3.4% UP p 12.1% UP in last 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
29 Jan ’24 Chg (%) Con Std 29 Jan ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3064.7 5.9 1.0 142.9 169.6 ITC 449.8 -1.3 5.7 29.2 28.1 price price (%) price price (%)
Adani Ports 1196.7 4.4 0.9 40.8 325.9 JSW Steel 811.7 -0.5 1.1 17.8 20.1 SJVN 134.4 129.3 10.9 134.4 134.4 Au Small Fin 624.1 626.8 -11.5 624.1 548.2
MOST BULLISH MOST BEARISH
Apollo Hosp 6329.8 2.6 0.6 111.1 92.7 Kotak Mah Bank 1822.9 3.1 2.7 20.8 27.6 NBCC 128.5 127.0 10.7 128.5 128.5 SBI Card & Pay 710.5 715.6 -5.8 710.5 690.9
Asian Paints 2976.1 0.9 1.4 52.5 53.4 Zee Enter 163.3 161.8 0.9 SBI Card & Pay 687.2 715.6 -4.0 ONGC 255.2 252.9 8.1 255.2 255.2 ITI 332.0 333.2 -2.5 251.0 86.5
L&T 3708.0 3.2 5.1 41.6 54.6
Axis Bank 1061.3 1.8 3.0 30.3 27.3 Adani Enter 3092.9 3064.7 0.9 Metropolis Heal 1549.1 1581.8 -2.1 Reliance Ind 2905.0 2896.2 6.9 2905.0 2905.0 Cipla 1325.3 1337.3 -2.4 1165.1 852.0
LTIMind 5448.4 -0.8 0.5 35.1 36.0
Hind Copper 286.0 283.6 0.9 Hero MotoCorp 4541.7 4593.5 -1.1 Power Fin 448.1 446.8 6.6 448.1 448.1 YES Bank 24.3 24.4 -2.1 15.9 14.1
Bajaj Auto 7548.8 -0.6 1.0 28.9 30.6 Mah & Mah 1640.0 0.3 1.7 19.8 21.9 SAIL 121.5 120.5 0.9 Power Grid 251.1 254.0 -1.1 REC 505.5 499.8 6.3 505.5 505.5 United Brew 1797.5 1807.1 -1.9 1548.1 1342.3
Bajaj Fin 7191.7 1.5 2.0 38.6 38.6 Maruti Suzuki 9991.4 1.1 1.3 38.3 28.1 JK Cement 4343.5 4306.2 0.9 ITC 444.9 449.8 -1.1 MCX 3430.8 3416.1 6.1 3430.8 3430.8 IRFC 169.3 170.9 -1.8 69.9 25.5
Bajaj Finsrv 1637.0 0.4 1.0 35.2 222.8 Nestle India 2498.6 0.7 0.9 - 81.1
Bharti Airtel 1162.2 0.1 3.0 86.6 - Ind Ove Bank 49.7 48.5 5.9 49.7 51.0 Marico 512.4 516.6 -1.6 512.4 463.0
NTPC 324.6 3.1 1.6 18.6 17.4 BSE NSE Adani Enter 3092.0 3064.2 5.9 3199.5 3199.5 RailTel Corp 428.0 430.3 -1.6 220.2 96.2
BPCL
Britannia
492.7
5136.9
3.8 0.5 50.1 3.9
-0.1 0.6 48.8 52.9
ONGC 252.5 7.9 1.3 9.0 10.2 Index Stock Index Stock PUT-CALL RATIO Coal India 414.8 411.8 5.7 414.8 414.8 PAYTM 746.3 751.1 -1.5 592.9 502.7
Power Grid 254.0 3.4 1.2 15.3 15.4 MRF 144405.5 143949.7 5.3 150000.0 150000.0 Torrent Phar 2415.0 2439.1 -1.4 1912.5 1446.2
Cipla 1336.9 -2.4 0.7 29.1 31.8 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2896.1 7.0 10.0 28.0 43.9 HPCL 458.7 452.3 5.1 478.6 478.6 CGCEL 299.3 300.9 -1.4 275.5 251.3
Coal India 412.8 6.0 0.9 9.1 16.9 Contracts 1778 - 503869 1415725
SBI 623.0 1.7 2.4 8.2 9.0 Market 1771.4 2578.8 0.7 Adani Power 569.6 569.6 5.0 589.3 589.3 Titagarh 1090.8 1098.3 -1.3 727.0 194.8
Divis Lab 3570.6 -0.2 0.5 52.0 72.0 Open Int.(000) 3 - 18052 7559011
SBI Life Ins 1418.4 2.7 0.6 - 76.4 IREDA 178.3 178.3 5.0 178.3 178.3 Granules 403.6 408.9 -1.3 321.1 267.9
Dr Reddys 5843.7 -0.2 0.7 19.1 25.5 Shares(In Mn) - - 15.5 2932.1 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1400.9 2.4 1.5 39.3 457.2 Tata Mot-DVR 567.9 563.5 4.8 567.9 567.9 Cochin Ship 855.7 860.7 -1.2 470.0 205.5
Eicher Motor 3669.1 1.5 0.5 28.1 30.6 Value(~ crore) 134 - 42730 118763
Tata Consumer P 1141.1 0.4 0.7 83.1 101.8 Coromndl Int 1.5 JK Cement 0.3
Grasim Ind 2104.5 1.3 0.8 21.0 95.4 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 841.0 3.6 1.5 18.2 63.4 Bosch 1.4 Balkrishna I 0.3
HCL Techno 1574.6 1.6 1.7 27.2 36.3 Contracts 84244277 - 340081899 4513321
Tata Steel 135.0 0.9 1.1 - 37.6 Berge Paint 1.3 Ipca Labs 0.3
HDFC Bank
HDFC Std Life
1454.7
578.6
1.4 11.1 24.0 19.6
-0.1 0.6 90.9 82.1 TCS 3801.0 -0.2 3.9 31.0 33.1
Open Int.(000)
Shares(In Mn)
771
-
- 565194
- 16723.6
3785053
7794.2
Tata Consumer P 1.3 Torrent Phar 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1314.4 -0.6 0.8 45.6 56.3 SRF 1.2 Nestle India 0.4
Hero MotoCorp 4593.5 3.4 0.6 32.7 26.6 Value(~ crore) 6499997 - 27084794 387771 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 567.9 0.1 0.8 12.6 46.0 Titan Company 3866.7 2.6 1.6 105.6 100.9 BSE+NSE BSE+NSE
UltraTech 10274.1 3.1 1.2 46.3 47.4 1 Reliance Ind 1959442.4 BS200 DOWN 7 DAYS
HUL
ICICI Bank
2444.4
1016.4
0.7 2.2 56.8 56.0
0.6 7.2 21.0 18.1 UPL 539.7 0.4 0.3 21.8 30.4 ACTIVE CALLS ACTIVE PUTS HDFC Bank
(~ crore)

5122.3
(Mn shrs)

