TUESDAY, 10 DECEMBER 2024

18 pages in 1 section [Link]

MUMBAI
~14.00
VOLUME XXIX NUMBER 103

THE MARKETS ON MONDAY chg#

Sensex 81,508.5 q 200.7

Nifty 24,619.0 q 58.8
Nifty Futures* 24,694.6 p 75.6
Dollar
Euro
~84.7
~89.5
~84.7 **
~89.6 **
SANJAY MALHOTRA IS SALARY, WAGE EXPENSES GROWING
Brent crude ($/bbl)
Gold (10 gm)###
73 ##
~76,385.0 p
71.6 **
~503.0 NEW RBI GOVERNOR FASTER THAN REVENUES FOR INDIA INC
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
2 COMMERCIAL
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 1

PUBLIC NOTICE
This is to inform the general public that Original Share Certificate No.
11, Distinctive No’s from 55 to 60 = 05 share of Smt. Rekha H. Lokwani, Flat
No. 302, a member of Regal Apartment Co-Op. Housing Society Ltd., Regn.
No. BOM/W-HW/HSG (TC)/3867 of 89, having address at 4-A, CTS No. G-
156, TPS III, S.V. Road, Santacruz (West), Mumbai - 400 054. The Said Share
Certificate has been lost/misplaced and the member of the society has applied for
duplicate share.
The Society hereby invites claims and objections from claimants
/objector or objectors for issuance of duplicate Share Certificate within the period
of 15 (Fifteen) days from the publication of this notice, with copies of such
documents and other proofs in support of his/her/their claims/objections for
issuance of duplicate Share Certificate to the Chairman/Secretary, of Regal
Apartment Co-Op. Housing Society Ltd., If no claims/objections are received
within the period prescribed above, the Society shall be free to issue duplicate
Share Certificate to Smt. Rekha H. Lokwani, in such manner as is provided
under the bye-laws of the Society. The claims/objections, if any, received by the
Society shall be dealt with in the manner provided under the bye-laws of the
Society.
Sd/-
Date : 10.12.2024 Hon. Secretary
Place: Mumbai For and on behalf of
Regal Apartment Co-Op. Housing Society Ltd.,

Chiplun Branch
Address: Ashwini Tower, Karad Road, Chiplun,
Dist.: Ratnagiri PIN-415605,
Ph.: 02355-251173 & 252173, E-mail: bom296@[Link]
(Appendix IV) POSSESSION NOTICE [Under Rule 8 (1)]
Whereas,
The undersigned being the Authorized Officer of the Bank
of Maharashtra, Chiplun Branch, under the Securitization and
Reconstruction of Financial Asset and Enforcement of Security
Interest Act, 2002 (54 of 2002) and in exercise of powers
conferred under Sec. 13(12) read with Rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a Demand Notice dated
12.08.2024 calling upon the Borrower, M/s Aqua Foods Exim,
Partners - Mr. Mohammed Ayyub Moulana, Mr Abdul Azeez
Bawa, Mr. Abdul Ahad and Guarantors Mr. Mohammed Ayyub
Moulana, Mr Abdul Azeez Bawa, Mr. Abdul Ahad, Mrs Nazima Banu
Moulana, Mrs Lata A. Bongirwar, Mrs. Meghna Piyush
Bongirwar, Mrs Neha Amreen, Mr Piyush Arun
Bongirwar, Mr. Krishna Prasad, M/s. Bright Developers. to
repay amount aggregating Rs. 577155885.56/- (Rupees Fifty
Seven Crore Seventy One Lakh Fifty Five Thousand Eight
Hundred Eighty Five and Fifty Six Paise Only) plus further
applicable interest thereon w.e.f. 12.08.2024 plus cost and
expenses as mentioned in the demand notice within 60 days from
the date of receipt of the said Notice.
The Borrowers having failed to repay the amount, Notice is
hereby given to the Borrowers, Guarantors and the Public in
general that the undersigned has taken possession of the
properties described herein below in exercise of powers conferred
on him under Sub-Section (4) of Section 13 of Act read with Rule
8 of the Security Interest Enforcement Rules, 2002 on this 6th day
of December 2024
The Borrowers and the Guarantors in particular and the Public
in general is hereby cautioned not to deal with the property and
any dealings with the property will be subject to the charge of Bank
of Maharashtra for an Rs.577155885.56/- (Rupees Fifty Seven
Crore Seventy One Lakh Fifty Five Thousand Eight Hundred
Eighty Five and Fifty Six Paise Only) plus further applicable
interest thereon w.e.f. 12.08.2024 plus cost and expenses.
The Borrowers’ and the Guarantors’ attention are invited to
provisions of Sub-Section (8) of Section 13 of the Act, in respect of
time available, to redeem the secured assets.
DESCRIPTION OF THREE OF THE COLLECTIVE MOVABLE/IMMOVABLE PROPERTIE
All the pieces and parcels of land Plot no 160 admg 442 Sq. Mtr,
Plot No 160-A admg 260.10 Sq. Mtr and Plot no 160-B admg 260.10
Sq. Mtr. Surveyed under Survey No 146/19, situated at Cuncolim
Salcete Goa owned by M/s. Bright Developers and bounded as
follows.
On the North: Open Space and Sub division Road
On the South: Open Space and sub division road
On the East: 8 m wide sub-division road and plot no. 180F, 180G,
180H AND 180I
On the West: Plot no. 160C, 160D & 160E
Together with the building and structures constructed to/to be con-
structed thereon and all the fixtures annexed thereto.

Date: 06/12/2024 Sd/-

Authorised Officer Bank of Maharashtra

IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH
COMPANY PETITION NO. 250 OF 2023
In the matter of Section 66 read with Section 52 of the
Companies Act 2013 and the Rules framed thereunder
AND
In the matter of Reduction of Equity Share Capital of
Mahindra Homes Private Limited
Mahindra Homes Private Limited, )
CIN: U70102MH2010PTC203618, a company incorporated under )
the Companies Act, 1956 having its registered office at 5th Floor, )
Mahindra Towers Worli, Mumbai - 400018.) …Petitioner Company
APPROVAL OF REDUCTION OF SHARE CAPITAL BY THE MUMBAI
BENCH OF THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL AND
NOTICE OF REGISTRATION OF MINUTES THEREOF
NOTICE is hereby given that by an order dated November 11, 2024
(“Order”), passed by the Hon’ble National Company Law Tribunal,
Bench at Mumbai (“Hon’ble Tribunal”), the aforesaid company petition
was made absolute and the minutes of reduction of capital, were
approved.
TAKE FURTHER NOTE THAT the copy of the said Order was filed by the
Petitioner Company with the Registrar of Companies, Mumbai (“ROC”)
on November 26, 2024 and the form of minutes thereof was registered
by the ROC on December 9, 2024.
The form of minutes approved as per the said Order of the Hon’ble
NCLT and registered with the ROC is as under:
Form of Minutes
“The paid-up equity share capital of Mahindra Homes Private Limited,
is hence-forth Rs. 84,45,930/- (Rupees Eighty Four Lakhs Forty Five
Thousand Nine Hundred Thirty Only) divided into 8,22,507 Series A
equity shares of Rs. 10/- each, 11,043 Series B equity shares of Rs. 10/-
each and 11,043 Series C equity shares of Rs. 10/- each fully paid up, as
reduced from Rs. 86,85,930/- (Rupees Eighty Six Lakh Eighty Five
Thousand Nine Hundred Thirty Only) divided into 8,22,507 Series A
equity shares of Rs. 10/- each, 23,043 Series B equity shares of Rs. 10/-
each and 23,043 Series C equity shares of Rs. 10/- each.
Consequent to reduction of equity share capital, the total paid up share
capital of Mahindra Homes Private Limited, is henceforth
Rs. 84,45,950/- (Rupees Eighty Four Lakhs Forty Five thousand Nine
Hundred Fifty Only) divided into 8,22,507 Series A equity shares of Rs.
10/- each, 11,043 Series B equity shares of Rs. 10/- each, 11,043 Series
C equity shares of Rs. 10/- each, 1 - Series A 0.01% optionally
convertible redeemable preference share of Rs. 10 each and 1 - 0.01%
compulsorily convertible preference share of Rs. 10/- each fully paid up,
as reduced from Rs. 86,85,950/- (Rupees Eighty Six Lakh Eighty Five
thousand Nine Hundred Fifty Only) divided into 8,22,507 Series A equity
shares of Rs. 10/- each, 23,043 Series B equity shares of Rs. 10/- each
and 23,043 Series C equity shares of Rs. 10/- each, 1 - Series A 0.01%
optionally convertible redeemable preference share of Rs. 10 each and 1
- 0.01% compulsorily convertible preference share of Rs. 10 each fully
paid up.
The securities premium balance, is henceforth, Rs.215,58,85,120/-
(Rupees Two Hundred Fifteen Crore Fifty Eight Lakhs Eighty Five
Thousand One Hundred Twenty Only) as reduced from
Rs. 335,54,05,120/- (Rupees Three Hundred Thirty-Five Crore Fifty Four
Lakhs Five Thousand One Hundred Twenty Only).”

For Mahindra Homes Private Limited

Sd/-
December 10, 2024
Avinash Bapat
Mumbai Director
TUESDAY, 10 DECEMBER 2024
18 pages in 1 section [Link]
MUMBAI
~14.00
VOLUME XXIX NUMBER 103

THE MARKETS ON MONDAY chg#

Sensex 81,508.5 q 200.7

Nifty 24,619.0 q 58.8
Nifty Futures* 24,694.6 p 75.6 COMPANIES P2 BACK PAGE 14
Dollar
Euro
Brent crude ($/bbl)
~84.7
~89.5
73.0 ##
~84.7 **
~89.6 **
71.6 **
MAHINDRA TO NOT USE ‘6E’ INDIANS LEAD GLOBAL SOUTH IN
Gold (10 gm)### ~76,385.0 p
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~503.0
TILL DISPOSAL OF INDIGO SUIT ADAPTING TO AI, TECH REVOLUTION
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
4 COMMERCIAL
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 1

MAHAVIR MAHAL CO-OPERATIVE HOUSING SOCIETY LTD. JAI VIKHROLI PREMISES CO-OPERATIVE SOCIETY LTD. PUBLIC NOTICE
Notice is hereby given that share Certificate(s)
Reg. No. BOM/WN/HSG/(TC)/325 OF Year 1983-84, Dated- 08/06/1984 Reg. No. BOM/GEN/895/Year 1976, Dated- 03/04/1976 no. 1457 for 880 equity shares Of Rs. 1/-
CTS No. 72, Vijaya House, Station Road, Village Hariyali, Vikhroli (West), (rupees one only) each bearing Distinctive
Plot No. 130, Garodia Nagar, Ghatkopar (East), Mumbai-400079. nos 157972781 to 157973660 of KAJARIA
DEEMED CONVEYANCE PUBLIC NOTICE Mumbai - 400 083 CERAMICS LIMITED, registered in the Name of
DEEMED CONVEYANCE PUBLIC NOTICE Deven Khote and Farookh K R Mehta have
(Application No. 96/2024) been lost. Deven Khote has Applied to the
Notice is hereby given that the above Society has applied to this office under Section (Application No. 95/2024) company to issue duplicate Certificate(s).
11 of Maharashtra Ownership Flats (Regulation of the promotion of construction sale, Notice is hereby given that the above Society has applied to this office under Section Any person who has/have Any claim in
management & Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance 11 of Maharashtra Ownership Flats (Regulation of the promotion of construction sale, respect of the said shares Certificate(s)
of the following properties. The next hearing in this matter has been kept before me on management & Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance should lodge such claim with The company
24/12/2024 at 1:30 pm at the office of this authority. of the following properties. The next hearing in this matter has been kept before me on at its registered office at SF-11, Second Floor,
Respondent No.- 1) M/s. C. D. Shah and Brothers, address Meghdoot, Vallabh 16/12/2024 at 12:30 pm at the office of this authority. JMD Regent Plaza, Mehrauli Gurgaon Road,
Baugh, Ghatkopar (East), Mumbai-400077, 2) Ushakumari Rajkumar 3) Gordhandas Respondent No.- 1) M/s. Vijaya Enterprises (Housing Estates) Private Limited Village Sikanderpur, Ghosi, Gurugram,
Shivchandrai 4) Parmeshwaridevi Gordhandas 5) Gordhandas Shivchandrai Garodia Through its directors, 1) (a) Champaklal Dwarkadas Mehta, 1) (b) Sarswati Harilal Haryana – 122001 within 15 days of the
and those, whose interests have been vested in the said property may submit their say Mehta, 1) (c) Jayshri Sudhir Shah, Address: Registered Office at Latiff Building, 250, publication of this notice, after which no claim
at the time of hearing at the venue mentioned below. Failure to submit any say shall be Sant Tukaram Road, Mumbai - 400 009. 2) M/s. Vijaya Enterprises Private Limited, will be entertained and the company will
presumed that nobody has any objection in this regard and further action will be taken proceed to issue Duplicate share certificate(s).
Address: Registered Office at Latiff Building, 250, Sant Tukaram Road, Mumbai - 400 009.
accordingly. 3) Ranchhodas Karsandas Rangwalla, Address: Vijaya House, Station Road, Vikhroli
DESCRIPTION OF THE PROPERTY :- (West), Mumbai - 400 083. 4) (a) Mr. Pratapsingh Surji Vallabhdas, (b) Mr. Dilipsingh
Building of Mahavir Mahal Co-operative Housing Society Ltd. along with land as mention below.
Surji Vallabhdas, (c) Jotsnabai Vikramsingh, (d) Jyotsnabai Vikramsingh Vallabhdas,
Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area Address: Vijaya House, Station Road, Vikhroli (West), Mumbai - 400 083 and those, whose
interests have been vested in the said property may submit their say at the time of hearing
-- -- -- 195/171
920 Sq. Mtrs. at the venue mentioned below. Failure to submit any say shall be presumed that nobody   
Village : Ghatkopar
has any objection in this regard and further action will be taken accordingly.
      
Ref. No. MUM/DDR(2)/Notice/2600/2024
         
DESCRIPTION OF THE PROPERTY :-              
Place : Konkan Bhavan, Building of Jai Vikhroli Premises Co-operative Society Ltd. along with land as mention below.            
Competent Authority & District Dy. Registrar, Sd/- Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area
      ! " # 
Co-operative Societies (2), East Suburban, Mumbai
(NITIN DAHIBHATE) $ %  ! "  &  '   !
Room No. 201, Konkan Bhavan, 72 "         
C.B.D. Belapur, Navi Mumbai-400614. For Competent Authority & District 90/A/1/13/6 -- -- Village : Hariyali, 1778.20 Sq. Mtrs.          
Date : 09/12/2024 Tel.: 022-27574965 SEAL Dy. Registrar [Link]. Societies (2), Vikhroli (West)          (
Email : ddr2coopmumbai@[Link] East Suburban, Mumbai $  ')*+      
NOTICE Ref. No. MUM/DDR(2)/Notice/2573/2024  ! "      
NOTICE is hereby given that the Certificate(s) for Place : Konkan Bhavan,  ! ,%  "  !    
10392, 192762, 321216, 425363 bearing Equity Competent Authority & District Dy. Registrar, Sd/-    ( '  -     
Shares Nos. 25, 25, 50, 50 and Distinctive Nos. Co-operative Societies (2), East Suburban, Mumbai              
476829-476853, 140332138-140332162, 574391164- Room No. 201, Konkan Bhavan,
(NITIN DAHIBHATE)            
574391213, 616952960-616953009 under the folio No. C.B.D. Belapur, Navi Mumbai-400614. SEAL For Competent Authority & District -  !          
03740056 of Larsen & Toubro Limited standing in the Date : 05/12/2024 Tel.: 022-27574965 Dy. Registrar [Link]. Societies (2),          
 .        + ./
name(s) of Ranjanbala Ashwinkumar Kariya has / have Email : ddr2coopmumbai@[Link] East Suburban, Mumbai      $     
been lost or mislaid and the undersigned has / have applied     - !      
to the Company to issue Duplicate Certificate(s) for the            
said shares.
Any person who has any claim in respect of the said shares
PUBLIC NOTICE     
    
should write to our Registrar, Kfin Technologies Limited, Notice is hereby given to general public on behalf of my Client Piramal Capital    
Selenium Tower B, Plot 31-32, Gachibowli, Financial District, and Housing Finance Limited, owner of the Flat No 702, 7th floor, B Wing Bldg ( $  ')*+    0+*++ 1 
Hyderabad-500 032 within one month from this date else the no.4, Dhiraj Enclave 4 A B CHS Ltd, off Highway CTS – 169, Vill Megathane, Tal 2   '  * (      
company will proceed to issue Duplicate Certificate(s). Borivali, Mumbai 400066 (referred as ‘the said Flat’). %   $ % 3 )4    
sd/- Whereas Dewan Housing Finance Corporation Ltd (DHFL) was the owner of the   5   6  4
Dated: 09.12.2024 Ranjanbala Ashwinkumar Kariya said flat. DHFL had purchased the said flat from Builder M/s Satyam Realtors Pvt 7 8  2 9 :  
Place : Mumbai Name(s) of Shareholder(s) Ltd vide Agreement for Sale dated 30/04/2002. ; *+++*   3  $   
 !   " #$ % #$ &#'
Subsequently DHFL merged with Piramal Capital and Housing Finance Ltd, and '( ()* "+ #$ ", (- ./#0 &1&)&(#
the name of the resultant entity became Piramal Capital and Housing Finance  ,   9    3  <
Limited, thereby causing change in the name of owner of the said flat to Piramal )9    
Chiplun Branch Capital and Housing Finance Limited. -)
The Original Agreement for Sale dated 30/04/2002 in favour of DHFL, now   * .  $1(23
Address: Ashwini Tower, Karad Road, Chiplun, Piramal Capital and Housing Finance Ltd in respect of the said Flat has been   $ # 9 % ,' 3 5
Dist.: Ratnagiri PIN-415605, = 7  ,  4   3 
lost/misplaced and same has not been traceable in spite of due and diligence    2   ) *++ +#
Ph.: 02355-251173 & 252173, E-mail: bom296@[Link] search. Police Complaint regarding loss of documents is lodged with Police    $  >?>> &&*@+
Station, Kasturba Marg dated 06/12/2024. '23 4 ./56& 3 4 !**!%
(Appendix IV) POSSESSION NOTICE [Under Rule 8 (1)]
I hereby invite claims or objection from general public that, if any person has
Whereas, found the original missing document of the said flat or anybody has any objection
The undersigned being the Authorized Officer of the Bank or any rights, mortgage, charge, gift, possession, tenancy, lien or beneficial
of Maharashtra, Chiplun Branch, under the Securitization and right/interest or otherwise claiming any interest whatsoever are requested to make
Reconstruction of Financial Asset and Enforcement of Security the same known to me, on mobile no. 8850593828 or in writing to the undersigned
Interest Act, 2002 (54 of 2002) and in exercise of powers at Off. No. 11, 1st Flr, Seawoods Corner, Plot no. 19A, Sec -25, Nerul (E), Navi
conferred under Sec. 13(12) read with Rule 3 of the Security Interest Mumbai – 400706 within 14 (Fourteen) days from the publication of the said
(Enforcement) Rules, 2002 issued a Demand Notice dated notice. If no objection is raised within 14 (Fourteen) days from the date of the said
12.08.2024 calling upon the Borrower, M/s Aqua Foods Exim, notice, the said property/documents shall be deemed to have no claim.
Partners - Mr. Mohammed Ayyub Moulana, Mr Abdul Azeez HARESH DEMLA
Bawa, Mr. Abdul Ahad and Guarantors Mr. Mohammed Ayyub Date: 10.12.2024 ( ADV HIGH COURT, MUMBAI )
Moulana, Mr Abdul Azeez Bawa, Mr. Abdul Ahad, Mrs Nazima Banu
Moulana, Mrs Lata A. Bongirwar, Mrs. Meghna
Piyush Bongirwar, Mrs Neha Amreen, Mr Piyush Arun
Bongirwar, Mr. Krishna Prasad, M/s. Bright Developers, to
repay amount aggregating Rs.577155885.56/- (Rupees
Fifty Seven Crore Seventy One Lakh Fifty Five Thousand Eight
Hundred Eighty Five and Fifty Six Paise Only) plus further
applicable interest thereon w.e.f. 12.08.2024 plus cost and
expenses as mentioned in the demand notice within 60 days from
the date of receipt of the said Notice.
The Borrowers having failed to repay the amount, Notice is
hereby given to the Borrowers, Guarantors and the Public in
general that the undersigned has taken possession of the
properties described herein below in exercise of powers conferred
on him under Sub-Section (4) of Section 13 of Act read with Rule
8 of the Security Interest Enforcement Rules, 2002 on this 6th day
of December 2024
The Borrowers and the Guarantors in particular and the Public
in general is hereby cautioned not to deal with the property and
any dealings with the property will be subject to the charge of Bank
of Maharashtra for an Rs. 577155885.56/- (Rupees Fifty Seven
Crore Seventy One Lakh Fifty Five Thousand Eight Hundred
Eighty Five and Fifty Six Paise Only) plus further applicable
interest thereon w.e.f. 12.08.2024 plus cost and expenses.
The Borrowers’ and the Guarantors’ attention are invited to
provisions of Sub-Section (8) of Section 13 of the Act, in respect of
time available, to redeem the secured assets.
DESCRIPTION OF THREE OF THE COLLECTIVE MOVABLE/IMMOVABLE PROPERTIE
1) All the pieces and parcels of land Surveyed under survey no.
146/19, situated at Cuncolim Salcete Goa, owned by M/s Bright
Developers and land details as follows:
Freehold Property bearing
a) Plot no. 1, admeasuring 493.90sq. mtrs,
Bounded by:
On the North: By survey no. 146/15
On the South: By Plot No.2
On the East: By survey no. 149/7
On the West: By plot No.5 and internal Road
b) Plot no. 45, admeasuring 337.50 sq mtrs.
Bounded by
On the North. By survey no. 146/15
On the South By internal Road
On the East: By Plot No.44
On the West: By internal Road.
c) Plot no. 57, admeasuring 272 sq. mtrs.
Bounded by:
On the North: By Plot No.58
On the South: By Plot No.56 Chiplun Branch
On the East: By internal Road Address: Ashwini Tower, Karad Road, Chiplun,
On the West: By Plot No.64 Dist.: Ratnagiri PIN-415605,
d) Plot no. 58, admeasuring 272 sq. mtrs.. Ph.: 02355-251173 & 252173, E-mail: bom296@[Link]
Bounded by: 'FORM 'Z'
On the North: By Plot No.59 (Appendix IV) POSSESSION NOTICE [Under Rule 8 (1)] (See sub-rule [11(d-1)] of rule 107)
On the South: By Plot No.57 Possession Notice for Immovable
On the East: By internal Road Whereas, Property
On the West: By Plot No.64 and open space The undersigned being the Authorized Officer of the Bank Whereas the undersigned being
of Maharashtra, Chiplun Branch, under the Securitization and the Recovery officer of the Mumbai
e) Plot no. 59, admeasuring 272 sq. mtrs., Reconstruction of Financial Asset and Enforcement of Security District Central Co-operative Bank Ltd.
Bounded by: under the Maharashtra Co-operative
Interest Act, 2002 (54 of 2002) and in exercise of powers
On the North: By Plot No.60 Societies Rules, 1961 issued a demand
On the South: By Plot No.58 conferred under Sec. 13(12) read with Rule 3 of the Security Interest notice dated 02/03/2024 calling upon
On the East: By internal Road (Enforcement) Rules, 2002 issued a Demand Notice dated the judgment debtor.
On the West By open space 12.08.2024 calling upon the Borrower, M/s Aqua Foods Exim, Mr. Krishna Pandurang Lad
Partners - Mr. Mohammed Ayyub Moulana, Mr Abdul Azeez Bawa, (Borrower) to repay the amount
f) Plot no. 60, admeasuring 272 sq. mtrs., Mr. Abdul Ahad and Guarantors Mr. Mohammed Ayyub Moulana, mentioned in the notice being Rs.
Bounded by: 25,14,270/- (Rupees Twenty five lakhs
Mr Abdul Azeez Bawa, Mr. Abdul Ahad, Mrs Nazima Banu Moulana,
On the North: By Plot No.61 fourteen thousand two hundred
On the South: By Plot No.59 Mrs Lata A. Bongirwar, Mrs. Meghna Piyush Bongirwar, Mrs Neha seventy only) with date of receipt of
On the East By internal Road Amreen, Mr Piyush Arun Bongirwar, Mr. Krishna Prasad, M/s. Bright the said notice and the judgment debtor
Developers, to repay amount aggregating Rs.577155885.56/- having failed to repay the amount,
On the West: By open space the undersigned has issued a notice
(Rupees Fifty Seven Crore Seventy One Lakh Fifty Five for attachment dated 21/06/2024 and
g) Plot no. 61, admeasuring 272 sq. mtrs.. Thousand Eight Hundred Eighty Five and Fifty Six Paise Only) attached the property described herein
Bounded by: below.
On the North: By internal Road plus further applicable interest thereon w.e.f. 12.08.2024 plus cost
On the South: By Plot No.60 and expenses as mentioned in the dernand notice within 60 days The judgment debtor having failed
from the date of receipt of the said Notice. to repay the amount, notice is hereby
On the East By internal Road given to the judgment debtor and the
On the West: By Plot No.62 The Borrowers having failed to repay the amount, Notice is public in general that the undersigned
hereby given to the Borrowers, Guarantors and the Public in has taken possession of the property
h) Plot no. 62, admeasuring 225.00 sq mtrs,
general that the undersigned has taken possession of the described herein below in exercise of
Bounded by: powers conferred on him under rule
On the North: By internal Road properties described herein below in exercise of powers conferred 107 [11(d-1)] of the Maharashtra Co-
On the South: By open space on him under Sub-Section (4) of Section 13 of Act read with Rule operative Societies Rules, 1961 on this
On the East: By plot no.61 8 of the Security Interest Enforcernent Rules, 2002 on this 6th day 22 Day of November of the year 2024.
On the West: By Plot No.63 of December 2024 The judgment debtor in particular
The Borrowers and the Guarantors in particular and the Public and the public in general is hereby
i) Plot no 63 admg 247.95 Sq. Mtr, cautioned not to deal with the property
in general is hereby cautioned not to deal with the property and
Bounded by: and any dealings with the property will
On the North: By internal Road any dealings with the property will be subject to the charge of Bank be subject to the charge of the Mumbai
On the South: By open space of Maharashtra for an Rs. 577155885.56/- (Rupees Fifty Seven District Central Co-operative Bank Ltd.,
Crore Seventy One Lakh Fifty Five Thousand Eight Hundred for an amount Rs.25,10,328/- (Rupees
On the East: By plot no.62 Twenty five lakhs ten thousand three
On the West: By internal Road Eighty Five and Fifty Six Paise Only) plus further applicable hundred twenty eight only) (as on
interest thereon w.e.f. 12.08.2024 plus cost and expenses. dtd.30/09/2024) and interest thereon.
j) Plot no 64 admg 477.64 Sq. Mtr,
Bounded by: The Borrowers’ and the Guarantors’ attention are invited to Description of the Immovable
On the North: By open space provisions of Sub-Section (8) of Section 13 of the Act, in respect of Property
On the South: By plot no.65 time available, to redeem the secured assets. Flat No.202, A Wing, FG-10,
On the East: By plot no.57 and 58 DESCRIPTION OF THREE OF THE COLLECTIVE MOVABLE/IMMOVABLE PROPERTIES Krishana Shrushti Co-op. Society,
New Evershine Gardens, Gokul
On the West: By internal road
1) All the pieces and parcels of Land Freehold Residential Plot No 7 Aangan Diwanman Village,
k) Plot no. 180, admeasuring 347.72 sq. mtrs. adm area 900 sq mtrs survey no 86/2 and 93/2 Pilerne, Taluka Bar- Vasai (W), Dist. Palghar.
Bounded by: dez, Goa owned by Mr Abdul Azeez Bawa and bounded as follows: All that part and parcel of the property
On the North: By internal road consisting of Flat No.202, A Wing, FG-
On the South: By plot no.180A On the North: By survey no.93/2 10, Krishana Shrushti Co-op. Society,
On the South: By plot no 8 New Evershine Gardens, Gokul
On the East: By internal road Aangan Diwanman Village, Vasai (W),
On the West: By plot no. 180E On the East: By the road Dist. Palghar. Within the registration
Together with the building and structures constructed to/to be On the West: By property surveyed under survey no.94. Tahsil -Vasai and District - Palghar.
constructed thereon and all the fixture annexed thereto. Together with the building and structures constructed to/to be con- Place: Vasai (W) Palghar
structed thereon and all the fixtures annexed thereto. Date: 22.11.2024
Sd/-
Seal
Date- 06.12.2024 (T. S. PAWAR)
Date: 06/12/2024 Special Recovery & Sales Officer,
Sd/- Sd/- (U/s 107 of Maharashtra Co. Op Sty.
Authorised Officer Bank of Maharashtra Authorised Officer Bank of Maharashtra Act 1960 & Relus 1961)
TUESDAY, 10 DECEMBER 2024
18 pages in 1 section [Link]
MUMBAI
~14.00
VOLUME XXIX NUMBER 103

THE MARKETS ON MONDAY chg#

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AIR INDIA ORDERS 100

AIRBUS AIRCRAFT
Tata-run Air India Group on
Monday said it had placed
Sanjay Malhotra is new RBI governor
an order for 100 planes PAGE 4
— 90 narrow-body A320 SERVING AS REVENUE SECRETARY; SUCCEEDS TAKING GUARD AT A TIME WHEN THERE
family aircraft and 10
wide-body A350s — with SHAKTIKANTA DAS, WHO DEMITS OFFICE TODAY IS GROWING CLAMOUR FOR RATE CUT Shaktikanta Das:
European aircraft
manufacturer Airbus. This is in SUBRATA PANDA the country’s central bank at a time when from the previous projection.
6 years of reforms
addition to the order for 470 planes that the Mumbai, 9 December growth in the domestic economy has fallen External factors, such as geopolitical It’s been an eventful six year for
group had placed last year. In February 2023, to a seven-quarter low of 5.4 per cent, with risks, policy uncertainty regarding trade, Shaktikanta Das as the governor

E
Air India placed the world's second-largest nding weeks of speculation, the increasing clamour from various quarters and their impact on the domestic cur- of the Reserve Bank of India. From
aircraft order — 250 planes with Airbus and government on Monday to cut interest rates to spur economic rency, are going to be major concerns for Regulatory Review Authority,
220 with Boeing. 14 > appointed Sanjay Malhotra, cur- growth. In its recently concluded monetary the central bank. housekeeping in shadow banks,
rently serving as secretary in the policy meeting, the RBI lowered its projec- The new RBI governor will also need digital currency, playing the
Ministry of Finance, the 26th governor of tion for gross domestic product to address the rupee hitting new diplomat on new bank licences,
ECONOMY & PUBLIC AFFAIRS P6 the Reserve Bank of India (RBI) for a three- (GDP) growth in 2024-25 from lows, as the domestic currency batting for governance, and focus
DGTR looking into request year term, effective December 11. 7.2 per cent to 6.6 per cent, with EDIT: is expected to remain under on business models, RAGHU MOHAN
Malhotra, 56, succeeds Shaktikanta Q3 growth forecast at 6.8 per TURNING pressure due to disappointing takes a look at some of the
for safeguard duty on steel Das, who will demit office on Tuesday after cent and Q4 at 7.2 per cent. THE PAGE 9 > domestic economic data and significant moves during
The Directorate General of Trade Remedies (DGTR) successfully shielding the country’s finan- Inflation remains a major ongoing selling by foreign port- Das’ tenure.
is taking a close look at the steel ministry’s cial system from numerous challenges concern for the central bank as folio investors.
request to impose safeguard duty on certain steel during his six-year tenure, the second headline inflation in September and Malhotra, a seasoned bureaucrat, is a
products to tackle a sudden sharp rise in the longest in RBI’s history. October remained uncomfortably high, 1990-batch Indian Administrative Service
import of the alloy from China, South Korea, “The Appointments Committee of the primarily due to food prices. While food (IAS) officer from the Rajasthan cadre. He
Vietnam, and Japan, among other nations. Cabinet has approved the appointment of inflation is likely to soften with the sea- holds a degree in Computer Science
Sanjay Malhotra, Secretary, Department sonal easing of vegetable prices and Engineering from IIT Kanpur and a
of Revenue, as Governor, Reserve Bank kharif harvest arrivals, adverse weather master’s in Public Policy from Princeton
ECONOMY & PUBLIC AFFAIRS P6 of India, for a period of three years events and rising international agricul- University, USA. Before his appointment
Growth in pension bill of from 11.12.2024,” the govern-
ment notification said.
tural commodity prices pose upside risks. as the revenue secretary, Malhotra served
The RBI has projected the Consumer as secretary in the Department of
states slowed in FY23: RBI Malhotra is taking Price Index-based inflation at 4.8 per cent Financial Services under the Ministry of
Growth in the pension bill of states and Union over the reins of for 2024-25, an increase of 30 basis points Finance. Turn to Page 4 >
Territories (UTs) slowed in 2022-2023, showed
the latest Reserve Bank of India (RBI)’s Handbook
of Statistics on Indian States, which was released
PAGE 4
on Monday. Besides, as many as seven states Tenure saw more
saw a decline in their pension bills during FY23. Tenures at FinMin Taming inflation to be
hits than misses
may come in handy RBI guv’s top agenda During his tenure as the 25th
COMPANIES P2 A 1990-batch Indian Administrative Sanjay Malhotra moves to head the governor of the Reserve Bank of
TN adopts resolution to Service (IAS) officer of the Rajasthan
cadre, Malhotra became the revenue
Reserve Bank of India at a time when
the retail inflation is ruling above the
India, Shaktikanta Das achieved
more successes than setbacks,
cancel HZL mining rights secretary on December 1, 2022. As comfort zone and the economic skilfully shielding India’s financial
The Tamil Nadu Assembly on Monday adopted revenue secretary, Malhotra took growth has slowed down. The first system on many occasions from
a unanimous resolution asking the Centre to several key decisions, including the task would be to rein in inflation, numerous challenges that
cancel the rights awarded to Vedanta Group firm rationalisation of capital gains tax measured by consumer price Index, threatened to undermine its
Hindustan Zinc (HZL) for tungsten mining in in this year’s budget, write and align it with the target of four per stability, write SUBRATA PANDA
about 5,000 acres in Madurai, as it falls near the HARSH KUMAR & ASIT RANJAN MISHRA cent, write ABHIJIT LELE & SUBRATA PANDA & ANJALI KUMARI
first Biodiversity Heritage Site in Tamil Nadu.

