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 PROPERTY SOUTH DELHI SOUTH DELHI SOUTH DELHI DLF − SUSHANT LOK DLF − SUSHANT LOK DLF − SUSHANT LOK SOUTH DELHI ACADEMIC ACADEMIC

CEHSATANTDESA
VASANT VIHAR 1st Floor (200 sq.yds), SHANTI NIKETAN 1st Floor (400 yds), PAMPOSH ENCLAVE, GF & LGF NEWLY BUILT Modern Warehouse
NORTH DELHI 3 Bedrooms att. bath, Drawing 3 Bedrooms att. bath, D/ Dining, Duplex 266 Yd 60' Main Road SOUTHCITY-1 500YD Plots for 10000 SQ FT Available for Rent in
Dining, S.Qtr, Car Parking for imm. S.Qtr, Separate Car Parking for imm. Ample parking, Vastu perfect, sale in blocks- J & H, Both East Rangpuri , Mahipalpur on RCC Road
Sale # 3.50 Cr. Only Genuine Buyers Sale @ 8.50 Cr. Only Genuine Buyers Ideal for Clinic, Lawyer etc. facing & Top Locations in Gated # 7042498163 , 7042498161
cont: Siddiqui Estate 9810265671 call Anil Bhasin 9717179884 Contact:- 9873178776 pockets. NSS Realtor 9810047003
YUSUF SARAI Comm. Complex.
SAFDERJUNG ENCLAVE 300Yds, MALVIYA NAGAR, Designer Floor 125 Small Office on 3rd Floor ('5x5')
FF, 4Beds, DD, Fmly loung, S.Qtr, Yds,Vastu Perfect Newly Built 3 Beds Rent 5500/-pm. Ready To Move.
2 Seperate Car Parking, Lift, 7star attach Baths, Drawing/ Dining with Suits Courier/Kitchen/Store/Prop
Construction, Wide Rd. Vastu Lift, Car Parking near Metro Station, AVAILABLE PLOTS /Kothi/ Floors PRE RENTED Multiplex with 18 Years
DLF City, Sushant Lok, South City, Fresh Lease, 6 Years Lock In Period Dealer/Agency. Call 9899966622.
Prefect. Pavneet # 9811036030. Best Location. call: 98111-91901
Marbella, Anantraj all sizes. & 111 Seater Audi in Mall Full Of
9811040340 9811940340 Brands. 9971155712
BEST INVESTMENT Option Sec 34, NEW FLOORS Available Defence Colony
35, 36, 37, 38 Availability of Plots in 325 Yds on Booking, GK-II-250 sq.yds NOIDA/GREATER NOIDA
Ready, Safdarjung Enclave-400 yds DLF-1 SALE 2 townhouses built on
Rohini. DDA Liaison Freehold of
Plots. 8826452499, 8447259739 Ready with Independent. Lift & 200 same building 500 yd Plot- front side
DLF 1, II 502Sq.yds Park East 9, 12mtr
JAIPUR
Yds on Booking. Call 8383024145 half 1st & half 2nd floor duplex, rear
side half 1st & half 2nd floor duplex, 300-316 sq.yds Park East, 200-215-
3BHK each. 9810039789, 9811071565 251sq.yds Park East Sabharwal LOOKING FOR Land on NH 48 till
TOP OF line Builders Flat S.D.A, Safd Associate's 9810026076, Jaipur ? For Farmhouse, Agricultural
Encl., Defence Colony, Swami Nagar, 9910026336. Land, Hotel, Petrol pump etc. to buy
Hauz Khas,Green Park 3/4 Bedrooms and sell. Contact Owner:9116873438. VASANT VIHAR, Functional Dental &
Stilt Parking. Grover Associates.

RENTED
Physiotherapy Clinic with latest
9810173911, 011-47094595 equipments on Lease in 1750 sq feet
Aadharshila
GOA TAKSILA PUBLIC School, Jyoti Colony
Basement. Raman : 9810062871 Extn., Delhi-94, Wanted urgently the
GULMOHAR PARK 300 Yds, Luxurious
Argen Bright - 27,500/-
ALAKNANDA DDA Reno.Nilgiri FF & SF YEIDA PLOTS Sale/ Buy, Sector 18 & following staff, trained, experienced,
Vidyapeeth
4 Bedrooms Floors, Top of the Line 3 B/R, Shivalik SF Duplex 4 B/R, D/D 20, Yamuna Expressway, Size 300,
FOR SALE in Goa nr. Siolim North dedicated, fluent in English speaking
Air India - 51,000/-
PLOT 80SQ.YD Sale 30L, Sec-31, Construction, Beautiful and Peaceful Yamuna & Kaveri SF 3 B/R, Narmada 500, 1000, 2000 sqm, Call WhatsApp CENTRAL DELHI
Location, Possession in one month. Goa clear title property 12000 sqmt PGT-Bio.,Chem., Phy., Eng., Pol. Sci.,
Prahladpur 20 Point Plot 2 Side /Deshbandhu FF 3 B/R /TF 2 or 4 BR 9717452701 History, Accounts/B.Std., P.E.T-Male/
with Sanad having feild view with (Recognized and Affiliated to CBSE)
Approved by Delhi Govt. with
Seaver + Water Connection. Cont.
Guptasons 98100 50020 Rajesh lift Uppal 9910712365, 9650485053
KOTHI SECTOR-50 Built on 450 sqmtr
Indusland Bank - 95,000/- 6.5 mrts wide road. Price-35,000/- AVAILABLE ON Lease/s Furnished CD Block, Pitampura, Delhi-34
Female,TGT-Social Sci,PRT Computer
Targray - 1,00,000/-
EAST OF Kailash C- Black 300 yds 3rd Mo. 9822133165 & Lab Asstt.-Phy.,Chem.,Bio., Special
9811134984, 9650045100 Plot Size, 8 BHK, well maintained Office Space in a Multistoried Build- Tel.: 27316362, 27311222 Educator(CWSN)Music/Dance teacher
Floor with Exclusive Terrace 4 BHK ing in K.G.Marg, Connaught Place,
PGT
north east facing, Very Good Loca-
2 Parking S.qtr Very Well Maintained tion, available for immediate sale. Honeywell - 1,12,000/- TOLET Area: 215 Sq.Ft. to 400 Sq.Ft. Contact
Counsellor. Apply on the prescribed
Proforma available at the School
for Detail contact Sehgall Properties Contact: 9752975454, 9990179288 Owner: 9811026327, 8851102657.
9810076865, 9873076865 HDFC Bank - 1,88,000/- (Commerce, English,
Economics,
Reception between School hours
(8:30 am to 2:00 pm),Female teacher
INDUSTRIAL BUILDING Sector-63,
B-1/7, 600 Vasant Vihar original 250sq.mtr, Built-up area- 8500 sq.ft Akhilesh-A3S Landbase NORTH DELHI Informatics Practices) will be preferred. Cont: 9205136484
+91 98106 53905
NTT
booking, first and second floor, with Glass elevation, Basement
Windchimes Constructions +G+F+S+ Third Floor, Contact : +91 99995 53809 ACCOUNTS/FINANCE
9811355580, 9899063637 REQUIRED ON Company Lease : Area
9810014771, 9810019279.
700-1200 sq.ft Carpet Area on The candidate should have
ROHINI SALE/ Purchase Plots Alloted Ground Floor / First Floor for good academic record with the REQUIRED FULL /Part time Retired
by DDA Sector-1 to 38. Liaison/ Reputed Medical Chain in NCR. relevant qualifications and Bank Managers, CMA, CS, C.A(s),
Collaboration/ New Allotment Contact: Mittal Realty 99587-66999 minimum 3 yrs of experience. Semi Qualified, M.Com., MBA,
Investment. 9873409999 COMM. OFFICE Avail. for Rent Computer Operators. 204, A J
1650 Sqft. Gr. Flr, Fully Furnished, Please submit your Resume at the Chambers, Street No.4, Naiwala,
Bank of India - 1.20L WEST DELHI Prime Location Near Jhandewalan School Reception or via Email to Karol Bagh, Delhi M: 9205136037
EAST DELHI Axis Bank - 2.25L DLF-II KOTHI 215yd 6bhk Park @7.25,
SBI Bank - 3.15L Q-200 4bhk @6.75, J-215 9bhk @7.15,
FOR RENT - Near Tilak Nagar Metro,
Metro Station Call: 9810049111
9811441067. [email protected] E-mail: [email protected]
M-250 9bhk @7.75, M-300 5bhk with all supporting documents,
FOR SALE 3 BHK, 94.5 Sq. Mtr, Milan IDFC Bank - 3.75L @9.90. Plot Blk-J 350yd Corner 2 BHK Flat, Fully furnished And One GHZ BASED Near Vaishali Metro,
SALE/ PURCHASE Noida Residential/ FOR SALE Sushant Lok -1, 215 yds, experience certificate and a Exhibition & Event (Pvt Ltd) reqs
Vihar Apartments, I.P. Extn., HDFC Bank - 5.00L 100/105/108 Industrial, Greater @2.75 & L-500 @2.90. 9810112870 6BR (Livable House, East facing)
Room Flat fully furnished available. CONNAUGHT PLACE Barakhambha
Admin Staff, Asst. Accountant,
Contact:- 9899066512 Good location. Contact Owner - Road Fully Furnished office 400 sq.ft recent passport-size photograph
Subway - 1.25L Noida, Yamuna Plots, UPSIDA All DLF-2 , Old Builder floor 300yds, 9891980405. & 7000 sq.Ft centrally air- Backend Officer (Good Salary).
Titan - 4.10L Sectors Gour Yamuna City. Investors DLF CITY-I - 500 Sq. Yards, FF, East Facing 12Mtr Road @2.35cr. with in 10 days addressed to the Contact: 9868422566
conditioned 100% power backup
Retail Building - 5.00L welcome. Tiwari Jee - 9811839181 Tastefully Built, Duplex Bungalow, Cont: 9810787781 / 9811636767
Call:- 9810054005, 9899869329 Head of The School,
Park Facing / Corner / Wide Road.
WEST DELHI Retail Building - 17.00L PLF - 9811078877 Aadharshila Vidyapeeth, ENGINEER/
FARM/ AGRI Land bank avail. for
Reliance Properties sale at prime Loc. of upcoming in- CD-Block, Pitampura, Delhi PROD/TECHNICAL
FOR SALE Joint Venture, Collaboration,
Ravi 9818336655
vestment destination surrounding MAIN SECTOR Road 500 Yards. Plot
Lease, Buying,Selling,Funding. upto Vrindavan, 40-50 kms from Noida For Sale Near. Medanta East Facing NOIDA/GREATER NOIDA Eva Engineering Service
500cr + Available Property in Delhi, Airport. We also deal in Kisan Direct Party Deal : 9810980800 Based in Delhi Requires:
Gurgaon, Noida, Goa. Celebrate Quota plots of Noida, Gr. Noida
Prosperity. Cont - 9810070190 & YEIDA auth.# 8810376695
(A) Costing and Estimation Engineer
FACTORY/ GODOWN /Offices/Ware- for Electrical Panels. - 2 nos.
VASANT VIHAR 300 Yds., Park facing
Newly Built B'ment + Ground Triplex,
3rd Flr+Terrace Garden, 4 BR Mitsub
ANTRIKSH NATURE Sector-52, Noida,
1750 Sq. ft., Tower B-2, Higher Floor, RENTED DLF-IV GARDEN Villa 9000-Series
House Indl/Coml Naraina, Maya-
Puri, Kirti Ngr, Rama Rd, Najafgarh
Rd etc. Reqd Plots for Builders DLF-I,
(B) Electrical ITI / Diploma Holder
Engineer having service
JANAKPURI B-3 Block 452 sq.yd,2 Side -ishi VRV, High Specs, Possession in
Clear Title, For Sale Contact After
12 Noon. 9810078800 Snapdeal 29,000 7.5% Gated Colony 316yd Kothi B+2 Floors
II, III /S.Lok I & II #98100-06330 experience in ACB, VCB, MCCB,
Duplex 5bhk near Park & 316yd Plot
Wide Road, 3 Side Open, Old Built-up
Kothi, Near Park. (Also plots avail.
4 months. Guptasons 98100 50020 Care Health 94,000 6% facing Park/North And 4900 Series Transformers etc. for our L&T
MALL ROAD Tilak Nagar 750sq.ft.
on Dwarka Expressway, SPR and Golf GREATER KAILASH ( 250 ) Corner DEFENCE COLONY 325 Sq.Yds Corner
FOR SALE 2 BHK + Study sec-137, 1240
sqft Noida,# plot 500 sqmtr yamuna
Mckinsey 1,11,000 9% 360yd House for Sale. 9810112870
Corner shop, Heart of the Market,
Authorized Service Centre.- 5 nos
Course Extension Road Gurgaon.) Second Floor / Third Floor + Terrace
4 Bed - Lift - Separate Parking
3 Side Open Park Facing Ground autority taj express (VEIDA) East Tata Zudio 1,30,000 6% Ample Parking 15ft front Best Suits Min. Exp. 2 to 3 years
Floor / First Floor, Ready to Shift. Garments, Shoes, Mobile, Jeweller,
FOR SALE Punjabi Bagh Club Road 200 208 / 300 yards floor also available Contact Rajeev Varma 9868145855,
Facing. (Brokers Excused). Con
Shukla:- 9811352983, 7838816746 Domino’s 1,60,000 7% Salon # 9810196428 9871593370
required in both vacancies
Email: [email protected]
yds Independent Building Bsmt, GF,
FF SF, TF 1300 Sq.ft, Each, stilt car
SDR 9811352892 , 9560672632 9999645855 One Dose Pharmacy 1,80,000 5.25% Contact No.: 9899054729
Parking, Pillar Less Hall Lift Excellent DEFENCE COL 325 FF 3Bed Lift @6.50/-
SALE POSH Kothis, 300mtr duplex Sec-
93B, 300 mtr simplex Sec-44 & Plots
State Bank of India 2,08,000 4.75% SOUTH DELHI
Location. Rohit Pandit 9810148147 Def Col 325 FF Good Loc New @8.25/- 250 mtr - 300 mtr & 450 mtr, Sec-26, Mokobara 3,53,000 5.25% MEDICAL
Def Col 325 top flr+Trc park face new 30, 36, 39, 40, 46, 47, 50 & 51 Call:
Mayfair Garden 400 FF/SF Park Fac
SOUTH DELHI Shekhar 9810537700, 9717545629
9818077228
NEW FLOORS Suncity [email protected], REQ A Pediatrician for 50 Bedded
[email protected],[email protected],[email protected] Mohan Swarup Hospital-Dadri. Opd
NOIDA AUTHORITY corner MIG at ,[email protected],[email protected] South City-1 timing 12 to 03:00 pm. 9899606017.
VASANT VIHAR GF+Bas Duplex 4 Bed,
Sec-99, 2 BHK flat with 3 balconies,
2 bathrooms. Free pkng, area 1200 9958681717 [email protected],[email protected], 240 @
3.15cr, [email protected]. 9810652416
TGB MEGHDUTAM, Sec- 50, Noida,
3350sqft., 4 bed/4 Bath, 2 parking,
& ENT Dr, Dermatologist also, OPD 2
or 3 times a week.

SURENDRA
D/D, Separate Lift& Driveway Also FF sqft for Sale. Building is 4 stories
4 bed Park & N/F reputed builder Ac's, TV Lounge, Utility Space,
only. # 8368434374 & 9650711277 attached Servant qtr., Cosmos
easy payment terms. Details
9811072035, 7011498399 Developer:- 8826700444

(Mech. Engr.) FLAT NEW, GF, 3 BHK + SQ + Basement

98109-80000
ANAND NIKETAN, North Facing BUILT FARM: 1210/1500/1700/2420 Yd - Area 3000 Sqft (Approx), Stilt
264/ 280 sq yards, Clear Title, 1 Acre in DLF Chattarpur, Sultanpur, HARPAR GROUP a leading Textile Co.
Parking, Mod Kitchen, Wooden work, requires Telephone Operator. Walk
Independent Building for sale. Radhey Mohan, Ansals, Club Drive, Lotus Panache, Sector 110, Noida Avl
9810063891/9810062871. Vasant Kunj & nearby areas of South in from 11 am to 3 pm. # A-234,
for Rent. Cont: 8700055855 (Owner) Okhla Industrial Area, Phase 1, New
Delhi, All Registry Deals. call: Harsh DLF CONFIRM Plots: 500, 1000 yd
Sukhchain,Paschim, Poorvi, Kachnar, Delhi 20 # 9873199761
DLF-I PRIME location 200y Park North BASEMENT OFFICE Space in Vasant
PLOTS HI Plots Yamuna Ex-way
Shahtoot,Arjun, Ashoka Cres,Golf Crs
fac, Civil Structure Done (9000 sq.ft) Vihar, Furnished 1100 sq.ft, with GURUGRAM
Rd. Shops M3M Urbana,65th Avenue.
Residential & Industrial Auth. Engineer Surendra 9810980000. Bmt+Stilt+UGF,1st, 2nd, 3rd +terrace, Pantry & 2 Toilets, Rent @ 1 Lac p.m EXPORT HOUSE JOBS
VASANT VIHAR, Anand Niketan Commercial Land, Corporate Plot Suit.for Enduser/Builders. Sabharwal Separate Entry. Suits Professionals
Ground, Basement, 1st, 2nd, 3rd floor GURGAON FACTORY/ Office Space/
Sec-17, 18, 20, 22D, 29, 32, 33 DLF CITY 1023 yard s / Gulmohar Marg 9810026076, 9811047417 Cont: 9810002409, 9899042787 Warehouse for Lease in IDC Tower
with Terrace, 4 Beds, D/D Separate Call : 9911714666, 9582156604
Drive Plot Size 400 Yds. Ready AMBICA PROP (Regd) / Green belt Best location Deeparul
NITI BAGH 9000 sq ft villa over
Gurgaon. Prime Location close to
estate 9811068621 NH8, near IFFCO Chowk in HSIIDC
Possession. S. Kumar 9811031558 98101-20612 FACTORY IN Sector-8 Noida For Sale 4 floors suitable for private Sec.-16. New construction with Lift,
DEFENCE COLONY 325 Sq. Yds 89206-30362 208 SQMT Build Up Area 6500 SQFT. or corporates immediate Fire NOC, Building Completion, Huge
1st Floor 3 Beds with Stilt Parking VASANT KUNJ - B 10, Ground BUNGALOWS : Vasant Vihar 800 sq.yd Good Construction Call Owner - occupation rent 7.5 lacs p.m parking.4 Floors each of 3200 SQ.FT.
Vastu Perfect With Park View .
Price: 7.25 Crore ( Full Cheque )
floor, Four Bedrooms, Drawing
Dining with Servant Quarter ,
Sunder Nagar 865 sq.yds Park Facing
Niti Bagh 865 sq.yd north east facing
8826152588.
IMT contact owner 9899994906 Covered area (Total 14000 Sq.Ft).
Cont: 9974062060, 9899590049

MANESAR
Also 400 sq. Yds GF & First @ 10 cr Good Location, New Construction. Kalindi Kunj 885 sq.yd corner Livable SECTOR-47 NOIDA, 450sq.mtr, 6bhk SPACE AVAILABLE for NGO, Hospital,
Call Naveen 9999882906 E.O.K.835 sq.yd.Ambica 98101-20612 Duplex House with basement, lift, Playschool, MNC etc in very good
Terrace Garden, gated sector, less Location Mini farm with 8 rooms , DLF − SUSHANT LOK
rent one-time paid Avail for Sale. 7 washrooms, total space 1050 sqyd,
PANCHSHEEL PARK, 500 yds, 2nd
Floor, 4 Bedrooms, Drawing/Dining,
GK 300 Yds & 500 Yds, New Third
Floor+Terrace, Basement+Ground
In Good Location,9999011116 1000 Mtr. Builtup B-538 SUSHANT Lok-1, 502 sqyd Newly
built, SF, TF with terr. Garden East
Chhatarpur,9311838005,8448012376
VIPUL BUSINESS Park Avail. for lease
Servant Qtr, Car Parking for imm.
Sale @ 8 Cr. Genuine buyers contact
Siddiqui Estates 9810265671
Floor Triplex & Second;Panchsheel
500 Yd, Second Floor, Third Floor+
SECTOR-36 NOIDA, 320sq.mtr 6bhk
Duplex House On 18mtr wide East
FACTORY facing peaceful Loc. Vastu friendly 4
Bed D/D, 5 star interior 3 Car park. FOR RENT Vasantkunj (Commerci-
al Space ), Parking. Best For Bank
1140sq.ft, unit-714, 12w/s, confrence
room-6 seater, manager cubicle, MD
Terrace. Gagan Gujral 9650516999 facing, with basement near metro
station Avail for Sale in a very good
Available on sale Ankit Jain 9871345678, 9811173232.
and MNC. Ground and Basement room, recept., pantry, server room.
Brokers welcome.Owner: 9811114877
(3500 Sq. Ft. ). Cont# 9958807766
KAILASH COLONY 311 G.F 3 BHK location 9999011116 @ attractive Price 9650339226, 8920180982.
VASANT KUNJ D 3, First Floor East
Facing 4 Bedroom D/D, Backside
4.25Cr, G.K I 208 F.F Newly built GANGA (Since 1992)
3BHK 4Cr G.K II, 250 3BHK 4.25cr
FARIDABAD PROPERTIES
99999-70994
Park. 9810063891, 9810062871 Contact:- Umesh 9810112947
Sardana 9810058884
SARVODAYA ENCLAVE Ground Floor,
Park facing, 3 Bedrooms, D/Dining, GENERAL MULTIPLE
Servant Qtr, Car Parking, Plot size: VACANCIES
238 sq.yds for imm. sale @ 4 Cr. VASANT VIHAR, Shanti Niketan 400-
Cont: Siddiqui Estate 9810265671 600, Top Class Builder Floors Ground RENTED TO Bank 1200 Sq. Ft., Front REQUIRED:- COPY Editors For
+Basm't, FF, SF Duplex, Ready Floors 45 Feet, G.F. Rent 2.19 Lakh P.M., social, Maths, Hindi, Computer
GREEN PARK main 311yds SF,Third FF, SF, 3rd Floor Terrace Ready / Lease 9 Years for Sale. Prime with experience of 5 years or more
floor with terrace garden,Separate Booking/Old Floors 9810173551 Location in South City-II, Gurugram. Salary: Negotiable, Ph: 011-41043051
parking Also 200yds third floor # Owner - 9810327243 Send CV: [email protected]
with terrace Many more options LIVEABLE KOTHIS- Anand Nktn 400, GREENFLD PLOTS / Flat 2BR (Cash) 26
9650869090, 9873217028 Niti Bagh 830,V .Vhr 800/1000 Floor PLOTS DLF-IV 270/316/360/500yd
SATBARI ANSAL Half Acre 4 BHK 21.50 to 31 3BR (Cash) 35 to 46, 3BR S/U 82 fully gated, Park facing, 12mtr Road,
Gul Prk 5 Bhk dup300, SF 500 GF400 Freehold, Nicely Built-up 10,000 SqFt to 90,4BR 115 to 150L (Loan & Lift) DLF Phase -III 316/400/500/1000yd
HOTEL/RESTAURANT
Grn prk SF+T 460, TF+T 311, SJ En SF Asola 2 Acres 5 BHK, Nicely Built 25cr Flats for Rent 3 & 4 BR. Indl. Land
NEW FRIENDS Colony D-Block, 500 Gen buyer Agarwal 9810000859 18mtr /24mtr road/Park facing/
300 Sq Yds, 4 bedrooms , Drawing Asola 2.5 Acres with Tube well @ 22cr Mohla. Best for Poln related industry Corner, Sabharwal 9811196843 GUEST HOUSE in Sunder Nagar (Near
Dining, First floor with Basement All in Prime Locations, Delhi Registry DLF-1 (B8 block) Luxury House N/E

DLF Ph-3
Delhi Zoo) Requires experienced
New Height Options Brand New VASANT VIHAR F9/4, tolet flats,on the park facing 720 yd (10000 sft)
For Sale. Sharma - 9999882906 FOR SALE E-Block, East of Kailash 125/ GHAZIABAD cheap, 3BHK 2bath, 2BHK 1bath,1BHK furnished, 5 BR DD, study, party
Front Office Receptionist with good
English & efficient/trained House-
250 yards Fully Renovated Third + 1bath,1BHK shared bath,all furnished basement huge lawn. Foreigners,
keeping boys. Contact # 9810067617
FOR SALE Ground Floor Commercial Terrace Right Built-up 3Beds, D/D,
Freehold, East Facing, Reasonable
2BHK FF semi furnished flat on main Confirm & as it is, rent per bed bath, 45 40 35 MNC's, Indian Corporates, Company
Guest House. Owner 98101-22122
Shop - A-Block East of Kailash DDA 25k resp, Also wanted, Manager,
Market 164 Sq.Ft. Broker's Welcome. Price. # Owner Ajay - 9810371892 road 875 Sq feet area, Ramprastha Mandate Deals SUSHANT LOK-1 A-block East fac
270,300,418y. (kothi) Wide Rd, B-blk prefer C.A, typist, lady cook salary
Colony GBD - 55 lakh - Contact:
Contact: 9999838647, 9953130634,
Em: [email protected]
9717003358 500 syd 300y East fac kothi, 300 North fac
Plot. 215 to 1022y More deals also
fair, Apply with profile to, & meet
at site, B.R Kapur 9899959005
FOR RENT DLF 2, Akashneem Marg,
Brand New Builder Flr 4 BHK UGF
on 500 Sq.Yds. Plot @ 2.25 Lakh
PART TIME JOB
GULMOHAR PARK 3OO New Ready avail prime locations 9958492130
Ground + Basement / First Floor • MOULSARI AVENUE OKHLA PHASE-III For Rent Area 2000 per month. HMREC 9810039789,
HIRING - 4th world largest legendary
9811071565
4 Bedroom-Lift-Parking-CC Third
floor with terrace also available GURUGRAM • SIRIS ROAD • NATHUPUR ROAD sq.ft.fully furnished Power backup -
Lift Corner 2nd floor Contact owner
bank subsidiary Job in Noida. 1st
Reasonable price Time in India VAM Model Age 32+
SDR : 9999785858, 9560672632 :- 9910765029
7838871113 DWARKA Part Time, Full Time, WFH #
SAINIK FARM wanted/sale banglows
PLOTS FOR Sale DLF-3, 316, DLF-4,
450/560, SL1, 300/400, IREO City
SUMINDRA PROPERTIES 9101912918, 9916512012