35.2
2
3
TCS
HDFC Bank
1390952.0
1105449.7 UP 7 DAYS MADHUVEER -25.3
IndusInd Bank 1526.8 1.0 1.0 - 13.7 Wipro 473.0 0.6 0.7 21.9 27.7 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Lupin 7.0 Digidrive -22.9
4 ICICI Bank 713737.2
Infosys 1656.6 -0.7 6.0 28.2 27.9 Nifty 50 21737.6 á1.8 100.0 24.9 28.4 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind
NHPC
3629.4
2173.8
12.8
248.8 5 Infosys 687271.4 UP 3 DAYS Sanchay Fin. -17.5
INDEX PE SHRS TRDS 1 YR Index Index 6 Bharti Airtel 653646.2 NBCC 28.5 Shriram Asst -17.5
SJVN 1936.2 150.1
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Midcap
Nifty Midcap
29/01/24
29/01/24
10675
10700
1255.0
1077.5
4.8 308.3
12.0 462.3
Nifty Midcap
Nifty Midcap
29/01/24
29/01/24
10650
10600
751.4
522.1
7.9 2753.5
4.8 1288.8
RITES 1815.3 24.7
7
8
LIC India
HUL
579433.3
574336.2
SJVN 24.4 Spenta Intl -15.3
SENSEX 25.7/29.0 13.9 341 25 5 21.3 Power Fin 1770.5 40.2 IREDA 15.7 Zodiac Energy -14.9
Asian Paints 2976.5 0.9 1.6 52.5 53.4 Maruti Suzuki 9993.5 1.1 1.5 38.3 28.1 Nifty Midcap 29/01/24 10650 862.8 2.4 59.4 Nifty Midcap 29/01/24 10625 486.5 4.111076.5 9 ITC 561460.5
Axis Bank 1061.5 1.8 3.5 30.3 27.3 NIFTY 50 24.9/28.4 376.7 7717 38 12 23.5 Nat Alum 15.6 Supreme Infr -14.8
Nestle India 2498.1 0.7 1.1 - 81.1 Nifty Midcap 29/01/24 10725 488.5 6.0 729.9 Nifty Midcap 29/01/24 10550 373.9 3.2 3530.8 NBCC 1744.1 140.2 10 SBI 555913.3
C = CONSOLIDATED; S = STANDALONE REC 15.1
Bajaj Fin 7187.5 1.4 2.4 38.6 38.5 NTPC 324.7 3.1 1.8 18.6 17.4 Nifty Midcap 29/01/24 10600 405.1 0.7 -62.5 Nifty Midcap 29/01/24 10500 369.7 4.3 610.8 IRFC 1537.8 89.5 11 L&T 509731.2 UP 3 DAYS
Bajaj Finsrv 1637.0 0.4 1.2 35.2 222.8 Power Grid 253.8 3.4 1.3 15.3 15.4 CASH DERIVATIVES Stock Stock ACC 13.0 Urja Global 56.4
ICICI Bank 1491.6 14.6 12 Bajaj Fin 444187.5
Bharti Airtel 1162.1 0.2 3.5 86.6 - Reliance Ind 2896.2 6.9 11.7 28.0 43.9 TURNOVER BSE NSE BSE NSE Vodafone Idea 29/02/24 17 221.8 79.4 21.8 Vodafone Idea 29/02/24 14 69.8 71.3 24.4 13 HCL Techno 427359.2 MCX 12.7 Dhunseri Vent. 49.2
Adani Enter 1461.2 4.8
HCL Techno 1574.9 1.5 2.0 27.2 36.4 SBI 622.9 1.6 2.8 8.2 8.9 VALUE(IN ~ CRORE) 10614 125978 6500131 27634058 Vodafone Idea 29/02/24 16 178.6 117.0 10.0 Vodafone Idea 29/02/24 15 52.9 57.8 10.6 14 Kotak Mah Bank 362449.8 DOWN Oswal Greentech 48.8
Au Small Fin 1433.3 22.4
HDFC Bank 1455.7 1.4 13.0 24.0 19.6 SHARES(IN MN) 1307.1 6594.1 - 27465.3 Vodafone Idea 29/02/24 15 149.3 83.8 22.7 Vodafone Idea 29/02/24 13 43.0 55.0 4.1 15á Adani Enter 349318.8 Laurus Labs -6.2
Sun Pharma 1399.3 1.8 1.8 39.3 456.7 ONGC 1419.2 56.9 CCL Int 48.3
HUL 2444.4 0.6 2.6 56.8 56.0 TRADES(000) 5413 42563 - 93242 Vodafone Idea 29/02/24 18 113.0 65.4 21.9 PNB 29/02/24 90 32.6 11.1 0.2 16â Titan Company 343227.9 LTIMind -3.5
Tata Motors 840.9 3.6 1.8 18.2 63.4 REC 1401.8 28.4 Transchem 45.5
ICICI Bank 1017.4 0.7 8.4 21.0 18.2 PNB 29/02/24 110 74.9 20.5 10.7 PNB 29/02/24 100 25.6 11.2 -5.4 17 Sun Pharma 335722.1 TCS -1.6
Tata Steel 135.0 1.0 1.3 - 37.6 Tata Power 1387.9 36.6 IFCI 45.1
IndusInd Bank 1527.3 0.9 1.2 - 13.7 MARKET-CAP (~ CR) TRADED TOTAL 18 Axis Bank 327403.8 HDFC Std Life -1.3
Infosys 1655.9 -0.9 7.0 28.2 27.9 TCS 3801.4 -0.2 4.5 31.0 33.1
Bajaj Fin 1346.3 1.9 19á ONGC 318092.4 Veer Energy 44.9
Tech Mahindra 1314.6 -0.5 1.0 45.6 56.3 BSE 37,727,356 38,365,185 Others
ITC
JSW Steel
450.0
811.7
-1.2 6.6
-0.6 1.3
29.3 28.1
17.8 20.1 Titan Company 3866.1 2.5 1.9 105.6 100.9 NSE 37,279,804 37,944,515 SPURT IN VOLUMES SBI
PNB
1317.6
1259.4
21.2
117.0
20
21â
NTPC
Maruti Suzuki
314802.4
314195.6
UP 7 DAYS
DOWN 3 DAYS
Sailani Tours -14.3
UltraTech 10275.4 2.9 1.4 46.3 47.4 DERIVATIVES 24,890,898 24,890,898 Utcrfs2Dmp 114.3
Kotak Mah Bank 1823.5 3.2 3.2 20.8 27.6 Company Days 2-week Avg Change Close *Price 22 UltraTech 296640.5
Axis Bank 1207.9 11.4 Key Corp -14.3
L&T 3708.4 3.2 6.0 41.6 54.6 Wipro 473.0 0.6 0.8 21.9 27.7 Volume Volume % price %chg 23 Asian Paints 285501.1 Sakthi Fin 87.4
Mah & Mah 1639.5 0.3 1.9 19.8 21.9 BSE SENSEX 71941.6 á1.8 100.0 25.7 29.0 TRADING ACTIVITY Manugraph I 1286489.0 40427.3 3082.2 30.6 20.0
Coal India
IRB Infra
1196.7
1184.4
29.5
205.3
24 Tata Motors 279401.8 Bombay Wire Rop 54.7 Fruition Vent -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Green En 271851.2 ACME Res 47.7 New Swan Multit -14.2
Sonam Clock 499720.0 16140.9 2996.0 86.3 17.8 Jio Financial 1129.8 45.4
Equity Debt Equity Debt 26 Bajaj Finsrv 261183.4 Bang Fort Farms 47.7 Ganga papers -14.2
Net Net Net Net Shiva Texya 509908.0 18106.2 2716.2 167.8 20.0 Tata Motors 1110.9 13.4
WORLD INDICES On 25 Jan 5070 371 - - Maral Over 1008681.0 41576.0 2326.1 84.9 9.2 Infibeam Aven 1068.7 318.2
27
28á
Adani Ports
Coal India
258483.5
253750.4
Munoth Cap
Bondada
47.7
47.7
Praxis Home Ret
Pratiksha Ch
-14.2
-14.2
On 24 Jan -5426 139 - - Shanti Overseas 3402231.0 146532.3 2221.8 24.7 5.6 GAIL 1050.7 61.8 29â Wipro 247088.0
Indices Close % Chg* Indices Close % Chg*
On 23 Jan -2707 749 79 -2075 BPL 2504849.0 110529.0 2166.2 110.4 20.0 30â Avenue Supermar 243844.8 (T+2) cycleStocks which rose/fell continuously
Kotak Mah Bank 976.0 5.4
Americas (Jan 26,24) Asia/Pacific (Jan 29,24) On 19 Jan -3554 585 3240 -5144 Dodla Dairy 1363610.0 62689.3 2075.2 987.3 12.1
Dow Jones 38109.4 0.2 Kospi 2500.7 0.9 On 18 Jan -9195 1198 5947 -156 Signet Inds 1417041.0 68299.7 1974.7 86.2 13.5
S&P/ TSX Composite
Nasdaq Composite
21125.3
15455.4
0.1
-0.4
Taiwan Taiex
Kuala Lumpur Comp
18119.6
1515.4
0.7
0.6
Jan till date
2024 till date
-21772
-21772
16125
16125
12520
12520
-9964
-9964
MMP Inds
VLS Finance
927332.0
1746651.0
50414.4
96637.7
1739.4
1707.4
228.6
258.5
15.7
20.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jan 26,24) Stock Exchange of Thai 1376.3 0.6 Quarterly Triveni Engg Group X Ambuja Cem M-Sumi Wiring
FTSE 100 7650.4 0.2 Jakarta Composite 7157.2 0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Vaibhav Global Aut Corp Goa Bank of Baroda Poly Medicur
JANUARY 30 VIP Ind Banas Fin Dabur India Proct & Gamb
CAC 40 7638.8 0.1 Straits Times 3140.3 -0.6 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 ZF Commercial Chennai Ferro Dixon Tech Relaxo Footwear
IBEX 35 9891.5 -0.5 Shanghai Se Comp 2883.4 -0.9 NET Net Fut OI Opt OI OI Adani Total Gas Group B CITADEL GMR Airports Welspun Living
HIGH *Coal India . . . . . . . . . . 414.8 *SAR Auto Pr . . . . . . . 2086.0 LOW
DAX 16882.9 -0.5 Volatility (Jan 26,24) BS 200 *Tata Power . . . . . . . . . 387.2 *Intern Comb . . . . . . . 1859.0 BS 200 Astral ADF Foods Epsom Prop Godrej Cons Westlife Food
On 25 Jan -36132 -12233 0.2 2.6 2.9
Asia/Pacific (Jan 29,24) CBOE Dow Jones 11.9 5.4 On 24 Jan -8911 6620 0.3 5.9 3.2 *Bajaj Auto . . . . . . . . . 7639.5 *NTPC . . . . . . . . . . . . . . 325.7 *JB Chemicals . . . . . . 1737.7 *Navin Fluo . . . . . . . . 3296.6 Bajaj Finsrv Aksharchem Jindal Hotel IDFC Group B
Hang Seng 16077.2 0.8 CBOE S&P 500 14.0 5.4 On 23 Jan -2579 1058 0.3 5.1 3.3 *Hero MotoCorp . . . . 4624.9 *ONGC . . . . . . . . . . . . . 255.2 *KPI Green Energ . . . 1662.0 Others Cochin Ship Asahi Songw Jumbo Bag Jindal Steel 3i Infotech
On 20 Jan -15304 1727 0.3 4.6 3.3 *JK Cement . . . . . . . . 4334.8 *Power Grid . . . . . . . . . 255.0 *Super Sales . . . . . . . 1650.0 *Paushakltd . . . . . . . 5440.0 Coromndl Int Asian Granit K K Fincorp Jubilant Fd Atul Auto
Nikkei 225 36026.9 0.8 * Change over previous close
On 19 Jan -790 5297 0.3 4.8 3.3 *Siemens . . . . . . . . . . 4320.2 *Manapp Finance . . . . 183.2 *Netweb Technolo . . 1532.9 *Tatva Chintan . . . . . . 1310.0 Dr Reddys Bharat Gears Kiran Syntex Mankind Pharma Autom Axle
L&T Cheviot Mid East Pro Maruti Suzuki Banaras Bead
MAJOR INDICES Jan till date
2024 till date
-533203
-533203
-16626
-16626
-
-
-
-
-
-
*Titan Company . . . . 3875.0
*L & T . . . . . . . . . . . . . 3733.1
*GAIL . . . . . . . . . . . . . . 174.7
*Nat Alum . . . . . . . . . . . 148.3
*Bajaj Steel . . . . . . . . 1495.0
*Dhunseri Inv . . . . . . . 1480.0
*HDFC Liquid . . . . . . . 1000.0
*Astec Life . . . . . . . . . . 945.1 M & M Fin Heads UP Ventur Nat Plast T PVR Inox Brooks Labs
*MCX . . . . . . . . . . . . . 3430.8 *SJVN . . . . . . . . . . . . . . 134.4 *Alfred Herbt . . . . . . . 1339.5 Mold-Tek . . . . . . . . . . . . 839.6 SRF Indian Metal Panabyte Tec Shree Cement Carysil
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Trent . . . . . . . . . . . . . 3293.6 *NBCC . . . . . . . . . . . . 128.5 *U.P.Hotels . . . . . . . . 1337.0 *Ravalgaon Sugar . . . . 729.6 Voltas Johnson Cont Pioneer Agro Sun Pharma Cords Cable
S&P BSE Sensex 70,700.7 70,968.1 72,010.2 70,880.5 71,941.6 1240.9 1.8 *Reliance Ind . . . . . . . 2905.0 Samvardhana Mot . . . . 118.1 *IFB Ind . . . . . . . . . . . . 1329.6 Rajratan Glb . . . . . . . . . 665.0 Group A Keystone Realto Saint-Gaobin Swan Energy Digispice Tech
ACC . . . . . . . . . . . . . . . 2564.0 *PNB . . . . . . . . . . . . . . . 109.5 *Shakti Pumps . . . . . . 1270.0 Kabra Extrus . . . . . . . . 387.9 Apar Ind NDTV Shree Pacet Group A Fino Payments
S&P BSE Sensex 50 22,385.1 22,474.3 22,811.5 22,444.8 22,788.2 403.1 1.8 S&P BSE SECTORAL INDICES *Shriram TrFn . . . . . . 2448.9 Others *Suyog Telematic . . . 1228.0 Virat Ind . . . . . . . . . . . . 175.0 Arvind Pudmjee Paper Tokyo Fin Adani Wilmar Foods n Inns
*Godrej Prpty . . . . . . 2443.0 *Benares Htl . . . . . . 10044.9 *Insolation Ener . . . . 1134.0 Gss Infotech . . . . . . . . . 158.0 Bajaj Hold Rane Brake Group XT Ajanta Phar Geojit Financia Thomas Cook BLACK ROSE INDU Josts Engg Aditya Birla eClerx Ser
S&P BSE-100 22,121.3 22,202.7 22,523.5 22,173.2 22,501.1 379.8 1.7 Prev cls Close % Chng
*Cummins (I) . . . . . . . 2291.4 *Voltamp Tran . . . . . . 8574.3 *Jai Balaji . . . . . . . . . . 1087.1 Lords Chloro . . . . . . . . . 132.5 Blue Star Sadhana Ntro Delton Cable Amara Raja Ener Hampton Sky Tracxn Techno Familycare Medinova Diagno Bata India GMM Pfaudler
S&P BSE-200 9,584.8 9,625.2 9,759.9 9,613.9 9,751.5 166.8 1.7 Auto 42,616.3 43,305.1 1.6 *Lupin . . . . . . . . . . . . . 1491.0 *Neuland Lab . . . . . . . 6679.8 *Cosmic CRF . . . . . . . 1084.9 *Primo Chemicals . . . . . 46.0 Dwarikes Sug Shanthi Gear Gita Rebewable Balaji Amine Kamat Hotels Udaipur Cement Genus Prime Inf MPIL Corpn City Union Bk Godrej Agrovet
Bankex 50,744.8 51,467.9 1.4 *Sun Pharma . . . . . . . 1421.0 *JSW Hold . . . . . . . . . 5700.0 Alicon Cast . . . . . . . . . 1068.0 Aviva Inds . . . . . . . . . . . . 26.4 Gillette I Subros Inv & Prec Carborundm Kitex Garmnt Uttam Sugar Grovy India Oswal Yarns Dr Lal PathLabs Gokaldas Exp
S&P BSE-500 30,669.3 30,804.6 31,198.5 30,774.2 31,175.7 506.5 1.7
Cons. Durables 50,253.2 51,224.5 1.9 *Maha Gas . . . . . . . . . 1419.0 *Power Mech Pro . . . 5122.0 *ISGEC Heavy Eng . . 1064.9 *Gsec10Year . . . . . . . . . 20.3 J Kumar Infr Sukhit Strch Kanel Inds D B Realty Lux Inds Vimta Labs Indicap Padam Cotton India Cement Guj Alkalies
S&P BSE IPO 13,393.8 13,513.0 13,585.0 13,511.3 13,567.4 173.6 1.3 Cap. Goods 56,903.8 58,116.4 2.1 *Tata Motors . . . . . . . . 843.7 *Tata Invest . . . . . . . . 4937.3 *Carerating . . . . . . . 1060.8 KGES . . . . . . . . . . . . . . . . 13.5 JBM Auto Suven Life Remi Edel Data Patterns NDL Ventures Group P Jaybharat Credt Photoquip India Indian Hotel HFCL
FMCG 19,929.0 19,912.8 -0.1 *Swan Energy . . . . . . . 620.0 *Amber Enter Ind . . . 4436.3 *Dodla Dairy . . . . . . . 1057.2 *Thakral Ser . . . . . . . . . . 12.4 JP Associat Texmaco Infra Scan Steels G E Shipping NIIT Learning Bharat Texts Menon Piston Rishi Laser Mphasis Jupiter Wa
S&P Dollex-30 6,985.0 - - - 7,103.9 119.0 1.7 KEC Intl Tokyo Plast Surbhi Inds Greenpanel Inds Nilkamal
Healthcare 32,977.7 33,113.8 0.4 *LIC Hsg Fin . . . . . . . . . 608.9 *Tube Inv of Ind . . . . . 4120.8 *G E Shipping . . . . . . 1043.3 Unistar Mult . . . . . . . . . . 12.1 Group T Prima Plast Sumeru Ind Titan Company Minda Corporati
Nifty 50 21,352.6 21,433.1 21,763.3 21,429.6 21,737.6 385.0 1.8 Infra 532.5 556.2 4.5 Ambuja Cem . . . . . . . . . 578.5 *AIA Engg . . . . . . . . . . 4096.5 *ADC India . . . . . . . . . 1040.0 *Channel Nine . . . . . . . . 10.4 Meghmani Organi Urja Global Trimurthi Heidelberg Pun Sind Bnk Emkay Global Samsrita Labs Teesta Agro Group A Orient Ele
IT 37,200.0 37,158.0 -0.1 *Tata Mot-DVR . . . . . . . 567.9 *Shilchar Tec . . . . . . . 3498.8 *Mirae -ET . . . . . . . 1000.0 Ashnisha Inds . . . . . . . . . . 9.6 Piramal Pharma Wheels India Veritas IRB Infra Rane Eng Val Rollatainers Swarna Sec Vinyoflex 5-Star Business Praj Ind
Nifty next50 54,291.8 54,564.2 55,081.2 54,369.4 55,012.6 720.9 1.3 Security & Inte Group IF Group Z Jyothy Labs Ratnaveer
Metal 26,107.8 26,559.4 1.7 *REC . . . . . . . . . . . . . . . 505.5 *Waaree Renewabl . . 3483.0 *Brand concept . . . . . . 961.3 Bloom Dekor . . . . . . . . . . . 8.9 SPS Finquest Unick Fix-A-For FEBRUARY 01 AAVAS Finan Pricol
Nifty 500 19,393.0 19,475.4 19,728.9 19,470.1 19,711.7 318.7 1.6 Oil & Gas 24,668.3 25,888.2 4.9 *BPCL . . . . . . . . . . . . . . 501.5 *Sandur Manganes . . 3433.0 *Assoc.Cerami . . . . . . . 953.7 *Aanchal Isp . . . . . . . . . . . 7.4 Shyam Metalics IRB InvIT Fund PFL Infotech Kajaria Cer Sastasundar Ven Tips Films Group XT BS 200 Aether Inds Prism Johnson C
Power 6,130.3 6,316.0 3.0 *Indian Hotel . . . . . . . . 499.7 *Anand Rathi Wea . . . 3100.0 *Star Delta Tran . . . . . . 952.5 *Diligent Inds . . . . . . . . . . 5.6 Star Health Group T Podd Hou & Dev Kalyan Jeweller Securekloud Tec Welspun Inv EPIC Energy Abbott India Aptus Value Hou Raymond
India VIX 13.9 13.9 15.8 13.8 15.7 1.8 13.1 *Danlaw Tech . . . . . . . 2106.7 *Ramky Infra . . . . . . . . 935.3 Strides Pharma Compucom Sft JANUARY 31 Max Health Steelcast Group X Haryana Cap Adani Enter Bayer CropSn RITES
PSU 16,572.8 17,108.2 3.2 *Power Fin . . . . . . . . . . 448.1 *Bodhtree Cons . . . . . . . . 5.4
Nifty CPSE 5,188.7 5,248.2 5,443.0 5,239.0 5,420.0 231.4 4.5 Realty 6,507.5 6,591.5 1.3 Symphony M K Proteins BS 200 Morepen STEL Holdings ABM Knowldg Hemadri Cem Adani Ports Deepak Fert Rolex Rings
* Indicates that the market price of these companies reached two-year highs/lows.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes SYMBOLS FOR FACE VALUE OF
SCRIPS BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four < H
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (634.0) (634.1) (4738.3) (4739.3)
m ~50 H ~2 Open 638.0 638.2 4750.0 4751.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
n ~20
High 646.0 646.0 4808.4 4807.2
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions « ~1
Low 634.1 634.0 4720.0 4715.4
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 642.2 642.4 4787.2 4791.6
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 31965 995K 3763 87854
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 52.3 52.3 83.9 84.0
company name is followed by shares traded, and also the 52 Wk H/L 690/438 692/438 4984/2755 4990/2752
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 23280 23285 101440 101533
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter«
« Adani PortsH
H Adani Power Adani Total Gas«
« Aditya Bir Fa Aditya Birla Alkem LabsH
H Ambuja CemH
H Apollo Hosp<
< Apollo Tyres«
« Ashok Leyland«
« Asian Paints«
« Astral«
« Atul Au Small Fin Aurob Pharma«
«
PCLose (25049.7) (25060.8) (2477.8) (2467.6) (2894.6) (2893.6) (1146.7) (1146.3) (542.5) (543.3) (1003.3) (1003.0) PCLose (241.4) (241.6) (165.8) (165.8) (4970.6) (4971.8) (560.5) (560.2) (6172.6) (6168.9) (517.6) (517.6) PCLose (169.8) (169.8) (2949.6) (2949.2) (1800.5) (1800.1) (6328.8) (6326.7) (708.0) (707.8) (1150.4) (1150.8)
Open 25191.8 25060.8 2535.9 2520.1 2929.0 2929.0 1153.1 1155.0 561.5 570.0 1008.3 1010.0 Open 241.9 242.0 166.2 166.7 4997.3 4998.7 570.2 570.9 6185.1 6199.1 522.0 518.0 Open 170.5 170.8 2948.7 2940.1 1810.1 1810.0 6330.0 6326.7 678.8 670.0 1149.6 1151.0
High 25784.5 25809.3 2564.0 2565.0 3092.0 3092.7 1204.8 1204.9 569.6 570.5 1051.0 1053.0 High 249.0 249.0 169.1 169.2 5002.4 5022.9 578.5 578.9 6345.0 6349.0 528.9 529.0 High 174.9 175.1 2987.7 2988.5 1875.0 1875.0 6357.7 6386.0 678.8 670.0 1169.8 1170.3
Low 25011.3 25020.4 2453.6 2455.0 2928.0 2923.1 1152.4 1151.0 553.4 552.5 1005.5 1005.1 Low 241.2 241.1 165.9 165.8 4941.3 4940.5 562.4 562.8 6176.1 6177.8 515.5 515.2 Low 168.8 168.8 2945.0 2940.1 1810.1 1810.0 6262.4 6266.0 624.1 624.1 1141.7 1142.1
Close 25592.1 25568.1 2494.5 2492.9 3064.2 3064.7 1196.6 1196.7 569.6 570.5 1035.7 1035.7 Close 243.1 243.1 168.2 168.3 4976.6 4975.4 573.8 574.1 6333.0 6329.8 528.0 527.3 Close 173.8 173.7 2976.5 2976.1 1868.7 1868.8 6278.0 6279.4 626.8 626.4 1159.8 1160.9
Shares 1040 32932 71287 1664K 397K 4403K 432K 6768K 346K 5730K 303K 1817K Shares 421K 5848K 243K 2998K 1900 62787 592K 7829K 15217 555K 144K 1329K Shares 866K 16591K 335K 1863K 66393 1047K 3984 40349 715K 21666K 591K 2488K
PE 50.3 50.2 28.8 28.8 142.9 142.9 40.8 40.8 9.4 9.4 - - PE - - 260.8 261.0 41.5 41.5 41.0 41.0 92.8 92.7 21.1 21.1 PE 22.7 22.7 52.5 52.5 92.1 92.1 46.5 46.5 26.4 26.4 29.2 29.2
52 Wk H/L 26350/19900 26382/19900 2564/1594 2565/1592 3199/1017 3199/1017 1230/395 1230/395 589/133 589/132 2601/522 2538/522 52 Wk H/L 265/184 266/184 199/133 199/133 5315/2835 5316/2980 579/315 579/315 6398/4078 6429/4123 546/303 546/303 52 Wk H/L 191/133 192/133 3567/2694 3568/2694 2058/1298 2058/1298 7587/6120 7590/6122 813/548 813/548 1174/397 1174/397
Mcap 54383 54332 46844 46814 349319 349370 258484 258494 219691 220019 113901 113906 Mcap 23069 23069 43713 43752 59495 59480 113927 113996 91056 91009 33533 33486 Mcap 51029 51000 285501 285463 50192 50195 18526 18530 41919 41888 67953 68014