Metropolis adds Core Raamdeo Agrawal’s Blackstone aims

strength to specialty pursuit of ‘bruised to raise $10 bn via
cancer diagnostics blue-chips’ third Asia fund
India’s second-largest pathology RAAMDEO AGRAWAL’s networth of over $2.5
laboratory chain Metropolis Healthcare’s billion largely draws from the success of
board on Monday approved the Motilal Oswal Financial Services —
acquisition of specialised now valued at $7 billion —
cancer diagnostics player which he co-founded
Core Diagnostics, valuing with his friend Motilal
Core at ~246.8 crore. Oswal nearly four
AMEERA SHAH, promoter decades ago as a small
and executive securities firm.
chairperson of Beneath his business The awards are
Metropolis
Healthcare, told
SOHINI DAS the deal
triumphs lies a passion
for stock picking, a
skill that remains at
Blackstone, the world’s largest
alternative asset manager, aims to
raise $10 billion with its third Asia
Commitment a recognition of the
value we bring to
values Core at
around 1.6-times its
his very core, write
SAMIE MODAK &
focused private equity fund, with a
major portion allocated to India in
Excellence our clients
estimated revenue
for FY25. 3>
KHUSHBOO TIWARI
10 >
2025. “While we’re aiming for a fund
size of over $10 billion, we don’t have
a precise figure yet. In terms of
Leadership
geographic allocation, the second
Asia fund had a majority focus on
Festival cheer fizzles, car sales skid 14% India and Japan. For the third Asia Citi India is the largest foreign bank* with the
Finance Asia Awards 2024
fund, we expect a similar profile,” widest and deepest banking solutions across
Passenger vehicle sales saw a sharp which logged the highest-ever car PRATEEK ROONGTA, managing director
14 per cent year-on-year decline in sales due to the festival season. On of Blackstone Advisors India, told all foreign banks in the institutional segment. Best Corporate Bank – Large
November, much below the market the other hand, two-wheeler sales DEV CHATTERJEE & JADEN MATHEW PAUL. 2 > Corp & MNCs (International)
expectations. This comes as wedding- saw the highest-ever numbers of Committed to the India growth story for over 120 years,
BLACKSTONE-BACKED IGI (INDIA) Best Investment Bank
related sales remained subdued 2.6 million, an increase of 16 per cent, we offer clients corporate and commercial banking,
following a blockbuster October — SHINE JACOB reports. 2> IPO TO OPEN ON DEC 13 P2 (International)
investment banking, treasury and trade solutions,
Most DEI Progressive Bank
markets, securities services, and more. (International)

Salary, wage expenses growing Our leadership in India

Market leader in cross-border M&A and Equity

Euromoney Awards for
Excellence 2024

faster than revenues for India Inc Trades; lead bank in mega IPOs^^

Process 8% of India's trade flows and 4.3% of #

Best International
Investment Bank In India

domestic electronic flows

KRISHNA KANT adversely affecting companies’
Mumbai, 9 December margins and profits.
The long-term data suggests
NET SALES VS STAFF EXPENSES Manage over 1/3rd of FPI assets in India^
Fortune India Awards
2024
Expenses on salaries and wages revenue growth for companies Y-o-Y chg (%)
by firms in India have grown has been volatile in the last 15 Employee base of 32,000+ Best Foreign Bank
faster than net sales (gross inter- years with year-on-year (Y-o-Y)
est income in the case of lenders) growth ranging from about 5.3
in nine of the last 15 years. per cent (in FY16) to a high of 27.2
This has led to a steady rise in per cent (in FY23).
Asset Triple A Country
the share of net sales that Turn to Page 7 > Awards for Sustainable
companies spend as employee Finance 2024
expenses. The ratio of expenses
on salaries and wages expenses Best Corporate and
to net sales improved (which SHARE OF SALARY BILL IN NET SALES Institutional Bank (Repeat win)
means it declined numerically)
during the post-pandemic boom Best M&A Advisor
in demand growth in FY22 and (Repeat win)
FY23, but employee expenses
are again growing faster than Best Commercial Bank
revenues, eating into
companies’ margins and profits. *RBI data for 2023-24 for India financials. ^Based on Total FPI Assets data from NSDL FPI Monitor of Sep 2024. Best Bank for Sustainable
The six years in which #
Reserve Bank of India - Database ([Link]). ^^Dealogic data for India M&A announced during Finance (Repeat win)
companies’ net sales grew faster 1st January - 21st November 2024.

than employee expenses are

FY11, FY12, FY18, FY19, FY22, Note: Based on a common sample of 667 firms from BSE 500, BSE
and FY23. In all other years, Mid Cap, and BSE Small Cap index, excluding listed subsidiaries;
BFSI: Banks, non-banking finance companies, insurance and stock
employee costs had grown faster broking; Source: Capitaline, Compiled by BS Research Bureau
than companies’ net sales,
2 COMPANIES MUMBAI | TUESDAY, 10 DECEMBER 2024
> Supriya Lifescience > PRAVEG > WAAREE Energies > Zaggle Prepaid Ocean Services > Lloyds Metals & Energy
STOCKS ‘
784.5
815 Gets Brazil’s nod for
748.4
765
Opens luxury resorts at 2,971.5
3,010 Receives order for 565 Inks deal with HDFC Bank 1,115 Forays into mines
IN THE NEWS 2,890 supply of solar
550.0 1098.0
800 mental illness drug 727.1 740 Damanganga in Silvasa 540 to issue cards with 1,090 development and
2,738.3 modules up to 1 Gw 508.1
774.2 715.8 715 2,770 515
bundled Zaggle software 1052.8 1,065
operations business
785

778.6 ~784.5 CLOSE 690 ~748.4 CLOSE 2,900.7 2,650 ~2,971.5 CLOSE 524.9 490 ~550.0 CLOSE 1051.0 1,040 ~1,098.0 CLOSE
770 Dec 2024 Dec Dec Dec 2024 Dec Dec Dec 2024 Dec Dec Dec 2024 Dec Dec
Dec 2024 Dec Dec p1.3% UP* 2 6 9 p2.9% UP* 2 6 9 p4.8% UP* 2 6 9 p4.8% UP* 2 6 9 p4.5% UP*
*OVER PREVIOUS CLOSE 2 6 9
>

Blackstone eyes $10 bn for 3rd Asia PE fund, to bet big on India
For instance, we made partial exits in won’t expand into areas we don’t under-
Global giant gears up for launch of third Asia-focused fund in 2025 ASK Investment Managers and VFS
Global, and we executed a recap in PGP
stand. Although consumer sentiment is
softening, our investments are largely
IGI India’s ~4,225 cr IPO
DEV CHATTERJEE & JADEN MATHEW PAUL
Mumbai, 9 December
the third Asia fund, we expect a similar
profile,” Roongta said on the
it to 76 per cent from 100 per cent.
Roongta said that in 2024,
Glass. This is a positive outcome, as two
of our Asia funds, Asia I and Asia II, are
in indirect consumer sectors like PGP,
EPL (formerly Essel Propack), and IGI
to fuel global expansion
eve of the launch of the 10th Blackstone completed the Aadhar nearing the end of their cycles, necessi- (India), which are poised for growth. The ~4,225 crore initial public offering (IPO) of diamond
Blackstone Inc, the world’s largest alter- IPO from Blackstone’s Housing Finance IPO, and the tating some distribution of profits. As a Healthcare is a key focus for us as well, grader International Gemmological Institute India Ltd
native asset manager, is aiming to raise portfolio firms in India. next IPO by Ventive Hospitality, result, 2024 has been a year focused on and with the Aster-Quality Care merger, (IGI India), backed by private
$10 billion with its third Asia-focused Blackstone is the largest a hotel chain, is expected in the distribution of profits,” he added. we are now India’s third-largest hospital equity giant Blackstone Inc.,
private equity (PE) fund, with a major PE investor in India, with a January 2025. Roongta said that over the past 15 chain, which provides an exciting plat-
BLACKSTONE’S is set to open this Friday. The
portion allocated to India in 2025. cumulative investment of “It has been a strong year for years, Blackstone has focused on just form for expansion,” Roongta said. “In INDIA LISTINGS proceeds will be used to
“We are in the process of raising a $50 billion in India, including us. We’ve had successful exits, five sectors: industrial, consumer, finan- fintech, we currently have four invest- Private equity acquire IGI Netherlands and
third Asia-focused fund, with the first in real estate. Blackstone- including the Aadhar IPO and cial technology (fintech), technology, ments and are optimistic about con- n IGI (India) IGI Belgium, estimated at
close expected in January. We do have owned several private sales in other and healthcare. “We will continue to tinued growth in these areas,” he said. ~1,300 crore, consolidating
some dry powder (unallocated capital) International portfolio companies. concentrate on these sectors in 2025 and Regarding India’s economic per- n Aadhar Housing the company’s global
left in the second Asia fund, which will Gemmological formance, Roongta said the recent Finance footprint. The IPO includes
allow us to deploy capital in the first half Institute slowdown in gross domestic product n TaskUs an offer for sale (OFS) of
of 2025, and the third Asia fund will start (India) will WE HAVE SOME DRY POWDER LEFT IN THE growth in the July-September quarter ~2,750 crore by Blackstone,
investing by the third quarter of 2025,” raise up to SECOND ASIA FUND, WHICH WILL ALLOW isn’t a major concern. “We believe it’s a Real estate
n Embassy Reit
which will dilute its stake in
said Prateek Roongta, managing direc- ~4,225 crore via temporary dip, as authorities are bal- IGI India to 76.6 percent,
tor of Blackstone Advisors India, in an an IPO, which US TO DEPLOY CAPITAL IN H1 OF 2025, AND ancing growth and inflation. While we n Nexus Select Trust and a fresh issue of ~1,400
exclusive interview. will open on THE THIRD ASIA FUND WILL START may not see 8 per cent growth in 2024-
n Mindspace Reit
crore. The price band for the
“While we’re aiming for a fund size December 13. 25, a 7 per cent growth rate is still issue is fixed at ~397-~417
of over $10 billion, we don’t have a pre- With the IPO, INVESTING BY Q3 OF 2025” healthy, and the government is working per share. Founded in 1975
cise figure yet. In terms of geographic Blackstone plans to PRATEEK ROONGTA to stimulate economic activity, with the in Belgium, IGI is an independent certifier of diamonds,
allocation, the second Asia fund had a dilute its stake by 24 MD, Blackstone Advisors India second half of the year expected to see gemstones, and jewelry. It operates 29 laboratories and
majority focus on India and Japan. For per cent, reducing improvement,” he said. 18 gemology schools across 10 countries. BS REPORTER

CCI moves SC to fast-track

Car sales skid 14% in Nov on Mahindra to
Flipkart, Amazon probe
not use ‘6e’
subdued wedding season
REUTERS the case to be
9 December decided quickly.

The Competition
Commission of India (CCI)
The investigation is a
major regulatory challenge
for Amazon and Flipkart
till disposal
has urged the Supreme Court in a market where e- Fada data shows two-wheeler, tractor sales buck trend; PV inventory levels reduce
to hear legal challenges to an
investigation of Amazon and
Walmart's Flipkart e-
commerce sales are set to
exceed $160 billion by 2028,
up from $57 billion to
SHINE JACOB
Chennai, 9 December
TESTING TIMES
of IndiGo suit
commerce platforms, $60 billion in 2023. BHAVINI MISHRA
Sales Y-o-Y change in %

P
saying those The assenger vehicle sales saw a New Delhi, 9 December
challenges, filed by commission’s sharp 14 per cent year-on- Tractor 80,519 30.0
Samsung, Vivo and investigation unit year (Y-o-Y) decline in Two-wheeler 2,615,953 16.0 Mahindra Electric Automobile Ltd told the
others at high concluded in November, much below the market Delhi High Court (HC) on Monday that it would
courts, were aiming August that Amazon expectations. This comes as wed- Three-wheeler 108,337 4.2 not use the “6E” trademark for its upcoming
to scuttle the probe. and Flipkart breached ding-related sales remained sub- Commercial vehicle 81,967 -6.0 electric car model until the trademark infringe-
In a filing on antitrust laws by dued following a blockbuster Passenger vehicle 321,943 -14.0 ment lawsuit filed by IndiGo is decided.
December 3, reviewed by favouring selected sellers on October — which logged the high- Mahindra said it would be rebranding the
Reuters and not released their websites. It also found est-ever car sales due to the festival Total 3,208,719 11.2 model from ‘BE 6e’ to ‘BE 6’ but planned to
publicly, the antitrust body that smartphone companies season. Around 4.8 million wed- * As of November 24 Source: Fada contest IndiGo’s claims in court. Meanwhile,
asked the court to hear 23 such as Samsung and Vivo dings, lined up across India in IndiGo told the court that it would not pursue
challenges, filed by broke those laws by colluding November and December, were an injunction
Samsung, Vivo, and several with the two e-commerce expected to fuel strong demand for tory levels in PVs have reduced by November, affecting the month’s tions, a slowdown in coal and against the auto-
vendors on the Amazon and companies to exclusively two-wheeler and passenger vehicle about 10 days, but still remain high sales trajectory,” said CS cement industries, and weak mar- maker.
Flipkart platforms, to enable launch products online. (PV) segments. at around 65-68 days. Vigneshwar, president, Fada. ket sentiment also weighed heavily The matter
On the other hand, two-wheeler Fada has urged OEMs to further Sequentially, PV sales declined on this category. will now be
sales saw the highest-ever numbers rationalise inventory so that the 33.37 per cent. Dealers cited weak In the PV segment, except for heard in April
of 2.6 million, an increase of 16 per industry can enter the New Year on market sentiment, limited product Mahindra and Mahindra (up 2 per 2025.
IN BRIEF cent, but the industry claimed it to
be below market expectation.
a healthier footing, reducing the
need for additional discounts.
variety and insufficient new
launches, compounded by the shift
cent versus November 2023) and
Toyota Kirloskar Motor (up 13 per
IndiGo had
taken Mahindra
Tractor sales saw an impressive “While November was initially of festival demand into October as cent), sales of other players in the Electric
Vi board approves plan to raise 29.88 per cent Y-o-Y jump, suggest-
ing good rural demand. Three-
expected to build on its prior
momentum, particularly due to the
the reason. Although rural interest
was there, it failed to significantly
top five declined during the month.
While market leader Maruti
Automobile to
the HC for Mahindra group’s
~1,980 cr from promoter units wheelers also saw 4.23 per cent
growth during the month. In con-
marriage season, dealer feedback
suggests that this segment under-
improve sentiment.
The CV segment also struggled,
Suzuki sales fell by 16 per cent,
Hyundai Motor India was down by
infringement of
its trademark
electric passenger
vehicle company
The board of Vodafone Idea extraordinary general trast, commercial vehicles (CVs) performed overall expectations. with sales down 16 per cent on a 14 per cent and Tata Motors by 23 “6e” in the
has told the
(Vi) on Monday approved a meeting (EGM) on January 7, declined by 6 per cent during the Although rural markets offered monthly basis. Contributing fac- per cent, respectively. latter’s new elec-
proposal to raise ~1,980 crore 2025, to seek shareholder month, said monthly data by the some support, primarily in the two- tors included restricted product “In the PV segment, heavy dis- tric car
Delhi HC that
from entities belonging to approval. As of September 30, Federation of Automobile Dealers wheeler category, marriage-related choices, older model issues, limited counting and improved product “Mahindra BE it would be
promoter Vodafone Group PLC 2024, Omega Telecom Associations (Fada). sales remained subdued. The late financier support, and the absence availability are expected to help off- 6e”, which is rebranding electric
through a preferential issue. Holdings held a 0.40 per cent occurrence of Diwali at the end of of major festivals in November fol- set weak consumer sentiment and expected to hit car model from
Vi will issue shares to stake in Vi, while Usha Easing in inventory pile up October also caused a spill over of lowing a strong October. a general year-end lull,” Indian roads in ‘BE 6e’ to ‘BE 6’
Vodafone Group entities Martin's stake stood at 0.13 per Giving a relief to the dealers, inven- festive registrations into External elements such as elec- Vigneshwar added. February 2025.
Omega Telecom Holdings and cent. These will rise to 1.98 per The dispute
Usha Martin Telematics worth cent and 1 per cent, arose when the
up to ~1,280 crore and ~700
crore, respectively, it said in
an exchange filing on
respectively, after the share
issue. Last week, British
telecom giant Vodafone PLC
TaMo, Kia announce Hyundai to set up 600 Range anxiety a worry registrar of trademarks on November 25
accepted Mahindra Electric’s request
to register the “BE 6e” mark in Class 12.
Monday. The issuance will
involve 1.75 billion equity
announced plans to liquidate
its holdings in mobile tower
price hikes from Jan fast EV chargers in 7 yrs for 58% EV buyers Under trademark laws, there are a
total of 45 classes of trademarks, with Classes
shares of face value ~10 each. infrastructure company Indus Continuing the trend of price hikes, automobile Hyundai Motor India (HMIL) on Monday said it Nearly 58 per cent of potential electric vehicle 1-34 pertaining to products and Classes 35-45
The issue price will be ~11.28 Towers, selling its remaining 3 giants Tata Motors and Kia India on Monday was planning to install nearly 600 fast charging (EV) buyers in India are discouraged by range relating to services.
per share. Vi has called an per cent stake. BS REPORTER announced increases of up to 3 per cent and 2 stations for electric vehicles (EVs) in the next anxiety — the fear of running out of charge IndiGo operates under callsign “6e”,
per cent, respectively, across their vehicle seven years, focusing on “key highways and without access to a charging station. which is also a key identifier of its branding.
portfolios, starting January 2025, citing major cities”. In a few months, India’s second According to a new report from Forvis Mazars in In aviation, a callsign is a group of letters and
MapmyIndia parent scraps plan increased input costs and inflationary
pressures. India’s leading vehicle
largest carmaker will launch its first mass
market electric car ‘Creta EV’. Currently, HMIL
India, as of February 2024, the country had just
12,146 public charging stations nationwide—one
numbers used to identify an aircraft or
aviator in air-ground communications
to invest in outgoing CEO’s firm manufacturer, Tata Motors, revealed that the
price hike will be implemented across its
sells just one electric car, Ioniq 5, at a starting
price of ~46.05 lakhs (ex-showroom). HMIL on
charging point for every 135 EVs on the road. In
contrast, the United States and China boast far
(in this case, 6e).
The “6e” brand also offers a wide range of
CE Info Systems, the parent firm of TAKING STOCK passenger vehicle portfolio, including electric Monday said that it would have a network of 50 better ratios of one station per 20 EVs and one services to its passengers, such as seat selec-
MapmyIndia, said on Monday that it has vehicles. The price increase of 3 per cent, fast charging public stations by the end of this station per 10 EVs, respectively. Moreover, tion, priority check-in, complimentary snacks,
scrapped plans to invest in a firm being set CE Info Systems effective January 2025, will vary by model and month. “These stations are strategically 70 per cent of India’s public chargers are and the ability to flexibly reschedule and can-
up by its outgoing CEO after receiving intraday (in ~) variant. The company said the hike is located at prominent locations with amenities concentrated in metropolitan hubs, cel journey. In addition, “6e” add-ons also offer
investor feedback, with its shares closing 16 1,908.50 2,000 necessary to partially offset rising input such as coffee shops, restaurants, and shopping leaving rural and semi-urban areas options for extra baggage, pre-booked meals,
per cent higher. MapmyIndia powers Apple 1,900 costs and inflation. BS REPORTER areas,” it added. BS REPORTER woefully underserved. BS REPORTER and lounge access.
16.1%
Inc’s maps in the country. CE Info Systems change 1,800
had said that CEO Rohan Verma would
1,644.10 1,700
establish a mapping services firm that caters

TN vows to block HZL tungsten mining in green zone

to customers directly after stepping down, 1,600
with the former set to pick up a 10 per cent Dec 6,’24 Dec 9,’24
stake in the new entity and investing an Source: Bloomberg
additional $4.13 million. REUTERS Compiled by BS Research Bureau

Assembly resolution urges Centre to not grant any mining licence without the permission of state governments
YesMadam faces backlash over SHINE JACOB
Chennai, 9 December
near Arittapatti, which was notified
as Tamil Nadu's first Biodiversity
Kishan Reddy, highlighting local
protests and urging him to drop the
Court, on February 29, declined per-
mission to reopen the copper
against Sterlite's plans to double its
annual capacity to 800,000 tonnes,
email firing stressed staffers The Tamil Nadu Legislative
Heritage Site in 2022. The resolution
also urged the Centre to not grant
proposal. He later said in a social
media post that Reddy has
smelting plant in Tamil Nadu's
Thoothukudi, citing “serious
which, according to the protesters,
would have increased the toxic
Online beauty services platform YesMadam drew flak on Monday Assembly on Monday adopted a any mining licence without the assured him that the environmental violations and impact on the environment and
after a purported internal email leaked on social media unanimous resolution, asking the permission of state govern- proposal would be repeated breaches”. public health.
suggesting the termination of those staff who had indicated Union government to cancel the ments. Earlier, Stalin had reconsidered. The Sterlite Copper unit was “It is condemnable that despite
workplace stress, although many dubbed it a marketing gimmick rights awarded to Vedanta group written to Prime Minister This develop- closed in May 2018 following an the concerns raised by the govern-
for a possible campaign. An email sent to the company, however, company Hindustan Zinc Ltd (HZL) Narendra Modi regarding ment follows pro- order issued by the Tamil Nadu ment of Tamil Nadu on October 3,
did not elicit a response. PTI for tungsten mining in about 5,000 this matter. tests the Vedanta Pollution Control Board (TNPCB). 2023, to the Union government, urg-
acres of land at Melur in Interestingly, the group faced over its This came after police fired on pro- ing it to not auction the mining
Madurai district, as it falls near the state Bharatiya Janata Sterlite Copper unit, testers, killing 13 people and injur- rights for such critical and strategic
Flipkart-backed [Link] first Biodiversity Heritage Site
in the state.
Party (BJP) leadership
was also against the
where the Supreme ing 102 others. The protests were minerals without the state govern-
ment's permission, the Centre dis-
rises to 6th spot in UPI volume “I will not allow the tungsten
mining project in Madurai as long
project. BJP State
President K I WILL NOT ALLOW THE TUNGSTEN MINING
regarded this objection and pro-
ceeded with the auction," said Durai
Flipkart-backed [Link] became the seventh largest player as I continue to be the chief minis- Annamalai said on Murugan, minister of water
and sixth largest third party application provider (TPAP) on the ter,” Chief Minister M K Stalin told Monday that he PROJECT IN MADURAI AS LONG AS I resources, who tabled the resolution
country’s real-time payments system unified payments interface the Assembly. had written to CONTINUE TO BE THE CHIEF MINISTER” before the House on Monday.
(UPI) in November. The company processed 78.49 million The Union Ministry of Mines had Union Minister All political parties, including the
transactions amounting to ~3,130 crore in November, up 58 per given permission to Hindustan Zinc of Coal and M K STALIN, Tamil Nadu Chief Minister AIADMK, PMK, and the BJP, sup-
cent on a month-on-month basis, NPCI data shows. BS REPORTER on November 9 for mining in Melur, Mines G ported the resolution.

