HYDERABAD - THURSDAY - MAY 2, 2024 ₹10 • Pages 10 • Volume 31 • Number 122

UPBEAT ON INDIA. POLLSCAPE.

Niren Shah, MD & Head of Norwest India, Controversy erupts as Election
shares plans on how the fund will deploy Commission defers election in
$3 billion it has committed to the country p2 Anantnag-Rajouri seat to May 25 p8
BENGALURU - CHENNAI - COIMBATORE - HUBBALLI - HYDERABAD - KOCHI - KOLKATA - MADURAI - MALAPPURAM - MANGALURU - MUMBAI - NOIDA - THIRUVANANTHAPURAM - TIRUCHIRAPALLI - TIRUPATI - VIJAYAWADA - VISAKHAPATNAM Regd. H/SD/322/2015-17, RNI No. 55320/94

QUICKLY.
Retail, wealthy traders turn At ₹2.10-lakh cr, GST mop-up
SLOW START
PV sales edge up in April
despite high base year to riskier options writing in April hits a new record
REGULATORY CONCERN. Shift comes amid higher retail participation in derivatives
Shishir Sinha
New Delhi
Scaling new peaks
Collection Big contributors
(In ~ lakh cr) (In ~ Thousand crore)
tried to capture a small premium
Ashley Coutinho of ₹10-15 by selling naked put The trend of record-break- April Amount State/UT April ’23 April ’24 % Change
OPTION WRITERS: THE WINNING SCRIPT
Mumbai options and call options. They ing collection from the 2018 1,03,458 Maharashtra 33,196 37,671 13
 Traders who write an option
gain the entire premium if the Goods & Services Tax (GST) 2019 1,13,865 Karnataka 14,593 15,978 9
receive a fee or premium in
Retail and wealthy individuals market stays within the options continued in April, surpass- 2020 32,172 Gujarat 11,721 13,301 13
New Delhi: Passenger vehicle are gravitating towards writing exchange for giving the strike price range. If there’s a ing ₹2-lakh crore for the
market leaders, including options contracts — the more option buyer the right to breach on either side, the risk of first time since its incep- 2021 1,41,384 Tamilnadu 11,559 12,210 6
Maruti Suzuki India, Hyundai riskier side of the options mar- buy or sell shares at a losing money increases tion. 2022 1,67,540 Uttar Pradesh 10,320 12,290 19
Motor India and Tata Motors, ket and once the preserve of specific price and date significantly. Finance Minister Nirmala 2023 1,87,035 Haryana 10,035 12,168 21
on Wednesday, reported flat or large institutions or expert  Theta measures the time “It is imperative to hedge any Sitharaman credited the 2024 2,10,267 West Bengal 6,447 7,293 13
marginal growth in sales in traders. decay or erosion of an naked options writing positions “strong momentum in the Source: Finance Ministry
April owing to the high-base The shift to options writing option's value as time and convert them into options economy and efficient tax
effect and the ongoing comes amid regulatory concerns passes strategies such as spreads, which system” for the milestone. BUOYANCY CONTINUES 1 per cent per annum over
elections possibly dampening on increasing retail participa- are becoming popular among April collection was over “While some part of the in- the last seven years; there
 Options writers can keep the premium if the option
demand. All in all, the tion in the derivatives segment, participants nowadays,” said ₹2.10-lakh crore against creased collections is attrib- was a unprecedented two-
expires worthless
wholesales of PVs reached where the odds are overwhelm- Patnaik. ₹1.87-lakh crore a year ago, utable to the financial year year slump during the pan-
3,38,341 units in April ingly stacked against them.  Index options premium turnover at the NSE stood at a growth of 12.4 per cent. end upswing, it is also re- demic.
(3,32,468 units), a year-on-year ₹138 lakh crore for FY24, a record STRATEGIES ADOPTED The previous all-time high flective of the significant Saurabh Agarwal, Tax
growth of 1.77 per cent. p2 RISKY BET Options writing strategies vary. was ₹1.87-lakh crore. improvements in GST com- Partner of EY, said the con-
Options trading gained mo- An investor with an underlying pliance by businesses,” said certed efforts of the GST of-
mentum in the aftermath of the said Soni Patnaik, AVP - Derivat- this period. The low intra- stock could use covered calls to DUES TO STATES MS Mani, Partner with ficials, including zero toler-
pandemic. Until now, most indi- ive Research, JM Financial month volatility has signific- increase his or her income on the Meanwhile, the Minister Deloitte. ance for non-filers, coupled
DIGITAL BUMP viduals focussed on options buy- Services. antly increased the chances for holding. Others could use put said all dues to the States on Ankur Gupta, Practice with rigorous measures to
UPI transactions in April ing, given the lower risks as options writers to make money,” selling to get into a new stock account of Integrated Leader Indirect Tax at SW combat fake invoicing and
dip to ₹19.6-lakh crore losses are limited to the DECLINE IN VOLATILITY said Devarsh Vakil, Deputy Head which they don’t own, and there Goods & Services Tax India said, “This notable registrations have signific-
premium paid, which could be a The advent of daily and weekly - Retail Research, HDFC Secur- could be traders who may want (IGST) have been settled by surge in collections can also antly bolstered collections.
Mumbai: In April 2024, the few hundred or thousand ru- expiry has increased the probab- ities.. to use theta decay to benefit out the Centre. be traced back to the dead- Now, the expectation is
Unified Payments Interface saw a pees. Options writers face un- ility of making money for op- Options writers have been be- of options writing. This IGST settlement of line for closing scrutiny and that the collection will go up
slight decline of about 1 per cent limited risk and need to pay high tions writers. Market volatility nefiting from theta decay, the As more individuals take to ₹91,907 crore is ₹4,413 assessments of fiscal years further.
in both transaction volume and margins, amounting to ₹1-2 lakh has reduced considerably over amount by which an option’s options writing, they may find crore more than the actual 2017-18 and 2018-19.” According to Partik Jain,
value compared with the record per trade. the past three years, which is value declines daily, said themselves on one side of the net IGST collections of According to Vivek Jalan, Partner with PwC, with the
high in March 2024. Transactions “There has been a 20-30 per why options writers have not Chandan Taparia, derivatives trade, raising risks exponen- ₹87,494 crore. Partner with Tax Connect, next wave of GST reforms
worth ₹19.64-lakh crore were cent uptick in the number of had many episodes where they analyst at Motilal Oswal Finan- tially. “A major surprise or large Experts feel consumption considering an inflation of 5 expected after the forma-
processed, a decrease of 0.7 per wealthy and retail individuals have lost significant money. cial Services. market movement could result coupled with compliance per cent and GDP growth of tion of the new government,
cent from the previous month, who have taken to options writ- “We haven’t seen large cor- During the last expiry day, for in options writers losing their boosted the collection, 7 per cent, on an average, the growth is likely to
according to NPCI. p3 ing in the past six months or so,” rections of 10-15 per cent during instance, a number of retailers shirts,” said Vakil. Sitharaman said. there has been buoyancy of accelerate.

Godrej family split: Adi, Nadir to control listed entities SC rejects

Govt’s plea on
in the groups under the family terprises, and Nyrika Holkar, Godrej members will make an ‘administrative
Janaki Krishnan
Mumbai
settlement.
In a statement late on Tues-
Executive Director, will be
controlling businesses that
open offer to the public share-
holders of Astec Lifesciences,
allocation’
day, the group said, “The re- span aerospace, aviation, de- due to indirect change in of spectrum
The amicable family settle- alignment has been arrived at fence, engines and motors, shareholding of Astec.
ment announced by the 127- in a respectful and mindful energy, security, building ma- Both the factions are en-
year old Godrej Group, split- way to maintain harmony and terials, construction, green titled to use the ‘Godrej’ Krishnadas Rajagopal
ting the operations into two better align ownership in ac- building consulting, EPC Ser- brand and logo, subject to a New Delhi
factions, has paved the way for knowledgement of the differ- vices, intralogistics, health- non-compete clause which
the emergence of the next ing visions of the Godrej fam- Adi Godrej Nadir Godrej Jamshyd Godrej Nyrika Holkar care equipment, durables, fur- will apply for six years from The Supreme Court has de-
generation of leaders in the ily members. niture, interior design, the effective date of the settle- clined to receive an applica-
family. “This will help maximise architectural fittings, IT, soft- ment. After the non-compete tion by the Centre to allow
WHO GETS WHAT administrative allocation of
Under the terms of the strategic direction, focus, agil- ware as well as infrastructure period, either group can enter
agreement, Adi Godrej and ity, and accelerate the process  The group has been split between two branches of the founding family — with Adi solutions. into the same business as the spectrum.
Nadir Godrej will control all of creating long-term value Godrej and his brother Nadir on one side and their cousins Jamshyd Godrej and Smita Under the terms of the other group but without the The Registrar found the
the listed entities in the for shareholders and all other Crishna on the other agreement, members of use of the ‘Godrej’ brand. application for clarification
group, and Jamshyd Godrej stakeholders.”  Adi Godrej and his brother Nadir will keep Godrej Industries that has five listed firms, either group will not be dir- misconceived. Spectrum, a
and Smita Crishna will get “Since 1897, Godrej & while cousins Jamshyd and Smita will get unlisted Godrej & Boyce and its affiliates as ectly or indirectly involved in THE RATIONALE scarce natural resource, is
control of the unlisted entit- Boyce has always been driven well as a land bank, including prime property in Mumbai the management and opera- The reason for the split was allocated to private players
ies comprising Godrej Boyce by the strong purpose of na- tions of the entities of the attributed to the newer gener- only through open, transpar-
& its affiliates, which includes tion building. With this fu-  Jamshyd Godrej will lead the Godrej Enterprises Group, encompassing Godrej & Boyce other group. ations having diverse in- ent auction. The law was laid
the over 3,000 acres of land ture-facing family agreement and its affiliates across various industries from aerospace and aviation to defence, The settlement also makes terests and perceptions of down on this issue by the Su-
owned by the group in Mum- now in place, we can further furniture, and IT software, as chairperson and MD. His niece Nyrika Holkar will be the it clear that shares held by growth. preme Court 12 years ago, in
bai. drive our growth aspirations Executive Director either group in any of the “The third and fourth gen- the 2G spectrum judgment.
The combined market cap with fewer complexities and companies will not be trans- erations of the family ‘Administrative alloca-
of the listed entities is ₹2.45- focus on leveraging our core ferred to competitors except branches have diverse in- tion’ of spectrum would
lakh crore ($29.5 billion). strengths in high tech engin- ment. The listed entities un- ences. In addition, Godrej be the Executive Vice Chair- with the prior permission of terests, and varying percep- have government in sole
Adi Godrej’s son Pirojsha eering and design-led innova- der Godrej Industries Group Seeds and Genetics and In- person and will succeed Nadir the other group, or through a tions as to, amongst others, charge of selecting operat-
Godrej, executive chairman of tion across our strong portfo- (GIG) are Godrej Industries, novia Multiventures will be Godrej as the Chairperson in non-negotiated on-market the strategic direction, ors to distribute airwaves,
Godrej Properties and Jam- lio of strategic, consumer and Godrej Consumer Products, part of the group in which August 2026. Jamshyd sale. growth and governance of the considered a scarce
shyd’s niece Nyrika Holkar emerging businesses,” said Godrej Properties, Godrej Nadir Godrej will be the chair- Godrej, chairperson and Man- As a result of the settle- Godrej Group Entities,” the resource.
have been given key positions Jamshyd Godrej in the state- Agrovet and Astec Lifesci- person; Pirojsha Godrej will aging Director of Godrej En- ment, Adi Godrej and Nadir settlement said. Details p10

FinMin notifies 17% wage revision

for over 1.10 lakh LIC employees As US campus protests turn violent, parents in India worry
in 2017. In March this year, 25 per cent of the over one million foreign students in the US are from India
KR Srivats the Centre had decided on
New Delhi this 17 per cent wage in- Our Bureaus people protesting, but you can scared to voice our opinion as if
crease for LIC employees. New Delhi/Mumbai/Hyderabad choose to stay away from it.” the university ends up calling
The Finance Ministry has no- The notification issued on Gurugram-based Manav the cops, we might get in
tified the wage revision for Tuesday (April 30) would As the campus agitations in the Bansal, whose son is an under- trouble.”
LIC employees with effect come into effect from August US over Israel’s actions in the graduate student in a reputed “Those who participated in
from August 1, 2022, benefit- 1, 2022. Gaza turned torrid, sparking university in south-east US, is the protests face detention and
ing over 1.1 lakh employees A one-time ex-gratia pay- police action in places like unperturbed too. serious risks to their visa status
of the corporation. The revi- ment to LIC pensioners also Columbia University, and rival “Education, especially in the and scholarships, if identified,”
sion would lead to a 17 per forms part of the revision. group clashes in University of US, is not limited to the a worried parent told business-
cent annual increase in HIGHER OUTGO. The wage This will benefit more than California, ripples of anxiety classroom. It is an expression line. In case of an expulsion or
wages. This would mean an revision could add about 30,000 pensioners and family are being felt in India. Accord- of democracy in action. Stu- suspension, students on a F-1
annual additional outgo of ₹4,000 crore annually, pensioners. ing to the Open Doors Report dents, largely young people, or J-1 visa will in all likelihood
around ₹4,000 crore, taking bringing LIC’s total wage bill in of the US State Department, are allowed to protest for lose their visas immediately.
LIC’s overall wage bill to a year to about ₹29,000 crore STOCK ANGLE students from India constitute CAMPUS CRISES. Law enforcement officers stand guard at things they believe in. It is a Trying to sound reassuring,
about ₹29,000 crore a year. Many stock market analysts more than 25 per cent of the the University of California, Los Angeles (UCLA) campus REUTERS great learning for my son and Aman Singh, Co-Founder &
This move of the Depart- contend that increased em- over one million foreign stu- everyone around the world.” CEO, GradRight, told busi-
ment of Financial Services wage hike for LIC employees ployee expenses due to the dents in the US. nessline, “We understand the
(DFS) to notify the wage hike is in sync with the 17 per wage hike could pressure With news filtering in of an rethinking their options. A dis- admission in the University of FEARS OVER VISA recent protests in the US may
is significant as it comes at a cent wage increase handed profit margins, making LIC Indian origin student being ar- mayed Aakriti Mehta (name Utah for a 4-year computer sci- Meanwhile, Indian students on raise questions for prospective
time when there is a model out to over 8.5 lakh bank em- less attractive to investors. rested and barred by Princeton changed), told businessline ences and game design course, US campuses expressed fears. international students. How-
code of conduct in place for ployees with effect from For the quarter ended university, parents are calling that she had got selected to a is sanguine. Hita Parakh, a student at Suf- ever, studying in the US re-
the ongoing elections. November 2022 under a bi- December 31,2023, LIC re- up their children studying in Masters programme in “We consulted with numer- folk University Boston, said, mains a long-term decision for
The DFS is understood to partite wage settlement corded a 49 per cent year-on- the US, telling them to stay un- Columbia University but is in ous International Student Ad- “Indian American students students and their families, fo-
have obtained the Election agreement entered into year increase in net profit at involved. Meanwhile, educa- two minds. visors about the incidents in who are not on a student visa cused on educational goals and
Commission’s nod before between bank unions and the ₹9,444.4 crore (₹6,334.2 tion counsellors say they are On the other hand, Sneha US campuses. It is the student are participating more actively career aspirations.”
proceeding with the imple- Indian Banks Association crore), driven by an increase getting anxious calls from stu- Jogi, French Trainer at the Alli- culture, you know. India also in the protests as they do not
mentation of the wage revi- (IBA). in net income from invest- dents who have obtained ad- ance Francaise in Hyderabad, has a very prominent protest fear getting deported. As for With inputs from Abhishek Law, Amiti
sion for LIC employees. LIC revises wages once in ments and growth in net mission in the US but are now whose 18-year old son has got culture. So you can’t stop students with visas, we are Sen, Ayushi Kar, Ramit Mehrotra
Interestingly, the latest five years; the last raise was premium income.
CM
YK . . . . . . . . HY-HYE
2 . bl . news
HYDERABAD

businessline.
THURSDAY - MAY 2 - 2024

QUICKLY.
PV sales grow 1.77% in April Non-resident deposit inflows
bp appoints Kartikeya Dube
at 8-year high of $11.8 billion
on high-base effect, elections
as Head of bp India

Sindhu Hariharan
Chennai
NO SURPRISES. On expected lines as there are uncertainties, say players
there were uncertainties on ac- In a year marked by geopolit-
S Ronendra Singh count of geopolitics, interest ical uncertainty, the Indian
New Delhi rates and elections. So while diaspora has moved a record
these (numbers) are unpre- amount of funds back home.
New Delhi: bp has appointed Passenger vehicle (PV) market dictable, they were all anticip- According to analysts, they
Kartikeya Dube as the Head of leaders, including Maruti Su- ated,” Tarun Garg, Chief Oper- (NRIs) are making the most
Country (HoC), bp India, replacing zuki India (MSIL), Hyundai ating Officer, HMIL, said. of the high interest rates in
Sashi Mukundan, who has led the Motor India (HMIL) and Tata He added that there are new the country.
oil and gas major’s India operations Motors, on Wednesday, repor- launches on a regular basis, so
for the last 15 years. Dube will take ted flat or marginal growth in there wouldn’t be any negative DATA FOCUS.
over as the HoC for India and sales in April compared with impact in the market. “In
Senior Vice-President, gas and low the corresponding month last 2022-23, we grew 20 per cent Fresh non-resident de-
carbon for India, with effect from year because of a high-base ef- after Covid. And then we grew posit flows into India have
July 1. OUR BUREAU fect and ongoing elections pos- 8 per cent over that last grown 48 per cent during the
sibly dampening demand. year...so India has had excep- 11 months of FY24, com-
All in all, the wholesales tional two years of growth and pared with the entire FY23,
(dispatches to dealers) of PVs many countries have not yet according to RBI data. Total
Stride Ventures closes reached 3,38,341 units in April reached the pre-Covid level,” NRI deposits stood at $11.8
third fund at $165 million (3,32,468 units), 1.77 per cent Garg added. billion in the 11 months,
year-on-year (y-o-y) growth. growing 84 per cent from
“We have started on a very 2W SEGMENT $6.4 billion in the corres-
Bengaluru: Venture debt firm high base this year...right now, In the two-wheeler segment, ponding 11-month period
Stride Ventures has closed its the country is going through TVS Motor Company grew 29 last year. Outstanding NRI
third fund at $165 million, about elections and there is a model industry, he said, “Till the ted domestic sales of 50,201 per cent year on year in its do- deposits stood at $149.7 bil-
a year after it announced the code of conduct. During the month of June, I think things units (49,701 units) in April, a mestic sales to 3,01,449 units lion at the end of February
first close of the same fund. The elections, the markets are a will be more or less like this marginal (1 per cent) y-o-y (2,32,956 units) in April. Su- 2024 ($135.5 billion).
fund has garnered support from little muted. Once elections and after June, maybe we will growth. zuki Motorcycle India also re- NRI deposits include
a diverse mix of investors, are over, I think we will be see- see revival in the market.” The “The numbers are as expec- ported a y-o-y growth of 31 per FCNR (foreign currency non-
including insurance companies, ing a different market,” Partho company’s domestic PV sales ted. Although it is very difficult cent in its domestic sales to resident account), non-resid-
family offices, corporate Banerjee, Senior Executive Of- remained flat at 1,37,952 units to predict, this flattish to 2-3 88,067 units (67,259 units). ent external (NRE) and non-
treasuries and high net-worth ficer, Marketing & Sales, MSIL, (1,37,320 units) during the per cent growth will continue Royal Enfield, however, repor- resident ordinary (NRO).
individuals (HNI), the firm said in told reporters. month. month-on-month. This is very ted single-digit growth (9 per The sharp growth in FY24
a statement on Wednesday. The Speaking on the sales per- The country’s second- much in line with what we said cent) to 75,038 units (68,881 was driven by NRIs’ prefer-
fund focus is on the consumer formance of the company and largest PV maker HMIL repor- in the end of January because units) in April. ence for deposits denomin-
brands, financial services and ated in foreign currency. In terest rates both in India and flows from FY22 to FY23.
cleantech sector. OUR BUREAU FCNR deposits, NRIs can globally were low, reducing Analysts note that expatri-