Axis BankH
H Bajaj Auto Bajaj FinH
H Bajaj Finsrv«
« Balkrishna IH
H Balram Chini«
« Bandhan Bank Bank of BarodaH
H Bata India<
< Berger Paints«
« Bharat Elctn«
« Bharat ForgeH
H Bharti Airtel<
< BHELHH Biocon<
< BirlasoftH
H Bosch BPCL
PCLose (1043.1) (1042.3) (7596.9) (7597.5) (7085.1) (7085.5) (1630.2) (1630.2) (2527.9) (2527.0) (387.6) (387.8) PCLose (221.5) (220.9) (227.1) (227.1) (1449.5) (1449.3) (554.1) (554.7) (189.7) (189.7) (1200.1) (1200.3) PCLose (1159.8) (1160.6) (219.9) (219.9) (258.8) (258.7) (817.8) (818.3) (22769.9) (22779.3) (473.5) (474.4)
Open 1039.9 1036.0 7600.0 7594.0 7099.9 7085.5 1632.1 1630.0 2558.8 2550.0 388.2 390.9 Open 224.0 224.0 228.0 227.7 1458.7 1450.0 552.7 552.0 190.8 190.0 1200.1 1201.1 Open 1159.4 1158.0 221.5 221.0 260.9 261.3 828.7 825.1 22533.2 22801.0 473.2 474.0
High 1067.9 1068.0 7639.5 7640.0 7224.9 7225.0 1640.1 1641.6 2558.8 2550.0 396.1 396.3 High 226.8 226.7 235.8 235.8 1471.6 1472.9 563.9 563.9 193.7 193.7 1250.0 1250.0 High 1169.4 1169.8 223.1 223.2 261.7 261.6 835.8 835.7 23300.0 23348.7 501.5 501.4
Low 1039.9 1036.0 7475.1 7480.0 7090.7 7085.1 1618.5 1618.5 2485.0 2484.5 385.2 385.3 Low 222.2 222.2 227.8 227.7 1426.0 1425.0 551.6 551.1 187.6 187.6 1200.1 1200.5 Low 1158.1 1158.0 219.7 219.9 256.5 256.4 820.4 821.1 22533.2 22775.1 469.5 469.4
Close 1061.5 1061.3 7549.1 7548.8 7187.5 7191.7 1637.0 1637.0 2506.8 2508.7 391.8 391.9 Close 223.3 223.3 234.0 234.3 1456.1 1458.3 560.5 559.9 191.1 190.9 1244.1 1243.7 Close 1162.1 1162.2 221.4 221.3 260.1 260.1 832.8 832.6 23233.0 23248.8 492.6 492.7
Shares 227K 11189K 13617 458K 19036 1860K 61099 940K 16720 600K 75166 2547K Shares 351K 10213K 1913K 20642K 19526 556K 9803 596K 1674K 28920K 23836 1842K Shares 981K 4016K 3442K 22269K 257K 3314K 41346 2154K 12910 64222 567K 13935K
PE 27.3 27.3 28.9 28.9 38.5 38.6 35.2 35.2 40.0 40.0 16.8 16.8 PE 14.2 14.2 7.1 7.1 64.3 64.4 67.1 67.0 42.2 42.2 48.6 48.6 PE 86.6 86.6 1750.5 1750.1 62.7 62.7 41.3 41.3 32.2 32.3 3.9 3.9
52 Wk H/L 1152/814 1152/814 7640/3625 7640/3626 8190/5487 8192/5486 1742/1216 1741/1215 2794/1912 2796/1909 486/350 486/349 52 Wk H/L 272/182 272/182 240/147 240/147 1770/1381 1771/1381 679/440 680/439 196/87 196/87 1299/744 1299/744 52 Wk H/L 1201/736 1201/736 226/66 226/66 295/192 295/192 842/250 842/250 23569/16536 23569/16545 501/314 501/314
Mcap 327404 327327 213775 213767 444188 444444 261183 261175 48455 48493 7903 7904 Mcap 35972 35972 120984 121139 18714 18741 65332 65262 139654 139544 57923 57904 Mcap 653646 653702 77075 77058 31228 31228 22964 22959 68514 68561 106857 106868