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.
MUMBAI | TUESDAY, 10 DECEMBER 2024 COMPANIES 3 <

‘RISING RAJASTHAN’ SUMMIT Metropolis adds Core strength

World upbeat about India as to specialty cancer diagnostics
investment destination: PM Buys 100% stake in Core Diagnostics through cash, stock for ~247 crore
SOHINI DAS
Mumbai, 9 December VITAL SIGNS
n Cash and stock deal
She added that for the
first year, both companies
will operate under their own
Groups like Adani, Vedanta, Aditya Birla and Mahindra commit nearly ~10 trillion India’s second-largest valued Core at 1.6 times of brands, and in the second
pathology laboratory (path- year, Core will operate under
FY25’s estimated revenues
ARCHIS MOHAN competition among states to lab) chain, Mumbai-head- Metropolis’ brand for oncol-
Jaipur, 9 December attract investment. quartered Metropolis n Metropolis aims to grow ogy testing. Founded in
Mahindra said the group’s Healthcare, announced on Core's Ebitda by 13-14 times 2012, Core operates in 200

I
naugurating the Rising footprint in the state started in Monday that its board by FY26 cities in India, with eight
Rajasthan Global Investment 2002 with its tractor-manufactur- approved the acquisition of labs, touchpoints in 200
Summit 2024 here on ing plant, and was set to expand, Delhi-National Capital n With this deal, locations, and connections
Monday, Prime Minister with the conglomerate to add Region-based specialised Metropolis gains market with 1,200 hospitals and
Narendra Modi said the world’s another six to its existing six prop- cancer diagnostics player share in North and East midsized labs. Metropolis
investors were upbeat about India erties. Mahindra said Mahindra Core Diagnostics, valuing India, and access to hopes to cross-sell its tests
as an investment destination and World City, Jaipur, had emerged Core at ~246.8 crore. 1,600 oncologists through Core’s network.
the country’s economic success as a favoured destination for for- Metropolis will acquire a Shah said that Core con-
showcased the power of democ- eign investment, and the inte- 100 per cent stake in Core n Cancer testing nects with 1,600-1,700
racy, demography, digital data, grated business hub had attracted through a combination of estimated to grow oncologists, providing very
and delivery. 143 companies with an invest- cash and stock, financing 55 at 17.5% deep coverage, and
He listed the advantages that ment of ~7,000 crore, creating per cent of the transaction Metropolis will gain access
Rajasthan had, including it being 63,000 jobs and generating in cash and 45 per cent to these specialist doctors,
Ameera Shah,
the “largest state of the country in PM Narendra Modi flanked by Rajasthan Governor Haribhau ~23,000 crore in export. He said through an equity swap, which would have otherwise
promoter
area, hardworking and honest Kisanrao Bagde (left), CM Bhajan Lal Sharma (right) and top the group’s solar-energy projects totalling ~246.8 crore. taken them four to five
and executive
people with their belief in the business leaders at the summit in Jaipur on Monday in the state would expand the Core registered revenue years. “We could have also
chairperson,
nation first, and their willingness installed renewable energy capac- of ~110 crore in 2023-24. developed specialised
Metropolis
to sacrifice all for the country”. ity from 1.1 Gw to 2.8 Gw with an Ameera Shah, promoter and cancer tests in-house, but
The Prime Minister spoke of INVESTMENTS COMMITTED investment of ~11,000 crore. executive chairperson of
Healthcare
that would have taken a cou-
the natural advantages that Name of Potential Target Agarwal said the group’s ~1 Metropolis, said that the Monday. Super-specialty before interest, tax, depreci- ple of years. Plus, we also
Rajasthan had, such as its mineral group investment sectors trillion investment would lead deal values Core at around tests now constitute 37 per ation, and amortisation gain market share in North
resources, its location, and tradi- to 100,000 jobs. He said 1.6 times its estimated reve- cent of Metropolis’ revenue, (Ebitda) margin in FY25. and East India, where Core
tional crafts.
Adani Group ~7.5 trillion Renewable energy, cement Hindustan Zinc had invested ~1 nue for 2024-25 (FY25). and with Core’s acquisition, Core has achieved a 22 per is strong,” Shah said.
Modi bemoaned that govern- Vedanta Group ~ 1 trillion Zinc and oil production trillion in Rajasthan. He also “In the first half (H1) of this would increase to 41 per cent revenue compound Surendran Chemmenkotil,
ments in India neglected the coun- announced setting up an indus- FY25, Core posted revenue cent. Oncology tests cur- annual growth rate (CAGR) chief executive officer (CEO)
try’s cultural traditions and her- Aditya Birla Group ~50,000 crore Renewable energy trial park. Remembering his of ~59 crore, and it is pro- rently account for 4 per cent over the past three years. of Metropolis, said: “With
itage and as a result Rajasthan bore Mahindra Group ~11,000 crore Renewable energy roots in Rajasthan -- he was born jected to end the financial of Metropolis’ revenue, Shah explained that lab the majority of Core’s reve-
the brunt of this. He said India’s in Bharatpur -- Agarwal urged year with ~120-122 crore,” which will rise to 10 per cent. chains focused on super- nue coming from North and
electorate had shown wisdom in investors to head to the state, she told Business Standard. Metropolis posted a revenue specialised tests are often East India, this acquisition
electing stable governments. which had rich raw materials “The equity issuance is of ~1,207 crore in 2023-24 sub-scale. “Once under our provides an opportunity to
Addressing the event, attended December 9 to 11, has “Replete, his speech with “padharo mhare and bureaucratic interference subject to shareholder and ~663 crore in H1FY25. umbrella, we will find both connect with leading hospi-
by top industrialists of the country, Responsible, Ready” as its theme. desh” (welcome to my land), urg- was less. approval, and the acqui- Shah added that Core, revenue and cost synergies, tals in these regions. It
Rajasthan’s diaspora, and repre- It will host 12 sectoral thematic ing investors to come to Adani said the group had plans sition is expected to be com- which was backed by private and we can grow the Ebitda. enables us to cross-sell
sentatives of investors from 32 sessions, including water security, Rajasthan, reminding the gather- to invest ~7.5 trillion across various pleted within 60 days,” equity firms like Artiman In 2025-26, which will be the Metropolis’ range of tests
countries, Chief Minister Bhajan sustainable mining, sustainable ing that the family patriarch, G D sectors, and half of that would be Metropolis said. Ventures and Eight Roads, first full year after the acqui- and services while offering
Lal Sharma said his government’s finance, inclusive tourism, agri- Birla, was born in Pilani. He said invested over the next five years. Metropolis stock was up is ‘marginally profitable’ and sition, we aim to grow Ebitda Core’s advanced testing to
target was to double the state’s business innovations, and the group would invest ~50,000 The investment will chiefly be in 2.4 per cent on the BSE on has single-digit earnings by 13-14 times,” Shah said. existing customers.”
gross state domestic product to woman-led startups. crore in the state over the next two constructing four cement plants,
$350 billion in the next five years. Before the Prime Minister years. Of that ~6,000 crore will be building the world’s largest green
The CM said that as part of delivered the concluding address for renewable energy and the energy ecosystem in the state with
the investment summit, the
government has signed mem-
of the first session, Agarwal,
Aditya Birla Group Chairman
Nathdwara cement plant would
add capacity.
100 Gw of renewable energy, 2
million tonnes of hydrogen and
Eli Lilly to launch obesity drug at ‘competitive’ price
orandums of understanding Kumar Mangalam Birla, Birla spoke of BITS Pilani, 1.8 Gw of pumped hydro storage SOHINI DAS Business Standard that they have son said: “While we have not finalised
worth ~35 trillion. Mahindra and Mahindra which his family founded to transform the state into a hub Mumbai, 9 December received the marketing authorisation the pricing for India yet, Lilly is com-
Leading industrialists Chairperson Anand Mahindra, almost a century ago. The of green jobs. from relevant authorities for both Type mitted to ensuring that Tirzepatide
announced investment plans, and Karan Adani, managing industrialist complimented the Rajasthan was one of the US pharma giant Eli Lilly, which plans 2 diabetes and obesity indications. remains accessible. Our pricing
which included Vedanta Group director of Adani Ports, detailed Prime Minister’s push for states, along with Uttar Pradesh to bring its obesity and diabetes drug “We aim to launch Tirzepatide in strategy for India will be competitive
Chairman Anil Agarwal commit- their current and future invest- cooperative federalism. He said and Maharashtra, where the BJP Tirzepatide (or Mounjaro) to India next India by 2025, after obtaining other and appropriate, reflecting the value it
ting ~1 trillion to augment zinc ment plans in the state. he had told a journalist recently performed below par in the 2024 year, says it will price it “competitive pending necessary regulatory approv- brings in reducing the overall health
and oil production. Birla reminisced the roots of that in his 30-year career, he had Lok Sabha polls. It could win 14 of and appropriate”. als,” the spokesperson said. and economic burden of type 2 dia-
The three-day summit, from his family in Rajasthan, beginning never witnessed such intense the 25 seats. A company spokesperson told On the pricing front, the spokesper- betes and obesity.”

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4 CHANGE OF GUARD AT RBI
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 1

Fuelling growth, taming inflation Shaktikanta Das:

to top Malhotra’s agenda at RBI 6 years of reforms
An overview of major changes under his leadership
ABHIJIT LELE & SUBRATA PANDA been under pressure because of Regulatory Review Authority
Mumbai, 9 December continuous selling by foreign (November 2021)
CHALLENGES portfolio investors (FPIs), senior It’s a reform that never received the credit

S
anjay Malhotra moves to bankers said. it deserved. It incorporated some of the
head the country's central
bank — the Reserve Bank
AHEAD Besides being manager of
monetary systems, the RBI is
best practices from global central banks
on consultation ahead of policy formula-
of India (RBI) — at a time when n Rein in inflation to align it also tasked to regulate, super- tion; feedback from regulated entities
the retail inflation is ruling with the 4% target vise, and develop the financial (REs) and trade bodies; and structured
above the comfort zone and the n Enhance financial system’s system of the country. meetings with banks’ CEOs and senior
economic growth has slowed resilience Rajnish Kumar, former compliance officials. Over 400 circulars
down. So, the first and foremost chairman, State Bank of India were withdrawn. It was the central bank’s
n Combat rising cyber risks
task will be to rein in inflation, (SBI), said while taking ahead ‘open-door policy’ aimed at fostering bet-
measured by consumer price n Deft management of existing reforms, continuing to ter engagement with REs. Regulatory
Index (CPI), and align it external sector support innovation across dig- Review Authority (RRA) 2.0 came two
with the target of 4 per cent, n Decisions on Expected ital platforms and payments decades after Y V Reddy, as deputy gover-
and take steps to support eco- Credit Loss regime, Liquidity systems, enhancing protection nor, set up the first edition of RRA in 1999. Governor T Rabi Sankar gave a potential
nomic growth. Coverage Ratio from cyber risk, will demand scenario: “It is conceivable for an Indian
Gaura Sengupta, economist the attention of the new gover- Playing the diplomat on new bank importer to pay its American exporter on
at IDFC First Bank, said: n Support innovation in nor. Substantial work has hap- licences (November 2021) a real-time basis in digital dollars, without
“Challenge is basically the near- digital payment systems and pened with investments by the A Mint Road Internal Working Group the need for an intermediary. This trans-
term growth as the outlook has customer protection ecosystem. The Indian financial (IWG) had, on November 20, 2020, made a action would be final, as if cash dollars
turned a bit adverse; you have system is much ahead of even case for large corporate and industrial were handed over, and would not even
downside risk to growth and many developed countries in houses as promoters of banks. It also sug- require the US Federal Reserve system to
upside risk to inflation.” Earlier, financial technologies and their gested that large non-banking financial be open for settlement. Time-zone differ-
ILLUSTRATION: AJAYA MOHANTY
the RBI had the comfort that resilience, he added. companies (NBFCs) with an asset size of ences would no longer matter in currency
growth was on the stronger side, 4.5 per cent (made in estimates for FY25 downwards thereby supporting sustained The RBI has done substan- ~50,000 crore and above (including those settlement.” The RBI’s move on CBDC must
so they could remain focused October) for the current finan- to 6.6 per cent from the earlier economic growth. With the tial groundwork on aligning owned by corporate houses) be considered be seen through a different lens as well.
on inflation. Now, going for- cial year (FY25). estimate of 7.2 per cent. banking system in a norms for asset provisions with for conversion into banks. However, While interest in CBDC is near universal
ward, the central bank will have The pace of the country's Pointing to the primacy of strong position, it is crucial to global standards. It will have to instead of saying ‘no’ (which would have now, very few countries had even reached
to also start focusing on growth, economic growth moderated key systemic responsibilities, maintain this stability moving firm up a road map to transit to been seen as inflexible), the Reserve Bank the pilot stage of launching their CBDC
she added. sharply in the second quarter Madan Sabanavis, chief econo- forward. the Expected Credit Loss of India (RBI) played it smart. While back then.
Headline CPI (Consumer ended September 2024 mist, Bank of Baroda, said one While India's external posi- regime, based on the banking accepting 21 of the IWG’s 31 recommenda-
Price Index) inflation surged (Q2FY25). The real gross domes- of the main priorities for the tion remains robust, a constant system’s capability. The gover- tions, it said that “the remaining recom- Batting for governance (May 2023)
above the upper tolerance level tic product (GDP) of India reg- incoming governor will be to vigil and prompt actions in light nor will have to apply mind and mendations are under examination”. In a first of its kind, RBI brass called for a
to 6.2 per cent in October from istered growth of 5.4 per cent, maintain financial stability and of global geopolitical conflicts take a decision on finalising meeting with the boards of state-run and
5.5 per cent in September and lower than RBI’s estimates of 7.0 strengthen prudential regula- and economic headwinds will revised rules for Liquidity Housekeeping in shadow banks private banks on May 22 in New Delhi and
sub-4.0 per cent prints in July- per cent for the quarter. The tions to safeguard the financial also seek his attention. This Coverage Ratio (LCR) norms, (October 2022) May 29, 2023, in Mumbai, respectively. The
August 2024, propelled by a growth tempo slowed down as sector against emerging risks. assumes significance at a time which take into account the The scale-based supervision for NBFCs second edition of this interface with private
sharp pickup in food inflation. private consumption and Additionally, the governor will when the foreign exchange increase in the use of digital consisted of four layers based on entity banks was held last month in Mumbai.
RBI’s Monetary Policy investment decelerated even need to skillfully manage liq- reserves have seen a continuous platforms for opening and size, activity, and perceived riskiness — What Das conveyed was as follows: The
Committee (MPC) in its while government spending uidity conditions using mone- decline for eight weeks. maintaining deposits, said two base, middle, and upper layers. Mint Road soundness of the banking system relies crit-
December review revised CPI recovered from a contraction in tary policy tools to ensure that However, it rose by around $1.5 senior bankers. essentially built upon its earlier architec- ically on effective corporate governance to
inflation projection to 4.8 per the previous quarter. The RBI the flow of funds into the sys- billion in the fortnight ended (Anjali Kumari also con- ture on systemically important non- build an environment of trust, long-term
cent from an earlier estimate of revised the real GDP growth tem remains uninterrupted, November 29. Rupee has also tributed to the story) deposit-taking NBFCs (NBFC-ND-SI): if the stability, and business integrity.
consolidated asset size of NBFCs within Governance frameworks can be pictured
the same group was ~500 crore and above, as a complex mesh of nuts and bolts hold-
they were categorised as NBFC-ND-SI, ing the financial pillars of capital, assets,

Task cut out for soft-spoken Princeton grad regardless of individual asset sizes.
In April 2022, norms for the compen-
sation of key managerial personnel and
deposits, and investments in place, ensur-
ing the structure of the bank remains
upright. Raising financial resources would
senior management of NBFCs were not be a constraint for banks with robust
HARSH KUMAR & ASIT RANJAN MISHRA retary on December 1, 2022, As revenue secretary, sition of 28 per cent tax on Computer Science Engineering announced (effective from 2023-24). They governance frameworks, as they can com-
New Delhi, 9 November after an eight-month stint as Malhotra took several key deci- online gaming. Between 2003 from Indian Institute of prescribed the terms for fixed and variable mand a governance premium. This premi-
secretary in the sions, including and 2018, he mostly worked in Technology (IIT), Kanpur, and pay, adjusted for risks, with a portion of um, in turn, will be driven by the quality of
Ahead of the presentation of Department of rationalisation of his home cadre in departments a Master's in Public Policy from the variable pay to be deferred and subject leadership at the top.
Budget FY26 in February next Financial Services As revenue capital gains tax in such as mining, commercial Princeton University. to malus/clawback arrangements.
year, revenue secretary Sanjay (DFS). secretary, this year's Budget, taxes, information technology, In one of his last public An asset quality review of the top 50 Focus on business models (May 2023)
Malhotra gave a patient hearing That brief Malhotra took rationalisation of energy and revenue. engagements on December 4, NBFCs took place in 2019, though it was While annual inspections assess the qual-
to industry bodies on tenure in handling key decisions, slabs in the new tax In between, Malhotra also Malhotra cautioned officers of not classified as such. The big picture here ity of RE’s books, no communication had
November 7 and received their the banking and including regime to encourage worked as project coordinator the Directorate of Revenue is that having been burned by the blowouts been made from the banking regulator on
pre-Budget recommendations. non-banking sec- rationalisation migration from the with the United Nations Intelligence (DRI) not to “kill at Infrastructure Leasing & Financial their business models in the public
Little did anyone expect that tor will now come of capital old tax regime, and Industrial Development the golden goose” and keep the Services and Dewan Housing Finance domain. While stress tests conducted had
in a month’s time, the soft-spo- in handy for gains tax removal of windfall Organisation (UNIDO) in a for- interest of the economy in mind Corporation in 2018-19, Mint Road plugged concluded that banks had adequate capital
ken Malhotra will be leaving the Malhotra as regu- gain tax, which pro- eign posting in the rank of a before issuing high- the regulatory arbitrage gaps. buffers, focusing solely on business mod-
Budget-making exercise behind lator of the sector. vided significant deputy secretary. pitched notices in commercial els in search of returns carried the poten-
and heading to Mint Street to Prior to his stint in North relief to the oil refining indus- Between 2000 and 2003, he fraud cases. Digital currency (2022) tial for blowback. RBI’s recent moves to
become the next Reserve Bank Block, Malhotra served as the try. He also played a key role in served as personal secretary to As next governor of the RBI, A standout move in 2022 was the introduc- arrest the runaway growth in consumer
of India (RBI) governor. chairman and managing direc- aligning the interests of states the minister of state for space Malhotra will also have to give tion of the central bank digital currency credit can be seen as a proactive measure.
A 1990-batch Indian tor of Rural Electrification and the central government and minister of state for the highest priority to the inter- (CBDC), a legal tender issued by a central The emphasis on governance and the focus
Administrative Service (IAS) Corporation (REC) and addi- during discussions at the Goods micro, small and medium est of the economy while decid- bank in digital form. Shaktikanta Das on business models may explain why there
officer of the Rajasthan cadre, tional secretary in the Ministry and Services Tax (GST) Council enterprises (MSMEs). ing on the growth-inflation termed it a “landmark achievement” for have been no blowouts during Das’ tenure
Malhotra became revenue sec- of Power. meetings that also led to impo- Malhotra holds a degree in trade off at Mint Street. the functioning of the economy. Deputy as RBI helmsman. RAGHU MOHAN

Central bank became stronger, surer under Das > FROM PAGE 1

SUBRATA PANDA & ANJALI KUMARI

Rate cut clamour
Mumbai, 9 December A LOOK BACK KEY NUMBERS DURING THE 6-YEAR TENURE OF OUTGOING RBI GOVERNOR SHAKTIKANTA DAS may dominate
On balance, Shaktikanta Das’ six-year tenure as gov- FOREX RESERVES ($ bn) ~ VS $ (inverted scale) CPI Y-O-Y (%) REPO RATE (%) GDP (%)
ernor of the Reserve Bank of India (RBI), ending on
Tuesday, was successful. He shielded India’s finan- 704.9
800 69.93 65 8
6.50 6.50
7 40 Malhotra’s first
cial system from several challenges and crises.
Das took charge on December 12, 2018, after Urjit
Patel stepped down. Having done his master’s from
393.4
(Low level)
(High level) 700

600
68.42 (High level) 70
75
6 6
6.23
5.36 20 MPC meet
St Stephen’s College, Delhi, Das had served as sec- 84.73 4 5 0 In a career spanning over three decades,
500 80
retary, Department of Revenue and Department of 658.1 6.2 Malhotra has worked across various sectors,
Economic Affairs, Ministry of Finance. 85 2 4 -20 including power, finance and taxation, infor-
400
As governor, he presided over one of the most 2.1 mation technology, and mines.
volatile periods for India and the world as the pan- 300 90 0 3 -40 Malhotra succeeds Das, another seasoned
demic and the Ukraine-Russia and Israel-Hamas Dec 28,’18 Nov 29,’24 Dec 28,’18 Dec 9,’24 Dec ‘18 Oct ’24 Dec 29,’18 Dec 9,’24 Q3FY19 Q2FY25 bureaucrat, who was appointed on December
wars threatened to undermine the country’s finan- 12, 2018, after Urjit Patel stepped down, citing
cial stability. MAJOR CURRENCIES AGAINST $ personal reasons.
During the pandemic, the RBI took conventional Dec 9, % CHANGE HOW NPA SCENARIO CHANGED Das’s six-year tenure, extended by three
and unconventional measures to address liquidity 2024 Since ’19 3-year 1-year years in December 2021, makes him the sec-
and asset-quality constraints. These were not open- ond-longest-serving governor in the RBI his-
Hong Kong dollar 7.77 0.7 0.3 0.5
ended as most of them were announced with pre- tory, after Benegal Rama Rau, who held
set terminal dates. As a result, their unwinding did Japanese yen 150.56 -27.1 -23.6 -6.3 the position for seven and a half years in
not cause market disruption. Additionally, the RBI China renminbi 7.27 -5.3 -12.5 -2.3 the 1950s.
chose to confine its asset-purchase programme to British pound 0.78 0.1 -5.6 0.3 For weeks, there was speculation about
government securities in the secondary market, whether Das would continue for a third term,
INDIAN RUPEE 84.73 -17.7 -12.3 -1.8
unlike some other emerging market central banks which would have made him the longest-serv-
that directly financed governments through the pri-
Euro 0.95 -7.8 -7.1 -4.3 ing RBI governor.
mary market during the pandemic. This decision Brazil real 6.07 -36.0 -8.2 -20.0 Malhotra will chair his first monetary pol-
was made to avoid monetising the fiscal deficit, a Source: Bloomberg DIVIDEND FROM RBI** (In ~ trn) icy meeting as chair of
practice the RBI had discontinued in the late 1990s. UPI Volume (in mn) Value (in ~ trn) FY19 0.7 the Monetary Policy He will chair his
Das’ success in inflation control, economic- TRANSCATIONS FY17 18 0.07 Committee (MPC) in first monetary
growth goals, currency stability, and interest-rate
FY20 1.5 February 2025, follow- policy meeting as
*Till Oct 2024 FY18 905 1.09
management also made him the “top central banker Compiled by BS FY21 0.57 ing the Union Budget chair of the
Research Bureau; FY19 5,392 8.77
of the year” for two consecutive years (by US-based Source: NPCI FY22 1.01 announcement. Monetary Policy
Global Finance magazine). FY20 12,519 21.32 FY23 0.4 Most market watch- Committee in
His tenure made him the longest-serving gover- FY21 22,331 41.04 FY24 (RE) 1.04 ers expect the much- February 2025,
nor after Benegal Rama Rau, who held the position FY22 45,968 84.17 awaited interest rate cut following the
for a little over seven and a half years in the 1950s. FY25 (BE) 2.32 to begin from the Union Budget
Among other challenges Das shielded India’s FY23 83,751 139.21 **Dividend/surplus of RBI, nationalised banks February policy review,
& financial institutions
financial system from collapse. This includes the FY24 1,31,130 199.95 RE: Revised Estimates; BE: Budget Estimates Data filtered for listed banks during respective quarter as the worst of the quarterly growth slowdown
Compiled by BS Research Bureau Figures are as reported by the banks in quarterly results
IL&FS debacle, which triggered a crisis in non-bank- FY25* 1,02,250 145.55 Source: Budget documents Compiled by BS Research Bureau Source: Capitaline and peak inflation is likely to be over.
ing financial companies (NBFCs) and led to the col- In its recent monetary policy meeting, the
lapse of two more major NBFCs — Dewan Housing RBI’s six-member MPC kept the policy repo
Finance and Reliance Capital. Additionally, Das sal- quarters. It was the first time since the monetary Under Das’ leadership, bad loans or gross non- exhibited such stability was in 1994, when it appre- rate unchanged at 6.5 per cent – the status
vaged two scheduled commercial banks from going policy framework came into effect in 2016 that the performing assets (NPAs) of listed banks fell to a ciated by 0.4 per cent. India’s forex reserves have quo for the 11th consecutive time — maintain-
under — Yes Bank and Laxmi Vilas Bank. A consor- RBI had to give an explanation to the government multi-year low of 2.59 per cent of advances as at swelled from $393.4 billion in the fortnight ended ing a “neutral” stance.
tium of banks led by SBI came together to invest in (as mandated by law). September 2024, while the net NPA ratio declined December 28, 2018, to $658 billion in the fortnight However, it reduced the cash reserve ratio
Yes bank and saved it from near collapse. Similarly, When Das took over as governor, the policy rate to 0.56 per cent (see chart) from 10.38 per cent and ended November 29, 2024. (CRR) by 50 basis points to 4 per cent to boost
in November 2020, the RBI ordered the amalgama- (repo rate) stood at 6.50 per cent. Under his leader- 4.50 per cent, respectively, when Das took charge Another key area of focus for Das has been digital system liquidity.
tion of Lakshmi Vilas Bank with DBS Bank India ship, the MPC cut the repo rate by 250 basis points as governor. payments. Digital transactions, particularly on the Among other impending tasks that await
after RBI took control of the Chennai-based bank, to stimulate growth, reducing it to 4 per cent. Meanwhile, the profitability of banks grew in Unified Payments Interface (UPI), have seen explo- Malhotra at Mint Road are finalising draft
citing serious deterioration in its finances. However, later, the MPC reversed course and raised Das’s tenure. Banks reported a loss of ~32,400 crore sive growth, and continue to surge (see chart). norms on key subjects, such as project
On inflation too, the RBI did well under Das. As the repo rate by 250 basis points to curb inflation, in FY18 whereas in FY23, profits stood at ~2.63 tril- Notably, UPI is currently operational in seven coun- finance, liquidity coverage ratio, expected
chair of the Monetary Policy Committee (MPC), Das bringing the rate back to 6.50 per cent. Since then, lion. During Das’ tenure, the rupee depreciated by tries, including Sri Lanka, Nepal, Bhutan, Mauritius, credit loss, and bank investment in sub-
has failed to keep inflation under 6 per cent for three it has kept it unchanged because inflation has not 17.7 per cent. During the calendar year (CY) 2022, France (at select merchants), the United Arab sidiaries in the same line of business.
straight quarters only once during his tenure. During aligned itself with the 4 per cent target in a sustain- the local currency experienced 10 per cent depreci- Emirates, and Singapore. Malhotra’s Computer Science Engineering
January-September 2022, the average inflation rate able manner. ation against the dollar. In CY2023, the rupee saw Under Das, the RBI withdrew the 2,000 notes background should also come in handy while
was above the upper tolerance level of the inflation However, this is better than what many global the least volatility (down 0.5 per cent) witnessed in (issued after demonetisation) without causing dis- tackling the issue of rising cyber security
target, which is 6 per cent, for three consecutive economies have witnessed on the inflation front. nearly three decades. The last time the Indian unit ruption to the economy and the public. threats to the Indian financial system.
.
MUMBAI | TUESDAY, 10 DECEMBER 2024 5 <