Former BharatPe COO

Jindal Stainless charts ₹5,400-crore hold their funds in foreign
currency, thus removing the
exchange rate risk on the re-
turns. The principal and in-
the attractiveness of deposits
in general for NRIs.
With rates peaking at the
beginning of FY24, deposits
ates are increasingly focusing
on dollar-denominated
products to capitalise on
higher interest rates in India.
launches maiden VC fund
expansion plans in India, overseas terest on these deposits are
tax-free and fully repatriable.
Fresh inflows into FCNR de-
are in favour again, and we
saw healthy growth in overall
NRI deposits in FY24,” she
“Alternative avenues such as
investing in stock markets is
also picking up,” an analyst
crore for the debt, and the bal- Jindal Stainless will have the posits more than doubled to added. added.
Abhishek Law ance towards equity purchase. first right of refusal for $5.5 billion in April 2023-Feb- Total NRI deposits across
New Delhi The 0.6-mtpa facility, now products from the Indonesian ruary 2024, compared with all three categories declined AT THE TOP
closed, will be operational in JV . “The Indonesia facility is $2.4 billion in FY23. 14 per cent and 56 per cent in Globally, India has the
Jindal Stainless will invest another six months with the expected to be on-stream in Fresh flows into NRO and FY21 and FY22 respectively, highest non-resident deposit
₹5,400 crore over the next three company making a capital in- two years. Offerings from there NRE accounts (where cur- as NRIs found it less attract- balances among developing
years as it looks at a 40 per cent vestment of ₹100 crore. Pro- can be used for further pro- rency risk is borne by the ive to invest in India because nations with a large diaspora.
Bengaluru: Former BharatPe ramp-up in capacities to 4.2 duction at Chromeni was cessing at our Jajpur facility in holder) also grew 5 per cent of the risk of a depreciating According to a recent World
COO Dhruv Dhanraj Bahl million tonnes per annum stopped during Covid. Odisha,” Jindal said, adding, and 23 per cent year on year rupee. Then, in July 2022, Bank report on remittances,
has launched his maiden VC (mtpa). According to Abhyuday “In the first year (FY25), Abhyuday Jindal, “The Indonesian JV will get us in the 11 months of FY24. with a view to lure more for- India’s non-resident deposits
fund, Eternal Capital, with a Jindal, Managing Director, Jin- there will be on-boarding of ad- MD, Jindal Stainless raw material security too.” eign currency deposits, the balance stood at $143 billion
target corpus of ₹120 crore. dal Stainless, around ₹1,340 ditional debt by ₹300-500 Another ₹1,900-crore in- RATE CYCLE RBI removed interest caps on as of September 2023, com-
The fund also includes a crore will be towards acquisi- crore. This is because we are vestment is expected across “This trend in growth of NRI NRI deposits for a period un- pared with $8 billion in Sri
green-shoe option of another tion of Chromeni Steels Pvt Ltd taking over the debt of Chro- upstream facilities in Indone- downstream facilities at Jajpur deposits in recent years re- til October 2022. Lanka, $7 billion in Mexico,
₹120 crore, bringing its total at Mundra in Gujarat. Jindal meni,” he said. Existing debt for sia. Jindal Stainless’ Singapore- in Odisha and another ₹1,450 flects the interest rate cycle, Banks were also exempted and $4 billion in Pakistan.
capacity to ₹240 crore. Stainless will pick up a 54 per Jindal Stainless is around based subsidiary will enter into crore for infra addition there which influences the relative from the mandatory Cash Re- The report also anticipates a
The sector-agnostic fund plans cent controlling stake that cur- ₹4,800 crore. JV with Zenith International that include road re-laying and attractiveness of deposits as serve Ratio and Statutory Li- strong foreign remittance
to invest in 40 start-ups in rently belongs to China’s Capital Pte Ltd, Singapore, to so on. According to Jindal, an investment avenue,” quidity Ratio for incremental outlook for India in 2024
their seed to pre-series A Eternal Tsingshan Group. JV IN INDONESIA operate the steel-melting shop. “nearly 90 per cent of the in- Subha Sri Narayanan, Dir- NRI deposits until November from the US, the UK, Singa-
stages, over the next three Jindal Stainless will make an This apart, investments worth Zenith International has links vestments” will be from in- ector, CRISIL Ratings, said. 2022. This led to a more than pore and the UAE, barring
years. OUR BUREAU upfront payment of ₹1,295 ₹700 crore will be for a JV for to Eternal Tsingshan Group. ternal accruals. “Till the end of FY22, in- doubling of fresh NRI deposit any new geopolitical shocks.

Ambuja Cements Q4 net doubles on higher sales Adani Wilmar Q4 net up despite dip in revenues
cent at ₹1,026 (₹877) per cut cost by another ₹530 a in FY24 was a milestone, its distribution infrastruc-
Our Bureau tonne in the quarter under tonne to bring down overall Our Bureau while volumes surpassed 1 ture in the southern region.
Mumbai review. expenses to ₹3,650 per Mumbai million tonne. Regional marketing commu-
tonne by FY28. nications and other inter-
Ambuja Cements, an Adani COSTS DOWN The company has re- Adani Wilmar’s revenue in BETTER DISTRIBUTION ventions have resulted in the
Group company, has repor- Raw material cost was down serves of ₹24,338 crore. It the fourth quarter of FY24 Overall volume growth for company gaining market
ted that its net profit in marginally at ₹560 crore added 11.4 mt capacity in fell 4.6 per cent on year the company in Q4 was at a share in sunflower oil. “With
March quarter doubled to (₹564 crore), power and the last 18 months as part of dragged down by its edible low 3 per cent due to a de- the increased digitalisation
₹1,526 crore against ₹763 freight expenses dipped 13 its 79-mtpa capacity addi- oils and industry essentials cline in the exports of oil of sales function, the com-
crore logged in the same per cent and 8 per cent to tion to achieve 140 mtpa by businesses, both of which meals. Edible oil volumes pany has improved its agility
period last year, led by ROBUST SALES. The ₹1,216 crore (₹1,401 crore) 2028. saw a fall in revenue. How- rose 11 per cent, while food in making decisions for dy-
higher sales volume. company registered 17% rise and ₹1,258 crore (₹1,362 On a standalone basis, ever, net profit during the SLIPPING UP. Segmental and FMCG volume were up 9 namic pricing in the local
Income increased 11 per in cement and clinker sales crore). Ambuja Cements net profit quarter rose 67.5 per cent break-up showed that edible per cent. markets,” it said.
cent to ₹9,127 crore (₹8,250 to 16 mt REUTERS The company has entered was up 6 per cent at ₹532 mainly due to lower oils revenue fell 5.5 per cent in In refined oil consumer Edible oils is one of the
crore). into long-term supply con- crore (₹502 crore), as in- expenses. Q4 to ₹10,195 crore pack, Adani Wilmar’s market most visible products of the
The company has de- tract for raw material supply come increased 12 per cent The Adani Group com- share increased 60 basis group, selling under the ‘For-
clared a dividend of ₹2 per rise in cement and clinker to cut cost, while use of to ₹4,780 crore (₹4,256 pany reported a consolidated points (bps) to 19 per cent tune’ brand. Segmental
equity share and fixed the sales to 16 million tonne green energy and route op- crore). net profit of ₹156.75 crore on clined 12 per cent to and in wheat flour 60 bps to break-up showed that edible
record date as June 14 for (mt). timisation is expected to EBITDA was down 14 per revenue of ₹13,238 crore. ₹51,261.6 crore. 5.6 per cent. oils revenue fell 5.5 per cent
paying the dividend after The annualised capacity bring down expenses fur- cent at ₹837 (₹975) per For the full year FY24, net The company said that The company said in re- in Q4 to ₹10,195 crore and
July 1. utilisation was at 75 per ther. tonne due to lower realisa- profit fell 75 per cent to ₹148 food and FMCG sales doub- cent quarters it had made nearly 16 per cent in the full
It registered 17 per cent cent. EBITDA was up 17 per Ambuja Cements plans to tion. crore, while revenue de- ling on year at ₹5,000 crore significant improvement in year to ₹38,788 crore.

Ola Electric captures over

‘India in No. 1 spot in terms of interest and capital’ 52 per cent market share
bl interview In late-stage venture, we
do $20-50 million, and our
and perhaps a few
fintech…
of diligence and don’t want to
do a spray-and-pray kind of Our Bureau
Hamsini Karthik sweet spot would be $30-40 Given that we have a very deal. Bengaluru
Mumbai million. We have a very long Norwest has been very robust regulator, we don’t
fund – typically 10 years, but bullish on India since want to do frontier investing How big is your exit
Emphasising that the local we have been raising funds 2005 when we started, where there are people who pipeline for FY25? Ola Electric has captured
arm of Norwest Venture between two and three years. are very happy to play in areas We are going to have a bunch over 52 per cent market share
Partners invested in India In India, outside certain but I think we are which are going to be of companies filing for IPO in the EV two-wheeler seg-
more bullish than ever ment in April 2024. Accord- GROWTH DRIVERS.
since 2005, Niren Shah, MD sectors like IT services and regulated or regulated but like SK Finance, Swiggy. Robust cost structures and
and Head of Norwest India, Pharma, we are trying to build NIREN SHAH they are not clear. We want to Veritas, OfBusiness and Vastu ing to the Vaahan portal, the
company recorded 34,000 re- manufacturing capabilities led
lays out how the fund will some really large companies MD and Head, Norwest India say that there is a benefit of Housing Finance. Exits in to market share growth REUTERS
deploy $3 billion it has here and a lot of the exits end having regulation and that Swiggy and OfBusiness would gistrations during the month,
committed to the country. up in an IPO. regulation is well understood be in the range of about 15x. and registered a year-on-year
Edited excerpts: Even in Asia, we have pharma, India has very strong and well laid-out. Financials would be lower, (y-o-y) growth of 54 per cent abilities have collectively
A lot of PEs have had a occupied the number one footing. In the newer sectors We want to be absolutely but we put in money around over the corresponding contributed to this uptick in
This tranche of couple of very successful spot and there is a lot of when you’re looking at within the four corners of many stages. month last year. our market share. With the
fundraising is expected IPO exits, including interest and capital. Norwest electronics outsourcing, it’s that regulation and we care as Ola Electric recently deliveries of our mass-mar-
to be around $3 billion, Five-Star Business has been very bullish on India still early days. a fund about governance risk There are a lot of bank entered the mass-market seg- ket S1 X portfolio starting
and you’re looking at Finance which was since 2005 when we started, There’s a lot of potential and compliance. We think divestment buzz doing ment with new prices for its soon, we are all set and ex-
active deployment in yours. You see this trend but I think we are more but there’s a long way to catch more about growth equity. If the rounds. Would you S1 X portfolio. The scooter, cited to enter the mass-mar-
India... encouraging to attract bullish than ever. up to China, which has been you’re playing on PPI licences participate in these? available in three battery con- ket 2W EV segment in India,”
Yes. For the last three years, more money into India? There’s a willingness to do doing this at scale for 20 but one knows that it is not We did a lot of banks and figurations (2 kWh, 3 kWh, he added.
we have been deploying Yes, globally and within India, buyouts, we are seeing repeat years. the eventual place, we stay NBFCs around 2007-12 and 4 kWh), now comes at
approximately $250-300 we have reached a very founders, an understanding While China has built some away from it. We’d rather because at that point, those ₹69,999 (introductory price), Inputs from bl intern Vidushi Nautiyal
million every year. We are different orbit. Given the of unit economics and on the amazing scale, given the come in when there is very were the ones which were ₹84,999, and ₹99,999 respect-
going to continue that pace. sizable GDP we are getting start-up side there is the need extent of what’s happening clear cut regulation and a growing and we are trying to ively. The deliveries are set to
We are much more focused into, the strong reforms we to go IPO, have free cash flow, like the iPhone production in profit pool, rather than doing make 30 per cent internal rate commence soon. businessline.
on cheque sizes; more have had and the political etc. There is a lot of patient India or the interest of Tesla, very early-stage venture of return. Now we are doing a “It has been a phenomenal Disclaimer: Readers are requested to verify
& make appropriate enquiries to satisfy
focused on growth equity and stability, India is seen as a capital and people some of the changes are where maybe the business lot more of fintech and start to FY25, with our mar- themselves about the veracity of an
late-stage venture. We don’t large destination for understand that it’s an happening much faster than does work but sometimes it’s NBFCs. ket share crossing the 52 per advertisement before responding to any
published in this newspaper. THG
do much of early-stage manufacturing. We have done emerging market that will we would have ever imagined. the regulation that doesn’t We can see companies cent mark in the 2W EV seg- PUBLISHING PVT LTD., the Publisher &
Owner of this newspaper, does not vouch for
ventures. Our cheque sizes well in IT services and our take time. work. growing at 30-40 per cent. I ment,” said Anshul Khandel- the authenticity of any advertisement or
end up being about $30-100 domestic consumption story. One of the things I also A lot of people today are a don’t think in the banking wal, Chief Marketing Officer, advertiser or for any of the advertiser’s
products and/or services. In no event can the
million in the growth equity As a country we’re finally Does this whole China noticed in your financial little more worried about space there is something Ola Electric Technologies Owner, Publisher, Printer, Editor, Director/s,
segment; within that, the very confident about plus one theory hold services portfolio is that fintech. Norwest, worldwide, exceptional any longer. Banks Private Ltd. “Our robust cost Employees of this newspaper/company be
held responsible/liable in any manner
sweet spot would be $50-75 ourselves and the world is water? you’ve stuck with is known for being very will probably be 10-15 per structures and vertically-in- whatsoever for any claims and/or damages
for advertisements in this newspaper.
million. very confident about India. In certain sectors like IT and regulated entities largely fundamental. We will do a lot cent growth. tegrated manufacturing cap-
CM
YK ... . . . . . . HY-HYE
 news . bl . 3
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THURSDAY - MAY 2 - 2024

QUICKLY.
Govt cuts windfall tax
Private refiners’ crude oil imports UPI transactions in April
dip to ₹19.6-lakh crore
from Russia at 12-month high in April
on crude petroleum

Anshika Kayastha DIGITAL BUMP

Mumbai
 Transactions worth
STOCKING UP. IOC, HPCL and BPCL also topped up with Russian barrels, taking imports to a seven-month high The Unified Payments Inter- ₹19.64-lakh crore
face (UPI) saw both the num- were processed
month were 26 per cent in the sanctioned trade, ber and value of transactions during April
Rishi Ranjan Kala higher M-o-M and almost suggests there is surplus moderating by about 1 per
New Delhi  The number of
flat on an annual basis tonnage in the VLCC seg- cent on month from the re- transactions on the
(April 2023: 1.74 mb/d). ment of the opaque fleet,” cord high seen in March 2024.
New Delhi: The government has UPI network fell 1%
Private refiners, Reliance Azizian said. Transactions worth ₹19.64
cut windfall tax on domestically to 1,330 crore
Industries (RIL) and Ros- SUPPLY IS UP Vortexa data show that lakh crore were processed
produced crude oil to ₹8,400
neft-backed Nayara Energy, Vortexa’s Head of APAC crude oil imports from In- during April 2024, 0.7 per cent
per tonne from ₹9,600 per
imported around 770,000 Analysis, Serena Huang told dia’s traditional suppliers in lower than the record of
tonne with effect from
barrels per day (b/d) of businessline: “Higher Rus- the Middle East fell in April. ₹19.78-lakh crore seen in the trades in 2023 and FY24. “UPI
Wednesday. The tax is levied in
crude oil from Russia in sian crude exports in Febru- India imported 776,000 previous month. The value of volumes and value continue
the form of Special Additional
April 2024, the highest in a ary and March as well as b/d from its second largest transactions was 40 per cent to grow on a year-on-year
Excise Duty (SAED). The SAED
year. lower imports by Chinese supplier Iraq last month, higher compared with April basis, reflecting the contin-
on the export of diesel, petrol
Analysts and trade refiners have made avail- compared to 1.09 mb/d in 2023, as per data by the Na- ued focus on digital adoption
and jet fuel or ATF, has been
sources attribute the higher able more volumes for In- March 2024. Imports from tional Payments Corporation across the country and the
retained at nil. The new rates
numbers to more export dian refiners. Given that Saudi Arabia were down for of India (NPCI). customer convenience that
are effective from May 1, an
volumes being shipped out Russian crude cargoes are the second month in April The end of a financial year UPI offers. The month-on-
official notification said. PTI
of Russia and lifting of likely to be more discoun- at 680,000 b/d (March 2024: traditionally sees a lot of month reduction is not a
lower cargoes by Chinese ted than Middle East 768,000 b/d). transactions closer to the ₹1 comparable factor given that
refiners. grades, Indian refiners are In-bound shipments to lakh limit as a lot of mer- march is usually the month
Sensing the opportunity likely to opt for the (ship-to-ship) activity (ex- VLCCs have been the India from the UAE fell to chants, business owners and with higher volumes during
to procure more barrels, former.” cluding CPC Blend & KE- driving force behind Rus- 260,000 b/d last month individuals square off trans- the year,” said Vivek Iyer,
public refiners such as In- When asked about the BCO) reached 310,000 b/d sian Urals STS activity from 442,000 b/d in March. actions leading to higher Partner, Grant Thornton
dian Oil Corporation impact of sanctions, she ex- in April (days 1-15), a moving upwards in recent “The move to import value and volume of Bharat.
(IOC), Bharat Petroleum plained that the biggest im- 120,000 b/d increase M-o-M months, especially in April. more Middle Eastern crude transactions.
Corporation (BPCL) and pact of western sanctions and a 10-month high. Rus- More than 60 per cent of has been a backstop for po- The number of transac- VOLUME UP
Hindustan Petroleum Cor- on selected shipping com- sian Urals is the sole grade Urals transferred in April tential disruption in pur- tions on the UPI network fell In FY24, the UPI platform
poration (HPCL) too im- panies and vessels carrying transferred via STS in April were because of VLCCs chasing Russian crude. But 1 per cent to 1,330 crore dur- processed 13,115 transac-
ported 1.02 million barrel Russian crude to India has so far, which has reached a loading via STS from prices of Middle East ing the month from the tions aggregating to ₹199.29-
per day (mb/d) last month, been the disruption on Rus- 12-month high.” Aframaxes, which increased grades have been rising March peak level of 1,344 lakh crore compared with
which is a 7-month high. sian Sokol deliveries. But it In 2024 so far, Vortexa STS volumes (three amidst limited export crore transactions. On year, 8,376 crore transactions
According to energy in- had minimal impact on In- observed nine very large Aframaxes feed one VLCC), volumes and robust de- the volume of transactions worth ₹139-lakh crore in
telligence firm Vortexa, In- dia’s overall imports of Rus- crude carriers (VLCCs) he added. mand from Asian refiners, was 50 per cent higher. On- FY23. In terms of the total
dia imported more than sian crude. transferred Russian crude which is likely to cap Indian year growth in UPI transac- transactions processed dur-
1.72 mb/d crude oil from Vortexa’s Senior Oil Risk via STS. All nine VLCCs VOLUMES DROP refiners’ appetite if they are tions consistently remained ing the year, the volume of
Russia in April, which is Analyst Armen Azizian, in were previously involved in “This return of VLCCs to able to secure sufficient dis- over 40 per cent for the value transactions was up 56.6 per
also the highest in the last an April 16 commentary, Iranian and/ or Venezuelan the Russian trade, specific- counted Russian volumes,” of transactions, and above 50 cent whereas value of transac-
nine months. Imports last said, “Russian crude STS trade. ally these tankers involved Huang said. per cent for volume of UPI tions was 43.4 per cent higher.