Britannia«
« BSEHH Can Fin HomeH
H Canara Bank CDSL CGCELHH Chambal Fert Chola InvH
H CiplaH
H City Union Bk«
« Coal India Cochin Ship<
< Coforge Colgate«« Containr Crp<
< Coromndl Int«
« Cummins (I)H
H Dabur India«
«
PCLose (5144.6) (5141.9) (-) (2121.9) (770.1) (770.5) (465.1) (465.3) (-) (1770.2) (305.1) (305.1) PCLose (368.7) (368.6) (1241.3) (1244.7) (1369.8) (1369.7) (141.1) (141.2) (389.5) (389.4) (871.5) (871.6) PCLose (6206.0) (6205.0) (2492.2) (2492.6) (828.5) (828.7) (1130.1) (1129.0) (2161.4) (2161.9) (531.5) (531.6)
Open 5125.2 5142.0 - 2132.6 772.1 778.3 470.4 469.9 - 1770.0 304.8 305.3 Open 370.0 369.9 1277.4 1270.0 1370.0 1365.0 141.7 141.4 392.1 392.9 879.9 878.0 Open 6239.6 6222.2 2490.1 2492.6 841.8 831.0 1130.3 1134.9 2169.0 2168.0 517.3 515.0
High 5215.0 5219.5 - 2170.0 777.0 778.3 480.0 480.0 - 1795.0 306.9 306.7 High 373.9 374.0 1277.4 1271.4 1370.0 1365.0 144.1 144.0 414.8 414.7 883.0 883.2 High 6321.0 6324.0 2533.0 2533.0 867.4 867.9 1145.9 1146.4 2291.4 2290.8 535.5 536.0
Low 5110.9 5111.2 - 2120.1 763.0 762.6 468.3 468.1 - 1760.0 299.3 299.5 Low 366.5 366.6 1219.1 1219.5 1325.3 1325.3 141.7 141.4 391.5 391.5 855.7 855.5 Low 6203.1 6200.3 2490.0 2485.0 815.7 815.2 1123.8 1128.6 2166.9 2164.1 517.3 515.0
Close 5130.3 5136.9 - 2128.9 766.3 766.0 474.8 474.6 - 1765.4 300.9 300.9 Close 370.7 370.8 1230.2 1230.8 1337.3 1336.9 143.5 143.4 411.8 412.8 860.7 860.1 Close 6254.4 6254.8 2526.4 2526.6 860.9 860.4 1137.2 1137.6 2250.4 2255.2 533.9 534.3
Shares 15614 276K - 444K 14507 557K 233K 8802K - 391K 118K 2067K Shares 112K 864K 33158 2511K 85876 2481K 64953 2220K 2392K 27149K 81007 1726K Shares 39613 424K 4454 276K 75014 6047K 12532 209K 24602 1135K 117K 1316K
PE 48.7 48.8 - 39.8 14.4 14.4 6.2 6.2 - - 45.2 45.2 PE 12.2 12.2 32.1 32.1 29.1 29.1 11.3 11.3 9.0 9.1 48.6 48.5 PE 55.2 55.2 54.5 54.5 43.2 43.2 16.5 16.5 47.2 47.3 53.9 53.9
52 Wk H/L 5386/4154 5386/4153 -/- 2595/406 905/509 910/509 485/269 485/269 -/- 1988/881 339/251 339/251 52 Wk H/L 402/249 403/248 1310/697 1310/697 1425/852 1425/852 168/120 168/120 415/208 415/208 898/206 899/205 52 Wk H/L 6788/3565 6789/3565 2580/1435 2553/1435 933/555 933/555 1288/842 1272/842 2291/1356 2291/1373 597/504 597/504
Mcap 123588 123748 - 28825 10203 10199 86126 86090 - 18448 19264 19264 Mcap 15427 15431 103294 103344 107963 107931 10624 10620 253750 254397 22643 22626 Mcap 38621 38623 68717 68722 52455 52421 33478 33489 62380 62513 94607 94669