VIDHI SPECIALTY FOOD INGREDIENTS LIMITED

[CIN: L24110MH1994PLC076156]
Registered Office: E/27, Commerce Center 78, Tardeo Road, Mumbai-400034
Phone No.: 022-6140 6666; Fax No.: 022- 23521980
Website: [Link] Email id: [Link]@[Link]
NOTICE TO SHAREHOLDERS
TRANSFER OF EQUITY SHARES TO INVESTOR EDUCATION AND PROTECTION FUND
Chiplun Branch Members are hereby informed that in terms of Section 124 of the Companies Act, 2013 and the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’), as amended, Equity
Address: Ashwini Tower, Karad Road, Chiplun,
Shares of the Company, in respect of which dividend entitlements have remained unclaimed or unpaid for
Dist.: Ratnagiri PIN-415605,
Ph.: 02355-251173 & 252173, E-mail: bom296@[Link] seven consecutive years or more, are required to be transferred by the Company to the Investor
Education and Protection Fund (IEPF) of the Government of India.
(Appendix IV) POSSESSION NOTICE [Under Rule 8 (1)] Unclaimed or unpaid dividend for the 3 rd Interim Dividend for the financial year 2017-18 is presently lying
with the Company and in terms of the IEPF Rules, the concerned Members are being provided an
Whereas, opportunity to claim such dividend for the financial year 2017-18 and onwards by sending a letter under
The undersigned being the Authorized Officer of the Bank their signature so as to reach at the Registered Office of Registrar and Share Transfer Agent (R&TA) of
of Maharashtra, Chiplun Branch, under the Securitization and the Company, Link Intime India Private limited at C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai
Reconstruction of Financial Asset and Enforcement of Security - 400083 on or before March 20, 2025 for 3rd Interim Dividend for FY 2017-18. The details viz. names of
Interest Act, 2002 (54 of 2002) and in exercise of powers the concerned Members, their folio number/DPCLID, the number of shares for transfer to the IEPF and
conferred under Sec. 13(12) read with Rule 3 of the Security Interest due date are available on the Company’s website at [Link] under ‘Investors’ section.
(Enforcement) Rules, 2002 Issued a Demand Notice dated It may kindly be noted that if no valid claim is received by the R&TA by above mentioned dates, the
12.08.2024 calling upon the Borrower, M/s Aqua Foods Exim, Company shall take action towards transfer of such shares to IEPF thereafter. Once these shares are
Partners Mr. Mohammed Ayyub Moulana, Mr Abdul Azeez Bawa, transferred to the IEPF by the Company, such shares may be claimed by the concerned Members only
Mr. Abdul Ahad and Guarantors Mr Mohammed Ayyub Moulana, from the IEPF Authority by following the procedure prescribed under the IEPF Rules. It may also be noted
Mr Abdul Azeez Bawa, Mr. Abdul Ahad, Mrs Nazima Banu Moulana, that as per IEPF Rules all subsequent corporate benefits that may accrue in relation to the above
Mrs Lata A. Bongirwar, Mrs. Meghna Piyush Bongirwar, Mrs Neha shares will also be credited to the IFPF Demat Account.
Amreen, Mr Piyush Arun Bongirwar, Mr. Krishna Prasad, M/[Link] Individual letters in this regard have been sent to the concerned Members at their latest registered
Developers, to repay amount aggregating Rs.577155885.56/- addresses available with the Company/ R&TA. Clarification on this matter, if required, may be sought
(Rupees Fifty Seven Crore Seventy One Lakh Fifty Five Thousand from the R&TA by sending email at [Link]@[Link] or by calling them at +918108116767.
Eight Hundred Eighty Five and Fifty Six Paise Only) plus further For Vidhi Specialty Food Ingredients Limited
applicable interest thereon w.e.f. 12.08.2024 plus cost and Sd/-
expenses as mentioned in the demand notice within 60 days from Place: Mumbai Vishakha Pandya
the date of receipt of the sald Notice. Date: December 09, 2024 Company Secretary & Compliance Officer
The Borrowers having failed to repay the amount, Notice is
hereby given to the Borrowers, Guarantors and the Public in
general that the undersigned has taken possession of the Since 1973
properties described herein below in exercise of powers conferred KOKAN MERCANTILE CO-OP BANK LIMITED Multi State Bank
Registered Office : 1st Floor, Harbour Crest, Mazgaon T.T, Mumbai 400010. | Phone : 23723753, 23729969, 23729970, 23729971, 23734202,
on him under Sub-Section (4) of Section 13 of Act read with Rule 23734311. Fax : 23748589 | W : [Link]
& of the Security Interest Enforcement Rules, 2002 on this 6th day
of December 2024 SALE NOTICE
The Borrowers and the Guarantors in particular and the Public Notice is hereby given to the public in general and to the Borrower,Mortgagor & Guarantors in particular by the Authorised Officer that the under
in general is hereby cautioned not to deal with the property and mentioned property mortgaged to Kokan Mercantile Co-operative Bank Limited has taken physical possession on 14.02.2024 under the provision
of Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 will be sold by tender cum public auction as
any dealings with the property will be subject to the charge of Bank
mentioned below for recovery of secured debt amounting to Rs. 2,12,37,783.47 (Rupees Two Crore Twelve Lacs Thirty Seven Thousand Seven
of Maharashtra for an Rs. 577155885.56/- (Rupees Fifty Seven Hundred Eighty Three and Paise Fourty Seven only) towards loan account no.1801/275 and Rs.64,92,497.20 (Rupees Sixty Four Lacs Ninety Two
Crore Seventy One Lakh Fifty Five Thousand Eight Hundred Thousand Four Hundred Ninety Seven and Paise Twenty only) towards loan account no.8071/983 of Maqsood Usman Khan- Prop Kokan Dairy &
Eighty Five and Fifty Six Paise Only) plus further applicable Dairy Product and further interest @ 13% p.a. and 13.5%p.a. as detailed below :
interest thereon w.e.f. 12.08.2024 plus cost and expenses. The property will be sold without furniture and fixtures on “as is where is and as is what is” basis/condition.
The Borrowers’ and the Guarantors’ attention are invited to Sr. Name Description of property Status of Reserve E.M.D. Inspection Sale date
provisions of Sub-Section (8) of Section 13 of the Act, in respect of No. the Price (in Rs.) date and and time
time available, to redeem the secured assets. property time
DESCRIPTION OF THREE OF THE COLLECTIVE MOVABLE/IMMOVABLE PROPERTIES Loan A/C. 1801/275 & Land and building land [Link] 100 Physical Rs. Rs. 23.12.2024 02.01.2025
8071/983 NERUL BRANCH [Link] and row house/bunglow possession 2,12,04,000/- 21,20,400/- from at 11 a.m.
1) All the pieces and parcels of Land Freehold Residential Plot No 1. Mr. Maqsood Usman Kazi -Prop constructed on it consist of ground with the 11a.m. to
K-2, admeasuring 290 sq mtrs survey no. 28/0 (part) situated at Kokan Dairy and Dairy Product- floor,first floor,second floor on plot bank. 4.00 p.m.
Sao Jose De Areal in Salcete Margao, Goa owned by Mrs Neha Borrower bearing no.113( A Part) Nandanvan
Amreen and bounded as follows: 2. [Link] Kamalaheer Desai- CHS Ltd, Lane no.6,sector 17, Nerul
On the North: By 6 Mtrs. Wide Road Surety ,Navi Mumbai in the registeration ,sub
On the South: By Plot No.K-10 3. [Link] Mahamud district panvel and registeration district
Mukadam- Surety of Raigad (property of Halima Usman
On the East: By Plot No.K-3 4. Mrs Shabnam Maqsood Kazi – Kazi).
On the West: By Plot No.K1 Surety
Together with the building and structures constructed to/to be con- 5. [Link] Maqsood Kazi –
structed thereon and all the fixtures annexed thereto. Mortgagor/Surety
Intending buyers may inspect the property on the date and time as mentioned above.
Date: 06/12/2024 The particulars in respect of the immoveable secured property specified hereinabove have been stated to the best of the information and
Sd/- knowledge of the undersigned who shall however not be responsible for any error ,misstatement or omission in the said particulars.
Authorised Officer Bank of Maharashtra Terms and Conditions of public auction :-
1) Sale is strictly subject to the terms and conditions mentioned hereunder.
2) The property will be sold without furniture and fixture on “As is where is and “As is what is” condition.
3) The property under auction can be inspected on the date & time specified above. For any queries with regards to the inspection of property or
submission of tenders,kindly contact the Authorised Officer –Kokan Mercantile Co-op Bank Ltd, 1st floor Harbour Crest,Mazgaon T.T., Mumbai
–400010. Phone : 9820547700/9833657955
SITAMAI CO-OPERATIVE HOUSING SOCIETY LTD. 4) The interested buyers may send their offers for the above property in a sealed cover along with the Demand Draft of earnest money, deposit
(EMD) at the Office of the Authorised Officer , Kokan Mer. Co-op Bank Limited, 1st floor Harbour Crest Mazgaon, T,.T,Mumbai –400010,.on or
Reg. No. BOM/W/HSG/TC/2746/Year 87-88, Dated- 23/07/1987 before 30.12.2024. The sealed cover will be opened by the Authorised Officer at 1st floor, Harbour Crest,Mazgaon,Mumbai –400010 in the
Plot No. 15, Lokmanya Tilak Road, Opp. Navghar Police Station, Mulund presence of available intending bidders, Borrower, Mortgagor & Sureties on 02.01.2025 at 11 a.m. the time of sale.
5) Offers or conditional offers that are not filled up or offers not accompanied by the EMD or offers received after the above date and time prescribed
(East), Mumbai-400 081. herein will not be considered/treated as valid offers and accordingly shall be rejected. The earnest money deposit shall not carry any interest.
DEEMED CONVEYANCE PUBLIC NOTICE 6) Along with offer document, the interested intending bidder shall also attach a copy of the KYC Document (Pan Card, & Address Proof).
7) In no eventuality the property would be sold below the reserve price.
(Application No. 94/2024) 8) Property shall be sold to the highest bidder/offerer subject to acceptance of the bid by the secured creditor i.e. Kokan [Link]-op Bank Ltd.
Notice is hereby given that the above Society has applied to this office under Section However the undersigned has the absolute discretion to allow inter –se-bidding if deemed necessary which will take place at the said place, date
11 of Maharashtra Ownership Flats (Regulation of the promotion of construction sale, and time.
management & Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance 9) The Auction/Inter Se Biddings will also take place at the same place when the intending bidder may remain present and submit their offers directly
of the following properties. The next hearing in this matter has been kept before me on and revise their offers upwards.
16/12/2024 at 12:30 pm at the office of this authority. 10) All dues and outgoings i.e. Municipal Taxes, Maintenance /Society Charges, Electricity and water taxes or any other dues including
Respondent No.- 1) M/s. Gayatri Combines, Mr. Kanubhai Lakkad, Address: all overdue in respect of the said property shall be paid by the successful bidder/purchaser.
Jalaram Ashish co-operative Hosuing Society Devidayal Road, Mulund (West), Mumbai 11) The successful bidder/purchaser shall have to pay 25% of the purchase amount (after adjusting the E.M.D. already paid)
- 400 080, 2) (a) Smt. Sitabai Harendra Pange, with her legar heirs, (b) Jawahar immediately within 2 working days from the acceptance of the offer by the Authorised Officer in respect of the sale failing which the
Harendra Pange, (c) Rohini Anant Pange, (d) Shalini Digambar Pange Address at : earnest money deposit will be forfeited.
(2(a) to 2(d) B-1 Ground Floor, Sitamai Co-operative Housing Soceity Ltd., Lokmanya Tilak 12) The balance 75% of the Sale price shall have to be paid within 15 days of conveying the confirmation of the sale to the successful
Road, Opp. Navghar Police Station, Mulund (East), Mumbai - 400 081 and those, whose Purchaser by the Authorised Officer .In the event of the default in payment of the balance 75% of the sale price or any part thereof within
interests have been vested in the said property may submit their say at the time of hearing the prescribed period, the amount deposited shall be forfeited and the secured creditor will be at liberty to sell the property once again
at the venue mentioned below. Failure to submit any say shall be presumed that nobody and the defaulting Purchaser shall forfeit all claims to the property or to any part of the sum already paid towards the purchase thereof.
has any objection in this regard and further action will be taken accordingly. 13) Sale is subjected to confirmation by the Secured Creditor.
DESCRIPTION OF THE PROPERTY :- 14) The immoveable property described herein above shall remain and be at the sole risk of the successful purchaser in all respects including loss
Building of Sitamai Co-operative Housing Society Ltd. along with land as mention below. or damage by fire or theft or other accidents and other risk from the date of the confirmation of the sale by the undersigned Authorised Officer. The
successful bidder shall not be entitled to annul the sale on any ground of whatsoever nature.
Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area 15) Any Statutory & Other dues payable including society dues if any and dues on the property shall be borne by the Purchaser and all expenses
679, 679/1 To 1067.40 Sq. Mtrs. + relating to Stamp Duty, Registration Charges, Transfer charges and any other expenses and charges in respect of the registration of the Sale
140/1/1/1/2/2 -- 15 679/18 Set Back Area Rights Certificate for the above referred property shall be borne by the successful bidder.
Village : Mulund (East) 252.5 Sq. Mtrs. 16) No persons other than the Intending bidders/offerers themselves or their duly Authorised representative shall be allowed to participate in the
auction/sale proceedings.
Ref. No. MUM/DDR(2)/Notice/2575/2024 17) The sale will be conducted as per the provisions and rules of Securitisation and Reconstruction Of Financial Assets and Enforcement of
Place : Konkan Bhavan, Security Interest Act 2002
Competent Authority & District Dy. Registrar, Sd/-
Co-operative Societies (2), East Suburban, Mumbai (NITIN DAHIBHATE) STATUTORY 15 DAYS SALE NOTICE UNDER rule 8 & 9 (1) OF SARFAESI ACT 2002
Room No. 201, Konkan Bhavan, The borrower, mortgagor and Sureties are hereby notified to pay the aforesaid sum outstanding up to date and ancillary expenses from 15 days
C.B.D. Belapur, Navi Mumbai-400614. SEAL For Competent Authority & District from today failing which the property will be put up for sale/sold and balance dues if any will be recovered with interest and cost
Date : 05/12/2024 Tel.: 022-27574965 Dy. Registrar [Link]. Societies (2), Place : MUMBAI Authorised Officer
Email : ddr2coopmumbai@[Link] East Suburban, Mumbai DATE : 10.12.2024 s/d Kokan [Link]-op Bank Limited
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 1

States’pension bill growth slowed in FY23 Commerce dept

Seven states even saw decline, says RBI’s ‘Handbook of Statistics on Indian States’ Last month, the All India NPS
Employees Federation (AINPSEF)
voiced its discontent with the NPS in
examining steel
SHIVA RAJORA
MONEY MATTERS
New Delhi, 9 December
Pension amount spent by states (~ cr)
a public rally in the national capital
and demanded restoration of OPS. min request on
G
rowth in the pension bill of Earlier in August, the central gov-
states and union territories ernment had announced the Unified

safeguard duty
418,314 467,191
(UTs) slowed in 2022-2023 Pension Scheme (UPS) for its
(FY23), showed the latest Reserve 368,835 employees, to be implemented from
Bank of India (RBI)’s Handbook of 345,505 April 1, 2025, which, like the NPS, is
Statistics on Indian States, which was a contributory scheme, but it guar-
released on Monday. Besides, as antees a pension equivalent to 50 per SHREYA NANDI construction, automotive, and
many as seven states saw a decline cent of the last-drawn salary, similar New Delhi, 9 December electrical industries.
in their pension bills during FY23. to the provisions of the OPS. According to the ministry,
Data available in the handbook Maharashtra became the first The commerce department is there has been a sharp rise in
for 31 states and UTs showed that the state to offer UPS to its employees taking a close look at the steel the inbound shipment of flat
pension bill rose by 11.7 per cent to
2019-20 2020-21 2021-22 2022-23* after the announcement, with other ministry’s request to impose steel products over the previ-
*Revised Estimates Source: RBI database
~4.67 trillion (revised estimates) in states expected to follow suit once safeguard duty on certain steel ous two financial years.
FY23 from ~4.18 trillion in FY22. operational details become available. products to tackle a sudden Besides, a fall in the average
Previously, the pension bill had crore), and West Bengal (~25,494 Meanwhile, the total amount ernments remains mired in contro- The RBI had in a paper last year sharp rise in the import of the import price of such products
increased by 13.4 per cent in FY22. crore). budgeted by the states for pensions versies as employees continue to cautioned states against reverting to alloy from China, South Korea, has impacted the profitability
The states that saw a decline in Data also showed that the pension during FY24 is expected to rise by oppose the New Pension Scheme the OPS after several opposition- Vietnam, and Japan, among of steel companies. Imposition
their pension bills are: Assam bill rose sharply for major states like 11.7 per cent to ~5.22 trillion, which (NPS) and demand restoration of the ruled states like Himachal Pradesh, other nations. of safeguard duty can not only
(~16,903 crore), Chhattisgarh (~6,741 Uttar Pradesh (~59,577 crore), is nearly double the amount that was Old Pension Scheme (OPS), which Chhattisgarh, and Jharkhand aban- Safeguard duty is a tempo- protect the domestic industry
crore), Jharkhand (~7,348 crore), Maharashtra (~46,614 crore), Tamil spent by the states on pensions in guaranteed a pension equivalent to doned the NPS. The central bank had rary tariff barrier imposed by from cheap imports but also
Odisha (~15,976 crore), Kerala Nadu (~31,950 crore), and Bihar FY18 (~2.75 trillion). 50 per cent of the last-drawn salary said that it would add to the fiscal a country to protect its domes- boost capacity expansion,
(~26,689 crore), Telangana (~11,385 (~25,468 crore), among others. Provision of pension by state gov- of an employee. burden of states in the coming years. tic industry from surge in which is crucial for decarbon-
imports. However, any such ising the sector. That apart,
duty may raise steel prices, steelmakers fear that there
hurting the micro, small and could be a rise in cheap

India, Oz have road map LIC’s Bima Sakhi Yojana to enrol medium enterprises (MSME) imports from China due to var-
sector, a point also being con- ious trade actions taken
sidered by the against the country.
for early CECA conclusion department, a sen- Safeguard duty is However, engi-

SHREYA NANDI
100,000 women in 12 months ior government a temporary tariff neering exporters
official said. barrier imposed
The Directorate by a country
have raised con-
cerns regarding the
New Delhi, 9 December General of Trade to protect its proposed safeguard
HARSH KUMAR Remedies (DGTR), domestic industry duty on steel
The department of commerce on Monday said that India and Panipat, 9 December which comes from surge imports, warning
Australia have “outlined a path forward for the early conclusion” under the adminis- in imports that such a move
of the Comprehensive Economic Cooperation Agreement Prime Minister Narendra Modi on trative control of could escalate steel
(CECA) between both nations. Monday launched Bima Sakhi Yojana, an the commerce department, prices in the domestic market
In a three-day stocktake meeting between both nations dur- initiative of the state-owned Life Insurance has sought relevant data from and render engineering
ing 4-6 December, New Delhi and Canberra discussed several Corporation (LIC) that aims to enrol the steel ministry to get a clear exports uncompetitive in
critical areas of the proposed agreement, including trade in 100,000 Bima Sakhi in 12 months to finan- picture of the situation. “We global markets.
goods, services, mobility, agri-tech cooperation, among others. cially empower women. are examining the matter. The Engineering Export
“The discussions also centered on market The scheme is designed to benefit MSME sector also has their Promotion Council of India
access modalities that align with India’s food women in the age group of 18-70 years, concerns. DGTR is looking (EEPC) Chairman Pankaj
security objectives,” the commerce depart- who are Class-10 pass. into it. We have asked for data Chadha said that steel consti-
ment said in a statement. “Expansion of the insurance sector will from the steel ministry,” the tutes neaarly 60 per cent of the
The Indian delegation was headed by be spearheaded by women via the scheme. official told Business Standard. cost of production for most
additional secretary and chief negotiator, The data suggests LIC agents earn up to Last month, the steel min- engineering products.
department of commerce, Rajesh Agrawal, ~15,000/month on an average,” Modi said istry had urged the commerce Consequently, any fluctuation
and the Australian side was headed by first while inaugurating the scheme in Panipat, department to levy 25 per cent in prices of steel, or its avail-
assistant secretary and chief negotiator, depart- Haryana. PM said that the scheme will safeguard duty on the entire ability, creates a ripple effect,
ment of foreign affairs and trade Ravi Kewalram. play an important role in providing social Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman at flat steel product value chain disrupting exports and under-
The meeting follows the 10th round of CECA negotiations security to every household. launch of LIC’s Bima Sakhi Yojana in Haryana’s Panipat on Monday PHOTO: PTI for a two-year period. Flat steel mining their ability to com-
held in Sydney from August 19th to 22nd, 2024, where both sides LIC said it is targeting to enrol 100,000 products are typically used by pete internationally.
made significant progress on various aspects of the CECA. Bima Sakhi in the next 12 months and 3rd year. Women in age groups 18-70 years part of the life insurer’s business expendi-
CECA negotiations began in February 2023, nearly two 200,000 over a period of three years as can be appointed as Bima Sakhi. Irdai may ture and the company is hopeful that the
months after the signing of the interim trade agreement also part of its women empowerment drive. give training to these women to become premium income from the scheme will be
known as Economic Cooperation and Trade Agreement (ECTA).
Both countries had signed ECTA in April 2022, which kicked in
Finance Minister Nirmala Sitharaman,
who was also present at the event, said
permanent development agents after
clearance of an exam,” Sitharaman said.
4-5 times of the expense,” he added.
While the target is to enrol 200,000 Opposition may move
later during the year, from December 29. 25,000 women will be appointed as Bima At the sideline of the event, Siddhartha women under the scheme over the next
The proposed comprehensive trade deal envisages a covering
five broad areas including goods, services, digital trade, govern-
Sakhi who have passed Class 10th.
“The women will get ~7000 stipend in
Mohanty, LIC chairperson, said LIC is like-
ly to spend ~840 crore in the first year of
three years, Mohanty said that the com-
pany is confident of enrolling 100,000
resolution to oust
ment procurement, product specific rules under rules of origin
chapter. Both sides have shown interest in the inclusion of new
the 1st year, ~6000 in 2nd year, ~5000 in Bima Sakhi Yojana. “This spending will be women in the first year. Dhankhar from office
areas in the comprehensive trade deals, such as competition
policy, micro, small and medium enterprises (MSMEs), gender, The turbulent relations
PFC raises ~6,252 crore MONSOON SESSION
innovation, agri-tech, critical minerals, and sports.
FDI equity flows via bond issuances
between Rajya Sabha
Chairman Jagdeep
Dhankhar and the INDIA

up 45% in H1FY25
bloc came to a head on
IN BRIEF State-owned Power Finance Corporation (PFC) Monday with opposition
raised ~6,252 crore on Monday through the camp sources saying they are
issuance of bonds with different maturities. The IN THE HOUSE considering submitting a
HSBC India launches premium SHREYA NANDI
New Delhi, 9 December
company raised ~3,200 crore via 15-year bonds at a
coupon of 7.11 per cent and ~3,052 crore via 10-year
notice “very soon” for moving
a resolution to remove the vice
credit card for private clients Foreign direct equity investment
bonds at a coupon of 7.10 per cent.
“The PFC issuance has seen coupons tighten by
president from his office. They said the opposition parties
had required signatures from all INDIA bloc parties in
HSBC India, in collaboration with Mastercard, has launched an witnessed a 45 per cent jump at 10–15 basis points, with the secondary yield at 7.23 August itself but did not move as they decided to give
invitation-only premium credit card for its private banking $29.8 billion in the first six months per cent, reflecting robust demand. This strong Dhankhar “another chance but his conduct on Monday”
clients. The card will offer elevated travel, exclusive access, and of the current financial year, interest is driven by long-term investors such as convinced them to go ahead with it. The sources said the
exceptional lifestyle experiences. The bank has unveiled its first
premium credit card, HSBC Privé, designed with privileges
according to data of the
Department for Promotion of
MIXED BAG large insurance firms and pension funds, aligning
with their asset-liability management needs,”
Congress had taken the lead on the issue. PTI
FDI equity inflow in H1 FY25
exclusively curated for its private banking clients. The global Industry and Internal Trade (DPI- said Venkatakrishnan Srinivasan, founder and
private banking business in India serves high-net-worth
individuals and ultra-high-net-worth individuals who are
IT). The rise in foreign direct
investment (FDI) equity inflows
Value ($ bn) Chg (%) managing partner of Rockfort Fincap LLP.
Meanwhile, DME Development Limited, a fully-
Over 1.17 mn children
professionals, entrepreneurs, and their families with investable
assets worth over $2 million. BS REPORTER
comes after a contraction in
inflows for three consecutive
April
May
4.91
5.85
-3.8
118.5
owned special-purpose vehicle of the NHAI, tasked
with constructing the Delhi-Mumbai Expressway,
out of school, UP leads
financial years: FY22, FY23, FY24. June 5.42 71.2 raised ~775 crore via 10-year Green Bonds at 7.23 Over 11.70 lakh children have been identified as out-of-
Gross foreign direct invest- per cent coupon. ANJALI KUMARI & SUBRATA PANDA school children across the country in first eight months
PSB loan writeoff in ment, which includes equity cap-
ital of unincorporated bodies,
July
August
3.21
6.39
26.2
119.8
of the financial year 2024-25, the Lok Sabha was informed
on Monday. Replying to a written question in the House,
H1 FY25 at ~42,000 cr reinvest earnings and other cap-
ital, saw 29 per cent rise at $42.3 September 4.01 -2.0
Microfinance loan book
Union Minister of State for Education Jayant Chaudhary
also said the maximum number of such children are in
Public sector banks (PSBs) have written off loans worth ~42,000 billion during April-September. Total 29.79 45.4 Uttar Pradesh. According to the statistics , a total of
crore in the first six months of the current fiscal, Parliament was
informed on Monday. State Bank of India (SBI) wrote off loans
Singapore continued as the
top investor with $7.53 billion FDI
down 3.8% sequentially 11,70,404 children have been identified as out of school. PTI

worth ~8,312 crore, Punjab National Bank (~8,061 crore), Union during April-September. This Top 5 investing countries The gross loan portfolio (GLP) of microfinance
Bank of India (~6,344 crore) and Bank of Baroda (~5,925 crore)
during the April-September period. PTI
was followed by investment from
Mauritius, Netherlands, the
25 18 12 12 9 institutions (MFIs) shrunk by 3.86 per cent
sequentially to ~4.08 trillion in September from
Soros-Cong link allegations
nShare (%)
United Arab Emirates and the
United States. nValue ($ bn)
~4.24 trillion in June as lenders slammed brakes on
disbursements to contain stress and resorted to
rock Parliament
2.5 mn now enrolled for Among sectors attracting
high FDI equity inflows, the
tight underwriting. However, the GLP grew by 8.5
per cent on a year-on-year (Y-o-Y) basis over ~3.76
Uproar over BJP’s allegations linking top Congress
leaders with US-based billionaire investor George
Ayushman Vay Vandana Cards services sector — including
financial, banking, insurance,
trillion in September 2023, according to Micro
Finance Institution Network (MFIN) data.
Soros-funded organisations involved in “anti-India”
activities rocked both houses of Parliament which failed
Treatments worth more than ~40 crore have been availed since R&D, courier, among other sec- The portfolio of non-banking financing to transact any legislative business on Monday. The Lok
the launch of the Ayushman Vay Vandana card, benefitting over tors–was the highest recipient of companies working as MFIs (NBFC-MFIs) stood at Sabha saw Opposition submitting notices to move a
22,000 senior citizens aged 70 years and above under the FDI at $5.69 billion. This was fol-
Singapore Netherland US ~1.4 trillion at the end of September, down from privilege motion against a BJP member for the allegations
Ayushman Bharat health insurance scheme in a span of less lowed by computer software and Mauritius UAE ~1.45 trillion in June. However, the portfolio grew against Rahul Gandhi. In Rajya Sabha, members of
than two months. The enrolment for the Ayushman Vay hardware that garnered $4.19 bil- Source: Department for Promotion of Industry and by 11.9 per cent Y-o-Y from ~1.25 trillion a year ago. treasury benches were on their feet, raising slogans and
Internal Trade
Vandana Card has reached the milestone of 2.5 million since its lion worth FDI. ABHIJIT LELE demanding answers from the Congress. PTI
launch on October 29, 2024, the Union health ministry said. PTI

Airlines in India reported 809

WHEAT
After a delayed start, sowing of rabi
false bomb threats in 5 years crops seems to have picked up
pace. Till December 6, rabi crops TRACKING THE FIELDS
Airlines in India have reported 809 hoax bomb threats in the last
five years, with 719 in 2024 alone, as per data tabled in Parliament.
“Bureau of Civil Aviation Security has information of a total of 809
SOWING stood on around 49.36 million
hectares, 1.50 per cent more than
for the same period last year.
Rabi sowing as on December 6 (in million hectares)

hoax bomb threats received by airlines since 2020,” Minister of

State for Civil Aviation Murlidhar Mohol said in a written reply to
MAINTAINS Acreage of most crops except
mustard was more than the
Crops
Wheat
Normal area 2023-24
31.23 23.41
2024-25
23.94 2.26
% change*

the Rajya Sabha on Monday. In 2024, 719 hoax bomb threat

messages have been reported by the airlines. PTI
MOMENTUM, corresponding last year. Mustard
acreage was down as farmers seem
Rice
Pulses
4.2
14.04
1.09
11.57
1.11
12.06
1.83
4.24
MUSTARD to be shifting towards other crops
due to better returns.
Gram 10.09 8.03 8.6 7.10

Bengal OBC case: Reservation STILL DOWN However, going forward, most
experts said that weather will play
Lentil (masur)
Coarse Cereals
1.51
5.38
1.45
3.5
1.47
3.57
1.38
2.00
can’t be by religion, says SC key role in determining the final
output as after a delayed start any
Maize
Mustard
7.91
7.91
8.47
8.47
8.1
8.1
-4.37
-4.37
Reservation cannot be on the basis of religion, the Supreme Court more unusual rise in temperature
Total 63.56 48.63 49.36 1.50
observed on Monday while hearing a batch of pleas challenging might impact final yield, particularly
Note: The normal area is average area covered in the past five years in case of most crops
the Calcutta High Court verdict that struck down the OBC status of in crops such as wheat. Total might not match as it is a sum of broad heads
several castes in West Bengal granted since 2010. The pleas, The IMD had also said that *Change is between 2023-24 and 2024-25 Source: Government of India
including the one filed by the West Bengal government, winters might be warmer than
challenging the high court's May 22 verdict came up for hearing normal this year. SANJEEB MUKHERJEE
before a Bench of Justices B R Gavai and K V Viswanathan. PTI
.
MUMBAI | TUESDAY, 10 DECEMBER 2024 ECONOMY & PUBLIC AFFAIRS 7

Missile frigate INS Tushil (A Wholly Owned subsidiary of Bank of Baroda)

CIN No. U74999MH2017GOI292430

Regd. Office – 5th Floor, Baroda Sun Tower, C – 34, G Block, Bandra

inducted into Indian Navy

Kurla Complex, Bandra (E), Mumbai 400 051

RFP for Implementation & Commissioning with Licensing of

Microsoft Dynamics 365 Business Central ERP

Baroda Global Shared Services Ltd. (BGSSL), 27th Floor, GIFT One
Tower, GIFT City, Gandhinagar, Gujarat – 382355 invites Tenders for
Warship has been constructed in Russia as part of an over $2.5 billion deal Implementation & Commissioning with Licensing of Microsoft
Dynamics 365 Business Central ERP.
Details of the Tender form are available under ‘Tender Section’ on the
PRESS TRUST OF INDIA BGSSL website: [Link].
“Addendum” if any, shall be issued on the BGSSL website only and the
9 December, New Delhi bidder should refer to the same before final submission of the tender.

I
ndian Navy’s Russia-manufactured The last date of submission of the above Tenders is 30/12/2024 up
to 15:00 Hrs IST.
guided missile frigate INS Tushil was Place: Gandhinagar Head – Accounts Department
commissioned into the force at Date : 10/12/2024 BGSSL, GIFT City, Gandhinagar
Russia’s Kaliningrad on Monday. Ref– BGSSL/RFP/2024-25/Accounts/10
Defence Minister Rajnath Singh, Chief
of Naval Staff Admiral Dinesh K Tripathi
and other senior Indian officials were pres-
ent at the commissioning ceremony.
INS Tushil is expected to significantly
bolster the Indian Navy’s operational capa-
bility in the Indian Ocean, a region that
has witnessed increasing forays by China’s
People’s Liberation Army Navy.
The warship has been constructed in Union Defence Minister Rajnath Singh during the commissioning ceremony of
Russia as part of an over $2.5-billion deal INS Tushil in Russia’s Kaliningrad on Monday PHOTO: PTI
that New Delhi had inked with Moscow in
2016 for four stealth frigates for the Navy. industries. It exemplifies India’s journey ship with a length of 125 metres packs a
Under the deal, two ships were to be towards technological excellence through lethal punch and is a blend of Russian and
built in Russia, while the other two were jointmanship,” he said. India and Russia Indian cutting edge technologies and best
to be manufactured in India. will enter a “new era” of cooperation by practices in warship construction.
In his remarks at the ceremony, taking advantage of each other’s expertise The ship’s new design provides it with
Singh described the commissioning of in areas such as artificial intelligence, enhanced stealth features and better sta-
the warship as a proud testament to cyber security, space exploration, and bility characteristics, officials said.
India’s growing maritime strength and counter-terrorism, he added. With the collaboration of Indian naval
significant milestone in long-standing The ship’s construction was closely specialists and Severnoye Design Bureau,
ties with Russia. monitored by an Indian team of specialists the indigenous content of the ship has
“The ship is a big proof of the collabo- from the ‘warship overseeing team’ sta- been enhanced to an impressive 26 per
rative prowess of Russian and Indian tioned at Kaliningrad. The 3,900-tonne cent, the officials said.