Power consumption rises After HC order, DGCA starts processing Top 4 credit card issuers
11% to 144.25 BUs in April deregistration of Go First aircraft lose market share in FY24
power consumption stood at
Press Trust of India Forum Gandhi
130.08 BU, a government were 8-14 per cent higher outstanding stood at 10.18
New Delhi New Delhi Anshika Kayastha
data showed. compared with February. crore at end of FY24, with net
The highest supply in a day Mumbai On the other hand, the addition of 12.02 lakh cards
The country’s power con- (peak power demand) also The Directorate General of share of the next 10 issuers, seen in March 2024.
sumption rose around 11 per rose to 224.18 GW in April Civil Aviation (DGCA) has The top 4 credit card issuers of those ranked 5 to 14, grew to
cent to 144.25 billion units 2024 as against to 215.88 GW started processing deregis- the country saw a decline in 24.85 per cent as at the end of CARDS-IN-FORCE
(BU) in April as compared to in April 2023. The Power tration of aircraft leased to their market share during FY24 as against 22.35 per cent The top 4 issuers had a total of
the year-ago period, mainly Ministry has estimated Wadia-owned Go First fol- FY24, both in terms of in the year-ago period. These 7.06 crore cards-in-force as of
due to increase in temperat- around 260 GW of peak de- lowing the Delhi High Court monthly card spends and total included IndusInd Bank, RBL March 2024, up from 6.09
ures. In April 2023, the mand during summer. order. cards outstanding, according Bank, Kotak Mahindra Bank, crore in the previous year.
According to sources, the to data by the Reserve Bank of American Express, IDFC First However, their market share
aviation watchdog has India. Bank, Yes Bank, Bank of Bar- fell to 69.40 per cent from
TODAY’S PICK. already processed the dere-
gistration request of 43 air-
The market share of the top
4 issuers – HDFC Bank, SBI
oda, AU Small Finance Bank,
Federal Bank and Standard
71.37 per cent a year ago.
Here too, the share of the
craft, and is in the middle of ALL SET. Banking sources said this paves the way for the Card, ICICI Bank and Axis Chartered Bank. next 10 issuers rose to 25.04
Power Finance Corporation (₹441.4) : BUY processing the requests for airline’s downfall as lenders weigh liquidation Bank – declined to 71.98 per Further, the share of the per cent with 2.55 crore cards
the pending 11 aircraft. cent as of March 2024 from next 21 issuers too rose to 3.17 as of March 31, compared with
Banking sources said this IDERA empowers lessors sional argued against dere- 74.79 per cent a year ago, both per cent from 2.86 per cent in 1.99 crore cards at the end of
Akhil Nallamuthu paves the way for the air- to deregister their aircraft gistering the aircraft, claim- due to expansion in the overall the previous year. Bandhan FY23 comprising a market
bl. research bureau line’s downfall as lenders from the registry of the less- ing they were essential for spends base and accelerated Bank and Utkarsh Small Fin- share of 23.35 per cent in
weigh liquidation. ee’s country, repossess the airline’s revival, stating growth seen by mid-sized ance Bank were the new terms of total cards-in-force.
Power Finance Corporation’s According to documents them, and transport them that the moratorium stalled players. entrants during the year. The share of the remaining
stock, after hitting a record high reviewed by businessline, out, particularly in cases of the process of deregistra- Overall spends for March The industry saw net card issuers too increased to 5.56
of ₹477.8 in early February, lost Bluesky 19 Leasing Ltd and lease payment defaults. tion for all 54 aircraft. 2024 stood at ₹1.6-lakh crore, additions of 1.6 crore during per cent as of March 2024
momentum and has been Star Rising Aviation, both Multiple lessors includ- higher by 19.8 per cent on year FY24, of which the top 4 is- from 5.28 per cent a year ago,
consolidating for the over two Dublin-based lessors, have AIRCRAFT LEASED ing Pembroke Aviation, Ac- and 10.2 per cent on month. suers accounted for 97.62 lakh with total cards outstanding
months. But there has been an requested to deregister and Both Blue Sky and Star cipiter Investments Aircraft Spends for the top 4 issuers cards. Total number of cards rising to 57 lakh from 45 lakh.
uptick in price recently after it reclaim 11 aircraft leased to Rising had leased AIRBUS 2, EOS Aviation, and SMBC
found support at ₹360. Notably, on this stock now at around Go First. They made these A320-271N to Go First. Star Aviation then approached
on Tuesday, the stock rallied ₹440 and accumulate if the requests using the Irrevoc- Rising leased six aircraft the Delhi High Court. These
sharply and broke out of the price dips to ₹425. Initial able Deregistration and Ex- with the registration num- lessors petitioned the court
resistance at ₹430. stop-loss can be at ₹410. When port Request Authorization bers VT-WJN, VT-WJP, VT- seeking the return of planes
This has opened the room for the scrip touches ₹455, tighten (IDERA) provisions, as seen WJR, VT-WJQ, VT-WJR, leased to the financially-
further upside. We expect the the stop-loss to ₹440. Book in filings on the DGCA VT-WJQ. On the other troubled airline, contesting
stock to hit ₹470 in the profits at ₹470. website. hand, Blue Sky has leased the DGCA’s delay in dere-
forthcoming sessions. That said, According to IDERA five aircraft VT-WJJ, VT- gistering the aircraft.
the price might dip to ₹425 Note: The recommendations are based norms, in cases of lease WJM, VT-WJT, VT-WJS and After prolonged litiga-
before crossing over ₹450. on technical analysis. There is a risk of rental defaults, regulators VT-WJL. tion, last week, the Delhi
Therefore, traders can go long loss in trading are obligated to deregister Both Bluesky 19 Leasing High Court ordered the
the aircraft and authorise Ltd and Star Rising Aviation DGCA to process deregis-
lessors to repossess them filed IDERA requests on tration requests within five
Day trading guide within five working days of May 9 and May 11, 2023, re- days. .
filing a request. This scen- spectively. The National businessline had reported
22708 » Nifty 50 Futures ario implies that unless Go Company Law Tribunal that the lenders were
S1 S2 R1 R2 COMMENT First secures legal relief, it (NCLT) admitted Go First’s mulling liquidation of the
faces the risk of losing over a plea for voluntary insolv- airline. Sources said the re-
22600 22500 22750 22950 Buy now and on a dip to 22600; third of its fleet within a ency on May 10, 2023. Go cent order would now
stop-loss at 22500. week. First’s Resolution Profes- hasten the process further .
₹1517 » HDFC Bank
S1 S2 R1 R2 COMMENT

Stocks research firm MarketsMojo plans to raise $20-50 m

1500 1485 1530 1550 Buy if the stock breaks out of
1530; stop-loss at 1510.

₹1421 » Infosys
S1 S2 R1 R2 COMMENT

1415 1385 1445 1480 Short this scrip if it slips below bl interview available at a steep 85 per
cent discount.
relationships with Kotak
Securities, Motilal Oswal, on
Quality is assessed based
the company’s
1415; stop-loss at 1445. Recently, it started Aditya Birla Capital, BSE and fundamental growth over the
Janaki Krishnan
Mumbai portfolio management We may opt for a NSE. last five years. Financial
₹435 » ITC services too, currently trend examines the
pure private equity
S1 S2 R1 R2 COMMENT MarketsMojo, a stocks managing ₹1,000 crore, You have grown quite company’s performance over
research and analysis firm, is which it plans to take up to investment. We are rapidly. Can you give a the last five quarters.
435 428 442 450 Stock is at a support; go long with
stop-loss at 428. planning to raise $20-50 ₹5,000 crore within the next open to diluting up to sense of how you see Valuation considers
million in Series A funding, year. 10-15 per cent of our future growth and your historical valuations, PEG
₹282 » ONGC with 10-15 per cent equity “Our aim is to become the stake in the company research strategies? ratios, peer valuations, and
S1 S2 R1 R2 COMMENT
dilution as it ramps up its Bloomberg of research Our growth has been rapid. earnings growth potential.
business, in the 21 countries globally,” Founder and CEO, MOHIT BATRA Most users were acquired in Technicals include one-week
280 275 285 300 Go long if the stock breaks out of where it provides its Mohit Batra told businessline. Founder and CEO, the last 4-5 years, growing at and one-month overlays to
285; stop-loss at 275. services, in the next 1-2 “We aim to generate returns MarketsMojo a rate of around 70-80 per gauge market sentiment.
years. for clients globally, cent year on year. Average
₹2931 » Reliance Ind. It is also exploring private attracting investors whether ticket sizes range from ₹20 to How are you planning to
S1 S2 R1 R2 COMMENT equity investments or allocating in the US, UK, large portfolio book that own portfolio management ₹25 lakh, with some fund your expansion?
2890 2830 2975 3000 The stock is moving across a integrating with a larger Japan, China or India.” have been stored by investors services - MojoPMS when we portfolios holding even We are planning to raise
sideways trend; stay out. brand. Excerpts: on our site, exceeding obtained our PMS licence. crores. Some users have between $20-50 million.
Started in 2015, the ₹50,000 crore on which we We primarily invest in the prepaid for 7 to 40 years, with Funding could come from
₹825 » SBI company covers 4,000 listed You provide research render advisory services to top companies within our investments ranging from private equity investors or
S1 S2 R1 R2 COMMENT
companies in India and has services for Indian as them. Today, we have a 20-30 PMS, which currently ₹1-2 lakh. strategic players interested
around 1.2 million individual well as global stocks. per cent market share in manages ₹1,000 crore, Despite tracking a large in entering the market.
800 780 835 850 Buy when the stock dips to 800; users and a handful of Could you give an India on retail research. mainly from HNIs, aiming to number of stocks, we have no Integration with a larger
place stop-loss at 775. institutional clients, overview of your growth Around 1.2 million users reach ₹5,000 crore within the dedicated research team. brand seeking an established
including Axis Securities and in India and abroad, and are registered with us. We next year. Instead, we use a data science research platform is one
₹3822 » TCS Angel Broking. Subscription the scope of your have a paid model of We offer research to five model analysing the last 10 potential avenue.
S1 S2 R1 R2 COMMENT fees range from ₹4,999 at a services? research, a premium model institutional clients - Axis years of financial data for Alternatively, we may opt for
3800 3750 3900 4000 Consider fresh longs above 3900;
basic level to ₹98,999 for a We cover 4,000 listed for retail customers who Securities, Geojit, Angel each company. Four main a pure private equity
stop-loss at 3860. professional package. Right companies in India. We have a portfolio ranging from Brokerage, SMC Insurance, parameters are used to rate a investment. We are open to
now, a flash sale is on where provide stock calls, model ₹5 lakh to ₹1,000 crore. Eight and Integrated Investments. company — quality, financial diluting up to 10-15 per cent
S1, S2: Support 1 & 2; R1, R2: Resistance 1 & 2. Mojo Professional is portfolio calls, and have a months ago, we started our Previously, we had trend, valuation, and growth. of our stake in the company.
CM
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4 . bl . think
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businessline.
THURSDAY - MAY 2 - 2024

THURSDAY - MAY 2, 2024

V SRIDHAR

KYC confusion
T
he Telecom Performance
Indicators Report 2022-23,
published by the Telecom
Regulatory Authority of
MF KYC compliance could have been better handled India (TRAI), reveals that
the number of broadband subscribers
he revised know-your-customer (KYC)

T
(with a minimum downlink speed of 2
norms have unleashed a chaotic situation in Mbps) in the country has reached about
840 million out of which about 340
the mutual fund industry. A large section of million and 500 million, respectively, are
investors has been barred from initiating new rural and urban subscribers.
investments or redeeming old ones from April 1, In particular, in rural areas, the
percentage of telecom subscribers that
2024. The genesis seems to have been SEBI’s circular have broadband connection has
issued in August 2023, which had stipulated that the increased twofold in the past five years to
KYC process for investors transacting in markets reach about 65 per cent. This huge
growth in rural broadband subscription
should be based on both proof of identity and proof is due to many of the following initiatives.
of address for which the official requirement was the Providing universal service at
client’s Aadhaar-linked PAN with updated email affordable prices has always been a RITU RAJ KONWAR
regulatory challenge all over the world.

India moving towards

addresses and mobile numbers. Regulatory economics indicates that
unless we have a monopoly service
KYC-registration agencies (KRAs) were provider who can cross-subsidise the
duly asked to validate all existing investor rural loss using high price plans for urban
records, if KYC was earlier completed with subscribers, any option including
other documents. The initial deadline for
validation of KYC records on these lines was
set for December 2023, and subsequently
extended to March 31, 2024. Meanwhile, a
master circular issued in October 2023
introducing competition does not yield
the intended benefits to the rural
populace.
The widely adopted principle is to
subsidise the deployment of rural
networks through Universal Service
‘broadband for all’
Obligation Fund (USOF) — referred to RIGHT DIRECTION. The Universal Service Obligation Fund has helped expand optic fibre
clarified that documents that are valid proof
for KYC are Aadhaar, driving licence, voter
as Bharath Nidhi in the Telecom Act connectivity, wi-fi networks, and rural penetration. These efforts must continue
2023. India enacted the setting up of
ID, job card or any other document specified USOF in 1997, by charging a Universal
by the Central government in consultation Service Levy (USL) of 5 per cent of network to wi-fi networks is one of the The relatively higher leased line connectivity these islands had earlier.
with the regulator. This meant that adjusted gross revenue of the operators. strategies used by the telcos in many charges levied by the telcos has been a
Today, the corpus of USOF collected over countries to do effective traffic deterrent for the PDOs to provide ROLE OF BSNL
investors who had submitted bank the years has been put into many areas. management. However, in India we have sustainable wi-fi service. Since leased line Fourth, is the role of the state-owned
statements or utility bills as proof of address not seen this due to the disinterest tariffs are under tariff forbearance, the enterprise (SOE), BSNL. One of the
had to re-do their KYC. The regulator’s RURAL CONNECTIVITY exhibited by the telcos. regulator is also not able to make any regulatory interventions in augmenting
move was well-intended as it was trying to First, is the completion of one of the In order to improve penetration of headway. The government should issuea universal service is to equip the SOE to
largest rural broadband connectivity wi-fi hotspots, the Prime Minister separate lower tariff for backhaul leased manage the roll-out of rural broadband
standardise and simplify the KYC process, projects in the world, BharathNet, Wireless Access Network Interface (PM line for WANI-registered PDOs so that networks. While countries such as the
while ensuring compliance with anti-money deploying about 6,50,000 route km of WANI) was conceptualised by TRAI in wi-fi provided by the PDOs take off in USthat do not have an SOE depend on
laundering rules. optic fibre connectivity to more than 2018, which is now being rolled out larger scale. private telcos to provide universal
But the moot question is, with all PAN 2,00,000 village panchayats, thereby across the country. WANI is an The third, is a hard look at villages and broadband connectivity, India is
numbers already linked with Aadhaar cards improving access to robust backhaul interoperable wi-fi network that areas in the country that have been fortunate to still have BSNL.
network connectivity. With this in place, provides flexible authentication and uncovered. With funding from USOF, In recent years, efforts have been
and KRAs having access to these records, and by offering affordable broadband payment models that allows users to 354 of these uncovered villages are being initiated by the government to
why was the re-KYC process left undone tariffs, the scheme has resulted in data access wi-fi on the go. covered through a subsidised mobile streamline processes and operations
until the nth hour. Investors are now being usage exceeding 100,000 terabytes per Another objective of WANI is to create tower installation scheme. The difficult within BSNL to effectively compete with
forced to check the KYC status on their own month. an abundance of last mile wi-fi access geographical terrain of the North-East private telcos. The BharatNet Udyami
With two phases completed, and the providers (aka public data offices — region of the country increases the scheme being offered by BSNL to
and upload physical documents or third phase expected to start soon, PDOs) in the form of local micro average cost per connection. provide very low price Fiber To The
physically visit the offices of the KRAs or covering the remaining 50,000 village entrepreneurs to provide ubiquitous Home broadband connectivity to rural
mutual funds to update records for panchayats, the BharathNet project that wi-fi access. MOBILE TOWERS households, funded through the USOF,
investments that they have held for years. was started in 2011 is realising its true With this in mind, mobile towers are has met with success. The recent
Barring investors from redeeming their potential in providing rural broadband To improve penetration being commissioned in the North East announcements regarding 4G rollout by
connectivity. of wi-fi hotspots, the region with support from USOF. Apart BSNLare timely, to accelerate the
existing investments or making fresh ones Asubstantial portion of the USOF from these, through the Comprehensive momentum towards rural broadband
in a new AMC because of changing goalposts amounting to about ₹40,000 crore have Prime Minister Wireless Telecom Development Project (CTDP) connectivity in the country.
on KYC, is also causing unnecessary been disbursed for this project alone. Access Network Interface of the government of India, the For India to attain “broadband for all”
hardship. A good part of the blame for the Given a robust backhaul, the next step submarine optic fibre cable connecting as indicated in the National Digital
is to provide affordable and easy access. was conceptualised by mainland India to Andaman and Nicobar Communications Policy 2018,
current state of affairs must also be laid at The wi-fi density in India is very low TRAI in 2018, which is and Lakshadweep islands is providing sustainable efforts such as the above are
the doors of the fund industry and AMFI. compared to many countries. Wi-fi robust broadband connectivity the need of the hour.
They could have suo motu informed offloading, that enables shifting the now being rolled out compared to the relatively expensive and
investors of the upcoming change and traffic from the cellular broadband across the country. unreliable satellite based low bandwidth The writer is Professor, IIIT-Bangalore

facilitated their seamless re-KYC any time

between August 2023 and March 31, 2024.
Such proactive action could have prevented
the ongoing disruption in flows. KRAs too
could have checked the records at their end
and sent emails to customers whose
Agriculture exports need to be stepped up
accounts needed re-KYC, well before the A holistic plan involving diversification of products and markets, improving agri infra, and reducing logistics costs will help
March deadline. Intermediaries such as
online execution platforms and mutual fund share in the global market is only 2.4 per the mandatory limit of 7.6 million
Parashram Patil cent which needs to increase up to 4-5 tonnes.
distributors also need to take some blame. per cent. Egypt, Israel, Oman, Nigeria and
At a time when India is winning global
T
he impact of the Red Sea crises There is a need to develop a holistic South Africa, among others, are the
accolades for digitisation of financial and Russia-Ukraine war is visible agriculture export plan with major wheat importing countries and
services, there is no reason why investors on the Indian agriculture sector, diversification of products and markets. they rely on Russian or Ukrainian wheat.
especially on exports. India’s agriculture The focus should be on commodities Since India has excessive wheat stock, it
should be made to jump through so many exports slipped nearly 9 per cent with high potential for export growth can be exported to the aforementioned
hoops for the KYC process. Financial between April and February in FY24 to such as bananas, mangoes, grapes, countries.
regulators need to come together to $43.7 billion due to the Red Sea crisis, guava, pomegranate, watermelon, Improving agriculture export
operationalise a centralised portal where a the Russia-Ukraine war, along with onion, green chilli, capsicum, okra, infrastructure, especially pack houses,
domestic restrictions. garlic, groundnut, alcoholic beverages, integrated cold storages and processing
customer can complete both his initial KYC, According to a CRISIL report, the cashew nut, buffalo meat, jaggery, mechanisms, will help reduce the
and subsequent updates on address, mobile VALUE ADDITION. Vital for exports
impact of Red Sea crises will be natural honey, potatoes, and baby corn. perishability of exported commodities.
number, email ID, etc., so that such significant on the agricultural sector due While India’s exports of these items A specific long-term strategy is needed
situations do not recur. to the perishable nature of the goods and in 2022 stood at $9.03 billion, the global export of these commodities needs to be with diversification of agricultural
lean margin profiles, which limit the imports of these came in at $405.24 promoted through sea routes. production and exports that factor in
ability of the sector to absorb the risks billion in the same year, with the US, Developing a sea protocol reduces the comparative advantage, available
from rising freight costs. Malaysia, Canada, Russia, Germany, logistics cost, especially for export of market, productivity, consumption,
For instance, India is the largest France, Korea, China, Indonesia, Japan, horticulture produce to long-distance subsidies and incentives, conserving
FROM THE VIEWSROOM. exporter of rice globally. In 2022, the
export volume of basmati rice from
Italy, Belgium and the UK being the top
buyers.
market, and will enable a quantum
increase in exports.
scarce resources such as water and
energy, and reducing the carbon
India amounted to over three billion India accounts for 14 per cent of footprint.
The amazing jumbo tonnes globally. Rising freight costs have
curbed its export — which accounted for
30-35 per cent of the production — and
DEVELOP SEA PROTOCOL
There is a need to develop a sea protocol
to enhance these exports. For instance,
global wheat production, more than
Russia and Ukraine combined. But
India’s share in wheat exports is only 3
Also, there’s a need to focus more on
value-added processed food products,
rather than processed agricultural
audible, has always induced awe, this is now being sold in the domestic ginger, pineapple, mangoes and oranges, per cent as wheat is largely used for commodities, for exports.
TCA Srinivasa Raghavan till the reverse thrust shook the market at lower margin. among others, are mainly transported by domestic purposes.
window panes. Inside you barely Currently, India’s agriculture export air, which increases transition costs; the Indian wheat stocks are three times The writer is an agricultural economist