Dalmia BharatH
H Deepak NitrtH
H Delta Corp«
« Divis LabH
H Dixon TechH
H DLFHH Dr Lal PathLabs Dr Reddys<
< Eicher Motor«
« Escorts Kub Exide Ind«
« Federal BankH
H GAIL Glenmark«
« GMDCH H GMR Airports«
« GNFC Godrej Cons«
«
PCLose (2205.6) (2205.1) (2237.0) (2236.4) (138.0) (138.0) (3576.9) (3578.9) (5874.5) (5879.5) (758.5) (758.7) PCLose (2400.8) (2400.5) (5853.9) (5855.5) (3615.9) (3616.4) (2943.0) (2945.3) (310.5) (310.4) (141.8) (141.8) PCLose (165.4) (165.4) (890.3) (891.1) (457.5) (457.8) (77.3) (77.1) (731.8) (732.5) (1157.3) (1157.3)
Open 2195.3 2228.0 2210.2 2236.4 138.4 139.0 3576.9 3578.0 5889.7 5898.0 762.0 761.0 Open 2386.1 2400.0 5839.7 5800.0 3620.6 3621.1 2937.2 2950.0 314.2 314.7 143.4 143.2 Open 168.2 168.0 842.3 893.5 461.8 460.0 78.7 78.1 735.2 738.0 1173.8 1165.8
High 2278.0 2278.4 2249.6 2250.0 140.8 140.8 3585.3 3586.0 5910.0 5921.2 771.4 771.7 High 2457.7 2459.0 5891.4 5892.6 3681.0 3681.0 3042.5 3040.5 317.0 317.3 146.7 146.7 High 174.7 174.7 906.9 906.9 472.3 472.6 80.3 80.4 755.8 755.7 1181.0 1181.0
Low 2195.3 2221.0 2210.2 2223.0 137.1 137.1 3550.9 3550.1 5847.0 5842.1 755.1 755.3 Low 2368.1 2363.3 5741.0 5740.2 3591.0 3590.1 2937.2 2948.2 311.4 311.3 142.2 142.5 Low 165.5 165.5 842.3 887.3 457.5 456.6 76.9 76.9 734.9 733.8 1157.1 1156.8
Close 2255.0 2256.5 2239.9 2240.1 138.4 138.5 3569.9 3570.6 5871.1 5871.7 768.6 767.4 Close 2427.4 2429.3 5843.9 5843.7 3672.8 3669.1 3023.4 3023.2 315.3 315.3 145.4 145.5 Close 171.7 171.8 900.2 899.9 464.0 464.1 78.2 78.2 751.4 751.9 1168.7 1168.1
Shares 16443 459K 24211 135K 292K 1995K 4946 766K 4549 214K 79864 5505K Shares 7399 169K 5183 302K 7842 936K 4954 300K 226K 1788K 1261K 20336K Shares 3376K 58434K 23234 685K 87295 2419K 2295K 44502K 20331 1039K 130K 2801K
PE 40.9 40.9 66.9 66.9 16.6 16.6 72.0 72.0 113.7 113.8 80.1 79.9 PE 67.2 67.3 19.1 19.1 28.1 28.1 37.6 37.5 27.4 27.4 9.5 9.5 PE 24.2 24.2 - - 14.6 14.6 - - 12.7 12.7 68.3 68.3
52 Wk H/L 2429/1680 2431/1672 2520/1731 2521/1730 260/125 260/123 4072/2730 4074/2730 6764/2555 6765/2553 816/337 816/337 52 Wk H/L 2767/1763 2767/1762 5986/4281 5990/4285 4202/2836 4200/2836 3435/1810 3440/1808 342/171 342/171 159/121 159/121 52 Wk H/L 175/91 175/91 916/370 916/369 502/123 503/123 89/36 89/36 815/484 815/484 1230/892 1230/892
Mcap 42292 42320 30552 30555 3706 3708 94762 94782 35109 35112 190252 189942 Mcap 20264 20279 97476 97473 100561 100459 33408 33406 26796 26801 35378 35403 Mcap 112894 112927 25402 25394 14754 14757 47201 47201 11678 11685 119530 119473