9910000257 4-7 B.R plot with registry 1000-7000

Syds AVL for sale at cheap rate right SARVAPRIYA VIHAR 152 yds Old 300 SqYds. Luxury Apartment/
Builder Floors. Call: 9899777114
98101-65528, 98101-65532 GK-2, SPACE Available for Rent on 1st DOCTORS / Nursing homes/ Law firms
Kothi, Prime Location Under ASI, Floor, Two Bedroom attached Bath/ /big corporates, GF, corner, MIG, DATA ENTRY
time for user investor call Vijay - Clear title, Vaastu Compliant Delite Properties
VASANT VIHAR 600 sqyd, TF+ 1/2 Drawing/ Dining, Beautiful Lobby, fully furnished, 4 rooms, 3
terrace, North East facing, 3 side Vijay 9811688940 @Reasonable price & Many more Contact: Arora 7703870399 Washrooms, kitchen, parking Rs.1 OPERATORS
open, wide road, Separate driveway options # 7838871113 RENTED INDEPENDENT Building in DLF PHASE-3, Plots & Builder Floors
Gurgaon, Rent: 25 Lacs per month, Lac PM, Akshar-dham, 50 sec19, pkt-
4 car parking, Broker excuse 215 Yds, 316 Yds, 402 Yds, 502 Yds 3 # 9810023320 REQ DATA Entry Operators 35yr blw,
# 9910000257 Lockin: 6 years, Fresh Lease. Contact & 1022 Yds North- East Facing / Park CTC 15k-25k Eng & Comp (Word,
Owners representative 9717050553 Facing. Corner options also available Excel) Skills must Imm join Walk in
VASANT VIHAR ( 600 ) Bungalow, park Ganga Properties. 99999-70994 16 FEB (10am-5pm) 624 DLF Twr-B
facing., 9810030231 OFFICE SPACE for Sale / Lease Area SHOP/OFFICE RENT Jasola #41008346/7/8
2700 sq. ft., Fully ready to move-in,
at Unitech Commercial Tower-II in DLF 1 200y 12m Rd DLF 2 New 215y SAKET, DLF Avenue, 6th Floor, Corner
Sector-45, Gurugram, Haryana. B+S+4Floors Building S Lok 1 418 1571ft. Plush furnished office, Facing
East Facing Plot Sec-43 14 Marla
KOTHI : South Ex-II/P'shil Pk 500y, GK1
300y all Crnr.Duplex floors Gitanjali/
Contact: 9811152675.
18M Road. # 9871733233
Citywalk, 5 Cabins, 12 workstations, DESIGNERS
Conf. room, Reception, 2 Toilet,
P'shil / GK-I 900/800/600/300y SARVODYA ENCLAVE sale rare deal JOR BAGH 575y B+GF & F.F.; Hauz Pantry # 9811155195, 9810943939. Meera Bagh, New Delhi-110087
3rd Floor+ Entire roof 300yds 4BHK+ ORCHID PETALS Available for Confirm FOR RENT 4500 sqft, beautiful hall
B'ment GF/FF suits residence/ clinic/ Khas Enclave 1000y S.F. Park fac FOR SALE Sector 17 A Defence tiled. above HDFC Bank Adhchini Ph.: 47331213 WANTED COREL Designer & Operator
office etc. Agarwal & Co 9811031960 1SQ '2+2 car parkings' @ Reasonable New; Vasant Vihar 800y All Floors Sale 4 Bedroom + Servant quarter
Price. Call: Sanjay Malik 9810039071 Colony Gurgaon 502 SQ YDS 2500 sq.ft. (approx) Middle Floor. close to IIT crossing. Contact: FOR RENT ,Ansal Tower, 38, Nehru [email protected] for CNC Router, Laser must be expert
available Park facing. Contact: (House No-300) Good Location. Mr Singh 9953691018 Place, Newly Furnished, Area 422 in Corel Draw & Knowledge of 3D
GK2 S-BLK Builder 3rd floor without Visit: www.malikestateagents.com PPS 9818881000, 9599808726. Mix Price @ 3.75. For further details REQUIRES
Contact :- 8527405231, 9811242830 sq.ft. , Higher Floor, Contact Owner Artcam. JB Art Studio: A-30/1
Terrace, 300sq.yd, 4BHK, brand new [email protected]
contact Anup Jain 98110-12758 UDYOG VIHAR 250 Mtr Basement + 3 Rahul Ahuja : -8826700444 (For the Academic Session 2024-2025) Naraina Industrial Area N.D.-28
Floors with 8000 Sq Ft Builtup Area SHIVALIK C-BLK Main Mixedland Road
(1st entry) built by Jaju builders. Stilt SDA: 200 Sq.Yds. 3 BHK Basement/UGF Basement 1500 Sft+Ground 1800 Sft PGT English, Chemistr y,
Parking (2 cars), Lift, etc. Rs 6.5 cr. /First/Second & Third Floor with Lift, Newly Renovated with Lift for Sale.
Many More Options of Vacant/ with toilet/pantry, ample car parking Commerce, Home Science,
(max cheque). Owner 9811035400 East Fcng, Stilt Parking,Newly Const- EMPLOYMENT
Rented deals. 9810112870 excellent signage, reasonable terms. Sociology, Psychology HARPAR GROUP a leading Textile Co.
ructed Flat for Sale. Brokers Excuse. Owner : 99100-20141, 98100-20141 TGT English, Hindi, Maths,
FOR SALE, Purchase, Rent, Genuine Buyers Cont: 96540 91010. requires Textile Designer. Walk in
Collaborations Turnkey Projects.
Science, Social Science, from 11 am to 3 pm. # A-234, Okhla
Tinu Babber # +91 95-99-400-200
HAUZ KHAS GF, FF 250yds 3BHK
ACADEMIC French Industrial Area, Phase 1, New Delhi
Stilt, SQ; 500yds 4BHK, SF Lift, SQ. Primar y & Pre-Primar y 20 # 9873199761
Gul. Park- FF, 3BHK. Also more Teachers (English)
PANCHSHEEL PARK N-Block 1200y option reasonable rent in South
SUNDER NAGAR Bungalow.,
Bungalow for Sale, Regular Plot, Delhi. NS Associates # 8447451004
Guidance Counsellor COMPUTER
9810030231
Main Road, Near Max, Clear Title. Special Educator OPERATOR
Also 800y all floors in N-Block. SAFDARJUNG ENCLAVE, 300 sq. yrd.,
Physical Education Teacher
# PPS 9818881000, 9599808726. First Floor, 2 BHK, Attach baths, D/D, Yoga Teacher (Part-Time) REQD. FEMALE Computer Operator
Lounge, fully furnished, suits for Jr. Art Teacher, Asst. Librarian with Good Com. Skill. Indane Gas
VASANT VIHAR ( 800 ) first & second SALE MANDATE 500 Golf Course Road Music Teachers (Full/Part Services at Karampura near Milan
floor, park facing., 9810030231 CR PARK Corner 3 side Bungalow, Park SAFDARJUNG ENCLAVE : Confirmed Foreigners / Expat / MNC, Contact -
facing Terrace, 200 sq.yd, 8000+ sq DLF 4 Villa 316Y East Fcng Excellent Owner 9868168259 Time) - Western (Vocal), Cinema New Delhi-110015, Call: 011-
Houses 125 -275 -300 -450 -500 Yds & Location 10M Plots in Sec 42 & 45 25920775/25920776 (Sunday Closed)
ft Lift, 10 car prkg, Swimpool, centrly many more Corner, Wide Road, Vastu Rhythmist
AC, high class. CC & all permissions. 18m Rd, DLF 1 400 Cnr Plot 12m Rd Dance Teacher (Part-Time) -
Perfect, Clear Title. Suits Builders & # 9871733233
COMMERCIAL SPACE Available for Owner going abroad # 8587095020 Western, Indian Classical & Folk
Sale in Sant Nagar, East of Kailash,
self users. Manoj Verma 99100-20141 DLF CITY 1022 yards. Facing MG
Road J Block Deeparul Estate Class Assistants (Teacher  
DLF − SUSHANT LOK Helpers)
New Delhi, 2nd Floor / 1540 Sq. fts.,
along with Furniture and Fixtures.
9811068621 
  
Qualified, experienced
Cont. Mr. Jaydeep M: 9958371000 SUSHANT LOK-3 House 300 yd, candidates fluent in English to   
Em: [email protected] AVAILABLE MOST Prime Location Rare apply on the prescribed form
adjoining 4 acres of Lush Green
Park, East facing, 12 Mtr. Road, Availability, Newly Built Fabulous available in school till

 
HAUZ KHAZ 292 sq. Yards. 1st Floor,
3 Bedroom , Drawing Dining, Powder
Gated Lane, for sale @ Plot Rate. Builder Floors 500 Yards Facing a
Beautiful Developed Park Sushant
20.02.2024 between 8.00 a.m.    
Room, 2 car park in stilt, 6 year old .
NSS Realtors 98100-47003 and 02.00 p.m. Qualification,
Lok-I. Contact Khurana 9811155032 age, pay scale etc. as per Delhi
Cosmos : 8826700444
930+930 SQ.YD. Plots in Sushant ESENCIA / versalia/ Emerald hills Plots
Admn. r ules. For Class
GK-II 250Y New 3 BR Corner/ Park 4.75 AMBIENCE LAGOON /Confirm Sale Assistants, Graduates/ XII pass
COMMERCIAL 3 Side Corner Plot (2366 GREATER KAILASH-1, Ground, GK-II 300y GF 4BR Lift Stilt 2 Car 5.25 Lok-2. Both Corner, East & 2-3 side 6BHK/6800sqft Aprx Rajokri Green 1124 sq.yds North 12 MTR, 418 sq.yds
Sq.Yards.) For Sale in Okhla Phase-1. Basement, Third Floor with Terrace, GK-I 250y FF 3 BR Lift 2 Cars Sep 4.50 open, Direct Entry from Golf N/E Facing 3Bhk/3200sft/Lower Flr, North 12 MTR, 400 sq.yds East 12 with good command over
For details Contact: RPG Estate # 4 Beds, D/D, Lounge, Driveway, Plot EOK 400y GF 4 BR Lift Stilt 5 Car 5.25 Course Extn. Road. Single/ Pair. 3Bhk/2200sft/Lower Flr Reasonable mtr, Luxury Floors are also available English may also apply.
9810150047 / 0965070279 500 Yds. S, Kumar 98110-31558 CR Prk Main Road rented office @40L NSS Realtor 9810047003 Price. call 9899335988, 9899446667 9810099171
 NEW DElHi, MuMBAI, BENGALuRu, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PuNE*, LuCKNOw* VOL. 18 NO. 39

Wednesday, February 14, 2024

Think Ahead. Think Growth.

mint primer QUICK EDIT

Tax mop-up: the Smooth

back story and start
The year has kicked off well for
the year ahead India’s automobile industry. All
major categories except one
posted double-digit year-on-
BY N. MADHAVAN year growth. Retail sales of two-
Net direct tax collection has surged 20%, led by a sharp increase in wheelers grew 15% in January,
personal income tax payments. This has helped the government according to data from the Fed-
reduce borrowings and speed up fiscal consolidation. Mint looks at eration of Automobile Dealers
what catalysed the mop-up, its benefits and the outlook for next year. Associations. Offtake of three-
wheelers rose 37% and of trac-
Welcome increase tors, 21%. Retail sales of passen-
Direct tax collections as a % of GDP ger vehicles (PVs) climbed 13%
to a record 393,250 units. Com-
mercial vehicle sales, however,
2020-21 4.8 were flat. Growing automobile
sales bode well for India’s man-
2021-22 6.0 ufacturing sector and send a
broadly positive signal on
2022-23 6.1 demand in the economy. In the
case of PVs, demand was led by
2023-24 (RE) 6.6 sports utility vehicles, which
have been finding increasing
2024-25 (BE) 6.7 favour. The odd part, though, is
how small cars that were once
RE: Revised estimate; BE: Budget estimate Source: Budget documents; India Ratings & Research the PV market’s mainstay have
SATISH KUMAR/MINT trailed off in recent years, which
How sharply has tax What has catalysed suggests a drop in upgradation
1 collection risen?
As of 10 February, the net
2 this increase?
Firstly, the tax base has grown,
from two-wheelers. And now, a
climb in overall inventory levels
collection of direct tax (after made possible by the greater may require further recalibra-
adjusting for refunds) has formalization of the economy. tion of what’s rolling off auto
increased by 20.25% and stood at Better compliance has been assembly lines. As economic
₹15.6 trillion. This is already 80% triggered by the use of technology conditions improve, as forecast,
of the revised budget estimate of in tax administration. According to commercial vehicles and small-
₹19.5 trillion with two months still the Press Information Bureau, a
car sales could show an uptick.
left to go in the financial year record 81.8 million income tax
2024. The earlier budget estimate returns (ITR) had been filed for India’s adoption of electric
was for ₹18.23 trillion. This assessment year 2023-24 as of vehicles (EVs) must accelerate,
increase was fuelled by personal 1 January, 2024. In fact, ITRs filed too, with higher-priced vehicles
income tax payments which grew by individual taxpayers have leading the charge, ideally.
by around 27%. Corporate income increased 90% in the last nine
tax also registered a growth of years. The government has also
13.6%. As a percentage of GDP, expanded the scope of tax
direct tax collection in FY24 is collected at source. Finally,
estimated at 6.6% which is
significantly higher than 6.1% in
economic growth has boosted
corporate profits and made for
MINT METRIC
FY23 and 4.8% in FY21. higher corporate tax collection. by Bibek Debroy
MINT

Lucknow to Gurugram in half an hour,

3 How does this help the
country?
Higher direct tax collection has boosted
The kebab’s journey seems somewhat sour.
government revenue. This, along with
Skeptical of this lighting speed,
some expenditure trimming, has enabled it A man has sued the Legends deed.
to reduce the FY24 fiscal deficit to 5.8% as
against 5.9% originally budgeted, setting
Court’s scrutiny should make one cower.
the stage for faster fiscal consolidation.
Higher revenue has also helped it cut its
borrowing requirement for FY24 from
₹17.86 trillion to ₹17.34 trillion.
QUOTE OF THE DAY
If anything, changing narratives
4 What’s the outlook for
the next year?
The government expects
5 What does this mean
for the economy?
Higher revenue means less
we are seeing now...a lot of
buoyancy in direct tax collection to government borrowing. Its lower
countries in the world turning
continue. It has pegged direct tax gross borrowing in FY25 back and slowing down and
collection in FY25 at 6.7% of GDP, compared to FY24 would allow
which, according to experts, is the more room for the private sector to
rethinking their net zero
highest since the late 1980s. It is borrow from the market and this goals...that will create further
this confidence that has also can crowd in private investment.
emboldened the government to Such a scenario will also keep
long-term demand for oil.
announce a lower gross borrowing interest rates benign and
of ₹14.13 trillion from the market inflationary pressures low. That
for FY25 as against ₹15.43 trillion apart, lower borrowing will help
budgeted for FY24 and to target a the government reduce its debt-to HAiTHAM Al-GHAis
fiscal deficit of 5.1% of GDP for -GDP ratio which currently hovers SECRETARY GENERAL,
FY25, which is significantly lower at 84.9%. Finally, a lower fiscal OPEC
than 5.3% levels that the market deficit sets the stage for a higher
had expected. pace of economic growth.

MINT NEWSLETTERS

TiCkEr EAsYNOMiCs COMpANY OuTsiDEr

BY VIjAY L. BHAMBwANI BY VIVEK KAuL BY SuNDEEP KHANNA
A newsletter that delves into the mar- Understand how the economy Track the business of companies with
kets, providing impacts your every- Sundeep Khanna,
insightful and for- day life with ‘Easy- who brings with
ward-looking analy- nomics’. This him over three dec-
sis from one of weekly newsletter ades of reporting on
India’s leading capi- sits at the intersec- India Inc. With
tal market gurus. tion of macroeco- crisp insights on the
‘Ticker’ is recom- nomic trends and goings-on in the
mended reading for a weekly guide to popular culture, with Vivek Kaul, the corporate world, ‘Company Outsider’
investing, whether you are an active author of Bad Money, providing his is essential reading for CEOs and all
investor or a passive one. own sharp social commentary. those who aspire to the C-suite.
 PLAIN FACTS

How Indians look at

political hot potatoes
BY RAHUL VERMA & MELVIN KUNJUMON

The support for the ruling party may be at an all-time high, but that doesn’t mean Indians agree with its stand
on everything—’One-nation, one-poll’, for instance—the latest YouGov-Mint-CPR Millennial Survey found.

Nearly half of urban Indians link Ram Most urban Indians link the country's recent
temple event with upcoming polls global achievements to the government
Share of responses (%) in favour of each statement about the Share of responses (%) on the government’s role in recent
inauguration of the Ram temple in Ayodhya achievements of India
The inauguration corrects The inauguration just before No role at all, we should praise the ones who did it
the historical wrongs the Lok Sabha elections is The current government has played an indirect role in facilitating
done to Hindus merely to win Hindu votes these successes
The current government has had a direct, crucial role in making
Overall 51 49 these successes possible
BJP supporters 65 35 India’s Chandrayaan
landing 22 34 44
Congress supporters 32 68
India’s record show
Supporters of at the Asian Games 32 34 34
other parties 42 58
Those who don't Oscar wins in 2023
40 60 for Indian artistes
48 27 25
identify with any party
The survey took place about a month before the consecration of the temple on
22 January, and may not reflect the views immediately before it. It had 12,544
respondents.

Over half of the respondents favour restraint as a wise national security tool
Share of responses (%) to two statements about India's national security strategy
India must continue to show restraint in response to cross-border India must not think twice before authorizing military action against
terrorism as it is practically the wisest way to deal with it its neighbours if cross-border terrorism threatens its security

46 54 46 54 43 57 45 55 48 52

Overall BJP supporters Congress supporters Supporters of other parties Those who don't
identify with any party

Survey finds a majority view in support of Simultaneous elections don't find too
nationwide caste census many takers, even among BJP supporters
Share of responses (%) to two statements about the caste census Share of responses (%) to two statements about having
India must conduct a nationwide caste census as the data will simultaneous national and state elections
help in creating policies to uplift historically marginalized castes Democracy is stronger when we I think having separate
A nationwide caste census would be detrimental to India’s have elections at multiple levels elections at different levels is
national interests as it would create more divisions in society with different frequencies a waste of resources and time
Overall
Overall 63 37
Respondents from these communities
General castes BJP supporters 62 38
Scheduled castes
Congress supporters 66 34
Other backward classes
Supporters of
Scheduled tribes other parties 62 38
Others Those who don't
identify with any party 65 35
0 10 20 30 40 50 60
Source: YouGov-Mint-CPR Millennial Survey (Dec 2023)

T
he first part of this series, published on Monday On questions of national security, the views were meas-
(https://bit.ly/3STQpfU), showed that support for the ured. Against the backdrop of the Israel-Hamas conflict,
Bharatiya Janata Party (BJP) had increased sharply the survey asked how India should react to cross-border
in the latest round of the YouGov-Mint-CPR Millennial terrorism. Around 54% favoured restraint as the wisest and
Survey, with nearly 47% of the respondents favouring the most practical path, whereas 46% felt that military action
party. Limited trust in the Opposition and Prime Minister should be authorized without a second thought. The Modi
Narendra Modi’s personal appeal have played a major role government’s strikes inside Pakistani territory in February
in this surge. However, this is not to suggest that there is 2019 had formed a big part of its poll campaign that year.
support for the BJP’s position on all key issues related to its With a fresh election looming five years later, even among
2024 election campaign. Multiple opinion polls continue BJP supporters, more than half (54%) favoured restraint.
to highlight unemployment and price rise as key wide- Tensions with Pakistan have always marred the rela-
spread concerns. But what about non-economic issues? tionship between the two neighbours on many fronts,
First, the Ram temple. Urban Indians interviewed in the including cricket. India has not hosted the Pakistani
survey were halfway split when asked whether the inaugu- cricket team for any bilateral series since January 2013.
ration in Ayodhya was a rectification of historical wrongs Around 53% of the respondents sought a change to this
faced by Hindus (51%), or an electorally motivated move by policy, whereas the rest (47%) prefer the status quo.
the BJP to woo Hindu voters (49%). (The survey took place
a few weeks before the 22 January event.) Roughly two- SURPRISES FOR THE BJP
thirds of BJP supporters in the survey saw the event as The recent caste census in Bihar has led to the Opposi-
redemption for Hindus, but among supporters of the Con- tion clamouring for a nationwide version. Around 53% of
gress and regional parties, the majority view (over 60%) the survey’s respondents agree, as they were of the view
was that its timing was a poll gimmick. that India must conduct nationwide enumeration and it
Three of every five respondents from minority religions could help draft policies to uplift historically marginalized
viewed the event from the election lens, castes. The rest (47%) felt this would sow
as did those from the Scheduled Tribes YouGov-Mint-CPR seeds of discord in society. The views
(61%). Those from the Scheduled Castes Millennial Survey were somewhat similar across party
m
(50%) and Other Backward Classes (51%) Part 2: Political views lines, even among BJP supporters. A
showed a halfway split. In the southern nationwide caste census found support
states, just 45% viewed the event as a corrective measure even among those from the dominant castes (51%).
for Hindus; in other regions, the share was more than half. On the BJP’s vehement proposal of holding all state and
The online survey, held in December, had 12,544 national elections simultaneously, 63% disagreed. They
respondents across over 200 cities and towns. Around picked the option that democracy was stronger when polls
44% were born after 1996, and 40% were born between are held at multiple levels at different frequencies. The
1981 and 1996. Now in its 11th round, the biannual survey is opposing view, that asynchronous elections were a waste
conducted by Mint in association with survey partner You- of resources and time, got 37% votes. Even among BJP
Gov India and Delhi-based think tank Centre for Policy supporters, the proposed policy did not find many takers,
Research (CPR), aiming to examine the aspirations, anxie- with 62% saying elections need not be held together.
ties, and attitudes of India’s digital natives. While the BJP has an edge on the Ram temple matter
and India’s rising global image, many respondents support
NUANCED NATIONALISM the caste census and reject simultaneous polls. These find-
The BJP has made serious efforts to create a narrative of ings offer openings that the Opposition parties can mobi-
India’s flourishing global stature and, to varying degrees, lize in order to challenge the incumbent. But they may
has tried to attribute the success of events such as the host- have lost crucial time managing internal contradictions.
ing of last year’s G20 summit and the moon landing, (The authors are associated with CPR, New Delhi.)
among others, to the government. The survey showed this This is the second part of a series about the findings of the
narrative has worked to some extent. More than half of the 11th round of the survey. The next part will look at how urban
respondents saw some role—direct or indirect—played by Indians engage with political discourse through social
the government in India’s wins at the Oscars last year, its media. Note that these surveys are skewed towards urban
record medals tally at the Asian Games, and the Chandray- well-to-do netizens, with 89% respondents falling under the
aan feat. (The share of those who saw a direct role was 25%, “NCCS-A” socioeconomic category of consumers. Full meth-
42%, and 44%, respectively.) BJP supporters were more odology note: https://bit.ly/3NBu6b3. Raw data of the
likely to acknowledge the government’s role. responses will be released later this month.

PEANUTS by Charles M. Schulz

 NEw DELHI, MUMBAI, BENGALURU, kOLkATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCkNOw* VOL. 18 NO. 39 Rs. 10.00 . Price with Hindustan Times Rs. 15.50 22 PAGES

Wednesday, February 14, 2024

Nandita Sinha leads Myntra’s EV makers stare at sales dip as

livemint.com journey into beauty biz uP12 FAME-II sops could end uP7

SENSEX 71,555.19 482.70 NIFTY 21,743.25 127.20 DOLLAR ₹83.01 0.01 EURO ₹89.39 ₹0.01 OIL $83.70 $0.51 POUND ₹105.05 ₹0.29

Farmers clash with Tesla seeks Indian

partner for rooftop
Malaysia’s
Gentari bags
DON’T MISS
AFP

Fortum India
cops in Delhi march solar panel venture solar projects
Utpal Bhaskar
Push for MSP meets barricades, tear gas and rubber bullets Nehal Chaliawala & [email protected]
Mihir Mishra NEw DELHI
Hindalco Q3 net jumps 71% as
Sayantan Bera

G
MUMBAI/NEw DELHI entari Sdn Bhd, a unit aluminium, copper biz shine
[email protected] SMokE SIGNALS of Malaysia’s state-run Hindalco Industries, the flagship company

E
NEw DELHI lectric carmaker Tesla oil and gas company of the Aditya Birla group, reported a 71%
Inc. is scouting for local Petronas, has emerged as the y-o-y jump in its consolidated net profit to

T
housands of farmers from partners to make its roof- winning bidder for the Indian ₹2,331 crore for the quarter ended
Punjab headed for the top solar panels in India, a per- solar projects of Finland’s For- December driven by a robust performance
national capital in trac- son aware of the matter said. tum Oyj, totalling 185MW, two of its aluminium and copper businesses. >P4
tors, SUVs and farm vehi- The selected partner will help people aware of the develop-
cles clashed with the Har- with the manufacturing and ment said. LIC reaped a $4.7 bn share sale
yana police at the Shambhu border, installation, while Tesla will Gentari has been given windfall in Q3 as market surged
where they were met with teargas, provide technology and sales exclusivity—for documenta-
Life Insurance Corp. of India (LIC) reaped
water cannons and rubber bullets. expertise. Tesla CEO Elon Musk. AFP tion of the sales process run windfall gains in the December quarter,
The farmers had begun their march The Elon Musk-led com- by Kotak Investment Bank- selling a record $4.7 billion worth of shares
on Tuesday morning, after the previ- pany has already conveyed its Meanwhile, India provides ing—for the deal at an enter- of listed domestic companies as the shares
ous evening’s meeting with central plans to the government and incentives to encourage the prise value of around $200 reached all-time highs during the market bull
ministers to press for legally guaran- requested subsidies and other rooftop solar sector. Some million. run. >P6
teed minimum support prices (MSP) grants for the venture, the per- domestic companies in the Mint had reported earlier
for their crops failed to yield results. son cited above said on condi- rooftop solar segment include that Gentari, Oil and Natural Test prep firm FIITJEE delays
By evening, they had managed to tion of anonymity. Tata Power Solar, Adani Solar, Gas Corp. Ltd (ONGC), Singa-
remove several rows of concrete bar- Apart from its mainstay Servotech Power Systems and pore’s Sembcorp Industries,
salaries citing cash flow issues
riers and uprooted steel spikes DEMAND CHECK business of electric cars, Tesla Waaree Energies. Edelweiss Infrastructure Yield FIITJEE Ltd has suspended salary payments
cemented on roads to prevent them also makes several home Emails sent to a Tesla’s press Plus Fund’s Sekura Energy citing cash flow issues, five company
LEGAL guarantee on REVAMP of crop LoAN waiver, higher executives said, at a time the test
from entering Haryana, which bor- MSP announced by insurance scheme, duties on imported power products covering solar team seeking comments and private equity firm
preparation firm is squeezed by rising losses
ders Delhi. the govt for 23 crops social security benefits agricultural produce power generation and storage. remained unanswered. Actis Llp were in the fray and competition. The company has assured
“We want an assurance from the These include Solar Roof, Tesla entered the solar roof- for the Finnish state-run employees that salaries will be paid. >P8
government that the 23 crops on which replaces conventional top business in 2016 through energy power utility’s Indian
which MSP is announced will have a hi-National Capital Region (NCR) regime wider and more effective. thatched roofs with photovol- the $2.6 billion acquisition of assets.
legal guarantee. But the government because of the barricades regulating The laws were repealed, but an taic tiles; Powerwall, a battery SolarCity, founded by Musk’s These five bidders were Advt spending to grow 10% in
wants to form another committee. access to key roads. For many, the expert committee set up in July 2022 power storage unit; and solar cousins Lyndon and Peter shortlisted from 11 non-bind- 2024 to reach ₹1.5 tn: GroupM
This is nothing but a delaying tactic,” protests revived memories of 2020, to resolve the matter is yet to submit panels. Rive. At the time, it was the US ing offers (NBOs) that were Advertising expenditure (adex) in India is
farmer leader Sarvan Singh Pandher, when thousands of farmers gathered any report. Tesla’s India plan comes at a market leader with just over submitted. “Gentari, Actis, expected to grow at 10.2% in 2024, slower
general secretary of the Kisan Maz- outside Delhi, demanding a repeal of Government agencies purchase time its US solar business has 800MW installed. ONGC and Edelweiss had than last year’s 11.3%, according to media
door Sangharsh Samiti, said. three new farm laws. The protest was crops from farmers at MSP, a model slowed, with December quar- Analysts tracking the sector placed price bids, post which investment company GroupM. But even at
Though the protesters are still far withdrawn after the government that works best for rice and wheat. ter deployments falling 59% to said India’s solar rooftop Gentari has been given exclu- that pace, India would still be among the
from the capital, traffic crawled at a relented, but on the condition that it 41MW from 100MW a year fastest-growing ad markets globally. >P11
snail’s pace at many places in the Del- will take measures to make the MSP TURN TO PAGE 6 earlier, the worst since 2020. TURN TO PAGE 6 TURN TO PAGE 6

New avatar likely for Go Digit IPO gets

compensation cess Irdai go-ahead
Gireesh Chandra Prasad Ranjani Raghavan &
[email protected] Sneha Shah
NEw DELHI
MUMBAI

T
he goods and services

T
tax (GST) compensation he insurance regulator
cess expiring in March has approved Go Digit’s
2026 or before may be plan for a public share
replaced with a new levy, if the sale, two people aware of the
GST Council feels more reve- development said, after fault-
nue is needed, two officials ing the digital insurer last year
aware of discussions between over a non-disclosure.
the Centre and states said. The approval from the
The cess, which is levied on Finance minister Nirmala Insurance Regulatory and Kamesh Goyal, founder of Go
products in the 28% GST slab Sitharaman, chairperson of Development Authority of Digit General Insurance.
such as aerated drinks, tobacco the GST Council. PTI India (Irdai) clears one key
and automobiles, was meant to hurdle for the Fairfax-backed ing that they expect approval
compensate states for their before March 2026 if the Cen- company on the road to its soon enough.
revenue losses in the first five tre is able to prepay the debt. ₹1,250 crore initial pubic offer- In November, Digit General
years of GST till June 2022. It “If before March 2026 we are ing (IPO). Insurance, which runs Go
was extended till March 2026 able to pay all the loans and The company is now wait- Digit, filed an addendum to its
to repay a ₹2.69 trillion debt pay some of the compensation ing for approval from the IPO documents, stating that
raised by the Centre when the due to be paid because of non- Securities and Exchange Irdai had issued it a show-
cess collection was not suffi- receipt of audited figures from Board of India (Sebi) for the cause notice related to its
cient to pay the states during some of the states, the com- initial public offering (IPO), “non-disclosure of change in
the pandemic years. the people cited above said on
The cess may end even TURN TO PAGE 6 condition of anonymity, add- TURN TO PAGE 6

ED begins inquiry into Paytm bank

Gireesh Chandra Prasad & to the spokespersons of the
Subhash Narayan finance and corporate affairs
ministries and RBI were unan-
NEw DELHI swered till press time.
A spokesperson for Paytm

I
ndia’s premier economic replied to a query from Mint
intelligence agency, the saying the company will com-
Directorate of Enforcement ply with requests for informa-
(ED), has been roped in to tion from regulatory authori-
check for suspected breaches at ties on matters pertaining to
Paytm Payments Bank on a ref- One97 Communications Ltd
erence from the Reserve Bank and its associate, Paytm Pay-
of India (RBI), two officials ments Bank.
aware of the development said. RBI has already ruled out a review of its decision in the case of “We may be asked to furnish
The ED, which investigates Paytm Payments Bank. HT information and explanations
money laundering and foreign by different regulatory and law
exchange-related breaches, has will not interfere, the person they are up to it. RBI has taken enforcement authorities,
started a preliminary inquiry said. “The ED enquiry is to find action in customer interest. ED including ED, and we have
into the affairs of the company. the facts about the concerns has also sought documents on always complied with the
It was yet to register an raised by the RBI and to Paytm from RBI, and is study- requirements dutifully by fur-
enforcement case information address any deficiency. There ing it for any violations. There is nishing the requisite informa-
report as of Monday, one of the is no witch hunt,” the person a mechanism of sharing of tion and explanation,” the
two officials cited above said. added. information among regulators, spokesperson said.
For now, the ED and the The second official quoted and information (on Paytm On 31 January, RBI had
Reserve Bank of India (RBI) are above said that compliance Payments Bank) has already restricted Paytm Payments
the only agencies looking into breaches are matters that sec- been shared and different Bank from making credit trans- (Toll Free No.) 1800 222 244 / 1800 222 243 / 1800 425 1515 / 1800 208 2244 | www.unionbankofindia.co.in
the issue. If any other agency’s toral regulators deal with agencies are examining them,” actions or taking further depos-   
  