A
ir India’s last remaining heard them.
Boeing 747 made its last My first experience on the 747
flight a few days ago, was also the first time I flew, in
mostly unremarked. But it was a 1975. Air India had given me a free LETTERS TO EDITOR Send your letters by email to [email protected] or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002.
moment of sadness, as when ticket to attend a job interview
something truly great and with them. It was a New
beautiful passes into history. York-Delhi-Bombay flight and I Upgrading SFBs assessment are stringent, and these today, which is not good for our worth may erode significantly if financial institution? He should bear
Please shed a nostalgic tear for it. got on at the last leg. (They didn’t This refers to the editorial ‘Slippery would be hard to adhere to for new democracy. The Indian voter has personal assets are transferred to in mind that it is a business venture,
It was an amazing aircraft. It select me, the silly fellows.) glide path’ (May 1). Regulations entrants. The apex bank could relax become smart and cannot be taken family trusts after availing finance. not a wager.
could, when suitably modified, After that, like hundreds of governing small finance banks (SFBs) few guidelines exclusively for SFBs in for granted. The voter demands The efficacy of loans against R Mohan
carry as many as 520 passengers. thousands of others, I flew on it and public sector banks differ on the area of branch expansion and good infrastructure, jobs, economic personal guarantees depend on the Kumbakonam, TN
Back in the 1980s. many times, including, unlike the many aspects such as priority sector garnering more public deposits. development, and investment in stability of the net worth of
The jumbo was originally others, five times with two prime lending and capital adequacy. A few RV Baskaran health and education facilities. guarantors. Vaccine side-effects
intended as a cargo plane to carry ministers. Believe me, that’s the SFBs have been performing well now Chennai Veena Shenoy M Raghuraman AstraZeneca admitted in court that
tanks and such like. But in 1966 it way to fly. and are aspiring to get converted Thane Mumbai its Covid-19 vaccine, known as
was reassigned as a large fuel Once, we encountered such into universal banks. But conversion Low voter turnout Covishield in India, can cause side
efficient carrier for Pan Am, which wild turbulence that this giant or upgrading SFBs to universal banks This is with reference to ‘In Hindi belt Funding of SMEs Personal guarantees effects like blood clotting and low
bought 25. India bought six and plane was wobbling like a banana defeats the very purpose for which low turnout is a uniform trend’ (May This has reference to ‘Accessible One is at a loss to know why there is platelet count. This
got its first jumbo in 1971. leaf in a storm. On another they were established. 1). Low turnout and lack of SME finance’ (May 1). Funding of so much debate about personal acknowledgement came during a
Watching a jumbo take-off and occasion the Korean driver of our Disinvestment, privatisation and enthusiasm among voters is but SMEs is slightly different from other guarantees (PGs). After all, such lawsuit, though the condition,
land never failed to amaze. The bus at Seoul airport couldn’t find merger are looming large in the natural looking at the way our entities in terms of quantum, guarantee demonstrates the thrombosis with thrombocytopenia
sheer grace and brute power, both this huge aircraft despite its banking arena with a view to making politicians are fighting over methodology, riskiness and pricing. promoter’s confidence about the syndrome, has been documented in
in view simultaneously, are hard to majestic size. a stronger global presence and in irrelevant matters, hurling abuses at Timely funding is also important. success of his project. That will give scientific literature. India has to ban
capture in words. In the 1970s the The Delhi and Bombay airports having a handful of big size banks. At each other, not touching real issues However, depending on personal more comfort to the lender than the the use of Covishield and other Covid
size of that giant machine lifting were not ready for the numbers it this juncture, inducting SFBs into the such as employment generation, guarantees is not appropriate as the assessed financial strength. If the vaccines if concerns about their
slowly in a deafening roar and carried. The chaos brought you commercial banking arena does not improvement in infrastructure, net worth of the guarantor may promoter himself is not clear on the after-effects are not addressed.
climbing away, or just floating back down to earth in what pilots sound good. The Basel IV norms on welfare schemes, etc. The Indian fluctuate during the funding success of his business is it not unfair Vijaykumar HK
down to land with engines barely call a hard landing. capital adequacy and risk voter is in a confused state of mind duration and it is likely that the net to expect funding from a bank or any Raichur, Karnataka

Published by N. Ravi at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 and Printed by SDT Rao at Plot No. Z-6 to 8, IDA Uppal, Hyderabad-500007 – 06, on behalf of THG PUBLISHING PVT LTD., Chennai-600002. Editor: Raghuvir Srinivasan (Editor responsible for selection of news under the PRP Act). ISSN 0971 - 7528

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THURSDAY - MAY 2 - 2024

Looking beyond exams

The assessment process must be demystified
Jobs crisis: Regional approach needed
JOBS FIRST. Though the unemployment rate has fallen there are still significant State-level disparities
Neena Jha Chhattisgarh. These States exhibit high
per capita incomes, a substantial

W
ith the annual number of highly educated youths, and a
examination season relatively higher proportion of youth
just behind us and engaged in quality regular formal jobs
results round the corner, it is a BALWANT SINGH MEHTA
(Fig 1).
time of bated anticipation for Conversely, States with lower YECI

Y
students, parents, and educators oung people worldwide are performance such as Assam, Bihar,
alike. It may also be an opportune increasingly finding it Odisha, Rajasthan, Jharkhand, Pradesh,
time to reflect on the shift around difficult to get a stable job, Madhya Pradesh, West Bengal, and
assessment practice that is especially due to limited Jammu & Kashmir are characterized by
currently underway in our experience and resources to low per capita incomes, a larger share of
country. compete effectively in the job market. youth in the population with lower
The National Education Policy SCHOOL EDUCATION. The India Employment Report, 2024, education levels, higher unemployment
2020 calls for transforming Continuous assessment GETTY IMAGES jointly published by the Institute for rates, limited regular formal
assessments such that it Human Development (IHD) and the employment, and a significant number
optimises learning and role of academic International Labour Organisation of youths are not in employment,
development of all students in monitoring/mentoring cadre to (ILO), has highlighted this issue for education, or training (NEET) status
school. Shift from supervise and ensure an unbiased India. The report indicates an overall (Fig 2).
content-centred to and fear-free assessment improvement in the labour market in Despite high YECI performance,
competency-based assessment is environment for students. Or, the recent years, with a rise in adult (15+ developed States like Kerala, Andhra
at the core of reforms being collaboration between head years) employment rates from 46.8 per Pradesh, Telangana, Tamil Nadu,
initiated to move towards teachers, teachers, and special cent in 2018 to 56 per cent in 2023, and a Punjab, and Haryana still grapple with
improved assessment practice. A educators to create an inclusive decrease in unemployment rates from 6 challenges of educated unemployment
clear message is that assessments assessment plan for children with per cent to 3.2 per cent, with youth and NEET status among youth.
do not inevitably mean special needs. Interlinkages unemployment rate decreased from 17.8 While these States have a sizable
examinations. A 360-degree among stakeholders to effect this per cent to 10 per cent. population of highly educated young
holistic assessment that is shift in how assessments are However, educated youth face people, not all secure local suitable job
continuous and puts student undertaken are critical. disproportionately high unemployment opportunities. Additionally, they face a
learning at the centre has been Third, leveraging existing rates, at 16 per cent for secondary and shortage of low and unskilled workers,
envisioned. resources and emerging above and 28.4 per cent for graduates and demand for such workers expected
Reforming assessments is not technology to strengthen and above. Despite national to increase further in the future.
just a matter of changing the backward and forward linkages of improvements, significant regional and
format and methods of assessing assessments. While the adoption State-level disparities in youth While the eastern and
student learning. It entails of technology for the purpose of unemployment exist, which are masked central States are not
working towards a shift in assessing student learning in in the national average and require
mindsets of education every classroom or school may be detailed discussions and clarity. generating enough jobs
stakeholders to transform the
assessment ecosystem. In an
a subject of continued debate and
experiment, its use in making
India's working-age population
(15-59 years) comprises 64 per cent of
and face out migration of
absence of this impetus, the risk sense of data emerging from the total with, 8-9 million new labour, the more developed
of falling back on conventional assessments is undisputed. individuals joining annually. Despite a States are facing educated
and familiar practices looms Assessment data, especially for yearly decrease in the youth (15-29
large. large-scale education systems like years) of one million, it still represents unemployment
Here is an attempt to unpack ours, is a potent tool to check on 40 per cent of India’s working-age Conversely, States with low YECI
what might be the primary tenets the health of the system. population, the highest globally. performance struggle to generate
of the shifts in the assessment Finally, empowering those at The IHD-ILO report stresses India’s enough jobs for increasing young labour
ecosystem: the frontline of the assessment “final window of opportunity” to force, leading to out-migration. This
First, reforming and process — teachers and students. harness its “demographic dividend” diminishes the economic contribution
strengthening institutions that For teachers to look at provided labour supply and and demographic advantage of such
teach and assess. For this, the assessments as an integral part of employment are sustained with high young individuals in their home States.
establishment of state assessment their classroom practice, it is workforce productivity. The challenge This analysis highlights the disparity
cells aligned to the National important for their capacity lies in not only creating more jobs but in youth employment and
Assessment Centre PARAKH building programmes be designed also ensuring decent employment unemployment situation across States,
(Performance Assessment, on those lines. For example, across States for their growing labour often hidden by national averages. Thus,
Review and Analysis of pre-service courses can embed force. there's a pressing need for customized
Knowledge for Holistic assessments as part of curricular regional or state-level policies to tackle
Development) is a good first step. modules. In-service programmes STATE-LEVEL VARIANCE youth unemployment issues.
What would be critical is further should establish linkages with Indeed, significant differences exist in States with low YECI scores should
penetration of capacity and classroom practice. the youth population across States. prioritise local job opportunities for
decision making around For students to experience Uttar Pradesh (18.6 per cent) and Bihar their growing youth population, while
assessment practice to the assessments beyond the dreaded (9.5 per cent) alone constitute over those with high YECI scores should aim
district level. The role of DIETs ‘examinations’, it would require one-fourth (28.1 per cent) of the total for quality job creation that meets
could be as spokes to the hub state demystification of assessments. youth population in the country, youths' aspirations.
assessment cell. When students begin seeing sense projected to reach 29.8 per cent by 2036. The Central and State Governments
Second, building systemic and logic in why and how they are These States, along with Maharashtra have initiated several schemes to
capacity continuously and being assessed and start (8.3 per cent), Madhya Pradesh (7 per increase youth employment, but most of
comprehensively. To transform leveraging assessment data cent), and Rajasthan (6.4 per cent), are these schemes focus more on skill
the way students experience themselves, they will look at it anticipated to represent over half (52 also dropped below the replacement smaller youth population share and an development rather than creating
assessments, it would be beyond grades, averages, and per cent) of the youth population. rate of 2.1 children per woman in major increase in the ageing population. suitable jobs.
important to reimagine how ranks and be active partners in the So, the less developed States, States, except Uttar Pradesh, Jharkhand, The disparities in youth population While enhancing skills is important, it
relevant systemic actors engage entire process. especially in eastern and central region and Bihar. across major States are also reflected in alone won't solve unemployment
with the process. This includes like Bihar, Chhattisgarh, Jharkhand, and Consequently, India’s youth the Youth Employment Condition problem without creating adequate and
building capacity of school, block, The writer is Advisor- Education and Skills Madhya Pradesh, expect an increase in population is decreasing and is projected Index (YECI), which evaluates four key suitable jobs. The policies should assist
district and state level Practice, KPMG in India. Views expressed are youth population, while developed to decline further, indicating the likely supply and demand labour market employers in creating suitable jobs to
functionaries. For instance, the personal States particularly in southern region closure of the “youth bulge” advantage. indicators as given in the IHD-ILO achieve Sustainable Development Goal
like Kerala, Tamil Nadu, Telangana, As discussed above, only few less report. 8, ensuring access to decent
Andhra Pradesh, and Karnataka developed States in eastern and central States with higher YECI performance employment for all and reducing youth
anticipate a significant decline. India are expected to sustain a “youth compared to the national average unemployment rates.
thehindu businessline.
In recent decades, there has been a bulge”, contributing significantly to the include Tamil Nadu, Himachal Pradesh,
decline in both the crude birth rate and working-age population. Kerala, Delhi, Maharashtra, Karnataka, The writer is Professor at IHD, Delhi, and co-author of
mortality rates among the elderly in Conversely, developed States, Telangana, Gujarat, Haryana, Punjab, India Employment Report, 2024. Views expressed are
TWENTY YEARS AGO TODAY. India. The total fertility rate (TFR) has especially in the south, will likely see a Uttarakhand, Andhra Pradesh, and personal.

May 2, 2004
India Inc posts robust profit growth
IT has been the second successive year of robust growth in profits for India Inc if
the financial performance of the first 300 companies is any indication. Aggregate
US firms add 192,000 jobs as wage growth cools in ADP data
net sales and aggregate net profit of these companies have grown by 19 per cent
and 37 per cent respectively. In 2002-03, growth in sales and profits were 12 per Bloomberg 183,000 gain. The back-to-back gain for workers and low levels of rose 9.3 per cent, down nearly a
cent and 53 per cent respectively. was the strongest since the middle of unemployment, which have helped fuel percentage point from the prior month.

U
S companies hired at a strong last year. consumer spending and keep prices Workers who stayed in their job saw a 5
MFs send feelers to regulator for floating ‘feeders’ pace in April, pointing to a “Hiring was broad-based in April,” elevated. per cent median pay bump, similar to
The domestic mutual funds have sought the Securities and Exchange Board of India robust demand for workers Nela Richardson, chief economist at Federal Reserve officials are March’s growth, according to the
(SEBI) permission to float ‘feeder’ funds to help domestic investors to invest in across multiple industries. ADP, said in a statement. Leisure and expected to keep interest rates report.
global funds. This is to take advantage of the scheme announced recently by the Private payrolls increased 192,000 hospitality, as well as construction, led unchanged at a two-decade high at the A separate measure of labour costs
Government under which Indian residents can invest up to $25,000 overseas a year. last month after an upward revision to payroll growth. Job gains were conclusion of their policy meeting closely watched by the Fed accelerated
the prior month, according to figures strongest in the South. Wednesday. Policymakers have in the first quarter by more than it was
ICAI norms govern leased assets of banks published Wednesday by the ADP The labour market has remained signalled they’re unlikely to lower rates expected, according to a separate
Leased assets of banks will now be governed by the Institute of Chartered Research Institute in collaboration more resilient than economists anytime soon given the lack of progress report Tuesday, a sign of persistent
Accountants of India (ICAI)’s standard on ‘impairment’ of value under Accounting with Stanford Digital Economy Lab. anticipated over the last few months. on inflation this year. wage pressures. ADP bases its findings
Standards (AS) 28. In addition to leased assets, a bank’s fixed assets would also be The median estimate in a Bloomberg Despite elevated interest rates, there Wage growth cooled in the ADP data. on payroll data covering more than 25
covered under these norms, as per the RBI guidelines on compliance with AS by survey of economists called for a has been a consistently healthy demand For people who changed jobs, wages million US private-sector employees.
banks.