Godrej Prpty<
< Granules«
« Grasim IndH
H Gujarat GasH
H HAL<< Havells I«
« HCL TechnoH
H HDFC AMC< < HDFC Bank«« HDFC Std Life Hero MotoCorpHH Hind Copper<
< Hindalco«
« HPCL HUL«« ICICI BankH
H ICICI Lombard ICICI Prud Life
PCLose (2326.6) (2326.9) (414.1) (414.2) (2074.6) (2076.5) (552.1) (552.5) (2903.6) (2903.8) (1291.1) (1290.3) PCLose (1551.0) (1550.3) (3428.7) (3428.6) (1435.3) (1434.9) (579.1) (579.0) (4445.3) (4442.1) (281.7) (282.0) PCLose (567.7) (567.2) (430.3) (430.6) (2430.1) (2428.3) (1009.9) (1010.0) (1482.1) (1482.2) (486.6) (486.3)
Open 2339.9 2335.1 415.3 419.0 2086.8 2080.0 559.8 558.5 2941.7 2910.0 1299.8 1290.4 Open 1560.1 1565.0 3401.2 3428.0 1454.0 1448.1 576.7 575.1 4445.3 4448.0 285.0 284.6 Open 567.3 568.0 435.0 433.0 2414.9 2410.0 1020.0 1020.0 1471.4 1482.2 482.3 486.3
High 2443.0 2444.0 416.4 419.0 2125.0 2125.0 561.0 561.5 2985.6 2985.0 1322.0 1322.8 High 1588.7 1588.6 3537.6 3539.2 1462.9 1462.8 584.0 584.0 4624.9 4625.0 288.6 288.5 High 572.4 572.0 458.7 458.7 2449.3 2449.0 1032.1 1032.0 1494.0 1495.9 494.0 494.3
Low 2335.4 2333.0 403.6 408.0 2080.5 2077.8 552.3 552.0 2905.0 2903.9 1290.1 1289.9 Low 1551.0 1550.3 3401.2 3406.3 1442.3 1445.8 576.0 575.1 4429.2 4426.4 274.6 274.4 Low 561.8 562.0 430.5 430.2 2414.0 2410.0 1010.1 1010.0 1470.0 1468.8 482.3 483.0
Close 2430.0 2430.4 408.9 410.2 2103.1 2104.5 553.1 553.4 2976.8 2977.0 1317.4 1317.9 Close 1574.9 1574.6 3509.3 3510.1 1455.7 1454.7 578.6 578.6 4596.0 4593.5 283.4 283.6 Close 568.0 567.9 452.3 452.3 2444.4 2444.4 1017.4 1016.4 1489.6 1488.9 491.6 491.6
Shares 37383 1572K 47368 883K 32593 796K 17931 527K 30639 1213K 21739 1195K Shares 32467 2522K 31588 705K 2407K 32823K 152K 4399K 22045 418K 635K 14766K Shares 138K 5126K 481K 13805K 44580 1587K 534K 14079K 3982 375K 31846 5224K
PE 102.0 102.0 25.1 25.2 95.4 95.4 30.4 30.4 32.9 32.9 69.6 69.6 PE 27.2 27.2 - - 19.6 19.6 82.1 82.1 26.6 26.6 85.5 85.6 PE 46.0 46.0 4.3 4.3 56.0 56.0 18.2 18.1 39.9 39.9 77.5 77.5
52 Wk H/L 2443/1006 2444/1005 435/268 435/268 2167/1522 2166/1521 573/397 572/397 3079/1151 4170/1768 1472/1128 1472/1132 52 Wk H/L 1618/1016 1620/1016 3553/1595 3560/1590 1758/1382 1758/1380 711/458 711/458 4625/2247 4625/2246 289/94 289/94 52 Wk H/L 621/381 621/381 479/212 477/212 2769/2366 2770/2365 1067/796 1059/796 1514/1049 1513/1049 616/381 616/381
Mcap 67562 67575 9911 9942 143113 143211 38072 38096 199079 199092 82558 82593 Mcap 427359 427278 74915 74934 1105450 1104690 124448 124437 91874 91824 27405 27420 Mcap 127630 127618 64161 64161 574336 574336 713737 713071 73330 73293 70793 70793

IDFC IDFC First Bank IEX«

« India Cement Indiabulls HousH
H IndiaMART Int Indian Hotel«
« Indraprst GsH
H Indus Towers IndusInd Bank Info Edge Infosys<
< InterGlobe Avia IOC Ipca Labs«
« IRCON IntlH
H IRCTCHH IREDA
PCLose (116.1) (116.0) (80.1) (80.1) (135.7) (135.7) (252.4) (252.6) (198.8) (198.6) (2449.8) (2449.2) PCLose (473.9) (473.6) (405.1) (405.1) (225.4) (225.4) (1513.1) (1512.0) (4981.4) (4982.5) (1670.8) (1669.1) PCLose (2864.9) (2863.1) (143.9) (143.7) (1114.5) (1115.4) (247.2) (247.3) (970.3) (970.3) (169.8) (169.8)
Open 117.4 117.1 81.2 81.1 138.9 138.6 254.8 255.1 199.8 199.5 2461.5 2470.0 Open 478.3 473.6 409.0 409.9 227.0 227.0 1516.4 1523.0 4952.2 4996.1 1665.3 1665.2 Open 2870.1 2889.9 144.0 143.7 1121.9 1116.3 252.0 251.1 985.0 983.9 178.0 177.8
High 119.2 119.1 83.7 83.8 141.6 141.7 259.4 259.7 206.5 206.5 2538.0 2539.0 High 499.7 500.0 421.4 421.5 233.9 234.0 1537.7 1537.8 5041.0 5048.8 1679.3 1679.4 High 2922.5 2921.4 148.4 148.4 1135.5 1135.1 254.7 254.7 989.5 989.9 178.3 178.3
Low 116.8 116.7 80.7 80.6 137.4 137.3 250.5 250.5 192.6 192.8 2440.8 2438.6 Low 474.9 473.6 405.0 404.4 226.3 226.1 1516.4 1515.4 4930.8 4927.6 1647.1 1647.6 Low 2847.6 2851.8 143.7 143.5 1112.5 1111.0 242.5 242.5 972.9 972.7 176.2 175.9
Close 118.2 118.2 83.5 83.5 140.5 140.5 258.4 258.4 199.3 199.3 2529.8 2529.7 Close 496.0 496.2 418.6 419.1 232.1 232.3 1527.3 1526.8 4972.1 4975.3 1655.9 1656.6 Close 2899.1 2896.0 146.8 146.7 1133.2 1132.6 244.2 244.2 981.6 981.8 178.3 178.3
Shares 751K 7546K 5763K 69818K 2328K 17021K 131K 3751K 1862K 27726K 12253 151K Shares 423K 8503K 266K 3879K 386K 11622K 136K 3058K 4420 413K 67978 4254K Shares 18247 1540K 2713K 28421K 36014 689K 1621K 24474K 460K 3870K 1353K 7516K
PE 10.3 10.3 19.5 19.4 38.0 38.0 - - 8.6 8.6 - - PE 64.2 64.2 17.3 17.3 11.2 11.2 13.7 13.7 127.8 127.9 28.2 28.2 PE 19.9 19.9 4.6 4.6 53.9 53.8 - - - - - -
52 Wk H/L 134/73 137/73 101/52 101/52 173/116 173/116 277/167 277/167 235/92 235/92 3293/2182 3336/2186 52 Wk H/L 500/286 500/286 516/376 516/376 236/136 236/136 1694/990 1695/990 5401/3310 5404/3308 1680/1215 1681/1185 52 Wk H/L 3132/1810 3132/1811 152/76 152/76 1162/670 1162/670 281/50 281/50 1050/557 1049/557 178/50 178/50
Mcap 18904 18904 59040 59019 12524 12524 8008 8006 9812 9815 15490 15489 Mcap 70601 70622 29302 29337 62536 62590 118783 118744 64328 64370 687271 687562 Mcap 111891 111771 207229 207159 28749 28734 22967 22967 78528 78544 47909 47909