Attacks on minorities Mahayuti govt sails through

in B’desh ‘regrettable’, trust vote in Maha Assembly
Narwekar re-elected Speaker
says Foreign secy The Mahayuti alliance government in Maharashtra led by Chief
Minister Devendra Fadnavis on Monday comfortably won a
India raised its concerns over the safety of minorities in confidence vote in the state Assembly. The trust motion, tabled
Bangladesh, flagging “regrettable incidents of attacks on cultural, by Shiv Sena MLA Uday Samant and others, was passed by a
religious and diplomatic properties” as Foreign Secretary Vikram voice vote on the last day of the three-day special Assembly
Misri (pictured) met his counterpart in Dhaka on Monday. session. Some opposition members were absent when the trust
Misri, the first high-level Indian official to visit Bangladesh motion was approved in the Assembly. They included Shiv
after August 5 when Prime Minister Sena (UBT) MLA Aaditya Thackeray.
Sheikh Hasina fled to India following Speaker Rahul Narwekar was elected unopposed for a
massive protests against her govern- second straight term earlier in the day. PTI
ment, expressed New Delhi’s desire for
a “positive, constructive and mutually BEFORE THE NATIONAL COMPANY LAW TRIBUNAL
beneficial” relationship with Dhaka. MUMBAI BENCH
“Today’s discussions have given AAP releases 2nd list of candidates, COMPANY SCHEME PETITION NO. 215 OF 2024
IN
both of us the opportunity to take stock
of our relations. I appreciate the oppor-
moves Sisodia to Jangpura COMPANY SCHEME APPLICATION NO. 116 OF 2024

tunity today to have had a frank, can- The Aam Aadmi Party (AAP) on Monday released its second list of In the matter of the Companies Act, 2013;
did and constructive exchange of views 20 candidates for the upcoming Delhi assembly polls, dropping AND
with all my interlocutors,” Misri said 18 sitting MLAs and moving two others, including senior leader In the matter of Sections 230 to 232 read with section
after meeting Foreign Secretary Mohammad Jashim Uddin. and former deputy chief minister Manish Sisodia, to new seats. 66 and other applicable provisions of the Companies
Misri said they discussed “certain recent developments and Sisodia will now contest from Jangpura, while Avadh Ojha, an Act, 2013;
issues.” “I conveyed our concerns, including those related to educator and recent AAP entrant, will contest from Sisodia's AND
the safety and welfare of minorities. We also discussed some current Patparganj seat. In the matter of Scheme of Amalgamation between
regrettable incidents of attacks on cultural, religious and diplo- “I am ready to replicate the work done in Patparganj in India Emerging Companies Investment Limited
matic properties...,” Misri told reporters. PTI Jangpura,” Sisodia said. PTI (“Transferor Company 1/First Petitioner Company”);
Inshaallah Investments Limited (“Transferor
Company 2/Second Petitioner Company”) with
Niskalp Infrastructure Services Limited (“Transferee
Company/Third Petitioner Company”) and their
> FROM PAGE 1 respective Shareholders (“Scheme”)
India Emerging Companies Investment)

Expenses on India Inc’s salaries, wages relatively sticky Limited

A company incorporated under)
Companies Act, 1956 having its)
)

In contrast, expenses on salaries registered address at 2nd Floor, Army &)

and wages are relatively sticky, EMPLOYEE EXPENSES OF IT FIRMS ON THE RISE Navy Building, 148, Mahatma Gandhi)
Road, Fort, Mumbai - 400001 ) …Transferor Company 1/
growing in the range of 6.6 per CIN: U99999MH1995PLC085035 ) First Petitioner Company
cent (in FY21) to a high of 19.1
Inshaallah Investments Limited )
per cent in FY11.
A company incorporated under)
The analysis is based on a Companies Act, 1956 having its)
common sample of 667 compa- registered address at 2nd Floor, Army &)
nies from the BSE 500, BSE Mid Navy Building, 148, Mahatma Gandhi)
Cap and BSE Small Cap indices Road, Fort, Mumbai - 400001 ) …Transferor Company 2/
excluding their listed sub- CIN: U74899MH1994PLC415443 ) Second Petitioner Company
sidiaries. These companies had Niskalp Infrastructure Services Limited )
a market capitalisation of ~323 A company incorporated under)
trillion on Friday, accounting Companies Act, 1956 having its)
for 70.4 per cent of the com- registered address at 2nd Floor, Army &)
Navy Building, 148, Mahatma Gandhi)
bined market capitalisation of Road, Fort, Mumbai - 400001 ) …Transferee Company /
all companies listed on the BSE. CIN: U67120MH1989PLC054778 ) Third Petitioner Company
In the last 10 years, the com- Note: Based on a common sample of 667 companies from BSE 500, BSE Mid Cap, and BSE Small Cap index, excluding their listed
(The First Petitioner Company,
subsidiaries; Source: Capitaline, Compiled by BS Research Bureau
bined net sales of firms went up Second Petitioner Company, Third
at a compound annual growth Petitioner Company shall be
rate (CAGR) of 7.9 per cent com- and oil and gas. These compa- > BS SUDOKU #4449 collectively referred to as “Petitioner
pared to 9.5 per cent CAGR nies’ salary and wage expenses Companies”)
growth in their salaries and were equivalent to 15.8 per cent NOTICE OF JOINT PETITION
wages during the period. In the of their net sales in the first half Joint Petition under Sections 230 to 232 read with Section 66 of the
last five years, the companies’ of FY25, up from 11.3 per cent in Companies Act, 2013 and with Companies (Compromises, Arrangements and
net sales increased at a CAGR of FY12 and 14.7 per cent in FY19. Amalgamations) Rules, 2016; for the sanction of Scheme of Amalgamation
between India Emerging Companies Investment Limited (“Transferor Company
10.7 per cent compared to 10.3 Information-technology 1/First Petitioner Company”) having CIN: U99999MH1995PLC085035;
per cent growth in their employ- services companies, which are Inshaallah Investments Limited (“Transferor Company 2/Second Petitioner
ee costs during the period. The the single-biggest employer in Company”) having CIN: U74899MH1994PLC415443 with Niskalp
H1FY25 data have been annu- the corporate sector, have seen Infrastructure Services Limited (“Transferee Company/Third Petitioner
alised to calculate CAGR growth. faster growth in their employee Company”) having CIN: U67120MH1989PLC054778 and their respective
The gap between growth in costs than their net sales. Shareholders (“Scheme”) presented by the Petitioner Companies before the
Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT’) and was
net sales and salaries and As a result, employee costs admitted by the Hon’ble NCLT on 13th November, 2024. The aforesaid petition
wages is even bigger if compa- accounted for 56.1 per cent of is fixed for hearing before the Hon‘ble NCLT on 8th January, 2025 before Bench
nies from price-sensitive sec- net sales in H1FY25, up from 50 V of NCLT Mumbai Bench.
tors are excluded. per cent in FY11 and 52.4 per If any person concerned is desirous of supporting or opposing the said Petition,
Net sales for companies — cent in FY19. he/she/they should send to the undersigned Authorized Representative at
ex-metals and oil — increased Chief Economic Advisor V the abovementioned address, the notice of his/her/their intention signed
at a CAGR of 8.8 per cent in the Anantha Nageswaran last week by him/her/them or his/her/their advocate, not later than two days before
the date fixed for the hearing of the Petition. Where any person concerned
last 10 years against 10.8 per pointed out listed companies
seeks to oppose the aforesaid Petition, the grounds of opposition or a copy
cent growth in their salaries and were making higher profits but of Affidavit in that behalf should be furnished with such notice. A copy of the
wages in the period. they were paying less. He said Company Scheme Petition along with all the exhibits will be furnished by the
Even in the last five years, that there would not be ade- Petitioner’s Authorized Representative to any person requiring the same on
these companies’ net sales grew quate demand for the compa- payment of the prescribed fees for the same.
slower than employee costs (11.9 nies’ own products without a Dated this 9th Day of December 2024.
per cent vs 12.1 per cent CAGR). judicious balance between the For India Emerging Companies Investment Limited
As a result, services and share of corporations’ income Sd/-
general manufacturing compa- making up their profits and that SOLUTION TO #4448 Kamlesh M. Parekh
nies (excluding metals and oil) going to workers as wages. Medium: Director
have seen a steady rise in “Companies raise salaries
«««
DIN: 00059140
salaries and wages as a propor- and expand hiring when they For Inshaallah Investments Limited
tion of net sales. experience higher demand Solution tomorrow Sd/-
Expenses on salaries and growth and faster revenue Kamlesh M. Parekh
wages accounted for 14.88 per growth. Slower top line growth HOW TO PLAY Director
cent of the net sales of these in turn reduces their require- Fill in the grid so DIN: 00059140
companies in the first half of ments for resources including that every row, For Niskalp Infrastructure Services Limited
FY25, up from 11.25 per cent in manpower leading to low every column Sd/-
FY12 and 13.8 per cent in FY19. salary growth and slowdown in and every Kamlesh M. Parekh
The trend has been similar hiring,” said Dhananjay Director
3x3 box contains
for companies excluding BFSI Sinha, co-head research and DIN: 00059140
(banking, financial services and equity strategy, Systematix
the digits 1 to 9
insurance), mining and metals, Institutional Equity.
8 WORLD
>
MUMBAI | TUESDAY, 10 DECEMBER 2024

With Assad gone, a new era begins in Syria

REBEL LEADER GOLANI MEETS PUTIN DECIDED TO GRANT TOO EARLY TO KNOW FUTURE OF RUSSIA'S Israel and US
OFFICIALS TO DISCUSS NEW GOVT ASSAD ASYLUM IN RUSSIA MILITARY BASES IN SYRIA, SAYS KREMLIN launch strikes
REUTERS The advance of a militia alliance spear- Israel said Assad's fall was a direct
9 December headed by Hayat Tahrir al-Sham (HTS), a consequence of Israel's punishing assault
former al Qaeda affiliate, was a genera- on Iran's Lebanese allies Hezbollah, who

D
amascus stirred back to life on tional turning point for the Middle East. had propped up Assad for years but were
Monday at the start of a hope- It ends a war that killed hundreds of decimated since September by an Israeli
ful but uncertain era after thousands, caused one of the biggest ref- air and ground campaign.
rebels seized the capital and ugee crises of modern times and left cities Israel will step up airstrikes on Syrian
President Bashar al-Assad fled to Russia, bombed to rubble, countryside depop- stores of advanced weaponry, Israeli
following 13 years of civil war and more ulated and the economy hollowed out by officials said on Monday, and keep a
than 50 years of his family’s brutal rule. global sanctions. 'limited' troop presence on the ground,
Busy traffic returned to the streets and Millions of refugees could finally go hoping to head off any threat that could
people ventured out after a nighttime cur- home from camps across Turkey, emerge. Defence Minister Israel Katz said
few, but most shops remained shut. Lebanon and Jordan. the military would "destroy heavy strategic
Rebels milled about in the centre. Assad’s fall wipes out one of the main weapons throughout Syria, including
The main rebel commander Ahmed bastions from which Iran and Russia surface-to-air missiles, air defence
al-Sharaa, better known as Abu wielded regional power. Turkey, long systems, surface-to-surface missiles,
Mohammed al-Golani, met overnight aligned with Assad’s foes, emerges cruise missiles, long-range rockets, and
with Assad’s Prime Minister Mohammed strengthened. coastal missiles".
Jalali and Vice President Faisal Mekdad HTS is still designated as a terrorist The US, which has 900 soldiers in Syria
to discuss arrangements for a transitional group by the United Nations, but has alongside Kurdish-led forces in the east,
government, a source familiar with the spent years trying to soften its image to said its forces hit around 75 targets in air
discussions told Reuters. reassure foreign states and minority strikes on Islamic State on Sunday.
Al Jazeera television reported that the groups within Syria. The US-backed Kurdish forces have
transitional authority would be headed The group’s leader Golani, who spent clashed with Turkey-backed rebels in
by Mohamed Al-Bashir, who ran the years in US custody as an insurgent in the north. REUTERS
administration in a small pocket of rebel- Iraq but later broke with al Qaeda and
held territory before the 12-day lightning Islamic State, has vowed to rebuild Syria.
offensive that swept into Damascus. “A new history, my brothers, is being lll
Syria’s banks would reopen on written in the entire region after this great
Tuesday and staff had been asked to victory,” he told a huge crowd at the
return to offices, according to a Syrian
central bank source and two commercial
Umayyad Mosque in Damascus.
Assad’s Prime Minister Jalali told Sky
‘We won’t interfere
bankers. Syria’s currency would continue
to be used, they said.
New Arabia he was ready to provide doc-
uments and help for the transfer of power.
Rebel fighters on a vehicle on Monday, a day after seizing Syria’s capital Damascus PHOTO: REUTERS with women’s
At the Interior Ministry that ran The fate of Syria’s army would be “left dressing, freedom’
Assad’s police force, furniture had been
looted and staff stayed away. Armed
rebels were there to maintain order.
to the brothers who will take over the
management of the country’s affairs”,
Jalali said. “What concerns us today is
India calls for ensuring stability for a "political solution" as
soon as possible, after rebels
seized the Syrian capital
Syrian insurgents who toppled President
Bashar Assad said they won't impose any
The oil ministry called on all employ- the continuation of services for Syrians.” AGENCIES inclusive Syrian-led political society,” it said. The MEA over the weekend and its religious dress code on women and vowed
ees in the sector to head to their work- 9 December process going forward in said the Indian embassy in president fled to Russia. to guarantee personal freedom for
places starting on Tuesday, adding that Putin made decision to grant that country. Damascus is in contact with As Syria looks for a everyone. In a statement posted on social
protection would be provided to ensure Assad asylum in Russia: Kremlin A day after rebel forces “We are monitoring the the Indian community in political solution, China media, the insurgents’ General Command
their safety. The Kremlin said on Monday President overthrew President Bashar situation in Syria in the light Syria for their “safety and hopes that all the parties said “it is strictly forbidden to interfere
Fighters from the remote countryside Vladimir Putin had made the decision to Assad’s authoritarian of ongoing developments. security”. Hours after the concerned would be guided with women's dress or impose any
milled about in the capital, clustering in grant asylum in Russia to Bashar al- government in Syria, India We underline the need for all rebels captured power, by the long-term interests of request related to their clothing or
the central Umayyad Square before Assad, who was ousted as Syria's pres- on Monday joined leading parties to work towards official sources in Delhi on the Syrian people, Mao Ning, appearance, including requests for
Damascus’s great 1,300-year-old mosque. ident by a lightning rebel offensive. nations to call for stability preserving the unity, Sunday said all Indian spokesperson at the Chinese modesty”. The command said it affirms
"We had a purpose and a goal and now Russian news agencies cited an uniden- and preserve the unity, sovereignty and territorial nationals in Syria are safe. foreign ministry, said at a that personal freedom is guaranteed to
we are done with it. We want the state tified Kremlin source on Sunday as saying sovereignty and territorial integrity of Syria,” the MEA regular news conference. everyone, and that respect for the rights of
and security forces to be in charge," said Assad was in Moscow with his family. integrity of the Arab nation. said in a statement. China calls for The Syrian government individuals is the basis for building a
Firdous Omar, who said he had been bat- “Such decisions cannot be made without The Ministry of External “We advocate a peaceful ‘political solution’ collapsed on Sunday as the civilised nation. In areas that were
tling the Assad government since 2011 the head of state. This is his decision,” Affairs (MEA) said it is and inclusive Syrian-led China’s foreign ministry on rebels seized control of the controlled by Syrian opposition groups
and was now looking forward to laying Kremlin spokesman Dmitry Peskov told monitoring the unfolding political process respecting Monday called for the capital Damascus after since the civil war erupted in 2011, the vast
down his weapon and returning to his job reporters but gave no further details on developments in Syria and the interests and aspirations restoration of stability and capturing several other majority of women dressed modestly,
as a farmer in provincial Idlib. Assad's movements. advocated a peaceful and of all sections of Syrian order in Syria and the search prominent cities and towns. only revealing their faces and hands. AP

IN BRIEF China signals bolder stimulus Nvidia under scanner

President-elect Trump seeks for potential breach of
to end birthright citizenship for next year as Trump returns monopoly law in China
US President-elect Donald Trump on Sunday announced his BLOOMBERG The offshore yuan erased losses to
plan to eliminate the country’s ‘Birthright Citizenship’, a policy
established under the 14th Amendment of the Constitution. If
9 December
CHANGING ‘STANCE’ trade 0.1 per cent stronger on bets China’s
economy will recover due to monetary and Move comes amid escalation
implemented, the move would deny citizenship to individuals born China’s top leaders signalled more sti- > The Politburo announced it will fiscal stimulus. The yield on 10-year gov-
in the United States to undocumented parents. In an interview with mulus for next year with the first shift in embrace a “moderately loose” ernment bonds slid two basis points to
of Beijing’s chip war with US
NBC News, Trump also outlined plans to deport all individuals who their monetary policy stance in some 14 strategy for monetary policy in 2025 1.938 per cent. Regional currencies also got BLOOMBERG the crossfire of the US and
entered the country illegally, aiming to achieve this over his four- years, as Beijing braces for a second trade a boost from the Politburo readout, with 9 December China’s battle for tech suprem-
year term. This initiative was a cornerstone of his Republican war when Donald Trump takes office > The shift comes as Beijing braces Australian dollar rising 0.3 per cent and acy. Washington has barred
campaign. However, Trump expressed willingness to collaborate next month. for a second trade war with Trump New Zealand’s currency trimming losses. China has opened a probe into the company from selling its
with Democrats on a deal to protect ‘Dreamers’ — undocumented The Politburo, comprising the ruling While China has gone through several Nvidia Corp over suspicions most advanced semiconduc-
immigrants who arrived in the US as children — allowing them to Communist Party’s most senior 24 offi-
> The body also adopted stronger tightening and loosening cycles in mone- that the US chipmaker broke tors to Chinese companies
remain in the country. BS REPORTER cials and led by President Xi Jinping (pic- language on fiscal policy, saying it’ll tary policy recent years, it’s stuck with anti-monopoly laws around a which has drawn sharp
tured), announced it will embrace a be “more proactive” — a change the overarching characterisation of “pru- landmark 2020 deal, taking rebukes from Beijing.
“moderately loose” strategy for monetary from “proactive” dent” policy since 2011. At that time, aim at the AI heavy- The Chinese govern-
South Korea President Yoon policy in 2025. The body also adopted
stronger language on fiscal policy in a
> China stuck with the overarching
characterisation of “prudent”
authorities shifted away from the pre-
vious stance of “moderately loose”
weight
Washington ramps
as ment had approved
Nvidia’s $7 billion
banned from overseas travel readout of its December meeting, saying
it’ll be “more proactive” — a change from
policy since 2011
adopted during the Global Financial
Crisis, to cool rising inflation.
up sanctions.
The State
acquisition of the
Israeli computer
“proactive.” > At that time, The latest departure reflects an Administration for networking equip-
In another sign of greater resolve to authorities shifted urgency to step up the easing mode Market Regulation ment maker on con-
shore up confidence, officials pledged to away from adopted by the central bank after an opened an investiga- dition that included
“stabilise property and stock markets,” “moderately loose” expected post-pandemic boom failed to tion into the company’s that Mellanox provide
according to the official Xinhua News materialise. That push has seen the recent behavior as well as the information about new pro-
stance, adopted
Agency. They will also step up “extraor- People’s Bank of China slash interest circumstances surrounding the ducts to rivals within 90 days
during the global
dinary counter-cyclical policy adjust- rates and lower the amount of cash banks acquisition of Mellanox of making them available to
ment,” hinting more tools will be
financial crisis to must set aside in reserves several times, Technologies Ltd, China Nvidia. Nvidia also agreed that
unleashed to boost the economy. cool rising although authorities have found it hard Central Television said in a Chinese chipmakers would get
“The wording in this Politburo meet- inflation to spur greater borrowing. report. Beijing gave approval for a chance to make sure their
ing statement is unprecedented,” said The December conclave typically sets the deal four years ago, on con- products work well with
Zhaopeng Xing, senior strategist at the agenda for the larger Central dition that Nvidia not discrim- Mellanox’s technology.
Australia & New Zealand Banking Group. dence against Trump’s threats,” he Economic Work Conference that crafts inate against Chinese firms. The firm’s shares fell 2 per
“We think it points to strong fiscal expan- added, referencing the President-elect’s priorities for the following year, and Nvidia’s position as the cent in early trading on
sion, big rate cuts and asset buying.” vow to impose a 60 per cent tariff on where officials are expected to discuss leading provider of artificial Monday before US exchanges
“The policy tone shows strong confi- Chinese exports. the 2025 growth goal. intelligence chips has put it in opened.
Protesters attend a rally calling for the impeachment of South
Korean President, in Seoul on Monday PHOTO:REUTERS

South Korea banned President Yoon Suk Yeol from travelling overseas
as a series of probes put the embattled leader at risk of detention over
his chaotic declaration of martial law. The Justice Ministry accepted a
Omnicom to buy Interpublic in $13 bn deal Global ad revenue set to
cross $1 trn in ’24: GroupM
request for the ban on Monday from the Corruption Investigation
Office For High-ranking Officials, according to Bae Sang-up, This will create on Omnicom’s last close. This rep- forced Omnicom and France's with Daryl Simm.
commissioner of the ministry’s Korea Immigration Service. Bae was resents a premium of 21.6 per cent Publicis Groupe SA to call off their Tech giants such as Alphabet- Global advertising revenue will increase 9.5 per
speaking during a parliamentary session. Oh Dong-woon, head of world’s largest to Interpublic's close on Friday. $35 billion merger in 2013. owned Google and [Link] cent in 2024 to surpass $1 trillion for the first time
the CIO, didn’t rule out detention when asked by a lawmaker if his Interpublic’s shares, down Omnicom owns brands such have in recent years attracted mar- and grow 7.7 per cent next year, according to
office was determined to seek Yoon’s arrest. Police are also
advertising agency more than 10 per cent this year, as BBDO and TBWA, while keting dollars away from tradi- GroupM, the world’s largest media buying agency,
considering whether to put Yoon under emergency arrest, Yonhap were up nearly 11 per cent in early Interpublic owns McCann, Weber tional agencies by offering both owned by WPP. The continued growth of adver-
News reported, citing a police official it did not identify. BLOOMBERG REUTERS trading. Omnicom fell 6 per cent. Shandwick and Mediabrands. advertising tools and market- tising, driven by digital platforms, has defied
9 December “We are pretty confident this is Both firms are based in New York. places to buy and sell them. expectations of a slowdown. It accelerated once
not going to create The combined Soaring use of AI tools that again in 2024, GroupM said in its 2024 Global End-
Zelenskyy discusses frozen Omnicom Group has struck a
$13.25 billion all-stock deal to buy
any regulatory
issues. The world
Based on 2023 company would
have revenue of
allow businesses to create ads
cheaper and faster has squeezed
of-Year Forecast, and it will maintain a faster rate
of growth through 2029 than it predicted a year
figures, the
conflict with Trump, Macron rival Interpublic Group, creating
the world's largest advertising
isn't divided into
four companies —
combined more than $25 bil-
lion, based on 2023
traditional agencies, forcing them
to scramble to develop similar in-
ago. Google, Meta, ByteDance, Amazon and
Alibaba are expected to earn more than half of the
company’s
Ukrainian President Volodymyr Zelenskyy said he raised the risk of a agency as traditional players look you have things like figures. It would house tools to retain clients. revenue, with most coming from small- to
revenue would be
frozen conflict with Russia and pressed for security guarantees in to better compete with Big Tech Google, Facebook, compete with the "This move allows us to take medium- sized advertisers, GroupM said. REUTERS
over $20 billion
talks with US President-elect Donald Trump and France’s Emmanuel firms amid accelerating use of AI. Amazon... servicing UK's WPP and control of our own future rather
Macron. Zelenskyy said he sought to drive home his position that The deal, announced on people's marketing Publicis, which than wait for technology to impact MEDIA ADVERTISING SPLIT IN 2025
Ukraine can only enter into ceasefire talks from a position of Monday, could attract regulatory needs,” Omnicom generated annual it in ways that you can't anticipate Expected growth (in %)
strength — and told the leaders in Paris on Saturday that Russian scrutiny as it seeks to merge the CEO John Wren said on a call with revenue of 14.85 billion pounds today," Wren said. Digital 10.0
President Vladimir Putin doesn’t want to end the war. “Nobody world's third-largest ad buyer, analysts. ($18.97 billion) and 13.10 billion Apple, Chanel, Disney and
wants to end the war more than us,” Zelenskyy told reporters in Kyiv Omnicom, with the fourth-largest "Also, there's reason to believe euros ($13.86 billion), respectively. Volkswagen are among Global TV 1.9
on Monday, as he weighed in on inducing Putin to back down. “We — Interpublic. that the change in administration Wren will lead the new com- Omnicom's customers, while Out-of-home 7.1
need to force him — one can force him only if Ukraine is strong,” he Interpublic investors will (in the US) will make it more pany, while Interpublic boss Interpublic's clinet roster includes
said, meaning a strong military and the capability to launch long- receive 0.344 Omnicom shares for friendly to business." Philippe Krakowsky will serve as Johnson & Johnson, Levi Strauss, Audio Mostly flat
range attacks. BLOOMBERG each share held, or $35.58 based Regulatory roadblocks had co-Chief Operating Officer along and Barbie maker Mattel. Print –3

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 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ [Link]

VOLUME XXIX NUMBER 103

MUMBAI | TUESDAY, 10 DECEMBER 2024

Turning the page American exceptionalism past 15 years, today we are seeing US valuations near-
The new RBI governor’s first test will be on the external front Earnings growth in the US will be faster than ly at all-time highs, only surpassed on the Schiller

A
fter much anticipation, the Union government on Monday appointed
Revenue Secretary Sanjay Malhotra next governor of the Reserve
anywhere else in the world ILLUSTRATION: BINAY SINHA CAPE (cyclically adjusted PE) by internet bubble
readings of the year 2000. Even on sentiment indi-
Bank of India (RBI). The term of incumbent Governor Shaktikanta cators, on any survey of professional fund managers,
Das ends today. Mr Malhotra, an engineering graduate from the bullishness on the US has never been higher. Retail
Indian Institute of Technology, Kanpur, with a master’s degree in public policy sentiment indicators are also near all-time highs and
from Princeton University, is a 1990 batch officer of the elite Indian retail flows into equities have rarely been higher.
While the jury is still out on whether US equities
Administrative Service. Interestingly, the government for the second time in a
more broadly are in a bubble, there are parts of the
row has chosen a career bureaucrat and not a professional economist to lead
market and assets like crypto currencies which seem
the RBI. The decision may have been motivated by the experience of Mr Das’ to be in a speculative frenzy.
term, which rarely witnessed friction between the RBI and the government. One can see the contrarian case. US equities have
However, with the Budget-making process underway, the Ministry of Finance had an amazing run in the past 15 years, after 2008.
will have to quickly find a replacement for Mr Malhotra. On both sentiment and valuation, readings have rarely
Mr Das’ term over the past six years was fairly challenging for both the been higher. It is a consensus that one should never
Indian economy and the RBI, largely because of the pandemic. The RBI had to bet against the US, and the US weighting in global
take emergency measures and ensure the financial system remained resilient. indices is near all-time highs. For anyone with any
While the RBI took several steps during and after the pandemic, there are two belief in regression to the mean, this is a classic setup.
areas from policy and financial stability points of view that are worth discussing I am sympathetic to this view and for an individ-
here. First, the RBI is an inflation-targeting central bank. Although the respon- ual investor, or anyone managing proprietary capital,

T
here has been a series of articles and com- on the US. It is the only market which seems to matter. it makes sense to gradually underweight the US and
sibility of setting the policy interest rate is now with the six-member Monetary
ments by numerous market observers on the All other markets and global trends key off the US. fade the momentum. The US markets may or may
Policy Committee (MPC), the term of any governor will, in part, be judged by United States (US) equity market, and the Today US stocks trade at near-record absolute not be in a bubble, but we are definitely at peak pos-
the record on inflation management. In this regard, it is fair to argue that the near-universal belief that it is the only market worth and relative multiples to global stocks. These high itivity on US equity assets. A period of underperfor-
RBI underestimated the inflationary impulse over the past few years. However, investing in. Most of these market observers are of multiples are not only due to the Magnificent 7 mance is due to the US.
once it started policy tightening, it did well to not reverse it prematurely. The the view that the US is in a bubble and we are seeing (Apple, Microsoft, Google parent Alphabet, Amazon, As a tactical call, it is very easily possible that the
MPC is willing to wait to complete the disinflation process. peak US bullishness. The consensus remains over- Nvidia, Meta, and Tesla). If we look at the S&P493 US can underperform global equities for a five-year
The second is external-sector management. After initial volatility during whelmingly positive on the US and many global (ex-Magnificent 7), and compare them to European period. Given the relative starting points of valuation
the pandemic, as large global central banks started pumping liquidity into the investors have given up looking at other geographies Union equities, there is a valuation premium US today, can the US lag other markets for a period of
system besides taking the policy rates to near zero, India witnessed a significant like emerging markets (EMs). The EM asset class cur- companies enjoy across every major sector. This val- time? Definitely. Both EMs and Europe are due a
surge in capital inflows. The RBI did well to absorb excess flows. Higher reserves rently has serious challenges in trying to remain rel- uation premium is linked to structurally higher bounce and are consensus underweights. This, how-
helped a great deal in 2022, when large central banks, led by the United States evant. Much of the global outlook for 2025 and returns on equity. ever, to my mind is a tactical, trading call. Over longer
(US) Federal Reserve, increased policy interest rates in a coordinated way to deal beyond continues to believe that the US is the only However, it was not always so. The relative gap periods, the US has delivered the best returns and
market really worth spending time in valuation and performance in must remain the core of any global equity allocation.
with inflation. Global currency markets witnessed significant volatility. Although
and investment dollars on. favour of US equities opened up Its lead in innovation and technology is just too great
the rupee did depreciate during this period, the impact was limited because of Looking at the data, it is easy to see after the global financial crisis. and the intense focus on profitability is such that
the active intervention of the RBI. Maintaining stability on the external front has why everyone is positive on the US, While the crisis was largely centred ultimately earnings growth will be faster there than
been one of the highlights of the RBI’s efforts over the past few years. In fact, and why the contrarians are deeply on the US, through a combination anywhere else in the world.
some economists have argued that the rupee is too stable. It has indeed been uncomfortable with the current level of aggressive and rapid policy For institutional investors the decision is more
overvalued, which can affect the competitiveness of tradable sectors. of positive sentiment towards US responses and the willingness of difficult. Given the hazardous nature of active money
In this context, Mr Malhotra’s challenge will be to ensure that currency-market assets. American equities have mas- corporate America to restructure management today, most funds cannot afford the
interventions do not become a burden on the tradable sector while containing sively outperformed those in all other and focus on profitability, the US underperformance that being too early in under-
excessive volatility. This aspect will be closely watched from the very beginning of geographies, generally over the years broke out after 2009. weighting the US will guarantee. Many of these funds
his tenure. Policy changes promised by US President-elect Donald Trump can but especially so after the global finan- If we go back in time, leading up had been advocating this relative switch away from
have significant implications for currency markets. On the inflation front, while cial crisis (2008). Since the beginning AKASH PRAKASH to the crisis, till the end of 2007, US equities for the past five years and, having got it
of 2010, in the 15 years till the end of greater Europe had a higher market totally wrong, are uncomfortable sticking their neck
the projections suggest that the inflation rate will align with the target of 4 per
2024, the US markets have outperformed MSCI World capitalisation and weighting in global indices than out again. It is impossible to get the timing right as
cent in the second quarter of next financial year, the RBI and MPC will need to be
equities in 14 of the 15 years. The only exception is 2017 the US. From the beginning of 2002 to 2009, in that to when relative US underperformance will begin,
careful and ensure that the decline is durable. While the RBI expects growth to (the first year of the Trump administration). Since 2010, eight-year period leading up to the crisis, MSCI World Trees do not grow to the sky, the US cannot outper-
recover in the coming quarters, surprises on the lower side could put pressure on US equities have outperformed MSCI Developed and outperformed the S&P 500 in seven of the eight years. form forever. It cannot become 80-85 per cent of
the central bank to support growth. One of the important tools in the toolkit of EMs (ex-US) by 3.5 times. Over the past 10 years, the Difficult to imagine today but back in 1989, Japan global indices. So this reversal of fortune will happen.
modern central banks is communication. This improved significantly during Mr S&P 500 has outperformed European equities by 7.7 had a higher weighting in global indices than the US It is just impossible to predict when.
Das’ term and is something Mr Malhotra will be expected to build on. Besides, it per cent annually and EM equities by 9.7 per cent annu- did, and was the most valuable and most expensive In such a situation it is easier to manage your
will be interesting to see if the RBI changes its stance on cryptocurrencies. ally. Truly exceptional numbers! market in the world. own money and be accountable to yourself and take
The US today accounts for about 67 per cent of While the US has the best long-term returns of the risk of being early. Most institutional investors
the MSCI World equity indices, meaning that cor- all major equity markets, about 7 per cent real, it has do not have the tolerance to face any extended period
Reckoning in Syria porate America is worth more than twice all other not always been a one-way bet. There have been peri-
markets combined! The next biggest market is Japan, ods of five years, or even longer, when it lagged global
of underperformance. They will by definition be late
in moving away from their US weightings. They will
Bashar al-Assad’s ouster adds to West Asian tumult with an index weighting of only 5 per cent. markets. The US was not always a default overweight follow, not lead.
In any discussion on global equities, anywhere in as we seem to see today.