BL TWO-WAY CROSSWORD 2430

EASY NOT SO EASY
ACROSS DOWN ACROSS DOWN
01. Disgraced, lowered in 01. Affectedly modest (6) 01. Drag about, indeed, being in disgrace (8) 01. It's rude to embrace me somehow, being so modest (6)
character (8) 02. Person with a ward (8) 07. Credit one and have me show it doesn't pay? (5) 02. He has a ward and a newspaper (8)
07. Felony (5) 03. Song from opera (4) 08. Intention is to be average in Greek initially (7) 03. Every Italian breathes what singer sings (4)
08. Intention (7) 04. Birds of prey (6) 09. Tumblers lose head and contort if one moves clumsily (7) 04. Two fewer strokes needed for such high-fliers (6)
09. Moves heavily, clumsily (7) 05. Get up (4) 10. Red, I might be, having been taken for one by cheat (4) 05. Increase in salary may appear over the horizon (4)
10. Lie at anchor (4) 06. A being (6) 12. Tess not responsible for one of the overheads? (7) 06. A human being for each male child (6)
12. Hat (7) 07. Remark (7) 14. Signifies bank-bills only half-made to begin with (7) 07. Observe how, as Frenchman would have it (7)
14. Signifies (7) 11. Comebacks (7) 17. Are past being included in Tower exhibition (4) 11. They give one witty answers in the laboratory (7)
17. Used to be (4) 13. Oblique (8) 18. At the turning-point, almost replete with crumb left 13. The team are yearning, in an oblique way (8)
18. Fixed point on which 14. Not to be the same (6) unfinished (7) 14. Initially French fried might disagree with one (6)
lever moves (7) 15. Chinese craft (6) 21. They support head, though ailing among wartime 15. China craft will bridge first part of day inside (6)
21. Head-supports (7) 16. Vexing thing, problem (6) prisoners (7) 16. What's taken at four only half-served: a problem! (6)
22. Fairy creatures (5) 19. Be enamoured (4) 22. East loves nothing less than such fairylike beings (5) 19. Cupid doesn't score in some games (4)
23. Place at risk (8) 20. Parasitic insect (4) 23. Stop hot displeasure and put one at risk. (8) 20. Leaf, last of which is first to be caught on the hop? (4)

SOLUTION: BL TWO-WAY CROSSWORD 2429

ACROSS 7. Par excellence 8. Self-service 12. Kept up 14. Yearly 16. Nooses 18. Dobbin 19. Sententious 23. Dressing-rooms
DOWN 1. Bass 2. Bell 3. Acts up 4. Flurry 5. Kepi 6. Acme 9. Explode 10. Caribou 11. Hymn 12. King 13. Use 15. Ego 17. Scenic 18. Dotage 19. Sire 20. Ness 21. Oboe 22. Some
CM
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6 . bl . technophile
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THURSDAY - MAY 2 - 2024

WHAT’S HOT GADGETS. Siddharth Mathew Cherian

I
t’s been seven years since
Digital battleground Lenovo launched its Legion
series of gaming laptops,
The new Dell Alienware x16 R2is powered by which have now become a
the latest Intel Core Ultra CPU on the X series.
The gaming device is now equipped with AI
efficiencies and unique
experiences for gamers
distinguished lineup. With each
year, the company has improved its
offerings in this performance-
driven gaming device, across price
Conquering
new realms
and creators alike. The points. This year is no different.
laptop boasts the most The latest Lenovo Legion 5i is here
advanced Cryo-tech for review and here’s my take on it.
thermal management
system. The embedded DESIGN
quad-fans with ultra-thin Weighing in at around 2.36 kg, the
blades ensures efficient cooling even under the Lenovo Legion 5i was a strain on
most demanding workloads. The laptop’s the back when I shuttled it to work
Legend 3 design sports a full-metal chassis with every day. Soon, I decided that for LENOVO LEGION 5i. The latest
anodised aluminium and magnesium alloy to the remainder of my usage, it’d be version adds new functionalities
offer both strength and lightness. Its 16-inch permanently planted on my home
gaming device has an HDR FHD IR webcam, a desk, set to snipe away enemies in
blazing-fast 240Hz refresh rate and 16:10 aspect Sniper Elite 5. So, if portability is
ratio for seamless gaming. With Wi-Fi 7, gamers what you’re looking for, you may
can enjoy an ultra-fast, low-latency and stable not find it here.
experience. The device is priced at ₹2,86,990. The laptop is designed with an
aluminium top and a polycarbon-

PHOTO : BIJOY GHOSH

ate-ABS bottom chassis. The unit I
reviewed featured the Luna Grey
colour which looked quite mute.
The lid picks up finger smudges
Budget buddy easily, but thankfully, it’s not too
visible against the grey of the lid.
The realme C65 5G sports a 6.67-inch display,
The keyboard has a good amount
along with the world’s first MediaTek Dimensity
of key travel and the response
6300 5G chipset. The smartphone also
between a keypress and the action
features a 50MP camera
rendered on-screen was instantan-
that allows users to
eous without any ghosting or
capture their creativity
double presses.
in high resolution. To
The one thing that immediately
enhance the viewing
lends a gaming laptop aesthetic is
experience, the C65 5G
the four-zone RGB backlighting for
boasts a 120 Hz Eye
the keyboard. I could control this
Comfort Display with
using the Lenovo Spectrum feature
TÜV Rheinland Low Blue Light Certificate,
in the Vantage app. The keyboard
ensuring reduced eye strain. The power button
also features a dedicated key for
doubles up to offer multiple functionalities
calling upon CoPilot (Preview),
such as switching sound modes, toggling Do
which is Microsoft AI integrated
Not Disturb, turning on the camera and
into Windows 11.
flashlight, setting a timer and more! It has a
unique light feather design and is available in
DISPLAY
two stunning colours: Feather Green and
The Lenovo Legion 5i features a 16-
Glowing Black. The smartphone is priced
inch WQXGA (2560x1600) IPS dis-
between ₹10,499 and ₹12,499, depending on
play with 100 per cent sRGB. It of-
the RAM and storage specification.
fers up to 165 Hz refresh rate along
with Dolby Vision support, render- GAMER’S DREAM. The Lenovo Legion 5i lets you switch between different power modes with the key combination of Fn and Q.
ing transitions seamlessly and in
vivid colours - one of the best ex-
periences I’ve had to date on a gam- reo speakers optimised with the latest Intel Core i7-14650HX editing. In performance mode, al- feature that powers the laptop fully
Vivid hues ing laptop.
The display was able to easily
Nahimic Audio.
The sound through the built-in
processor, with 16 cores/24
threads. Paired with 16 GB RAM, 1
though the fans get too noisy for my
liking, at least they helped keep the
in one hour, but only once a day.

The all-new vivo T3x 5Gis powered by the render fast-paced gaming with a lot speakers was great. The app makes TB storage, and an NVIDIA RTX laptop cool. CONCLUSION
Snapdragon 6 Gen 1 mobile platform, ensuring of detail in the light and dark areas the acoustic experience deeply cus- 4060 8 GB graphics card, the Legion The laptop was able to export a The Lenovo Legion 5i is a gamer’s
seamless multitasking. It sports a 6.72-inch LCD of Shadow of the Tomb Raider, with tomisable, giving me the choice to 5i breezed through both synthetic 4k video project in DaVinci Resolve dream when it comes to striking
display with a120 Hz of the graphic set to Ultra. tweak the soundstage, voice pro- benchmarks and real-life usage. in under 2 minutes making the Le- the right combination of perform-
refresh rates. The dual The display has a little bit of a files and noise cancellation levels. gion 5i a perfectly capable video- ance, display, colour and acoustics.
stereo speakers promise wobble to it, but the lid can be PERFORMANCE editing laptop, with a great colour- With competition from the likes of
to deliver immersive opened easily with one hand. It was PORTS On CineBench 24, the Lenovo Le- accurate display. Dell G15 and the Asus ROG
audio. There’s a memory a lively experience watching the The Lenovo Legion 5i has the best gion 5i scored 96 points on single- Zephyrus G14, the Lenovo Legion
booster function with teaser trailer of Mufasa: The Lion assortment of ports with three core, 1,184 points on multi-core BATTERY 5i holds its own against the compet-
virtual; extended RAM, King on YouTube and Laapataa USB-A ports, two USB-C ports, an placing it below Apple M1 Ultra, In- The 80 Wh battery in the Lenovo ition and does come out on top of it
where in an extra 8 GB Ladies on Netflix with a true-to-life HDMI 2.1 port with support up to tel W Series and AMD threadripper Legion 5i was average at best last- too.
RAM enables the phone to keep upto 25 apps colour rendition. The built-in 8K/60Hz, a 3.5mm jack, an ethernet chips. It led the pack at 10,499 ing close to 2-3 hours at best while
running smoothly, letting you switch between 1080p webcam and mics were good port, a microSD card reader and the points on the GPU score. browsing websites and listening to
them with ease. The smartphone runs on enough for work meetings. Some- power port. I wish the two USB-C I played Shadow of the Tomb music. With heavy usage such as SNAPSHOT
Funtouch OS 14, which is based on Android 14. times the video looked grainy, so ports were on either side of the Raider at 90+ FPS on Ultra settings. gaming or editing videos, it kept me
It packs in a massive 6,000 mAh battery and the webcam works just about well laptop, just as the USB-A ports The device tends to get quite hot company for just about an hour un- Price: ₹1,29,990 onwards
ships with a 44W fast charger. The smartphone for those hurried Microsoft Teams were. around the keyboard area, but it plugged. With the 230W power Pros: Great performance,
is available in two alluring colours: Crimson Bliss meetings. The micro-SD card may be a put- didn’t cause too much discomfort. brick, it took about two hours to good display, sound quality
and Celestial Greenand is priced between off for users who would prefer an During long hours of usage, the fans charge the laptop. In case you are in Cons: Gets warm while
₹13,499 and ₹16,499, depending on the RAM SOUND SD card reader in its place. kicked in the moment there was de- a hurry to charge the laptop before a gaming, average battery life.
and storage option. The laptop features two 2-watt ste- The Lenovo Legion 5i features manding work like gaming or video road trip, it offers a rapid charge

ition doesn’t look seamless.

Mahananda Bohidar Even on the lock screen, the set- HOT & ‘APP’ENING!
ting shortcut lies just on top of
The best apps handpicked for your
A
certain scent wafts the fingerprint sensor - without
through me as I open the me choosing that. As a result,
Motorola device box
that’s landed on my desk. I’m
certain it’s not my perfume.
Turns out, Motorola has decided
A marvellous half the time I instinctively keep
hitting the settings icon on the
lock screen instead of being able
to unlock the smartphone.
pleasure, this week!
Mahananda Bohidar
to make an impact with the Mo-
torola Edge 50 Pro, even before I
can get my hands on the device.
They’ve added a scent to their
mid-ranger? BATTERY
The smartphone is powered by a
4,500 mAh battery which kept
As we swelter through the summer, here are some minimalist apps to fight
the mental meltdown caused by overcrowded smartphone aesthetics and
excessive phone usage.

smartphone boxes for this me company for a full working

model.
MOTOROLA EDGE 50 PRO. The
day with ease. My main usage in-
cluded watching videos, catch-
Ratio
ne of the nicest minimalist apps that focuses on
DESIGN
Art and aesthetics are front and comeback king has thrown in an
ing up on emails, reading articles
and streaming Spotify. O productivity, Ratio, strikes a wonderful balance
between paring down content and adding functional
forward with the Motorola Edge affordable option like no other There’s a 125W TurboPower
value to the user. You can also select functionalities that
50 Pro. I haven’t used a smart- adapter which impressively
PHOTO : BIJOY GHOSH

phone recently - or maybe ever - charges the phone from zero are important to you such as productivity, creativity,
which has this particular finish battery to full in under 20 mobility, messaging, entertainment, lifestyleand social.
and feel on the rear panel. minutes. Do keep in mind that The app then automatically tracks how much time you’re
Smooth, matte, soft vegan this is not the charger that ships devoting to each of these on your smartphone. There’s a
leather in a lovely ‘Luxe Lav- with the 8 GB variant, which gets separate conversations drawer where WhatsApp
ender’ colour. There’s a classy a 68 W charger in the box. messages show up so you don’t have to switch apps to
Moto logo bang in the centre smartphone is built with ambi- and makes objects appear like The Motorola Edge 50 Pro respond to someone. The same window also includes a
with the camera module making ent lighting on its edges for noti- the best version of themselves, runs on the Snapdragon 7 Gen 3 VERDICT ChatGPT functionality, which is fairly unique.
its presence obvious within a fications. I could personalise the colour-wise. Sometimes, on and offers both an 8 GB + 128 GB As a mid-ranger, the Motorola
raised squarish island on the top colour options I wanted to dif- bright days, the frame gets a little variant as well as the higher-end Edge 50 Pro has a lot of wins in
left corner. As far as colour ferentiate between the lighting over-exposed by default, but 12 GB RAM + 256 GB variant. My the bag. It has an excellent dis- Minimalist Phone
choices go, there’s also a pretty for calls, alarms and notifica- nothing a quick new point to fo- review unit was the latter. The play, a hardware design that visu- haven’t seen a phone screen look like this since
straightforward Black Beauty
and a sleek Moon Light Pearl
tions. I also had the voice of en-
abling this feature only when the
cus on or a little tweak to the ex-
posure can’t fix.
smartphone runs on Android 14
and Hello UI and comes with
ally stands out and feels great in
hand, has deep personalisation
I maybe the early 2000s! This app completely takes
over the aesthetics and the functions of the
variant in acetate finish. smartphone was kept face down. The camera also switches three years of OS upgrades and options without overdoing the smartphone once installedand pretty much gets every
between capturing the back- four years of security and main- UI design elements and offers visual distraction out of the way. On the home screen, it
DISPLAY CAMERA ground and blurring the fore- tenance updates. What I love lightning-quick charging. In this displays only my customised favourite or most used
The display is 6.7-inch pOLED, The Motorola Edge 50 Pro’s ground and vice versa quite well. about the user experience on the price range, that should check apps and the dialer. When I swipe right it wakes me to a
which despite being sizeable primary setup includes a 50 MP The 50 MP front camera also Motorola Edge 50 Pro is the lim- off most boxes on the con- list of all apps installed without any icons visible. While I
doesn’t feel that way. The build is camera with OIS, a 13 MP ul- gives fairly accurate results in itless options to personalise my sumer’s checklist for the ideal can see the advantages of drastically taking away any
narrow and the phone feels light- trawide-cum-macro lens and a terms of both skin texture and smartphone experience. Be it phone. The only area where it and all possibilities for distraction, this one feels too
weight at 186 grams. The com- 10 MP telephoto lens with 3X skin tone. I’d be surprised if that icons or font to fingerprint an- could have done better was extreme for someone who’s constantly looking at the
pany says this is the first and (at optical zoom and 30X hybrid hadn’t been the case considering imations, there are more than video quality, especially in low colourful icons, pagesand my dog’s photo as my
the time of writing) only display zoom. The photos I took on the Moto also said that the camera is enough options to choose from. light conditions but hey you wallpaper for my digital dopamine hit.
validated by Pantone to reflect Moto device are some of the also validated by Pantone “for a What I don’t love is that some can’t get perfect, not at least in
true-to-life colours and skin most vibrant I’ve seen. The vast range of human skin tones”. well-intended features such as this price range!
tones. The display offers up to
144 Hz refresh rate, giving it an
device definitely favours warmer
tones - be it indoor architectural
Both the front and the rear cam-
era setups are equipped to shoot
the AI-generated wallpaper take
their own sweet time (almost 15
Flow Minimalist Launcher
edge over most smartphones in shots or people portraits. 4K videos. seconds or so) to do their job. his minimalist launcher was a little more likeable
the market - both mid-range and
high-end - which offer only up to
On a bright hot Sunday after-
noon, I captured a few cars TECH SPECS
When I selected photos from the
gallery that this feature could
SNAPSHOT
Price - ₹35,999
T and less drastic than the last one. Once installed, the
home page features my most used apps, screen timeand
120 Hz. parked under the sun. The red on Videos taken in ample daylight use to pick colours or patterns Pros - Aesthetic design, dates. At the bottom, I have quick access to focus mode,
The display offers up to 2,000 the car was a little more amped gave some sharp, vivid results. from and create new images/ vivid photographs, bright which comes in handy on days like today when I really
nits of peak brightness so I really up than it was in real life. Yellow Those taken in low light weren’t wallpapers the result was a display, decent battery need to get a lot of work done in a limited time. Right next
didn’t have to squint during windows and cool blue floors at a the best, with a fair amount of mixed bag as far as aesthetics life, superfast charging to it are quick shortcuts to messages and calls. When I
these excruciating summer days resort looked beautiful although noise and artefacts, in limited were concerned. Also, certain UI capability turn on focus mode, an inbuilt Pomodoro timer kicks in
outdoors. There’s also HDR10+ it was obvious that both colours light. There’s also AI Adaptive animations feel jerky. For ex- Cons - UI transitions can to keep track and I can customise the duration as well.
support which means compat- were just a touch more saturated Stabilisation kicking in to con- ample, when I take a screenshot sometimes take time or The premium version includes features such a special
ible content looks more realistic on the smartphone. I have to say trol the shake in the videos and quickly dismiss the capture appear glitchy. digital detox mode, custom icon packs, unlimited
and vivid on the display. The this effect is not unpleasant at all recorded. from the screen, the visual trans- widgets, a habit trackerand more.

CM
YK ... . . . . . . HY-HYE
 commodities.agri.business . bl . 7
HYDERABAD

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THURSDAY - MAY 2 - 2024

QUICKLY.
Crude oil falls for 3rd day on
Middle East ceasefire hopes
Wheat procurement exceeds 55% of target COMMODITY
CALL.

TOUGH TASK. Centre may find it difficult to meet procurement target of 372.9 lt on sluggish purchases in three States Go short on
Prabhudatta Mishra
Pradesh has dropped 35 per
cent to 36.13 lt from 55.6 lt,
lead with
New Delhi but it is higher at 4.52 lt
against 1.06 lt in Rajasthan.
stop-loss at
With the pick up in pace of
wheat procurement, the de-
In both these States, the
local government is paying
₹195
ficit has narrowed down to 8 ₹125/quintal bonus over and
London: Crude oil fell more than per cent as of April 30 from above the minimum support
25 per cent a week ago. How- price of ₹2,275/quintal to Akhil Nallamuthu
1 per cent on Wednesday, losing bl research bureau
ground for a third straight ever, the likely lower-than- purchase wheat from
session, sapped by the prospect expected procurement in farmers.
of a ceasefire agreement in the key States like Madhya Pra- Wheat procurement in the country reached 205.42 lt by April 30, The Centre has bought
Middle East and persistent US desh, Rajasthan and Uttar against 222.89 lt a year ago 5.88 lt of wheat from Uttar
inflation dampening the Pradesh may make it tough Pradesh so far, whereas the
expected pace of interest rate for the Centre to meet the 433.44 lt of wheat in whole to put a check on prices,” aim is to buy 60 lt in this sea-
cuts. Brent crude futures for July overall procurement target year. The government had said an official source. tribute to this year’s delayed combined target is 160 lt. son. Though the purchases
were down $1.19, or 1.4 per cent, of 372.9 lakh tonnes for the procured 187.92 lt of wheat harvest of about 10 days. The in UP are much higher than
to $85.14 a barrel , having hit season. in 2022-23 and 261.97 lt in STATE-WISE ANALYSIS progressive procurement RELAXED SPECS nearly 1.31 lt bought in the
$84.78, their lowest since March Wheat procurement in 2023-24. Despite the export ban and a had recorded a drop of 49 per The Centre on April 23 re- year-ago period and also ac-
15. REUTERS the country reached 205.42 “Though Covid factor was restriction on traders to par- cent until April 23. laxed quality specifications cording to the arrival
lt by April 30, against 222.89 there in 2021, but in terms of ticipate in government’s Wheat procurement in for wheat in MP and Ra- volume, but holding back of
lt a year ago, according to the production it was a normal wheat auction programme, Haryana, where the target is jasthan so that there may be the grain by the farmers
official data. year. But, the last two years the demand was so high that 80 lt, has reached 62.75 lt till some improvement in the could be counter productive
Gold regains ground as Since the procurement in were unusual as despite tall the government had to keep April 30, up 8 per cent from purchases. The Centre has for the government to meet
focus shifts on Fed verdict Lead futures (May con-
last two years were below ex- claims by Agriculture Min- raising the weekly offer as 58.27 lt year-ago. Officials bought 2.20 lt of wheat with the target, traders said. tract) on the Multi Com-
pectations, a comparison istry about bumper wheat well as the buying limit from said that 90 per cent of har- relaxed specifications in Ra- The higher procurement modity Exchange (MCX)
with purchases made in the production, the Centre time to time and the offtake vesting is completed in jasthan from April 24, which in UP and Rajasthan was due rallied sharply over the past
Bengaluru: Gold prices same period in 2021 shows could not mop up adequate remained over 95 per cent. Haryana. The government is is nearly at par with 2.31 lt to low level of purchases in
rebounded on Wednesday as month. It rebounded from
that it was 280.39 lt. The wheat. Wheat procurement in hopeful of procuring 210 lt purchased between March the entire season during the support at ₹180. On
caution sets in ahead of the US Centre had purchased over However, due to previ- Punjab stood at 95.97 lt till per the target from Punjab 13 and April 23. 2023-24. While UP had con-
Federal Reserve policy decision Tuesday, the contract
12 lt in first two days of May ously held grain in the re- April 30, down by about 10 and Haryana whereas the In MP, the Centre has tributed a total 2.2 lt, Ra- closed at ₹191.55 per kg.
later in the day, while a pullback in 2021, officials said while serves, it sold a record 100 lt per cent from same period main problems are in Ra- bought 6.43 lt of wheat after jasthan bought 4.38 lt of
in the dollar and US Treasury Although it has seen a
highlighting that the govern- between June and March of last year’s 106.54 lt, which jasthan, Uttar Pradesh and relaxations of the norms. wheat for Central Pool in fresh breakout and the re-
yields prompted some bargain ment had purchased a record 2023-24 fiscal and was able millers and State officials at- Madhya Pradesh, where the The purchase in Madhya 2023-24 fiscal.
hunting. Spot gold was up 1 per cent trend has been up, lead
cent at $2,307.88 per ounce, futures has a strong barrier
after hitting its lowest level at ₹195. The resistance has