  
      
assistance is required, RBI can directly, not the government. said the person.
ask for it, but the government “This is a regulator’s job and Queries emailed on Tuesday TURN TO PAGE 6
02 WeDNesDay, 14 February 2024
NeW Delhi ECONOMY & POLICY LIVEMINT.COM

m MINT SHORTS
Indira, Nargis Dutt names dropped
Scientists to vet weather Centre to
SC: Ready
from National Film awards
New Delhi: The ‘Indira Gandhi award for best debut film’ and
the ‘Nargis Dutt award for best feature film on national integra-
tion’ have been retitled with the names of the late prime minister
data, help farmers cut losses for talks
with Kerala
and legendary actor being dropped as part of a raft of changes for
the National Film Awards, according to a notification. The ‘Regu- Krishna Yadav
lations of 70th National Film Awards 2022’ reflects the changes [email protected]
suggested by a panel set up by the information and broadcasting National Test House scientists will also evaluate crop loss data for compensation to be paid NEW DELHI
ministry to rationalize the film honours. PTI

T
he Union government
Dhirendra Kumar & Puja Das losses”. informed the Supreme
Ex-Maharashtra chief minister NEW DELHI Scientific assessment of weather Court on Tuesday that it
data from every district and panchayat is prepared to engage with the
Ashok Chavan joins BJP

G
PTI
overnment scientists are will help in forecasting crop produc- Kerala government on the lim-
being asked to vet tion estimates and crop losses, the sec- its the Centre imposed on the
weather assessment data ond official said. state’s borrowing powers.
to help farmers receive Additionally, NTH scientists will visit Senior advocate Kapil Sibal,
more accurate weather data collection centres to recalibrate appearing for the Kerala gov-
alerts for sowing and harvesting, cut- weather assessment tools for error-free ernment, told the court that a
ting potential losses, according to two weather forecasting. They will also state delegation will fly to New
officials. evaluate soil moisture content and Delhi on Wednesday for dis-
With changes in weather patterns advise on the soil’s suitability for crops cussions with the Centre.
causing widespread crop losses and low such as chana, mustard and wheat, this The development came after
yields, the agriculture ministry is rop- official said. a two-judge bench comprising
ing in the government’s National Test Dr Rakesh Arrawatia, finance profes- Justices Surya Kant and K. V.
House to do the vetting. sor at the Institute of Rural Manage- Viswanathan suggested that
Current alerts received from the ment Anand, said,“Using satellite the finance secretary of Kerala
Mumbai: Former Maharashtra chief minister Ashok Cha- weatherman are “fragmented and inac- images is going to play a critical role in met with the Union finance
van joined the ruling Bharatiya Janata Party (BJP) here on curate”, one of the officials said. This move will help farmers receive more accurate weather alerts for crop sowing agriculture over the next 10 years by minister to resolve the matter.
Tuesday, a day after quitting the Congress, the party he was NTH scientists will also evaluate and harvesting. PTI providing valuable data for insurance The discussion arose during
associated with for nearly four decades. Chavan (65) was crop loss data collected by agencies of claims, verifying claim accuracy, and a hearing of a suit filed by the
inducted into the BJP at the party office in Mumbai in the the agriculture ministry for compensa- WINDS is an initiative of the agricul- pending till 2021-22, with Rajasthan, enhancing agricultural practices. This Kerala government challeng-
presence of Maharashtra deputy chief minister Devendra tions to be paid under the Pradhan ture ministry to strengthen the Maharashtra and Gujarat reporting the technology can offer insights into crop ing the Centre’s decision to
Fadnavis, BJP state president Chandrashekhar Bawankule, Mantri Fasal Bima Yojana (PMFBY) or weather data infrastructure and pro- highest pendency, Parliament was told health, moisture levels, and other cru- impose a ceiling on its borrow-
Mumbai party unit head Ashish Shelar and cabinet minister national crop insurance, the officials vide high-quality data sets from a single last year. cial factors, enabling more informed ing amount. Kerala argued that
Girish Mahajan. PTI said. As per the plan, NTH, which digital platform. Claims under the PMFBY are gener- decision-making and ultimately this restriction resulted in a
comes under the ministry of con- improving productivity.” severe crisis in its budget oper-
sumer affairs, will offer ‘quality AIDING FARMERS Officials say accurate weather ations and violated the princi-
MEA urged to appoint nodal officer assurance partnership’ to the data is crucial to determining the ples of fiscal federalism.
Weather Information Network and CURRENT alerts PRADHAN Mantri CROP insurance ACCURATE weather correct share of financial contribu- Kerala’s suit contends that
to monitor organ transplants Data System or WINDS, launched received from the Fasal Bima Yojana or claims worth around data is crucial to tions to states in droughts, floods the Union finance ministry,
weatherman are national crop ₹2,761 cr under the determine share of
New Delhi: The Union health ministry has written to the minis- by the government last year, for ‘fragmented and insurance aims to PMFBY were financial aid to states and unseasonal rains. It enables the through two letters issued by its
try of external affairs to identify a nodal officer for coordinating generating long-term hyper-local inaccurate’ help farmers pending till 2021-22 in droughts, floods government to assess the extent of public finance-state division on
organ donations and transplants undertaken by foreigners to weather data, the first official said. damage and allocate resources 27 March and 11 August, as well
prevent any possible commercial dealings in the process. In a let- Under the proposed project, effectively to mitigate the impact as amendments made to Sec-
ter to foreign secretary Vinay Kwatra, Union health secretary NTH scientists will inspect and audit Currently, crop loss data is collected ally paid by insurance companies on affected farmers and communities. tion 4 of the Fiscal Responsibil-
Apurva Chandra noted that many foreign nationals come to India automatic weather stations and rain manually, leading to a higher chance of within two months of harvesting and Queries sent to the ministries of con- ity and Budget Management
for various types of organ transplantations. PTI gauges across the country for their sit- anomalies in insurance claims. one month of notification for invoking sumer affairs and agriculture remained Act, 2003, imposed a net bor-
ing, equipment and data transmission Crop insurance claims worth around the risks of “prevented sowing, mid- unanswered till press time. rowing ceiling on Kerala,
procedures. ₹2,761 crore under the PMFBY were season adversity and post-harvest [email protected] restricting its borrowings.
Review petition against SC
ruling in Adani case
India, UAE
BLOOMBERG

Qatar reprieve puts spotlight on India’s strong Gulf ties

sign deal on By Shuja Asrar and Nandita Venkatesan
[email protected]
investments Qatar’s decision to release eight former Indian Navy personnel who had been served the death sentence on espionage charges marks a big
moment for New Delhi’s diplomacy in West Asia. This development came just days before Prime Minister Narendra Modi's visit to the United Arab
Shashank Mattoo Emirates on Tuesday, followed by Qatar on Wednesday. It underscored the strengthening economic and strategic relationship between India and
[email protected] the Gulf nations in recent years. Ties with Gulf nations are multifold: countries in this region are among India’s biggest trading partners, accounting
NEW DELHI for over 14% of the country’s total trade. The West Asian region is also home to a vast expatriate population—over 25% of all persons of Indian
origin abroad live in these nations, shows government data. A look at India’s relations with this region through charts:

I
ndia and the UAE con-
New Delhi:The Adani Hindenburg saga returned to the cluded a bilateral invest- Key West Asian countries account for nearly 14% of The current visit is Modi's seventh to the region since 2014
Supreme Court on Tuesday as petitioner Anamika Jaiswal ment agreement and also India’s total trade Visits to India by West Asian heads of state Visits by PM Narendra Modi to West Asian
filed a review petition seeking the apex court to reconsider signed a framework agree- India’s trade with key West Asian nations, April-December 2023 since 2014 countries
its 3 January judgment, which dismissed a plea to constitute ment on the India-Middle East Global rank Country Total trade ($ bn) Global share (in %) Emir, Qatar 2015 UAE 2015
a special investigation team (SIT) to probe allegations Economic Corridor (IMEC)
3 UAE 57.5 7.0 Crown Prince, Abu Dhabi 2016 Jordan, Palestine, UAE and Oman 2018
against the Adani group. KRISHNA YADAV during Prime Minister Naren-
dra Modi’s two-day visit to the 5 Saudi Arabia 31.2 3.8 Crown Prince, Abu Dhabi 2017
Saudi Arabia 2019
Gulf nation. 24 Qatar 10 1.2 King, Jordan 2018
‘Growth rate of 7-8% needed to Modi met UAE President 28 Kuwait 7.4 0.9 Crown Prince, Saudi Arabia 2019
UAE and Bahrain 2019
Mohammed bin Zayed Al
become developed nation by 2047’ Nahyan on Tuesday for both 30 Oman 6.9 0.8 Sultan, Oman 2023
UAE 2022

Crown Prince, Saudi Arabia 2023 UAE 2023

Hyderabad: India needs to grow at 7-8% annually in order to one-on-one and delegation- 59 Bahrain 1.1 0.1
become a developed nation with $13,000 per capita income by level talks.
2047, former Reserve Bank governor C. Rangarajan said on The bilateral investment Five Gulf countries contribute 28% of India's total inward remittances 1 in every 4 overseas Indians resides
Tuesday. The former chairman of the Prime Minister’s Economic agreement follows a Compre- 80%: Share of UAE's exports to India that
Share in inward remittances to India, top 10 countries, 2020-21 (in %) in a West Asian country could see tariff removal under the India-UAE
Advisory Council said besides faster growth rate, the country may hensive Economic Partner-
US 23.4 Share of West Asian countries among comprehensive economic partnership
need social safety nets such as subsidies in kind or cash and basic ship Agreement in 2022. overseas Indians globally (in %) agreement signed in 2022
income. PTI The UAE was the fourth UAE 18.0
largest source of FDI in India UK 6.8 UAE 10.6 70%: Share of Gulf Cooperation Council
with investments of $3.5 bil- (GCC) countries in India's total petroleum
5.7
Govt launches rooftop solar lion.
Singapore
Saudi Arabia 8.0 gas imports in 2021-22
The two sides signed an Saudi Arabia 5.1
scheme, to benefit 10 mn homes agreement to link India’s UPI Kuwait 2.4 Kuwait 3.2 35%: Share of GCC countries in India's
total oil imports
New Delhi: The union government on Tuesday launched the with the UAE’s AANI instant Oman 1.6 Oman 2.4
‘PM Surya Ghar: Muft Bijli Yojana’ rooftop solar scheme with an payments platform and RuPay Qatar 1.5 $78 billion: Value of the deal signed
emphasis on providing 300 units of free power to 10 million ben- cards with the UAE’s JAYWAN Qatar 2.3 earlier this month by Qatar with India's
eficiary households. Taking to X (formerly Twitter), Prime Minis- card. The partnership covers Hong Kong 1.1 Petronet LNG to continue liquefied natural
Australia 0.7 Bahrain 1.0 gas supplies until 2048
ter Narendra Modi announced the launch of the scheme that trade and investment, digital
would be implemented with an investment of about ₹75,000 infrastructure, fintech, energy Sources: CMIE, Mint calculations, Ministry of finance, Ministry of external affairs and PMO India
crore. RITURAJ BARUAH and infrastructure.
SATISH KUMAR/MINT

Trading codes may push exports of unique non-basmati rice varieties CORRECTIONS AND
CLARIFICATIONS
A 13 February Plain Facts
Dhirendra Kumar Red and black rice, eaten in eties and when the govern- same time, we need to see that million tonnes of rice. This article, ‘Ola Electric faces a
[email protected] southern and north-eastern ment imposes an export ban, there are enough incentives year we will be exporting 5-6 bumpy road ahead’, should
NEW DELHI states, cannot be exported all these varieties, including for farmers to keep on produc- million... less than that. Non- have noted that the market
share of TVS Motor, Bajaj Auto,
because they are covered Gobindo Bhog, widely con- ing the normal varieties of rice basmati we are not exporting
Ather Energy and ‘others’ in

G
overnment officials are under the government’s sumed in West Bengal get also, which form the core sta- because we do not know Oct-Dec 2023 was 20.2%, 13.1%,
working to assign export ban on non-basmati impacted. ple diet of the country,” he whether there will be an 10.2% and 21.6%, respectively.
internationally recog- rice varieties, a government “New HSN codes for some said. exportable surplus or not,” he The error is regretted.
nized identifiers—needed for official said on Tuesday. other varieties of rice is some- Agarwal said that there is a said.
all exports—for some uncom- The ban was enforced last thing which is the demand of need to strike a balance and Due to restrictions on Mint welcomes comments,
suggestions or complaints
mon and unique Indian rice year to check scarcity of sup- the industry. How do we dif- that the ministry take a deci- exports of rice, sugar and about errors. Readers can
varieties so that they do not plies amid hoarding. ferentiate? That is the debate sion after detailed stakeholder wheat, agri-exports may fall by alert the newsroom to any
inadvertently fall into the Officials of the Agricultural we are having internally,” consultation. 9%—hence the need for HS errors in the paper by
dragnet of a sweeping export & Processed Food Products The move is to keep GI-tagged rice varieties out of export ban Agarwal said. At present, there are six HS codes. emailing us, with your full
ban. Export Development Author- ambit. HT “We are trying to see codes for non-basmati rice and APEDA chairman Abhishek name and address to
Officials are considering ity (APEDA) said the apex agri- whether there is merit in one for basmati. Dev said India exported agri- [email protected].
getting Harmonized System or cultural export promotion rized under an HS nomencla- tion (WCO). doing so or not. As a country, Another worry is that the cultural products worth Mint’s journalistic Code of
HS codes assigned for red, body is working on separate ture as it helps in the classifica- Rajesh Agarwal, additional we wouldn’t like to impose any Red Sea crisis may have an reached $26.7 billion in Conduct that governs our
black and Kalanamak varieties HS codes for GI rice varieties. tion of goods across the globe. secretary in the commerce ban on rice, but we do so to impact on India’s rice exports 2022-23 and expanded the newsroom is available at
of rice which are Geographical In international trade par- The system is administered by ministry, said that non-bas- meet the food security objec- this year. export basket to over 200 www.livemint.com
Indication (GI) tagged. lance, every product is catego- the World Customs Organiza- mati rice has about 40-50 vari- tives of the country. At the “In 2022-23, we exported 22 countries.

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First published in February 2007 to serve as an unbiased and clear-minded chronicler of the Indian Dream.
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LIVEMINT.COM DEALS, TECH & STARTUPS WeDNesDay, 14 February 2024
NeW Delhi 03

m MINT SHORTS
Pet care startup Supertails secures
Good Glamm steps up GSV Ventures bullish
on India’s edtech space
₹125 crore in series B funding
Mumbai: Pet care startup Supertails has raised ₹125 crore in a
series B funding round led by RPSG Capital Ventures and existing
investors Fireside Ventures, Saama Capital, DSG Consumer Part-
cost cutting measures Priyamvada C.
[email protected]
gUrUgram
confidence in the immense
potential in India. The VC firm
intends to pursue follow-up
investments and new opportu-

U
ners, and Sauce VC. The startup said the money will be used for S-based GSV Ventures, nities. “We’re very active here.
business growth, customer acquisition, investment in technol- which focuses solely on It’s a good time to be buying
ogy, expansion of healthcare services, including Supertails phar- edtech firms, is looking swimsuits in the winter.”
macy, and to make a foray into an omnichannel distribution. PTI Implements efficiency measures, eyes profitability before going public to invest in Indian companies, Yet, India’s education sys-
Michael Moe, founder of the tem has several gaps to address
VC firm, said in an interview. and AI will be a game changer,
Ascend Capital raises ₹50 crore Suneera Tandon He stressed the importance increasing personalization for
[email protected] of valuable lessons from the students at low cost, improv-
Series A round led by Infoedge new delhi Byju’s fiasco and has expressed ing learning quality, Moe said.
ISTOCKPHOTO

T
he Good Glamm Group, a beauty
products and content company,
has slashed marketing spending,
withdrawn discounts and down-
sized its workforce over the past
year to achieve profitability before listing
on the stock exchanges in the latter half of
2025, said a top executive at the company.
The decision follows the firm’s acquisi-
tion spree between 2021 and 2022, picking
up stakes in over 10 firms, including media
platform ScoopWhoop, MissMalini and
Bengaluru: Ascend Capital has raised $6 million (₹50 direct-to-consumer brand The Moms Co.,
crore) in a Series A funding round co-led by Infoedge Ven- besides rapidly growing its workforce and
tures and Asha Ventures. The startup will use the funding product portfolio. Good Glamm sells
to expand its loan book across geographies, according to its beauty and personal care products such as
statement. Founded by Indian Institute of Technology (IIT) MyGlamm, St Botanica and Sirona.
Madras alumni Lokesh Chandra and Gaurav Maheshwari, “Eventually the business needs to start
Ascend Capital is a non-banking financial company focused making money. This is not just an austerity
on electric vehicle financing. K. AMOGHAVARSHA drive…We have to be predictable as a com- Darpan Sanghvi, group founder and chief executive officer, Good Glamm Group.
pany before we go in for a stock market list-
ing,” said Darpan Sanghvi, group founder regularly. Now, we have changed that strat- integrating everything since we acquired a
Fintech venture PocketATM gets and chief executive officer, Good Glamm egy to what we have done via an association lot of businesses in previous years. Last
Group. with Karan Johar (launch of a makeup col- year was when we started on the quest for
pre-seed funding of ₹3.3 crore In the current financial year, its beauty lection with the film maker) apart from a profitability. This year (2024) is when we
Bengaluru: Mumbai-based fintech startup PocketATM has brand MyGlamm has shifted its approach, three-year deal with Dharma Production will achieve profitability and see interna-
raised ₹3.3 crore in a pre-seed funding round from a host of moving away from associations with popu- for its beauty brands,” he added. tional kick in a very large way,” he added.
investors including Indian Express Commercial Ventures, the lar television shows such as Big Boss and The moves have helped trim marketing Its brands Sirona and baby care brand
investment vehicle of Indian Express Group, Samir Modi of Koffee with Karan, serving as an official expenses by 40%; and has brought down Mom’s co are already present in the Middle
Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav makeup partner for the reality East and North Africa. “We
Mehta of Morgan Stanley Private Equity, Hemant Adarkar of TV series in 2022. It now looks STRATeGIC ReAlIGnMenT will be unveiling our interna-
Artha Center and Rajat Agarwal, partner at Vertices Partners. It to forge strategic partnerships tional plans in the next 60 days
aims to allow local mom-and-pop stores to become cash dis- with production houses. THe move follows THIS year, the firm THe company is or so.”
pensing touchpoints and service customers by delivering cash Besides, the firm has down- acquisitions during
2021-22, when it
has downsized its
workforce, letting go
also expanding its
personal care and
Founded by Sanghvi, Pri-
at home. K. AMOGHAVARSHA sized its workforce this year, picked up stakes in of around 120 out of beauty brands to yanka Gill and Naiyya Saggi,
letting go of around 120 out of over 10 companies its 1,000 employees overseas markets Good Glamm operates across
its 1,000 employees . multiple verticals. The Good
IPV to invest ₹150-200 crore in “We were at 1,000-odd Brands Co comprises beauty
employees in corporate, we are down to the quantum of discounting on its brands. and personal care, while The Good Media
startups in 2024; exit 14 firms some 880 currently; it is actually happen- The company is also expanding its per- Co includes POPxo, ScoopWhoop, Miss-
New Delhi: Inflection Point Ventures (IPV) will make fresh ing as we speak but most of it is done. So, we sonal care and beauty brands to overseas Malini, BabyChakra and Tweak India.
investments in the range of ₹150-200 crore in startups this year, had 25% saving in manpower cost, which markets. “The journey ahead in FY25 will Good Creator Co serves as an influencer
a senior company official said.The firm announced partial and reflected in about 12% of employees we be of having full-year profitability. India platform, alongside The Good Community.
full exit from 14 firms with an average 61% internal rate of return had.” Layoffs were across the board, he business is growing at 35-40%. For us, the In FY22 it had witnessed a staggering 380%
in 2023. IPV has made 56 investments in 2023, comprising 46 added. “Last year, we had sponsored Big last two years were going from MyGlamm operating revenue growth to ₹240 crore,
new investments and around 10 follow-on investments. PTI Boss and Koffee with Karan, we were on TV to a platform of brands. 2022 was about but losses surged to ₹272 crore.

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ET YOUR DREAMS
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PARTNER

KEY FINANCIAL HIGHLIGHTS – 9M FY24

Disbursals Loan Book

74,498 Cr 39%# 1,49,165 Cr 34%

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04 WeDNesDay, 14 February 2024
NeW Delhi MARK TO MARKET LIVEMINT.COM

S&P BSE Sensex Nifty 50 Nifty 500 Nifty Next 50 Nifty 100 S&P BSE Mid-cap S&P BSE Small Cap
CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE

71,555.19 0.68 21,743.25 0.59 19,782.90 0.55 56,893.05 1.01 22,181.60 0.63 38,765.87 0.61 44,284.48 0.18
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN

71,072.49 71,292.08 21,616.05 21,664.30 19,675.20 19,709.80 56,323.70 56,425.10 22,042.10 22,090.50 38,531.14 38,584.77 44,206.78 44,107.12
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

71,662.74 70,924.30 21,766.80 21,543.35 19,796.05 19,508.75 56,939.95 55,701.90 22,196.85 21,934.80 38,821.21 38,062.00 44,330.69 43,200.02

m MINT SHORTS Renewables biz may Brigade Enterprises

UK’s strong wage growth ups the ante in office,
bolsters BOE caution
UK wage growth slowed less than expected in the fourth
quarter, underscoring the Bank of England’s caution
against moving too quickly to cut interest rates. Wages
recharge Tata Power hospitality segments
excluding bonuses rose 6.2% from a year earlier, down Dipti Sharma Harsha Jethmalani
Outsized Powering up Standing out
from an upwardly revised 6.7% in the three months [email protected]
Tata Power will spend 45% of its Tata Power sees renewables business
[email protected]
Brigade Enterprises saw occupancies
through November, the Office for National Statistics estimated 60,000 crore capex on contribution to Ebitda rising to 45% by FY27 improve year-on-year in Q3FY24 in

T T
said. Economists had forecast a reading of 6%. While ata Power Co. Ltd’s stock fell renewables between FY24 and FY27 FY2023 FY2027
he south India focused real office and hotel portfolios
that provides some relief for workers after the worst 8% on Monday after the com- estate developer, Brigade Ent- Occupancy (in %)
Sector capex spend 50
cost-of-living crisis in a generation, the figures suggest pany reported dull earnings erprises Ltd, is betting big on its Office portfolio Hotel portfolio
the labour market isn’t cooling fast enough to satisfy for the December quarter Conventional generation,
office leasing and hospitality seg-
Other 100
policymakers worried about price pressures. Inflation (Q3FY24). Still, the power 1 coal & shipping 40 ments. The optimism is driven by
is widely forecast to hit the 2% target in the spring, albeit producer’s outlook is upbeat owing to a 5 improvement in key metrics. In the 95
95
briefly, but money markets expect the BOE to hold likely increase in renewables business. commercial segment, the office occ-
30
interest rates at a 16-year high until the summer. Unem- The renewables segment’s revenue upancy rose to 95% in the December
90
ployment ticked down to 3.8% as more people dropped surged 30% year-on-year in the quarter Pumped quarter (Q3FY24). Office leasing at
out of the workforce and into inactivity, driven again by to nearly ₹2,484 crore, forming 15.5% of Renewables hydro 0.5 million square feet space was the
20
rising numbers of long-term sick. BLOOMBERG consolidated segment revenue. 45 15 highest seen in a post-covid quarter. 85
in %
Tata Power plans to raise contribution Office leasing is improving, espe- 80
from clean energy. As on 31 December, 10 cially in Bengaluru due to robust 80
the company’s operational capacity was demand from global capability cen-
4,270 MW in the renewables segment. 0
tres, the management said in an earn- 75 73
Tata Power Renewable Energy is cur- Transmission & Renewables Transmission ings call. The company expects to 71
distribution & distribution
rently executing projects totalling 4,752 Optional growth in
17 Coventional generation, Other complete the crucial Brigade Twin 70
transmission &
MW, and Tata Power Solar Systems has distribution
coal & shipping Tower office project in Q1FY25 and
Note: Ebitda is earnings before interest, tax, depreciation,
4,120 MW of projects under execution. 17 and amortization
lease it fully by FY25-end. 65
Q1FY23 Q3FY24
The combined clean energy capacity Source: Company In the retail segment, footfalls rose Source: Company, Motilal Oswal Financial Services
will be over 10,000 MW in 12-24 8% year-on-year (y-o-y) aided by hea-
PRANAY BHARDWAJ/MINT PRANAY BHARDWAJ/MINT
months. lthy traction in the jewellery, F&B,
The company estimates renewables and 87 MW of orders won last quarter. renewables segment, and continued and salon spaces. Brigade plans to report.
will contribute 45% of Ebitda by FY27, The government announced that 10 Section 11 orders for Mundra plant, expand its portfolio by 5.2 million sq. Brigade’s net debt increased to
from 32% in FY23. Tata Power expects to million houses will be aided with solar which have been extended to June. ft. across office and retail projects, ₹2,111.5 crore in Q3FY24 from ₹1,592
spend 45% of its ₹60,000 crore-capex rooftop solutions. At the same time, Odi- The government has ordered thermal with a cumulative rental potential of crore in Q2FY24. With that, the net
on renewables between FY24 and FY27. sha distribution companies have shown power generation firms using imported ₹500 crore. debt to equity ratio also rose margin-
The company’s strategy to tap high- signs of a stronger turnaround in Q3. coal, like Mundra, to operate at top Brigade’s hospitality segment saw ally to 0.69x.
Allocation to tech is now at the highest since August margin group-captive renewable energy Apart from these, a large opportunity capacity in preparation for peak power occupancy level at 73%, up 500 basis Its residential segment pre-sales
2020. ISTOCKPHOTO opportunities, venture into brownfield of 30-40 GW from rooftop solar and demand. Under this, power producers points y-o-y. Average room rate are solid with the first nine months of
pumped hydro storage, expand its trans- pump hydro storage will be key growth will receive full compensation. improved to ₹6,503 per day, up 7% FY24, pre-sales at ₹3,769.5 crore, 90%
mission business beyond distribution, drivers for Tata Power, says Abhijeet Tata Power expects strong demand to y-o-y and was higher than pre-covid of FY23 pre-sales. In Q4FY24, the
BofA survey shows investors and reach a resolution in the Mundra Bora, Sharekhan by BNP Paribas analyst. persist. The third quarter saw power levels of ₹5,400. The company is gearing up to
are all in on US tech stock rally issue have positioned Tata demand grow 10% sequen- company has 1,474 keys Office leasing is launch 2.6 million sq. ft.
Investors are going “all in” on US technology stocks as Power for accelerated CLEAN ENERGY PUSH tially. But that may not be and intends to add 1,000 improving, of projects with potential
they turn the most optimistic about global growth in growth, said Sudhanshu enough to drive growth. keys to its hospitality especially in gross development
two years, according to a survey by Bank of America Bansal, a JM Financial TATA Power’s THE co estimates IT expects to spend Nuvama Institutional Equi- portfolio. Bengaluru due to value of ₹1,800 crore
Corp. Allocation to tech is now at the highest since Institutional Securities combined clean renewables to 45% of the ₹60,000- ties estimates flattish to low These developments across its projects in
energy capacity will contribute 45% of crore capex on robust demand
August 2020. Exposure to US equities more broadly has analyst. be over 10,000 MW Ebitda by FY27, up renewables between growth for Tata Power in will mean new capex of Bengaluru.
also risen, while easing macro risks prompted investors As of December, Tata in 12-24 months from 32% in FY23 FY24 and FY27 FY24-25 amid falling coal ₹3,000 crore over from global Brigade continues to
to trim cash levels by 55 basis points from January. Pre- Power Solar had a large realisations. Also, higher FY25-28. So, timely capability centres provide strong visibility
vious such declines in cash levels were followed by stock engineering, procurement contribution of renewables completion will aid its until FY26, given the
market gains of about 4% in the following three months, and construction order book for utility- Meanwhile, Tata Power plans to start business may take two-three years more. profitability outlook. progress made on busi-
strategist Michael Hartnett said. Technology compa- scale solar projects, with orders worth construction of 2,800 MW pumped On Tuesday, Tata Power shares recov- However, if it is delayed, the commer- ness development over the last few
nies have led US stocks to a record high this year, with ₹15,885 crore for 3,612 MW capacity. storage projects in Maharashtra by mid- ered a bit, and investors are sitting on cial and hospitality capital expendi- years, points out Motilal Oswal Finan-
the Nasdaq 100 heading for a fourth straight month of Its cell and module facility of 4.3 GW 2024, including a 1,000 MW pumped gains worth 79.5% over a year. The com- ture could put pressure on cash flows. cial Services. The brokerage remains
gains. But the rally has left the benchmark S&P 500 in is ready to contribute to earnings from storage project in Bhivpuri that is pany’s focus on scaling up its renewable “While Brigade’s operational com- watchful of the project additions in its
so-called overbought territory, which some market par- Q4, starting with module manufactur- expected to be commissioned by FY27, energy capacity, and potential opportu- mercial and hospitality assets are per- focused markets for further growth
ticipants consider a precursor for declines. Hartnett ing, and cell making by Q1FY25, the and another 1,800 MW project in Shir- nities in pumped storage projects and forming well, any weakness in the visibility. In the last one year, Bri-
said in the note dated 13 February that overly bullish company said in its Q3 earnings call. wata that’s likely to finish by FY28. solid prospects in solar EPC are already upcoming projects could cause stress gade’s shares have rallied by almost
investor positioning was increasingly becoming a con- Meanwhile, solar rooftop business has Tata Power’s earnings hinge on price priced in stock valuation, says Rupesh to the company’s cash flows and debt 100%. Investors seem to be factoring
trarian headwind for risk assets. BLOOMBERG excellent traction with 146 MW installed stability of imported coal, growth of the Sankhe, analyst, Elara Securities (India). servicing,” said a Nuvama Research a good share of the positives, for now.