W
ith Syrian dictator Bashar al-Assad’s precipitate flight to Moscow the world, more than 90 per cent of the time is spent Combined with its stellar performance over the The author is with Amansa Capital
less than 15 days after rebels led by a breakaway al Qaeda affiliate
Hayat Tahrir al-Sham (HTS) and the Turkish-backed Syrian
National Army overran the country, geo-politics in West Asia has
grown more complex and tumultuous than ever. Despite the celebrations in
Damascus over the end of al-Assad’s 24-year rule following 13 years of civil
war, it is by no means clear whether stability will return to this country of 25
million people, 90 per cent of whom live below the poverty line. Its two main-
Promise of level playing field in the AI age
I
t’s that time of the year when looking back comes field, satcom is expected to usher in another level of And, in a rare coincidence, three of the largest
stays of agriculture and oil, which accounted for about half its gross domestic naturally. Besides the many electoral victories connectivity in the remotest hinterland. business houses — Tata, Reliance Industries, and
product before the civil war, have been hit by drought and economic sanctions. and setbacks as well as geopolitical disruptions In business, nothing is complete without AI (arti- Adani Group — were in the headlines, for very dif-
al-Assad’s overthrow was the result of the distractions of his chief backers, the with far-reaching implications, the following list ficial intelligence) or GenAI. The India visit of Jensen ferent reasons. While the salt-to-software conglom-
Iran-sponsored Hezbollah and Russian President Vladimir Putin. A peaceful captures a slice of India in the year that would soon Huang, chief executive officer of Santa Clara-based erate made defining inroads into new businesses
transition of power appears possible with the sitting Prime Minister agreeing be gone — against a setting of intense competition Nvidia, and his conversation with Reliance Industries such as semiconductor and military aircraft manu-
to cooperate with the rebels. As yet, however, there are more troubling questions and the promise of a level playing field. Chairman Mukesh Ambani on the future of AI possibly facturing, it was the passing away of Ratan Tata and
than reassuring answers over Syria and West Asia’s future. Among business trends, quick commerce has to triggered many partnership discussions in the area. selection of his half brother Noel Tata as his succes-
Though the HTS has positioned itself as a moderate force, its chief Abu be a chartbuster for 2024. Started by smaller startups Even so, the report card so far in India, on AI, is ambigu- sor at Tata Trusts, which controls 66 per cent in Tata
Mohammed al-Julani has resolved to establish Sunni Islam. This will represent a such as Zepto with 20-something founders and by off- ous. It seems serious boardroom discussions on AI are Sons, that struck a chord in an overwhelming way.
major power shift and the history of coups in West Asia suggests that this process shoots of food-delivery players like Swiggy and Zomato, still few. As a consultant working in this area put it, For Reliance Industries, the starry wedding of Anant
qcom is being experimented by the bigger companies the courage to invest serious money in AI is missing Ambani in Jamnagar, Gujarat, stood out as a high-
is unlikely to be peaceful. In Syria 74 per cent of the people are Sunni and 13 per
like Amazon and Flipkart (owned by in India Inc. That said, big groups are point even as the group made strides in some key
cent Shia. Al Assad came from the Alawite community, a Shia sect that had grabbed
Walmart). In a unique role reversal, taking tiny steps, at least, in being AI- sectors. In the case of Adani, it was the latest attack
power and resources in the 25 years of his family’s rule. HTS also has a grim repu- the smaller firms are forcing the big educated. Some companies, includ- from unexpected quarters — the US Securities and
tation for human rights abuses in areas it controls. Power plays by other regional ones to change their business model, ing among the biggest, have made it Exchange Commission and US Attorney’s Office for
actors also hang in the balance. Israel, for instance, has seized control of a demili- quick and fast. mandatory for every executive to go the Eastern District of New York — in connection
tarised buffer zone vacated by the Syrian army between Syria and the Golan Next, spectrum for satellite com- for AI training. with its solar business that kept things buzzing in
Heights on grounds that Tel Aviv wanted to ensure that no hostile force establishes munication (satcom) has been a con- Apple and its increasing share in the business and political circles. In all three
itself on its borders. The defence minister has said the occupation was temporary. tentious issue through the year, with consumer electronics exports from instances, it was more about people and less about
Since Israel is not known to retreat from territory it occupies, its presence in the lobbies being formed for and against India have been a talking point of the business that found traction.
buffer zone could be a potential source of conflict with the incoming regime. It is auction of airwaves. Those seeking year too. Apple phones, manufac- There are at least four more developments to
unclear now how Israel’s principal regional enemy, Iran, will respond to the defeat the auction route (a challenging tured by its vendor companies such make it a list of top 10 that have a bearing on us.
of its Syrian client. Russia, the other principal al-Assad backer, withdrew its naval proposition as international case stud-
ies and experiments have shown in
NOT FOR PROFIT as Foxconn and others, accounted for
$5 billion worth of exports from India
For example, Vistara was merged into Air India but
has stayed quite like Vistara, so far. Also, work from
and military assets from Syria ahead of the rebels’ advance. Meanwhile, Turkiye’s
satcom) have argued that bidding in NIVEDITA MOOKERJI in 2022-23. Exports doubled to $10 bil- home (WFH) refused to leave us all of 2024 despite
role adds a level of complexity over resettling the 3 million Syrian refugees in the efforts from organisations to fight a trend meant
satcom would ensure a level playing lion in 2023-24. How will the Apple-
country and seeking to crush Kurdish separatist groups, which may make common field with mobile telephony. Indian telecom adminis- India trajectory play out vis-à-vis the overall manu- for Covid times. And, luxury home prices competed
cause with Syrian groups fighting for autonomy. trators should make satcom take off at the earliest facturing universe from here on? with top-end salaries, well almost. The highest
Added to this mix is the United States (US), in the throes of a presidential without getting distracted by any lobby. A recent reply Also, a record number of initial public offerings entry-level salary for an IIT graduate was pegged
transition. On Sunday President Joe Biden authorised US airstrikes against Islamic in Parliament by the telecom minister suggests that (IPOs) has been a headline time and again this year. at ~4 crore per annum. Finally, the two biggest con-
State camps in central Syria to ensure that this anti-American grouping does not the level playing field will be ensured while adminis- As 2024 draws to a close, the number could fall short sumer-facing announcements in the last Union
become a factor in Syria. The nature of US relations with the incoming regime has tratively allocating spectrum to satcom players. At the of 100, which is not much. But the biggest IPO so far, Budget — the Internship Scheme and Ayushmaan
not been articulated, though the abrupt regime change suggests some superpower heart of the issue is the Supreme Court judgement of from South Korean automobile major Hyundai, fol- Bharat for all 70 plus — made a debut, but not a
involvement. President-elect Donald Trump, who had ordered a strike on a Syrian February 2012, upholding auction as the preferred lowed by the red herring prospectus of LG Electronics, smashing one.
airbase in 2017 (when he was President) in retaliation to a chemical attack on US- mode of allocating scarce public resources like telecom also from South Korea, stood out at a time of political As the government finetunes the nuts and bolts
backed rebels, has said he is waiting for events to play out before committing him- spectrum. While the court has not reviewed the judge- turmoil in the East Asian country. Will Samsung join of the two schemes to make them sparkle, many
ment, the government believes that laws governing the IPO blitz next? As the new year rolls in, some other other key events in the top 10 list could play out
self. India will also need to wait and see how this affects the turbulent region.
satcom in the Telecom Bill allow administrative allo- marquee IPOs could be in preparatory mode, including decisively in the weeks and months to come as com-
cation of airwaves. Amid the debate on the level playing from the house of Reliance Jio and probably Flipkart. petition takes on the level playing field head on.

Equality by any other name

chosen the test of manifest arbitrariness, addressed the constitutionality of beyond only reservation as a sole
and wonders, “perhaps this is what reservations in government jobs. solution to issues of discrimination and
happens when faced with a bewildering An interesting comparison was the proposes more and better anti-
array of possibly conflicting precedent”. judgment of the Supreme Court in T M A discrimination legislation. As he writes,
California in regard to equality in Who is philosophical thinking behind the On forms of discrimination in Pai Foundation (2002), which contains “A comprehensive anti-discrimination
Equal: The equality code of the constitution, concept, he moves on to the practicalities education, employment, disabilities, elements of “substantive equality” with law ought to examine ‘disadvantage’ as a
a wonderfully unusual book on an aspect of how our society attempts to achieve caste, religion, marriage and so on, the the US Supreme Court’s majority decision systemic organising principle”.
of law that concerns us at a basic human- varying concepts of equality via law. He author takes us nimbly through the banning quotas or racial communities on The book takes us through issues of
itarian level but is often buried in techni- takes us from the originally narrow historical backgrounds, the decision the basis of race in public or private equality in other spheres of life as well,
calities and polemics. Writing deftly and interpretations of Article 14 (which sets making of the educational such as the courts dealing with the
BOOK REVIEW in an easy style, he takes the reader out our fundamental right to equality), Constituent Who is Equal: institutions. The rights of businesses and issues of
through a philosophical and jurispruden- using the classification test that allows the Assembly and its minority judgments maintaining equality in the democratic
NAYANTARA ROY The equality
tial understanding of equality as a concept state to classify individuals into different members, as well as of Justice Ketanji process. Towards this, he examines
and thence, through its historical progress groups for specific purposes, as long as the progress in case
code of the Brown-Jackson and aspects such as the pros and cons of the
“Most of us react angrily if we feel we are and judicial handling in Indian law the classification is rational, based on law (along with constitution Justice Sonia first-past-the-post system or
being treated unequally. While the and society. intelligible differentia, and has a rational inconsistencies in Author: Sotomayor are proportional representation and
rhetoric of equality is often used as a mere At the base of the book is the author’s nexus with the object sought to be judicial decisions). We Saurabh Kirpal highlighted, where how constituency mapping can
slogan by politicians, most people contention that “there are multiple and achieved by the law. are shown how we Publisher: Justice Sotomayer create inequalities.
intuitively feel that it captures something often competing visions of what it means This expanded over time through moved from the Penguin Vintage wrote that the Popular histories are currently in
truly important about the human essence. to be equal and how best to achieve that judicial interpretations to add “manifest decision of a judge in Pages: 273 majority opinion demand. Here is a book that does with
Forget academic debates concerning the goal”. As he writes, “When we look around arbitrariness” as a test for Article 14. After an early post- “cements a law what some of our better writer-
distribution of government benefits and and ask, who is equal, the short answer is familiarising the reader with the Independence case Price: ~699 superficial rule of historians have done to make history
historic patterns of inequality, even very not very many.” Expounding on the development of these tests and how they where his sensibilities colourblindness as a more accessible. The author has put
young children will reject the idea of being complexities of the concept he points out impacted or were used in various cases, he were such that, “the fact that system was constitutional principle in an together a cross-section of material
treated unequally. Thus equality seems to that a “Dalit or a woman, may suffer presents a situation where in October 2023 so rigged that no member of the endemically segregated society”. As containing complex ideas, historical
capture something unique, almost discrimination at the workplace, but their the Supreme Court randomly chose the scheduled castes would have qualified, the author points out, “rather than information and critical analyses of
primeval, about us as persons”. experiences would not be identical. The classification test in deciding that the but for the reservation, did not occur to focusing on the rights of the educational case law with a delightfully light hand,

W ith these words, Saurabh Kirpal, a

senior Supreme Court lawyer, sums
up the results of a research study carried
experience of a Dalit woman would also be
distinctive because it’s an amalgamation
of the two axes of discrimination”.
Special Marriage Act is not discriminatory
by not including queer couples. As the
author, who is also an LGBTQ rights
the learned judge” to a more empathetic
understanding of “substantive equality”
that are seen in later judgments such as in
institutions, the US Supreme Court
focused on the rights of the
excluded candidate”.
erudition, empathy and even an
occasional splash of humour.

out on employees of corporations in Introducing us to the ideas and activist, muses, they could just as well have the N M Thomas case (1976), which Mr Kirpal suggests moving on The reviewer is a lawyer practising in Delhi
 QUICK TAKE: RELIANCE INDUSTRIES AT ‘BEAR-CASE’ VALUATIONS “Public policy change is coming to the United

The Smart States – that much is clear a month after the

Investor
(Share price in ~) Reliance Industries Ltd’s (RIL’s) stock has plummeted 20 elections. The four policy channels that matter
most to investors are tariffs, taxes,
per cent from its peak, driven by weak free cash flow (FCF) immigration, and regulation. Less
generation and hefty capital expenditures (capex) on clear are the sequencing and
MUMBAI | retail and telecom ventures. However, analysts at Motilal severity of changes”
TUESDAY, 10 DECEMBER 2024 Oswal believe the risk-reward ratio has become MICHAEL ZEZAS
increasingly attractive, with the stock trading near Head — US Public Policy
bear-case valuations Research, Morgan Stanley
<

Investors pump over Raamdeo Agrawal’s pursuit

~11K cr in corporate of ‘bruised blue-chips’
Investing in beaten-down high-RoE stocks can be rewarding, says the veteran investor

bond funds in 3 mths SAMIE MODAK & KHUSHBOO TIWARI

Mumbai, 9 December

Being a stock market investor is a con-

stant quest to identify potential
HIGHS, LOWS, AND HIGHS OF INVESTING
Bruised blue-chips cited in the study that have delivered exceptional returns
High price
2010-14
Low price
2015-24
Price fall
from high
Return CAGR
from lows to
Experts cite better risk-reward for investors with 3-year horizon multibaggers. While the market
period (~) period (~) to low (%) March 2024 (%)
continuously presents opportunities,
ABHISHEK KUMAR recognising them at the right moment Cummins India 602 282 -53 81
Mumbai, 9 December LAPPING IT UP and having the conviction to fully com- Bank of Baroda 210 36 -83 67
Net inflows (~ crore) mit is a big challenge. Consequently,
M&M 527 246 -53 67

I
nflows into corporate bond only a select few domestic investors
6,000 Glenmark Pharma 612 168 -73 54
funds have risen to multi- have achieved billionaire status solely
year highs in recent through their investments. Shriram Finance 880 430 -51 53
months with the risk-reward Raamdeo Agrawal’s networth of Source: Motilal Oswal wealth creation study
dynamics of AAA-rated corpo- 3,000 over $2.5 billion largely draws from the
rate bonds improving signifi- success of Motilal Oswal Financial Internal issues include factors like cap- him amass wealth of ~50,000 crore.
cantly as opposed to govern- 2,200* Services (MOFSL) — now valued at ital misallocation, poor management According to Agrawal, what set
ment securities (g-secs), 0 $7 billion — which he co-founded with strategies, or deterioration in financial Jhunjhunwala apart was his boldness
especially in the near term. his friend Motilal Oswal nearly four performance. External factors can be in allocating a substantial portion of
The inflows jumped sharply 52 decades ago as a small securities firm. a sector slowdown or a shift in the his portfolio — 10-15 per cent — to
in September this year to a Yet, beneath his business triumphs lies competitive or regulatory landscape. such stocks.
-3,000
multi-year high of ~5,039 crore. a passion for stock picking, a skill that Despite these challenges, Agrawal
Investors poured in another remains at his very core. A key part of argues that blue-chips invariably hold Turning shark
~4,644 crore in October, which his approach is the annual wealth cre- long-term potential. While Agrawal is predominantly
coupled with around ~2,200 -6,000 ation study, where he identifies and According to Agrawal, the market’s known for his investments in the listed
crore estimated inflows in Apr '23 Nov '24 celebrates companies that generate buoyancy in recent years has made universe, he has started exploring the
November, took the three- *Estimate Source: Amfi substantial value for their shareholders Raamdeo Agrawal says it’s difficult to “bruised blue-chips” increasingly rare. startup ecosystem, actively engaging
month tally to ~11,883 crore. ILLUSTRATION: BINAY SINHA over a five-year period. predict the exact extent of transition He points out that a large paint com- with startup pitches. He has already
According to experts, the Agrawal spoke with Business Stan- from traditional offline shopping to pany, which has experienced a 30 per backed leading food delivery and
higher yields offered by corpo- dard while giving finishing touches to quick commerce, but even a 15% shift cent decline amid rising competitive quick-commerce firms Zepto, Swiggy,
rate bonds, and the rally in g- bond indices. However, similar "In the current scenario the 29th edition of the study — themed in consumer behaviour could create a pressure from deep-pocketed players, and Zomato — both in a personal
secs which has already run most flows were not seen in where growth impulses are around investing in “bruised blue- $100 billion opportunity has entered the watchlist. capacity and through MOFSL.
of its course, make a case for cor- corporate bonds,” said weaker while inflation is likely chips” — based on the book How to “If this drop extends to 50 per cent, Agrawal projects these firms to gr-
porate bond funds, especially Prashant Pimple, CIO -Fixed to trend lower in the coming Create Wealth Investing in Turnaround such companies annually since 2018. it could present an appealing invest- ow at an annual rate of 70-80 per cent
for investors with a short-to- Income, Baroda BNP Paribas months, the MPC is likely to Stocks by Bruce Berger. He hastens to The inherent strength of these com- ment opportunity,” he suggests, cau- over the next five years. The core of his
medium investment horizon. Mutual Fund. reduce interest rates over the explain: blue-chips are stocks from the panies often leads to compelling turn- tioning that a premature punt on the investment thesis is based on the mas-
"It makes sense to be in cor- “In addition, the quantum next year and infuse durable top 250 universe with a 10-year average around stories. Notable examples stock may not be as fruitful. sive shift occurring in the $600 billion
porate bonds right now, espe- of supply of the corporate liquidity into the banking sys- return on equity (RoE) in excess of 20 mentioned in the study include Throughout the hour-long inter- food and grocery retail market, which
cially for those who have an bonds continued on account of tem, the corporate bond fund per cent. (Some top wealth creators Cummins India, Bank of Baroda, view, the 68-year-old frequently is increasingly moving from traditional
investment horizon of up to 3 refinancing issuances, as well category is likely to benefit. don’t meet the RoE filter but are Mahindra & Mahindra, Glenmark references the late Rakesh Jhun- offline shopping to quick commerce.
years. While the rate cuts may as usual requirement on This is why we have seen strong included due to their sheer size). A 50 Pharma, Shriram Finance, and NTPC jhunwala, admiringly referring to him He says it’s difficult to predict the exact
benefit g-secs more, corporate account of credit growth. This inflows in the corporate bond per cent fall from their highs makes — all of which saw their stock prices as the master of identifying bruised extent of this transition, but even a 15
bonds have the 'spread' advan- has resulted in the widening of funds category," he said. them “bruised blue-chips”. decline by over 50 per cent from their blue-chips, almost with a sense of per cent shift in consumer behaviour
tage. The yield offered by AAA the spreads to more than the In 2024, debt funds with While Agrawal emphasises invest- peaks, yet investing at these low points envy. Agrawal points out that Jhun- could create a $100 billion opportunity
corporate bonds is around 50 average spread seen in last few higher g-sec allocation have ing is “more art than science”, timely has yielded major returns. jhunwala’s winning bets on Titan — largely to be shared by the trio of
basis points (bps) higher," said years, especially in AAA-rated topped the returns chart. wagers on “bruised blue-chips” have Agrawal explained that “bruised Company, Escorts, and Lupin are quick commerce firms he has invested
Joydeep Sen, corporate trainer segment," Pimple said. Excluding credit risk funds, consistently proven rewarding. The blue-chips” often face punishment prime examples of a “bruised blue- in. Agrawal projects 20x returns on his
(financial markets) and author. Amount raised via corporate long-duration funds lead the market has presented an average of 40 due to internal and external causes. chip” investment strategy that helped investments over the next 10 years.
The yield on a 5-year g-sec bonds in the first half of the returns chart with an average
has come down from 7.14 per financial year (H1FY25) rose return of 12.4 per cent in the
cent at the start of 2024 to 6.66 6 per cent to ~4.98 trillion com- one-year period. Long-duration
per cent now. In the same
period, the yields of 5-year cor-
porate bonds have inched up.
"In the last few months, the
pared with ~4.7 trillion during
the same time last year.
According to Jalpan Shah -
Head Fixed Income at Trust
funds largely invest in g-secs
and state development loans
(SDLs).
Gilt funds have also deliv-
Paytm shares surge threefold N IN BRIEF N
Sebi warns against
unauthorised platforms
sovereign curve has reset lower
mainly due to substantial flows
which have come in post-
MF, the improvement in bank-
ing liquidity and the expected
rate cuts are likely to benefit
ered double-digit returns in the
one-year period. Corporate
bond funds have given 8.76 per
after non-core biz divestment for unlisted securities
India’s inclusion in the global corporate bond investors. cent return on an average. AJINKYA KAWALE The Securities and Exchange Board of India
Mumbai, 9 December BOUNCING BACK Mkts settle lower (Sebi) has issued a warning against dealing
One97 Communications in unlisted securities on unauthorised
Shares of One97 Communications,
1,200
amid selling in electronic platforms. In a press release,
the company that operates the Sebi highlighted that these platforms
52.9%
blue-chips
SMALLCAP INDEX Paytm brand, has regained lost
ground, tripling from its previous
low of ~317 per share on May 8, 2024. 635.3
Change YTD
969.7 1,000
800
Equity benchmark indices Sensex
and Nifty ended lower on Monday,
operate in violation of the Securities Cont-
racts (Regulation) Act, 1956, and the Sebi
Act, 1992, which are designed to protect

HITS A NEW HIGH

The Nifty Smallcap 100 on Monday closed at a new
On Monday, the firm's share price
hit a 52-week high of ~1,007. The
Noida-based company’s stock price
closed at ~969.70, which was 0.67 per
(Share price in ~)
600
dragged down by selling in blue-
chip stocks and mixed global tre-
nd. After oscillating between highs
and lows during the day, Sensex
investor interests. The regulator emph-
asised that investors should refrain from
engaging in any transactions on these
platforms and avoid sharing any sensitive
400
record high of 19,529 after gaining for 12 continuous cent lower than the previous day. declined 200.66 points or 0.25 per personal details. It further clarified that
sessions, the longest gaining streak since April. On a year-to-date (YTD) basis, the 200 cent to settle at 81,508.46. The only recognised stock exchanges are auth-
Since its recent lows on November 13, 2024, the share price of the fintech major is up Dec 29,’23 Dec 9,’24 NSE Nifty slipped 58.80 points or orised to provide platforms for trading in
Nifty Smallcap index has gained almost 12 per cent.
Nifty 50 index and the Nifty Midcap 100 are 6 per
ON UPSWING 52.9 per cent from ~646.3 per share.
The rally comes on the back of
Source: Bloomberg 0.24 per cent to close at 24,619. PTI securities of “to-be-listed” and “listed”
companies. BS REPORTER
Nifty Smallcap 100 after
cent and 3 per cent away from their all-time highs. the company’s Singapore unit sell- operate as a TPAP.
gaining 12% from Nov lows
Experts say marquee names in the small space had ing a stake in Japanese payments “With the National Payments The apex payments’ body gave
is starting at new highs
turned attractive after the sharp correction over
the past two months. Better sectoral diversity in Nifty50 Nifty Midcap
company PayPay Corporation for
~2,364 crore last week. This has
Corporation of India (NPCI) approv-
ing new Unified Payments Interface
its nod in October for the company
to onboard new users on the UPI
IKS Health IPO opens
the small and midcap space and the segment being 100 strengthened the parent firm’s (UPI) client onboarding under the service. This is nearly nine months Dec 12, price band set
insulated from the fallout of foreign portfolio investor cash reserves. third party application providers after it placed an embargo on Paytm
(FPI) outflows too have underpinned their recovery.
140
Paytm currently has a cash bal- (TPAP) licence, the company for adding new customers. Within at ~1,265-1,329
However, market experts are cautious about the 129 128 ance of over ~10,000 crore. The expects to see a revival in MTUs two weeks of the regulatory action, Rekha Jhunjhunwala-backed Inventurus
outlook of Smallcap stocks going forward. ~2,364-crore sale would expand it from Q3. On the merchant side, the share price of One97 Knowledge Solutions Ltd (IKS Health), a
“It shows that the retail investors have become active Base=100 120 by over 20 per cent. Paytm plans to redeploy inactive Communications plunged over 57 leading provider of administrative services
despite recent fall. Lack of other investment oppo- The company sold its entertain- devices after refurbishment (11.2 per cent to ~325.05 on February 15. to healthcare organisations, has set the
rtunities is luring them towards equities. As soon as they ment ticketing business to Zomato million total devices),” said Nirmal “Paytm has finally received NPCI price band of ~1,265-1,329 per share for its
see some momentum, they are getting back. But one is for ~2,048 crore in August. Bang Institutional Equities in a note approval for adding new UPI users, ~2,498 crore initial public offering (IPO).
unsure about the outlook. Valuations are expensive; 113 100 Earlier this year, the Reserve after hosting Anuj Mittal, senior which paves the way for re-acceler- The IPO will open for subscription on
expensive valuations can stay for a while, but then one Bank of India (RBI) imposed crip- vice-president, investor relations, ating its dwindling user base and Thursday, December 12, and close on
cannot have heightened valuations year after year, pling restrictions on Paytm’s asso- One97 Communications, at its further signals an easing of the reg- December 16. The company has also
especially when the earnings are taking a beating. The ciate entity, Paytm Payments Bank, investor conference. ulatory stance. We believe Paytm’s scheduled its allocation to anchor
first quarter slowdown we thought was an aberration, 80 for non-compliance. It added that the company is cost optimisation measures and investors on December 11. With the IPO, the
the Q2 reconfirmed that it is a slowdown, and the third Dec 29,’23 Dec 9,’24 The company is seeing signs of making efforts to reactivate about gradual business turnaround will company aims to provide an opportunity
quarter could be bad if not worse,” said Ambareesh Compiled by BS Research Bureau recovery, with monthly transacting 135 million inactive customers. put it on an early path to profitabil- for investors to participate in one of the
Baliga, independent equity analyst. SUNDAR SETHURAMAN Source: Bloomberg users (MTUs) at 71 million at the end In March, the company received ity,” Emkay said in a note following fastest-growing niches in the US
of the September quarter of FY25. approval from the NPCI to the firm’s Q2FY25 results. healthcare sector. BS REPORTER

THE COMPASS

Tata Power consistently meets guidance, inspires confidence Power aims to expand the
customer base to 40 million by
FY30 (from 12.5 million now).
There are discussions with
DEVANGSHU DATTA renewables, and a contracted fuel cost is pass-through). Mundra rise to 50 per cent (FY24: 21 per will ramp up to 4Gw by Rajasthan, UP, Assam, Andhra
Base=100
capacity of 4.5Gw. The granular (4.2Gw), which operates on 200 cent), while the share of FY26 (1/1.8Gw in H2FY25 for Pradesh, and Andaman & Nicobar
On its Investor Day on December details for T&D (transmission imported coal has been operating conventional generation and coal, cell/module). The pumped for distribution.
6, Tata Power clarified its five- & distribution), cell & module under Section 11 provisions and (now 44 per cent of PAT), will storage/hydro-power Tata Power has consistently
year strategy. Tata Power wants manufacturing, and RE paid regulated tariff on a cost-plus Tata Power 180
decline to 11 per cent. projects at 1GW Bhivpuri met guidance. Profitability till
to be an end-to-end power solu- generation, as provided at the basis. It may seek long-term PPAs The capex of ~1.46 trillion in PSP and 1.8Gw Shirwata FY30 will be driven by RE, T&D,
tions company with a presence investors’ meet, help enhance (power purchase agreements) 160 the next five years is 3 times the PSP start in CY25. Bhivpuri PSP and hydro. The company is
across the energy chain from visibility. with the discoms it is serving. capex of the last five years. Capex has a COD of mid-2028, requiring divesting non-core assets valued
generation to distribution to The revenue target of ~1 trillion Tata Power Renewable Energy 140 for FY26-27 was raised to ~25,000- ~5,660 crore capex. at around $1 billion.
trading, and from solar manufac- by FY30 (earlier target of ~1 trillion (Tata Power holds an 89 per cent 26,000 crore (from ~23,000 crore). The Shirwata PSP has a capex The valuation must be done
turing to solar utility at scale and by FY27) versus turnover of stake) has a green portfolio of BSE POWER The Commercial Operation Dates of ~7,850 crore. There is additional sum-of-the-parts (SoTP)
120
rooftop EPC (engineering, pro- ~61,500 crore in FY24. The Ebitda 10Gw, with 5.4Gw operational and (COD) for 2.8 Gw of pumped hydro hydro potential in Bhutan of up to across various business units,
curement, and construction). target of ~30,000 crore by FY30 is under construction capacity of 100
has been deferred by 15GW (a 5.1Gw MoU is signed with including the regulated business,
This includes a capex of ~1.5 versus an earlier target of ~20,000 4.5Gw. It is also pushing hydro 6-12 months. The operational Druk Green Power). Hydro the coal segment, RE, and
trillion, 23 gigawatt (Gw) green crore by FY27, (Ebitda was ~12,700 and pumped storage (PSP). A Sensex green capacity target for 2030 is capacity will target 5Gw by 2031, pumped hydro.
capacity (from 20Gw earlier) and a crore in FY24) and PAT target of phased commissioning of 5.6Gw 80 23Gw (from 20Gw prior). The with projects in Bhutan and India. Most analysts are positive.
revenue target of ~1 trillion and a ~10,000 crore by FY30 (earlier is planned between Q4FY25 and Nov 30,‘23 Dec 9,’24 under-construction pipeline In T&D, capacity will hit 10,500 According to Bloomberg, seven
profit target of two times or target of ~7,600 crore by FY27). Q2FY27, with progress in land has expanded to 10Gw (from cKm by FY30 (from 4,633 cKm of the eight analysts polled in the
~10,000 crore by FY30. The target Tata Power ended FY24 with a acquisition, PPA signings, and (compound annual growth rate) 3.7Gw earlier). The land, now), and Odisha regulated past three days (post investors’
for renewable energy (RE) PAT of ~4,100 crore. About 70 per transmission connectivity. Solar over FY24-FY30. PPA, and transmission equity will rise 94 per cent by meet) are bullish, while one has a
capacity is 15Gw by FY27, cent of current revenue comes rooftop installations are projected By FY30, the company expects connectivity is good. FY30. T&D requires a capex of ‘sell’ rating. Their average
including 5.4Gw of existing from regulated businesses (where to report a 36 per cent CAGR the share of renewables in PAT to Cell and module production ~12,350 crore. In distribution, Tata one-year target price is ~500.50.
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 THE SMART INVESTOR 11