Emergence of La Nina may bring bountiful rains in August

since April 5 earlier in the been holding true since
session. REUTERS 2021, making it a significant
one.
The chart of the continu-
in August is manageable for central India and adjoining levels over the west central ous contract of lead futures
Cocoa prices fall 10% Our Bureau the crops. However, agricul- areas of peninsular India ex- Bay of Bengal and the adjoin- shows that it has been oscil-
amid record low liquidity New Delhi ture experts also caution the perience around three days of ing eastern coasts of India. lating between ₹173 and
negative impacts of heavy heatwave in May. This caused sea breeze to cut ₹195 since 2021.
While everyone is glued to rainfall on crops as they say off over Odisha and West Given the above factors,
hear about likely heatwaves flood has been seen to bring HEATWAVE FORECAST Bengal on most days, he added. it is safe to assume that the
this month, which may not be more damagethan a drought. According to IMD forecast, South peninsular India ex- rally in lead futures could
as worrisome, India Meteoro- “After driest August in Ma- above normal maximum tem- perienced its second highest be nearing its end, for the
logical Department hopes that harashtra last year, there were peratures are likely to be seen average temperature of 31 de- short-term. A fresh leg of
there may be bountiful of reports of farmers using over most parts of the country grees Celsius in April since downswing can begin if the
monsoon rains in August this standing sugarcane crop for during May, except northeast- 1901, accompanied by 12.6 May futures slip below
year due to La Nina, which if fodder. But, rains after FLIP SIDE. Experts caution against the negative impact of ern region, some parts of mm of rainfall in April, the fifth ₹190, where the 20-day
proved correct, will bring a big September changed the entire heavy rainfall on crops north-west and central India, lowest since 1901. The IMD moving average lies.
London: Cocoa futures on ICE relief to the farmers. Last year, situation and the State is now where maximum temperat- chief noted that above-normal
slid nearly 10 per cent on the rainfall in August was the the top producer of sugar in ures may be normal to below maximum temperatures is be- TRADE STRATEGY
Wednesday amid record low lowest for the month since the country this year,” said an predicts 8-11 heatwave days in Chandigarh, Delhi, Uttar Pra- normal. coming more frequent in this Since ₹190 can offer a sup-
liquidity, and as signs emerge 1901 as the deficit was 36 per industry expert. south Rajasthan, west Madhya desh and some parts of Chhat- Mohapatra said that the region after the 1980s. port, we suggest traders to
the market’s bullish supply-side cent. Briefing media on the likely Pradesh, Vidarbha, Marath- tisgarh, interior Odisha, Gan- prolonged heatwave spell over Moreover, the east and north- initiate short positions
drivers that drove prices to Since July has highest 32 per temperature and rainfall dur- wada and Gujarat and 5-7 heat- getic West Bengal, Jharkhand, east, south peninsular India in east region saw its highest after this level is breached.
all-time highs for six cent share in the June- ing May, India Meteorological wave days in remaining parts Bihar, north interior April was mainly due to the ab- minimum average temperat- Target and stop-loss can be
consecutive weeks are priced September monsoon season Department's Director Gen- of Rajasthan, east Madhya Pra- Karnataka and Telangana. sence of thunderstorms and a ure of 22 degrees Celsius since placed at ₹180 and ₹195,
in, for now. REUTERS in a normal year, a small deficit eral, Mrutyunjay Mohapatra, desh, Punjab, Haryana, Normally, northern plains, persisting anticyclone at lower 1901. respectively.

WEATHER WOES
Turmeric gleams again as demand exceeds supplies
last year. In addition, farm- ports during the April-Janu-
Subramani Ra Mancombu ers are holding back another ary period of 2023-24 were
Chennai 5 per cent for resowing,” lower at 1.32 lakh tonnes
said Agarwal. against 1.36 lakh tonnes in
Turmeric futures have be- “Supplies have been the year ago period. How-
gun to surge again across lower this year and in an- ever, in terms of value they
various agri-terminal mar- other 15-20 days, the situ- were up at $177.03 million
kets in the country as lower ation will be clear. Elections compared with $169.81
production this year has res- to the Lok Sabha have also million.
ulted in demand exceeding led to lower arrivals in parts With the India Meteoro-
supplies, traders and in- of Maharashtra,” said Patil. logical Department (IMD)
dustry participants said. RAIN IMPACT. Experts say if the monsoon arrives on time, “There are various figures predicting the re-emer-
“Futures touched prices could drop to levels of ₹17,000-18,000 on the production being gence of La Nina this year,
₹20,000 a quintal a few ses- lower. It will mean that de- rains during the south-west
sions ago and have dropped mand will be 25 per cent monsoon will hold the key
to between ₹18,500 and meric prices have turned plies ahead. In Nizamabad, lower than normal due to to next year’s crop and price
₹19,500. There could be volatile as the crop is low turmeric (farmer polished) higher prices,” said Rav- movements. “If the mon-
₹1,000 movement either up this time and the question is was quoted at ₹17,593.65, ishankar. “The market has soon arrives on time, prices
or down,” said Sunil Patil, how supplies will turn out to while the superior Rajapore turned bullish and 90 per could drop to levels of
proprietor, Varadlaxmi be in May,” said RKV Rav- variety ruled at ₹18,994.90 cent of the crop has arrived ₹17,000-18,000,” said Patil.
Trading in Sangli, ishankar, President, Erode at Sangli. across most parts of the “The area under turmeric
Maharashtra. Turmeric Merchants According to the first ad- country. We see only one- will rise this year if rains
“There has been a sharp Association. vance estimate released by way movement,” said turn out to be beneficial,”
rise from ₹16,000 to the Ministry of Agriculture Nizamabad-based trader said Ravishankar. If mon-
₹20,000 in a short span of TIGHT SUPPLIES AHEAD and Farmers’ Welfare, tur- Amrutlal Kataria. soon turns out to be good,
time as demand exceeded On Tuesday, turmeric meric production is likely to some of the stockists could
supplies. However, people (farmer polished) ended at be 10.74 lakh tonnes this LA NINA RETURNS rush to the market to sell.
turned cautious at ₹20,000,” ₹18,982 for June contracts crop year to June against Export demand for turmeric This could result in prices HIGHER ARRIVALS. Labourers sort mangoes at a wholesale market in Nagpur, Maharashtra.
said Ankit Agarwal, Director on NCDEX, while August 11.70 lakh tonnes last crop is good, though high prices dropping sharply, said Agar- Mangoes have begun to flood various agricultural produce marketing committee yards across
at Erode-based Amar Agar- futures closed at ₹19,636, a year. “We think the crop is are playing spoilsport, wal. However, this is likely Maharashtra and other States. Farmers have speeded up harvest fearing adverse effects of the
wal Foods India Ltd. “Tur- fair indication of tight sup- some 30 per cent lower than traders said. Turmeric ex- only after July. weather. Currently, prices are ruling at ₹2,000-2,500 a quintal compared with ₹2,000-3,000 a year ago PTI

‘Commodity prices may drop in 2024 and 2025, but will be above pre-Covid level’ NACOF Oorja sets up SPV
Subramani Ra Mancombu
The World Bank said high
commodity prices in com-
and natural gas prices this
year.
dex, are assumed to plateau
at their recent record highs
to aid sustainable farming
Chennai parison with pre-pandemic The outlook said agricul- for the rest of this year. Such ity three wheeler, along with a
levels persisted despite sub- tural prices are expected to haven demand looks set to Our Bureau newly developed 20-litre
Prices of commodities will dued global GDP growth due soften this year and next, re- strengthen in 2024. Prices Bengaluru milking-cum-chiller unit fo-
likely decline marginally in to several forces at play. flecting increased supplies have also been supported by cused on sustainable dairy
2024 and 2025 but they will and moderating El Nino con- strong demand, partly re- NACOF Oorja, a renewable farming.
remain 38 per cent above FORCES AT PLAY ditions, primarily affecting flecting the reserves manage- energy developer and oper- “Our commitment to con-
pre-pandemic levels, the Geopolitical tensions were food crops. Accordingly, food ment strategies of several ator, has announced the tribute to the effort of estab-
World Bank has said in its pushing up prices, while in- commodity prices are set to central banks. launch of a special purpose lishing India as a developed
latest Commodity Markets vestments related to the decline by 6 per cent in 2024 In addition to the poten- vehicle – E Astra NACOF nation played a significant
Outlook. In all, disinflation- clean-energy transition and 4 per cent in 2025, while tial for a conflict-driven sup- Oorja Pvt Ltd, to promote role behind this new initiat-
ary tailwinds from moderat- bolstered demand for END OF CYCLE. According to the World Bank report, a spike in beverage prices this ply shock, prices for crude oil sustainable farming. ive. Farmers are our annadata
ing commodity prices appear metals. China’s rising indus- disinflationary tailwinds from moderating commodity prices year is projected to partially and natural gas could turn NACOF Oorja is estab- and to assist their community
essentially over, it said. trial and infrastructure in- appear essentially over retreat in 2025. out higher if US energy pro- lished and supported by Na- with cutting-edge indigenous
Unlike prices for most vestment is partly offsetting duction falls short of the ex- tional Federation of Farmers’ and affordable agricultural
other commodities, crude oil weakness in its property sec- GOLD MAY PLATEAU pansion assumed in the Procurement, Processing and equipment that runs on clean
prices are set to increase by 2 tor, the outlook said. ther,” it said. Signs of resili- globally, crude oil prices are Base metal prices are fore- baseline, the World Bank Retailing Cooperatives of In- energy will multiply their pro-
per cent in 2024. Gold and There are upside risks to ence in global economic projected to increase this cast to edge up in 2024 and said. Unexpected weather dia Ltd, a multi-state cooper- ductivity. ,” said Ram Iqbal
copper prices are also set to the World Bank outlook activity have also supported year, with the Brent crude 2025 and remain well above patterns could result in ative society registered under Singh, Chairman, NACOF
rise this year, by 8 per cent mainly from the current prices of other commodit- price averaging $84 a barrel 2015-19 levels, reflecting a weather-related disruptions the Ministry of Agriculture. Oorja.
and 5 per cent, respectively. problems in the Middle East. ies—including copper. These (bbl) in 2024, up from $83/ pick-up in global industrial to commodity markets, lead- The SPV is set to act as “The primary objective of
“Heightened tensions in “A conflict-driven rise in price increases followed not- bbl last year, reflecting the activity and growing produc- ing to higher prices. Growing NACOF Oorja’s agricultural the SPV remains to empower
the Middle East have been commodity prices could able fluctuations in crude oil recent ratcheting up of geo- tion of clean energy techno- seasons could be comprom- mobility wing, catering to the the Indian farmers with cut-
exerting upward pressure on stoke stubbornly elevated prices and, more generally, a political tensions and a tight logies. In contrast, a further ised, leading to price spikes Indian farming community by ting-edge technology, and
prices for key commodities, global inflation, further plateauing of many commod- supply-demand balance. decline is projected in the for agricultural commodit- offering battery-operated mechanising their efforts,
notably oil and gold. Copper delaying global monetary ity prices in the first quarter However, the energy price price of iron ore, which is im- ies, the outlook said. On the equipment and vehicles. The bringing them at par with the
prices have also reached a easing. Food insecurity, of the year, the outlook said. index will drop 3 per cent in portant for property starts, other hand, higher OPEC newly-founded SPV will offer latest practices in agriculture
two-year peak, reflecting which worsened markedly 2024 and ease a further 4 per but less relevant to the green production and supply and specialised agricultural equip- and we are confident of our
supply concerns and signs of last year reflecting armed ENERGY INDEX TO DROP cent in 2025 (year-on-year). transition. weak global growth could ment and vehicles such as e- ability to achieve this target,”
firmer global industrial pro- conflicts and elevated food Assuming that there is no This trajectory is predicated Gold prices, which domin- drag commodities prices weeder, e- reaper, e- brush said Suresh Babu P, Managing
duction,” the outlook said. prices, could also rise fur- further conflict escalation on significant declines in coal ate the precious metals in- further. cutter and e- cargo multi-util- Director, NACOF Oorja.
CM
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THURSDAY - MAY 2 - 2024

POLL PRESSURE QUICKLY.

Controversy erupts as ECI defers ‘Decision on Amethi and

Raebareli seats in 24 hours’
election in Anantnag-Rajouri seat The suspense over whether Rahul Gandhi and
Priyanka Gandhi Vadra will retain claim over their
family strongholds, the Amethi and Raebareli Lok
Sabha constituencies, will end soon, with Congress
CONSPIRACY THEORY. BJP is nervous about the response PDP is receiving, says former Chief Minister Mehbooba Mufti president Mallikarjun Kharge expected to announce
candidates for the two seats in Uttar Pradesh in a
ging in 1987 assembly polls. receiving from the people. day. Both the seats will go to the polls in the fifth
Gulzar Bhat The police closed the front The party spokesperson, Mo- phase of the general elections on May 20.
Srinagar gates of the party headquar- hit Bhan, told business- The Gandhi family’s indecision in contesting
ters and pushed the protest- line that an overwhelming re- from Amethi and Raebareli has invited criticism
On Wednesday afternoon, a ers back as they were trying sponse from people towards from Narendra Modi, who has accused them of
host of People’s Democratic to march ahead to register Mufti unnerved the BJP and running away from
Party (PDP) workers as- their protest against the its proxies. their pocket borough
sembled at their party ECI’s decisions. “By deferring elections, owing to a lack of
headquarters in Srinagar and A day before, on Tuesday, they are trying to manipulate confidence in taking on
staged a protest against the the ECI had issued a notifica- the elections,” he said. the BJP in Uttar
Election Commission of In- tion deferring the elections On Wednesday afternoon, Pradesh.
dia (ECI) for deferring the in Anantnag-Rajouri Lok while addressing a poll rally While Rahul has
polls in Anantnag-Rajouri Sabha seat from May 7 to in Dooru areas of Anantnag, once again contested
Lok Sabha constituency to May 25. Omar Abdullah said that the from Wayanad
May 25. The move came after the postponement of the elec- constituency in Kerala,
“Modi hum se darta hai, BJP, J&K Apni Party, J&K tions was a glaring instance which he won in the 2019 elections, he has not
police ko aage karta People’s Conference, Ghu- VOTER CONNECT. Jammu and Kashmir People’s Democratic Party (JKPDP) Chief of conspiracy. spoken his mind on whether he would seek
hai (Modi fears us; he pushes lam Nabi Azad-led DPAP, and Mehbooba Mufti addresses supporters during a public rally in the third phase of the Lok Sabha He said that the polls were re-election from Amethi, where he lost last time to
the police ahead) and gund- two independent contest- elections in Thanamandi on Wednesday ANI deferred even when the BJP’s Smriti Irani, who filed her nomination on
agardi nahi chale gi (hoo- ants, Ali Mohammad Wani weather improved. Monday.
liganism won’t be toler- and Arshad Ali Lone, submit- mir via Shopian, due to in- selves not contesting the The PDP and the NC are A prominent tribal re- A section within the Congress believes that Rahul
ated),” they shouted. The ted representations to the clement weather conditions. election from this seat. JKAP vehemently against the de- searcher said that the con- should contest from Amethi, which he represented
miffed protesters burnt an ECI demanding the post- and J&K PC are viewed as the cision to postpone the polls. stituency has a significant from 2004 to 2019, irrespective of the outcome, to
effigy of the ECI and ponement of elections, cit- COUNTER VOICES BJP’s proxies, and there is a Former Chief Minister Me- nomadic population who are signal to party cadres and supporters that he is
waved placards, likening the ing the recurrent closure of However, two of these general feeling among hbooba Mufti, who is con- expected to return to the ready to take on any rival.
EC with the BJP. the Mughal Road, a shortest parties, which sought defer- people and political circles testing the seat, attributed higher reaches by the time “CEC has authorised the Congress President for
Some of the signs reads, surface link connecting Ra- ment of the polls due to in- that they have formed an un- the postponement of polls polling is held on May 25. Raebareli and Amethi, and he will take the decision
“Don’t repeat 1987,” alluding jouri and Poonch districts of clement weather — the BJP declared electoral alliance with the BJP’s nervousness “It may impact the poll soon and you will know officially in the next 24 to 30
to the widely-believed rig- Jammu division with Kash- and the J&K PC — are them- against the NC and the PDP. with the response the PDP is percentage,” he said. hours,” Congress General Secretary Jairam Ramesh
said at a press conference on Wednesday. OUR BUREAU