Mark to Market writers do not have positions in the companies they have discussed here

Hindalco net up 71%, Moody’s upgrades 4 Adani cos ZEE plans cost cuts, synergies
but below estimate in journey after failed merger
Anirudh Laskar
[email protected]
$150 billion in market capitali- upgraded the same four Adani
zation and came under rating firms to stable—Adani Green
MUMBAI pressure after a damning Energy Ltd (AGEL), Adani
Naman Suri report by the US-based short- Green Energy Restricted Lata Jha The company aims to improve

U
[email protected] S-headquartered rat- seller Hindenburg Research Group-1 (comprising Adani [email protected] synergies and reduce overlaps
NEW DElHI ings firm Moody’s on 24 January last year alleg- Green Energy (UP) Ltd, Par- NEW DElHI between businesses, he said.
upgraded the ratings of ing the Gautam Adani-led ampujya Solar Energy Pvt Ltd “On the revenue side, we will

H M
indalco Industries, the two green energy firms and group of governance lapses and Prayatna Developers Pvt edia and entertainm- take steps to increase value
flagship company of two electricity generation and and “pulling the Ltd), Adani ent company Zee Ent- delivery to our advertisers,
the Aditya Birla group, distribution firms of the Adani largest con in Adani firms came T r a n s m i s s i o n ertainment Enterpr- apart from exploring alternat-
on Tuesday reported a 71% Group following improved corporate his- under rating Step-One Ltd and ises Ltd (ZEE) is charting a ive content monetisation aven-
year-on-year jump in its con- financials, timely debt repay- tory”. pressure after a Adani Electricity three-pronged approach—cut- ues. This also includes leverag-
solidated net profit to ₹2,331 ments and a capital infusion by C o n s e - damning report Mumbai Ltd. ting costs, reducing overlaps ing the strength and reach of
crore for the quarter ended the group over the past year. quently, in Feb- On 29 January, between businesses, and our platforms,” Goenka said.
by US-based
December driven by a robust On Tuesday, Moody’s, in a ruary 2023, Adani Green enhancing quality to regain He emphasised that a gradual
performance of its aluminium report, enhanced the ratings of Moody’s had Hindenburg Energy said it has margins—after its merger with Zee Entertainment Enterprises recovery in margins was
and copper businesses. The Aluminium and copper four Adani firms from ‘nega- revised the out- Research completed the Sony Pictures Entertainment CEO Punit Goenka. MINT expected to reflect in earnings
profit failed to beat the esti- performance helped the tive’ to ‘stable’, while keeping look on four funding for $750 collapsed, MD and CEO Punit from the second half of FY25
mate of Bloomberg analysts. company. BLOOMBERG ratings on eight other Adani rated Adani million worth of Goenka said in an earnings call content and marketing—we are and Zee was targeting 18% to
The copper business regis- Group companies unchanged Group companies to negative notes due on 9 September on Tuesday. implementing steps to optim- 20% Ebitda margin by FY26.
tered an Ebitda growth of 20% can produce and produce, and as ‘stable’. reflecting concerns about 2024 (Holdco Notes) with the “Going forward, there will be ise spends and enhance the ret- On Tuesday the company
on the back of strong volumes LME was also low,” he said. Rating actions often influ- their access to capital and a receipt of the funds under the a sharper emphasis on frugal- urn on investments. A sound said its net profit dipped by
and robust operations, said “But we continue to stay on ence the stock prices of the potential increase in capital preferential allotment of ity, with a crystal-clear focus on recalibration of the OTT cost 6.4% to ₹53.4 crore in the third
Satish Pai, MD of Hindalco our growth track despite chall- firms involved. costs. ₹9,350 crore ($1.125 billion) to quality and output. Across ver- structure will be an integral quarter of FY24 from ₹57 crore
Industries Ltd. Ebitda is earni- enging market conditions, del- Adani firms lost as much as On Tuesday, Moody’s the promoters of the company. ticals—including technology, part of this process,” he said. in the same period a year ago.
ngs before interest, tax, depre- ivering a strong performance,
ciation, and amortization. driven by an enhanced prod-
The aluminium upstream uct mix and lower input costs
business Ebitda rose 54%, sup-
ported by stable operations
and lower raw material costs,
across our businesses,” he said.
The company’s consoli-
dated Ebitda stood at ₹6,322
Rally in Smids counters hits a speed bump on profit booking
he added. crore, a 61% rise, with an oper-
“We continue investing in ating margin of 11%. Ram Sahgal of bearishness lies ahead. profit booking hit the counter. tya Birla Sun Life AMC.
promising growth areas in alu- Hindalco said it was able to [email protected] While the Nifty Midcap 150 Another stock, which has been “Surely, given the phenome-
minium and copper down- reduce the cost of production MUMBAI and the Nifty Smallcap 250 the darling of the Street, nal run up in the mids and
stream. Our overseas business as price of raw material like indices corrected 3.9% and Indian Renewable Energy small cap stocks, expectations

T
and global recycling leader coal continued to ease in third he investor euphoria 5.5% each from their peaks Development Agency (Ireda) of returns will have to moder-
Novelis showed a 33% YoY quarter. surrounding certain earlier this month, stocks con- fell 24.5% from its high of ate from here and the earnings
improvement in Ebitda and Hindalco has pre-paid long- small and midcap (Smid) stituting these indices have 214.80 only last week to and order execution will be
Ebitda per tonne, driven by term loans of ₹4,370 crore in counters seems to have abated fallen far more. Smallcaps like ₹162.15 on 13 February. tracked closely.”
favourable metal benefits from the year amid a high-interest with the stocks having fallen Amber Enterprises, Ircon and The stock rose fourfold Balasubramanian explained
recycling, higher pricing, and rate scenario, Pai noted. by 20-30% or even more from SJVN have fallen 20-37% from from a listing price of ₹50 on that while mutual funds had
lower operating costs,” he said. The company has ₹11,000 their prior highs. A fall of their peaks, while midcaps like 29 November to its high on 6 been “very selective” in stock
The company’s consolida- crore in cash owing to the 10-20% from recent highs is Kajaria Ceramics, Rail Vikas February. picking in the smids space,
ted revenue from operations Indian business. defined as a correction, while a Nigam Ltd (RVNL) and NHPC “Some of these stocks, espe- scouting for “quality,” high
for the quarter though “The company has a positive fall more than 20% is a bear have plunged 20-26% from Smids stocks have fallen 20-30% or more from their highs. HT cially the government run networth individuals (HNIs),
declined 1% year-on-year to cash level of ₹3,000 crore market. However, despite the their highs. ones, have been re-rated and using alternate investment
₹52,808 crore in Q3FY24. (after debt). It will also main- recent correction, market The correction in these instance, construction major shedding 25% from that level. have surged because of funds and portfolio manage-
“Revenue is driven by the tain its net debt to Ebitda gui- experts are mixed in their out- stocks comes after a prolific Ircon surged almost sixfold Similarly, RVNL rose over demand as the government is ment service (PMS) funds,
amount of aluminium we sold, dance for Novelis between 2.5 look for smids, with some run with markets discounting from a low of ₹50.10 on 27 Feb- six times from a low of 56.05 using these companies to exe- were chasing momentum,
which was flattish because we to 3 (2.65 after December expecting returns to moderate the re-rated prospects of some ruary last year to a high of on 1 March last year to ₹345.50 cute its projects,” said A. Balas- causing some of the counters
were flat on everything that we 2023),” Pai said. while others believe a period stocks ahead of their value. For ₹280.85 on 23 January, before on 23 January this year, before ubramanian, MD & CEO, Adi- to run up ahead of their value .
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LIC share sales in Q3 at Go Digit IPO gets go-ahead from Irdai

FROM PAGE 1 Indian stock market is deliver-

record as market soars the conversion ratio of the

compulsorily convertible pref-
erence shares, issued to Fair-
fax.”
ing strong performance on a
broad basis,” the report said,
referring to Go Digit.
Back home, Digit is likely to
be valued around $3 billion
The company is likely to go when it hits the public mar-
public in the first half of 2024, kets, the second person cited
one of the two people cited above said. “The public market
Amount from share sales at ₹39,163 crore, 31% higher than a year earlier above said. valuations have been robust.
This is Go Digit’s second The company is aiming any-
attempt at a IPO. In January where between $2.5 billion
Mayur Bhalerao & Anirudh Laskar 2023, Sebi had returned its and $3 billion in valuation,” he
[email protected] offer document, making added. It has so far raised
observations on the lock-in around $544 million in fund-

L
ife Insurance Corp. of India (LIC) period for promoters and ing across various rounds, data
reaped windfall gains in the shareholders, and its The approval from Irdai clears one key hurdle for Go Digit on the from Tracxn shows. Apart
December quarter, selling a employee stock options. Go road to its ₹1,250 crore IPO. It is now waiting for Sebi approval.. HT from Fairfax, it counts A91
record $4.7 billion worth of shares Digit rectified these issues and Partners, Faering Capital and
of listed domestic companies as refiled the offer document on 25th life insurance company in Fairfax refuted all claims TVS Capital among its inves-
the shares reached all-time highs during 6 April. India. made by Muddy Waters in tors.
the market bull run. Queries emailed to the Go Digit had raised capital statements issued on 8 and The company has been
According to a Mint study based on reg- spokespersons of Fairfax, Go at a valuation of $3.5 billion 12 February. growing steadily and is profit-
ulatory filings, the state-run insurer sold Digit and Irdai remained in 2021; however, this came An analyst report by able. In FY23, its revenues
part of its investments in at least 100 top unanswered. under scrutiny last week National Bank of Canada said grew to ₹5,164 crore against
listed companies, which, based on vol- Founded by Kamesh Goyal when short seller Muddy “the proposed adjustment ₹3,404 crore in the previous
ume-weighted average price for the Octo- in 2016, Go Digit General Waters Research claimed included in the Muddy Waters fiscal, while profit grew to
ber-December period, adds up to ₹39,163 Insurance Ltd offers motor, that Fairfax had overstated report for Go Digit, Recipe, ₹338 crore from ₹50 crore.
crore—the highest ever in the third quar- health, travel and property its book value by $4.5 billion, Quess and Grivalia are likely Digit’s IPO comprises a
ter of a financial year. insurance among other non- including its investments in overstated.” fresh issue of shares worth
“Most stocks that were sold during the life products. Last year, it Go Digit and Quess Corp. It “While a value-surfacing ₹1,250 crore and an offer for
quarter by LIC were at their highest ever received Irdai’s permission to said Go Digit was valued at transaction may not material- sale of 109.45 million shares.
price levels, which means the actual value start Go Digit Life Insurance only $1.5 billion, less than ize at the previous $3.5 billion ranjani.raghavan@live-
of the share sale by LIC could be far higher LIC’s substantial share sales could help improve the return on investments made by the Ltd, which would make it the the $3.5 billion valuation. financing round valuation, the mint.com
than even ₹50,000 crore,” said a person company’s life insurance policyholders in the long term. MINT
aware of the developments at LIC.
At ₹39,163 crore, LIC has raked in 31% ₹50,588 crore, respectively. limited, supported by strong fundamen-
more money from shares of Indian com- LIC’s substantial share sale could offer tals of the companies and sales as a small
panies in the December quarter of FY24, improved return on investments made by fraction of market activity,” said Atul Par-
compared to ₹29,900 crore in the same the company’s life insurance policyhold- akh, the chief executive officer at Bigul, an
ED starts Paytm bank preliminary probe
quarter a year ago. ers in the long term. However, in the short online investment and trading firm.
This happened as the BSE’s 30-share term, such a move by LIC often serves as a LIC, according to the people cited FROM PAGE 1 RBI has already ruled out a ecosystem. highway are not followed, there
Sensex surpassed its highest 72,000 level, market guidance for many small investors above, follows a contrarian investment review of its decision in the case “Many businesses are good will be consequences. India is a
rising more than 10% from October to and fund managers in view of the scale of strategy, selling the shares at highs and its or top-ups in customer of Paytm Payments Bank. The in coming out with ideas and in growing economy and equity
December, propelled by cooling inflation its investments, said experts. buying at dips, differing from the conven- accounts, prepaid instruments, second person cited above said promoting creativity and inno- investments are growing, but
in the US, hopes of a rate cut, tional approach of most wallet and FASTags after 29 further regulatory options will vation, but unless they educate its sustainability will depend on
continuous decline in US CheQue ouT investors. In the December February. be explored by themselves about corporate governance.”
bond yields and the dollar, quarter, the markets were The central bank had RBI after 29 Feb- Paytm Payments governance prin- One 97 Communications, a
and consistent purchase of AT ₹39,163 cr, LIC has LIC’s decision to sell TypICALLy, particularly bullish despite pointed out that a comprehen- ruary. Paytm Pay- Bank has ciples, roles and minority shareholder in Paytm
Indian stocks by foreign port- raked in 31% more
money from shares
shares seems to be
influenced by mkt
whenever LIC sells
shares in bulk, FPIs,
only modest year-on-year sive system audit report and ments Bank has more than responsibilities of Payments Bank, had on 9 Feb-
folio investors (FPIs). of Indian firms in the prices rather than mutual funds tend to corporate earnings growth. subsequent compliance valida- more than 300 300 million directors and ruary announced the setting up
Typically, whenever LIC, Dec quarter of FY24 To date, at least 1,779 BSE- tion report of external auditors million wallet
financial growth be net heavy buyers
wallet users and legal require- a three-member group advi-
the largest domestic institu- listed firms (excluding 294 had revealed alleged “persist- users and over 30 ments, they will sory panel led by former Secu-
tional investor, sells shares in firms in the banking, financial ent non-compliances and con- million accounts. over 30 million end up in rities and Exchange Board of
bulk, FPIs and mutual funds tend to be net “LIC’s sales likely seem to be profit-tak- services, and insurance sector) have tinued material supervisory Experts said accounts trouble,” said India chairman M. Damodaran
heavy buyers, which often prevents the ing after the stock’s strong gains while also reported their Q3 results, with overall rev- concerns in the bank, warrant- compliance and Manoj Raut, chief and comprising M.M. Chitale,
market from a drastic fall. rebalancing its portfolio. For policyhold- enues increasing by 10.95% year-on-year ing further supervisory action”. corporate govern- executive officer former president of the Insti-
During the December quarter, the mar- ers, it signals LIC’s prudence in securing and net profits surging by 25.08%.There- The restrictions on deposits ance surrounding startups are and secretary general of the tute of Chartered Accountants
ket maintained its bull run despite signifi- profits. For the market, it provides caution fore, LIC’s decision to sell shares seems to on customer accounts do not emerging as a major issue for Institute of Directors, the apex of India and R. Ramachandran,
cant share sale by LIC with domestic on its valuations. The stake sales are likely be influenced by the market prices rather apply to interest, cashbacks or the government to deal with as association for directors in former chairman and manag-
mutual funds and foreign investors buy- to put pressure on the broader market and than financial growth parameters. refunds, which may be credited the country is now home to the India. “A person can be a good ing director of Andhra Bank.
ing shares totalling ₹61,527 crore and specific stocks sold. But the impact seems [email protected] anytime. world’s third largest startup driver, but if the rules of the gireesh [email protected]

Protesting farmers clash with Gentari to buy Fortum assets

police in march to New Delhi FROM PAGE 1 $1.5 billion in a unit of AM
Green, set up by the founders
sivity,” one of the two people of Greenko Group, Mahesh
FROM PAGE 1 an economist and daughter of cited above said, requesting Kolli and Anil Kumar Chala-
agricultural scientist Dr M.S. anonymity. malasetty.
For others like pulses and oil- Swaminathan, at an event on The deal has generated a lot Petronas president and
seeds, farmers are often forced Tuesday celebrating the Bharat of interest, given the power chief executive officer
sell to private traders at prices Ratna conferred on her father from these projects goes to Muhammad Taufik visited
below MSP. recently. state-run Solar Energy Corp. India during the second edi-
There are several deficien- The agitating farmers’ key of India Ltd, NTPC Ltd and tion of the India Energy Week
cies in the current MSP regime, demand—fixing MSP based on NTPC Vidyut Vyapar Nigam that was held in Goa earlier
Tesla’s Solar Roof replaces conventional thatched roofs with agreed R. Ramakumar, a pro- the cost of cultivation plus a Ltd. this month.
photovoltaic tiles. fessor at the Tata Institute of 50% margin—was first recom- Fortum India president India has an installed solar
Social Sciences, Mumbai, and mended by the Swaminathan Sanjay Aggarwal and spokes- power generation capacity of

Tesla seeks Indian author of multiple books on

India’s farm policy. “Benefits of
MSP need to be spread evenly
Agriculture minister Arjun
Munda. PTI
committee in 2006.
In addition, farmers are ask-
ing for a loan waiver, social
people for Actis and Edelweiss
declined to comment. Spokes-
persons for Kotak Investment India has an installed solar
73.32GW, and a total esti-
mated solar energy potential
of 748GW. The Indian govern-

partner for rooftop across the country. For that, the

procurement infrastructure has
to be built in states where MSP
Union agriculture minister
Arjun Munda, however, said a
security benefits like pension,
and a revamp of the crop insur-
ance scheme. They also want
Banking, Petronas, Gentari,
ONGC and Sembcorp did not
respond to queries emailed on
power generation capacity of
73.32GW. AFP
ment has set a target of achiev-
ing 500GW of installed capac-
ity from non-fossil fuel sources
benefits do not reach farmers. law guaranteeing MSP cannot higher duties on imported agri- Monday night. June 2022 to accelerate the by 2030.
solar panel venture The way support prices are cal-
culated also needs a correction
to accurately reflect the costs of
be brought in a hurry without
consulting all stakeholders. He
urged farmer groups to have a
cultural produce, as duty-free
imports lead to lower farmgate
prices.
Global oil companies such
as energy giant Shell Plc,
France’s TotalEnergies, Thai-
adoption of clean energy and
build a renewable energy
capacity of 40GW, supplying
Given the ambitious scale of
India’s green energy transition
trajectory, foreign capital has
FROM PAGE 1 Tesla’s solar panel plans cultivation,” Ramakumar said. structured discussion with the The latest round of protests land’s PTT Group and Petro- 1.2 million tonnes per annum been actively investing in the
come at a time when the com- Currently, the cost of cultiva- government on the issue. comes on the back of muted nas have already established a of green hydrogen and setting space. India has received for-
capacity has grown at a com- pany is also engaging with the tion parameters used to calcu- The protests are organized farm earnings over the past year, presence in India’s green up electric vehicle (EV) charg- eign direct equity investments
pounded annual rate of 47% Indian government for bring- late MSP include an imputed by the Kisan Majdoor Morcha, as the government placed export energy sector, as the conven- ing points across the Asia-Pa- of $6,137.39 million in the
over the last five years, pre- ing its electric cars to the value of family labour, but not an umbrella body of farmer curbs on wheat, rice, sugar and tional hydrocarbon space cific, with a focus on Malaysia renewable energy sector
senting a sizable opportunity. country. The company has the rental value of farm land. unions from Punjab, Haryana onion, depressing local prices. undergoes a massive disrup- and India. over the three financial years
India’s total installed roof- sought several concessions Farmers have repeatedly com- and other states. Farm incomes were also hit tion, with increasing focus on Gentari has been actively till 30 September 2023,
top solar capacity was 11.1GW including lower import duty plained that this depresses MSP “Don’t treat farmers like they due to repeated climate shocks green hydrogen and energy eyeing green energy opportu- according to the Department
as of December, said Girish- rates for its vehicles. numbers. are criminals”, said an emo- like heat waves and uneven storage. nities in India, a recent case in for Promotion of Industry and
kumar Kadam, senior vice- The company is reportedly In an interview with PTI, tional Madhura Swaminathan, rains. Petronas set up Gentari in point being its plans to invest Internal Trade.
president and group head of willing to invest up to $2 bil-
corporate ratings at Icra Ltd. lion for setting up a factory in
While the bulk of this capacity India if the government gives
is with commercial and indus- it a concessional duty rate of
trial users, residential capacity 15% on imported cars for the
has also grown significantly, first two years of its operations,
GST cess, set to end by Mar ’26, may be replaced with new levy
reaching 2.7GW. compared to 70-100% at
“However, the installed present. FROM PAGE 1 the future. If more revenue is will also help in improving deployed for development or
rooftop capacity Tesla’s India to be raised, there can be GST revenues. If these are not welfare.
fell significantly Apart from electric plans gathered pensation cess cannot be lev- higher GST rates. These are sufficient to mobilize the The commission has time
short of the cars, Tesla makes steam again ied beyond that,” one of the issues to be decided by the required revenues, another till October 2025 to give its
40GW target that several home after Musk, the persons cited above said on council,” said the person, who option is to go in for a rationali- report. The 15th Finance Com-
the Union gov- power products company’s mer- condition of anonymity. also spoke on condition of zation of the GST rates for mission had earlier proposed
ernment had set curial chief “Products like tobacco and anonymity. select commodities,” he added. GST rate rationalization as a
covering solar
by the year executive officer automobiles currently attract- Queries sent to the GST In the current medium-term
2022,” Kadam power generation ( C E O ) , m e t ing cess over and above 28% Council and the spokesperson fiscal year, the The cess was reform goal, an
said. and storage Prime Minister GST cannot have GST ‘com- for the finance ministry Centre is originally meant issue that is still
The Pradhan Narendra Modi pensation’ cess after that. The remained unanswered at the expected to col- to compensate before the coun-
Mantri Suryo- during the lat- GST Council will decide what time of publishing. lect ₹1.45 trillion states for revenue cil.
daya Yojana, announced in ter’s US visit in June. Subse- is to be done after the compen- The second person added in compensation The current
losses in the first
January, aims to bring rooftop quently, India’s minister for sation cess is removed... It can that the GST Council will need cess, up 15% from rate of the cess
solar projects to 10 million commerce and industry Piy- continue in some other form, to decide whether higher tax The 16th Finance Commission led by Arvind Panagariya will look the year before, as five years of GST varies—from 1%
houses, each of which gener- ush Goyal visited Tesla’s fac- no doubt,” the person added. rates or another levy replacing into the future of the GST compensation cess. PTI per interim bud- till June 2022 for vehicles run-
ate up to 300 units of electric- tory in Fremont, California, in The second person said that the compensation cess will get estimates. ning on petrol,
ity per month and achieve sav- November. the constitutional guarantee require a constitutional Experts said after the com- tiny in choosing commodities A third person, compressed nat-
ings in electricity cost, Kadam Indian officials and Tesla to compensate states for reve- amendment or only an amend- pensation cess expires, a tax for any tax rate increase so that who also spoke on condition of ural gas (CNG) or Liquefied
added. The scheme, which executives have engaged mul- nue loss was only for the first ment to the law. In the event of rate adjustment or shifting the poor and middle class are not being named, said the 16th petroleum gas (LPG) meeting
allows the use of only locally tiple times since to thrash out five years of GST, and the any reduction in the tax outgo certain goods into a higher tax not adversely impacted,” said Finance Commission led by certain conditions, to 22% in
made solar modules, could the finer details of the com- extension of cess was done by on these products, the Compe- slab may be an easier way to R. Muralidharan, a practising Arvind Panagariya will look the case of sports utility vehi-
create 20-25GW of demand pany’s entry into India. a law as a special dispensation. tition Commission of India mobilize any additional reve- lawyer and indirect tax expert. into the future of GST com- cles, to as high as 290% for cer-
opportunity for domestic solar nehal.chaliawala@live- “The term GST ‘compensa- (CCI) will look into issues of nues required. “Of course, “Measures to enhance com- pensation cess, since it is a rev- tain smoking mixtures for
module makers. mint.com tion’ cess will be a misnomer in profiteering, the person said. there has to be a greater scru- pliance and arrest tax leakages enue source that can be pipes and cigarettes.
LIVEMINT.COM CORPORATE WeDNesDay, 14 February 2024
NeW Delhi 07

Prime Volleyball to look for EV firms stare at disruption

investors as value tops $90mn
Gaurav Laghate
[email protected]
MuMbai
amid FAME-III uncertainty
P
rime Volleyball League,
India’s first private
sporting league, will Automakers are lining up affordable vehicles, slashing prices to lure buyers as sales stagnate
soon start looking at getting a
strategic investor, as its valua-
tion has more than quadru- Alisha Sachdev and registered at prices under the cur-
pled since its inception to over [email protected] rent scheme.
$90 million, said a top execu- New Delhi “Having enough lead time and cer-
tive. tainty are important not just for original

T
Prime Volleyball was he government has yet to take equipment manufacturers but also for
co-founded in 2021 by Indian a call on whether to extend the ecosystem... depending on the depth
sports marketing firm Baseline the FAME-II (Faster Adoption of the cut, adoption will slow down, it is
Ventures, the erstwhile pro- Prime Volleyball was co-founded in 2021 by Baseline Ventures, and and Manufacturing of Hybrid already at stagnation levels,” Rakesh
moter of the Pro Volleyball five original franchise owners of now-defunct Pro Volleyball. and Electric Vehicles) incen- Sharma, executive director, Bajaj Auto,
league, along with five original tives beyond 31 March, two officials told Mint. “The subsidy quantum in itself
franchise owners of the now- ketball Association), Major “We are delighted and hon- privy to the discussions said, even as is less important than the early clarity of
defunct Pro Volleyball. In League Soccer (MLS) and oured to witness the response electric vehicle makers seek certainty on it, as it allows lead time for the supply
2020, just after the initial sea- other US sporting leagues, from top businesses and orga- continuation of the scheme that aims to chain including dealers to calibrate
son of Pro Volleyball, the Vol- where team owners are also nisations, showcasing their promote clean mobility in the country. operations. We are in touch with multi-
leyball Federation of India stakeholders in the leagues. interest in partnering with The officials cited a global trend ple levels of different ministries. FAME is
(VFI) and Baseline got In 2022, the first edition of Prime Volleyball League each where electric vehicle subsidies have changing for sure, though a firm deci-
embroiled in a dispute and the Prime Volleyball took place year. We are already in talks to been tapering off in major economies, sion is yet to be taken. Our response will
federation termi- with seven fran- add one more final team after adding that the same shall be done in need to be decided quickly based on the
nated the 10-year In 2022, the first chises, of which the third season to make Prime India. “As of today, there is no FAME-II India is likely to follow a global trend of lowering EV subsidies, say officials. AFP quantum of reduction and anticipated
contract with edition of Prime five had been part Volleyball a 10-team league,” beyond March 31 and the government is competitive response,” Sharma added.
Baseline, alleging Volleyball had of Pro Volleyball. Tuhin Mishra, managing yet to take a view on whether there which the ministry of heavy industries of an electric two-wheeler’s ex-show- “We’re awaiting clarity from the gov-
breach of trust. seven franchises, Since then, the director and co-founder of should be a FAME-III”, one of the offi- has envisioned as an extension, or “mir- room price to only 15% of its ex-factory ernment regarding the future of FAME
While the
of which five had league has added Baseline Ventures, which cials cited above told Mint. “But what is ror” of the existing ₹10,000 crore price. Sops are now offered at the rate of subsidy. We advocate continuation of
Madras high one new fran- exclusively co-owns and mar- certain is subsidies will come down FAME-II scheme. ₹10,000 per kWh of battery capacity in subsidy, with a gradual year-on-year
court-appointed been part of Pro chise every sea- kets the league, told Mint. across the board—for every vehicle seg- The move will be in line with the gov- the vehicle, lower than the ₹15,000 per reduction. While the industry is not
arbitrator found Volleyball son. Sameer He said the valuation of the ment,” the second official added. An ernment’s moves to gradually reduce kWh of incentive firms availed earlier. entirely reliant on subsidies for survival,
the contract ter- Nigam and Rahul league, after the last addition, inter-ministerial committee, with the subsidies. However, the officials cited However, with just a month-and-a- discontinuation could result in one or
mination wrong- Chari, co-fou- is upwards of $90 million. heavy industries ministry as the nodal above said that the timeline for this half to go before the scheme comes to an two years of stunted growth, pushing
ful and awarded ₹4.5 crore to nders of the payments plat- “We are already seeing agency, is currently evaluating the pro- reduction will now be tighter than antic- end, industry executives Mint spoke the industry further away from our tar-
Baseline as compensation, the form PhonePe, acquired the interest from potential inves- posed incentive scheme that will likely ipated earlier. That is, the new scheme is with said lower incentives will slow EV gets,” Ravneet S. Phokela, chief business
sports marketing agency got eighth franchise, Mumbai tors, including strategic and replace or extend FAME-II. likely to have a smaller outlay for a two- adoption, which has already been stag- officer, Ather Energy, told Mint.
the support of five franchise Meteors, last year, while Alok private equity, who want to be While demand-side subsidies, which three year period, instead of five years. nating. Moreover, the lack of clarity on Amid stagnating EV sales, automak-
owners to launch a private vol- Sanghi, director of the Sanghi a part of the league. We will lower the price of a vehicle for a cus- From June 2023, the Centre signifi- what contours the changed demand ers have been lining up affordably-
leyball league in the country Group, bought the ninth team, explore the option after talk- tomer, for EVs are unlikely to come to a cantly cut the subsidy on electric two- incentive scheme will have is disrupting priced vehicles, and have been cutting
that has an operating structure the Delhi Toofans, ahead of ing to all the stakeholders,” complete halt, their quantum will be sig- wheelers to customers under its their business plans, as ecosystem play- prices to appeal to a wider set of con-
similar to NBA (National Bas- the third season. Mishra added. nificantly reduced in the new scheme, FAME-II scheme—from a ceiling of 40% ers will have to grapple with stock billed sumers and revive business.

• Advani Hotels declares a 1:1 bonus share offering and a 100% dividend on the back of consistent revenue growth.
• Recorded a milestone of the highest ever revenue of INR 3,304 lakhs in Q3FY24, the highest revenue in any quarter in it’s
LETTER TO OUR INVESTORS: operating history, registering a growth of 11% (YoY).
Advani Hotels & Resorts (India) Limited
• Q3FY24 Profit Before Tax (PBT) stands at INR 1,270 lakhs, clocking a growth of 8% (YoY)
(Caravela Beach Resort Goa)
• There has been a 44% growth in free reserves as on December 31, 2023 and the Company has significant reserves
available for additional follow-on bonus issuances.