IRFC ITC«
« Jindal Steel«
« Jio Financial JK Cement JSW Steel«
« Jubilant FdH
H Kotak Mah Bank<< L & TH
H L&T Finance Hol L&T Tech SerH
H Laurus LabsH
H LIC Hsg FinH
H LIC India LTIMind«« LupinH
H M & M FinH
H Mah & Mah<<
PCLose (173.9) (173.9) (455.5) (455.6) (716.5) (716.3) (239.9) (239.9) (4171.0) (4167.5) (816.5) (815.7) PCLose (508.3) (508.3) (1767.3) (1768.4) (3591.7) (3593.4) (166.9) (166.9) (5384.0) (5385.9) (378.5) (378.8) PCLose (578.9) (579.2) (903.3) (903.5) (5492.1) (5494.6) (1453.9) (1454.1) (270.2) (270.1) (1634.8) (1635.5)
Open 177.4 177.3 456.0 455.9 717.2 723.0 240.4 242.0 4237.1 4275.0 820.0 819.1 Open 508.3 508.8 1780.3 1785.3 3596.6 3604.0 168.4 167.7 5385.1 5430.0 376.2 378.8 Open 583.9 579.2 909.2 910.0 5492.0 5497.0 1459.6 1454.1 270.5 273.0 1635.5 1635.5
High 178.0 178.3 456.0 457.3 733.5 733.9 254.4 254.4 4334.8 4333.0 823.8 823.6 High 518.7 518.5 1830.0 1830.1 3733.1 3733.9 169.0 169.0 5456.9 5454.0 383.3 383.0 High 608.9 608.8 931.4 931.9 5505.0 5514.1 1491.0 1491.0 280.1 280.1 1643.9 1645.0
Low 169.3 169.3 447.9 447.5 714.9 715.0 240.0 240.0 4201.1 4205.0 803.5 804.0 Low 504.0 504.1 1776.4 1776.0 3596.6 3600.1 167.0 167.0 5364.8 5367.1 371.3 371.3 Low 579.9 578.0 903.3 903.6 5401.0 5400.0 1454.3 1454.0 269.6 269.7 1624.3 1625.0
Close 170.9 170.9 450.0 449.8 730.6 730.8 251.0 251.0 4312.8 4306.2 811.7 811.7 Close 513.8 513.2 1823.5 1822.9 3708.4 3708.0 167.6 167.6 5444.3 5437.7 374.3 374.2 Close 600.0 600.0 916.1 915.6 5447.5 5448.4 1484.0 1483.3 278.6 278.6 1639.5 1640.0
Shares 15182K 74342K 336K 17869K 117K 2034K 4270K 41148K 9361 313K 88215 1575K Shares 2673K 6212K 144K 5236K 50669 2073K 285K 4526K 3496 95567 257K 2808K Shares 201K 6753K 399K 3793K 24814 772K 19656 980K 209K 3431K 71186 3076K
PE - - 28.1 28.1 18.4 18.4 - - 44.2 44.1 17.8 17.8 PE 119.6 119.5 20.8 20.8 41.6 41.6 18.4 18.4 45.2 45.2 107.3 107.3 PE 7.9 7.9 - - 35.1 35.1 50.8 50.7 18.1 18.1 21.9 21.9
52 Wk H/L 193/25 193/25 500/329 500/329 768/503 768/503 278/205 270/203 4335/2557 4333/2553 896/650 896/649 52 Wk H/L 586/412 587/412 2063/1644 2064/1644 3733/2074 3734/2073 175/79 175/79 5568/3242 5566/3242 445/280 445/279 52 Wk H/L 609/315 609/315 950/530 950/530 6443/4130 6442/4132 1491/628 1491/628 346/216 347/216 1758/1124 1758/1123
Mcap 223276 223276 561460 561211 74523 74544 159467 159467 33325 33274 198489 198501 Mcap 33900 33860 362450 362331 509731 509683 41692 41692 57546 57476 20173 20168 Mcap 33000 33003 579433 579117 161353 161380 67596 67564 34424 34424 203869 203937

Maha Gas Manapp FinanceH

H Marico«« Maruti Suzuki<
< Max Fin SreH
H MCX Metropolis HealH
H Mphasis MRF Muthoot Finance Nat Alum<
< Navin FluoH
H Nestle India«
« NMDC« « NTPC Oberoi Relty ONGC< < Oracle Fin<
<
PCLose (1374.1) (1374.2) (177.8) (178.0) (525.2) (525.1) (9886.8) (9881.0) (878.2) (878.2) (3220.0) (3221.1) PCLose (1558.4) (1558.7) (2523.1) (2522.4) (136645.7) (136858.0) (1388.2) (1388.2) (141.2) (141.1) (3342.1) (3344.6) PCLose (2481.3) (2482.1) (217.1) (217.1) (314.9) (314.8) (1303.8) (1303.9) (234.0) (234.1) (6705.5) (6707.3)
Open 1375.7 1388.0 178.2 179.0 512.8 508.6 9902.6 9931.2 875.3 880.0 3190.2 3250.0 Open 1558.7 1565.0 2520.0 2522.4 137200.0 136857.2 1392.3 1388.0 144.2 144.9 3379.9 3360.0 Open 2497.9 2482.2 219.9 219.6 318.6 317.8 1304.2 1307.0 242.7 241.0 6710.2 6722.2
High 1419.0 1419.4 183.2 183.2 523.5 523.9 10033.5 10035.0 905.6 905.6 3430.8 3433.3 High 1585.7 1589.8 2597.0 2597.4 144405.5 144150.0 1404.9 1404.5 148.3 148.4 3379.9 3380.0 High 2505.0 2505.0 222.1 222.0 325.7 325.8 1314.6 1314.3 255.2 255.0 6759.4 6757.9
Low 1375.7 1381.0 177.4 177.5 512.4 508.6 9880.0 9875.1 869.9 870.0 3190.2 3226.5 Low 1554.1 1554.1 2517.0 2515.1 136498.6 136333.1 1385.2 1384.1 141.5 141.5 3296.6 3296.2 Low 2477.0 2476.6 217.3 217.4 316.2 316.2 1276.5 1276.7 239.3 239.1 6583.3 6582.6
Close 1414.0 1414.4 179.8 179.9 516.6 516.6 9993.5 9991.4 902.0 901.8 3416.1 3415.4 Close 1579.6 1581.8 2582.9 2582.7 143949.7 143873.6 1394.4 1394.0 145.3 145.4 3324.4 3324.1 Close 2498.1 2498.6 220.9 221.0 324.7 324.6 1307.7 1308.0 252.9 252.5 6632.9 6631.5
Shares 27099 767K 268K 10900K 128K 2146K 12106 447K 9268 1005K 40898 1333K Shares 7509 203K 28124 558K 692 26375 7260 191K 3789K 53160K 8332 220K Shares 12518 633K 675K 16993K 1480K 24695K 18903 1535K 2802K 54128K 5059 201K
PE 10.8 10.8 8.2 8.2 47.4 47.4 28.1 28.1 13895.7 13893.4 275.7 275.7 PE - - 30.4 30.4 35.2 35.2 14.8 14.8 19.7 19.8 57.2 57.2 PE 81.1 81.1 11.1 11.1 17.4 17.4 76.2 76.3 10.3 10.2 26.9 26.9
52 Wk H/L 1419/831 1419/831 183/101 183/101 595/463 595/463 10930/8127 10933/8130 1069/599 1068/599 3431/1289 3433/1285 52 Wk H/L 1754/1176 1755/1171 2788/1661 2789/1660 150000/81391 150254/81380 1537/911 1537/911 148/76 148/76 4922/3297 4950/3296 52 Wk H/L 2771/1789 2769/264 227/104 227/104 326/163 326/163 1586/794 1586/794 255/140 255/140 7169/2987 7173/3012
Mcap 13967 13971 15215 15228 66836 66843 314196 314130 31126 31121 17422 17419 Mcap 8095 8106 48755 48751 61035 61002 55980 55962 26686 26696 16489 16488 Mcap 240862 240910 64737 64752 314802 314705 47548 47557 318092 317652 57467 57455

Page Inds PAYTM«« Persistent S Petronet LNG PI Inds«

« Pidilite Ind«
« Piramal EntpH
H PNBHH Polycab India Power Fin Power Grid PVR Inox Rail Vikas Niga Ramco Cements«
« RBL Bank REC Reliance Ind SAIL
PCLose (36693.6) (36711.1) (762.9) (763.0) (8383.5) (8378.8) (256.6) (256.6) (3244.2) (3241.9) (2591.2) (2590.1) PCLose (873.5) (874.0) (104.6) (104.5) (4342.4) (4343.9) (419.0) (419.0) (245.4) (245.5) (1458.6) (1458.8) PCLose (302.1) (302.0) (969.5) (968.8) (254.9) (255.1) (470.1) (470.1) (2710.4) (2706.1) (119.1) (119.1)
Open 36999.0 36711.1 763.1 764.0 8493.8 8450.0 259.8 259.0 3250.0 3252.0 2560.4 2585.0 Open 892.2 900.1 107.7 107.5 4366.1 4385.0 420.5 423.0 246.5 245.5 1464.1 1477.0 Open 306.2 305.8 975.3 976.6 256.4 257.3 479.5 477.2 2713.2 2729.0 120.4 120.5
High 37870.0 37911.0 768.5 768.9 8655.0 8655.0 266.3 266.3 3307.0 3308.8 2600.0 2609.3 High 900.5 901.0 109.5 109.5 4440.2 4408.5 448.1 448.5 255.0 255.0 1500.8 1500.7 High 308.8 308.7 990.0 990.0 258.5 258.6 505.5 505.6 2905.0 2905.0 121.7 121.7
Low 36460.9 36425.8 746.3 747.1 8365.0 8361.0 257.7 257.6 3246.5 3248.0 2557.5 2555.3 Low 855.7 855.1 105.4 105.5 4300.0 4293.1 420.5 421.6 245.2 245.2 1464.1 1465.0 Low 293.4 293.3 970.5 971.4 253.0 252.8 472.7 472.5 2713.2 2720.4 118.0 118.0
Close 37614.2 37635.2 751.1 752.1 8639.3 8637.6 262.9 263.0 3294.0 3293.2 2569.7 2569.3 Close 883.6 884.1 107.5 107.5 4343.7 4346.2 446.8 446.8 253.8 254.0 1490.5 1490.4 Close 299.0 299.1 984.7 985.6 255.1 255.1 499.8 499.7 2896.2 2896.1 120.4 120.5
Shares 449 41350 126K 3108K 14139 516K 613K 15533K 23282 218K 28610 1016K Shares 47483 2175K 8876K 108149K 30535 879K 1888K 38320K 751K 26181K 28120 951K Shares 2829K 17198K 8139 373K 300K 6355K 1117K 27272K 824K 11947K 2314K 45734K
PE 82.1 82.2 - - 64.5 64.5 11.6 11.6 33.5 33.5 76.3 76.3 PE 5.1 5.1 18.5 18.5 - - 11.0 11.0 15.4 15.4 - - PE - - 58.2 58.2 14.2 14.2 10.1 10.1 28.0 28.0 17.1 17.1
52 Wk H/L 43599/34969 43570/34953 998/503 998/512 8717/3959 8714/3962 266/192 266/192 4010/2870 4011/2869 2804/2251 2805/2250 52 Wk H/L 1140/630 1140/630 109/44 110/44 5723/2755 5733/2748 448/107 448/107 255/158 255/158 1880/1337 1875/1336 52 Wk H/L 346/56 346/56 1058/636 1058/647 301/132 301/132 506/111 506/110 2905/2180 2905/2180 127/81 127/78
Mcap 41940 41963 47702 47763 66462 66449 39428 39443 49970 49957 130695 130675 Mcap 19849 19860 118390 118368 65242 65280 147432 147432 236049 236189 14626 14625 Mcap 62332 62353 23268 23289 15396 15396 131595 131582 1959442 1959409 49732 49752