FREEBIES SPRINT

AP manifestos turn blind eye

Gujarat to become hub for TMC ousts Kunal Ghosh as
Bengal General Secretary

to industrial development ‘globally decisive’ sectors The Trinamool Congress on Wednesday removed
Kunal Ghosh from the post of West Bengal
General Secretary, stating that his views did not
align with those of the party.
DEVELOPMENT AGENDA. In his campaign speech, Amit Shah The Mamata Banerjee-led party removed
Ghosh from the post hours after he showered
G Naga Sridhar
Hyderabad
focuses on the huge investments pouring into Sanand and Dholera praise on Tapas Roy, the BJP candidate from
Kolkata North Lok
In the race for freebies to Sabha constituency.
woo voters, political parties Avinash Nair Roy joined the BJP in
in Andhra Pradesh have Ahmedabad March this year after
turned a blind eye to the quitting the TMC.
need to boost business and Marketing Gujarat as a State “Recently, Kunal
economic development. that has witnessed “equit- Ghosh has been
The manifestoes released able development and in- expressing views that
by the ruling YSR Congress vestments” Amit Shah, do not align with those
Party (YSRCP) and the Op- while canvassing for BJP’s of the party. It is
position Front of TDP-JSP TDP Chief N Chandrababu Andhra Pradesh Chief Minister Ahmedabad East candidate, important to clarify that these are his personal
and BJP are competing with Naidu (left) and Jana Sena YS Jagan Mohan Reddy said Gujarat is headed on opinions and should not be attributed to the
each other in welfare Chief Pawan Kalyan releasing released the party the path of becoming a hub party. Ghosh was previously relieved of his role as
schemes and free disbursals the manifesto on Tuesday PTI manifesto on Saturday PTI for semiconductors, elec- party spokesperson. Now, he has been removed
to win the mandate. tric vehicles, battery pro- from the position of general secretary of the State
Chief Minister YS Jagan duction, and green organisation,” the Trinamool Congress said in a
Mohan Reddy, who pre- atnas could be implemented appears to be out of the hydrogen. statement.
ferred a `welfare state’ smoothly during the last radar of the industry with He also claimed that the Earlier, Ghosh shared dais with Roy, a former
model with a slew of popu- five years, that could be rep- poor infrastructure now. Dholera Special Investment BATTLE READY. Amit Shah holding a sword given to him TMC MLA, during a blood donation camp in the
list schemes under `Navar- licated again. Region (SIR), located about by a party worker at an election campaign rally in Ahmedabad city and described the latter as an “ideal”
atnas’ during 2019-24, is RESOURCES 110 kilometres from on Wednesday REUTERS candidate. OUR BUREAU
betting big on continuation FREEBIES GALORE None of the manifestoes Ahmedabad, will become an
of the same approach and As part of its attempt to give any hint on resource “employment destination”
for job-seekers from eign direct investment Gujarat,” Shah said without
announced `Navaratnas
Plus’ with significant in-
overtake YSRCP on the wel-
fare front, the TDP-JS-BJP
mobilisation to implement
them. It will be a huge task, Ahmedabad. (FDI) flowing to Gujarat has mentioning that the first QUOTE.
crease (approximately over Front is flying off the handle especially for the TDP-JS- “The policies made under been confined to couple of large semicon-
25-30 per cent) in the ex- in its manifesto promises. BJP front, to mobilise funds the leadership of Narendra Ahmedabad and Gandhin- ductor projects have gone to
penditure on various In its ‘Super Six’ response and execute all freebies if it Modi and being continued agar districts alone. While Sanand and Dholera SIR,
schemes in the manifesto to Navaratanas of YSRCP, it manages to come to power. under CM Bhupendra Patel Gujarat saw $36,860 mil- which fall in Ahmedabad
for upcoming elections to promised 20 lakh jobs to the The vote on the account have translated into equit- lion of FDI inflows during district. Similarly, battery
the State Assembly and Lok youth over the next five budget for 2024-25 pro- able development and resul- this four-year period, production and electric
Sabha. years, an unemployment al- jected a revenue expendit- ted in attracting investment Ahmedabad district alone vehicle production are
In the last five years, his lowance of ₹3,000 per ure of ₹2,30,110 crore, to each and every district,” accounted for $32,592 mil- largely restricted to Sanand
government has disbursed a month, ₹15,000 per year to while the capital expendit- said Shah, who himself rep- lion (88 per cent of the total and Hansalpur, which are
whopping ₹4.49-lakh crore all the school-going stu- ure is at ₹30,530 crore. resents the Gandhinagar FDI inflows), while Gandh- parts of Ahmedabad district.
under welfare schemes. dents, ₹1,500 per month to The revenue deficit and Lok Sabha seat, which ac- inagar district saw an addi- Shah said the BJP govern- The sudden jump in final
The YSRCP manifesto is all women in the age group fiscal deficit have been counts for a large portion of tional $2,290 million in in- ment was building a ₹33,000 voter turnout by nearly 5.75
silent on any new infra- of 19-59, three gas cylinders pegged at ₹24,758 crore and the fast-developing areas of vestments, which is about crore Expressway connect-
Ahmedabad and Gandhin- six per cent of total FDI ing Ahmedabad and Dholera per cent from what the
structure projects but per household every year, ₹55,817 crore, respectively. Election Commission had
promises to complete the and free travel to women in In the Gross State Domestic agar districts. inflows. SIR and has also started
on-going ports, RTC buses. Product (GSDP), the fiscal This includes the auto- During his speech, Shah work on building the Dhol- released earlier is worrying.
Bhogapuram Airport and Naidu, who is seen as a deficit is 3.51 per cent while mobile manufacturing hubs also mentioned that Gujarat era International Airport. There are apprehensions of
at Sanand, Gandhinagar was heading towards be- He said new railway lines
Polavaram project. How- ‘favourite’ of industry, is the revenue deficit is work-
North, Kalol, Vejalpur, coming a hub for semicon- were also being provided to
manipulation of results by
ever, Reddy claims to be totally silent on the need to ing out to be 1.56 percent. the BJP as several EVMs
‘realistic’ on the capacity of rev up industry and busi- For the new government Sabarmati, Naranpura, and ductors, electric vehicles, Sanand and Dholera SIR.
the state government to ness in the State and only to be formed in June 2024, Ghatlodia. battery production, and “The Dholera SIR will be- were missing for a long
fund schemes. hints at ₹10 lakh invest- the biggest challenge will be green hydrogen. “These four come the employment des- period
In a way, YSRCP appears ment subsidy for SMEs and resource mobilisation and FDI HOTSPOTS sectors will play a decisive tination for youngsters in
In the last four calendar role in the global economy. Ahmedabad. Only Dholera MAMATA BANERJEE
to be restrained and clear in start-ups. It can only be a leading the state on the West Bengal Chief Minister
its manifesto based on the miracle if 20 lakh jobs can path of industrial years between 2020 and These foundations for these SIR will create 10 lakh job
logic that if Navar- be created in a state which development. 2023, 95 per cent of the for- four pillars have been laid in opportunities,” said Shah.

GROUND ZERO: KOLHAPUR

Birthplace of reservation strives for harmony amid political turbulence

PIVOTAL PHASE. The upcoming Lok Sabha elections will test Kolhapur’s resilience and its commitment to former ruler Shahu’s legacy of inclusivity
pivotal third phase of voting played a pivotal role in trans- Muslims. The sitting MP and
Radheshyam Jadhav on May 7 begins, the political forming Kolhapur into one of Shiv Sena leader (Eknath
Kolhapur cauldron of Maharashtra sim- the most affluent and pros- Shinde faction), Sanjay Mand-
mers intensely. The spotlight perous cities in Maharashtra. lik, is contesting as the candid-
Farida Mulla, a Kolhapur nat- is on the alleged reallocation ate of the BJP-led alliance in
ive, has always felt a seamless of SC, ST, and OBC reserva- POLITICAL DIVIDE Kolhapur. The Congress has
integration with the diverse tions to Muslims. As fiery de- Once dominated by the Con- nominated 76-year-old Shahu
community around her, un- bate steers the discourse gress and Nationalist Con- Chhatrapati Maharaj, the
aware of any distinct separa- across the State ahead of polls, gress Party (NCP), the polit- 12th descendant of Chhat-
tion in identities within her the ancient city of Kolhapur ical map of Kolhapur has rapati Shivaji, as the candidate
city. Despite the nationwide — the birthplace of reserva- undergone changes, espe- of Maha Vikas Aghadi (MVA),
communal clashes of 1992-93, tion for backward castes — is cially in the last ten years. led by Sharad Pawar, Uddhav
Kolhapur remained a bastion trying to defy the tumult and Many stalwarts from these Thackeray and Rahul Gandhi.
of peace. “Here in Kolhapur, save the communal fabric, JOINING FORCES. Narendra Modi during a public meeting in A TRUE VISIONARY. A view of Shahu Maharaj’s palace in parties have joined the BJP. The upcoming elections
we celebrate both Ganpati which it has kept intact for Kolhapur. Maharashtra Chief Minister Eknath Shinde (second from Kolhapur. In 1902, Shahu Maharaj declared an unprecedented Also, many of the Shiv Sena will test Kolhapur’s resilience
and Pir together,” Farida re- over a century. left) and State Deputy CM Devendra Fadnavis (extreme right) are 50% reservation in government services for the backward classes, leaders have shifted loyalties and its commitment to
marks, expressing her con- also seen (file photo) ANI positioning himself as the pioneering architect of reservation to Chief Minister Eknath Shahu’s legacy of inclusivity
cern over the recent surge in SHAHU’S LEGACY Shinde, who split the Sena re- and harmony. As political de-
divisive election rhetoric that “This election, like those be- munal harmony. While there breaking decree in his princely tioning himself as the pion- operational to this day. It was volting against Uddhav bates intensify and allegiances
threatens to unravel the city’s fore it, Kolhapur has main- are factions in the city that State of Kolhapur that would eering architect of reservation Shahu Maharaj who suppor- Thackeray. shift, the city’s ability to stay
social fabric. She worries tained its peaceful ethos and have strayed from Shahu’s forever alter the social fabric and affirmative action in In- ted and pronounced Dr BR Last week, Narendra Modi true to its roots will be crucial,
about the impact of fabricated thwarted divisive agendas. teachings, these are marginal of India. With a visionary dia. It was this king who initi- Ambedkar as the leader of the addressed a rally in Kolhapur, says Sunanda Patil, a house-
communal tensions in recent This is the legacy of Shahu elements,” scribe Kumar stroke, he declared an unpre- ated boarding facilities and oppressed classes. Addition- alleging that the Congress had wife, hoping that political
years and hopes fervently for Maharaj, who united the Kamble asserts. cedented 50 per cent reserva- educational institutions for all ally, his initiatives in laying the “murdered” social justice and parties will uphold Kolhapur’s
the situation not to worsen. Marathas, Muslims, and Dal- In 1902, Shahu Maharaj of tion in government services communities in Kolhapur, and foundation for industries and is now attempting to allocate legacy during and after the
As the countdown to the its, planting the seeds of com- Kolhapur executed a ground- for the backward classes, posi- these establishments remain constructing a dam have OBC reservation quotas to elections.
CM
YK ... . . . . . . HY-HYE
 news . bl . 9
HYDERABAD

businessline.
THURSDAY - MAY 2 - 2024

QUICKLY.
Petrol sales up 12.3% in
NaBFID expects loan sanctions SUPERSONIC START

April; diesel slides 2.3%

to top ₹2-lakh crore in FY25
STRATEGIC PLANNING. To mop up ₹53,000 crore via bond market, bank and credit lines
“Today, as we speak, our out-
K Ram Kumar standing loan book has grown
Mumbai to ₹45,000 crore. By Septem-
New Delhi: India’s petrol Today, our outstanding ber 2024, we may touch about
consumption soared 12.3 per The government-owned Na- loan book has grown to ₹60,000 crore-70,000 crore.
cent in April, but diesel sales tional Bank for Financing In- By March 2025, we are ex-
continued to slide despite the frastructure and Develop-
₹45,000 crore. By pecting disbursements to
country entering into hectic ment (NaBFID) expects its March 2025, we are touch ₹93,000 crore. In the
electioneering for general loan sanctions pipeline to expecting disbursements case of infrastructure loans,
elections, preliminary data of swell to about ₹2 lakh crore to touch ₹93,000 crore the disbursements are slow
state-owned firms showed. by March-end 2025 against and happen in a phased man-
Petrol sales of three about ₹1 lakh crore as of RAJKIRAN RAI G, ner,” Rai said.
state-owned firms rose to 2.97 March-end 2024. MD, NaBFID The DFI had raised
mt in April compared to 2.65 To support loan growth, ₹19,500 crore worth of bonds
mt of consumption in last year. the development financial in- (₹10,000 crore of bonds of
Diesel demand dropped 2.3 per stitution (DFI) is planning to roads segments) and 65 per 0.4 per cent growth to 10-year tenor and ₹9,500
cent to 7 million tonnes. PTI mop up about ₹53,000 crore cent is for brownfield (expan- ₹12,02,605 crore as on March crore of bonds of 15-year
this year via bond market, sion) projects, refinancing 24, 2023. tenor) in FY24 to support
bank and multilateral credit existing infrastructure as- Rai emphasised that “For loan growth. It also has more
ATF price up by 0.7%, lines. The All India Financial sets, lending to NBFCs (in infrastructure project de- than ₹10,000 crore of bank
commercial LPG drops Institution was set up in 2022 the infrastructure space such velopers, there are two bene- credit lines.
under the NaBFID Act, 2021, as PFC and REC) and Infra- fits of dealing with us — we
as the principal entity for in- structure Investment Trusts can give long-tenor loans (80 WELL-CAPITALISED
New Delhi: Jet fuel or ATF frastructure financing in the (InvITs),” said Rajkiran Rai per cent of our loans are of In a March 2024 rating report
price was hiked by a marginal country G, Managing Director. 15-25 years duration) and we on NaBFID, ICRA said that
0.7 per cent while rates of “We started our operations can give loans at a fixed rate given the capital infusion (of
commercial LPG used by in December 2022. We sanc- GROWING DEMAND with a longer re-set period. ₹20,000 crore by the govern-
establishments such as hotels tioned ₹18,560 crore in the Demand for infrastructure Generally, loans have an an- ment), the bank remains
and restaurants were cut by January-March 2023 quarter finance is gradually picking nual re-set, but if somebody well-capitalised and geared
₹19 per cylinder in line with and ₹83,280 crore in FY24. up, according to RBI’s data on wants a longer re-set, we can for expanding its scale in the
international prices. Aviation We crossed the ₹1-lakh crore sectoral deployment of give that. These are our near to medium term, which
turbine fuel (ATF) price was (cumulative) loan sanctions credit. Scheduled commer- strengths.” could lead to a gradual in-
hiked by ₹749.25 per kilolitre mark in March 2024. cial banks (SCBs) infrastruc- NaBFID’s outstanding crease in the leverage — total
to ₹101,642.88 per kl in the “Within this sanctions ture loans portfolio increased loan book as of March-end debt/net worth (includes
national capital, according to a pipeline, about 35 per cent is by 6.5 per cent year-on-year 2024 was around ₹36,000 grants), which stood at 0.7
price notification of for greenfield projects (pre- (y-o-y) to ₹12,80,258 crore as crore against about ₹10,000 times as on December 31,
state-owned fuel retailers. PTI dominantly in the power and on March 22, 2024, against crore as of March-end 2023. 2023.
AWESOME FIREPOWER. The Supersonic Missile-Assisted Release of Torpedo (SMART) system
was successfully flight-tested from Dr APJ Abdul Kalam Island off the Odisha coast, on Wednesday.
FinMin considers mandating nodal officers for banks, fintechs SMART is a next-generation missile-based lightweight torpedo delivery system, designed and
developed by the DRDO to enhance the anti-submarine warfare capability of the Indian Navy far
fintech merchant abuse etc. merchant abuse etc through fostering trust and account- beyond the conventional range of lightweight torpedo. ANI
KR Srivats The objective of the inter- The workshop its Citizen Financial Cyber ability and establishing a
New Delhi active workshop was to saw discussions Frauds Reporting and Man- mechanism for freezing and
foster strong collaboration agement System (CFC- unfreezing of accounts for
The Finance Ministry is toy-
ing with the idea of requir-
ing banks and fintechs to ap-
between fintechs and LEAs
to encourage innovations,
ensure due compliance with
around frauds
being perpetrated
FRMS). It was emphasised
that an indigenous transac-
tion monitoring and Anti-
faster recovery of defrauded
money.
Other issues discussed in-
Coal India production grows
point nodal officers or key
contact points to liaise with
extant rules and regula-
tions, address key chal-
through mule
accounts, fintech
Money Laundering (AML)
system catering to Indian
clude devising a mechanism
to ensure data privacy and
7.3 per cent to 61.8 mt in April
the Law Enforcement Agen- lenges such as cybersecur- merchant abuse fraud and crime scenarios prevention of data theft;
cies (LEAs). ity, digital financial frauds may be developed by the and modernisation of digital year, according to a stock ex- lion tonnes last month from
Mithun Dasgupta
The issue was discussed etc and more importantly greater collaboration fintech companies. infrastructure by leveraging change filing by CIL on Wed- 62.3 million tonnes in the
Kolkata
at a half-day workshop build confidence and trust among the government, reg- The points that were de- technologies like IPv6, API nesday. Eastern Coalfield same period last year.
jointly organised by the De- among the ecosystem part- ulator, public and private liberated during the work- integration etc. The insights State-run coal miner Coal In- (ECL), Western Coalfields Notably, Coal India mar-
partment of Financial Ser- ners. This workshop was sector to harness the full po- shop include the role of focused on emerging trends dia produced 61.8 million (WCL) and Central ginally fell short of its annual
vices (DFS) in the Finance conducted in continuation tential of start-up and technology in providing ac- of cybercrime and financial tonnes in April, a 7.3 per cent Coalfields (CCL) recorded production target for the last
Ministry and the Indian Cy- of the last interaction of fintech sectors in India. He cessibility to financial ser- frauds were provided by Gu- year-on-year rise compared 24.3 per cent, 16.8 per cent fiscal as it produced 773.6
ber Crime Coordination Union Finance Minister emphasised that fintechs vices; a strategy to control jarat, Haryana and Ut- to the same period last year. and 12 per cent y-o-y output million tonnes of coal in the
Centre (I4C) in the Home Nirmala Sitharaman with are more technology and in- the money mules; real-time tarakhand State Police De- The c0oal behemoth had growths, respectively. last financial year against the
Ministry with LEAs, star- the start-up and fintech novation-oriented and they monitoring of data infringe- partments along with I4C. produced 57.6 million tonnes Significantly, Coal India ac- target of 780 million tonnes.
tups and fintech ecosystem companies on February 26, draw the traction of the reg- ment by both the fintech While the fintech associ- of coal in April last year. counts for more than 80 per The company, however, re-
partners in the capital on 2024. ulators and LEAs when they companies and LEAs; geot- ations presented the opera- All its coal-producing sub- cent of domestic coal produc- gistered a 10 per cent y-o-y
Tuesday. Addressing the work- grow their businesses over agging of digital transac- tional modalities and key sidiaries reported higher out- tion. Coal offtake for the com- output growth in FY24 over a
shop, DFS Secretary Vivek some time. tions to track the money challenges faced by the puts in April, 2024 compared pany registered an increase of high base of 703.2 million
MAIN OBJECTIVE Joshi emphasised the con- trails; creation of suspicious fintech companies, the LEAs with the same period last 3.2 per cent y-o-y to 64.3 mil- tonnes in FY23.
The interactive workshop tributions made by the ISSUES DISCUSSED registry of BCs and fraud- from the States shared their
also saw discussions around start-ups and fintechs to In- The I4C highlighted mule sters involved in the finan- best practices on curbing
frauds being perpetrated dia’s high and sustained eco- accounts, ATM hotspots, cial frauds; conducting reg- cybercrime and financial
through mule accounts, nomic growth. He urged for hotspot branches, fintech ular audits of digital KYC for fraud.

Vulnerable tribal groups Rlys provides record rakes in March

joined poll process: ECI for ferrying coal to power plants
Our Bureau
New Delhi capacity augmentation of
Rishi Ranjan Kala railway networks, First Mile
The Election Commission of New Delhi Connectivity (FMC) pro-
India says due to its special ef- jects, rail connectivity pro-
forts over the last two years, In preparation for the peak jects, and railway sidings.
‘particularly vulnerable tribal electricity demand season These evacuation facilities
groups’ (PVTG) and other tri- from April to June, Indian are planned in line with the
bal groups have joined the Railways, on average, country’s long-term produc-
electoral process and turned up provided more than 297 tion projection.
enthusiastically in various Toda” with a total population of rakes per day to the power Railways have taken up 14
States and UTs for Phase 1 and 2,26,300. Out of 1,62,049 18+ sector during March 2024, an critical projects for improv-
pPase 2 of the Lok Sabha eligible PVTGs, 1,61,932 are re- all-time high. According to ing coal evacuation. Out of
elections. gistered electors. A compre- the Coal Ministry’s data, rail- these, five rail lines have
India has 8.6 per cent tribal hensive campaign spanning 23 ways provided 297.7 rakes to increasing the coal-carrying already been commissioned
population which includes 75 districts has prioritised PVTG the power sector on an aver- capacity of the rail network. and others are at various
groups of tribals which have inclusion, with a significant fo- age per day, which is higher by On July 27, 2023, Power Min- stages of construction. Under
been designated as PVTG. Loc- cus on regions like Coimbatore, 2 per cent m-o-m and 10 per ister R K Singh, in a written the PM Gati Shakti National
ation of new polling booths in Nilgiris and Tirupathur, the cent y-o-y. For the non-power response in Lok Sabha, said Master Plan (NMP), the Gov-
previously inaccessible areas of ECI stated. Enthusiastic voters sector, railways provided “According to Railways, likely ernment has launched the na-
States - like Madhya Pradesh, reached the polling station around 37.3 rakes on an aver- increase in coal transporta- tional logistics policy, under
Kerala, Karnataka, Odisha, through various modes like age daily in March 2024, tion capacity during FY24 which, every sector in the
Tripura, Bihar, Jharkhand, Gu- walking through dense forests, higher by 11 per cent m-o-m and FY25 is about 185 MT.” economy that deals with lo-
jarat, Tamil Nadu and Chhattis- waterways and ensured their and 64 per cent y-o-y. “As per Railways, during gistics is expected to come
garh - where they live has led to participation in the Lok Sabha Coal miners despatched FY23, the net induction of out with a sectoral plan for ef-
the large-scale inclusion of elections, it pointed out. 90.31 million tonnes of the coal-carrying wagons was ficient logistics.
PVTGs in the electoral The western and southern commodity in March this about 8,800 (about 150 The Coal Ministry, in con-
democracy. regions of Karnataka are home year. Railways account for 65 rakes). During FY24, the sultation with all coal miners,
to the PVTGs “Jenu, Kuruba per cent of the coal transpor- likely net induction would be has mapped the existing and
HISTORIC MOVE and Koraga”. Before the general ted in the country. about 200 rakes, which could proposed coal mines re-
In a historic move, the Shom- elections, the office of CEO In FY24, railways trans- provide an additional 50 quired for peak production
pen tribe of Great Nicobar Karnataka in association with ported around 787.6 MT of rakes/day for coal loading. with PM Gati Shakti. The
voted for the first time in the social and tribal welfare depart- coal, accounting for about 49 The expected increase in an- Ministry also mapped exist-
2024 general election, the com- ments ensured 100 per cent en- per cent of the total cargo car- nual coal transportation ca- ing and upcoming rail
mission stated. rollment of eligible PVTGs, the ried by the national trans- pacity on account of wagon infrastructure.
For example in Madhya Pra- Commission stated. District porter. Coal accounts for a induction would be about 70 Under the coal logistics
desh, says ECI, there are three and AC-level tribal welfare major part of railway earn- MT,” he added. “Similarly, plan, the requirement of the
PVTGs – “Baiga”, “Bhariya” committees were formed ings from freight movement. the likely net induction of coal sector for peak produc-
and “Sahariya.” “Out of a total which met regularly to ensure coal-carrying rakes in FY25 is tion up to 2047 has been
population of 9,91,613 in 23 the enrolment of all and to cre- MORE RAKES NEEDED about 250, which could worked out.
districts, 6,37,681 are eligible ate electoral awareness The country’s expanding in- provide an additional 60
18+ citizens and all are re- amongst all PVTGs. Election dustrial base and household rakes per day. The expected
gistered in the electoral rolls. In Officials have visited these income have pushed up the increase in annual coal trans-
two phases of voting in the areas to enhance registration demand for electricity of portation capacity on ac-
State, there was a lot of enthusi- and electoral participation. which more than 70 per cent count of wagon induction
asm among the voters of Baiga The trend of tribal voters is generated by burning coal. would be about 85 MT,” he
and Bharia tribes who reached joining the elections was ob- The emerging economy’s added.
the polling station early in the served in Kerala, Odisha, power demand is growing at The Coal Ministry has
morning, waited for their turn Tripura, Bihar, Jharkhand, Gu- around 7 per cent per annum, launched the Coal Logistics
to vote and ensured their parti- jarat and Chhattisgarh. which translates into more Policy and Integrated Coal
cipation in the great festival of The Commission said during demand for coal. Besides, the Evacuation Plan to address
democracy,” the Commission the special summary revision Power Ministry has projected the issue of transportation
observed. for the updation of electoral a pan-India peak demand of amidst rising demands.
Similarly in Tamil Nadu, rolls, special outreach camps 260 GW in FY25 compared to The plan is to address the
there are six PVTGs, namely were held across the specific 240 GW in FY23. The Minis- issue through the construc-
“Kuttunayakan, Kota, Kur- States where PVTGs reside for tries of Power, Coal and Rail- tion of new railway lines and
umba, Irular, Paniyan and inclusion in the electoral roll. ways have been working on
CM
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businessline.
THURSDAY - MAY 2 - 2024