Mumbai, January 29, 2024: Advani Hotels & Resorts (India) Limited, approved the unaudited financial Announcing the financial results, Mr. Prahlad S. Advani, Chief Executive Officer & Whole-Time Director,
results for the quarter and nine-month period ended December 31, 2023. Advani Hotels & Resorts (India) Limited stated:
“On behalf of the Board of Directors, I’m very grateful to our team at Advani Hotels and the Caravela Beach
FINANCIAL TABLE INR in lakhs Resort Goa for their dedication and hard work.
Quarter ended Quarter ended Through their enthusiasm and teamwork, we have achieved significant milestones along with impressive
Particulars financial results in the Q3FY24:
December 2023 December 2022
• The highest ever Total Income, EBITDA, Profit Before Tax and Profit After Tax in a single quarter in our
Total Income 3,304 2,974
operating history.
Operating Expenses 1,949 1,725 • A declaration of a 1:1 bonus share offering.
EBITDA 1,355 1,249 • An Interim Dividend of 100%.
EBITDA Margin (%) 41% 42% • For the seventh consecutive year, the Caravela Beach Resort Goa has won the prestigious Booking.com
‘Travellers Review Award’ for the year 2024, based on verified customer satisfaction scores and reviews
Profit Before Tax 1,270 1,179 from our guests.
Income Tax (including Deferred Tax) 339 304 As we continue to ride the wave of increasing domestic travel, we remain dedicated to exceeding
Profit After Tax 931 875 expectations and creating lasting memories for all of our guests.”
About Advani Hotels & Resorts (India) Limited:
Total Room Nights Sold (Numbers) 15,173 14,822
Advani Hotels & Resorts (India) Limited (ADVANIHOTR) is a publicly-traded, Company incorporated in 1987,
Occupancy (%) (on available rooms for sale) 85.4% 83.6% headquartered in Mumbai and is listed on the Bombay Stock Exchange and National Stock Exchange of
Total Revenue Per Occupied Room per night India.
(TrevPOR) (INR) after subtracting taxes 21,779 20,065 It owns and operates the 'Caravela Beach Resort Goa'; an independent, 201-key, 5-Star Deluxe golf resort
on the Arabian Sea, designed by the world-famous architects WATG (who designed both the 'Atlantis'
Liquid Fund Reserves (including Fixed Deposits) 4,812 3,154
resorts).
The Caravela is located on a 23-acre estate with a 275-meter long beach-front on the powdery white sands
The Company is debt-free and the Liquid Fund Reserves (including Fixed Deposits) are at INR 4,812 lakhs as
of Varca Beach, South Goa. The Caravela is surrounded by immaculately landscaped gardens and a golf
on December 31, 2023, after deducting a 70% Interim Dividend pay-out of INR 647 lakhs in June 2023 and
course designed by the international landscape architect, Belt Collins.
after deducting cash-outflows towards capital expenditures during the nine-month period of the current
financial year. The resort was awarded the Booking.com ‘Travellers Review Award’ consistently for 7 years in a row from
2018 to 2024. The Caravela won the prestigious ‘Tripadvisor Travellers’ Choice Award’ in 2021 & 2023,
The Total Income, EBITDA, Profit Before Tax and Profit After Tax in Q3 have been the best amongst any placing it amongst the top 10% of hotels worldwide.
quarter in the entire operating history of the Company. This is despite a decrease in demand for the overall
The audited results for the Financial Year 2022 - 2023 indicate a noteworthy set of financial ratios. The
destination of Goa, due to our domestic tourists travelling overseas for holidays (especially to Thailand)
Company is debt-free and has been consistently rewarding its shareholders through the distribution of
and due to a reduction in Russian tourists into Goa.
dividends over the last 10 years, excluding the year of COVID-19 (the Financial Year 2020 - 2021).
Significant performance indicators of the quarter ended December 2023 are below:
The Company is managed by the Founder and Chairman & Managing Director - Mr. Sunder G. Advani,
• The EBITDA increased by INR 106 lakhs compared to the same period last year, but the EBITDA margins the Chief Executive Officer & Whole-Time Director - Mr. Prahlad S. Advani and the Executive Director -
declined by 1%. This is due to strategic investments in our workforce, including hiring new talent and Mr. Haresh G. Advani; together with a distinguished Board of Independent Directors.
rewarding our existing talent pool with increments to encourage and retain our valuable employees. Over the last ten years, Advani Hotels has paid Dividends totalling to INR 57.43 crore (including dividend
• The Company’s Profit After Tax (PAT) stands at INR 931 lakhs registering a growth of 6%. tax), to all its shareholders.
• During this quarter, the hotel recorded an average occupancy of 82.4% in October, 82.3% in November After the Board of Directors have declared a 100% Interim Dividend today on January 29, 2024, this amount
and 91.3% in December 2023; versus an occupancy of 78.1% in October 2022, 82.5% in November 2022 and will rise to INR 66.67 crore (including dividend tax), to all its shareholders.
90.2% in December 2022. Dividends have been paid in ten out of the last eleven years. The only year without a dividend was the
• During this quarter, the Average Revenue Per Occupied Room per night after subtracting taxes was INR Financial Year 2020 - 2021, (during which the resort was closed for six months due to Covid-19).
18,012 in October, INR 20,606 in November and INR 26,146 in December; versus INR 17,298 in October 2022,
INR 19,547 in November 2022 and INR 21,493 in December 2022.
• On Christmas Eve, the Caravela Beach Resort Goa achieved an Average Net Revenue Per Occupied Prahlad S. Advani
Room per night after subtracting taxes of INR 33,514, at an occupancy of 88.7%. Place: Mumbai Chief Executive Officer & Whole-Time Director
• On New Year’s Eve, the Caravela Beach Resort Goa achieved an Average Net Revenue Per Occupied Date: January 29, 2024 Advani Hotels & Resorts (India) Limited
Room per night after subtracting taxes of INR 45,318, at an occupancy of 96.9%.
• The Company has declared an Interim Dividend of 100% i.e. INR 2 per share, which will result in a pay-out
of INR 924 lakhs within the next 30 days.
• For the seventh consecutive year, the Caravela Beach Resort Goa has won the prestigious Booking.com
‘Travellers Review Award’ for the year 2024, based on verified customer satisfaction scores and reviews
from our guests who have stayed with us from January 1, 2023 to December 31, 2023.
Quarterly view on the hospitality industry:
• As per a report by NOESIS (one of India’s leading hotel investment advisors) despite the positive revenue
trajectory of the hospitality sector, it is important to note that the profitability rise may not be directly
proportional to the revenue surge. This is attributed to the incremental rise in full-scale services and
manning expenses hitting their stride since Q3FY23.
08 WeDNesDay, 14 February 2024
NeW Delhi CORPORATE LIVEMINT.COM

SII to raise
HPV vaccine FIITJEE delays salaries Cash-strapped Red.Health
struggles to clear Jan salaries
capacity to
70 mn doses
citing cash flow issues Samiksha Goel
[email protected]
beNgaluRu

Somrita Ghosh

R
ed.Health, an ambulance
[email protected] aggregator backed by
New DelhI Competition from edtechs, high fixed costs led to ₹68.5 cr loss in FY23 Kalaari Capital, has paid
its employees only half their

P
Pune-based Serum Insti- January salaries with no word
tute of India (SII) plans to Shouvik Das on when the remainder would
expand the annual pro- [email protected] be disbursed, as the Hydera-
duction capacity of the quadri- New DelhI bad-based startup struggles
valent human papillomavirus with cash crunch, according to

F
(HPV) vaccines to around 70 IITJEE Ltd has suspended salary people aware of the matter.
million doses starting this payments citing cash flow issues, An employee said on condi- The December salary was delayed by two days, before being
year, according to a company five company executives said, at a tion of anonymity that the distributed on 3 January.
spokesperson. time the test preparation firm is company has disbursed 50% of
The company’s plan to squeezed by rising losses and com- the salary to paramedics and CEO Prabhdeep Singh said: rounds in India.
expand the vaccine produc- petition. The company has assured employees on 9 February, but “Given the nature of our busi- The company did not share
tion capacity from 2-3 million employees that salaries will be paid, but is yet to communicate when ness, we had to launch three big details about the quantum of
doses currently aligns with there is no clarity on when, the executives the remaining salaries will be hospitals (tie-ups with hospitals funds it is raising, and the
the government’s efforts to said on condition of anonymity. credited. for ambulance service) during investors in its Series B round.
introduce the HPV vaccine FIITJEE, one of India’s largest IIT coach- While the December salary this month and had forward According to people in the
against cervical cancer for ing chains operating its own centres as well was delayed by two days and investments to be made. This know, the firm has been strug-
girls aged 9-14 years, as as franchises, conveyed the decision last was distributed on 3 January, meant prioritising those gling to raise funds for a while,
announced in the interim week. the management had sent a launches over paying every- hurting its ability to scale the
budget by finance minister “Employees were told on 7 February at a communication one’s salaries on business. The founder, how-
Nirmala Sitharaman. meeting in Delhi that salaries for the month via email about The Hyderabad- the first (of Janu- ever, said the business has dou-
“Currently, SII has a pro- will be delayed. The company has been the delay in an based firm is ary).” bled since September.
duction capacity of around 2-3 struggling financially for quite some time Founded in 1992, the New Delhi-based company trains students for the Joint Entrance effort to reassure expected to “Our funding Backed by the likes of Kalaari
million doses for the Cervavac now, and employees were informed that Examination for top engineering colleges. the employees. announce its round is closed Capital, HealthQuad and
vaccine. That said, the com- this is a cash flow issue that the company However, this
Series B funding and we are await- HealthXCapital, Red.Health
pany plans to considerably was working to fix. However, no timeline According to the executives that Mint reports of delays, deductions based on time there has ing money to be has raised $22.6 million so far.
expand this capacity, with a was offered for when salaries would be spoke to, as well as two industry veterans, company performance and surprise cuts in been no commu- round within 15 wired by this Of this, about $20 million was
target of reaching 60–70 mil- released,” one of the executives said. its profits have been declining over the past the last five years. nication from the days week. On the basis raised in its Series A round in
lion doses,” the spokesperson Founded in 1992, the New Delhi-based five years as edtechs gained, and the losses Between August and December last year, company, he of that, and to January 2022. Back then, it was
told Mint. company trains students for the Joint may be even worse this year. the company asked its employees to sign a added. manage working reportedly the largest Series A
The company did not dis- Entrance Examination (JEE) for top engi- “The company has been penalizing form, authorizing it to hold them liable for “All the communications are capital, we had given a choice to funding in the healthcare sec-
close any financial or other neering colleges. Its rivals include Toppers employees of ‘underperforming’ fran- its losses. “I understand and declare that happening over calls, and HR is our old employees to hold their tor.
details regarding the produc- Academy, Aakash Institute and PACE in chises by either deferring or part-paying any losses caused to FIITJEE, its associate saying that things aren’t good salaries back. Please note that Following the capital infu-
tion boost. classroom coaching, and Byju’s and Physic- their salaries,” a third executive said. At or group companies etc., owing to my inac- right now and the company is most of the salaries are already sion, the company went on a
Talking about enrolment of swallah in the online space. The least five outlets across Kolkata, tion/omission/gross negligence, shall be waiting for funding,” the paid,” Singh said, adding that it hiring spree, but subsequently
the Cervavac vaccine under company employs 3,200 people Mumbai and Delhi confirmed my personal liability, and FIITJEE would employee cited above said. will announce its fundraise laid off about 800 employees
the pan-India immunization across India. this on condition of anonym- be at liberty to recover the same from the In response to queries from within 15 days, which is going to starting mid-2023, according
programme, SII said that the
National Technical Advisory
A second executive said
employee expenses have 3,200
No. of people
ity, stating the management undersigned,” stated the form. Mint has
pressures them to achieve seen a copy of the email, which also accused
Mint, Red.Health’s founder and be one of the largest Series B to people in the know.

Group on Immunization shot up due to “bumper targets or receive restricted employees of “many derelictions of duties,”
(NTAGI), the highest advisory hikes” for teachers, while employed by the payouts. FIITJEE’s adding such issues have “affected company
body on immunization in the non-teaching staff pay has firm across India employee expenses rose growth and profitability.”
country, has recommended remained flat for nearly six 37.2% to ₹347 crore in FY23, A former senior executive at a top edtech
the inclusion of the vaccine in years. Posts by former and including ₹21.4 crore in directors’ said, “Entities such as Aakash Institute
the universal immunization present employees across forums salaries. could invest heavily right as the pandemic
programme (UIP). also make similar claims. Emails and messages sent to FIITJEE started receding, driven by the backing of
While discussions on pric- FIITJEE clocked a net loss of ₹68.54 remained unanswered. Byju’s. FIITJEE, however, has been strug-
ing for government procure- crore in FY23 even as revenue rose 20% to FIITJEE has had troubles paying salaries gling for a while because of fixed expenses,
ment are still preliminary, the ₹541.68 crore, its annual report accessed and making final settlements for ex-em- and its revenue has been around the ₹400-
vaccine’s inclusion in the UIP via business intelligence platform Tofler ployees in the past as well, the executives 600 crore bracket for a while now. Cash
could dramatically increase its showed. In the previous year, the company said. Anonymous reviews on Glassdoor, flow expenses affected by rising competi-
accessibility and impact. had made a net profit of ₹37.36 lakh. Quora and AmbitionBox show nearly 100 tion would not be surprising, as a result.”

Success of non-film numbers such as Heeriye hints at a shift in

listening habits.

Lack of marketing
for music worries
theatre owners
Lata Jha music. According McKinsey,
[email protected] Gen Z comprises people born
New DelhI between 1996 and 2010.
The challenge is further

T
he potent link between compounded by inadequate
music and box-office marketing efforts, especially in
success of a Hindi film smaller cities, Sharma said, and
appears to be weakening, par- a noticeable lack of enthusiasm
ticularly among audiences in from actors in promoting songs.
smaller towns. As of Tuesday, the list of top
Typically, hit songs could 50 songs on Spotify in India
boost a film’s opening box office was dominated by older hits
revenue by at least 20%, serving such as Satranga and Pehle Bhi
as a vital marketing tool. How- Main, both from the movie Ani-
ever, the emergence of inde- mal, and Chaleya (Jawan)
pendent music and a noticeable besides non-film tracks such as
The Nashik District Central Co-op. Bank Ltd., Nashik
decline in music marketing Heeriye and Husn, indicating a
efforts by studios shift in listening Head Office, Old Mumbai Agra Road, Near C.B.S. Nashik-422002
Ph. No.- 0253 2504381, Email - [email protected], Website -www.nashikdccbank.in
are diminishing Typically, habits.
the role of film hit songs Yet, the endur- TENDER NOTICE FOR SALE OF IMMOVABLE PROPERTY
soundtracks in could boost ing appeal of film The Nashik District Central Co-op. Bank Ltd., Nashik hereby invites Bids/Offers in
creating pre-re- a film’s opening songs and their sealed envelope for sale of Land & Building of Renuka Devi Audyogik Sahakari Sanstha
lease excitement, role in driving box Ltd., Dyane Tal.Malegaon Dist.Nashik as per the provisions of the SECURITIZATION &
box office
say theatre owners. office success are RECONSTRUCTION OF FINANCIAL ASSETS & ENFORCEMENT OF SECURITY
The success of revenue by at undeniable, with INTEREST ACT, 2002(SARFAESI ACT 2002). The Schedule of program are as follows.
recent films such least 20% tracks leaving a Sr.No. Details Date
as Pathaan and lasting impact
Animal under- beyond their cin- 1 Buy/Download Tender Document 14/02/2024 to 05/03/2024 by 10:30 am-5:30 pm
scores that effective music can ematic run, said Yusuf Shaikh,
still be crucial to building antici- business head of feature films at 2 Inspection of the Property 14/02/2024 to 05/03/2024 by 10:30 am-5:30 pm
pation before a movie’s release. production and distribution 3 Submission of Tender On or Before 05/03/2024 By 5:30 pm
Amit Sharma, managing firm Percept Pictures.
director of Miraj Entertainment For instance, Ekta Kapoor’s 4 Bid Opening Date 06/03/2024 at 12:00 pm
that operates multiplex theatres, Ragini MMS 2 had greatly ben- 5 Contact Officer Shri.Gorakh Ramchandra Jadhav,
emphasized the importance of efited from the Baby Doll track Authorised Officer/Divisional Officer,Malegaon
music in attracting audiences to featuring Sunny Leone when Division, Malegaon Mob.No. 9823730933
theatres, suggesting that the released in 2014, and Emraan The detailed Terms & Conditions, guidelines and further details are available on banks official
industry needs to elevate its Hashmi-starrer Aksar is still Website: www.nashikdccbank.in from 30/11/2023 onwards. Sd/-
game in film music to match the remembered for the Jhalak G. R. Jadhav
diverse tastes of Gen Z, who are Dikhla Ja song sung by Himesh Date : 14/02/2024 Authorised Officer & Divisional Officer,Malegaon
also consumers of international Reshammiya. Place : Nashik The Nashik District Central Co-op Bank Ltd., Nashik
LIVEMINT.COM
WeDNesDay, 14 February 2024
NeW Delhi 09

Canara HSBC Life Insurance Company Limited

139, Sector – 44, Gurugram-122003, Haryana (India)
Tel: 0124-4535500, Email: [email protected]
NOTICE INVITING BIDS/OFFERS
Open Tender is invited against RFP for Empanelment of Regional Agencies for MICE Services
dtd 13-Feb-24. Above tender has been uploaded on https://www.canarahsbclife.com/
tenders-notices.html, website of Canara HSBC Life Insurance Company Ltd. All prospective
bidders are advised to visit the aforesaid website for downloading the RFP.

Have
fun
with
facts on
Sundays
Catch the latest column of

A
A quiz on the week’s
development.

hindustantimes htTweets www.hindustantimes.com

10 WeDNesDay, 14 February 2024
NeW Delhi GLOBAL LIVEMINT.COM

Senate passes $95 bn

aid bill for Ukraine,
Early adopters of Microsoft’s AI
Israel and Taiwan bot wonder if it’s worth the money
Reuters
[email protected]

T
he Democratic-led US
Senate on Tuesday Artificial-intelligence aide handles email, meetings and other things but its price, limited use have some skeptical
passed a $95.34 billion
aid package for Ukraine, Israel
and Taiwan, amid growing Tom Dotan much smaller groups. that “Bob” spoke about “product
doubts about the legislation’s [email protected] Microsoft says it is confident the strategy.”
fate in the Republican-con- time and money saved through the The problem was that no one

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trolled House of Representa- icrosoft ’s new artifi- tool are worth the cost. named Bob was on the call and no one
tives. cial-intelligence In November, Microsoft’s survey of spoke about product strategy, an
The lawmakers approved assistant for its best- early testers of the software found executive at the company said.
the measure in a 70-29 vote selling software has that 77% of them didn’t want to give it In other programs—particularly the
that exceeded the chamber’s been in the hands of up because it saves workers’ time. ones that handle numbers—hallucina-
60-vote threshold for passage testers for more than six months and Meeting summaries saved people tions are more problematic. Testers said
and sent the legislation on to President Joe Biden has been their reviews are in: useful, but often about 30 minutes a meeting. Artifi- Excel was one of the programs on which
the House. Twenty-two urging Congress to hurry the doesn’t live up to its price. cial-intelligence-assisted writing they were less likely to use the AI assist-
Republicans joined most new aid for months. AP The company is hoping for one of its saved users six minutes on writing ant because asking it to crunch num-
Democrats to support the bill. biggest hits in decades with Copilot for first drafts, Microsoft said. bers sometimes generated mistakes.
“It’s certainly been years, House. Microsoft 365, an AI upgrade that plugs Materials-science company Dow Jared Spataro , Microsoft’s corpo-
perhaps decades, since the But the bill appears to face into Word, Outlook and Teams . It uses plans to roll out Copilot to approxi- rate vice president of workplace
Senate has passed a bill that so long odds of getting to the the same technology as OpenAI’s mately half of its employees by the applications, said that Excel was still
greatly impacts not just our floor of the House, where ChatGPT and can summarize emails, end of 2024, after a test phase with in preview and lagged behind the
national security, not just the Republican Speaker Mike generate text and create documents about 300 people, according to other programs in usefulness.
security of our allies, but the Johnson faulted it for lacking based on natural language prompts. Melanie Kalmar , chief information Other features that Microsoft has
security of western democ- conservative provisions to Companies involved in testing say and chief digital officer at Dow. touted, including the ability for Copilot
racy,” Senate Majority Leader stem a record flow of migrants their employees have been clamoring “There have been tremendous effi- to generate PowerPoint slides, have also
Chuck Schumer said. across the US-Mexico border. to test the tool—at least initially. So far, ciency gains,” Kalmar said. The com- been disappointing, some users said.
The Senate vote occurred “In the absence of having the shortcomings with software pany, based in Midland, Mich., has Guido Appenzeller , a partner at
before sunrise, after eight received any single border including Excel and PowerPoint and its Satya Nadella, chief executive officer, Microsoft. MINT approximately 35,900 employees. investment firm Andreessen Horo-
hardline Republican oppo- policy change from the Senate, tendency to make mistakes have given Early testers who spoke with The witz, posted a thread on X showing
nents of Ukraine aid held an the House will have to con- some testers pause about whether, at analyst with RBC Capital. Bing has gained less than 1 percent- Wall Street Journal said the AI add- the mistakes it makes when
overnight marathon of tinue to work its own will on $30 a head, it is worth the price. During Microsoft’s recent earnings age point of market share. ons for Microsoft’s workplace com- prompted to make a presentation.
speeches that dominated the these important matters,” “I wouldn’t say we’re ready to call, Copilot was mentioned more Some companies are hesitant to munication software Teams were “It is a mess and not anywhere close
chamber floor for more than Johnson said in a statement spend $30 per user for every user in than 50 times. Chief Executive Satya dive into adopting AI technology. A most useful. to adding value,” Appenzeller said.
six hours. issued late on Monday. the company,” said Sharon Mandell , Nadella likened it to the adoption of survey from Boston Consulting Group Some had already become reliant Ethan Mollick, a professor of AI at
Democratic President Joe “America deserves better the chief information officer at net- the personal computer in workplaces. showed that while nearly 90% of busi- on Copilot if they were late to a meet- the University of Pennsylvania’s
Biden has been urging Con- than the Senate’s status quo,” working hardware company Juniper “We’ve moved from talking about ness executives said generative AI was ing, to get a summary of what had been Wharton School, noted in a post that
gress to hurry the new aid to said Johnson, who has sug- Networks , which has been testing AI to applying AI at scale,” he said. a top priority for their companies this said. Those in different countries and in Outlook, Copilot suggested times
Ukraine and US partners in the gested in the past that the Copilot since November. Microsoft’s earlier AI upgrades year, nearly two-thirds said it would time zones now have the option to skip for a potential meeting that were
Indo-Pacific, including Tai- House could split the legisla- Microsoft has said that early have had mixed results. In 2022, the take at least two years for the technol- meetings and just read summaries. booked or on Saturdays.
wan, for months. After Hamas’ tion into separate bills. demand from users is unprecedented company released ogy to move “It has allowed people to say, ‘You Mollick otherwise gave the soft-
7 October attack on Israel, he The legislation includes $61 and the companies testing it have GitHub Copilot, beyond hype. know what, there is already 10 other ware a positive review, calling it a
also requested funds for the US billion for Ukraine, $14 billion found it valuable. The company hasn’t which helps pro- About 70% of them people on the call. I’m going to skip this “pretty impressive set of tools.”
ally, along with humanitarian for Israel in its war against shared specifics about sign-ups. grammers write were focused only one. I’m going to catch up in the morn- Microsoft’s Spataro said Power-
aid for Palestinians in Gaza. Hamas and $4.83 billion to The company has bet billions— code faster using AI. The feature, on small-scale and limited tests. ing by reading the digest and skipping Point is “still learning its way.”
Ukrainian officials have also support partners in the Indo- notably through its $13 billion invest- which starts at $10 a month, has 1.3 Microsoft had been betting that the to the parts of the meeting I really Some early adopters said the initial
warned of weapons shortages Pacific, including Taiwan, and ment in OpenAI—that i t can lead the million subscribers—up 30% from the desire to use the AI would persuade needed to hear,’” said Art Hu , the global excitement about the AI tools wore
at a time when Russia is press- deter aggression by China. way in AI . Its shares have soared on previous quarter, Microsoft execu- companies to sign up for massive con- chief information officer at Lenovo . off quickly. Lenovo said that aside
ing ahead with renewed It would also provide $9.15 the belief that the technology will tur- tives said. tracts. When it made the assistant In other areas, testers say the tech from the AI used to transcribe meet-
attacks. Both houses of Con- billion in humanitarian assist- bocharge its revenue, making it the The AI-powered chatbot added to widely available in November, compa- has fallen short: Copilot for Microsoft ings on Teams, there was about a 20%
gress must approve the legisla- ance to civilians in Gaza and most valuable company in the world Bing search has struggled to make nies had to sign up for at least 300 sub- 365, including other generative AI drop in the use of Copilot for most
tion before Biden can sign it the West Bank, Ukraine and . On Sunday, it showed its first Super waves. Despite a flashy rollout from scriptions. Many were resistant to that tools, sometimes hallucinated, mean- software after a month.
into law. other conflict zones around Bowl ad in four years, touting Copilot Microsoft, it didn’t make much of a size of commitment for unproven soft- ing it fabricated responses. Users said Microsoft’s Spataro said the com-
Schumer said he believes the globe. Republicans have as a tool that can help young people dent in Google’s search market share ware, said a Microsoft software reseller. Copilot, at times, would make mis- pany plans to address the drop-off
the measure would receive the demanded for months that the realize their entrepreneurial dreams. . Executives had expected potentially Last month, Microsoft eased its takes on meeting summaries. issue by incorporating more alerts
same strong bipartisan sup- foreign aid bill include border “Copilot has to be a success for the billions in new revenue if Bing gained minimum requirement, allowing At one ad agency, a Copilot-gener- and tips to nudge users.
port if it came to a vote in the restrictions. stock to work,” said Rishi Jaluria , an on Google, and nearly a year later, businesses to pilot the software with ated summary of a meeting once said ©2024 DOW JONES & CO. INC.