GCPL stock slips 9% on YOUR

decided based on criteria such
as valuation ratios, profitability
growth, liquidity, price per-
formance, etc.,” says Kumar.
signals, it moves out of the
fund,” says Krishnan.
Additionally, quant funds typi-
cally have lower expense ratios.
MONEY
weak growth guidance QUANT FUNDS
Portfolios are rebalanced at
predetermined intervals. Fund
managers intervene only in
extreme situations.
Flawed model, poor results
A rigid, rules-based approach
can hinder adaptability. “Funds
that blindly stick to rules may
Shares of most other FMCG firms end with losses of up to 4.1% No human biases
A rule-based methodology
not react appropriately to mar-
ket developments where fund
SIRALI GUPTA
Mumbai, 9 December Algo-driven approach makes these funds objective in
their approach. “Quant funds
eliminate emotional biases and
manager discretion is called
for,” says Kumar.
The quality of the underly-
eliminates human
T
he National Stock Exchange subjectivity,” says Singh. ing model is crucial: a flawed
(NSE) Nifty FMCG Index was Algorithms also allow for swift model can lead to poor results.

bias, risk of style drift

down over 2 per cent in responses to market changes, “A set of rules that does well in
Monday’s trade, dragged by Godrej ensuring adaptability. current market conditions may
Consumer Products Ltd (GCPL), Such funds tend to be become outdated in a few years
which lost 10.8 per cent and consistent. “With a human as markets evolve, unless
recorded the day’s low at ~1,101.65 HIMALI PATEL Kumar, head of research, fund manager at the helm, in updated,” says Kumar.
per share, before closing with a net FundsIndia. case of underperformance, New quant funds are often
decline of 8.82 per cent at ~1,126.50. SBI Mutual Fund recently These funds are predomi- there is always the risk that they marketed using back-tested
The selling pressure in the stock
came after the soap-to-home
ALL FELL DOWN launched the SBI Quant Fund.
Its new fund offer (NFO)
nantly large- or flexicap-
oriented.
could change their style,” says
Kumar. Quant funds are devoid
data. “A model that has yielded
good back-tested results may
(As on December 9) CMP (~) One-day change (%)
insecticide maker said it expects a opened on December 4 and of this risk. not perform as well in actual
flat underlying volume growth and Godrej Consumer Products 1,127.9 -8.8 will close on December 18. How do they work? “The focus on identifying market conditions,” says
mid-single-digit sales growth in Tata Consumer Products 934.0 -4.1 Currently, 11 fund houses man- Quant funds define a stock uni- high-quality companies with Kumar. Execution challenges,
the domestic market in the age quant funds with assets verse and then apply specific lower volatility results in better such as the non-availability of
October-December quarter (Q3) of Marico 607.8 -4.1 worth ~9,013.6 crore. filters. “They might, for risk-adjusted returns relative to stocks at the price suggested by
2024-25 (FY25). This impacted Hindustan Unilever 2,400.8 -3.3 instance, only include stocks the market over the long term,” the model (due to liquidity
other fast-moving consumer goods What are quant funds? with at least a five-year track says Harish Krishnan, co-chief issues) can affect performance.
Dabur India 506.9 -3.2
(FMCG) stocks too. Quant funds adopt a systematic, record, and market cap and investment officer (Co-CIO) and Many quant funds also have a
At close, the Nifty FMCG index Nifty FMCG 56,460.6 -2.2 rules-based approach to stock return on equity (RoE) above a head equity, Aditya Birla Sun limited track record.
was down 2.2 per cent at 56,460.6. In Nifty 50 24,619.0 -0.2 selection and portfolio manage- threshold limit,” says Kumar. Life Asset Management
comparison, the Nifty 50 was down ment. They normally don’t rely Next, individual stocks’ Company (AMC). Who should invest?
CMP: Current market price Source: Bloomberg
0.24 per cent at 24,619. On the FMCG on fund managers to decide weights in the portfolio are These funds have better sell Quant funds are ideal for inves-
index, 14 stocks declined, and one where to invest. decided. “These could be discipline. “If the stock hits the tors with a quantitative bent.
advanced. Among others, Tata A surge in palm oil and deriva- ations in standalone business” and “They utilise mathematical “Those who prefer a data-
Consumer Products shares were tives prices, with a year-on-year are transitory, not structural. models and algorithms to guide driven, analysis-based approach
down 4.13 per cent, while Dabur, increase of 20-30 per cent, has “Hence, the management their investment decisions,”
FEW FUNDS HAVE A FIVE-YEAR TRACK RECORD should go for them,” says Singh.
Marico, and Hindustan Unilever impacted the soap category, which remains focused on navigating these says DP Singh, deputy manag- Corpus Returns (%) Krishnan highlights their
shares were down over 3 per cent. represents one-third of GCPL’s near-term challenges while main- ing director & joint chief execu- Fund (~crore) 1-year 3-year 5-year suitability for long-term wealth
Colgate-Palmolive fell 2.87 per cent. standalone business revenue. taining strategic investments for tive officer, SBI Mutual Fund. Quant Quantamental Fund 2,428.2 27.1 27.3 NA builders who can tolerate mar-
According to its filing, GCPL “To partly offset the cost increas- long-term growth, as these negative Experts compare them to ket volatility. Cost-conscious
believes that due to an increase in es, we have taken price increases, trends are likely to persist for a few self-driving cars. “Like self-driv-
Axis Quant Fund 1,091.8 20.9 14.5 NA investors may also find them
soap prices, unseasonal rainfall, and reduced the grammage of key packs, months,” the filing added. ing cars, these funds also run DSP Quant Fund 1,069.8 18.8 9.0 15.5 appealing.
a slowdown in sales of its home and reduced various trade schemes," Among brokerages, JM Financial autonomously on pre-pro- Kotak Quant Fund 845.9 30.0 NA NA Kumar recommends waiting
insecticide segment, flat underlying said the Godrej Industries group has maintained a ‘buy’ call on GCPL grammed instructions with until a fund develops a three-to-
volume growth and mid-single-digit FMCG arm. but has cut the target price to ~1,415 minimal human oversight. A 360 ONE Quant Fund 561.8 33.2 24.3 NA five-year track record. He also
sales growth in the domestic market Such pricing actions typically per share from ~1,500. The brokerage human takes over only in rare Nifty 200 TRI NA 25.1 16.3 19.0 warns against going for funds
are expected in Q3. Both segments have minimal impact on category has also cut its FY25 through 2026- cases, when something unex- Returns are for growth-regular plans. Above one-year returns are in CAGR. with frequent rule changes or
jointly contribute to two-thirds of consumption but result in reduced 27 (FY27) earnings estimates by 4-7 pected happens,” says Arun Only funds with at least a one-year return included. Source: Navigation RA high human intervention.
GCPL’s standalone revenue, which inventory across wholesale and per cent to factor in weak margins
is primarily income from operations household pantries, it said. The in Q3. JM Financial believes current
in the domestic market. However, company expects volume growth challenges are more transient in What is a chargeback in credit and debit cards and how does it work?
the rest of the portfolio is demonstr- normalisation following price stabil- nature and the stock is likely to
ating good performance and is isation over the next few months, in remain lacklustre until signs of Chargeback is a process Reasons for chargeback Dissatisfaction with Review: The issuing bank informs the merchant of
expected to deliver double-digit line with historical patterns. improvement become visible. wherein a consumer Fraudulent transactions: products/services: When reviews the dispute. If the chargeback.
underlying volume growth, GCPL Moreover, delayed winters in the Kotak Institutional Equities, too, requests their bank to Unauthorised use of a products do not meet exp- deemed valid, it issues a Evidence submission: If con-
said in an update on business con- North and cyclones in South India has maintained an ‘add’ rating but reverse a debit or credit cardholder’s information. ectations or differ from provisional credit to the testing, the merchant
ditions and quarterly performance have slowed down sales in the home has cut the fair value to ~1,365 from card transaction, in case Merchant errors: Duplicate what was advertised. cardholder while init- submits relevant evidence
to the exchanges. insecticide segment, which also con- ~1,500 per share. Analysts at Kotak of unauthorised transa- charges or incorrect The chargeback process iating the chargeback to their bank, which forw-
“The demand conditions in India tributes one-third to the company’s have reduced their FY25-27 esti- ctions, non-delivery of amounts billed. Initiation: A cardholder against the merchant ards it to the issuing bank.
have been subdued for the past few standalone business. mated earnings per share by 4 per goods or services, or Non-delivery of goods: Items notices an issue with a acquiring bank. Final call: Then the issuing
months, which is evident in FMCG The company management cent and trimmed their revenue defective products. paid for but not received. transaction. Notification: The bank bank makes a final decision.
market growth,” it said. believes these are “exceptional situ- forecast by 1.5-2 per cent.
Read full report here: [Link]/2dbCOai COMPILED BY AYUSH MISHRA

SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LIMITED

CIN:L11101TN1969PLC005778
Registered Office: “SPIC HOUSE”, 88 Mount Road, Guindy, Chennai 600 032.
Phone: 044-22350245. E-mail: spiccorp@[Link]; [Link]@[Link] website : [Link]

NOTICE OF POSTAL BALLOT

NOTICE is hereby given that approval of the shareholders for the re-appointment
of Ms. Rita Chandrasekar (DIN: 03013549) as Independent Director of the
Company is being sought through Postal Ballot by Remote E-Voting only.
Pursuant to the provisions of Section 108 and 110 of the Companies Act, 2013
(‘the Act’) and the applicable Rules, General Circular No. 09 /2024 dated
19th September 2024 issued by Ministry of Corporate Affairs (MCA Circular),
Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements)
VODAFONE IDEA LIMITED Regulations, 2015 (the Regulations) and other applicable laws, the Company on
9th December 2024 has completed sending the Notice of Postal Ballot along with
CIN: L32100GJ1996PLC030976 the instruction for E-Voting by e-mail only, to those Members / List of Beneficial
Registered Office: Suman Tower, Plot No. 18, Sector-11, Gandhinagar - 382 011, Gujarat Owners as on 6th December 2024 (cut-off date) and whose e-mail addresses are
Email: shs@[Link] Website: [Link] registered with the Company or the Depository Participants. In accordance with
Tel: +91-79-66714000 Fax: +91-79-23232251 the requirements of the MCACircular, dispatch of hard copy of the Notice of Postal
Ballot is not required. Hence Members are requested to communicate their assent
NOTICE OF THE EXTRAORDINARY GENERAL MEETING TO BE HELD or dissent through Remote E-Voting only.
THROUGH VIDEO CONFERENCE (VC) / OTHER AUDIO VISUAL MEANS (OAVM)
The Company has engaged Central Depository Services (India) Limited (CDSL)
NOTICE is hereby given that an Extraordinary General Meeting (‘EGM’) of the Company will be held on Tuesday, January 7, 2025 to facilitate the Members to exercise their right to vote on the Postal Ballot through
at 4:00 p.m. (IST) through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’)’ to transact the businesses that will be set E-Voting. The procedure for participating in the E-Voting is provided in the Notice.
forth in the Notice of EGM (‘Notice’). The Notice of Postal Ballot is available in the website of the Company
The EGM is convened in compliance with applicable provisions of the Companies Act, 2013 and the rules made thereunder (‘Act’); [Link] National Stock Exchange
provisions of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, [Link], and CDSL [Link].
2015 (‘Listing Regulations’) and the provisions of General Circular No. 09/2024 dated September 19, 2024, other circulars issued
by Ministry of Corporate Affairs from time to time and Circular No. SEBI/HO/CFD/CFDPoD-2/P/CIR/2024/133 dated October 3, 2024 The Company has appointed M/s. B. Chandra & Associates, Practising Company
issued by SEBI, without the physical presence of the Members at a common venue. Secretaries, Chennai as the Scrutinizer to scrutinize the Remote E-Voting
In accordance with the MCA Circulars, the Notice will be sent only through electronic mode to those members who e-mail ids are process in a fair and transparent manner. The E-Voting period commences at
registered with the Company/Depository Participants (DPs). The Notice will also be available on the website of the Company at 9.00 AM (IST) on Tuesday, the 10th December 2024 and will end at 5.00 PM (IST)
[Link], websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at [Link] on Wednesday, the 8th January 2025. Thereafter, E-Voting shall not be allowed
and [Link] respectively. Further, members can join and participate in the EGM through VC/OAVM facility only.
The instructions for joining and manner of participation in the EGM will be provided in the Notice. Members attending the EGM through and the module shall be disabled by CDSL.
VC/OAVM shall be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act 2013. The results would be declared within a period of 2 working days (not exceeding
Members holding shares in physical form and who have not yet registered / updated their e-mail id with the Company are requested 3 days) of conclusion of E-Voting at the Registered Office of the Company and
to register / update their e-mail id with Bigshare Services Pvt. Ltd. by sending requests at investor@[Link] with posted on the website of the Company and CDSL. The results will be informed to
details of folio number and attaching a self-attested copy of PAN card and self-attested copy of any other document (e.g. Driving
the National Stock Exchange, where the equity shares of the Company are listed
License, Passport, Aadhar Card etc.) in support of address of the members or by logging onto [Link]
[Link]. as required under the Regulations.
Members holding shares in dematerialised mode are requested to register / update their e-mail id with their respective Depository For any queries or issues regarding E-Voting please refer to the Frequently Asked
Participant(s). Questions (FAQ) and E-Voting manual available at [Link] under
The Company will provide remote e-voting facility to all its members to cast their votes on the resolutions set forth in the Notice. help section or write an e-mail to [Link]@[Link]. Members
Additionally, the Company will provide the facility of voting through e-voting system during the EGM. The detailed procedure for casting requiring any clarification may also contact the Compliance Officer at the
votes through remote e-voting at the EGM shall be provided in the Notice. Registered Office of the Company or through e-mail at [Link]@[Link] or
This advertisement is being issued for the information and benefit of all the members of the Company in compliance with the MCA Circulars. Cameo Corporate Services Limited, the Registrars and Share Transfer Agents of
the Company at investor@[Link]
For Vodafone Idea Limited
(By Order of the Board)
Sd/- For Southern Petrochemical
Industries Corporation Limited
Place : Mumbai Pankaj Kapdeo
Dated : December 9, 2024 Company Secretary Place: Chennai - 600 032 M B Ganesh
th
Date : 10 December 2024 Secretary
12 STOCKS
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 1

> OFSTOCK
IN THE > CE Info Systems > Chalet Hotels > Ceat

NEWS Top gainer amongs

A group of
Hits new all time
high on BSE
Volume jumps 41x
over 2-week average THE DAY
companies at ~972 on BSE Welspun Corp
~1,646.6 PREVIOUS CLOSE ~897.1 PREVIOUS CLOSE ~3,092.1 PREVIOUS CLOSE Hits new all-time high at
~1,910.0 CLOSE ~929.2 CLOSE ~3,404.5 CLOSE ~825; Surged 50 per cent
p 16.0% UP p 3.6% UP p 10.1% UP in last 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
9 Dec ’24 Chg (%) Con Std 9 Dec ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 2495.9 -0.4 0.6 52.0 105.7 ITC 465.0 -1.3 5.1 28.4 28.3 price price (%) price price (%)
Adani Ports 1266.9 0.6 0.8 27.9 109.6 JSW Steel 1011.9 0.8 1.2 49.5 41.8 Kalyan Jeweller 778.0 775.2 6.0 786.0 786.0 Godrej Cons 1102.0 1127.9 -8.7 1102.0 1017.8
MOST BULLISH MOST BEARISH
Apollo Hosp 7193.9 -0.5 0.6 115.1 92.1 Kotak Mah Bank 1786.3 0.5 2.3 16.1 21.2 Supreme Ind 5047.7 5018.1 5.8 5611.0 6482.4 Syngene Intl 865.0 867.5 -5.7 830.0 608.0
Asian Paints 2391.9 -1.6 0.9 50.2 51.6 Nat Alum 252.1 250.6 0.6 Shree Cement 26499.3 26711.3 -0.8 Delhivery 372.8 371.3 5.2 447.8 488.1 PVR Inox 1473.1 1479.3 -4.5 1425.8 1203.7
L&T 3947.3 2.1 4.7 40.1 55.6
Axis Bank 1163.3 -1.8 2.9 13.6 13.8 Hind Copper 294.3 292.5 0.6 M & M Fin 277.5 279.2 -0.6 Angel One 3502.6 3423.5 4.0 3502.6 3900.4 Tata Consumer P 932.0 933.6 -4.2 900.3 900.3
Mah & Mah 3051.3 -0.7 2.7 33.7 34.7
Supreme Ind 5041.0 5012.7 0.6 Gujarat Gas 505.3 508.2 -0.6 CAMS 5310.0 5270.0 3.9 5360.0 5360.0 Marico 600.6 607.2 -4.1 579.2 486.8
Bajaj Auto 9077.5 -0.2 1.0 34.4 31.8 Maruti Suzuki 11279.8 -0.3 1.3 26.3 25.8 Tube Inv of Ind 3730.8 3710.2 0.6 SJVN 121.6 122.3 -0.5 KPIT Techno 1552.0 1533.4 3.4 1855.8 1928.8 HUL 2383.4 2400.5 -3.4 2375.7 2170.3
Bajaj Fin 6868.4 0.3 1.7 29.4 27.3 Nestle India 2228.9 -1.7 0.7 - 64.7 APL Apolo Tb 1625.4 1616.6 0.5 Poonawalla Finc 358.1 359.9 -0.5 Voltas 1768.1 1764.5 3.2 1946.2 1946.2 Dabur India 503.4 507.0 -3.2 498.6 489.0
Bajaj Finsrv 1637.1 0.1 0.9 30.7 168.3 NTPC 369.9 0.1 1.5 17.2 18.6
Bharat Elctn 314.6 0.3 1.0 57.7 50.6 APL Apolo Tb 1629.7 1615.8 2.5 1651.0 1729.5 Laurus Labs 554.3 572.1 -3.0 422.7 358.7
ONGC 258.9 -0.4 1.2 6.6 8.1
Bharti Airtel 1602.6 0.3 3.7 74.4 111.0 BSE NSE Waaree Energies 2992.5 2971.5 2.4 3740.8 3740.8 Divis Lab 5931.7 5959.8 -2.8 5167.4 3350.1
BPCL 303.5 1.0 0.5 4.9 10.1
Power Grid 329.1 0.1 1.3 19.7 20.1 Index Stock Index Stock PUT-CALL RATIO HDFC AMC 4511.0 4466.8 2.4 4862.0 4862.0 Biocon 364.1 369.4 -2.8 301.7 238.0
Reliance Ind 1295.2 -1.3 7.8 25.8 48.0 Metropolis Heal 2210.0 2187.0 2.4 2306.9 2306.9 Colgate 2779.6 2805.0 -2.8 2670.0 2270.0
Britannia 4793.0 -1.6 0.5 54.2 55.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 858.1 -0.6 2.9 10.7 11.7 Wipro 305.7 304.2 2.3 305.7 305.7 Zomato 291.7 295.3 -2.6 239.6 114.3
Cipla 1469.0 -0.6 0.7 26.5 27.0 Contracts 1196 14 263756 1247620
SBI Life Ins 1469.3 1.4 0.6 - 67.5 Market 2828.4 4413.9 0.6 NHPC 88.8 86.8 2.3 97.0 118.5 Chambal Fert 517.9 529.1 -2.5 443.2 321.2
Coal India 414.0 -0.8 0.8 7.3 15.1 Open Int.(000) 1 0 17493 11065852
Shriram TrFn 3106.9 -0.6 0.8 15.9 14.9 Premier Energie 1324.4 1290.8 2.2 1330.0 1330.0 Tata Motors 796.7 798.9 -2.2 759.1 695.9
Dr Reddys 1255.2 0.1 0.7 19.6 21.8 Shares(In Mn) 0 0 5.7 1692.6 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1806.7 0.1 1.7 39.2 161.1 Max Fin Sre 1189.8 1186.3 2.1 1311.2 1311.2 GNFC 621.3 622.9 -2.1 525.0 525.0
Eicher Motor 4842.1 -0.7 0.6 31.1 33.2 Value(~ crore) 98 1 18434 82914
Tata Consumer P 934.0 -4.2 0.5 80.3 110.4 Bank of Baroda 1.2 KEI Ind 0.3
Grasim Ind 2681.4 -0.8 0.9 31.4 380.4 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 798.8 -2.2 1.5 8.8 31.4 Dixon Tech 1.2 Adani Total Gas 0.3
HCL Techno 1909.9 -0.7 1.8 30.8 43.9 Contracts 8692833 17 151465550 6761881
Tata Steel 149.9 1.1 1.1 64.1 12.0 Piramal Entp 1.1 Prestige Est 0.3
HDFC Bank 1870.0 0.8 12.5 22.3 21.7 Open Int.(000) 555 0 585825 6656522
HDFC Std Life 641.8 0.8 0.6 87.8 81.9 TCS 4452.2 0.1 4.0 34.0 34.1 Shares(In Mn) 3 0 3617.7 7158.6
Persistent S 1.1 Tube Inv of Ind 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1777.9 -0.3 1.0 53.2 59.3 Titan Company 1.1 NTPC 0.3
Hero MotoCorp 4596.0 -0.7 0.5 24.5 20.8 Value(~ crore) 712144 1 9717523 461789 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 670.9 0.1 0.9 14.8 26.9 Titan Company 3468.2 -0.1 1.3 88.1 93.3 BSE+NSE BSE+NSE
Trent 6949.7 -0.7 1.4 166.2 140.1 1 Reliance Ind 1752644.9 BS200 UP 7 DAYS
HUL 2400.8 -3.3 1.9 54.9 56.0 (~ crore) (Mn shrs)
ICICI Bank 1322.3 -0.5 8.1 21.1 21.3 UltraTech 11814.8 -0.3 1.2 52.1 52.9 ACTIVE CALLS ACTIVE PUTS ITI 3719.7 104.0
2
3
TCS
HDFC Bank
1610796.2
1429443.4 UP 7 DAYS Raghuvir Syn 111.2
IndusInd Bank 982.6 -0.8 0.6 - 9.4 Wipro 303.8 2.2 0.8 27.1 33.3 CESC 14.8 Delton Cable 55.8
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg HDFC Bank 2576.9 13.8 4 ICICI Bank 933451.4
Infosys 1923.7 0.1 6.1 29.6 28.9 Nifty 50 24619.0 â-0.2 100.0 25.2 29.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
BSE 2240.8 4.1 5 Bharti Airtel 912256.4 Max Health 14.3
Shradha AI Tech
Manaksia Coat M
47.1
40.7
INDEX PE SHRS TRDS 1 YR Index Index 6 Infosys 799430.8 Jubilant Fd 8.1
Reliance Ind 1982.8 15.2 LS Inds 40.7
BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
12/12/24
12/12/24
24700
24600
165.4
131.4
9.7 78.8
4.6 203.5
Nifty
Nifty
12/12/24
12/12/24
24600
24500
174.5
127.1
5.0 119.5
6.2 24.0
CEAT 1965.1 5.7
7
8
SBI
LIC India
765596.8
623929.6
Indian Hotel
Abbott India
7.5
6.3
Polo Queen Inds 40.6
Adani Ports 1266.3 0.5 1.0 27.9 109.6 Mah & Mah 3051.0 -0.7 3.2 33.7 34.7 SENSEX 25.8/30.1 8.0 250 14 16 16.7 Zomato 1621.1 54.5 Adhhata 40.6
NIFTY 50 25.2/29.3 248.1 5469 21 29 17.4 Nifty 12/12/24 24650 120.1 3.6 166.7 Nifty 12/12/24 24650 110.3 2.3 60.0 9 ITC 581877.3 Bajaj Fin 5.5
Asian Paints 2385.8 -1.8 1.1 50.1 51.5 Maruti Suzuki 11277.3 -0.4 1.5 26.3 25.8 Angel One 1512.3 4.4 DOWN 7 DAYS
C = CONSOLIDATED; S = STANDALONE Nifty 12/12/24 25000 110.3 10.7 48.5 Nifty 12/12/24 24700 104.9 4.7 6.5 10 HUL 564009.7 GMR Airports 4.4
Axis Bank 1163.5 -1.9 3.4 13.6 13.8 Nestle India 2229.5 -1.6 0.8 - 64.7 Nifty 12/12/24 24800 105.3 6.6 69.6 Nifty 12/12/24 24000 78.3 8.6 53.0 L&T 1351.6 3.4 Bharat Global D -30.2
11 L&T 542881.7 UP 3 DAYS
Bajaj Fin 6869.5 0.2 2.0 29.4 27.3 NTPC 369.9 0.1 1.8 17.2 18.6 CASH DERIVATIVES Stock Stock Godrej Cons 1341.3 12.0 Systematix -30.1
12 HCL Techno 518157.9 Angel One 12.9
Bajaj Finsrv 1638.1 0.1 1.1 30.8 168.4 Power Grid 329.1 0.0 1.5 19.7 20.1 TURNOVER BSE NSE BSE NSE Vodafone Idea 26/12/24 9 124.1 302.9 5.9 Vodafone Idea 26/12/24 8 41.4 132.7 1.4 13 Sun Pharma 433361.6 Sabrimala Inds -27.9
Tata Motors 1306.6 16.2 Waaree Energies 9.2
Bharti Airtel 1601.9 0.2 4.4 74.4 110.9 Reliance Ind 1295.2 -1.3 9.2 25.8 48.0 Vodafone Idea 26/12/24 8 107.4 197.4 2.0 GMR Infra 26/12/24 86 35.6 3.9 83.7 14 Bajaj Fin 425222.1 Universal Auto -18.4
VALUE(IN ~ CRORE) 6924 106536 712244 10280660 ICICI Bank 1087.2 8.2 Indraprst Gs 7.0
HCL Techno 1909.5 -0.7 2.1 30.8 43.9 YES Bank 26/12/24 22 102.4 39.1 38.9 GMR Infra 26/12/24 85 30.7 6.3 -58.0 15 Mah & Mah 379391.7 Grovy India -15.8
SBI 857.9 -0.7 3.4 10.7 11.7 SHARES(IN MN) 943.7 3700.6 32 12474.6 Enviro Infra En 1082.3 39.5 Granules 6.9
HDFC Bank 1869.8 0.7 14.7 22.3 21.7 TRADES(000) 3919 37147 - 41612 Tata Steel 26/12/24 150 98.1 30.2 -3.4 Tata Steel 26/12/24 145 25.6 13.6 9.7 16 Axis Bank 360029.6 Neeraj Paper -15.7
Sun Pharma 1806.2 0.1 2.0 39.2 161.1 CDSL 1072.6 5.6 NHPC 5.9
HUL 2400.5 -3.4 2.2 54.9 56.0 YES Bank 26/12/24 23 95.2 18.5 23.6 Tata Steel 26/12/24 150 23.7 12.1 16.7 17 NTPC 358631.3 Kamadgiri -14.0
Tata Motors 798.9 -2.2 1.7 8.8 31.4 PAYTM 1067.0 10.8 Dr Lal PathLabs 5.6
ICICI Bank 1322.8 -0.4 9.6 21.1 21.3 MARKET-CAP (~ CR) TRADED TOTAL 18á Kotak Mah Bank 355135.1 UP 3 DAYS
IndusInd Bank 982.8 -0.8 0.7 - 9.4 Tata Steel 149.8 1.0 1.3 64.1 12.0 CG Power 5.5
Kalyan Jeweller 996.8 13.0 19â Maruti Suzuki 354556.7 Siel 57.2
TCS 4452.1 0.1 4.7 34.0 34.1 BSE 45,962,574 46,703,445 DOWN
Infosys 1925.3 0.1 7.1 29.7 29.0 TCS 955.3 2.1 Ind-Swift 45.4
ITC 465.1 -1.3 6.0 28.4 28.3 Tech Mahindra 1777.6 -0.3 1.2 53.1 59.3 NSE 45,478,065 46,313,830 SPURT IN VOLUMES SBI 885.1 10.3
20
21
UltraTech
ONGC
340960.5
325577.6 PVR Inox -7.4 Rajdarshan 44.9
Titan Company 3466.8 -0.1 1.5 88.0 93.2 DERIVATIVES 33,227,011 33,227,011
JSW Steel 1012.7 1.0 1.4 49.5 41.8 Company Days 2-week Avg Change Close *Price 22 Wipro 318268.6 Syngene Intl -6.6 Umang Dairy 37.7
Waaree Energies 884.8 3.0
Kotak Mah Bank 1786.3 0.5 2.7 16.1 21.2 UltraTech 11810.2 -0.4 1.4 52.0 52.8 Volume Volume % price %chg 23á HAL 308762.4 Sona BLW Precis -4.2 Niesspa 33.1
L&T 3947.8 2.1 5.6 40.1 55.6 BSE SENSEX 81508.5 â-0.2 100.0 25.8 30.1 TRADING ACTIVITY CEAT 5721692.0 96616.0 5822.1 3404.4 10.1
HUL
Trident
865.1
865.0
3.6
227.8
24â Titan Company 307778.1 Alkem Labs -3.2 Utcrfs2Dmp 30.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Power Grid 306082.7 Asian Paints -3.0 Yaan Enterprise 29.7
Umang Dairy 1401666.0 29059.4 4723.5 122.5 14.0 Infosys 840.9 4.4
Equity Debt Equity Debt 26 Tata Motors 294075.1 Jio Financial -2.4
Net Net Net Net Touchwood Enter 145960.0 3274.5 4357.5 169.1 5.4 DOWN 3 DAYS
Bharti Airtel 816.7 5.1 27á Adani Enter 288186.4 Adani Total Gas -2.4
WORLD INDICES On 06 Dec -786 2851 - - Ind-Swift 4799760.0 112525.4 4165.5 32.3 20.0 Godrej Prpty 779.0 2.7 28â Zomato 284928.1 Others
Rehspg
Trans India Hou
-27.2
-27.1
On 05 Dec 9489 555 -2582 -7135 Trident 227756817.0 5465900.0 4066.9 38.0 10.4 Axis Bank 757.6 6.5 29 Siemens 279866.1
Indices Close % Chg* Indices Close % Chg*
On 04 Dec 2864 -192 -1267 -4556 Orbit Exports 939250.0 26140.5 3493.1 228.1 20.0 30 Adani Ports 273529.0 (T+2) cycleStocks which rose/fell continuously
HAL 744.8 1.6
Americas (Dec 06,24) Asia/Pacific (Dec 09,24) On 03 Dec 9298 -315 -412 -5622 Mazda 119132.0 3429.1 3374.1 1449.6 8.1
Nasdaq Composite 19859.8 0.8 Jakarta Composite 7437.7 0.7 On 02 Dec 3794 294 3785 -2501 Vidhi Specilty 472136.0 14484.3 3159.6 531.0 9.1
Dec till date 24658 3194 -475 -19814 SRG Housing Fin 127879.0 5290.0 2317.4 383.7 8.3
S&P/ TSX Composite
Dow Jones
25691.8
44642.5
0.1
-0.3
Taiwan Taiex
Straits Times
23273.3
3794.9
0.3
0.0 2024 till date 9591 109928 405991 -330103 Maha Rubtech 486226.0 20497.4 2272.1 186.7 20.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 06,24) Shanghai Se Comp 3402.5 -0.1 Group approve 1. To other means. approve the edge receipt of
CAC 40 7448.9 0.3 Kuala Lumpur Comp 1611.4 -0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company consider ap- Cineline India: Proposal for the same.
Purpose prove and rec- To consider issue of Bonus Mahan Ind:
FTSE 100 8331.0 0.3 Stock Exchange of Thai 1447.5 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock ommend Split/ evaluate and if Shares to the Meeting of the
IBEX 35 12058.5 -0.1 Kospi 2360.6 -2.8 NET Net Fut OI Opt OI OI DECEMBER 10 sub- division of deem fit to ap- equity share- Board of Direc-
HIGH *VA Tech Wbag . . . . . 1944.0 *Lincoln Pha . . . . . . . . . 975.0 *Virtuoso Optoel . . . . . 513.5
DAX 20360.0 -0.1 Volatility (Dec 06,24) BS 200 *Orchid Pharma . . . . 1789.6 *Chalet Hotels . . . . . . . 971.9 *Bansal Wire . . . . . . . . 502.2 Adinath Exim: Equity shares of prove the pro- holders of the tors of the Com-
On 06 Dec 3306 -3557 0.4 6.2 5.9
Asia/Pacific (Dec 09,24) CBOE S&P 500 13.5 5.6 *Dixon Tech . . . . . . . 17680.0 *Hind Rectif . . . . . . . . 1515.6 *EMS Ltd . . . . . . . . . . . 945.0 *Synergy Green . . . . . . 500.7 To consider and the company 2. posal for raising Company pany
On 05 Dec 81249 6000 0.4 4.8 5.8
Hang Seng 20414.1 2.8 CBOE Dow Jones 13.3 -3.9 *Coforge . . . . . . . . . 8987.8 *Car Trade . . . . . . . . . 1501.0 *EID Parry . . . . . . . . . . 922.0 *Time Technp . . . . . . . . 495.0 approve the To consider of fund by way Kesar Petro: To Mega Corpn:
On 04 Dec 5834 -5747 0.3 7.2 5.6
*Deepak Fert . . . . . . . 1443.4 *Steelcast . . . . . . . . . . 910.0 *Axistecetf . . . . . . . . . 485.4 proposal for consequential of issuance of consider the fol- To consider and
Nikkei 225 39160.5 0.2 * Change over previous close On 03 Dec 5753 -5849 0.3 6.2 5.5 *Persistent S . . . . . . . 6276.3
Polyplex Crp . . . . . . . . 1432.6 *Afcom Holdings . . . . . 887.7 *Nitin Spn . . . . . . . . . . . 485.0 raising of funds amendment to securities/ war- lowing: 1. Allot- approve inter
On 02 Dec 42998 32 0.4 5.7 5.4 *L & T . . . . . . . . . . . . . 3959.4
*Shaily Engg . . . . . . . 1409.8 *Siyaram Silk . . . . . . . . 886.5 *Olatech . . . . . . . . . . 471.9 and determin- the capital rants convert- ment of alia the follow-
*Policy Bazar . . . . . . . 2208.0
MAJOR INDICES Dec till date
2024 till date
139138
-981663
-9121
-38592
-
-
-
-
-
- *HDFC Bank . . . . . . . . 1880.0 *Macfos . . . . . . . . . . . 1386.2 *Arihant Fond . . . . . . . . 879.3 ing issue price clause of Mem- ible into equity 20200000 fully ing matters: 1.
*NELCO . . . . . . . . . . . 1364.0 *PG Elect . . . . . . . . . . . 860.0 LOW by way of Pref- orandum of As- shares of the convertible war- Determination
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Tech Mahindra . . . . . 1800.0
*A K Capital . . . . . . . . 1340.0 *63 Moons . . . . . . . . 833.3 BS 200 erential Issue or sociation of company rants at a price of the Rights
*Max Health . . . . . . . . 1121.3
*Asian Paints . . . . . . . 2370.0 any other Company and through permis- of Rs. 18.80/- Issue price the
BSE Sensex 81,709.1 81,602.6 81,783.3 81,411.6 81,508.5 -200.7 -0.2 *PAYTM . . . . . . . . . . . 1007.0 *Ganesh Hsg . . . . . . . 1335.6 *Ashika credit . . . . . . . 825.8
Others method or Articles of Asso- sible modes per warrant to rights entitle-
*Indian Hotel . . . . . . . . 841.7 *PGIL . . . . . . . . . . . . . 1325.2 *Welspun Corp . . . . . . 824.5
BSE Sensex 50 25,963.5 25,943.5 25,987.5 25,856.6 25,898.1 -65.4 -0.3 BSE SECTORAL INDICES *Wipro . . . . . . . . . . . . . 305.7 *Transport Co . . . . . . 1301.9 *Meghna In . . . . . . . 817.4 Liquidsbi . . . . . . . . . . 1000.0 through any
other permis-
ciation if any.
Balgopal
Contiental P: To
consider and
the Promoters
& Non-Pro-
ment ratio the
record date the to Right issue of tion of Interim nary general shares of the Guntas and
*Zomato . . . . . . . . . . 304.5 *PNGS Gargi Fash . . . 1287.0 *Likhami Cons . . . . . . . 816.9 Abslliquid . . . . . . . . . 1000.0
BSE-100 26,196.9 26,171.1 26,212.7 26,087.0 26,125.5 -71.3 -0.3 Prev cls Close % Chng sible mode Commer: To approve Ap- moters Cate- total number of Equity shares. Dividend for the meeting of the Company of 22000 Sq. feet
City Union Bk . . . . . . . . 187.8 *Rolcon Engg. . . . . . . 1273.3 *WPIL Ltd . . . . . . . . . . . 733.0 *Capitals SFB . . . . . . . . 275.0
BSE-200 11,413.3 11,407.4 11,426.4 11,370.1 11,389.8 -23.4 -0.2 Advance LifeSty . . . . . . . 36.8 Akme Fintrade: consider and pointment of gory as per the securities pro- Rama Steel Financial Year shareholders of face value of constructed
Auto 54,162.4 53,817.0 -0.6 Others *Manbro Inds . . . . . . . 1204.6 *Black Box . . . . . . . . . . 715.8
Indergri Fin . . . . . . . . . . . 29.6 Proposal for is- approve the Company Sec- terms and con- posed to be is- Tube: To con- 2024- 25. the Company if Rs.10/- each warehouse lo-
BSE-500 36,681.0 36,681.4 36,737.4 36,564.5 36,639.1 -42.0 -0.1 Bankex 60,995.6 60,827.3 -0.3 *VST Tillers . . . . . . . . 5200.0 *Hind Hardy . . . . . . . . 1203.5 *K P Energy . . . . . . . . . 673.5
Coffee Day . . . . . . . . . . . 26.5 suance of war- proposal for retary. ditions ap- sued and the sider and ap- Shriram Asst: approved by pursuant to the cated at Jan-
Cons. Durables 65,683.3 66,049.9 0.6 *Garware Fibres . . . . 4925.8 *Delton Cable . . . . . . 1197.3 *Modi Natural . . . . . . . 606.8
rants by way of raising of funds Everest Org: To proved in the period/timing prove To To consider and the Board. provisions of gaon Telangana
BSE IPO 16,799.9 16,843.3 16,937.2 16,742.6 16,773.4 -26.5 -0.2 Cap. Goods 72,814.7 73,601.8 1.1 *Anand Rathi Wea . . . 4640.6 *Kernex Micro . . . . . . 1197.2 *RDB Realty . . . . . . . . . 592.5 *Sagar Diamonds . . . . . 17.5
a preferential and to discuss consider and EGM held on of the Issue for consider and ap- approve (a) Vipul Ltd: to Section from Related
FMCG 21,171.2 20,762.5 -1.9 *CEAT . . . . . . . . . . . . . 3581.5 *IST . . . . . . . . . . . . . . . 1128.2 *Deep Industries . . . . . 583.4 *TruCap Finance . . . . . . 15.8
Dollex-30 7,923.0 - - - 7,899.8 -23.2 -0.3 allotment on other matters in approve 1. Pref- November 13 the proposed prove the further fund raising by consider rais- 61(1)(d) of party/ies. 3.
Healthcare 44,509.7 44,346.7 -0.4 *Indo Tech T . . . . . . . . 3175.5 *Asso Alcohols . . . . . . 1125.7 *A K Spintex . . . . . . . . . 572.2 Mishtann Foods . . . . . . . . 9.9
private place- relation thereto. erential issue of 2024. 2. Any Rights Issue of issue of equity way of a pref- ing of funds. Companies Act Modification in
Nifty 50 24,677.8 24,633.9 24,705.0 24,580.1 24,619.0 -58.8 -0.2 Infra 650.7 653.2 0.4 *Styrenix Perfor . . . . 2890.0 *Lloyds Metals . . . . . . 1100.8 *Choice Int’l . . . . . . . . . 562.8 Naturo Indiabul . . . . . . . . 9.1
ment basis in Candour Tech- shares or other other item with equity shares. shares by way of erential issue 2013 and other the Remuner-
IT 44,522.5 44,670.3 0.3 *Sunclay . . . . . . . . . 2765.0 *Jindal Poly . . . . . . . . 1074.9 *Zaggle . . . . . . . . . . . 551.1 Jointeca Edu . . . . . . . . . . . 7.9
Nifty Next50 73,040.4 72,894.5 73,001.4 72,538.6 72,708.1 -332.3 -0.5 accordance tex: To consider securities. 2. the approval of 2. The Letter of a preferential of specified se- DECEMBER 11 applicable pro- ation of Mr.
Metal 31,688.3 31,845.1 0.5 *SAB . . . . . . . . . . . . . 2154.7 *Dynamic Cables . . . . 1019.0 *Vidhi Specilty . . . . . . 536.7 *Mudunuru . . . . . . . . . . . . 6.4
with the provi- and approve Appointment of chairman of Offer Abridged issue along with curities and de- ABVL: To con- visions if any. 2. Pabbathi Badri
Nifty 500 23,312.1 23,289.4 23,351.9 23,243.3 23,292.0 -20.1 -0.1 Oil & Gas 27,329.6 27,235.5 -0.3 *3B BlackBio Dx . . . . . 2065.0 *Fluidomat . . . . . . . . . 1004.7 *Indraprst Md . . . . . . . 529.7 *Kanani Ind . . . . . . . . . . . 2.4
sions of the raising of funds Independent Di- Meeting Kindly Prospectus CAF other matters. termination of sider and ap- To take prior Narayana Mur-
Power 7,630.5 7,654.0 0.3 *Ceinsys Tech . . . . . . 1946.3 Liquidsbi . . . . . . . . . . 1000.0 *Aayush Art And . . . . . 521.3 *Grandma Trad . . . . . . . . 0.8
India VIX 14.1 14.1 14.6 13.5 14.1 0.0 -0.2 SEBI through Private rector. take the above Application and Sacheta Met: To issue price and prove 1. approval to pur- thy Whole-time
PSU 20,460.8 20,474.3 0.1 *Cigniti Tech . . . . . . . 1945.0 *Indian Metal . . . . . . . . 998.4 *Sai Capital . . . . . . . . . 520.0 Sanwaria Cons . . . . . . . . . 0.5
Ascensive Edu: Placement Indraprst Gs: in your records ancillary doc- consider and ap- (b) convening Sub-division of chase land ad- Director of the
Nifty CPSE 6,601.0 6,611.2 6,638.2 6,578.9 6,597.2 -3.8 -0.1 Realty 8,390.8 8,407.0 0.2 m m w w To consider and and/or any To consider and and acknowl- uments related prove declara- of an extraordi- the equity measuring 2.06 Company.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (451.5) (451.6) (7546.3) (7552.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 455.0 452.0 7650.0 7576.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 455.0 454.8 7650.0 7640.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 446.0 445.7 7540.0 7532.6
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 448.3 448.4 7564.6 7569.8
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 51075 1786K 3683 210K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 36.2 36.2 132.6 132.7
company name is followed by shares traded, and also the 52 Wk H/L 770/423 769/423 9200/4342 9150/4340
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 16250 16255 160293 160403
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
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M 42432 42450 288186 288071 192737 192769 273529 273659 80170 80230 32988 33025 M M