QUICKLY.
Binance founder gets
4-month jail sentence
Spices Board issues norms for exporters Options ahead
to prevent ethylene oxide contamination of KVS Manian
Hamsini Karthik
UNDER THE LENS. Quality concerns could threaten over half of India’s spice exports, says GTRI Mumbai

dia,” the circular issued to all federal, state and territory

Amiti Sen export organisations on food enforcement agencies SPOTLIGHT.
Binance founder Changpeng Meenakshi Verma Ambwani Tuesday points out. to determine if further action
Zhao was ordered four New Delhi Quality concerns could is required in Australia (e.g. a Understanding, willing to
months in prison for failures threaten over half of India’s food recall).” At this stage, listen, empathetic, highly res-
that allowed cybercriminals The Spices Board has come spice exports, per an analysis there have been no recalls is- ult-oriented and motivating.
and terrorist groups to up with detailed guidelines done by research body sued in Australia,” it added. These are the top-of-mind at-
freely trade on the world’s for exporters on preventing Global Trade Research Initi- India exported spices tributes one would pick up
largest cryptocurrency ethylene oxide (ETO) con- ative (GTRI). “Reports from worth $3.95 billion in 2022- from those who are working
exchange. Zhao, 47, was tamination in spices after the US, Hong Kong, Singa- 23, per the Spices Board. or have worked with Krish-
sentenced on Tuesday by US Singapore and Hong Kong re- pore, Australia, and now nan Venkat Subramanian or
District Judge Richard Jones called some packaged spice Malé have raised questions THE IMPACT KVS Manian as rechristened
in Seattle. BLOOMBERG products exported from In- about the quality of spices If China and the EU, the two by Uday Kotak when he star-
GUIDELINES FRAMED. The Spices Board has also provided
dia while the US and Aus- supplied by leading Indian major markets for Indian ted working with Kotak in
the maximum residue limits for ethylene oxide permitted in
tralia are also examining the firms MDH and Everest spices, also adopt stricter 1994.
major markets
matter. spices. With India having ex- scrutiny, the total potential In an unexpected move
J&J arm mulls paying
The guidelines advise ex- ported spices valued at ap- loss to India’s spice exports and probably one which could
$6.48 b to settle talc suits
porters against using ETO as ETO permitted in major the recall/rejection of spices proximately $692.5 million would be 58.8 per cent, the be unsettling for the stock
a sterilising agent to reduce markets, including the EU, exported from India by a few to these countries in the GTRI report estimated. market, Manian stepped
the microbial contamination the UK, the US, Singapore, importing countries via fiscal year 2024, the stakes The guidelines also pro- down from the bank with im-
New Brunswick: A subsidiary of
in spices consignments and Switzerland and Turkey in Singapore, Hong Kong, due are high,” said Ajay Srivast- posed measures to prevent mediate effect giving up his
Johnson and Johnson is now
suggests alternatives such as the guidelines. CODEX – the to the presence of ETO bey- ava, Co-founder, GTRI. microbiological cross-con- position as Joint Managing
proposing paying approximately
steam sterilisation and irra- international standard set- ond the permissible limit. Responding to business- tamination, appropriate Director, Kotak Mahindra Manian’s letter, there could
$6.48 billion over 25 years as part
diation (not applicable to or- ting body under WHO and The Board, after detailed dis- line’s emailed query, Food packaging, careful transport- Bank, a position he was elev- be more options to consider.
of a settlement to cover
ganic products under FAO – has not fixed any cussions with the Indian Standards Australia New ation to ensure protection ated to in March 2024. His Bandhan Bank has mandated
allegations that its baby powder
NPOP). MRLs for spices. spice industry, has prepared Zealand (FSANZ) stated, from any of the external ad- resignation letter, addressed Egon Zehnder to look out for
containing talc caused ovarian
The Spices Board has also “The Spices Board has re- a set of guidelines on pre- “FSANZ is working with our verse environmental factors to the Kotak Mahindra Bank’s CEO candidates, a position to
cancer. The lawsuits filed against
provided the maximum ceived reports from Indian venting ETO contamination international counterparts and careful handling of board of directors, directed be filled by early July. Given
J&J had alleged its talcum powder
residue limits (MRL) for Missions abroad regarding in spices exported from In- to understand the issue with samples for testing. through Ashok Vaswani, MD the massive asset quality re-
caused users to develop ovarian
& CEO of the bank, men- lated issues in the bank which
cancer, through use for feminine
tioned his intent to pursue may require extensive repair-
hygiene, or mesothelioma, a

After ‘crackdown’, H-1B applications plummet 40%

other opportunities in finan- ing, a person with retail assets
cancer that strikes the lungs and
cial services. and investment banking ex-
other organs. PTI
perience could be a worthy
MORE OPTIONS pick. Tamilnad Mercantile
compared with 4,46,000 last after the government technology workers, thus The word on the street is that Bank has also been on the
China launches sea trials Ayushi Kar year. switched from requiring making them the largest visa he could soon be joining Fed- lookout for a CEO; but that
for next-gen aircraft carrier Mumbai USCIS attributes the de- bulky paperwork to a $10 on- category under the cap-sub- eral Bank, speculations of could be an extremely tricky
crease in the number of ap- line registration fee. This ject H-1B visa category. which were rife in March, just call to take considering the
The United States Citizen plications to the crackdown change led to a drastic in- According to Poorvi ahead of his elevation as joint recent experience on a cer-
and Immigration Services on fraud and abuse of the crease in applications from Chothani, a prominent im- MD at Kotak Bank. With the tain high-value transaction.
(USCIS) announced that system by the department. 2021 to 2023, with the num- migration attorney, the US- current MD & CEO of Federal There is also Jio Financial
lottery bids for the H-1B visa Thus, authorities have ber tripling. The new system CIS changed the electronic Bank, Shyam Srinivasan, set Services which for the first
plummeted by nearly 40 per hailed this development as a allowed applicants to easily selection process to ensure to retire on September 22, time spelt out its aspirations
cent for the 2025 fiscal year. ‘great success’ in combating picked. Earlier this year, US apply for multiple job roles, equal selection chances for Manian could be a perfect fit in the financial services sec-
The government depart- those who exploit the immigration officials imple- which ended up overwhelm- each registered beneficiary, for this usually quiet, steady tor, especially lending and
ment announced on system. mented new rules that limit ing both the industry and the irrespective of multiple re- ship, headquartered in Aluva, payments, in its March FY24
Tuesday it had received For a long time, tech com- each worker to one visa ap- government. For instance, in gistrations submitted for Kerala. Having handled bank investor presentation. The
Beijing: China on Wednesday 470,342 entries in the final panies were complaining plication, regardless of how 2022, one person submitted them. unions when Kotak Mahindra lender is still in the process of
launched sea trials for the week of March for this year’s that their existing employ- many job offers he/she re- bids for 83 different job This seems to have been Bank took over ING Vysya building up teams across lay-
Fujian, its third and most lottery, a decrease of 38 per ees were unable to clear the ceives. Remarkably, over 4 offers. the cause for the almost 40 and credited for building a ers including leadership
advanced aircraft carrier, state cent compared with last lottery system as a result of a lakh of the 7,59,000 registra- In the last few years, per cent reduction in eligible very profitable retail fran- roles. With experienced
media reported. year’s total of 7,58,994 as re- glut of applications in the tions that were filed the pre- nearly 70 per cent of all registrations because the chise, the job ticks the boxes. bankers lately preferring
The start of tests by the ported by AP. The number of system. In many cases, to vious year were duplicates. 85,000 available H-1B visa modified selection process However, a few internal NBFCs as their next stop, Jio
Chinese navy came nearly two individuals who applied to game the lottery, many indi- slots, including 20,000 in the was refined to focus on names are also doing the Financial Services also
years after the new aircraft work in the US, however, re- viduals would be submitting REGISTRATION FEE master’s quota for advanced “unique beneficiaries” in- rounds to take over Srinivas- presents a possibility.
carrier was first unveiled in mained close, with about multiple applications to in- The changes in the visa ap- US degree holders, have stead of number of an’s role. The jury should be out
June 2022. REUTERS 4,42,000 applicants this year crease their chances of being plication process occurred been allocated to Indian registrations. Going by the essence of soon.

‘Dish TV will become profitable in FY25’ SC finds govt plea on administrative

allocation of spectrum ‘misconceived’
bl interview That way the overall
bundle is similarly priced as
governance between
shareholders and Dish practices, etc, in respect of
before. TV promoters impacted Krishnadas Rajagopal which are auctions are not
Ayushi Kar Our ARPUs have also day-to-day New Delhi technically or economically
Mumbai
not necessarily At this point, all DTH management? preferred or optimal (eg: in
changed, they have platforms are offering Efforts are being made on The Supreme Court has de- the case of captive, back-
After posting back-to-back largely remained hybrid OTT bundles but either side to come to a clined to receive an applica- haul or one time/sporadic
losses since 2019, Dish TV large platforms like resolution. We are not privy tion by the Centre to allow use),” the Centre had sub-
CEO Manoj Dhobal believes stable for the last Netflix and Amazon to those talks. We are the administrative alloca- mitted in its application.
that the firm will start two years. Prime are largely absent entirely customer-facing and tion of spectrum.
reporting net profit from MANOJ DHOBAL, from these bundles. those conflicts have not The Registrar found the 2012 JUDGMENT
FY25 onwards. Amidst Dish TV CEO
This is unlike the case impacted day-to-day application for clarification The February 2012 judg-
troubles between the Dish that we see for telecom management one bit. Things misconceived. Spectrum, a ment in the 2G spectrum
Board and Yes Bank, Dhobal operators - have only become better scarce natural resource, is The Registrar invoked Order case had held that “for ali-
maintained that the firm has international streaming than they were two three allocated to private players XV Rule 5 of the Supreme enation of scarce natural
continued brick and mortar products to customers. You you transferred any of companies provide their years back. Secondly, we have only through open, trans- Court Rules, 2013 to decline resources like spectrum,
investments for the past few have to either choose linear these price increases to service bundled with made a lot of investments in parent auction. The law was the application etc, the state must always
quarters. Last week, the firm TV or opt for OTT+Linear the customers? What plans there. Will we see technology. As a result, we laid down on this issue by adopt a method of auction
launched Dish Smart+ services. We are offering all impact has this had on bundling between DTH are getting enough EBITDA the Supreme Court 12 by giving wide publicity so
service to finally take on our customers an your ARPU? plans and streaming to fund our capex. There is no years ago, in the 2G spec- cause or is frivolous or con- that all eligible persons
Airtel, Jio and Tata Play. This aggregation between OTT Most of the price increase companies any time borrowing going on to make trum judgment. tains scandalous matter. may participate in the
service brings TV channels and Linear from the get go. has gone through. But we soon? those investments. We are a ‘Administrative alloca- The government has 15 process”.
and OTT services under a Thus my consumer does not have absorbed 80-90 per cent Their strategy at this point of company which has retired tion’ of spectrum would days to appeal to the court. Months later, in Septem-
singular bundle. Speaking have to pay anything extra for of the price increase, it hasn’t time is to not allow bundling all its debt on the books in have government in sole The application filed by ber 2012, a Constitution
tobusinessline at the launch, consuming the OTT content. gone to the customer. So with DTH companies. the month of June 2023. charge of selecting operat- the Union government had Bench, deciding a Presiden-
Dhobal laid out the DTH I am giving the customer the prices have not necessarily The reason why they ors to distribute airwaves, said spectrum was assigned tial Reference based on the
operator’s ambitions. flexibility to further choose gone up in comparison to a bundle telcos is because Will Dish TV be considered a scarce not only for commercial 2G spectrum case judg-
Excerpts: which OTT platforms they few years back, perhaps only those are not necessarily profitable in FY25? resource. telecom services but also ment, had also refused to
want to onboard into this by ₹10-₹15. competitors. I can safely say that we will The Registrar invoked for discharge of sovereign disturb the judgment.
What is the difference plan. This is a first-to-market Our ARPUs have also not But I believe that as the be. This year could be the Order XV Rule 5 of the Su- and public interest func- “Spectrum, which ac-
between Dish TV offering. necessarily changed, they prevalence of smart TV year of reversal for Dish and preme Court Rules, 2013 to tions like security, safety, cording to the law declared
Smart+ and competing have largely remained stable grows we will start to see this the DTH industry overall. decline the application. disaster preparedness,etc. in the 2G case, is to be ali-
services provided by the Broadcasters had to for the last two years. The bundling happen with DTH Even if it is slightly positive Under this provision of “There are also sui gen- enated only by auction and
likes of Airtel or Tata revise tariffs under NTO way we have mitigated price operators as well. It is only a this year, there is clearly the 2013 Rules, the Regis- eris categories of usage ow- no other method,” the Con-
Play? 2.0 - where are you on increases for customer is by matter of couple years. forward momentum in FY25. trar may refuse to receive a ing to the characteristics of stitution Bench had held in
Most competitors don’t implementation at the weeding out superfluous We also have a lot new petition on the ground that the spectrum, or the nature its judgment on the
automatically give blended distributor front, have channels from their bundles. How has the corporate initiatives in the pipeline. it discloses no reasonable of use, or international Reference.

Elon Musk disbands Tesla EV charging Google, the X factor behind Microsoft’s OpenAI bet
team, leaves customers in the dark Bloomberg
if Google hadn’t monopolised
the search market.
Scott, who also serves as
want us to do this.” Microsoft
and OpenAI declined to com-
ment. A Google spokesper-
Microsoft Corp.’s motivation executive vice president of ar- son did not immediately re-
dismiss the head of the busi- tions, a supplier to the net- for investing heavily and part- tificial intelligence at Mi- spond to a request for
Reuters ness, Rebecca Tinucci, and work, said, “As contractors nering with OpenAI came crosoft, observed that comment.
Detroit most or all of the staff that for the Supercharger net- from a sense of falling badly Google’s search product had
operated and maintained the work, my team woke up to a behind Google, according to improved on competitive $13-B INVESTMENT
Elon Musk's abrupt decision system left officials at auto- sharp kick in the pants this an internal email released metrics because of the Alpha- Microsoft has poured more
to lay off employees who ran makers and Tesla suppliers morning.” Tuesday as part of the Justice bet company’s advancements than $13 billion into its part-
Satya Nadella
Tesla’s electric vehicle char- uncertain about the future. “Tesla has already been Department’s antitrust case in AI. The Microsoft execut- nership and backing of
ging business blindsided Tesla did not immediately awarded money under the against the search giant. structure and development ive wrote that he made a mis- OpenAI, tapping the start-
automakers gearing up to respond to requests for federal government's NEVI The Windows software speed to catch up to the likes take by dismissing some of up’s generative-AI techno-
equip new EVs for customers comment. program,” he said, referring maker’s chief technology of- of OpenAI and Google’s the earlier AI efforts of its logy to enhance its Bing
to use the Tesla Supercharger to the National Electric ficer, Kevin Scott, was “very, DeepMind. competitors. search service, Edge internet
network, industry officials ‘SHARP KICK’ Vehicle Infrastructure for- very worried” when he looked The email was released late “We are multiple years be- browser and, most notably,
and analysts said on Tuesday. Elon Musk Musk subsequently said on X mula program to provide at the AI model-training cap- Tuesday after media organiz- hind the competition in integrate an AI Copilot ser-
For now, General Motors, that the carmaker still plans funding to states to deploy ability gap between Alphabet ations including the New terms of machine learning vice into Windows. Nadella
Ford and other automakers ident Joe Biden, and opened to expand the Supercharger EV charging networks. Inc.’s efforts and Microsoft’s, York Times and Bloomberg scale,” Scott said in the email. has elevated the AI race to a
which struck deals last year the door for Tesla to get fed- network, “just at a slower “There's no way Musk he wrote in a 2019 message to intervened in the landmark Significant portions of the priority at the company, also
to give customers access to eral subsidies to expand the pace for new locations and would walk away from effect- Chief Executive Officer Satya antitrust suit to push for message, titled ‘Thoughts on recruiting DeepMind co-
the network said they are not reach of its North American more focus on 100% uptime ively free money. Nadella and co-founder Bill greater public access. The US OpenAI,’ remain redacted. founder Mustafa Suleyman to
changing their plans. Charging Standard (NACS) and expansion of existing It may be possible Musk Gates. The exchange shows Justice Department has ar- Nadella endorsed Scott’s run its consumer AI business.
Tesla’s decision to open its system. locations.” will reconstitute the EV char- how the company’s top exec- gued that OpenAI’s ChatGPT email, forwarding it to Chief Nadella answered ques-
network to rival EV manufac- Musk's decision, as repor- Andres Pinter, co-CEO of ger team in bigger, badder, utives privately acknow- and other innovations may Financial Officer Amy Hood tions about the email when he
turers was hailed by US Pres- ted by The Information, to Bullet EV Charging Solu- more Muskian way.” ledged they lacked the infra- have been released years ago and saying it explains “why I testified at the trial last fall.
CM
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