It’s crunch time for one of Europe’s The world is quietly losing the
land it needs to feed itself
last big Wall Street players Bloomberg
[email protected]
Josh Mitchell investors think the banks will fixed-income securities, equi-

T
[email protected] struggle to generate a decent ties and derivatives. But profit he greatest threats to
return for shareholders using has slumped of late, as both our existence today are

T
wo years ago, C.S. Ven- the assets at their disposal. bond trading and dealmaking caused by human activ-
katakrishnan was unex- Royal Bank of Scotland , have slowed down. ity rather than nature acting
pectedly thrust into the once the world’s largest bank Self-inflicted wounds, such alone, according to a recent
top job at British banking giant by assets, reinvented itself as as mistakenly selling billions United Nations report.
Barclays . A year later, he felt a the retail-focused NatWest of dollars of securities that Many people are familiar
lump on his neck and was Group . It is still partly owned weren’t properly registered in with human contribution to
diagnosed with cancer. by the U.K. government after the U.S., and getting stuck with climate change and perhaps
Now, after successfully RBS’s crisis-era bailout. risky debt from Elon Musk’s also the loss of biodiversity.
undergoing treatment, Ven- For its part, Barclays Twitter takeover , have added But there’s a third environ-
katakrishnan faces a career- avoided a bailout and tried to to the problems. mental impact that rarely gets
defining test. The Indian-born C.S. Venkatakrishnan was hired in 2016 as chief risk officer, remain a big, multiservice The investment bank’s vola- the attention it deserves:
risk specialist is trying to suc- before becoming head of the arm that oversees global markets. bank on both sides of the tile earnings are dragging desertification, also known as The world is rapidly losing usable land for self-inflicted reasons
ceed where his predecessors Atlantic. It even bulked up on down the bank’s share price, land degradation. and climate change. AFP
failed, to persuade investors supermarket chain. Any serious cuts to the Wall Street with a fire-sale said Benjamin Toms, an ana- The world is rapidly losing
that Barclays ’s eclectic mix of “At the core of Barclays is investment bank would likely purchase of the U.S. arm of lyst at Royal Bank of Canada . usable land for self-inflicted ing of the term desertification. land degradation that also
Main Street finance and Wall our U.K. bank,” Venkatakrish- meet fierce resistance. Lehman Brothers. Meanwhile, Barclays has reasons, ranging from inten- That’s why we also use ‘land don’t have benefits for other
Street heft makes sense. He is nan told The Wall Street Jour- “It will require them to Robert Diamond , a former lost ground in its own back- sive agriculture and overgraz- degradation,’” Thiaw said. problems we face,” he said.
preparing to unveil his blue- nal in Davos, Switzerland, last make some difficult decisions. Barclays CEO, said U.K. len- yard. The share of U.K. con- ing of livestock to real estate Ironically, one of the biggest Along with curbing emis-
print for the bank alongside month . “Any strong global It is down to him,” said Edward ders are at a disadvantage sumers identifying Barclays as development and, yes, climate challenges in the fight against sions, a World Economic
annual results due Feb. 20. bank has to be really good in its Firth, a banking analyst at against U.S. banks because of their primary bank fell to 13% change. The crisis is further land degradation is universal: Forum report found that
Venkatakrishnan, 58 years domestic market, and that has Keefe, Bruyette & Woods. British “ringfencing” rules that in 2023 from 16% in 2020, fuelling food and water inse- We need to eat. About 40% of investing about $2.7 trillion
old, took over as chief execu- to be the core of our ambition.” “My sense is he’s a thor- stop cheap retail deposits from according to research from curity, as well as adding to the planet’s land – 5 billion each year in ecosystem resto-
tive in November 2021, after “I think if you’re going to oughly nice man,” Firth said. funding investment banking. RFI Global. The equivalent more greenhouse gas emis- hectares – is used for farming. ration, regenerative agricul-
then-CEO Jes Staley resigned aim for higher returns and a “We all know people at Bar- Those rules make capital cost- market share for smaller busi- sions. One third of that is to grow ture and circular business
over his ties to convicted sex better valuation, you need to clays’s investment bank. There lier and make it harder for nesses fell to 17% from 20%. Environmental scientists crops and the rest for grazing models could help add nearly
offender Jeffrey Epstein . have a more balanced bank,” are a lot of big heads and wide banks to expand, he said. Barclays remained the largest haven’t ignored the problem. livestock. 400 million new jobs and gen-
Since then, Barclays shares he said. shoulders there, and to go up Underscoring the challenge U.K. bank by number of cus- In fact, the Earth Summit held Unfortunately, the world erate more than $10 trillion in
in London have fallen by more Often known simply as Ven- against them, you need a facing Venkatakrishnan is a tomers in both fields. in Rio de Janeiro in 1992 led to doesn’t have a great track economic value annually.
than a quarter. Dozens of top kat, the cricket-loving banker tough guy. And whether Ven- previous failed reinvention Its other major line of busi- the creation of three UN con- record for sustainable agricul- Governments globally
bankers quit last year for other splits his time between Lon- kat’s got that, I don’t know.” under Antony Jenkins , the ness—credit cards—has been ventions: climate ture practices. spend more than $600 billion
institutions. Consumer balan- don and New York, and tries to Barclays’s struggles reflect a retail banker who succeeded hit by a pandemic-related change, biodiver- Land degradation Over the past 500 on direct agricultural subsi-
ces at its vaunted credit-card be in the broader Diamond. In 2015, Jenkins trend: Consumers, armed with sity and desertifi- due to human years, human dies that can be redirected
arm are down sharply since office by reordering proposed to drastically shrink cash, have paid down balances, cation. activity in 500 activity (mainly toward practices that help land
the pandemic, while competi- 6:30 a.m. of the the investment bank’s assets. reducing the interest income The climate years contributed agriculture) has restoration and increase
tion is mounting in Main Venkat- g l o b a l The board tentatively agreed that Barclays receives. convention holds led to nearly 2 bil- yields, said Thiaw. “There’s
Street banking in Britain—
to a quarter of
akrishnan had never run a economy and financial system to do so but reversed after Some market participants big COP summits lion hectares of nothing more irrational than
including from Venkatakrish- bank before and spent much of since the 2008-2009 financial pushback from the unit’s lead- are more sanguine. The invest- each year — such greenhouse gases l a n d b e i n g taking public money to
nan’s old employer, JPMorgan his career managing risk, a crisis. Share prices for big U.S. ers, according to a person ment bank has slowly but as COP28 in today degraded. destroy your own natural capi-
Chase . position that by default banks such as JPMorgan familiar with the matter. steadily become more profita- Dubai — that now That’s contrib- tal,” he said. “But it is being
Barclays has one of the big- emphasizes caution. Now, Chase have surged, and Amer- The board, frustrated by the ble, as measured by return on frequently make uted to about 500 done election after election.”
gest investment banks of any some analysts say, he will have ica’s capital markets have bank’s performance, later fired tangible equity, said Ambrose front-page headlines. billion tons of carbon dioxide One reason why the prob-
non-U.S. player, advising on to act boldly. grown considerably, aided by Jenkins . Former JPMorgan Faulks of London-based Arte- However, while the biodi- equivalent released from soil lem of land degradation has
mergers and stock offerings, Potential courses of cheap cash and a technology- banker Staley came in, and mis Investment Management, versity and desertification disturbance, or about a quarter been largely ignored might be
and executing market trades. action—analysts, investors and driven boom. instead tried to make Barclays a large Barclays shareholder. conventions also hold COP of all greenhouse gases con- that humans have lost their
While Venkatakrishnan has industry veterans say—include But banks in the U.K. and into a compact version of the The unit that executes market summits, they are only once tributing to additional warm- link to the land, according to
sought to play down expecta- shrinking the investment bank continental Europe have gen- U.S. powerhouse. trades typically provides a every two years and rarely get ing today. Further land degra- Osama Ibrahim Faqeeha, pres-
tions of a major restructuring, or even selling it. Other erally fared far worse, in part Venkatakrishnan was hired steady stream of cash during that much interest. It’s a lost dation until 2050 could add ident of COP16 on desertifica-
he says he wants to shift the options include cutting costs because of weaker economies by Staley in 2016 as chief risk economic downturns, cush- opportunity, says Ibrahim another 120 billion tons of car- tion, which will be held in
focus elsewhere, and has throughout the bank and buy- and tougher regulators. officer, before becoming head ioning the bank during tough Thiaw, executive secretary of bon dioxide equivalent to the Saudi Arabia this year.
acknowledged the company’s ing back larger amounts of The shares of Barclays and of the arm that oversees global times, he said. the UN Convention to Combat atmosphere, worsening cli- “A big portion of the popu-
weak share price is a problem. shares. In theory, buybacks numerous other European markets. “The investment bank actu- Desertification, who hinted it mate change. lation lives in cities now. We
In an early sign of that empha- could help lift the share price banks trade considerably The investment bank at ally is a better asset than peo- could be a branding issue Thiaw said focusing atten- live in a concrete forest,” Faq-
sis, he is splashing out more and better position Barclays to below book value—or the Barclays boomed early in the ple give it credit for,” Faulks because people think it’s only tion on land restoration pro- eeha said. “So few people have
than $750 million on the bank- acquire other businesses fur- value of their assets beyond pandemic, driven by the global said. about deserts. jects could flip this script. a direct connection between
ing arm of Tesco , the British ther down the line. what they owe. That suggests markets unit, which trades ©2024 DOW JONES & CO. INC. “There is a misunderstand- “There are no solutions for us and food production.”
LIVEMINT.COM NeWs WraP WeDNesDay, 14 February 2024
NeW Delhi 11

₹30,297 cr 40,000 ₹637.50 cr $7 mn ₹163 cr

NEWS
IN
THE COMBINED profit of the 12 Indian THE NUMBER of freshers leading IT THE AMOUNT for which Eris THE AMOUNT the US govt is spending to THE NET loss reported by Bharat Heavy
public sector banks in Q3 FY24, up 3.84% companies intend to hire in the upcoming Lifesciences, a pharma company, acquired maintain a superyacht it seized in May Electricals in Q3 FY24 against a net profit
NUMBERS from ₹29,175 crore in the year-ago period,
led by Punjab National Bank.
six months, according to TeamLease
EdTech’s Career Outlook Report 2024.
a 51% stake in Swiss Parenterals to expand
its presence in sterile injectables market.
2022 from a Russian oligarch sanctioned
by the US treasury department.
of ₹31 crore in the year-ago period, due to
higher raw material costs.

HOWINDIALIVES.COM

Tata Motors cuts THE LAST SORTIE OIL profit falls on

EV prices by ₹1.2L low crude prices

T S
ata Motors’s electric vehicle (EV) unit on tate-run explorer Oil India Ltd (OIL)
Tuesday said it has reduced prices of its reported a 9.3% fall in third-quarter profit
cars by up to ₹1.2 lakh in what is the first on Tuesday, hit by lower prices for crude
instance of a price cut by an electric carmaker oil and a windfall tax levied by the government.
in the country. Standalone profit was ₹1,584 crore for the
Electric variants currently form just 2% of car quarter ended 31 December, compared with
sales in India, as buyers are wary about the ₹1,746 crore a year earlier. Average crude prices
higher upfront costs despite lower running fell 6.5% in the December quarter, as per LSEG
costs and as range anxiety persists. data. The government’s windfall tax on crude oil
“With battery cell prices having softened in producers since July 2022 has also hurt its
the recent past and considering their potential bottom line. The government has set the tax rate
reduction in the foreseeable future, we have at a level that ensures a steady range of $73–$76
chosen to proactively pass on the resulting per barrel net crude realisation for Oil and
benefits directly to customers,” said Vivek Natural Gas Corp. (ONGC) and Oil India,
Srivatsa, chief commercial officer at the TPG- analysts at ICICI Securities said in last month.
backed Tata Passenger Electric Mobility. While revenue from Oil India’s crude oil
The company, which dominates EV car sales segment rose 5.7%, pre-tax profit fell 7.3%.
in India, also cut the price of its electric small Revenue from the natural gas business fell 15.1%,
car Tiago by ₹70,000. pulling down the overall revenue by 1% to ₹5,815
The base version now costs around 8.1% crore. REUTERS
lower at ₹7.99 lakh. REUTERS

The remains of a Hawk trainer aircraft of the Indian Air Force after it crashed during a training sortie, at Kalaikunda in West Bengal. PTI

The 60-day extension aims to give the airline

India’s adex to grow at 10% in The tablet is in line with the ministry of consumer
affairs’ ‘right to repair’ programme. HT
additional time to finalize its CIRP.

NCLT extends Go
PTI

’24 to reach ₹1.55 tn: GroupM BharatGPT, VVDN

launch new tablet
First’s moratorium
H
CL cofounder Ajai Chowdhry’s Epic

I
n a respite for bankrupt airline Go First, the Foundation, in partnership with
National Company Law Tribunal (NCLT) Slower than last year but India still to be among fastest-growing ad markets globally Bengaluru-based startup CoRover
on Tuesday approved a 60-day extension and Manesar-based contract manufacturer
for its moratorium, aiming to give the airline VVDN Technologies, on Tuesday announced
additional time to finalize its corporate Varuni Khosla and Gaurav Laghate 57% of total ad spending pie, GroupM reported. The agency highlighted that unlike in western the launch of a tablet squarely targeting
insolvency resolution process (CIRP). [email protected] “The advertising landscape is evolving with the markets, where traditional media is declining, in customers in the education field. The tablet is in
This extension, stretching from 4 February NEW DELHI/ MUMBAI fragmentation of search, the rapid rise of influen- India traditional media is also growing. line with the ministry of consumer affairs’ ‘right
to 4 April, extends Go First’s timeline to 330 cer marketing and retail media,” said Ashwin Pad- Print is likely to grow at 5% to reach ₹15,350 to repair’ programme, and claims to be

A
days to complete its resolution process, with dvertising expenditure (adex) in manabhan, president-investments, trading, and crore in 2024, with a 10% share of total ad pie. ‘upgradable’ to increase its longevity. The tablet
over 270 days already spent under CIRP. India is expected to grow at 10.2% in partnerships, at GroupM India. Last year GroupM had to lower its growth fore- will natively support domestic generative
The resolution professional (RP) overseeing 2024, slower than last year’s 11.3%, “Within digital ad cast twice, from the artificial intelligence platform BharatGPT’s
Go First’s case informed the court that the according to media investment com- revenue, search original 15.5% to 12% application builder suite. Speaking at the venue,
airline has received interest from three pany GroupM. But even at that pace, contributes 22%, The agency said traditional media is in June and further Ankush Sabharwal, CEO of BharatGPT maker
potential buyers, all of whom have already India would still be among the fastest-growing ad retail media 18%, growing in India. Print is likely to grow down in December CoRover, said that the model BharatGPT
deposited funds, prompting the request for markets globally. and the rest 60%.
more time to seal the deal. Overall advertising expenditure this year is Sectors like auto, at 5% to reach ₹15,350 crore in 2024, to “We 11.2%.
had cut our
application will help appeal to students across
India’s technical education sector—and help the
The airline’s creditors have unanimously expected to increase by ₹14,423 crore to ₹1.55 tril- realty and offline with a 10% share of total ad pie full-year growth newly-launched tablet capture market share
agreed to seeking this extension, the lion, GroupM said Tuesday in its annual forecast retail are expected forecast from 15.5% against established foreign brands such as Apple
resolution professional’s legal counsel told titled ‘This Year Next Year’. to power the overall to 11.2% last year, but and Samsung. SHOUVIK DAS
the NCLT. Under the Insolvency and In absolute terms, that’s about the same advertising growth,” he said. ultimately, 2023 ended with 11.3% growth.
Bankruptcy Code (IBC), if the resolution amount spent on advertising in 2023, when Television is expected to grow by 7% and con- Despite facing macroeconomic challenges, we
professional seeks an extension of up to 60 growth in ad spending turned out to be slower tribute 29% of the total ad spending, down from remain optimistic about the industry. At 10.2%,
days, the NCLT can allow it to push the
process beyond the standard 330-day limit if
than the initial 15.5% pace GroupM had projected.
Digital media advertising is likely to grow by
30% in 2023. Cinema is expected to see the high- India will be the fastest-growing top market,” said
est growth of 15%, although from a low base, to Prasanth Kumar, chief executive, GroupM South
Sterlite Power gets
deemed necessary. KRISHNA YADAV 13% to reach ₹88,502 crore in 2024, cornering touch ₹879 crore, GroupM said. Asia.
₹2,400 cr funding

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terlite Power has secured ₹2,400 crore
JSW inks electrical funding from state-owned REC Power
India gains on China in MSCI index Development and Consultancy Ltd
steel output pact (RECPDCL) for its Beawar transmission project
in Rajasthan.
inflows of about $1.2 billion, analysts said. In a statement, Sterlite Power said “it has

J
SW Steel Ltd has announced the formation In comparison, China’s weight in the successfully achieved financial closure for its
of a 50:50 joint venture with Japanese steel index fell to 25.4% after the February Beawar Transmission Ltd (BTL) project.” This
manufacturer JFE Steel Corp. to produce revision, from 26.6% a year ago. accomplishment comes within four months of
grain-oriented electrical steel in India. The The convergence of weights between Sterlite Power acquiring the project.
new company will be named JSW JFE Indian and Chinese stocks has intensified Sterlite Power acquired the BTL SPV in
Electrical Steel Private Ltd. It will have a since August 2020, when China’s September 2023 to execute the inter-state
manufacturing base in Karnataka and a weightage was five times that of India’s. green energy transmission project on BOOT
planned investment of ₹5,500 crore, JSW said MSCI’s revisions will come into effect (build, own, operate, transfer) basis, for a
in a public disclosure on Tuesday. The after market close on 29 February. Indian period of 35 years.
groundbreaking ceremony for the partnership shares had a 17.9% weight on the index The project involves construction of a 350
took place on 12 February and was attended by ahead of the February review. Its exports were 6.4% in the quarter, compared km, 765kV transmission corridor that will
the top brass of both companies. The gain for India can be attributed to a with a peak of 16.8% in fiscal 2022. BLOOMBERG connect the renewable energy zone at
Electric steel is a type of high-end steel that In comparison, China’s weight in the index fell sustained rally in equities and relative Fatehgarh III to a proposed substation at
has been modified to possess magnetic
properties, and is used in sectors like electric
to 25.4% after the February revision. AFP underperformance of other emerging
markets, especially China, Nuvama
‘Royal Enfield bike Beawar. PTI

I exports to pick up’

power and electric vehicles. JSW Group also ndia has narrowed the gap with China in Alternative & Quantitative Research said in
plans to enter the electric vehicle business and MSCI’s Global Standard index, which a note on Tuesday.
has announced plans to build an EV ecosystem tracks emerging market stocks for India could surpass a 20% weight on the
GAIL, IGL secure
E
in Odisha. The company aims to commence investors, after the latest revision. MSCI index by early 2024, on consistent icher Motors said on Tuesday that it expects
production at the facility by fiscal year 2027,
and plans to further expand its capacity to meet
Index provider MSCI raised India’s
weightage in the index to an all-time high
flows from domestic institutional investors
and steady foreign portfolio investor
international sales of its Royal Enfield
motorcycles to pick up in the next two to RIL coal seam gas
the growing market demand for grain-oriented of 18.2% on Tuesday, which could lead to participation, Nuvama said. REUTERS three quarters after struggling with exports for

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electrical steel in India. NAMAN SURI nearly two years. tate-owned gas utility GAIL (India) Ltd and
Strong domestic sales of Royal Enfield, a the nation’s largest city gas operator
premium-priced motorcycle, helped Eicher Indraprastha Gas Ltd (IGL) have walked
post a bigger-than-expected 12.3% jump in away with most of the coal seam gas that
JEE-Main results: 23 candidates bag 100 score in 1st edition revenue to ₹4,179 crore for the October-
December quarter.
Reliance Industries Ltd (RIL) auctioned, people
in the know said.
However, Royal Enfield exports, as a share of Reliance earlier this month conducted an e-

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wenty three candidates have bagged the perfect 100 score in the total sales, were just 6.4% in the quarter, auction for sale of 0.90 million standard cubic
engineering entrance exam JEE-Main 2024 with a maximum of them compared with a peak of 16.8% in fiscal 2022, metres per day of gas it will produce from coal-
being from Telangana, the National Testing Agency (NTA) announced on nearly two years back. bed methane (CBM) block SP (West)-CBM-
Tuesday. Over 1.17 million candidates had appeared for the first edition of the The drop was mainly due to high interest 2001/1 in Madhya Pradesh.
crucial exam. Among the candidates who secured an NTA score of 100, seven rates and inflation in key export markets such as Users have been asked to quote a premium
are from Telangana, two from Haryana, three each from Andhra Pradesh, the UK, US, Europe and Thailand, Royal Enfield they are willing to pay over and above 12.67% of
Rajasthan and Maharashtra, two from Delhi and one each from Gujarat, chief executive B. Govindarajan said in an the dated Brent crude oil price, according to a
Karnataka and Tamil Nadu. All of them are males. analyst call. However, most of these countries tender floated by the company. The auction saw
According to NTA officials, NTA score is not the same as percentage of marks are expected to start lowering rates later this GAIL and IGL walk away with most of the gas,
obtained but normalized scores. year as inflation eases, which should help sales of offering as much as $11 per million British
NTA scores are normalized scores across multi-session papers and are based pricier products like the Royal Enfield. thermal unit price, two people with direct
on the relative performance of all those who appeared for the examination in “We may see growth in international markets knowledge of the matter said. In the auction, the
one session, a senior official explained. in the next two-three quarters but have to look at gas price was set as higher of 12.67% of dated
The marks obtained are converted into a scale ranging from 100 to 0 for each it from a country-to-country basis,” Brent plus premium ‘V’; or the government-
session of examinees, the official added. PTI Over 1.17 million candidates appeared for the 1st edition of JEE. MINT Govindarajan said. REUTERS declared monthly price for conventional gas. PTI
12 WeDNesDay, 14 February 2024
NeW Delhi LONG STORY LIVEMINT.COM

DECODING MYNTRA’S PUSH

To sell lipsTick ANd Blush
The fashion e-tailing giant has added a second growth engine—beauty products. Should Nykaa be worried?

Suneera Tandon
[email protected]
NeW Delhi

R
ecently, a colleague of mine
started looking for lip colours.
Her online searches took her to
e-tailing giant Amazon, beauty
retailer Nykaa and fashion plat-
form Myntra—yes, the Flipkart group
company also sells beauty products.
On Myntra, she zeroed in on a nude
shade sold by MAC Cosmetics, an Ameri-
can cosmetics manufacturer, called ‘Pow-
der Kiss Lipstick’. She loved playing with
a ‘virtual try-on’ feature. That’s a trial
room of the online world where aug-
mented reality and virtual reality technol-
ogies are used. Over live camera or
through a selfie uploaded, one can check
exactly how a shade looks and feels.
“Myntra’s virtual try-ons are great and
addictive; the platform is so well-stocked;
the search results are intuitive,” the col-
league told me.
But, she did not buy from Myntra. She
bought the same lipstick from Nykaa.
Why?
“I got a ₹420 discount. The listed price
was ₹2,550. In addition, I also received a
MAC cleansing oil free,” she said.
Discounts work like magic in e-tailing
and this is nothing new. For almost a dec-
ade now, Amazon and Flipkart have
engaged in a battle to grab a customer at
any cost. Many e-commerce companies,
who couldn’t sustain the ever ballooning
costs of customer acquisition, bit the dust.
While that battle was mostly fought for
mobile phones, other electronic items and
household products, beauty is a relatively
newer category. For many years, online
beauty shopping was Nykaa’s playground.
It’s getting crowded.
Last year, the Tata group launched
beauty retail platform Tata Cliq Palette;
Reliance Retail Ventures launched Tira to
sell ‘mass and prestige beauty products’;
Sephora, a global beauty retailer part-
nered with a subsidiary of Reliance Retail
Ventures to develop beauty retail in India.
Myntra, which became synonymous with Nandita Sinha, the chief executive officer of Myntra. The company wants to be a lifestyle destination. Beauty is a natural extension of this journey, she said. PRADEEP GAUR/MINT
fashion shopping online, now sees beauty
as its second growth engine.
Myntra always sold some beauty prod-
ucts but there was little focus before the tion. Beauty is a very natural extension of have also led to more personalization.
pandemic. In 2020, the company decided to what this journey is all about,” she told me. Apart from the virtual try-on we men-
mint WHAT NUMBERS SAY
SHORT
build the category more strategically. In this Over the last many years, Myntra has tioned earlier, there is a ‘skin-analyzer’. STORY Myntra has grown its revenue four times in four years
short time, it has partnered with a host of already built a large consumer base, many The app integrates with Revieve, a Chic- MYNTRA DESIGNS PVT LTD
premium domestic and international of whom are premium fashion shoppers. ago and Helsinki-based company that
brands—apart from MAC, there is NYX Pro- The company claims that 55 million users provides artificial intelligence and aug- What Revenue from operations (in  cr)
4,375
Total loss for the period (in  cr)

fessional Makeup, Victoria’s Secret, Makeup visit its platform every month; it added 75 mented reality-powered solutions. It will
Myntra, known for fashion -539.4 FY19
Revolution London, Armani, Bath and Body million new users last year. The trick will ask you a series of questions before ana- 3,501
Works, L’Oreal Paris, Lakme, Maybelline be to convert these users, who primarily lyzing your skin type. Product recom- e-tailing, did not focus on beauty
-744.4 FY20
New York, Shiseido, Forest Essentials and shop for tees, jeans, dresses and shoes, mendations follow. products before the pandemic. 2,407
Philips. Yet, as my colleague’s shopping into buyers of lipsticks, lip liners, blushes “We saw great traction in terms of how Now, the company is making
-429 FY21
behaviour shows, cracking this category and concealers among others. consumers are responding—there is a investments and views beauty 1,675
won’t be easy. What exactly is Myntra’s “Of course, the platform needs to be 20% to 30% higher conversion rate for as a growth engine. 1,041
-597.6 FY22
strategy and why is the company so bullish able to offer the right journey for the con- consumers who interact with these tools,”
on selling beauty products? sumer,” Rohan Agarwal, partner at Red- Sinha told me during the meeting. -782.4 FY23
On a foggy morning late January, I seer, told me over phone. “For example, Beauty also has a big content part. Why FY19 FY20 FY21 FY22 FY23
caught up with Nandita Sinha, the chief there is a lot more nuance beyond the size Nearly all beauty platforms look like
Beauty is an adjacent business Nykaa is now a profitable company
executive officer of Myntra. She was in and fits that are there in fashion. In the media companies, very similar to the
Delhi (Myntra is headquartered in Benga- case of beauty, the cataloging needs to approach fintech companies dealing in to fashion. The company claims FSN E-COMMERCE VENTURES LTD (NYKAA)
luru) and we met at Shangri-La Eros, a cover skin tones, skin type, issue types, personal finance and markets have taken. that 55 million users visit its Revenue from operations (in  cr) Loss/profit after tax (in  cr)
5,144
plush hotel near Connaught Place. In a con- etc—the variety needs to be very dynamic Unlike fashion, which is about visual platform every month. The
versation that lasted well over an hour, over and cohesive,” he added. inspiration, beauty is about application. trick will be to cross-sell to
-26
multiple cups of black coffee and cookies, Provided Myntra is able to give that expe- New consumers, particularly GenZs, these customers. 3,774
she reasoned why Myntra stands a great rience, it can extend the lifetime value—an need to be educated about applying foun- -23
chance to take on anyone in the industry. estimate of the average revenue generated dation or mascara. “Ten years back, India
over a period of time—of existing customers. used to be a kajal and lipstick market. But 2,441
61.6
DRESS AND A PERFUME Sinha claims good results already Education has helped democratize the 1,768

B efore joining Myn-

tra, Sinha worked at
Flipkart for eight years,
among its top customers.
“Our average order val-
While Myntra is looking for a ues continue to be
market,” Sinha said.
Myntra, on its part, has created “snack-
able content” to help users understand a
Myntra will take time to build the
business. A new discounting war
could be on the horizon. The
1,159

24.8
41.3

across product catego- second growth engine, higher for our top 10 mil- product and its application better. In par- company needs more brand
FY19 FY20 FY21 FY22 FY23
ries such as fast moving lion customers—they allel, the company invested in a ‘beauty partnerships and exclusive deals
Consolidated financials Source: Company filings sourced from Tofler
consumer goods, books, beauty brands need an drive a lot of the growth squad’—influencers on social media—who to lure customers.
SARVESH KUMAR SHARMA/MINT
home and furniture. She alternative to Nykaa, the in terms of how new cat- push doses of inspiration regularly, apart
knew that beauty and egories are adopted,” she from educating buyers.
personal care was a large largest pure play beauty said. Overtime, she The other building block was the sup- tion with Hindustan Unilever Ltd’s Lakme Flipkart. I think the top five million con- discount on offer compared to Nykaa.
and growing market. believes, the adoption ply-chain. Beauty is a tad different from brand. In 2022, she launched a fresh range sumers will be on Myntra from a socio- Second, analysts point out that Myntra
According to esti- platform today. will penetrate deeper fashion. While fashion products don’t of cosmetics under LoveChild. Today, the economic point of view. And the ones would need more brand partnerships,
mates by Redseer Strat- into its customer base. have an expiry date, beauty products do. brand sells everything from concealers to below 10 million will be more on Flipkart,” particularly exclusive partnerships, to
egy Consultants, a consulting firm, this As of now, one in three women shop- So, the company had to put in place expiry perfumes. It was listed on Myntra last year. Mukherjee said, further explaining why establish itself as the go-to beauty plat-
market in India is expected to grow from pers on Myntra have already bought at date management processes, replenish- “Myntra beauty is a channel to watch out Myntra matters to his brand. form. Nykaa has exclusive brand partner-
$17 billion in 2021 to $30 billion in 2026, least one beauty item on the platform and ment systems and inventory placement for and brands like us will be foolish if we Another seller who didn’t want to be ships with a range of players—E.L.F,
a CAGR of 12%—among the highest more than half of its ‘insider base’—con- systems, also optimizing them for speed. don’t invest in it,” Pratik Mukherjee, busi- identified said that the competition, Urban Decay, ColorPop, Charlotte Til-
within the retail categories. The online sumers who are part of the company’s loy- Remember, we have become impatient. ness head of beauty, Lovechild by Masaba, Nykaa particularly, is closely watching bury and Sol de Janeiro among others.
beauty and personal care market is alty programme—have bought beauty, the We simply don’t want to wait two days for told me over phone from Mumbai. Myntra’s moves—more closely than Reli- Sinha, who came from Flipkart, knows
expected to grow even faster, at 27% company stated. a product to be delivered. “That’s because the captive audience of ance’s Tira. “Myntra is hungry for growth well that exclusives can fire up an e-com-
annually between 2022 and 2026, to $8.4 “We were able to grow 3x versus the fashion is actually good for cross selling and ready to accommodate brands to merce company. Flipkart’s rise in elec-
billion. The growth is expected as the NUTS AND BOLTS industry in beauty in the last one year and beauty—both skin and makeup. Brands and grow. It’s more about getting customers to tronics was propelled by exclusive mobile
beauty business is getting organized. For
years, India lacked the presence of large, T
organized beauty retail chains. Instead, business.
here are many legs to how Myntra is
going about building the beauty
continue to be a big partner for many key
brands in the country,” Sinha said, under-
lining the early success, partly because all
beauty marketers need to build the number
two growth engine after Nykaa and that
answer is still missing. Maybe Myntra can
use beauty along with fashion. For some
premium direct-to-consumer brands,
Myntra is already touching 60-70% of
phone deals—a decade back, it tied up
with Motorola to exclusively sell Moto G
phones, boosting sales to $1 billion in 2014.
customers would buy lip colours, kajal First was to aggregate and curate the the nuts and bolts of the backend systems be that growth engine for beauty e-com- sales they do on Nykaa,” the seller told me. Many view this as the inflection point in
sticks and foundations from one-off supply-side—the brands, domestic and are in place. “Today, we are the fastest merce,” he added, sounding hopeful. India’s e-commerce story.
beauty stores in their city. Now, online international. In the last two years, like we growing partner for many big brands. We So, while Myntra is looking for a second THE MOTO G MOMENT “Nykaa has done a phenomenal job on
commerce chains have created more mentioned earlier, it did manage to create
awareness around the category, product that ecosystem of premium brands. There
discovery is easier and they have been are over 1,500 beauty brands selling on
continue to drive a large part of their
e-commerce growth,” she added.
growth engine, beauty brands need a sec-
ond alternative, too. There is Flipkart, of
course, but beauty brands perceive it as
I t is early days but Myntra appears to
have grabbed reasonable eyeballs.
Nonetheless, the path ahead will not be
customer engagement and education in
beauty. Myntra has innovated on multiple
fronts in the fashion customer journey but
able to establish trust. In the business of Myntra today and about 25% of its beauty SECOND ENGINE ‘mass’ rather than premium. that rosy. Unlike Nykaa, Myntra is still fashion does not require a lot of customer
beauty, counterfeits are a nuisance.