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M 249285 249168 360030 359968 253234 253497 425222 425151 261547 261388 28119 28119 M 135981 135970 229893 229966 63471 63482 912256 912627 86842 86895 44350 44374 M 16835 16835 105806 105855 131630 131652 115481 115463 - 74025 25971 25968

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(109.1) (109.3) (-) (1883.8) (197.8) (197.9) (782.2) (782.5) (406.6) (406.2) (542.6) (542.7) (1275.3) (1275.1) (1477.6) (1477.4) (184.8) (185.0) (417.3) (417.1) (8903.1) (8901.5) (2884.5) (2886.8) (843.7) (843.0) (3467.8) (3465.0) (523.5) (523.8) (2699.6) (2701.8) (6130.1) (6130.8) (17416.3) (17421.1)
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110.3 110.3 - 1929.4 202.5 202.5 811.4 811.4 417.9 418.0 545.8 546.2 1293.4 1293.4 1484.6 1484.8 187.8 187.9 421.0 421.0 8987.8 8985.0 2910.0 2886.8 865.7 866.0 3517.0 3518.0 524.9 520.8 2714.8 2715.5 6033.0 6041.6 17680.0 17685.0
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MUMBAI | TUESDAY, 10 DECEMBER 2024 TAKE TWO 13 <

ILLUSTRATION: BINAY SINHA

CRACKING
THE WHIP
Why Sebi is tightening the regulations for
public issues of SMEs
DEVANGSHU DATTA must not exceed ~25 crore, allotment comes through so long as the stock market continues
New Delhi, 9 December while eligibility requirements for or does not. to rule high, most retail investors will
As on October 15, 12 listings SME IPO company directors, It is no surprise investor continue to consider SME IPOs a very

O
n December 2, the Securities were suspended on NSE Emerge promoters, etc, are much the same as participation has jumped. On attractive proposition.
and Exchange Board of and there were no trades in in a regular IPO. average, there are 245 applicants for If the market does go into
India (Sebi) cancelled the another 15 companies in the Sebi released a consultation paper every single one who receives an correction mode, there will be less
initial public offer of last 30 days. Similarly, the BSE where it cited problems with Circular allotment – that is up from 4 times in interest and the liquidity may dry up
Trafiksol ITS Technologies, a company SME platform had 28 Transactions, meaning where money stays in your account earning FY22 and 46 times in FY23. further. But until and unless there’s a
that falls in the category of an SME — a suspensions and in 35 companies inflate revenues through interest via the ASBA (Application Investors run some risks, of course, broad bear market, the momentum in
small and medium enterprise. The companies no trade had been transactions with related entities to Supported by Blocked Amount) including lack of liquidity, quite apart the SME IPO segment is likely to
stock market regulator asked it to executed in the last month mislead investors. It cited problems interface until such time as an from outright fraud or malpractice. But continue.
refund money to investors. with high-risk related party
This is one of several SME IPOs to transactions (RPTs). The regulator says
run into trouble with the regulator in half of listed SME entities have engaged
the recent past. Trafiksol ITS is a in RPTs of values exceeding 10 per cent
Noida-based company which provides of their turnover and a fifth had RPTs
intelligent transportation systems and exceeding 50 per cent of turnover. The
automation solutions for traffic and paper cited diversion of IPO proceeds to
toll management. It filed its Draft Red related parties, connected parties, shell
Herring Prospectus on May 31, 2024 for companies, etc.
an IPO to be listed on the Bombay Stock Sebi has asked for the minimum
Exchange’s SME Platform. SME IPO application value to be
The IPO offered 6.41 million new doubled to ~2 lakh, an increase in the
equity shares at a price of between ~66 minimum number of allottees to 200
and ~70 a share. The IPO was open from the current 50, restrictions on
between September 10 to 12 and was Offer For Sale (OFS) to 20 per cent of
oversubscribed 345.65 times with the issue size. (In an OFS, promoters
listing scheduled for September 17. withdrawal after receiving complaints sell stakes they own, and the proceeds
Sebi acted on a complaint alleging alleging problems with the DRHP and come to them, not to the company.)
that the objects of the issue included allegations of market manipulation by Sebi also wants monitoring
the purchase of software of ~17.70 crore relatives of the promoters. agencies to oversee IPO fund
from a vendor with questionable SME IPO is a red-hot market utilisation in line with an IPO’s stated
financials, concluded after an segment. Many of these floats objectives, and has suggested the lock-
investigation that the vendor was a routinely see 100-time subscription in on minimum promoter
‘shell entity’. and massive gains upon listing. contribution (MPC) be extended to five
In another case, C2C Advanced However, Sebi has started tightening years. (In MPC, the promoters have to
Systems, an IPO on the National Stock regulations after many complaints continue to own at least 20 per cent
Exchange’s Emerge platform, opened about sharp practices. stake after an IPO. There will also be a
November 22-26 at a price band of ~214- As of October 15, 12 listings were focus on RPTs to prevent fund
226, and saw 125-time subscription for suspended on NSE Emerge and no diversion.
the 2.91 million-share issue. The listing trades in another 15 companies in the
on November 29 was deferred due to last 30 days. Similarly, the BSE SME
complaints of discrepancies in platform had 28 suspensions, and in 35 Rising popularity
financial statements. The NSE companies no trade had been executed SME IPO, as a concept, is fantastic for
consulted with Sebi and told the in the last month. If a stock goes small companies. It raises cash at far
company to provide subscribers a illiquid, actually booking a profit (or lower initial cost than the interest
withdrawal option and appointed an loss) becomes difficult. payable on equivalent debt. Moreover,
independent auditor for inspection of the company is under no obligation to
the accounts. pay a dividend, unlike with its legal
About 370,000 applications were Governance lapses obligation to service debt.
withdrawn. But after the audit, Sebi SMEs are typically companies with a Tapping the equity market is
allowed the listing on December 2. high concentration of shareholding therefore a great way to raise capital
Additionally, the regulator asked the among a few promoters. There is a cheaply. The arithmetic of a low base
NSE to set up monitoring to oversee limited presence of private equity and allows a small business to grow very
the utilisation of funds raised through other sophisticated investors who can quickly, so there is a fundamental
the IPO. flag lapses in corporate governance. justification for investors to be
In yet another case, Rosmerta The concept of SME IPOs has been interested. But the due diligence for an
Digital Services Ltd postponed an IPO around for a decade, but it really took SME IPO is not as onerous as for a main
scheduled to raise ~206 crore between off in the last two years. These issues board IPO. Crucially, the DRHP and
November 18 and 21. Though the allow SMEs to raise money and list on other documents for SME IPOs are
company issued a statement about the NSE-Emerge and BSE-SME processed by the stock exchanges and
pulling back due to “adverse market platforms (not on the main board.) The not by Sebi.
conditions”, it is said Sebi asked for a post-issue paid-up capital of the SME There are around 850 SMEs
currently listed on the two platforms,
with a combined market capitalisation
of over ~ 2 trillion. Since the SME IPO
concept was launched, around 1150
companies have listed on the NSE and
BSE platforms and some 300 of these
SMEs have since graduated to the main
board (as on October 15, 2024).
In Calendar year 2022, 109 SME
IPOs raised ~1,980 crore. In Calendar
year 2023, 182 SME IPOs raised ~4,967
crore while in Calendar 2024 (until Dec
11), 228 SME issues raised ~8,859 crore.
In FY25 (April 1-December 11, 2024), 175
IPOs have raised around ~7,109 crore
compared to 205 issues raising ~ 6,364
crore in FY24.
Clearly, the concept has become
more popular in the last two years. The
investor response has been truly
extraordinary. Since September 2024,
there have been 61 SME IPOs and 29 of
these have received subscription of
more than 100 times. Many have
received more than 200—times
subscription.
There is no greenshoe option. But
oversubscription of this order
guarantees that the issue hits the top
end of the price band and it usually
means listing at big premiums. Quite a
n Since September 2024, there have
CATCHING ON been 61 SME IPOs and 29 of these have
few SME IPOs have gained more than
100 per cent very quickly after listing.
n 850 SMEs are listed on the platforms been subscribed more than 100 times, Rajesh Power, which listed on
of BSE and NSE many of them more than 200 times December 2, has gained 109 per cent
since. C2C has gained 99 per cent after
n Their combined market being cleared to list on December 3.
capitalisation is more than ~ 2 trillion Neelam Linens has risen by 160 per
n Since the SME IPO concept was WHAT SEBI WANTS cent, Danish Power by 168 per cent, and
Sahasra Electronics by 136 per cent.
launched, around 1,150 companies n Minimum SME IPO application value
have listed on the NSE and BSE doubled to ~ 2 lakh
platforms Lottery tickets
n An increase in the minimum number
n 300 of these have graduated to the of allottees to 200 from the current 50 Data tells us why SME IPOs are
main board (as on October 15, 2024) popular. An allotment is almost like a
n Restrictions on Offer For Sale to 20% of winning lottery ticket, with the
n In calendar year 2022, 109 SME IPOs the issue size possibility of instantaneous, massive
raised ~1,980 cr capital gains. You don’t even have
n Monitoring agencies to oversee IPO opportunity costs unless you receive
n In Calendar 2023, 182 SME IPOs raised fund utilisation in line with an IPO’s an allotment.
~4,967 cr stated objectives Earlier, an IPO application meant
cash being transferred out of your
n In Calendar 2024 (until Dec 11), 228 SME n Lock-in on minimum promoter
account, and waiting for a refund if
issues have raised ~8,859 cr contribution be extended to five years there was no allotment. Now, the
14
>
MUMBAI | TUESDAY, 10 DECEMBER 2024 1

IndiGo plane lands at Noida Airport Indians lead Global South in

in first flight validation test PHOTO: PTI
adapting to AI, tech revolution
GLMC study reveals that over 70% Indians INDIA'S SKILL
actively seek opportunities to upskill PATTERN
n 55% Indians fear that their skills
could become partially or fully
SHIVANI SHINDE The report also noted that the obsolete within the next five years
Mumbai, 9 December urgency to reskill due to techno-
logical advancements is a shared n 32% feel that climate
India is emerging as a global concern among Indian workers, change is influencing their
leader in technological adapta- with 55 per cent fearing that their reskilling decisions
tion, with over 70 per cent of skills could become partially or
Indian professionals actively seek- fully obsolete within the next five n 40% Indians cite lack of time
ing opportunities to upskill, years. as a barrier in upskilling or
according to a report by the Global This places India in line with reskilling, 38% see finance as the
Labor Market Conference the global trend, where similar biggest challenge
(GLMC). concerns are expressed by 61 per
The report underscores India’s cent in Brazil and 60 per cent in the UK (14 per cent) and USA (18 cent of those in younger age
The upcoming Noida International passenger aircraft in the presence of demonstrates the airport's adherence pivotal role in the Global South's China, compared to lower levels per cent), where climate change groups (18-34) and among a
Airport (NIA) at Jewar in Gautam civil aviation minister Kinjarapu to the stringent safety and operational response to artificial intelligence in developed markets such as the has a comparatively lower impact higher proportion of the most
Buddha Nagar on Monday announced Rammohan Naidu. standards required for commercial and automation, showcasing the UK (44 per cent) and Australia (43 on skills development priorities. educated— 20 per cent with
the “successful” completion of its The flight verified the airport’s operations. Following the validation country’s workers as frontrunners per cent). Interestingly, the report found Bachelor and 24 per cent for those
validation flight, a crucial step in the approach procedures, confirming the flight, NIA will finalise the required in skill development and techno- The report also highlighted that education and training sys- with Master/PhD.
process of acquiring aerodrome accuracy and functionality of its documentation for aerodrome logical adaptation. that climate change is one of the tems need to catch up in their Barriers to upskilling or reskil-
licence. The validation flight was navigational aids and air traffic control certification and submit it to the DGCA, Titled Navigating Tomorrow: reasons for rise in skills develop- capacity to adapt to the evolving ling remain consistent globally,
conducted by an IndiGo A320 systems, it said, adding, it it said. PTI Mastering Skills in a Dynamic ment in key sectors. Climate skill requirements. Among coun- with Indian respondents citing
Global Labor Market, the report change is a more significant driver tries, the dissatisfaction was high- lack of time (40 per cent) and
talks about the dynamic nature of of upskilling or reskilling in India, est among respondents from financial constraints (38 per cent)
India’s job market, where artificial with 32 per cent of respondents China (36 per cent) and India (28 as primary challenges. Similar

A-I places order with

about 210 and 90 planes, intelligence, machine learning, identifying it as a factor influenc- per cent). patterns are observed in Brazil,
respectively. and automation are becoming ing their reskilling decisions in the About 19 per cent of respon- where 43 per cent report lack of
Air India chief executive integral. next five years. This aligns with dents felt the current educational time and 39 per cent financial
officer (CEO) & managing GLMC is a leading global countries like China (41 per cent) system was out of step with the constraints, and in South Africa,

Airbus for 100 aircraft

DEEPAK PATEL total potential orders to 840 contribute to our mission of
director (MD) Campbell
Wilson had told reporters
last month that the fleet size
of Air India Group is
forum for workforce development
and labor market insights.
and Vietnam (36 per cent), but
contrasts with countries such as
new skills context, a view that was
particularly shared among 21 per
where 45 per cent and 42 per cent
respectively cite these barriers.

planes, with 470 firm orders building Air India into a expected to increase from
New Delhi, 9 December

Tata-run Air India Group on

and 370 as options.
The airline has now exer-
world-class airline that con-
nects India to every corner
300 to about 400 by 2027.
On Monday, the group
[ TECH DIGEST ]
Monday stated that it has cised some of its Airbus of the world,” he added. said it has signed a “Flight
[Link]/tech
placed an order for 100 options, Natarajan In a statement, the Air Hour Services-Component”
planes — 90 narrowbody
A320 family aircraft and 10
Chandrasekaran, chairman,
Tata Sons and Air India,
India Group stated: “With
the order for 100
contract with Airbus to pro-
vide on-side stock in Delhi
XIAOMI LAUNCHES Apple Vision Pro may get Elon Musk opens
widebody A350 aircraft — said in a statement. additional air- and support the mainte- REDMI NOTE 14 SERIES PS VR2 controller support Grok AI for all
with European aircraft He said, “With craft, Air India nance requirements of its
manufacturer Airbus. India’s passenger currently has growing fleet of A350 planes. Xiaomi has introduced the Redmi Note 14 Elon Musk's AI tool, Grok, is now
This is in addition to the growth outpacing a total of 344 Air India’s expansion is series in India, featuring AI-powered accessible to free users on X, allowing up
order for 470 planes that the the rest of the new aircraft coming at a time when image editing tools. The lineup includes to 10 messages every two hours. The free
group had placed last year. world, its signifi- coming from Airbus has been forced to cut the Redmi Note 14, Note 14 Pro, and Note 14 tier also includes image generation,
In February 2023, Air cantly improving Airbus, having annual production targets Pro Plus, priced between ~18,999 capped at three images per day. Musk’s
India placed the world’s sec- infrastructure and received six due to supply chain issues. and ~35,999. Additionally, AI company, xAI, is
ond-largest aircraft order — an aspirational young A350s so far. Air Owing to shortage of Xiaomi unveiled also exploring
250 planes with Airbus and population increasingly India, in 2023, had also engines and other compo- the Sound Apple is positioning its Vision Pro headset the launch of a
220 with Boeing. going global, we see a clear placed orders for 220 wide- nents, Airbus had in June Outdoor Speakers as a gaming device with plans to support standalone app
At the time, the airline’s case for Air India to expand body and narrow-body air- reduced its 2024 delivery and Redmi Buds Sony's PlayStation VR2 hand controllers, for Grok to
chief commercial and its future fleet beyond the craft with Boeing, of which target from about 800 to 6 wireless according to Bloomberg. Apple is also compete with
transformation officer firm orders of the 470 air- 185 aircraft remain to be 770 airplanes. Moreover, earbuds. The exploring the use of these controllers for free chatbot
Nipun Aggarwal revealed craft placed last year.” delivered.” the company had in June smartphones and navigating its visionOS interface. services like
that the airline had secured “These additional 100 Full-service carrier Air postponed its goal of pro- audio products Although Sony does not sell the PS VR2 ChatGPT,
“options” to expand the Airbus aircraft will help to India and its low-cost airline ducing 75 narrow-body air- will be available controllers separately, Apple plans to Google
order by an additional 370 position Air India on the subsidiary Air India Express craft per month from 2026 starting retail them through its network, Gemini,
planes. This brought the path to greater growth and currently have a fleet of to 2027. December 13. according to the report. and Claude.