Samvardhana Mot«« SBI«« SBI Card & Pay SBI Life Ins Shree Cement Shriram TrFn SiemensHH SRF Sun Pharma«
« Sun TV Net<
< Suzlon EnergyH
H Syngene Intl Tata Chem Tata Comm Tata Consumer P«« Tata MotorsH
H Tata Power«
« Tata Steel«
«
PCLose (115.3) (115.4) (612.9) (612.8) (759.8) (759.8) (1380.8) (1380.9) (27954.4) (27948.8) (2306.1) (2307.1) PCLose (4206.5) (4205.4) (2267.9) (2268.9) (1374.8) (1368.3) (651.0) (649.8) (42.5) (42.5) (686.0) (685.3) PCLose (1006.0) (1005.7) (1715.7) (1716.6) (1136.7) (1136.8) (811.5) (811.8) (365.0) (365.1) (133.6) (133.8)
Open 116.1 116.3 618.3 619.0 715.1 716.6 1407.9 1388.0 27801.1 27998.8 2448.9 2432.0 Open 4180.3 4204.0 2269.0 2270.0 1369.7 1365.0 646.3 651.0 43.0 43.0 661.2 662.5 Open 1003.2 1010.2 1715.6 1713.1 1136.7 1136.8 813.8 811.9 370.5 369.5 135.7 134.7
High 118.1 118.0 629.3 629.5 733.0 734.4 1425.1 1424.6 28850.0 28850.0 2448.9 2442.0 High 4320.2 4319.0 2270.6 2282.0 1421.0 1420.9 666.0 666.5 43.8 43.9 685.0 685.0 High 1018.3 1018.0 1726.4 1726.9 1149.0 1149.2 843.7 843.8 387.2 387.3 135.7 135.4
Low 114.7 114.6 615.8 615.6 710.5 710.1 1391.2 1388.0 27801.1 27922.0 2304.5 2302.2 Low 4180.3 4196.4 2231.0 2230.0 1360.4 1355.2 646.3 649.5 42.5 42.6 661.2 662.5 Low 1003.2 1006.4 1707.4 1706.6 1136.0 1135.0 811.0 811.1 366.8 366.9 133.5 133.5
Close 116.5 116.4 622.9 623.0 715.6 715.6 1418.2 1418.4 28393.8 28411.6 2409.1 2409.0 Close 4304.0 4305.6 2246.9 2246.6 1399.3 1400.9 659.8 662.7 43.3 43.3 683.1 683.3 Close 1013.4 1013.2 1713.4 1713.5 1141.1 1141.1 840.9 841.0 381.9 381.9 135.0 135.0
Shares 1382K 22487K 1601K 19572K 498K 8842K 19727 1608K 1184 35863 47282 3579K Shares 14333 460K 8521 902K 46515 3413K 23127 493K 7009K 64988K 167K 2380K Shares 58796 627K 13677 437K 20736 1588K 547K 12824K 2159K 34448K 2647K 29745K
PE 41.3 41.3 8.2 8.2 - - 76.3 76.4 54.0 54.1 13.8 13.8 PE - - 38.1 38.1 39.3 39.3 14.3 14.3 103.8 103.7 59.0 59.0 PE 12.5 12.5 149.4 149.4 83.1 83.1 18.2 18.2 34.2 34.2 - -
52 Wk H/L 118/62 118/62 660/499 660/499 932/691 933/696 1495/1039 1495/1054 29249/21928 29250/21860 2449/1190 2442/1190 52 Wk H/L 4320/2893 4319/2891 2637/2050 2636/2040 1421/923 1421/922 735/394 735/394 46/7 46/7 860/545 860/545 52 Wk H/L 1141/912 1141/912 1957/1157 1957/1157 1216/685 1191/687 844/400 844/400 387/182 387/182 142/102 141/102
Mcap 78911 78877 555913 555958 68036 68032 141996 142016 102445 102509 90496 90494 Mcap 153265 153321 66601 66594 335722 336106 25999 26114 58275 58248 27462 27468 Mcap 25816 25811 48830 48835 106008 106004 279402 279452 122029 122029 166014 166014

TCS«« Tech Mahindra<

< Titan Company«« Torrent Phar<
< Trent«
« TVS Motor«
« UltraTech United Brew«
« United SpirtH
H UPLHH Vedanta«« Vodafone Idea Voltas«
« WiproHH YES BankH
H Zee Enter«
« Zomato« « Zydus Lifescien«
«
PCLose (3808.2) (3810.3) (1321.6) (1322.1) (3770.2) (3770.2) (2474.3) (2473.4) (3225.1) (3231.8) (1941.8) (1941.1) PCLose (9984.0) (9969.3) (1842.2) (1842.3) (1095.6) (1096.0) (537.5) (537.3) (263.5) (263.6) (14.6) (14.6) PCLose (1005.2) (1005.2) (470.0) (470.0) (24.9) (24.9) (163.3) (163.2) (136.0) (136.1) (736.3) (736.5)
Open 3807.9 3800.8 1344.8 1338.0 3769.9 3760.6 2472.3 2473.4 3237.1 3248.0 1940.0 1941.0 Open 9960.1 10000.1 1840.0 1851.0 1098.9 1100.0 544.9 542.2 263.6 263.8 14.7 14.7 Open 1008.7 1010.0 470.0 470.0 25.4 25.3 163.6 164.0 136.9 136.9 737.3 739.9
High 3820.5 3820.0 1344.8 1338.0 3875.0 3875.0 2472.3 2484.6 3293.6 3295.0 1973.9 1974.0 High 10297.7 10300.0 1843.3 1851.0 1120.1 1120.1 544.9 542.7 269.1 269.2 15.2 15.2 High 1043.9 1043.0 477.0 477.0 25.5 25.5 167.9 167.9 137.7 137.7 750.8 750.5
Low 3782.0 3780.9 1311.2 1311.0 3764.1 3760.6 2415.0 2414.0 3227.5 3225.6 1928.4 1928.0 Low 9960.1 9989.5 1797.5 1796.0 1089.4 1089.6 534.5 534.4 260.5 260.5 14.6 14.6 Low 1007.3 1006.8 470.0 470.0 24.3 24.3 161.0 161.1 132.4 132.4 734.1 733.6
Close 3801.4 3801.0 1314.6 1314.4 3866.1 3866.7 2439.1 2437.9 3245.1 3246.4 1966.0 1964.7 Close 10275.4 10274.1 1807.1 1801.7 1093.9 1093.9 539.9 539.7 267.8 267.8 14.7 14.7 Close 1040.8 1040.4 473.0 473.0 24.4 24.4 161.6 161.8 135.6 135.6 748.9 748.5
Shares 251K 1647K 53520 2496K 11999 699K 3712 273K 6868 604K 32300 1563K Shares 13466 334K 5033 219K 14756 787K 131K 2163K 428K 11649K 37034K 245975K Shares 73239 1557K 149K 5026K 64671K 300994K 2660K 29687K 2782K 55871K 13773 518K
PE 31.0 31.0 45.6 45.6 100.9 100.9 61.9 61.9 163.9 163.9 46.5 46.5 PE 46.3 46.3 190.1 189.6 70.3 70.3 21.8 21.8 20.9 21.0 - - PE 172.6 172.6 21.9 21.9 - 95.2 - - - - 27.0 27.0
52 Wk H/L 3965/3070 3965/3070 1416/983 1416/981 3875/2269 3875/2270 2553/1446 2552/1446 3294/1164 3295/1161 2104/990 2109/990 52 Wk H/L 10523/6646 10526/6643 1914/1342 1908/1354 1149/731 1146/731 780/528 780/528 338/208 338/208 18/6 18/6 52 Wk H/L 1068/131 1068/745 526/352 529/352 26/14 26/14 300/153 300/153 142/46 142/46 754/425 754/426
Mcap 1390952 1390824 128329 128304 343228 343281 82547 82508 115363 115410 93402 93343 Mcap 296641 296602 47778 47637 79565 79565 40521 40506 99528 99547 71559 71559 Mcap 34440 34427 247088 247114 70039 70039 15522 15536 118120 118076 75799 75763
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BENGALURU | TUESDAY, 30 JANUARY 2024 1
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