market because beauty is an adjacent

business is currently driven by luxury and
Sinha sees a clear synergy to play in this international brands.
The second leg was banking on tech-
T o hear what brands think, I spoke to a
few executives. One of them works
with LoveChild By Masaba.
Nykaa is currently the largest online
beauty platform for LoveChild followed
by Amazon. Prices for its products range
making losses. It reported a total loss of
₹782 crore in 2022-23 compared to
Nykaa’s profit of ₹25 crore in the same
education unlike beauty,” said a market
watcher who didn’t want to be identified.
“Myntra has no past expertise in beauty.
space to fashion. Buy an evening dress, nology to create a differentiation. There’s Designer Masaba Gupta, who is known between ₹1,000 and ₹1,500. year. A new pricing war in a hot segment It would take some time for them to build
and you would want to get a matching lip the mother app and then a beauty app for designing bold prints and fusion out- “Flipkart is more mass where brands is almost a given—my colleague would up that portfolio,” the executive told me.
colour, a makeup kit, a perfume. within the mother app. This helps in fits, unveiled her beauty line in 2016-17 as sell lipsticks priced at around ₹200 to have happily shopped for her Powder Kiss Things will probably turn more inter-
“Myntra’s aim is to be a lifestyle destina- cross-selling. Technology investments a limited edition of lip colours in associa- ₹300. These brands are doing better on on Myntra if there was a similar or more esting two years from now.
LIVEMINT.COM MINT MONEY WeDNesDay, 14 February 2024
NeW Delhi 13

Why NRIs in UAE enjoy tax Compare your bank FD rates

B ank fixed deposits (FDs) continue to be popular investment products not just
among senior citizens, who are looking for guaranteed income, but also among

benefits on MF investments investors who can’t stomach risk. But overexposure to FDs is not good, and you need
to assess your asset allocation and goals to decide how much money you should
park in them. For instance, saving for your child’s
higher education that’s 15 years away through FDs
may not be effective as the post-tax interest rate
of an FD may not give you a real return (return
that’s above the rate of inflation). But if you plan to
take a holiday in two years, an FD can help. Before
choosing an FD, you should compare the interest
A tax treaty provides special benefits, but there are real-life challenges in implementation rates on offer. Here is a list of banks that offer the
highest FD rates for deposits up to ₹1 crore over
various tenures.
Sashind Ningthoukhongjam
[email protected]
Interest rates (%) for fixed deposits up to ₹1 crore

T
he going has always been
6 months 1 to < 2 2 to < 3 3 to < 5 5 years
good for non-resident Indi-
ans (NRIs), particularly those to < 1 year years years years and above
based out of the United Arab
DCB Bank 6.25-7.25 7.15- 7.85 7.55-8.00 7.40-7.90 7.25-7.65
Emirates (UAE). For one,
they do not have to pay any income tax Axis Bank 5.75-6.00 6.70-7.20 7.10 7.10 7.00
in that country. Two, they can also take
advantage of a double taxation avoid- HDFC Bank 4.50-6.00 6.60-7.10 7.00-7.15 7.00-7.20 7.00
ance agreement (DTAA) signed
IndusInd Bank 5.00- 6.50 7.75 7.25-7.75 7.25 7.00-7.25
between the UAE and India, and thus
avoid capital gains taxes on invest-
ments made here, say financial experts. Why UAE NRIs don't pay capital gains tax on MFs in India IDFC First Bank 4.50-5.75 6.50-7.75 7.25-7.75 7.00-7.25 7.00

To be sure, India has signed DTAAs A special provision under the India-UAE DTAA allows NRIs to forgo capital gains tax on RBL Bank 5.50- 6.05 7.50-8.00 7.50-8.00 7.10-7.50 7.00-7.10
with multiple countries, but not all of Indian MFs but practical hassles remain.
them have the same two conditions YES Bank 5.00-6.35 7.25-7.75 7.25 7.25 7.00-7.25
mentioned above. How to apply UAE-India DTAA
ICICI Bank 4.75- 6.00 6.70-7.10 7.00-7.10 7.00 6.90-7.00
Typically, If an investor were to put Stay >183 days Get a tax residency Purpose: To avoid double
in ₹10,000 every month in an equity in UAE certificate taxation of residents in Canara Bank 6.15-6.25 6.85-7.25 6.85 6.80 6.70
mutual fund (MF) for 20 years, they both countries*
To qualify as UAE NRI From UAE tax authorities
would get around ₹1 crore assuming an Article 13 (4): Shares will Dhanlaxmi Bank 6.50 6.75-7.25 6.50-6.75 6.50-6.60 6.60
annual growth rate of 12%. However, be taxed in India
Apply refund of Federal Bank 5.00-6.00 6.80-7.50 7.05 7.00 6.60
the gains would be subject to 10% long- Get Form 10F Article 13 (5): Anything
capital gain tax*
term capital gains taxation, which From Indian tax portal
other than shares and Bank of Baroda 5.60-7.10 6.85-7.15 7.25 6.50-7.25 6.50
would be around ₹7.6 lakh. Debt MFs immovable properties will
are taxed at a higher rate based on the Rectification application not be taxed Indian Overseas Bank 5.75 6.90-7.10 6.80 6.50 6.50
investor’s income tax slab rate. But an or Hence, MF are tax free Punjab National Bank 6.00-7.05 6.75-7.25 6.80-7.00 6.50-7.00 6.50
NRI from the Emirates is exempt from If claim whereas stocks are taxed
rejected
Appeal before CIT (A)
paying any capital gains tax, thanks to or *amended in 2007; earlier shares State Bank of India 5.75-6.00 6.80-7.10 7.00 6.75 6.50
the DTAA signed between India and File revision petition
were also tax free
the UAE in 1992 to avoid double taxa- *Assuming TDS is deducted DTAA: Double tax avoidance agreement Union Bank of India 4.90-5.75 6.50-7.25 6.50 6.50 6.50
CIT: Commisioner of income tax
tion of residents of both countries on Jammu & Kashmir Bank 4.75- 6.00 7.10 7.00 6.50 6.50
the same income. “This treaty alleviates What if you missed applying for this benefit?
the burden on taxpayers and promotes If NRIs basd in the UAE have filed their tax return for AY23-24 without claiming DTAA benefits, they
Data taken from respective bank's website as on 8 February 2024; Only main entity of the merged banks are taken. Banks which merged
with its main entity are removed from the table; The list of 15 banks is based on highest fixed deposit rates available for 5 years and above
cross-border economic activities,” said can't revise it since the deadline passed on 31 Dec 2023. Here's a workaround: Source: www.Bankbazaar.com
Sagar Soman, a chartered accountant
(CA) whose practice caters to NRI cli- 3 SCENARIOS
ents who are mostly high-net-worth Are you liable to pay
individuals. capital gains tax
To be eligible for this benefit, inves-
tors need to prove that they were
present in the UAE for a total of 183
No scrutiny

IT accepts return
Subject to scrutiny

Can't do new claims

Apply to CBDT

File condonation
Stocks

Mutual Funds
How do I legally ensure fair asset
days, continuously or otherwise, in the
calendar year concerned. They also
need to furnish a tax residency certifi-
Unchanged or
modified slightly.
during proceedings application
for refund claim
AIF*

PMS**
distribution among my heirs?
cate and file Form 10F online with the File a new claim, Note: There is no provision ISTOCKPHOTO
No option of but risk or
rejection. for a revised return to be Aditya Chopra & Amay Jain
tax authorities. appeal since no Bonds ment that specifies how a per-
accepted after the deadline.
Do note that capital gains tax is appli- claim made But CBDT has the power to
*Cat-3 AIF pays tax and not investors
son’s assets will be distributed
admit claim refund
cable on the purchase and sale of stocks Appeal against **Depends on underlying; MF & bonds How can I legally ensure upon their death. Through a
directly. Earlier, this was exempted. that order* CBDT: Central Board of not taxed (same for AIFs) that fair asset distribution will, individuals can designate
File revision Direct Taxes
When the treaty was amended, shares happens among heirs, min- beneficiaries for specific
petition
were included to be taxed in India, but imize disputes, and opti- assets, outline guardianship
If rejected, file
there was no specific mention of MFs. through tribunal Does it only work in theory? mize tax efficiency? How arrangements for minor chil-
Under another clause for capital gains, Some experts say there are challenges do tools like trusts and dren, and even establish trusts.
it is mentioned that gains on assets or powers of attorney facili- By having a clear and compre-
apart from shares and immovable  Getting UAE TRC is expensive* tate this process? hensive will in place, individu-
Submit petition to
properties will be taxed in the country revise scrutiny  Not all CAs are aware of provisions —Name withheld on request als can prevent potential dis-
of residency, the UAE in this case. order  Hard to convince AMCs, cos not to deduct TDS putes among heirs and provide
Gautam Nayak, a partner at CNK & *Before CIT appeal  Might lead to litigation & scrutiny from IT dept In estate planning, individ- clarity on their final wishes
Associates, a chartered accountancy Singapore & Germany NRIs *Govt charge: approx 1,050 AED (24,000), plus CA charges
uals employ various legal regarding asset distribution.
firm, points out that as per the DTAA, also enjoy similar benefits. TDS: Tax Deduction at Source mechanisms to ensure fair Furthermore, estate plan-
gains on assets such as MFs, corporate Source: P.R. Bhuta & Co. Chartered Accountants asset distribution among heirs, ASK MINT ning may involve the strategic
bonds or government securities (G-secs) minimize disputes, and opti- m E S TAT E P L A N N I N G use of insurance policies, such
PARAS JAIN/MINT
will be taxed only in the country of resi- mize tax efficiency. One cru- as life insurance. Life insur-
dence, which is the UAE. And since hands of the recipient and depends on life challenges in its implementation. certificates and show the online filed cial tool in this process is the ance proceeds offer financial
there is no tax on personal income there, the type of underlying security. “It sounds good only in theory,” said Form 10F to asset management compa- establishment of trusts. Trusts ney (PoA). A PoA grants security to beneficiaries, espe-
these gains become effectively tax-free In the case of category-3 AIFs, which Harsh Roongta, co-founder and princi- nies (AMCs) to claim the benefits. But enable individuals to transfer authority to a designated cially in cases where the pri-
under the agreement. For immovable trade in shares, securities and deriva- pal officer of Fee Only Investment Roongta said it is difficult to convince assets to a separate legal entity individual (the attorney-in- mary income earner passes
property and shares, there are specific tives, taxation happens at the scheme Advisors. AMCs to not deduct tax at source since managed by a trustee for the fact) to act on behalf of the away. By incorporating life
provisions in the agreement that allow it level and the income is Roongta said that get- they do not want to take the risk of get- benefit of beneficiaries. By grantor in financial or health- insurance into their estate
to be taxed in India. exempt for the investors. India and the UAE ting a tax residency certifi- ting into such a complicated tax creating trusts, individuals can care matters. By appointing plan, individuals ensure that
As for portfolio management servi- So, UAE NRIs don’t get signed the DTAA cate for the UAE is costly arrangement. specify how and when their trusted individuals as attor- their loved ones are financially
ces (PMS), since the underlying securi- any specific benefit for in 1992 to avoid but not very difficult to get. On the other hand, Karan Batra, assets are distributed, ensur- neys-in-fact, individuals protected and can maintain
ties are bought and sold in the name of income in this case. double taxation Comparatively, getting a managing partner at Chartered Club, ing precise execution of their ensure effective management their standard of living even
the holder and through the holder’s When it comes to inter- tax residency certificate said that claiming benefits under the wishes. of their financial affairs in after their demise.
brokerage account, the taxation
of residents of
est-bearing instruments, for Singapore is easier to DTAA might often lead to litigation and Trusts also offer flexibility in case of incapacity or unavail- Aditya Chopra is managing
depends on the assets that the PMS the tax in India cannot both countries on get and is likely cheaper. scrutiny from the income tax depart- managing assets, particularly ability. This prevents disrup- partner, and Amay Jain is sen-
manager is buying. If these are shares, exceed 12.5% of the gross the same income Also, not many CAs are ment. He said that not all tax officials in cases involving minors or tions in asset management ior associate, Victoriam Legalis
the gains would be taxed. Other securi- interest earned. Indian aware of the DTAA bene- are aware of this clause, which makes it beneficiaries with special and ensures timely decision- - Advocates & Solicitors.
ties are exempt from capital gains taxa- residents pay taxes on fits. “It is complex because difficult to convince them. Batra spe- needs. Moreover, trusts aid in making, safeguarding the
tion. Income from category-1 and cate- interest-bearing instruments, such as it involves understanding of double tax cializes in tax matters related to the minimizing tax liabilities by interests of both the grantor Do you have a personal
gory-2 alternative investment funds fixed deposits, as per the slab rates they treaties, how the Indian Supreme UAE and India. allowing strategic asset alloca- and their heirs. finance query? Send in your
(AIFs)—those that invest in a broader fall under, which is generally higher. Court has looked at such treaties, UAE “If it’s a big amount, then it’s fine, tion and distribution. Additionally, individuals queries at
range of assets, including real estate Although the above tax treaty pro- laws, etc.,” said Nayak. “It’s something otherwise the CA who’s representing Another vital legal mecha- can utilize wills as a funda- [email protected]
and get them answered by
and startups—is also treated as pass- vides special benefits to NRIs based out which most CAs struggle with.” you might charge more if it goes for nism in estate planning is the mental component of estate
industry experts.
through income. It is taxable in the of the UAE, experts say there are real- UAE NRIs can submit tax residency scrutiny,” said Batra. execution of powers of attor- planning. A will is a legal docu-

A LESSON IN STRATEGIC INVESTING FROM PROFESSIONAL SPORTS PLAYERS

straight aces. As Syed writes: “He told me that he had slowed time you play a dud tennis shot, it’s immediately and embarrass-
down the last two serves to give me a fighting chance. I hadn’t ingly obvious that you’re no good. But, when you make a dud
THE MONEY even noticed.”
This story leads to a few interesting realizations. First, skills in
investment, the outcome is typically disconnected (by time) from
when you first made it.” And even after a stock becomes a dud
MIND one area aren’t necessarily replicable in another similar area. At investment, the investor might feel that there is still a good
a very basic level, table tennis and tennis are very similar sports, chance of the price bouncing back or their recollection of how
VIVEK KAUL where one player serves, the other player returns the serve, and they ended up investing in that stock might have changed.
then they rally. Second, Syed, having played a sport at an interna- Of course, most such retail investors hoping to emulate the
We welcome your views and comments at tional level, thought that he would at least be able to return a investing greats do not have the neces-
[email protected] serve against a Wimbledon champion. It would have been inter- The final result sary skill set or the time or the motiva-
esting to see how a similar experiment in table tennis would have in investing tion to sit and learn the processes and

M
atthew Syed was the number one English table tennis worked. If one were to Indianize this example, no college-level methods followed by the greats. And
player for many years. Since his retirement he has been cricketer would entertain the delusion of facing Jasprit Bumrah, isn’t always this is why so many retail investors, who
a journalist and a writer. In a book titled Bounce—The even if Bumrah chose to bowl with a tennis ball. immediately really have no idea about what a com-
Myth of Talent and the Power of Practice, he recounts an interest- When it comes to sports, this distinction is very clear in our obvious as it is pany does or where do its earnings
ing experience of playing tennis with Michael Stich, a German heads, but many of us fail to make this distinction when it comes in sports come from or does it really have a moat
tennis player who won Wimbledon in 1991. to investing, and harbour the delusion that we can emulate some around its business model, end up buy-
Syed wanted to use this occasion to carry out a little experi- of the most successful investors out there. GETTY IMAGES ing stocks, simply based on stock tips
ment. He asked Stich to serve at maximum pace. This was 2004. As Michael Kemp writes in The Ulysses Contract—How to Never rah, his lack of skill at batting would be obvious after facing the given by finfluencers on social media and those appearing on TV.
It had been a few years since Stich had retired from playing pro- Worry About the Share Market Again: “Too many people simply first ball itself, even if Bumrah decided to simply bowl a slower They even pick up stock tips from their friends and acquaintances.
fessional tennis. Nonetheless, Stich was one the fastest servers assume that they have the skill that it takes to be a successful inves- ball, instead of bowling at his usual full pace. So, there will be an Now, in an environment like the current one, where the stock
that tennis had seen and Syed was curious to see whether his own tor. In fact, it’s a worldwide delusion on a mass scale… countless end point at the end of the first ball, and this writer will come out prices of almost anything and everything have gone up, this
reactions “forged over twenty years of international table tennis,” stock market punters reckon that they’re in with a chance to emu- looking stupid for having decided to face the number one fast seems like a successful strategy to follow. And so many retail
would enable him to return the serve. late [Jim] Simons or [Warren] Buffett when it comes to investing.” bowler in the world. investors continue to play the game because the results have
Stich’s first serve went past Syed’s right ear “with a speed that Why is this the case? The answer lies in the fact that the lack of But investing doesn’t work like that. The final result isn’t been in their favour, at least in the short-term. And in their minds,
produced what seemed like a clap of wind”. Syed then asked Stich skill in sports is immediately obvious when an expert plays a non- always immediately obvious as it is in sports. As Kemp writes: tomorrow is going to be like today. And so the story continues.
to send down another serve. At the end of it, Stich had served four expert. If this writer were ever lucky enough to face Jasprit Bum- “Even bad investment decisions fail to quell this delusion…Each Vivek Kaul is the author of Bad Money.
14 WeDNeSDay, 14 February 2024
NeW Delhi VIEWS LIVEMINT.COM

OUR VIEW MY VIEW | On THE OTHER HAnD

AP

Stock front-running has moved

along with the changing times
What was done via TV is happening online and this makes it even harder to squash the practice

mouth and then hope that enough peo- and that market is still the same; only
ple act on the tip. But with the advent of the mode of delivery has changed. As
business TV, anyone intending to front- Kemp puts it: “Why bother undertaking
run a stock could broadcast it as a rec- all that hard work when social media
ommendation and get things going. delivers the answer right there in the
Now, with social media, even those who palm of your hand?”
are not in a position to appear on busi- Second, in an environment where
ness TV channels can front-run stocks stock prices have been going up, even
through online posts, reels and stories random stock recommendations can
VIVEK KAUL on popular platforms. end up doing well. This helps those
is the author of ‘Bad Money’. Here is a sample of investment advice offering stock-buying advice on social
made in some reels seen by this writer: media attain popular credibility. As
1) Before 2028, ₹50,000 will become Robert H. Frank writes in Under the
₹50 lakh by investing in these powerful Influence: “Profitable exchanges are

Farm reforms remain a

stocks.... 2) Here are financially strong possible only when people can trust one
penny stocks under ₹10 and ₹20 that another.” Rising stock prices help

L
ate last week, the Securities and you can invest in.... 3) In 2024, these are accentuate this phenomenon. There are
Exchange Board of India (Sebi), the the powerful shares you should invest many such stories in the market right
regulatory body for securities and in. Your ₹50,000 investment will turn now. The stock prices of companies

challenge yet to be met commodity markets, blew the lid off a

front-running fraud being carried out
by guest-experts appearing on Zee Busi-
ness, a business news channel. Certain
into ₹1 crore.... 4) Just close your eyes
and invest in these three penny shares
in the solar energy sector....
Each of these short reels featured a lot
with very poor earnings and not much
of a future have gone through the roof.
Finally, how can a stock market regu-
lator regulate something like this?
guests appearing on it would make of hyperbole and expressed certainty Front-running on TV is relatively easy
stock recommendations. Before over making a lot of money. And they to identify, given the existence of
The demands of protestors are largely untenable but a paradigm that treats our farmers as appearing on TV, they would share had thousands of ‘likes’ from those recordings of what was said. The same
their recommendations with other watching these reels. Now, who is to say pattern on social media is very difficult
captive suppliers to the state must be shifted and farms given freedom to maximize earnings individuals, who, with help from other that individuals making these reels to spot, given that so many recommen-
individuals and firms, would trade on aren’t also front-running, like those dations are being made. How does a reg-
this information. appearing on TV? Social media in a way ulator that works only office hours keep
Now, let’s say an expert suggests that has democratized the practice. Earlier, track of a market that operates 24/7?

F
armer groups from Punjab have embrace would mean a greater role for price investors on a given day should buy a one had to appear on TV or have some Also, reels and stories can disappear.
seemed bent on a confrontation with signals that emerge from the interplay of particular stock, aware that this recom- standing in stock investment circles to As the Sebi order said in the Zee Busi-
mendation would lead to an increase in think of indulging in it. Now anyone ness case: “It is necessary for investors to
the Centre, and Tuesday’s clashes demand and supply. In this case, it would buy orders for it, driving up its price. As with a smartphone can think of doing it. exercise due diligence while listening to
with police betrayed no evidence of encourage farm supplies acting in response to the price rises, friends of experts who As Michael Kemp writes in The Ulysses such experts on TV or on social media.”
their backing off. Their threat of prices that capture de facto demand, as derived had advance information of the recom- Contract: “Digital platforms have, Or, as Kemp puts it: “There are plenty of
storming Delhi—in a replay of earlier from actual diets (healthy ones, ideally, with mendation would sell the stock they unfortunately, provided a voice to the benefits that come from the ongoing
farm-bill protests—just before national polls carbs balanced by protein, fibre, etc), rather had already bought before the TV unenlightened, who are using this voice digitalisation of our world, but gaining a
announcement, and thus make a profit. to guide the blindly unaware.” financial education from a smartphone
looks like a ploy to maximize bargaining power. than being guided by what the state procures. This money would then be shared by The question is why retail investors isn’t one of them.”
Their list of demands is long, and many of them No doubt, the state will have to remain a bulk these profit-makers with experts. trust such individuals. First, figuring The trouble is that investors who are
are untenable. Their call to withdraw from the buyer of foodgrain and other farm produce so Front running in stock markets is an out stocks to invest in on your own punch drunk on short-term gains aren’t
World Trade Organization and freeze all free- long as it needs to offer free or cheap food under age-old phenomenon, probably as old requires a lot of reading and thinking. really going to buy—for lack of a better
trade pacts, for instance, can be dismissed as its legal mandate. But state buying can distort as stock markets themselves. Nonethe- Given this, investors have always loved term—this global gyaan (knowledge).
less, the rise of business TV channels others giving them stock tips. Earlier, For them, the night is still young and
over the top. They also want the Land Acquisi- cropping patterns. It can incentivize the over- and online advisors has made it easier. these tips would be spread through there is a lot of money to be made. The
tion Act of 2013 to be reinstated, a pension of production of carb-heavy staples like wheat and Business TV channels started to word of mouth, but now they can reach regulator can only watch from the side-
₹10,000 a month for every farmer aged above rice, for example, while a better-fed populace become a force to reckon with around large numbers across social media and lines. And, as and when things take a
60, the limit on rural job-guarantee work-days may want protein-rich edibles and vegetables the turn of the century. Before that, front-running can easily happen. In that turn for the worse, it can just about
to be doubled to 200, its daily wage upped to cheapened by better acreage and cold chains anyone trying to front-run had to sense, there has always been a market of whisper, ‘We told you so.’ But that’s not
spread information through word of investors who want to be actively lied to, going to help anyone.
₹700, and the dropping of all cases against last (for perishables). For evolving demand to be
time’s protestors. They have other asks as well, satisfied more efficiently, farm incentives must
but the main one is for a law to back a minimum align better with market forces. And for this, we
support price (MSP) for all commodities as a would need various old restrictions eased and
government assurance. This list, though, is not markets bustling with multiple buyers.
the only reason the agitators could be mistaken Since price flexibility cannot do its market job
for employee unions asking for a better deal. with price floors and caps in the way, MSPs www.livemint.com
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Monday, February 17, 2014 Vol.8 No.41 `4.00 in Delhi­NCR/`5.00 outside Delhi­NCR 24 PAGES

And therein lies both the irony and nub of it. for mandatory state procurement (instead of PHILANTHROPY: A
helping hand
for adolescent girls >10
BANKER’S TRUST: The capital problem
of Indian banks >6

To be sure, this agitation differs from last optional) cannot be baked into Indian law with- CONTENT PARTNER
AVIATION: Kingfisher Airlines CEO
Sanjay Aggarwal resigns >6
MINT MONEY: What Sebi’s new measures
mean for mutual funds >14

time’s in its participation and aims, but that out turning our back on reforms. But then, the SENSEX 20,366.82 ®

EARNINGS REVIEW
NIFTY 6,048.35 ® DOLLAR `61.93 ® EURO `84.91 ®

RAMESH PATHANIA/MINT

The return
GOLD `30,620 ®

QUICK EDIT
OIL $109.08 ®

Profit, sales of Citizen Bank

does not obscure the need for a big-picture view old paradigm still prevails. State-set MSPs for growth fastest
Kejriwal tremors
E ven as India has done
well to get its current

The farmer has to

CAPITAL CALCULUS
account deficit under con-
ANIL PADMANABHAN trol, there seems to be an

in six quarters
emerging worry for inves-

of farmer discontent. Agriculture is a laggard nearly two dozen commodities do suggest a H ow quickly things have tors: the growing pile of
turned on their head. Six bank loans that have
months ago, nobody (barring soured because of the eco-
the party itself) thought that the nomic downturn.
Operating profit margin cerned,” he said, adding that fledgling Aam Aadmi Party The recent tremors at
at 12.4% was best in six while there is no denying that
the positive signs and optimism
(AAP) would be more than a
footnote in the Delhi assembly
United Bank of India could
perhaps be an advance
quarters, average net seen in the September quarter elections. And the day after it warning of deep fissures as

be an optimist or he
profit margin at 9.5% are continuing, it is too early to exited after 49 days of a roller- the results of State Bank of

sector at risk of stagnancy, with adverse conse- purchase promise. Another sign of the Centre’s
call the results a turnaround. “A coaster run at the helm in Delhi, India showed over the
best in four quarters lot depends on the election re- the speculation has shifted to weekend. The stress in the
sults and how the new govern- what it is likely to achieve in the loan books of banks means
B Y A MI S HAH ment steers the economy,” Bali- 16th general election slated to that the next government
[email protected] ga said. get underway in April-May. will need to move fast to
························· The average operating profit The explanation underlying rebuild bank capital if they
MUMBAI the early exit of the AAP in Delhi are to be in a position to
margin at 12.4% was the best in

I ndian companies grew at

their fastest pace in six quar-
six quarters, and the average net
profit margin at 9.5% was the
probably lies buried in these ex-
treme reactions. It was indeed
support an economic re-
covery. Most public sector

quences in store since it supports a big bulk of comfort with state-controlled farming popped
ters in the October-Decem- best in four quarters. The raw the big idea of the just-conclud- banks have adequate capi-

wouldn’t still be a farmer.

ber period, pointing to improved material-net sales ratio dipped to ed assembly polls. But I believe tal right now, but that will
operational efficiency as they 36.2% from 36.7% in the previous Arvind Kejriwal, an astute politi- not be enough if more
learned to work with tighter quarter, suggesting that input cal mind, was seeing a diminish- loans go bad.
budgets and cope with the pro- cost pressures had eased. The ing trade-off in continuing to be Such problems are typi-
longed economic slowdown. employee expenses-net sales ra- chief minister and in seeking a cal features of a credit bub-
Any significant turnaround, tio dropped to 7.2% from 7.5%. larger role nationally for the ble that has popped. Of
though, is unlikely before the “There has been a significant start-up. It is now looking to course, unlike China, India
next government is formed later contribution from pharma com- evolve from being just a disrup- does not have high levels

our population. Structurally, the sector’s para- up recently in the form of export bans. Imposed
this year, analysts cautioned. panies, and also large-size com- tor to a usurper—a process it is of bank credit as a propor-
Net profit for these companies panies in IT (information tech- tion of its gross domestic
in the December quarter in- nology) have posted decent set TURN TO PAGE 4® product. So the effect of a
creased 18.9% from a year be- of numbers. FMCG (fast-moving banking sector weighed
fore, while net revenue grew at a consumer good) has benefited Set for delivery: Finance minister P. Chidambaram after giving the final ALSO SEE down by bad loans is rela-
more modest 7%, showed a Mint from muted volume growth and touches to the interim budget 2014­15 on Sunday. Chidambaram will tively less acute—but it is
analysis of 299 companies that increase in prices has reflected,” on Monday present before Parliament the UPA’s final budget ahead of >Core support for AAP may increase still a big worry.
after resignation >P4
are part of the BSE 500 and for said Deven Choksey, managing a national election due by May.
which comparable data was

digm is one of farmers at work for the state, on non-basmati rice and onions, for example, it
director and chief executive of
available for the previous 15 KR Choksey Shares and Securi-
quarters. ties Pvt. Ltd. “The (overall) posi-
On both the metrics, the pace
of growth was the fastest since
tive trend has continued and will
continue. We have stabilized on Cars in India EFFECTIVE ADVICE

So, you want to create

to take a leap
WI L L ROD G E R S
the end of the September 2012 the base, but are waiting to ride,”
quarter. said Choksey.
Banks, financial institutions, Among the stand-out per-
and software and energy compa- formers this quarter was Sun
into the future
an advisory board?
which lends a shoulder to their plough with reinforced the conception of farmers as captive
nies were excluded from the re- Pharmaceutical Industries Ltd,
view as they follow a different which sharply raised its revenue
earnings model than the other forecast for the financial year B Y A MRIT R AJ
companies on this list. ending March after posting a [email protected]
“Some positive signs we saw in 74% jump in net profit for the ·························
the September quarter earnings
seem to be carried forward. Cost
rationalization is reaping bene-
December quarter on strong
overseas sales.
Smaller peer Aurobindo Phar-
NEW DELHI

I t may not be enough any

longer that you are able to
F aced with increasing head-
winds, many multinational
companies (MNCs) in India are
mint SERIES-I
fits. Learning and benefits from ma Ltd posted a fourfold jump in sync your smartphone to your setting up advisory boards. It’s Boards are in the news, and also on the someone who
radar of regulators. As corporate should know—Ravi

subsidy support, all of it aimed at national food suppliers. While such moves may help cool
cost-cutting lasts much longer consolidated net profit on the car. Auto makers want their not just MNCs that are using
and can lead to accelerated mar- back of higher sales due to prod- cars to be smarter. advisory boards; some Indian governance becomes more important— Venkatesan, a
gin expansion in an up-cycle,” uct launches and growth in its The kind of cars that can ac- listed companies are also ex- analysts are beginning to comment on former chairman of
said Ambareesh Baliga, manag- formulation business in the US cess the Internet, read out your perimenting with such boards, it, a bunch of proxy advisories have Microsoft India and
ing partner of Edelweiss Global and Europe. Rival Cipla Ltd emails, messages and social albeit with a more narrow focus emerged, and the new companies a member of the
Wealth, the wealth management bucked the positive trend in media updates, put out dis- on issues such as family mat- legislation codifies some practices— Infosys board. In the
arm of Edelweiss Financial Serv- pharma earnings trend and post- plays on an LED screen, pull ters or research and innova- Mint presents a four­part series on first part, he looks at the phenomenon
ices Ltd. ed a 17% drop in net profit main- up a route map, or make tion. While advisory boards are boards, and their roles, authored by of advisory boards.
“We seem to have bottomed ly on the back of increased mate- calls—all on the command of all the rage currently, the

security. The easing of food scarcity and the inflation, they deprive farmers of a chance to
out as far as the economy is con- rial costs and foreign exchange your voice. Or call an ambu- chances are that most will be
losses. lance in an accident. ineffective and eventually be tiple challenges in India such the global market to fit local
Auto makers mostly posted Smart cars, possibly with ec- wound down to much disap- as high rates of software piracy, needs in large and complex
earnings that surpassed analysts’ osystems of their own, aren’t pointment. How do you avoid the challenge of free and open markets such as China and In-
expectations. products of the distant future. this? Should you have an advi- source software such as Linux, dia. Should you enter on our
Tata Motors Ltd smashed Sankalp Kale, in fact, be- sory board? If you do, how do difficult relations with the gov- own or through a joint venture
street expectations after its profit lieves he will be able to buy you really make one effective? ernment on matters ranging or an acquisition? What prod-
almost tripled, as its UK unit Jag- one of these maybe soon after The fundamental question of from taxation to software pric- ucts should be introduced?
uar Land Rover Automotive Plc he graduates from engineering course is whether you should ing. It was also the quintessen- What should the pricing strate-

emergence of our economy, however, have maximize earnings—which is the very pitch
reported robust sales of luxury school next year. create an advisory board. For tial American MNC and there- gy be? How should products
cars and premium sport utility That, of course, would be a MNCs, such boards are useful fore an “outsider” with very and offerings be adapted for
vehicles, balancing out another car with several smart features, in several ways: limited access to policymakers India? What about branding
dismal quarter for its domestic but far fewer and less powerful and policy influencers. In such and distribution? The mistake
operations. than what global car makers Policy, regulation and a situation, an advisory board that even well-run MNCs often
Mahindra and Mahindra Ltd, are envisaging. access can be invaluable as indeed it make is rigidly replicating the
India’s largest maker of utility At the recent Delhi Auto If your business is complex was. global model; an insightful ad-
vehicles, posted an 11.7% in- Expo, the 21-year-old student and faced with lots of difficult visory board can be of tremen-
crease in net profit as demand of SRM University in Ghazia- policy and regulatory challeng- Local business models dous value in finding the right

made space for a shift that recruits market effi- reformers must make to solicit their buy-in for
for tractors rose and it cut costs, bad was glued to Tata Motors es, it can be very advantageous A second area where a board balance between being “mind-
countering a decline in passen- Ltd’s ConnectNext concept to have a good set of advisers to can add value is in localizing lessly global and helplessly lo-
ger vehicle sales. Maruti Suzuki car, the kind of car he might help you think through these the business model. The big- cal”.
Mint is also available for R8 with issues. For instance, in 2005, gest challenge for most MNCs
Hindustan Times in Delhi-NCR only
TURN TO PAGE 3® TURN TO BACK PAGE ® Microsoft was confronting mul- is deciding how much to bend TURN TO PAGE 2®

ciency to revive the sector’s fortunes. A market greater market-orientation as we go along.

MY VIEW | EX MAcHInA

Think of AI as a complex adaptive system to regulate it

tally stray into potentially hazardous areas. For that reason, I agree with the proposal think of weapons, power grids, etc—doing so the first place was to avoid biased human
RAHUL MATTHAN It also calls for building manual overrides to put in place a dedicated and agile expert will force us to build them from scratch, and, decision-makers. Now that we have commit-
and authorization choke-points directly regulatory body with the power to issue as a result, forgo many of the benefits that ted ourselves to this path and integrated
into these AI systems, so that humans can directions and amend regulations on-the-fly could have come from building on top of machines into our workflows, we have
effectively take control of operations where as and when required. If such a regulator is what has already been developed. reached a point where humans can no
needed. It makes the case for “transparency obliged to operate in accordance with a set This is also why the goal of ensuring “dis- longer keep up. Our poorer senses and

L
ast month, the Prime Minister’s Eco- and explainability,” so that there will always of principles aligned with the democratic tinct accountability” might be impossible to slower reaction times mean that we are no
nomic Advisory Council (PM-EAC) be public scrutiny of these systems. The values of the country, I see achieve. Today, AI is match for our machine counterparts.
released a paper proposing a new PM-EAC paper also suggests that we ensure this as no different from designed to be interopera- And then there is the demand for trans-
approach to regulating Artificial Intelli- “distinct accountability,” so we can always the principles-based regu- The PM-EAC’s ble, with access provided parency and explainability. As I have argued
gence (AI). It argues that while our current identify the entity or individual responsible lation approach that I have through application pro- before, whenever we insist on transparency,
approach of enacting reactionary regula- for any unintended consequence. Finally, called for in earlier articles proposal of this gramming interfaces (APIs) it is almost always in exchange for accuracy,
tions might work in a static, linear system the paper recommends that we put in place in this column. designed for deep integra- and while in certain circumstances—such as
with predictable risks, it is unlikely to work an AI regulator with the expertise and the That said, there is much
novel approach tion of AI into other digital where human life and liberty are at stake—

is a partner at Trilegal and the

in the context of AI, which comprises emer-
gent, non-linear systems. It argues that
mandate to recalibrate regulations on the
fly to deal with the dynamic requirements
that I disagree with in the
paper, like the idea of
has merit but products. Technologies
like IFTTT and Zapier take
this might be appropriate, in others, it will
not be. For instance, AI can analyse radiol-
author of ‘The Third Way:
India’s Revolutionary Approach
since AI is a dynamic network of diverse
agents whose interactions generate emer-
of CAS regulation.
If nothing else, categorizing AI as a CAS is
guard-rails and partitions
that it suggests. While the
also aspects this interoperability even
further by allowing do-it-
ogy images with far greater accuracy than
humans. If this gives me a better chance at
to Data Governance’. His X gent behaviours, we need to think of it as a a refreshingly novel approach to finding solu- concept itself may be that are hard yourself combinations of detecting a potentially fatal disease, I don’t
(formerly Twitter) handle is complex adaptive system (CAS) and design tions for a particularly challenging problem. sound, given the way in services without any need see why I should give this up simply because
@matthan. regulations accordingly. AI policies tend to be knee-jerk responses to which AI has already been to implement for coding expertise. All of we need algorithms to be explainable.
We already have experience dealing with manifestations of harms resulting from the built so far, this suggestion which is to say that even Using a CAS approach to formulate regu-
complex adaptive systems like stock mar- use of this technology, but regulators using would be virtually impossi- though we are at the dawn lations for AI is indeed novel and refreshing
kets. The paper attempts to extract regula- this whack-a-mole approach will constantly ble to implement. Much of AI development of the AI age, it is already impossible to pin as a way to solve a wicked problem. But we
tory principles from those systems, so that find themselves behind the curve. By taking has been modular—particularly lower down distinct responsibility for AI outcomes on a cannot blindly apply these regulatory prin-
we can apply them to AI. For instance, it a step back and thinking of the entire AI land- the stack, with customization mainly taking single individual or entity. ciples to AI without a proper understanding
suggests that we put in place guard-rails scape as a CAS that displays emergent behav- place at higher levels. As a consequence, for I am just as sceptical of the paper’s blind of how it will impact operations in this
and partitions to define operational spaces iour and is continuously and spontaneously all intents and purposes, this is a ship that insistence on human oversight and the need important sector. Instead, we should work
within which AI can operate, so that, if evolving is an effective way to arrive at a might have already sailed. While it is still to always have humans in the loop. One of at adapting CAS principles so that we can
needed, we can be sure it will not acciden- workable long-term solution. possible to ‘air-gap’ some core systems— the reasons why we moved to automation in achieve the desired outcomes.
LIVEMINT.COM VIEWS WeDNesDAy, 14 FebruAry 2024
NeW DelhI 15

GUEST VIEW M I N T C U R AT O R

There’s both the will and a way to We should lift the shroud over
how AI firms fight deepfakes
unleash India’s digital potential Too little is known about safety checks in place for generative AI

India is not yet a digital star but it’s certainly rising as one and a well-focused action plan could accelerate this trajectory

REUTERS

PARMY OLSON
is a Bloomberg Opinion columnist covering
technology.

KUSHE BAHL & RAJAT DHAWAN

are, respectively, a partner at McKinsey &
Company’s India office in Mumbai, and
managing partner based in Delhi.

W
hen people fret about artificial
intelligence (AI), it’s not just due
to what they see in the future,

A
t first glance, India looks like a digital but what they remember from the past: Deepfakes could wreak havoc across
star, with inexpensive bandwidth, notably the toxic effects of social media. democracies this year ISTOCKPHOTO
rising enthusiasm for e-commerce, For years, misinformation and hate speech
and a fast-growing cluster of innova- evaded Facebook and Twitter’s policing safety inspectors. In social media, they are
tive companies. Our public digital systems. Now deepfakes are infiltrating known as content moderators, and they’ve
infrastructure is getting broader and those platforms, and while Facebook is still played a critical role in double-checking
deeper by the day, and the number of internet responsible for how bad stuff gets distrib- the content that social media algorithms
users is fast approaching 900 million, more than uted, AI companies have a clean-up role flag as racist, misogynist or violent. Face-
double the figure of 2016. too. Unfortunately, they’re carrying out book has more than 15,000 moderators to
And yet, we still have a lot of catching up to do. that work behind closed doors. secure integrity without stifling freedoms.
Only one out of every 10 Indians, or 140 million I reached out to a dozen generative AI It’s a delicate balance that humans do best.
people (compared to 710 million in China), is a firms whose tools generate photorealistic Sure, with their built-in safety filters,
regular online shopper; e-commerce penetration images, videos, text and voices, to ask how most AI tools don’t churn out the kind of
is just 19%. Venture capital funding dropped two- they made sure their users complied with toxic content that people do on Facebook.
thirds in 2023, making it more difficult for digital rules. Ten replied, all confirming that they But they could still make themselves safer
startups to get the capital they need. used software to monitor what users churn and more trustworthy if they hired more
How can India turn its enormous potential out, and most said they had human checks human moderators. Humans are the best
into growth that fosters both equity and economic too. Hardly any agreed to reveal how many stopgap in the absence of better software
competitiveness? Four opportunities come humans were on this job. And why should for catching harmful content.
to mind. they? Unlike pharma, auto and food, AI Pornographic deepfakes of Taylor Swift
Focus on inclusion as well as profitability: Earlier companies have no regulatory obligation and voice clones of President Joe Biden
this year, McKinsey estimated that about three- to divulge details of safety practices. They, and other international politicians have
quarters of Indians fall short of full economic like social media firms, can be as mysteri- gone viral, underscoring that AI and tech
empowerment (estimated at a per capita income of ous about it as they want. Europe’s upcom- companies aren’t investing enough in
about $5 a day), and that faster growth and busi- ing AI Act has touted “transparency safety. Admittedly, hiring more humans to
ness innovation could lift 700 million to that level requirements,” but it’s unclear if it will help them enforce their rules is like getting
by 2030. The digital economy, which has grown force AI firms to have their safety practices more buckets of water to put out a house
2.5 times faster than the overall economy since audited in the same way that car- and food- fire. It might not solve the whole problem
2016, could be a powerful force for sustainable and makers do. It took decades for those indus- but it will make it temporarily better. “If
inclusive growth, not only through greater pro- tries to adopt strict safety standards. But you’re a startup building a tool with a gen-
ductivity, but as a way of delivering social goods, as the world can’t afford for AI tools to have a erative AI component, hiring humans at
the success of the Aadhaar and the CoWin and free rein as they evolve rapidly. Midjourney various points in the development process
U-Win vaccination platforms have proven. recently updated its software to generate is somewhere between very wise and vital,”
Much more could be done. For example, tele- batteries have seen efficiency improvements of India is well positioned to do more. By 2030, the images that were so photorealistic they says Ben Whitelaw, the founder of Every-
medicine could improve access and health out- 10% to 20% through the use of advanced analytics. SaaS market could be worth $50-70 billion and could show the skin pores and wrinkles of thing in Moderation, a newsletter about
comes by offering lower-cost prevention and These transformations not only release resources account for more than 500,000 jobs in India. politicians. At the start of a huge election online safety.
treatment programmes. Such consultations cost needed for broader digital adoption, but also Success will require concerted efforts by the gov- year when close to half the world will go the Several AI firms admitted to having just
30% less than in-person visits and could unlock enable the creation of new products, services and ernment (regulatory support and open-source polls, a gaping regulatory vacuum means one or two human moderators. The video-
$40-$60 billion in value by 2030. In education, business models. assets), businesses (by way of partnerships to AI-generated content could have a devas- generation firm Runway said its own
digital learning modules could be used to train Harness the power of AI to build frugal customer develop products) and the industry at large (which tating impact on democracy, women’s researchers did that work. Descript, which
many of the 70 million new entrants to the labour acquisition and engagement capabilities: Due to the could identify best practices). India’s digital rights, the creative arts and more. makes a voice-cloning tool called Overdub,
force each year and also deliver new content to high costs of customer acquisition and engage- expertise could be both a positive example to other One way out is to push AI companies to said it only checked a sample of cloned voi-
schools at all levels. Financial inclusion is already a ment, many companies have seen excessive cash countries and a significant export opportunity. be more transparent on safety, which starts ces to make sure they matched a consent
success story, thanks to India’s Unified Payments burn or margin dilution in their digital invest- Our UPI platform has already been adapted in with questions. When I contacted OpenAI, statement read out by customers. The
Interface (UPI) and similar efforts. But more can be ments. It is possible to reduce these costs signifi- Oman, Nepal, Singapore and the UAE. Microsoft, Midjourney and others, I made startup argued that checking their work
done to make credit accessible to India’s 64 million cantly by using smart AI tools and techniques. And one more thing: Across the board, more these simple: How do you enforce your would invade their privacy.
micro, small and medium-sized enterprises. Over 60% of today’s customer interaction reach- needs to be done to develop the talent required to rules using software and humans, and how AI companies have unparalleled free-
Activate the entire value chain: Consumer-ori- outs could be automated using AI in the next five make all this happen through on-the-job skilling many humans do that work? Most shared dom to conduct their work in secret. But if
ented startups dominate funding and digital con- years, including by means of AI-generated out- programmes that accelerate apprenticeship, some details on their processes for misuse they want to ensure public trust, it’s in their
sumption has grown 18-fold over the last five years. bound marketing messages for customer engage- industry-oriented education curricula and prevention, albeit in vague PR-speak. interest to pull back more of the curtain to
For India to fully benefit from the potential of digi- ment. Digital companies could deploy a weekly exchanges. India has the third-largest AI talent OpenAI, for instance, had two teams of show how exactly they enforce their rules.
tal technology, however, it’s important to look at marketing sprint rhythm, enabled by a content pool in the world, but there is still a sizable short- people helping retrain AI models to make Hiring more humans would help too. Too
everything from product development to procure- engine, an influencer network and the use of age of data scientists, data architects and machine- them safer or react to harmful outputs. The much focus on racing to make AI “smarter”
ment, manufacturing and logistics. In life sciences, assisted selling and offline activation support. learning engineers. Venture capital is important, company behind Stable Diffusion said it so that fake photos look more realistic, or
for example, the product-development cycle can Build for the world: From 2020 to 2022, the no doubt, but it’s clear that human capital matters used safety “filters” to block images that text more fluent, or cloned voices more
be speeded up through use of digital and advanced Indian software-as-a-service (SaaS) segment grew most of all. broke its rules, and human moderators convincing, threatens to drive us deeper
analytics, including generative artificial intelli- 65% a year, twice as fast as the rest of the world, So, no, India is not yet a digital star, but it is checked flagged prompts and images. Yet, into a hazardous world. Better to bulk up
gence (Gen AI). Manufacturing plants in industries and private investment reached $15 billion. Given certainly a rising one. Accelerating its trajectory only a few disclosed how many humans and reveal those safety checks now before
such as steel, aluminium, pulp and paper, tyres and structural advantages of talent, cost and expertise, should be a matter of urgency. had oversight. Think of them as internal it all gets much harder. ©BLOOMBERG

THEIR VIEW

Paytm crisis: Can an advisory panel make a difference?

Needless to say, an appropriate measure equivalent of hiring an emergency set of per- As a payments bank, PPB has had multiple and know-your-customer processes. Well,
SRINATH SRIDHARAN would have been if the bank’s board had sonal tutors, especially from the same set of run-ins with RBI; it has had warnings and that’s a start, even if it is rather late in the
sought external advice independently. school teachers, just as one flunks a school even a large monetary penalty imposed on it. day. What was the bank doing when the
Further, an advisory board making sug- exam. This sort of approach is not known to As a parent entity, One97 has reportedly had banking sector’s regulator raised its con-
gestions on how to enhance compliance change the behaviour of students. And it concerns expressed by the regulator about cerns first? Nearly two years have now
with the rules would only be as good as the would surely not be looked upon by other dealings between its payment app and its passed since RBI’s 2022 action, which too

I
n the current crisis of India’s largest pay- entity’s compliance culture. stakeholders in positive light. banking arm. Yet, nothing seems to have followed a long period of review, as warn-
ment company, Paytm, there are many Having a panel of wise counsel is a display Instances of compliance been done until RBI took ings and discussions had preceded that too.
allegations that one can only speculate on, of good intent, which businesses must do, failure can be on account action. Doesn’t it say some- In other words, a long rope already seems to
until regulators share more information especially regulated and listed entities. But of either operational rea- Whether it can thing about Paytm’s orga- have been given to PPB.
with the public. But any financial entity reg- then, such advisory committees could even sons or the very intent or nizational culture vis-a-vis Can newer developments alter the state of
ulated by the Reserve Bank of India (RBI) be established in the normal course of busi- culture of the organiza- help beyond regulatory compliance ? play? Will the reputation of the advisory
getting a long rope on non-compliance ness. Indeed, that would convey an effort to tion, and it is always hard Other questions arise. panel play a role in what unfolds next? If that
needs a rethink. It is no surprise that Paytm’s add value and adopt higher standards of to ascertain which of the
the optical front While a creative or innova- happens, it would quickly become the play-

is a policy researcher and

parent entity One 97 Communications has
appointed an advisory board of prominent
internal governance as a matter of routine
and good business hygiene.
two it is. In all these
aspects, however, the buck
is doubtful for tive company may be
widely admired, can it get a
book for other regulated entities to adopt,
while pushing the idea of board responsibil-
corporate advisor. @ssmumbai experts, including an ex-regulator, to advise
it on regulatory and compliance matters.
However, what may seem like an expen-
sive investment in usual times, the kind of
starts and stops with the
leadership and board.
reasons drawn free ride on compliance?
Also, can the deep market
ity for compliance further into a grey zone by
its precedent.
Consider the following points. One97, idea that often makes business promoters If operational gaps in from norms of penetration of a company’s Care would have to be taken that no awk-
Paytm’s parent, is not the regulated entity. It cringe, tends to assume a whole new appeal compliance are found, services be an argument for ward messages on mechanisms of bank gov-
is Paytm Payments Bank (PPB) that is regu- once the stakes rise and compliance then it can be addressed governance a regulatory reprieve? ernance and the handling of non-compli-
lated by RBI and in trouble for repeated non- becomes a matter of fiefdom retention. This through enhanced internal No poster boy for inno- ance allegations are sent out. Banks always
compliance. How can an advisory panel can happen, for example, if the business’s training on how to comply vation can expect special need tighter regulation. People trust them as
appointed by the parent entity have a say in board has forgotten its core job of corporate with the prevailing rules. At times, manage- allowances. One school of thought suggests keepers of money at least partly because
advising a regulated entity (PPB) on regula- oversight, necessitating an advisory body to ment changes in some functions are needed that high-profile businesses make for good they are aware of RBI’s oversight. The more
tory compliance? If this panel is advising perform that function. And if this is the case, to ensure that such gaps don’t recur. If all examples to be set for others on the conse- discerning track the regulator’s own inde-
One97, then it has to ensure that informa- then it reveals a fundamental flaw in the functions are not aligned with the demands quences of faulty rule-adherence. pendence as well. When the leader of a non-
tion shared with the external advisory panel structure of governance. of regulatory compliance, then the entity According to recent news, PPB has put compliant bank seeks and gets an appoint-
is within regulatory kosher limits and does The sudden creation of an august advisory would need a change in leadership or risk out a request for proposals inviting external ment with a Union ministry, that becomes
not infringe on the role of PPB’s board. group in the midst of a crisis sounds like the regulatory action hitting shareholder value. auditors to assess the bank’s compliance yet another ponderable.
16 WeDNesDay, 14 February 2024
NeW Delhi BUSINESS OF LIFE SPORTS LIVEMINT.COM

Indian TT’s road to Olympics

India’s table tennis failing which they would have to rely on
PTI

have to get our best out there, we have to lowed by a lower back strain, admits to
the world rankings (as of March 2024) to play as a team. Harmeet is playing really focussing on mixed doubles at the cost of
stars are charting a sneak in. well—he has hit his best form and I hope his results in individual events. His singles
The latter is more challenging, given he continues that for a couple of more world ranking, which hovered around the
path to the Paris that team rankings are based on individ- months. As a team, we are backing each 30s mark for a few years, has slipped to 91
ual player rankings. India’s highest other up.” now. “I felt that in mixed doubles, getting
Olympics later this ranked male player, Harmeet Desai, is No. Table tennis at the Olympic Games, into the top 16, you are two rounds away
year. This is how 68, followed by Manav Thakkar at 87,
while among the women, Manika Batra is
from 27 July-10 August, will have five
events—men’s, women’s singles, men’s,
from a semi-final,” the 31-year-old says.
“Mixed doubles for me is the real focus, at
they’re doing it at No. 37 and Sreeja Akula is 49. But if an women’s teams and mixed doubles. The least for the next few months till the 30
Indian team qualifies, through Busan, teams’ event will have a draw of 16, with April deadline.”
India will also automatically get two sin- one team of three athletes per country. Mixed doubles, as a category, is being
Arun Janardhan gles spots for Paris. The mixed doubles event will also consist introduced as a medal event in the Olym-
[email protected] “The team is, let’s say, my baby. I want of a draw of 16, which shortens the path- pics for the first time in Paris.
to get these guys there,” says A. Sharath way for competitors to the medal rounds. While there has been a smattering of

T
he International Table Kamal, the 41-year-old senior pro whose “Probably the biggest chance of an medals at the Commonwealth Games and
Tennis Federation (ITTF) ranking has dropped to 97, while referring achievement is here, on the team,” says Asian events—Ayhika and Sutirtha Muk-
World Team Table Tennis to the other top players. Sharath, who also chairs the ITTF ath- herjee won a bronze medal in women’s
Championships that begins For individual places,” Sharath adds, letes’ commission. “So for me, that is the doubles at the Asian Games last year—
in Busan, South Korea, on “there’ll be one spot within all of us be-all and end-all of the Olympic Games at Indian players have not broken any major
16 February will mark India’s first chance because we have to play South Asia region, Paris. I’m really not even thinking about barriers yet at the world stage. But with an
of qualifying for the Paris 2024 Olympics and in that region, India is by far the best. singles. I just want to put all my energy increasing number of tournaments,
this summer. With athletes from China One of us will go. I’m not looking (out) for Manika Batra is among the Indian TT stars aiming for Paris. focus into the team at this moment.” changes in format of international compe-
continuing to dominate the sport—includ- me. My primary target is the team, we India’s best chance of getting into the titions, wider talent pool and resources,
ing the world’s top five male and top four need to get there as a team, then we can more events, for more ranking points. petitors amongst each other. It will be a medal round would be in the mixed dou- there are greater expectations.
female players—India’s best chance of suc- choose two players who will represent us.” “If we qualify as a team, then it wouldn’t totally different scenario and then we bles, in which Batra and Sathiyan are cur- “There will, of course, be expectations,”
cess in TT in Paris will come from the team If the (men’s or women’s) teams do not matter much to play a lot of tourna- have to plan accordingly.” rently ranked 11th in the world. Batra- says Batra. “Sometimes we just think that
event and mixed doubles. qualify through Busan, singles players will ments,” says Desai. “We would plan in a G. Sathiyan, a medal winner in the Sathiyan can get to Paris on the back of because of these expectations, we have to
Currently ranked No. 15 and 17 in the have to find their way to Paris through way that we don’t focus a lot on the rank- Commonwealth Games and Asian Games, qualification events or through rankings, win every match. But the focus needs to be
world respectively, the Indian men’s and continental qualification events or singles ing, but to get match practice. But if we adds that merely reaching the quarters in which would be decided by March-April. on every match, doubles, mixed doubles
women’s teams will have to make it to the rankings, which have limited quotas. That don’t qualify as a team, then everybody Busan does not complete the picture. “It’s Sathiyan, who has not been completely and singles. When I am on the table, there
quarterfinals in Busan to qualify for Paris, would require the players to compete in would run after points. We will be com- a matter of small margins,” he says. “We fit in recent times due to a knee injury fol- is me and the opponent.”

England’s captain Ben Stokes REUTERS

Ben Stokes gears

up for his 100th
Test against India
The architect of ‘Bazball’, Ben Stokes aims
for victory in the third Test against India
AFP
[email protected]

B
en Stokes will win his 100th Test cap when he leads England
against India in the third Test beginning Thursday in Rajkot, as
both sides have to contend with the absence of key players.
The five-match series is on a knife-edge at 1-1 after India’s 106-run
victory in the second Test in Visakhapatnam followed England’s
28-run win in Hyderabad. To millions of our customers
Batsmen Virat Kohli and KL Rahul will be absent for India while
England’s senior spinner Jack Leach has been ruled out of the final
three matches with a knee injury suffered in the first Test.
for being an inseparable
Stokes, 32, was lauded for his leadership after England won the
series opener in Hyderabad to hand India only their fourth Test loss
part of our journey, and
at home since 2013 and then aggressively chased 399 to win in Visa-
khapatnam before falling short.
over 1.5 million investors for their
England have won 14 Tests out of 20 since Stokes and coach Bren-
don McCullum took the reins with an attacking style dubbed “Baz- overwhelming response to our
ball”, but one former great thinks the term is overplayed.
“Much of England’s success has been attributed to ‘Bazball’ -- the Initial Public Offering (IPO).
desire to score quickly and tactically rattle the opposition -- but this
is a misnomer,” former Australia captain Ian Chappell was quoted as
saying on Cricinfo.
Stokes was “What Stokes has really done is set out to
lauded for his achieve victory from ball one by playing
aggressive cricket -- in all aspects of the
leadership after game,” he added.
England won
QIB NII RII
All-rounder Stokes, who is playing in the
the opener in series as a batsman after recovering from
Hyderabad knee surgery, has scored 6,251 runs and
taken 197 wickets since his Test debut in PORTION *
PORTION PORTION
2013.
India will be without their batting great Kohli, who will be unavaila-
ble for the rest of the series for “personal reasons”, having missed the
79.56 54.14 31.25
first two Tests. Batsman Rahul will again miss out having not recov-
ered completely after missing the second Test, but was named in the
squad and is expected to be fit for the rest of the series after Rajkot.
The England squad travelled to Abu Dhabi for a rest and to spend
time with family members after the second Test, but are already back
training in Rajkot.
Rohit Sharma’s side started the series with the defeat in Hyderabad
after Ollie Pope’s brilliant 196 turned the game on its head after India
had taken a 190-run first-innings lead.
In Visakhapatnam, India survived some nervy moments during
England’s spirited chase before securing the series-levelling win.
India spinner Ravichandran Ashwin needs just one wicket to reach *Excluding anchor investors portion
the 500 Test dismissals in Rajkot, while England seamer James APEEJAY SURRENDRA PARK HOTELS LIMITED has filed a Prospectus dated February 7, 2024 (“Prospectus”) with the Registrar of Companies, West Bengal at Kolkata (“RoC”). The Prospectus is available on the website of the
Anderson needs five more to reach 700 victims, a mark bettered only Company at www.theparkhotels.com, SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and the BRLMs,
i.e. JM Financial Limited, at www.jmfl.com, Axis Capital Limited, at www.axiscapital.co.in and ICICI Securities Limited, at www.icicisecurities.com respectively. Any potential investor should note that investment in equity shares involves a
by spinners Shane Warne (708) and Muttiah Muralitharan (800). high degree of risk and for details relating to such risk, please see the section entitled “Risk Factors” beginning on page 29 of the Prospectus.
The 42-year-old Anderson will play his 185th Test, if selected, and The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may
could be joined in the attack again by young spinners Tom Hartley, not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity
Shoaib Bashir and Rehan Ahmed who have just six caps between Shares are being offered and sold only outside the United States in ‘offshore transactions’ as defined in, and in reliance on, Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and
them. England’s spinners, including part-timer Joe Root, have sur- sales are made.
prisingly stood out so far with 33 wickets.